Slide 1: Earnings Conference Call Second Quarter 2022
= Constellation Earnings Conference Call amy «=| Second Quarter 2022 = August 4, 2022 ——————_
Slide 2: Cautionary Statements Regarding Forward-Looking Information
Cautionary Statements Regarding Forward-Looking Information This presentation contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks and uncertainties. Words such as “could,” “may,” “expects,” “anticipates,” “w
Slide 3: Non-GAAP Financial Measures
Non-GAAP Financial Measures The Registrants report their financial results in accordance with accounting principles generally accepted in the United States (GAAP). Constellation supplements the reporting of financial information determined in accordance with GAAP with certain non-GAAP financial meas
Slide 4: Non-GAAP Financial Measures Continued
Non-GAAP Financial Measures Continued This information is intended to enhance an investor's overall understanding of period over period financial results and provide an indication of Constellation's baseline operating performance by excluding items that are considered by management to be not directl
Slide 5: Second Quarter Overview
Second Quarter Overview + Operational Highlights - Executed largest CORe deal to date Quarter Results - Customer retention and win rates remain robust - Strong nuclear capacity factor - Industry leading refueling outage days - Texas fleet performed in line with our expectations during summer extreme
Slide 6: Inflation Reduction Act of 2022 Will Help Meet U.S. Climate Goals
Inflation Reduction Act of 2022 Will Help Meet U.S. Climate Goals Zero Emission Nuclear Production Tax Credit (PTC) Clean Hydrogen Production Tax Credit (PTC) * Creates a new tax credit for the production of zero + Creates a new 10-year fully-refundable tax credit for the emission nuclear power from
Slide 7: Q2 2022 Generation Operating Highlights
7 Q2 2022 Generation Operating Highlights Continued Best-in-Class Performance by our Historical Capacity Factor Nuclear Fleet (2) 48 100% + Nuclear Capacity Factor: 94.2% * Owned and operated production of 40.9 TWh + 44 + 95% + Completed three refueling outages (RFOs) in Q2. YTD bas ° average refuel
Slide 8: Q2 2022 Commercial Business Highlights
Q2 2022 Commercial Business Highlights Customer Operations Metrics (Trailing Twelve-Months) Q2 2022 Electric Load Served by Region (TWh) 82% 80% Ml Retail 1) Wholesale 16 12 5 13 4 6 33% 18% 4 4 — =a Power New Gas New Customer Retail Power Natural Gas Customer Midwest Mid- ERCOT New Other ® Customer
Slide 9: Delivering on Our Carbon Commitments
Delivering on Our Carbon Commitments 100” i 100” 100” 100% of C&I customers provided with specific information about their GHG impact 100% Carbon-free owned 100% reduction in operational generation by 2040 emissions by 2040 “Carbon-free — y— = 9 )_Anyemissions that cannot be technologically reduced
Slide 10: Disciplined Capital Allocation Strategy Designed to Deliver Value for Our Shareholders
10 Disciplined Capital Allocation Strategy Designed to Deliver Value for Our Shareholders Maintain Strong Investment Grade Credit Metrics Organic and Inorganic Growth Consistent with Role as America’s Leading Clean Energy Company Delivering Value to Our Shareholders Annual Dividend with Targeted 10%
Slide 11: Q2 2022 Adjusted EBITDA*
Q2 2022 Adjusted EBITDA* Adjusted EBITDA* Q2 2022 vs. Q2 2021 ($M) Adjusted EBITDA* Drivers ® Higher realized energy prices $33 *® Lower fuel cost at Dresden/Byron ©) $96 Lower cleared capacity volumes $656 $17 (Midwest) and capacity prices (Midwest, Mid-Atlantic, New York) ee $603 aS) B Nuclear out
Slide 12: Hedging the Portfolio
Hedging the Portfolio ‘Matching Our Generation to Customer Needs ‘Policy Mechanisms Delivering on Financial Commitments 2 > > Majority of our hedging is done through our customer channels C&I contract terms range from less than 6 months to more than 10 years, with average length of ~2 years Approxim
Slide 13: Gross Margin* Update
Gross Margin* Update dune 30, 2022 from Mi Gross Margin Category ($M) 2022 2023 2022 2023 Open Gross Maren” e $9,700 $6,700 $2,100 $500 (including South, West, New England, Canada hedged gross margin) Contracted Revenues (Capacity, ZEC and IL CMC Plant Revenues) © $2,450 $2,800 Mark-to-Market of Hed
Slide 14: Financing and Liquidity Update
4 Financing and Liquidity Update Credit Metrics © 2022 YTD Activity — — Downgrade Threshold WH Book Liquidity Facility Date Ml Excluding Non-Recourse a 50% 30 Issued $1.08 Pre-Capitalized Trust Securities (P-Cap) ® February Debt Reduction 40% ag 2.0x Repaid $200M Term Loan January 26 30% 15x Settled
Slide 15: Constellation's Value Proposition
6 Constellation’s Value Proposition Enduring Businesses Ready to Meet the Climate Crisis ‘* World-Class nuclear operator and largest generator of 24/7 carbon-free firm electricity with ability to extend asset lives * Largest provider of energy and solutions to commercial and industrial customers ‘St
Slide 16: Additional Disclosures
16 Additional Disclosures — = Constellation
Slide 17: Q2 2022 YTD Adjusted EBITDA* Waterfall
Q2 2022 YTD Adjusted EBITDA* Waterfall ($35 1,4 A (S19)m $1,469 mam $1,233 $191 2021 Impactsof | Marketand Nuclear Fuel Capacity Nuclear Labor, Other 2022 2021 Feb Portfolio Costs Revenues Outages Contracting, Weather Event Conditions and Materials 17 (1) Primarly reflects higher realized energy pri
Slide 18: Constellation's Climate Commitment
Constellation’s Climate Commitment 100% 100% 100% Of our owned generation will be Reduction of our operations- Of C&I customers provided with carbon-free by 2040 driven emissions by 2040 ©) specific information about how to meet GHG reduction goals v Clean Energy Supply: = Clean Electricity Supply:
Slide 19: PJM Capacity Market
PJM Capacity Market PJM Portfolio 13,625 Zone Nuclear Natural Gas/Oil/Others ComEd Nuclear Natural Gas/Oil/Others EMAAC Nuclear Natural Gas/Oil/Others ‘SWMAAC Nuclear Natural Gas/Oil/Others MAAC Nuclear Natural Gas/Oil/Others BGE Nuclear Natural Gas/Oil/Others Rest of RTOs Nuclear Natural Gas/Oil/Ot
Slide 20: Long-Term Debt Maturity Profile
20 Long-Term Debt Maturity Profile “ LT Debt Balances @ ($M) Recourse $3.0B Non-Recourse $1.7B 22 8 § § § § § € &§ 8 § § 8 § 8 8 8 §€ & 8 (Maturity profile excludes non-recourse debt. P-Cap facility, securitized debt, capital leases, fair value adjustments, unamortized debt issuance costs and unamor
Slide 21: Commercial Disclosures
a Commercial Disclosures June 30, 2022 — = Constellation
Slide 22: Portfolio Management Strategy
22 Portfolio Management Strategy Strategic Policy Alignment + Our portfolio starts in a position of already partially hedged, via longer term state programs such as the CMC in IL + Aligns hedging program financial policies and financial outlook + Establish minimum hedge targets to meet financial obj
Slide 23: Components of Gross Margin* Categories
23 Components of Gross Margin* Categories Gross margin* from a ; Gross margin* linked to power production and sales other business activities ie Contracted “Power” New “Non Power” “Non Power” SCLC ETAT Revenues Business Executed New Business *Generation Gross +Expected contracted +Mark-to-Market Ret
Slide 24: Gross Margin*
24 Gross Margin* June 30, 2022 Change from March 31, 2022 Gross Margin Category ($M) 2022 2023 2022 2023 Open Gross Margin (including South, West, New England & Canada hedged GM)* $9,700 $6,700. $2,100 $500 Contracted Revenues (Capacity, ZEC and IL CMC Plant Revenues) $2,450 $2,800 E g Mark-to-Marke
Slide 25: Generation and Hedges
Generation and Hedges June 30, 2022 Change from March 31, 2022 Generation and Hedges 2022 2023 2022 2023 Expected Generation (GWh) © 196,600 198,400 : 200 Midwest (Total) 96,700 95,500 100 - Midwest (Excluding CMCs) 64,800 41,500 : : Mid-Atlantic 55,700 $5,000 300 200 ERCOT 18,900 22,100 (400) : New
Slide 26: Hedged Gross Margin* Sensitivities
26 Hedged Gross Margin* Sensitivities June 30, 2022 Change from March 31, 2022 Gross Margin* Sensitivities (with existing hedges) °) 2022 2023 2022 2023 Henry Hub Natural Gas ($/MMBtu) + $0.50/MMBtu $10 $65 $10 ($70) - $0.50/MMBtu ($5) ($80) ($10) $55 NiHub ATC Energy Price + $2.50/MWh 2 $10 $5 ($5)
Slide 27: Illustrative Example of Modeling 2023 Total Gross Margin*
Illustrative Example of Modeling 2023 Total Gross Margin* Midwest id- i ® Row Item (Excl. CMCs) ® Mid-Atlantic ERCOT New York (A) Start with fleet-wide open gross margin® < $6.7 billion ~ (B) Contracted Revenues + $2.8 billion = (C) Expected Generation (TWh). 41.5 55.0. 2221) 25.8 (0) Hedge % (assum
Slide 28: Additional Constellation Modeling Data
Additional Constellation Modeling Data Total Gross Margin* Reconciliation (in $M) © 2022 2023 Adjusted Operating Revenues* (2) $21,550 $20,100 Adjusted Purchased Power and Fuel* 2) ($13,750) ($11,550) Other Revenues @ ($225) ($175) ee es | en Total Gross Margin* (Non-GAAP) $7,300 $8,150 Inputs 2022
Slide 29: Appendix: Reconciliation of Non-GAAP Measures
Appendix Reconciliation of Non-GAAP Measures — = Constellation
Slide 30: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations ® FFO (a) CFO (Pre-WC) (c) S&P FFO/Debt 2) = =§ ———______ Moody's CFO Pre-WC/Debt @) = —§ ————_____ Adjusted Debt (b) Adjusted Debt (d) S&P FFO Calculation @ Moody's CFO Pre-WC Calculation ® GAAP Operating Income Cash Flow From Operations +/- Working Capital Adjustme
Slide 31: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations ® >a ene Net Debt (a) Debt/EBITDA m Net Debt (c) Adjusted EBITDA* (b) Excluding Non-Recourse Adjusted EBITDA* (d) Net Debt Calculation Net Debt Calculation Excluding Non-Recourse Long-Term Debt (including current maturities) Long-Term Debt (including current maturiti
Slide 32: GAAP to Non-GAAP Reconciliation
32 GAAP to Non-GAAP Reconciliation Three Months Ended Six Months Ended June 30, June 30, Adjusted EBITDA* Reconciliation ($M) 2021 2022 2021 2022 GAAP Net Income ($61) ($i) ($854) ($5) Income Taxes $110 ($270) ($70) ($323) Depreciation and Amortization @ $930 $277 $1,869 $557 Interest Expense, Net $
Slide 33: Contact Information
Contact Information InvestorRelations@constellation.com (833) 447-2783 Links Events and Presentations ESG Resources Reports & SEC Filings wT “= Constellation.