Constellation Energy Corporation · NASDAQ:CEG
Constellation Energy — Q2 2026 Earnings Presentation
32 slides from Constellation Energy's earnings presentation, Aug 26, 2026
Slide 1: Earnings Conference Call Second Quarter 2026
Earnings Conference Call Second Quarter 2026 August 6, 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: Key Highlights
Key Highlights Q2 GAAP earnings of Raising full-year $1.42 per share (1) Adjusted Operating Earnings* Q2 Adjusted Operating guidance range to Earnings* of $2.55 per share (1) $11.50 - $12.50 per share (1) On path to regulatory clarity in Signed ~920 MWs of long-term PJM in 2H 2026 nuclear PPAs Key F
Slide 6: Secured ~920 MWs of New Long-Term Premium Nuclear Contracts
Secured ~920 MWs of New Long-Term Premium Nuclear Contracts (1) ~30% of Expected Baseload Clean Generation MWhs under Long-Term Agreement by 2032 (1) Diverse, investment grade customers Average contract duration of 18.5 years Contracts begin 2029-2031 and are fully ramped by 2032 890 MWs of existing
Slide 7: Regulatory Progress is Improving Clarity for Large Load Customers
Regulatory Progress is Improving Clarity for Large Load Customers Clarity Already Achieved Clarity to Come By Year’s End Bilateral matching is ongoing and will reduce capacity FERC is committed to quickly resolving remaining procured through the RBP uncertainty across regional grids FERC to rule on
Slide 8: Crane Clean Energy Restart Provides Model for Responsible Economic Development
Crane Clean Energy Restart Provides Model for Responsible Economic Development 70% of Pennsylvanians Support the Crane Restart (1) ~3,400 in-state direct and indirect jobs created (2) Job Creation $425K in annual charitable giving to support local education, workforce Philanthropy development, and c
Slide 9: Q2 2026 Results
Q2 2026 Results $/share $2.67 $2.55 Year-over-Year Adj. Operating Earnings* Drivers $1.91 • Contribution from Calpine $1.42 • Higher capacity revenue • Strong commercial performance through portfolio optimization and higher realized customer margins • Lower revenue recognition from banked IL ZECs •
Slide 10: Best-in-Class Nuclear Operations in a High Planned Refueling Outage Year
Best-in-Class Nuclear Operations in a High Planned Refueling Outage Year 2026 Quarterly Capacity Factors Represent Nuclear Refueling Outages Completed Faster Execution of Planned Refueling Outages (1,2) than Industry Average Even with Uprate TWhs Capacity Factor 45 100% 95% Q2 average nuclear refuel
Slide 11: Raising Full-Year Adjusted Operating Earnings Guidance Range to $11.50 - $12.50 Per Share
Raising Full-Year Adjusted Operating Earnings* Guidance Range to $11.50 - $12.50 Per Share $/share $12.50 $12.00 • Commercial business outperforming plan in a dynamic $12.00 market $11.50 $11.50 – Higher realized customer margins $11.00 – Successful portfolio optimization • Accretive deployment of c
Slide 12: Constellation's BBB+/Baa1 Balance Sheet is a Competitive Advantage
Constellation’s BBB+/Baa1 Balance Sheet is a Competitive Advantage Returning Capital to Shareholders Current Credit Ratings (1) through Share Repurchases Share Repurchase Remaining Authorization Allocation YTD Constellation Calpine ~$2.2B ~$2.8B Moody’s Baa1 Baa1 S&P BBB+ BBB+ Cumulatively, we have
Slide 13: Opportunities Create Meaningful Upside to Adj. EPS and Free Cashflow before Growth 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 - 30% - 35% 1 GW Nuclea
Slide 14: 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 in 2029 through 2029 – Securing additional na
Slide 15: Additional Disclosures
Additional Disclosures —— <= Constellation.
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 2026 60 • The PTC provides support of up to $15.00/MWh for units when PTC provides revenues are between $26.00/MWh and $44.75/MWh while 55 support from preserv
Slide 17: Inflation of Nuclear Production Tax Credit
Inflation of Nuclear Production Tax Credit (1) PTC Overview PTC Inflation Adjustment • The PTC is in effect through 12/31/32 • In 2026, the maximum PTC and gross receipts threshold are subject to an inflation adjustment based on the GDP price deflator for the • In 2025, Constellation qualified for t
Slide 18: Long-Term Debt Maturity Profile
Long-Term Debt Maturity Profile (1) As of 6/30/2026 Long-Term Debt Balances ($B) (2) ($M) $105 CEG CPN Total $334 Corporate Long-Term Debt $13.3 $0.1 $13.4 Subsidiary Debt $1.2 $4.9 $6.1 Total Long-Term Debt $14.6 $5.0 $19.6 $79 $2,393 $1,950 $1,397 $600 $850 $900 $900 $900 $788 $800 $600 $500 $350
Slide 19: 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 20: Modeling Slides
20 Modeling Slides —— <= Constellation.
Slide 21: Base Earnings Give Visibility into Constellation's 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 2026 Base Earnings through 2029
~20% Adjusted Operating Earnings* Growth on 2026 Base Earnings through 2029 (1) Enhanced 2029 Projection Includes: Base • Announced nuclear and gas long-term offtakes • Nuclear PTC at 2% inflation 30% - 35% of Total • Average Commercial margins Original Guidance Range • Current expectations (2) for
Slide 23: 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 24: 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 25: Constellation 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 26: 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 (2) Remaining Units - PTC w/2% Inflation $/MWh $44.75 $4
Slide 27: Constellation Cleared/Committed Capacity Detail
Constellation Cleared/Committed Capacity Detail (1) Volumes and prices for cleared/committed capacity differ from Base Earnings capacity assumptions and are not additive to Base Earnings 2025/2026 2026/2027 2027/2028 PJM Volume (MW) Price ($/MWd) Volume (MW) Price ($/MWd) Volume (MW) Price ($/MWd) N
Slide 28: 2028/2029 PJM Capacity Auction Results
2028/2029 PJM Capacity Auction Results 2028/2029 Cleared Volumes Price Zone (MW) (1) ($/MW-day) Interactions with PTC Nuclear 9,800 $325 Fossil/Others 400 $325 Capacity is included in the PTC gross receipts calculation. The ComEd 10,200 impact of higher capacity prices will depend on where updated N
Slide 29: Appendix Reconciliation of Non-GAAP Measures
Appendix Reconciliation of Non-GAAP Measures 29
Slide 30: GAAP to Non-GAAP Reconciliation – Adjusted Operating Earnings
GAAP to Non-GAAP Reconciliation – Adjusted Operating Earnings* Three Months Ended June 30, 2026 2025 Adjusted Operating Earnings* reconciliation Earnings Per Earnings Per ($M except per share data) Share Share GAAP Net Income (Loss) Attributable to Common $513 $1.42 $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) 2026 2027 GAAP O&M $7,775 $7,775 Decommissioning-Related Activities (1) $25 ($275) Direct cost of sales incurred to generate revenues for ($250) ($300) certain Commercial and Power businesses (2) Calpine Merger and Int
Slide 32: Contact Information
Contact Information InvestorRelations@constellation.com Links Events and Presentations Reports & SEC Filings Constellation Sustainability Report Nuclear 101 32