Constellation Energy Corporation · NASDAQ:CEG
Constellation Energy — Q3 2025 Earnings Presentation
29 slides from Constellation Energy's earnings presentation, Nov 7, 2025
Slide 1: Earnings Conference Call Third Quarter 2025
Earnings Conference Call Third Quarter 2025 November 7, 2025
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 operating performance by excluding items that are considered by management to be not directly related
Slide 5: Key Highlights
Key Highlights Q3 GAAP earnings of Narrowing standalone $2.97 per share (1) Adjusted Operating Earnings* Q3 Adjusted Operating guidance range to Earnings* of $3.04 per share (1) $9.05 - $9.45 per share (2) Reached historic settlement with Maryland to provide clean energy from Conowingo Dam for anoth
Slide 6: Nuclear is Core to U.S. Economic Strategy and Enables the Data Economy
Nuclear is Core to U.S. Economic Strategy and Enables the Data Economy • Recent polling found 72% of U.S. adults favor nuclear energy. Additionally, 87% Strong support for nuclear energy support license renewals and 64% agree with building new nuclear (1) 10 GWs – Trump Administration goal • US Gove
Slide 7: Constellation Continues to Do Our Part to Ensure Reliability in PJM
Constellation Continues to Do Our Part to Ensure Reliability in PJM Maryland’s Solicitation for New Generation ~1,600 MWs of Previously Announced New Supply and More to Come With Customer Support (1) • The Maryland Public Services Commission (PSC) held a solicitation for expedited Certificate of Pub
Slide 8: Q3 2025 Results
Q3 2025 Results $/share $3.82 Year-over-Year Adj. Operating Earnings* Drivers $2.97 $3.04 • Lower number of nuclear outage days $2.74 • Higher capacity revenue net of less Nuclear PTC and ZEC revenues GAAP Net GAAP Net Adjusted Adjusted Income Income Operating Operating Q3 2024 (1) Q3 2025 (2) Earni
Slide 9: Constellation Provides Reliable and Available Emissions-Free Power
Constellation Provides Reliable and Available Emissions-Free Power Historical Nuclear Fleet Capacity Factor (1,2) Best-in-Class Nuclear Operations (1,2) 48 100% • Nuclear capacity factor: 96.8% • Operated production of 42 TWhs 44 95% Capacity Factor Nuclear TWhs 40 90% Strong Performance Across Our
Slide 10: Leading Customer Platform Enables Businesses to Meet Their Energy and Sustainability Needs
Leading Customer Platform Enables Businesses to Meet Their Energy and Sustainability Needs Customer Operational Metrics (TTM) Q3 2025 Electric Load Served by Region (TWhs) Wholesale Retail 84% 19 77% 7 13 13 2 5 27% 6 13 11 2 5 13% 8 4 C&I Power New C&I Gas New C&I Power Customer C&I Gas Customer Mi
Slide 11: Narrowing Full-Year Standalone Adjusted Operating Earnings Guidance Range
Narrowing Full-Year Standalone Adjusted Operating Earnings* Guidance Range to $9.05 - $9.45 Per Share (1) $/share $9.60 $9.45 • Commercial business outperforming plan in a $9.25 $9.25 dynamic market $9.05 $8.90 • Nuclear overperformance • Offset by higher O&M due to stock compensation Original Guida
Slide 12: Constellation's Balance Sheet Remains a Competitive Advantage
Constellation’s Balance Sheet Remains a Competitive Advantage Completed Upsize to Credit Facility Effective at Capital Allocation Priorities Remain Unchanged Closing of Calpine Transaction After Calpine Acquisition • Five-year credit facility increased to $7.0B (from $4.5B), maturing September 2030
Slide 13: Constellation – Our Assets Are Unmatched Today and Tomorrow
Constellation – Our Assets Are Unmatched Today and Tomorrow Visible, Double-Digit Long-Term Base EPS Growth Backed by Nuclear PTC, Contracts and Customer Margins Best and Leading Operator of Clean, Emissions-free and Low-emissions, Reliable Generation, with Coast-to-Coast Presence Growing Product Op
Slide 14: Additional Disclosures
Additional Disclosures —— <= Constellation.
Slide 15: Complementary Capabilities Will Create Value for Combined Company
Complementary Capabilities Will Create Value for Combined Company Combined Combined Largest Nuclear Fleet Strong Management Team Leading Natural Gas Fleet Best Operator of Nuclear Plants Assets Largest Geothermal Fleet People Leading Operator of Natural Gas Battery Storage Best Customer Platform Ren
Slide 16: PTC Provides Support for Nuclear Units When Revenues Fall Below $44.75/MWh
PTC Provides Support for Nuclear Units When Revenues Fall Below $44.75/MWh (1) Illustrative Payoff Dynamics for Non-State-Supported Units in 2025 60 • The PTC provides support of up to $15.00/MWh for units when PTC provides revenues are between $26.00/MWh and $44.75/MWh while 55 support from $26/MWh
Slide 17: Inflation of Nuclear Production Tax Credit
Inflation of Nuclear Production Tax Credit (1) Example Assuming 2%, 3% and 4% PTC Overview Inflation Adjustment (2) (3) • The PTC is in effect through 12/31/32 2% Inflation Adjustment 3% Inflation Adjustment 4% Inflation Adjustment Power Power Power • In 2025, Constellation qualifies for the nuclear
Slide 18: Standalone Long-Term Debt Maturity Profile
Standalone Long-Term Debt Maturity Profile (1) As of 9/30/2025 Long-Term Debt Balances (2) ($M) Recourse $6.1B Non-Recourse $1.3B Total Long-Term Debt $7.4B $334 $900 $900 $900 $750 $788 $600 $500 $350 $79 2026 2029 2036 2039 2044 2054 2031 2032 2033 2045 2055 2027 2037 2040 2050 2034 2046 2048 2049
Slide 19: Modeling Slides
19 Modeling Slides —— <= Constellation.
Slide 20: Base Earnings Give Visibility into Constellation's Stability and Growth
Base Earnings Give Visibility into Constellation’s Stability and Growth Adjusted Operating Earnings* Guidance Range $9.05 - $9.45 BASE EARNINGS ENHANCED EARNINGS • Earnings that are consistent, visible, and • Earnings that reflect additional value easy to calculate that will grow over time above bas
Slide 21: Standalone Constellation Visible 13%+ Adjusted Operating Earnings Growth on Base Earnings Through 2030
Standalone Constellation Visible 13%+ Adjusted Operating Earnings* Growth on Base Earnings Through 2030 Long-term Growth Rate of at Least 13% from 2024-2030 but Will Vary from Year to Year Factors 2025 2026 2027 2028 2029 PTC Step-Up (2% Inflation Adjustment) (2) $44.75 $44.75 $45.75 $48.88 $49.88 $
Slide 22: Standalone Constellation Modeling Tools for Base Earnings
Standalone Constellation Modeling Tools for Base Earnings 2025 2026 Quantity Prices Quantity Prices Gross Margin* (Base Only) (1) (million MWhs) ($/MWh) (million MWhs) ($/MWh) Nuclear (2) Illinois CMC Units (3) 55 $33.47 53 $34.09 NY Units (4) 26 $61 - $62 25 $61 - $63 Remaining Units (PTC) 101 $44.
Slide 23: Standalone Constellation Detailed Modeling Inputs for Base Earnings
Standalone Constellation Detailed Modeling Inputs for Base Earnings (1) Expected Generation (million MWhs) Nuclear 2025 2026 2027 2028 2029 IL CMC Units 55 53 23 - - NY Units 26 25 26 25 26 Remaining Units 101 102 132 158 157 Crane - - - 3 6 Total Nuclear 182 180 180 187 188 (1) Number of Planned Re
Slide 24: Standalone Constellation Detailed Modeling Inputs for Base Earnings (continued)
Standalone Constellation Detailed Modeling Inputs for Base Earnings (continued) Expected Generation (million MWhs) Modeling Prices Non-Nuclear (Energy) 2025 2026 ($/MWh) (1) Wind/Solar 5 5 Historical renewable contracts $60 - $70 Hydro 2 2 Hydro revenue price ($/MWh) $45 Natural Gas, Oil, Other 20 1
Slide 25: Standalone Constellation Additional Modeling Inputs and Information
Standalone Constellation Additional Modeling Inputs and Information Other Modeling Inputs ($M) 2025 2026 Additional Information 2025 2026 Adjusted Gross Margin* (Enhanced Only) $1,375 - $1,575 $1,175 - $1,550 Power Margins Above 10-year Average $0.60 - Performance Incentive Adjustment Percentage of
Slide 26: Appendix Reconciliation of Non-GAAP Measures
Appendix Reconciliation of Non-GAAP Measures 26
Slide 27: GAAP to Non-GAAP Reconciliation – Adjusted Operating Earnings
GAAP to Non-GAAP Reconciliation – Adjusted Operating Earnings* Three Months Ended September 30, 2024 2025 Adjusted Operating Earnings* reconciliation Earnings Per Earnings Per ($M except per share data) Share Share GAAP Net Income (Loss) Attributable to Common $1,200 $3.82 $930 $2.97 Shareholders Un
Slide 28: GAAP to Non-GAAP Reconciliation – Adjusted O&M
GAAP to Non-GAAP Reconciliation – Adjusted O&M* Adjusted O&M* Reconciliation ($M) 2025 2026 GAAP O&M $6,150 $5,800 Decommissioning-Related Activities (1) ($250) ($225) Direct cost of sales incurred to generate revenues ($150) ($125) for certain Commercial and Power businesses (2) Acquisition-Related
Slide 29: Contact Information
Contact Information InvestorRelations@constellation.com Links Events and Presentations Reports & SEC Filings Constellation Sustainability Report Nuclear 101 29