Sunrun (RUN) Investor presentation summary

Strategic positioning and market opportunity

• Holds approximately 20% share of residential solar installations and 37% of subscription volumes, making it the market leader in the U.S. residential solar sector.

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

• Demonstrates strong value proposition in high-penetration states like Hawaii (34%) and California (25%).

• Offers a comprehensive clean energy solution, integrating solar, storage, electrification, and distributed power plant capabilities.

• Electric vehicle adoption is driving increased demand for home solar and storage, with strategic partnerships such as Ford enhancing product offerings.

Financial performance and capital strength

• Achieved $5.6 billion in Aggregate Subscriber Value (+10% YoY) and $1.0 billion in Contracted Net Value Creation (+44% YoY) in 2025.

• Generated $377 million in Cash Generation in 2025, with $823 million in unrestricted cash at year-end.

• Contracted Net Earning Assets reached $3.6 billion ($15.28 per share) as of December 31, 2025.

• Raised $2.8 billion in non-recourse project debt and secured $2.7 billion in new tax equity commitments in 2025.

• Repaid $148 million in recourse debt during 2025, with plans to allocate over $100 million to further debt repayment in 2026.

Operational highlights and customer metrics

• Surpassed 1.16 million customers and 8.4 GW of networked solar capacity, with 4.0 GWh of networked storage capacity by end of 2025.

• Storage attachment rate reached 71% in Q4 2025, with over 237,000 battery systems installed.

• Provided over 3.8 million hours of backup power during 650,000+ outage events for storage customers in 2025.

• Maintained a 100% service transfer Net Subscriber Value recovery rate, supporting strong customer retention.

• Delivered more than $1.3 billion in customer savings since 2007 and prevented 21.6 million metric tons of CO2e emissions.