Constellation Energy Corporation · NASDAQ:CEG
Constellation Energy — Q4 2025 Earnings Presentation
62 slides from Constellation Energy's earnings presentation, Mar 31, 2026
Slide 1: 2026 Business and Earnings Outlook
2026 Business and Earnings Outlook March 31, 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: Constellation Leads With Unmatched Opportunity
Constellation Leads With Unmatched Opportunity
Slide 6: 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 7: Constellation Has a Proven Track Record of Securing Long-Term Deals
Constellation Has a Proven Track Record of Securing Long-Term Deals 5,650+ MWs of Long-Term Long-Term Storage Clean Energy Deals 835 MWs from nuclear restart under Crane Nova virtual PPA 1,121 MWs including uprate under Pastoria ~880 MWs of Clinton contracted virtual PPA Santa Ana battery storage ca
Slide 8: ~25% of Clean, Firm MWhs Under Contract – Largest Opportunity Ahead
~25% of Clean, Firm MWhs Under Contract – Largest Opportunity Ahead Expected Baseload Clean Generation (1) under Long-Term Agreements (January 2025 vs March 2026) 196 195 Constellation still has 147 million MWhs receiving PTC 186 185 support but available to contract 81 80 In the last 12 months, Exp
Slide 9: Multiple Channels to Secure Long-Term, Premium-Priced Contracts
Multiple Channels to Secure Long-Term, Premium-Priced Contracts Pathways to Additional Long-Term Contracts Constellation’s Competitive Advantage Anchoring colocated data centers and new builds with firm nuclear output Clean, firm, reliable energy with coast-to-coast commercial presence Pairing data
Slide 10: Regulatory Clarity in PJM Coming into View
Regulatory Clarity in PJM Coming into View PJM Priority Workstreams New FERC-Directed Service Options Improve load forecasting for accurate Speed to Market – loads can connect immediately and long-term planning receive power on an interruptible basis while waiting for network upgrades Implement reli
Slide 11: Utilizing Spare System Capacity Can Save U.S. Customers $110 - $170 Billion
Utilizing Spare System Capacity, Including Efficient Data Center Integration, Can Save U.S. Customers $110 - $170 Billion Over 10 Years (1) 2025 Load Duration Curve in PJM (2) 100% 90% By adding load when and where there is spare Share of Max System Peak 80% 80% of the time, 30% or more resources we
Slide 12: Constellation is Doing Our Part to Bring Incremental Capacity
Constellation is Doing Our Part to Bring Incremental Capacity Constellation Has a Path to Add or Extend the MWs are Enabled Through Output of ~9,350 MWs to the Grid Different Avenues ~9,350 ~1,500 MWs MWs possible with policy support ~3,500 MWs extending useful lives through ~5,725 ~9,350 license re
Slide 13: Irreplicable Scale and Operational Excellence Matters
Irreplicable Scale and Operational Excellence Matters
Slide 14: Constellation Powers America Coast-to-Coast
Constellation Powers America Coast-to-Coast Coast-to-coast scale – significant presence across every competitive market Aligning on best practices across the organization for strategic and operational success Opportunities for cross-selling and product innovation ISO % MWhs Produced (1) PJM 50% Faci
Slide 15: Constellation’s Suite of Unique Customer Solutions
Constellation’s Suite of Unique Customer Solutions Leading C&I Customer Facing Platform Customized Customer Solutions in the Nation 80%+ More than 80% of the Fortune 100 served Carbon-Free Products Renewable Energy Options 190M ~190 million MWhs of C&I load served, roughly MWhs double the next large
Slide 16: Constellation is the Largest Private-Sector Power Producer in the World
Constellation is the Largest Private-Sector Power Producer in the World (1) Generating More MWhs than All Private-Sector Producers (million MWhs) 298 250 232 213 199 191 185 143 133 123 Constellation NextEra Energy Engie Duke Vistra Energy Enel Southern Eletrobras Iberdrola Berkshire Energy Hathaway
Slide 17: Delivering Grid Reliability through Operational Excellence and Innovation
Delivering Grid Reliability through Operational Excellence and Innovation Industry Leading Nuclear Operations Create Our Nuclear Fleet Operations Exceed Industry Averages Extra Power for the Grid Average Nuclear Refueling Capacity Factor (%) (2) ~4% higher capacity factor Outage Days (1) than the in
Slide 18: Modern, High-Quality CCGT Fleet Opportunity for Increased Utilization
Modern, High-Quality CCGT Fleet Opportunity for Increased Utilization Approximately 80% of our ~27 GW Natural Gas Fleet CCGT Utilization and Value Will Increase as Data Centers Consists of Efficient, Modern Assets Paired with Peaking Resources Enter the Grid (3, 4) CCGT and CoGen 80 Illustrative Vie
Slide 19: Financial Strength Enables Execution
Financial Strength Enables Execution
Slide 20: Key Financial Highlights
Key Financial Highlights Initiating 2026 Guidance Increasing Share Buyback Initiating 2026 Adjusted Increasing total available Operating Earnings* guidance share buyback authorization of $11.00 – $12.00 per share (1) to $5.0B Deploying Growth CapEx Credit Ratings Affirmed Moody’s and S&P affirmed $3
Slide 21: Base Earnings are Easily Calculated with Revised Modeling Tools
Base Earnings are Easily Calculated with Revised Modeling Tools 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 Earnings
Slide 22: Initiating 2026 Adjusted Operating Earnings Guidance of $11.00 - $12.00 Per Share
Initiating 2026 Adjusted Operating Earnings* Guidance of $11.00 - $12.00 Per Share (1) 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 (3) for fo
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: Capital Allocation Priorities Remain Critical to Our Investment Thesis
Capital Allocation Priorities Remain Critical to Our Investment Thesis Maintain Strong Annual Dividend Investment Grade with Targeted 10% Credit Metrics Growth per Annum Delivering Value to Our Shareholders Invest CapEx for Long-Term Growth Return Excess Cash at Double-Digit to Shareholders Unlevere
Slide 25: Proven Track Record of Successful Capital Deployment
Proven Track Record of Successful Capital Deployment Historical Capital Deployment has Positioned Value Added Capital Deployment Remains our Priority Constellation for Success Acquisitions of Calpine and the Crane Clean Nuclear Uprates South Texas Project Electric Generating Station Energy Center In
Slide 26: Strong Free Cash Flow Drives Capital Allocation Opportunities
Strong Free Cash Flow Drives Capital Allocation Opportunities 2026-2027 Free Cash Flow Generation Supported by Priorities for 2026-2027 Calpine Contribution of $4.0B+ Available Cash ($B) $13.6 Returning capital to shareholders with $5.0B authorization. Cumulatively, Constellation has ($3.9) repurcha
Slide 27: Strong BBB+/Baa1 Balance Sheet is a Competitive Advantage
Strong BBB+/Baa1 Balance Sheet is a Competitive Advantage Investors and the Department of Energy (DOE) Validate Rating Agencies Affirm Constellation’s Credit Ratings the Long-Term Importance of the Nuclear Portfolio Fixed Income Investors Support 40-Year Notes • Moody’s and S&P affirmed Constellatio
Slide 28: 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 29: Appendix Financial Support
Appendix Financial Support 29
Slide 30: Base Earnings are Easily Calculated with Updated Modeling Tools
Base Earnings are Easily Calculated with Updated Modeling Tools Revised Base Gross Margin Inputs 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, att
Slide 31: Constellation Modeling Tools for Base Earnings
Constellation Modeling Tools for Base Earnings 2026 2027 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 million M
Slide 32: 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 33: 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 34: CCGT Fleet Offers Near-Term Downside Protection with Upside Optionality
CCGT Fleet Offers Near-Term Downside Protection with Upside Optionality Near-Term Volatility is Limited by Hedges and Multiple Paths to Sell Output of Our Gas Fleet Contracted Sales while Maintaining Optionality 10% 20% • Block power sales 45% • Heat rate call options • Load sales to end customers 8
Slide 35: Natural Gas/Other Energy Base Gross Margin Mix of Contracted and Available Volume
Natural Gas/Other Energy Base Gross Margin Mix of Contracted and Available Volume Percentage of Natural Gas/Other Energy Base Gross Margin Attributable to Contracts ~70% of natural gas/other energy Base gross margin is calculated using an average 72% 69% 67% 67% 67% regional spark spread of $15 - $2
Slide 36: CCGT Sensitivities to Market Conditions
CCGT Sensitivities to Market Conditions (Illustrative) Sensitivities to Power Price and Sensitivity to Commodity Prices Dispatch Changes by Year The power price sensitivity is an illustrative scenario where fuel prices • When MWhs are fully hedged, P&L variance is driven by heat rate stay flat: chan
Slide 37: Constellation Cleared/Committed Capacity Detail
Constellation Cleared/Committed Capacity Detail (1) Volumes and prices for cleared/committed capacity differ from Base earnings capacity assumptions and are not additive to Base earnings 2025/2026 2026/2027 2027/2028 PJM Volume (MW) Price ($/MWd) Volume (MW) Price ($/MWd) Volume (MW) Price ($/MWd) N
Slide 38: Constellation Adjusted O&M and Capital Expenditures
Constellation Adjusted O&M* and Capital Expenditures Adjusted O&M* 2026-2027 (1) Investing for Long-Term Value through CapEx (2) ($M) ($M) $6,975 $7,075 $5,675 $4,700 $2,400 $1,500 $1,325 $1,475 $1,950 $1,725 2026E 2027E 2026E 2027E Adjusted O&M* Growth Fuel Baseline Note: All amounts rounded to the
Slide 39: Long-Term Debt Maturity Profile
Long-Term Debt Maturity Profile (1) Projected balances as of 3/31/26 ($M) Projected balances as of 3/31/26 Long-Term Debt Balances ($B) (2) $105 (3) CEG CPN Total $334 After addressing ~$7.5B of Corporate Long-Term Debt $11.1 $0.1 $11.2 Calpine debt since the Subsidiary Debt $1.3 $5.0 $6.3 acquisiti
Slide 40: 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 $44.75/MWh while 55 support from preserv
Slide 41: Inflation of Nuclear Production Tax Credit
Inflation of Nuclear Production Tax Credit (1) PTC Overview PTC Inflation Adjustment • The PTC is in effect through 12/31/32 • Starting in 2025, the maximum PTC and gross receipts threshold are subject to an inflation adjustment based on the GDP price deflator for the • In 2025, Constellation qualif
Slide 42: New York Zero-Emission Credit Overview and Timelines
New York Zero-Emission Credit (ZEC) Overview and Timelines ZEC 1.0 Program (Tranches 1-6) ZEC 2.0 Program (Tranches 7-17) Apr ’17 Mar ‘29 Apr ’29 December Dec ‘49‘49 Combined Market and ZEC Program Elements New York ZEC Program Year Revenue ($/MWh) (1) Under the state’s clean energy standard, load s
Slide 43: Illinois State Programs Overview and Timelines
Illinois State Programs Overview and Timelines Program Timelines Included Nuclear Sites Carbon Mitigation June ‘22 May ‘27 Braidwood, Byron and Dresden Clean Energy Centers Credits (CMC) Zero-Emission June ‘17 May ‘27 Clinton and Quad Cities Clean Energy Centers Credits (ZEC) Program Program Illinoi
Slide 44: Appendix Operations/Commercial Support
Appendix Operations/Commercial Support 44
Slide 45: Coast-to-Coast Footprint Creates Substantial Market Diversification
Coast-to-Coast Footprint Creates Substantial Market Diversification MW Capacity by Location MWh Production by Location (3) ERCOT ERCOT 25% 23% PJM 42% PJM 50% 14% 10% Other (1) CAISO 9% 6% 13% 8% NYISO NYISO Other (1) CAISO MW Capacity by Fuel Type MWh Production by Fuel Type (3) 41% Nuclear 60% Nuc
Slide 46: Constellation is Well-Positioned on Nuclear Fuel
Constellation is Well-Positioned on Nuclear Fuel (1) Diverse Sourcing Mitigates Geopolitical Risk Uranium Purchasing • We have built a diverse and resilient portfolio predominately anchored by • We transact predominantly in the term market (bi-lateral contracts) and long-term contracts from a divers
Slide 47: Key Operating Metrics for the CCGT and Cogen Fleet
Key Operating Metrics for the CCGT and Cogen Fleet (1) Equivalent Availability Factor Equivalent Forced Outage Factor Capacity Factor (EAF) (2) (EFOF) (2) Percentage of time that generation Percentage of time units are operating Measures the hours generation was could be provided after all types of
Slide 48: California’s Resource Adequacy Market Overview
California’s Resource Adequacy Market Overview Program Overview California’s RA Market vs PJM’s Capacity Market • California’s Resource Adequacy (RA) program establishes California PJM forward capacity requirements that Load Serving Entities (LSEs) fulfill primarily through bilateral contracts Progr
Slide 49: Key Commercial Metrics
Key Commercial Metrics C&I Remains a Focus for the Commercial Portfolio 835+ BCF of Combined Natural Gas Load (million MWhs) (1) Served in 2025 (2) ~ 275 570 Retail Wholesale 25% Retail 75% C&I 90% 130 60 80 Residential 10% Northeast Southeast Midwest West ~275 Million MWhs of Combined Electric Load
Slide 50: Appendix Fleet Overview
Appendix Fleet Overview —— <= Constellation.
Slide 51: Nuclear Fleet Overview
Nuclear Fleet Overview License 2-Year License Capacity Policy Support Plant Location ISO Type/Containment Renewal Ownership Capacity Expiration (1) (MW) (2) (Term) Status Factor (3) Braidwood, IL Pressurized Water Reactor Unit 1: 2046 CMC Unit 1: 92.8% PJM Renewed 2,386 Constellation: 100% (Units 1
Slide 52: Nuclear Fleet Overview (continued)
Nuclear Fleet Overview (continued) License 2-Year License Capacity Policy Support Plant Location ISO Type/Containment Renewal Ownership Capacity Expiration (1) (MW) (2) (Term) Status Factor (3) Peach Bottom, PA Boiling Water Reactor Subsequently Unit 2: 2053 Federal PTC Constellation: 50% Unit 2: 93
Slide 53: Renewables Fleet (Wind)
Renewables Fleet (Wind) Primary Dispatch Net Generation Ownership Asset Name ISO (1) Location No. of Units Primary Fuel Type (2,3) Type Capacity (MW) Interest (%) (4) Beebe MISO Gratiot Co., MI 34 Wind Intermittent 42 51 Beebe 1B MISO Gratiot Co., MI 21 Wind Intermittent 26 51 Bluegrass Ridge N/A Ki
Slide 54: Renewables Fleet (Hydro/Geothermal)
Renewables Fleet (Hydro/Geothermal) Primary Dispatch Net Generation Ownership Asset Name ISO Location No. of Units Primary Fuel Type Type Capacity (MW) (1,2) Interest (%) (3) Conowingo PJM Darlington, MD 11 Hydroelectric Base-load 539 (4) Muddy Run PJM Drumore, PA 8 Hydroelectric Intermediate 1,058
Slide 55: Renewables Fleet (Solar/Storage)
Renewables Fleet (Solar/Storage) Primary Dispatch Net Generation Ownership Asset Name ISO (1) Location No. of Units Primary Fuel Type Type Capacity (MW) (2,3) Interest (%) (4) Antelope Valley CAISO Lancaster, CA 1 Solar Intermittent 242 Denver Airport Solar N/A Denver, CO 1 Solar Intermittent 2 51 S
Slide 56: Natural Gas/Oil Fleet
Natural Gas/Oil Fleet Primary Dispatch Net Generation Ownership Asset Name ISO Location No. of Units Primary Fuel Type Type Capacity (MW) (1,2) Interest (%) (3) Agnews CAISO San Jose, CA 2 Gas Intermediate 28 Baytown ERCOT Baytown, TX 4 Gas Intermediate 896 Bayview PJM Cape Charles, VA 6 Oil Peaking
Slide 57: Natural Gas/Oil Fleet (continued)
Natural Gas/Oil Fleet (continued) Primary Dispatch Net Generation Ownership Asset Name ISO (1) Location No. of Units Primary Fuel Type (2,3) Type Capacity (MW) Interest (%) (4) Gilroy Cogeneration CAISO Gilroy, CA 2 Gas Intermediate 130 Goose Haven CAISO Suisun City, CA 1 Gas Peaking 47 Grand Prairi
Slide 58: Natural Gas/Oil Fleet (continued)
Natural Gas/Oil Fleet (continued) Primary Dispatch Net Generation Ownership Asset Name ISO (1) Location No. of Units Primary Fuel Type (2,3) Type Capacity (MW) Interest (%) (4) Philadelphia Road PJM Baltimore, MD 4 Oil Peaking 60 Pine Bluff MISO Pine Bluff, AR 2 Gas Intermediate 215 Quail Run ERCOT
Slide 59: Appendix Reconciliation of Non-GAAP Measures
Appendix Reconciliation of Non-GAAP Measures 59
Slide 60: GAAP to Non-GAAP Reconciliations for Credit Metrics
GAAP to Non-GAAP Reconciliations for Credit Metrics (1) FFO (a) FFO (c) S&P FFO/Debt (2) = Moody’s FFO/Debt (3) = Adjusted Debt (b) Adjusted Debt (d) S&P FFO Calculation (2) Moody’s FFO Calculation (3) GAAP Operating Income Cash Flow From Operations + Depreciation & Amortization +/- Working Capital
Slide 61: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation 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) Acquisition-Related Costs (3) ($400
Slide 62: Contact Information
Contact Information InvestorRelations@constellation.com Links Events and Presentations Reports & SEC Filings Constellation Sustainability Report Nuclear 101 62