Slide 1: Earnings Conference Call Second Quarter 2025
Earnings Conference Call Second Quarter 2025 August 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 Q2 GAAP earnings of Reaffirming full-year $2.67 per share (1) Adjusted Operating Earnings* Q2 Adjusted Operating guidance range of Earnings* of $1.91 per share (1) $8.90 - $9.60 per share (2) One Big Beautiful Bill Act Announced Clinton Clean (OBBBA) passed – continued Energy Center P
Slide 6: Bipartisan Support Continues for Nuclear Energy
Bipartisan Support Continues for Nuclear Energy President Trump’s Executive Orders OBBBA Preserves and Enhances Executive Orders supporting nuclear energy Nuclear Provisions • Goal to expand production of nuclear energy to 400 GW by 2050 Executive Orders supporting AI • Goal to win the AI race by re
Slide 7: Market Is Responding to Meet Demand
Market Is Responding to Meet Demand PJM’s Expedited Interconnection Process is Generation Costs Have Decreased Compared to T&D Studying the Addition of Over 9,000 MWs by 2031 (1) and other Household Expenses (2) Price change 2010 to 2024 Nuclear Natural Gas Storage 290% 125% 125% 57% 77% -38% Genera
Slide 8: Crane Clean Energy Center Will Return to Service in Second-Half of 2027
Crane Clean Energy Center Will Return to Service in Second-Half of 2027 Early interconnection request approved by PJM Fuel procured and on track for delivery Major equipment purchased Inspections of major systems and components on track Hired ~450 new and returning employees – representing ~70% of s
Slide 9: Calpine Transaction Remains On Track to Close by Year-end
Calpine Transaction Remains On Track to Close by Year-end The Acquisition of Calpine Better Positions Constellation for the Future On Track to Receive Regulatory Approval Creates leading coast-to-coast generation fleet that is irreplaceable, dispatchable, reliable, and the cleanest in America (1) FE
Slide 10: Q2 2025 Results
Q2 2025 Results $/share $2.67 $2.58 Reaffirming full-year Adjusted Operating Earnings* guidance range of $8.90 – $9.60 per share (3) $1.91 $1.68 Year-over-Year Adj. Operating Earnings* Drivers • Continued strong commercial performance through portfolio optimization • Higher revenue recognition from
Slide 11: Capacity Factor
Constellation Provides Reliable and Available Emissions-Free Power Historical Nuclear Fleet Capacity Factor (1,2) Best-in-Class Nuclear Operations (1,2) 48 100% • Nuclear capacity factor: 94.8% • Operated production of 41 TWhs 44 95% • Completed three refueling outages with an average outage Capacit
Slide 12: Leading Customer Platform Enables Business to Meet Their Energy and Sustainability Needs
Leading Customer Platform Enables Business to Meet Their Energy and Sustainability Needs Customer Operational Metrics (TTM) Q2 2025 Electric Load Served by Region (TWhs) Wholesale Retail 88% 79% 17 11 6 11 1 4 27% 6 11 4 10 2 11% 7 4 C&I Power New C&I Gas New C&I Power Customer C&I Gas Customer Midw
Slide 13: 2026/2027 PJM Capacity Auction Results
2026/2027 PJM Capacity Auction Results 2026/2027 Standalone Adjusted Operating Earnings* Uplift ($/sh) Cleared Volumes Price Zone (MW) (2) ($/MW-day) Nuclear – CMC Units 6,200 N/A (3) 2026 2027 Nuclear – Non-CMC Units 3,550 $329 Approximately Approximately ComEd 9,750 +$0.50 EPS (1) +$1.50 EPS (1) N
Slide 14: Constellation's Balance Sheet Remains a Competitive Advantage
Constellation’s Balance Sheet Remains a Competitive Advantage One Big Beautiful Bill Act Impacts Share Repurchase Update • Maintains our base earnings growth through 2030 • Entered into an accelerated share repurchase program for ~$400M (1) • 45Y incremental 10% bonus for nuclear energy communities:
Slide 15: 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 16: Additional Disclosures
Additional Disclosures —— <= Constellation.
Slide 17: 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 18: 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 $26/MWh
Slide 19: Inflation of Nuclear Production Tax Credit
Inflation of Nuclear Production Tax Credit (1) Example Assuming 2%, 3% and 4% PTC Overview Inflation Adjustment (2) (3) • The PTC is in effect through 12/31/32 2% Inflation Adjustment 3% Inflation Adjustment 4% Inflation Adjustment Power Power Power • In 2025, Constellation qualifies for the nuclear
Slide 20: Long-Term Debt Maturity Profile
Long-Term Debt Maturity Profile (1) As of 6/30/2025 Long-Term Debt Balances (2) ($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 2025 2035
Slide 21: Illinois Zero Emission Credit (ZEC) Overview
Illinois Zero Emission Credit (ZEC) Overview • The Zero Emission Standard, passed in December 2016, requires the Illinois Power Agency (IPA) to procure contracts with zero emission facilities for ZECs • The program has a 10-year duration that commenced with the 2017/2018 planning year and runs throu
Slide 22: Modeling Slides
22 Modeling Slides —— <= Constellation.
Slide 23: 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 $8.90 - $9.60 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 24: 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 25: 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 $44.
Slide 26: Standalone Constellation Detailed Modeling Inputs for Base Earnings
Standalone Constellation Detailed Modeling Inputs for Base Earnings (1) Expected Generation (million MWhs) Nuclear 2025 2026 2027 2028 2029 IL CMC Units 55 53 23 - - NY Units 26 25 26 25 26 Remaining Units 101 102 132 158 157 Crane - - - 3 6 Total Nuclear 182 180 180 187 188 (1) Number of Planned Re
Slide 27: Standalone Constellation Detailed Modeling Inputs for Base Earnings (continued)
Standalone Constellation Detailed Modeling Inputs for Base Earnings (continued) Expected Generation (million MWhs) Modeling Prices Non-Nuclear (Energy) 2025 2026 ($/MWh) (1) Wind/Solar 5 5 Historical renewable contracts $60 - $70 Hydro 2 2 Hydro revenue price ($/MWh) $45 Natural Gas, Oil, Other 20 1
Slide 28: Standalone Constellation Additional Modeling Inputs and Information
Standalone Constellation Additional Modeling Inputs and Information Other Modeling Inputs ($M) 2025 2026 Additional Information 2025 2026 Adjusted Gross Margin* (Enhanced Only) $1,050 - $1,300 $1,175 - $1,550 Power Margins Above 10-year Average $0.35 - Performance Incentive Adjustment Percentage of
Slide 29: Appendix Reconciliation of Non-GAAP Measures
Appendix Reconciliation of Non-GAAP Measures 29
Slide 30: GAAP to Non-GAAP Reconciliation – Adjusted Operating Earnings*
GAAP to Non-GAAP Reconciliation – Adjusted Operating Earnings* Three Months Ended June 30, 2024 2025 Adjusted Operating Earnings* reconciliation Earnings Per Earnings Per ($M except per share data) Share Share GAAP Net Income (Loss) Attributable to Common $814 $2.58 $839 $2.67 Shareholders Unrealize
Slide 31: GAAP to Non-GAAP Reconciliation – Adjusted O&M*
GAAP to Non-GAAP Reconciliation – Adjusted O&M* Adjusted O&M* Reconciliation ($M) 2025 2026 GAAP O&M $5,700 $5,800 Decommissioning-Related Activities (1) ($200) ($225) Direct cost of sales incurred to generate revenues ($125) ($125) for certain Commercial and Power businesses (2) Adjusted O&M* $5,37
Slide 32: Contact Information
Contact Information InvestorRelations@constellation.com Links Events and Presentations Reports & SEC Filings Constellation Sustainability Report Nuclear 101 32