$CWEN earnings report

This filing is an operating-data preview rather than a full earnings release. Clearway stated that observed wind and solar resource in 3Q 2026 was in line with the updated forecasts supporting its revised 2026 financial guidance, which was issued with 2Q 2026 results on August 5, 2026. The company also said the Performance Index was consistent with quarterly CAFD expectations within the range of the 3Q 2026 sensitivity disclosure.

Wind operations were supported by favorable wind resource through much of the U.S. and by liquidated damages from third-party OEMs. Total wind compensable generation was 2,424 GWh and its Performance Index was 98%. Texas was a notable operating contributor, with a 113% Performance Index, while East wind recorded a 116% Performance Index.

Availability was uneven across the wind fleet. Total wind availability was 91%, with Midwest at 83% and East at 88%. Management attributed the Midwest and East outcomes to small projects using discontinued wind OEM technology and said these assets are being addressed through an active improvement campaign. It also cited improvement campaigns at highest-value CAISO and Texas wind assets.

Solar and flexible generation reliability remained comparatively strong, with 97% solar availability and 94% flexible-generation availability. Solar resource was slightly below P-50 in the Western U.S., and total solar's Performance Index was 93%. The filing provides no revenue, earnings, cash flow, balance-sheet, capital-return, or numerical forward-guidance figures, so financial performance and the size of any guidance change cannot be assessed from this document.

Clearway reported higher second-quarter operating results, with total operating revenues of $481 million, operating income of $116 million, Net Income of $30 million, Adjusted EBITDA of $409 million, Cash from Operating Activities of $214 million, and CAFD of $167 million. Each of these measures exceeded the corresponding second-quarter 2025 figure. The Company attributed the Adjusted EBITDA increase to growth investments, the CAFD increase primarily to higher EBITDA, and the Net Income improvement primarily to changes in mark-to-market for economic hedges.

Renewables & Storage was the principal source of Adjusted EBITDA growth. Its Adjusted EBITDA was $372 million versus $300 million in the prior-year quarter, while Renewables & Storage generated/sold was 6,867 MWh in thousands versus 5,945 MWh in thousands. The Company stated that generation was 16% higher due primarily to growth investments. Flexible Generation Equivalent Availability Factor was 97.5 % versus 95.0 %, which the Company attributed to strong operational execution, although Flexible Generation Adjusted EBITDA was $49 million versus $52 million.

Cash generation and liquidity show the cost of the growth program. For the six months ended June 30, 2026, Net Cash Provided by Operating Activities was $615 million, while Net Cash Used in Investing Activities was ($657 million), including acquisitions, capital expenditures, affiliate equipment deposits and asset purchases, investments in unconsolidated affiliates, and drop-down assets. Total liquidity was $985 million as of June 30, 2026, compared with $1,061 million at December 31, 2025, and long-term debt was $8,491 million compared with $7,898 million. The Company also declared a Class C quarterly dividend of $0.4750 per share.

The central change in the release is revised full-year CAFD guidance of $430 million - $470 million, down from $470 million - $510 million. The Company said the guidance midpoint reflects updated renewable energy production estimates for the remainder of the year, while the range incorporates resource and performance outcomes and completion of committed growth investments on currently forecasted schedules. New growth opportunities include the offered Honeycomb Phase II 210 MW Utah storage portfolio and potential participation in the 975 MW Chimney Canyon solar plus BESS project, but both remain subject to the stated approval and negotiation processes.

The period also included Texas operating-fleet contract enhancements and PPA restructurings at Elbow Creek and Langford. The latter transactions resulted in in-substance financings to settle existing derivative liabilities over time and added 15-year PPAs intended to replace prior volumetric and price exposure with more favorable pricing. Management highlighted a 13.5 GW late-stage pipeline and over 2 GW of new contracts signed for 2027-2030 COD vintages, positioning the reported quarter as one of operating improvement alongside a reduced near-term CAFD outlook.