Sunrun (RUN) Investor presentation summary

Strategic positioning and market opportunity

• Holds leading market share in residential solar with 18% of installations and 47% of subscription volumes, serving over 1.2 million customers and operating 8.7 GW of networked solar capacity and 4.6 GWh of storage as of June 2026.

• Residential solar and storage market remains underpenetrated, with only ~6% of US homes having solar and less than 1% with battery storage, presenting significant growth potential.

• Utility electricity prices have risen 35% nationwide over five years, while solar and battery costs have declined by over 90% and 89% respectively, enhancing the value proposition for consumers.

• Distributed solar and storage systems offer grid resiliency, cost savings, and environmental benefits, with Sunrun’s network positioned to deliver virtual power plant services and support grid decentralization.

• Strategic partnerships and a consortium with Tesla and Renew Home target emerging opportunities in data center offtake and AI-driven electricity demand.

Financial performance and outlook

• Aggregate Subscriber Value was $1.2 billion in 2Q26 (down 24% YoY), with $45 million in Cash Generation and $3.7 billion in Contracted Net Earning Assets as of June 2026.

• Net Subscriber Value per addition decreased to $9,444 in 2Q26 due to higher upfront spend and lower fixed cost leverage, despite larger system sizes and higher storage attachment rates.

• Upfront Net Subscriber Value was $2,016 per subscriber in Q2, with a 4% margin; storage attachment rate reached a record 74%.

• Full-year 2026 guidance projects $4.6–$4.9 billion in Aggregate Subscriber Value and $200–$375 million in Cash Generation, excluding $50–$100 million in safe harbor investments.

• Strong capital markets execution with $2.8 billion in non-recourse financing raised in 2025 and $1.5 billion YTD, plus $1.4 billion in new tax equity commitments.

Business model, customer value, and operational execution

• Subscription-based model with 20- or 25-year agreements generates recurring revenue and high customer retention; over $1.3 billion in customer savings delivered since 2007.

• Diverse customer acquisition channels, with a strategic shift toward direct sales for higher margins and quality, while affiliate volumes are being reduced.

• Distributed power plant programs are generating incremental recurring revenue, with 18 active programs and over 121,000 customers enrolled in grid services as of June 2026.

• Strong asset performance with long-term net default rates of 0.5–0.75% and 100% contract value recovery on service transfers.

• Ongoing investments in technology, R&D, and platform capabilities to expand offerings, improve customer experience, and build competitive moats.