Sunrun (RUN) Investor Presentation summary

Market opportunity and industry trends

• Residential solar market remains underpenetrated, with only ~6% of 90 million U.S. single-family homes having solar, and projected to reach just 19% by 2034 even with 15% annual growth rates.

• Utility electricity prices have risen ~19% nationwide over the past three years, with even higher increases in key markets, while grid reliability declines and infrastructure ages.

• Solar and battery costs have declined by 92% and 89% respectively over the past decade, with further reductions forecasted.

• Electric vehicle adoption is accelerating, increasing home energy needs and driving demand for solar and storage solutions.

• Distributed home-to-grid power plants are gaining traction, with over 106,000 customers enrolled in grid service programs and 3.7 GWh of networked storage capacity.

Business model, strategy, and competitive position

• Operates a subscription-based model with 20- or 25-year agreements, generating recurring revenue and high customer retention.

• Holds a leading 20% share of residential solar installations and 36% of subscription volumes, with a strong focus on storage-first offerings.

• Expanding customer value through home electrification, grid services, and cross-selling of batteries and EV charging infrastructure.

• Maintains a vertically integrated approach, leveraging direct sales, strategic partners, and advanced technology platforms.

• Recognized for workplace excellence, sustainability leadership, and positive environmental impact, with 21.6 million metric tons of CO2e emissions avoided since inception.

Financial performance and key metrics

• Ended Q3 2025 with 1,137,913 customers, 8.2 GW of networked solar capacity, and $1.9 billion in annual recurring revenue.

• Aggregate Subscriber Value reached $1.6 billion in Q3 2025, up 10% year-over-year; Contracted Net Value Creation was $279 million, up 35% year-over-year.

• Net Subscriber Value per addition increased to $13,205, driven by a 70% storage attachment rate and higher ITC levels.

• Upfront Net Subscriber Value margin expanded to 7%, reflecting cost control and growth in higher-value offerings.

• Cash Generation was $108 million in Q3 2025, marking the sixth consecutive quarter of positive cash generation.