-- 独立研究机构CFRA向提供了以下研究报告。CFRA分析师总结如下：Vistra 2026年第一季度业绩表现卓越，GAAP净利润达10.29亿美元，而上年同期亏损2.68亿美元，主要得益于衍生品未实现的7.23亿美元市值调整收益。持续经营业务调整后EBITDA增长20.5%，从12.4亿美元增至14.94亿美元，受益于能源和容量价格上涨以及Lotus收购带来的收益。东部业务板块表现最为突出，调整后EBITDA达8.01亿美元，较上年同期的5.14亿美元增长55.8%，充分体现了Lotus交易带来的直接增值效应；德克萨斯州发电业务也表现稳健，EBITDA达5.86亿美元，同比增长19.6%。管理层仍计划在2026年下半年完成对Cogentrix约5500兆瓦天然气发电装机容量的收购，同时，近期宣布的与PJM核电站签署的Meta购电协议也为未来的盈利提供了保障。我们认为，Vistra在两大评级机构均获得投资级评级，反映了其资产负债表的稳健增长，并增强了资本配置的灵活性，有利于其业务增长融资。
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