Constellation Energy Corporation · NASDAQ:CEG
Constellation Energy — Q3 2026 Earnings Presentation
30 slides from Constellation Energy's earnings presentation, Nov 9, 2026
Slide 1: Earnings Conference Call Third Quarter 2026
Earnings Conference Call Third Quarter 2026 November 9, 2026
Slide 2: Forward-Looking Statements
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,” “will,” “targets,” “goals,” “projects,” “intends,” “plans,” “b
Slide 3: 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 measures, including: • Adjusted
Slide 4: Non-GAAP Measures Explanation
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 to the ongoing operations of the busi
Slide 5: Key Highlights
DRAFT Key Highlights 5 DOE support for nuclear uprate projects with $5.0B loan commitment Q3 GAAP earnings of $5.19 per share (1) Q3 Adjusted Operating Earnings* of $5.06 per share (1) Raising full-year Adjusted Operating Earnings* guidance range to $12.50 - $12.80 per share (1) ~8,500 MWs of long-t
Slide 6: Long-Term Agreements Drive Growth in Base Earnings through the 2040s
DRAFT 6 E xp ec te d G en er at io n (1 ) (M ill io n M W h s) 90+ Million MWhs of Long-Term Agreements Drive Growth in Base Earnings through the 2040s (1) Includes nuclear and geothermal generation 60 71 83 91 2029 2030 2031 2032 ~94 2040+ 15-to-20-Year Contracts with a Diverse and Strong Customer
Slide 7: Multiple Paths for Premium Long-Term Agreements Supporting the Existing Fleet
7 Note: Items may not sum due to rounding (1) Nuclear and geothermal generation in 2032. Current expected generation includes announced uprates. (2) LCOE range assuming a ~$3,000/kW CCGT adjusted for eastern PJM (3) Upper and lower end premium pricing for nuclear PPAs as referenced on page 13 Multip
Slide 8: Constellation's Peak+ Solution Responds to America's Electricity Needs
8 Constellation’s Peak+ Solution Responds to America’s Electricity Needs Regulators remain focused on how to connect large loads quickly without impacting reliability or increasing consumer costs: • Regulatory goals are clear, although rules are not final • Customer actions demonstrate that deals ca
Slide 9: Raising Midpoint and Narrowing Full-Year Adjusted Operating Earnings Guidance
DRAFT Raising Midpoint and Narrowing Full-Year Adjusted Operating Earnings* Guidance Range to $12.50 - $12.80 Per Share (1) 9 $/share Original Guidance Previously Revised Guidance Current Guidance $12.00 $12.50 $12.80 $11.00 $11.50 $12.50 $11.50 Note: GAAP to Non-GAAP reconciliations for Adjusted Op
Slide 10: Best-in-Class Operations Support Critical Summer Reliability
DRAFT 10 65% 70% 75% 80% 85% 90% 95% 100% 30 35 40 45 T W h s C ap acity F acto r Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 TWhs Capacity Factor (1) Summer months represent June - August (2) Salem and STP are not included in operational metrics (outage days, capacity factor and generatio
Slide 11: Strategic Capital Investment Supports Growth of Clean Baseload Fleet
DRAFT • Committed uprates require little or no incremental fuel cost or O&M • $1.3B of uprate investment already included in 2026 - 2027 growth capital guidance Strategic Capital Investment Supports Growth of the Clean Baseload Fleet 11 (1) MWs at ownership and includes Salem (2) Uprate capacity dat
Slide 12: Balance Sheet Continues to Be a Competitive Advantage
12 Constellation’s Balance Sheet Continues to Be a Competitive Advantage Strong Credit Rating with Ample Access to Liquidity BBB+/Baa1 - $14.0B in credit facilities Contracted Cash Flow Long-term contracts provide certainty across price scenarios Financial Flexibility and Capital Structure 2.00 - 2.
Slide 13: Opportunities for Upside to Adj. EPS and Free Cash Flow in 2029 and Beyond
DRAFT Executing on Opportunities to Create Meaningful Upside to Adj. EPS* and Free Cash Flow before Growth* in 2029 and Beyond (1) 13 (1) Opportunities may not be additive (2) Base Earnings impacts assume expected average shares outstanding of 356 million and effective tax rate of 26% (3) Assumes 1%
Slide 14: Positioned for Growth and Powering American Prosperity
DRAFT Positioned for Growth and Powering American Prosperity 14 Strong 20%+ Growth through 2029 • Base EPS* growth of 20%+ from 2026 - 2029 • Growth outlook excludes potential upside from: – Capturing premium value for available nuclear generation in 2029 – Securing additional natural gas contracts
Slide 15: Additional Disclosures
DRAFT Additional Disclosures 15
Slide 16: PTC Provides Support for Nuclear Units When Revenues Fall Below $44.75/MWh
DRAFT 20 25 30 35 40 45 50 55 60 20 25 30 35 40 45 50 55 60 Market Revenues ($/MWh) M ar ke t R ev en u es + P T C ( $ / M W h ) 16 PTC Provides Support for Nuclear Units When Revenues Fall Below $44.75/MWh (1) Illustrative Payoff Dynamics for Non-State-Supported Units in 2026 • The PTC provides sup
Slide 17: Nuclear Production Tax Credit Inflation Adjustment
DRAFT • In 2026, the maximum PTC and gross receipts threshold are subject to an inflation adjustment based on the GDP price deflator for the preceding calendar year: • Maximum PTC is rounded to the nearest $2.50/MWh and gross receipts threshold is rounded to the nearest $1.00/MWh Nuclear Production
Slide 18: Long-Term Debt Maturity Profile
DRAFT 18 $600 $900 $334 2 0 2 8 $1,397 $79 2 0 2 6 2 0 3 0 $2,393 $105 2 0 3 1 $600 2 0 3 2 2 0 2 9 2 0 3 3 $500 2 0 3 4 2 0 3 5 $850 2 0 3 6 2 0 3 7 2 0 3 8 $900 2 0 3 9 2 0 4 0 $350 2 0 4 1 $788 2 0 4 2 2 0 4 3 2 0 4 4 2 0 4 5 2 0 4 6 2 0 4 7 2 0 4 8 2 0 4 9 2 0 5 0 2 0 5 1 2 0 5 2 2 0 2 7 2 0 5 3
Slide 19: Modeling Slides
Modeling Slides —=— = Constellation
Slide 20: Base Earnings Give Visibility into Stability and Growth
Base Earnings Give Visibility into Constellation’s Stability and Growth 20 Enhanced Earnings (30-40% of Total) Base Earnings (60-70% of Total) Earnings that reflect additional value above Base Earnings Earnings that are consistent, visible and easy to calculate that will grow over time through long-
Slide 21: ~20% Adjusted Operating Earnings Growth on 2026 Base Earnings through 2029
~20% Adjusted Operating Earnings* Growth on 2026 Base Earnings through 2029 (1) 21 $6.65 - $6.75 ~40% of Total 2026 $7.60 - $7.70 35% - 40% of Total 2027 $11.40 - $11.90 30% - 35% of Total 2029 Original Guidance Range $11.00 - $12.00 (1) EPS guidance as shown in the March 2026 Business and Earnings
Slide 22: Base Gross Margin Modeling Tool Definitions
Base Gross Margin Modeling Tool Definitions 22 DetailsBase Gross Margin • Carbon-free contracted generation for more than 5 years • Includes nuclear, solar, wind, storage and geothermal • Contracts that include energy, capacity, attributes, infrastructure and/or state program revenue Contracted Clea
Slide 23: Constellation Modeling Tools for Base Earnings
Constellation Modeling Tools for Base Earnings 23 Note: Revised 2026 earnings guidance based on expected average shares outstanding of 356 million. 2027 assumes average shares outstanding are held flat and is not reflective of capital allocation plans. (1) Reflected at ownership share; includes Sale
Slide 24: Constellation Additional Modeling Inputs and Information
Constellation Additional Modeling Inputs and Information 24 Note: Revised 2026 earnings guidance based on expected average shares outstanding of 356 million. 2027 assumes average shares outstanding are held flat and is not reflective of capital allocation plans. (1) 2026 disclosures include earnings
Slide 25: Detailed Modeling Inputs for Base Earnings
Detailed Modeling Inputs for Base Earnings 25 (1) Reflects calendar year price based on weighted average CMC prices across planning years (2) PTC with 2% inflation reflects published inflation adjustment for 2025 of 2.8% and re-baselining of the 2023 index (3) Values include NY ZEC which is total of
Slide 26: Constellation Cleared/Committed Capacity Detail
Constellation Cleared/Committed Capacity Detail (1) 26 (1) Volumes are rounded and reflect Constellation’s ownership share of partially owned units (2) Revenues above the CMC value are returned to customers (3) Capacity revenue for nuclear units is included in the gross receipts calculation for the
Slide 27: Appendix Reconciliation of Non-GAAP Measures
Appendix Reconciliation of Non-GAAP Measures 27
Slide 28: GAAP to Non-GAAP Reconciliation – Adjusted Operating Earnings
Three Months Ended September 30, 20252026 Earnings Per Share Earnings Per Share Adjusted Operating Earnings* reconciliation ($M except per share data) $2.97$930$5.19$1,835 GAAP Net Income (Loss) Attributable to Common Shareholders $0.30$94($0.36)($127)Unrealized (Gain) Loss on Fair Value (1) ($0.37)
Slide 29: GAAP to Non-GAAP Reconciliation – Adjusted O&M
GAAP to Non-GAAP Reconciliation – Adjusted O&M* 29 20272026Adjusted O&M* Reconciliation ($M) $7,775$7,850GAAP O&M ($275)$25Decommissioning-Related Activities (1) ($300)($250) Direct cost of sales incurred to generate revenues for certain Commercial and Power businesses (2) ($125)($475)Calpine Merger
Slide 30: Contact Information
DRAFT 30 Contact Information InvestorRelations@constellation.com Links Events and Presentations Reports & SEC Filings Constellation Sustainability Report Nuclear 101