Constellation Energy Corporation · NASDAQ:CEG
Constellation Energy — Q1 2026 Earnings Presentation
32 slides from Constellation Energy's earnings presentation, May 11, 2026
Slide 1: Earnings Conference Call First Quarter 2026
Earnings Conference Call First Quarter 2026 May 11, 2026
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: Positioned for Growth and Powering American Prosperity
Positioned for Growth and Powering American Prosperity • Base EPS* growth of 20%+ from 2026-2029 • Growth outlook excludes potential upside from: – Capturing premium value for 147 million MWhs of annual and Strong 20%+ Growth available nuclear generation through 2029 – Securing additional natural ga
Slide 6: Key Highlights
Key Highlights Q1 GAAP earnings of Affirming full-year $4.49 per share (1) Adjusted Operating Earnings* Q1 Adjusted Operating guidance range of Earnings* of $2.74 per share (1) $11.00 - $12.00 per share (2) Regulatory clarity Pin Oak Creek Energy Center will unlock data center and Pastoria Solar Pro
Slide 7: Policy Timeline and Framework Coming into Focus at PJM
Policy Timeline and Framework Coming into Focus at PJM PJM Reliability Backstop Procurement (RBP) Can Meet Proposed Timeline for RBP Clarity Capacity Demands from Large Loads • A market solution to solve for capacity constraints caused by large load demand May Stakeholder process and final vote 2026
Slide 8: Constellation has Capacity Available within PJM Framework
Constellation has Capacity Available within PJM Framework Constellation Submitted 5,000 MWs of New Capacity Options Will Enable Contracting of Our New Capacity to PJM Baseload Clean Generation Expected Baseload Clean Generation in 2029 (million MWhs) (2) 195 Nuclear Battery and Natural Gas Uprates S
Slide 9: Additional Optionality to Build on Powered Land Success in ERCOT
Constellation has Additional Optionality to Build on Powered Land Success in ERCOT Key Considerations for Powered Land Deals Additional Opportunities in Our Fleet • Powered land reflects shovel ready data center sites with power, permits and direct connectivity Access to land adjacent to sites • The
Slide 10: Q1 2026 Results
Q1 2026 Results $/share Affirming full-year Adjusted Operating Earnings* $4.49 guidance range of $11.00 – $12.00 per share (3) Year-over-Year Adj. Operating Earnings* Drivers $2.74 • Contribution from Calpine $2.14 • Higher capacity revenue offset by higher cost to serve load during Winter Storm Fer
Slide 11: Coast-to-Coast Fleet Provides Reliable and Low Carbon Power
Constellation’s Coast-to-Coast Fleet Provides Reliable and Low Carbon Power Strong Performance Across Our Efficient Best-in-Class Nuclear Operations (1, 2) CCGT and Cogen Natural Gas Fleet (3) • Capacity factor: 92.3% • Capacity factor: 47.1% – Percentage of time units were available and operating;
Slide 12: Leading Customer Platform Enables Businesses to Meet Energy Needs
Leading Customer Platform Enables Businesses to Meet Their Energy and Sustainability Needs Q1 2026 Electric Load Served by Region (TWhs) Q1 2026 Retail Gas Load Served by Region (bcf) 24 192 Wholesale Retail Retail 8 13 14 2 4 10 16 2 11 5 38 10 23 8 19 Midwest Mid-Atlantic ERCOT New York Other (1)
Slide 13: Opportunities Create Meaningful Upside to Adj. EPS and FCFbG in 2029
Opportunities Create Meaningful Upside to Adj. EPS* and Free Cashflow before Growth* in 2029 (1) Additional Optionality for 2029 Adj. EPS Earnings and FCFbG Opportunities in 2029 Enhanced Base Earnings FCFbG Description Base Opportunity Upside Upside $20-$50/MWh premium $125M - 1 GW Nuclear PPA $0.4
Slide 14: BBB+/Baa1 Balance Sheet is a Competitive Advantage
Constellation’s BBB+/Baa1 Balance Sheet is a Competitive Advantage Returning Capital to Shareholders Capital Allocation Priorities Reman Critical to Our through Share Repurchases Investment Thesis Share Repurchase Remaining Authorization Allocation YTD (1) ~$335M $4.7B Cumulatively, we have deployed
Slide 15: Positioned for Growth and Powering American Prosperity
Positioned for Growth and Powering American Prosperity • Base EPS* growth of 20%+ from 2026-2029 • Growth outlook excludes potential upside from: – Capturing premium value for 147 million MWhs of annual and Strong 20%+ Growth available nuclear generation through 2029 – Securing additional natural ga
Slide 16: Additional Disclosures
Additional Disclosures —— <= Constellation.
Slide 17: 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 2026 60 • The PTC provides support of up to $15.00/MWh for units when PTC provides revenues are between $26.00/MWh and $44.75/MWh while 55 support from preserv
Slide 18: Inflation of Nuclear Production Tax Credit
Inflation of Nuclear Production Tax Credit (1) PTC Overview PTC Inflation Adjustment • The PTC is in effect through 12/31/32 • Starting in 2025, the maximum PTC and gross receipts threshold are subject to an inflation adjustment based on the GDP price deflator for the • In 2025, Constellation qualif
Slide 19: Long-Term Debt Maturity Profile
Long-Term Debt Maturity Profile (1) As of 3/31/2026 Long-Term Debt Balances ($B) (2) ($M) $105 CEG CPN Total $334 Corporate Long-Term Debt $11.1 $0.1 $11.2 Subsidiary Debt $1.3 $4.9 $6.2 Total Long-Term Debt $12.4 $5.0 $17.5 $2,393 $1,950 $79 $900 $900$900 $788 $800 $647 $600 $500 $350 2026 2029 203
Slide 20: Modeling Slides
20 Modeling Slides —— <= Constellation.
Slide 21: Base Earnings Give Visibility into Stability and Growth
Base Earnings Give Visibility into Constellation’s Stability and Growth Earnings that • Forward power prices above base assumptions Enhanced reflect additional Earnings • Commercial margins above 10-year average (30-40% of Total) value above base earnings • Capturing outsized value from volatility E
Slide 22: ~20% Adjusted Operating Earnings Growth on Base Earnings through 2029
~20% Adjusted Operating Earnings* Growth on Base Earnings through 2029 2029 Projection Includes: Enhanced Base • Announced nuclear and gas long-term offtakes • Nuclear PTC at 2% inflation 30% - 35% of Total • Average Commercial margins Guidance Range • Current expectations (2) for forward $11.00 - $
Slide 23: Opportunities Create Meaningful Upside to 2029 Adj. EPS
Opportunities Create Meaningful Upside to 2029 Adj. EPS* (1) Additional Optionality for 2029 Base Earnings Opportunities in 2029 Enhanced Earnings Upside to ’26-’29 Opportunity Description Impact Base EPS CAGR Base $20-$50/MWh premium to 1 GW Nuclear PPA $0.40 - $1.00 1% - 3% PTC floor 1 GW Natural
Slide 24: Base Gross Margin Modeling Tool Definitions
Base Gross Margin Modeling Tool Definitions Base Gross Margin Details • Carbon-free contracted generation for more than 5 years Contracted Clean • Includes nuclear, solar, wind, storage and geothermal • Contracts that include energy, capacity, attributes, infrastructure and/or state program revenue
Slide 25: Constellation Modeling Tools for Base Earnings
Constellation Modeling Tools for Base Earnings 2026 2027 Adjusted Gross Margin* (Base Only) (1) Quantity Prices Quantity Prices Available Nuclear Illinois CMC Units (2) 53 million MWhs $34.09 /MWh 23 million MWhs $34.50 /MWh Remaining Units – PTC w/ 2% Inflation (3) 101 million MWhs $44.75 /MWh 127
Slide 26: Additional Modeling Inputs and Information
Constellation Additional Modeling Inputs and Information (1) 2026 2027 Other Base Modeling Inputs Adjusted O&M* (Excl. Performance Incentive Adj.) (2) ($6,900) ($7,025) TOTI (3) ($675) ($675) Other, Net - - Depreciation and Amortization ($1,825) ($2,000) Base Interest Expense, Net (4) ($700) Effecti
Slide 27: Detailed Modeling Inputs for Base Earnings
Detailed Modeling Inputs for Base Earnings Detailed Base Earnings Modeling Inputs Available Nuclear 2026 2027 2028 2029 2030 Illinois CMC million MWhs 53 23 (1) Illinois CMC $/MWhs $34.09 $34.50 Remaining Units million MWhs 101 127 148 146 147 Remaining Units - PTC w/2% Inflation $/MWh $44.75 $45.75
Slide 28: Constellation Cleared/Committed Capacity Detail
Constellation Cleared/Committed Capacity Detail (1) Volumes and prices for cleared/committed capacity differ from Base Earnings capacity assumptions and are not additive to Base Earnings 2025/2026 2026/2027 2027/2028 PJM Volume (MW) Price ($/MWd) Volume (MW) Price ($/MWd) Volume (MW) Price ($/MWd) N
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 March 31, 2026 2025 Adjusted Operating Earnings* reconciliation Earnings Per Earnings Per ($M except per share data) Share Share GAAP Net Income (Loss) Attributable to Common $1,590 $4.49 $118 $0.38 Shareholders Unreal
Slide 31: GAAP to Non-GAAP Reconciliation – Adjusted O&M
GAAP to Non-GAAP Reconciliation – Adjusted O&M* Adjusted O&M* Reconciliation ($M) 2026 2027 GAAP O&M $7,925 $7,775 Decommissioning-Related Activities (1) ($250) ($275) Direct cost of sales incurred to generate revenues for ($250) ($300) certain Commercial and Power businesses (2) Calpine Merger and
Slide 32: Contact Information
Contact Information InvestorRelations@constellation.com Links Events and Presentations Reports & SEC Filings Constellation Sustainability Report Nuclear 101 32