Constellation Energy (CEG) Q1 2026 profit surges with Calpine deal and guidance held

Q: What do Constellation’s cash flow statements show for Q1 2026?

In Q1 2026, Constellation generated $425 million of net cash from operating activities, up from $107 million in Q1 2025. Investing cash flow was negative $3.73 billion , including $2.54 billion for the Calpine acquisition, while financing activities provided a net $730 million , reflecting new borrowings and debt repayments.

Filing Impact

(High)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

Constellation Energy Corporation reported sharply higher first-quarter 2026 results, driven by the Calpine acquisition and strong market conditions. GAAP net income rose to $1.59 billion, or $4.49 per share, from $118 million, or $0.38 per share, a year earlier. Adjusted (non-GAAP) Operating Earnings increased to $2.74 per share from $2.14 per share as the company benefited from the addition of Calpine, favorable stock-based compensation, its nuclear production tax credit portfolio and supportive market conditions, partly offset by more planned nuclear outages.

Operating revenues grew to $11.12 billion from $6.79 billion, reflecting the expanded generation fleet. Management affirmed full-year 2026 Adjusted Operating Earnings guidance of $11.00–$12.00 per share, signaling confidence in earnings visibility. Strategically, Constellation commissioned the 105 MW Pastoria Solar Project, brought the 460 MW Pin Oak Creek natural gas facility to commercial operation, and secured net metering approval to co-locate a large data center at its Freestone site. The company also highlighted its top ranking on Barron’s 2026 “Most Sustainable U.S. Companies” list and continued capital deployment into growth projects and share repurchases while maintaining an investment-grade balance sheet.

Positive

Q1 2026 earnings inflection: GAAP net income jumped to $1.59 billion ($4.49 per share) from $118 million ($0.38 per share), while Adjusted Operating Earnings increased to $2.74 per share from $2.14 per share, reflecting a materially stronger earnings profile.
Guidance reaffirmed at high level: Management affirmed full-year 2026 Adjusted Operating Earnings guidance of $11.00–$12.00 per share, underscoring confidence in ongoing cash generation after the Calpine acquisition.
Strategic growth assets online: Commissioning of the 105 MW Pastoria Solar Project and commercial operation of the 460 MW Pin Oak Creek Energy Center expand the fleet with new clean and dispatchable capacity.
Strengthened clean-energy positioning: The company maintained a 92.3% nuclear capacity factor (excluding certain units), produced 44,666 GWhs of nuclear generation, and ranked #1 on Barron’s 2026 “Most Sustainable U.S. Companies” list.

Negative

None.

Insights

Q1 2026 earnings surged on Calpine integration and strong markets, with guidance reaffirmed.

Constellation delivered a major step-up in profitability. Q1 2026 GAAP net income was $1.59 billion versus $118 million a year earlier, and Adjusted Operating Earnings rose to $2.74 per share from $2.14. Operating revenues expanded to $11.12 billion from $6.79 billion, reflecting the Calpine acquisition and a larger, more diversified generation fleet.

Management attributes non-GAAP earnings strength primarily to the addition of Calpine, favorable stock-based compensation, nuclear PTC portfolio benefits, and market and portfolio conditions, partially offset by increased planned nuclear outages. They reaffirmed full-year 2026 Adjusted Operating Earnings guidance of $11.00–$12.00 per share, indicating confidence in cash-flow generation and the capital allocation plan, including growth capex and share repurchases.

Strategically, the quarter advanced Constellation’s clean and reliable power platform. The 105 MW Pastoria Solar Project was commissioned, the 460 MW Pin Oak Creek Energy Center reached commercial operation, and the Freestone site secured approval to co-locate a large data center. Nuclear operations remained strong, producing 44,666 GWhs with a 92.3% capacity factor excluding certain units. Investors will likely focus on how Calpine integration, new assets and data center growth translate into sustained Adjusted EPS expansion through 2029, as outlined in the company’s long-term growth framework.

8-K Event Classification

3 items: 2.02, 7.01, 9.01

3 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

GAAP EPS Q1 2026: $4.49 per share Adjusted EPS Q1 2026: $2.74 per share Net income Q1 2026: $1,590 million +5 more

8 metrics

GAAP EPS Q1 2026 $4.49 per share Three months ended March 31, 2026

Adjusted EPS Q1 2026 $2.74 per share Adjusted (non-GAAP) Operating Earnings, Q1 2026

Net income Q1 2026 $1,590 million Net income attributable to common shareholders, Q1 2026

Operating revenues Q1 2026 $11,122 million Consolidated Statements of Operations, Q1 2026

Adjusted EPS 2026 guidance $11.00–$12.00 per share Full-year 2026 Adjusted Operating Earnings guidance

Operating cash flow Q1 2026 $425 million Net cash flows provided by operating activities, Q1 2026

Calpine acquisition cash outflow $2,537 million Acquisition of Calpine, net of cash and restricted cash acquired, Q1 2026

Nuclear generation Q1 2026 44,666 GWhs Total nuclear generation in first quarter 2026

Key Terms

Adjusted (non-GAAP) Operating Earnings, nuclear production tax credit, Equivalent Forced Outage Factor, Free cash flows before growth (FCFbG), +2 more

6 terms

Adjusted (non-GAAP) Operating Earnings financial

"GAAP Net Income of $4.49 per share and Adjusted (non-GAAP) Operating Earnings of $2.74 per share for the first quarter of 2026"

Adjusted (non‑GAAP) operating earnings are a company’s reported profit from its core business after management removes certain items they consider unusual, one‑time, or unrelated to ongoing operations. Investors use this figure like a cleaned‑up scorecard to judge underlying performance and compare trends over time, but because companies choose what to exclude it can vary and should be viewed alongside standard GAAP results.

nuclear production tax credit financial

"nuclear PTC portfolio and market and portfolio conditions, partially offset by unfavorable nuclear outages"

Equivalent Forced Outage Factor technical

"we now consider Equivalent Forced Outage Factor (EFOF) to be a key operational metric beginning in 2026"

Free cash flows before growth (FCFbG) financial

"Free cash flows before growth (FCFbG) is cash flows from operations less capital expenditures under GAAP for maintenance and nuclear fuel"

Powered land other

"Powered land reflects shovel ready data center sites with power, permits and direct connectivity"

Powered land is property that already has a reliable connection to electrical power and basic utility infrastructure, meaning a developer can plug in equipment or buildings without arranging new grid hookups. For investors, it matters because ready access to power reduces upfront cost, shortens project timelines and lowers the risk of delays—think of it like buying a house that already has running water and a working electrical panel versus one that needs all utilities installed.

nuclear decommissioning trust funds financial

"Nuclear decommissioning trust funds | 19,366 | | | 19,336"

A nuclear decommissioning trust fund is a dedicated pool of money set aside by a power company to pay for safely shutting down and cleaning up a nuclear plant when it stops operating. Think of it like a long-term savings account earmarked for a specific cleanup bill; investors watch its size, rules and investment returns because shortfalls or restrictions can create large future costs, affect a utility’s creditworthiness, cash flow and dividend capacity.

Offering Details

earnings_snapshot

Offering

Offering Type earnings_snapshot

Understanding 8-K Material Events →

05/11/2026 - 06:59 AM


			UNITED STATES SECURITIES AND EXCHANGE COMMISSION
			Washington, D.C. 20549
			FORM			8-K


			CURRENT REPORT
			Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
			May 11, 2026
			Date of Report (Date of earliest event reported)

Commission
File Number

Name of Registrant; State or Other Jurisdiction of Incorporation; Address of Principal Executive Offices; and Telephone Number

IRS Employer Identification Number

001-41137

CONSTELLATION ENERGY CORPORATION

87-1210716

(a Pennsylvania corporation)

1310 Point Street

Baltimore, Maryland 21231-3380

(833) 883-0162

333-85496

CONSTELLATION ENERGY GENERATION, LLC

23-3064219

(a Pennsylvania limited liability company)

200 Energy Way

Kennett Square, Pennsylvania 19348-2473

(833) 883-0162


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

CONSTELLATION ENERGY CORPORATION:

Common Stock, without par value

CEG

The Nasdaq Stock Market LLC


Indicate by check mark whether any of the registrants are emerging growth companies as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐


If an emerging growth company, indicate by check mark if any of the registrants have elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Section 2 - Financial Information

Item 2.02. Results of Operations and Financial Condition

Section 7 - Regulation FD

Item 7.01. Regulation FD Disclosure

On May 11, 2026, Constellation Energy Corporation (Nasdaq: CEG) announced via press release its results for the first quarter ended March 31, 2026. A copy of the press release and related attachments are attached hereto as Exhibit 99.1. Also attached as Exhibit 99.2 to this Current Report on Form 8-K are the presentation slides to be used during the first quarter 2026 earnings conference call. This Form 8-K and the attached exhibits are provided under Items 2.02, 7.01 and 9.01 of Form 8-K and are furnished to, but not filed with, the Securities and Exchange Commission.

We have scheduled the conference call for 10:00 AM ET on May 11, 2026. To access the call by phone, please follow the registration link available on the Investor Relations page of our website: https://investors.constellationenergy.com. The call will also be webcast and archived on the Investor Relations page of our website. Media representatives are invited to participate on a listen-only basis.

Section 9 - Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits

(d) Exhibits.


Exhibit No.			Description
99.1			Press release and earnings release attachments
99.2			Earnings conference call presentation slides
101			Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.
104			The cover page from the Current Report on Form 8-K, formatted as Inline XBRL.

* * * * *

This combined Current Report on Form 8-K is being furnished separately by Constellation Energy Corporation and Constellation Energy Generation, LLC, (collectively, the Registrants). Information contained herein relating to one of the Registrants has been furnished by the Registrant on its own behalf. Neither Registrant makes any representation as to information relating to the other Registrant.

This report 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,” “believes,” “seeks,” “estimates,” “predicts,” and variations on such words, and similar expressions that reflect our current views with respect to future events and operational, economic, and financial performance, are intended to identify such forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding the acquisition of Calpine Corporation, the pro forma combined company and its operations, strategies and plans, enhancements to investment-grade credit profile, synergies, opportunities and anticipated future performance and capital structure, and expected accretion to earnings per share and free cash flow. Information adjusted for the acquisition should not be considered a forecast of future results.

Forward-looking statements are based on current expectations, estimates and assumptions that involve a number of risks and uncertainties that could cause actual results to differ materially from those projected. The factors that could cause actual results to differ materially from the forward-looking statements made by the Registrants include those factors discussed herein, as well as the items discussed in (1) the Registrants' combined 2025 Annual Report on Form 10-K in (a) Part I, ITEM 1A. Risk Factors, (b) Part II, ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations, and (c) Part II, ITEM 8. Financial Statements and Supplementary Data: Note 18 — Commitments and Contingencies; (2) the Registrants' First Quarter 2026 Quarterly Report on Form 10-Q (to be filed on May 11, 2026) in (a) Part II, ITEM 1A. Risk Factors, (b) Part I, ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations, and (c) Part I, ITEM 1. Financial Statements: Note 15 — Commitments and Contingencies; and (3) other factors discussed in filings with the SEC by the Registrants.

Investors are cautioned not to place undue reliance on these forward-looking statements, whether written or oral, which apply only as of the date of this report. Neither Registrant undertakes any obligation to publicly release any revision to its forward-looking statements to reflect events or circumstances after the date of this report.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, each Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


			CONSTELLATION ENERGY CORPORATION

			/s/ Shane P. Smith
			Shane P. Smith
			Executive Vice President and Chief Financial Officer
			Constellation Energy Corporation

			CONSTELLATION ENERGY GENERATION, LLC

			/s/ Shane P. Smith
			Shane P. Smith
			Executive Vice President and Chief Financial Officer
			Constellation Energy Generation, LLC

May 11, 2026

EXHIBIT INDEX


Exhibit No.			Description
99.1			Press release and earnings release attachments
99.2			Earnings conference call presentation slides
101			Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.
104			The cover page from the Current Report on Form 8-K, formatted as Inline XBRL.

Exhibit 99.1

News Release


Contact:						Linsey Wisniewski Corporate Communications 667-218-7700 Tim Flottemesch Investor Relations 833-447-2783

CONSTELLATION REPORTS FIRST QUARTER 2026 RESULTS

Earnings Release Highlights

•GAAP Net Income of $4.49 per share and Adjusted (non-GAAP) Operating Earnings of $2.74 per share for the first quarter of 2026

•Affirming full year 2026 Adjusted Operating Earnings guidance of $11.00 - $12.00 per share

•Commissioning of 105 megawatt (MW) Pastoria Solar Project

•460 MW Pin Oak Creek Energy Center achieves commercial operation

•Net metering application for co-location of a data center at our Freestone site approved

•Ranked #1 on Barron's Most Sustainable U.S. Companies for 2026

•Our employees demonstrated their commitment to our communities by volunteering at over 150 events across 15 states and Washington, D.C. during April 2026, in honor of National Volunteer Month

Baltimore (May 11, 2026) — Constellation Energy Corporation (Nasdaq: CEG) today reported its financial results for the first quarter of 2026.

“America needs reliable, clean power and Constellation is built to meet this demand with the strength of our fleet and the solutions we’re delivering for customers,” said Joe Dominguez, president and CEO of Constellation. “Right now, our focus is on execution – operating at a high level, integrating two great companies, bringing new resources to market, and navigating a changing regulatory environment – led by the women and men who power our business every day.”

“Our first-quarter results reflect continued operational excellence from our entire organization,” said Shane Smith, executive vice president and chief financial officer of Constellation. “We are affirming our full-year guidance and the expectation of strong, visible cash flow that supports our strategic capital allocation framework.”

First Quarter 2026

Our GAAP Net Income for the first quarter of 2026 increased to $4.49 per share from $0.38 per share in the first quarter of 2025. Adjusted (non-GAAP) Operating Earnings for the first quarter of 2026 increased to $2.74 per share from $2.14 per share in the first quarter of 2025. For the reconciliations of GAAP Net Income (Loss) to Adjusted (non-GAAP) Operating Earnings, refer to the GAAP/Adjusted (non-GAAP) Operating Earnings Reconciliation section below.

Adjusted (non-GAAP) Operating Earnings in the first quarter of 2026 primarily reflects:

•The addition of Calpine, favorable stock-based compensation, nuclear PTC portfolio and market and portfolio conditions, partially offset by unfavorable nuclear outages

Recent Developments and First Quarter Highlights

•Pastoria Solar Project Comes Online: On April 16, 2026 we celebrated the commissioning of the 105 MW Pastoria Solar Project, the largest renewable energy project contracted by the California Department of Water Resources (DWR) to date in its mission to fully decarbonize its operations by 2035. The Pastoria Solar Project connects to the grid through the interconnection facilities at the highly efficient 750 MW natural gas-fired combined-cycle generating facility. Also, co-located with the Pastoria Solar Project is the 80 MW/320 MWh Battery Energy Storage System, which will be coming online during the spring/summer of 2026. The Pastoria Power Bank is contracted and supported by a 15-year power purchase agreement with Pacific Gas and Electric Company.

•Pin Oak Creek Energy Center Reaches Commercial Operation: On April 30, 2026, our Pin Oak Creek Energy Center achieved commercial operation. Pin Oak is a 460 MW, state-of-the-art natural gas facility designed to provide reliable, dispatchable power to the ERCOT grid. As a peaking facility, it is built to operate when demand is highest and reliability matters most, while also maintaining the flexibility to run longer if system conditions require it. The project is a direct response to Texas’ continued growth and increasing electricity demand across homes, businesses, and industry. Pin Oak Creek will play a critical role in strengthening grid reliability and supporting the state’s economic momentum.

•Freestone Net Metering Application Approved: The PUCT has approved the net metering application for the co-location of a Cyrus One data center at our Freestone site, subject to conditions. In February we signed a 380 MW agreement with Dallas-based CyrusOne, a leading global data center developer and operator, to connect and serve a new data center adjacent to the Freestone Energy Center, in Freestone County, Texas. We also entered into an exclusive agreement to provide power, grid connectivity and site infrastructure for Phase 2, which will be an additional 380 MW.

•Ranked #1 on Barron's Most Sustainable U.S. Companies for 2026: We earned the No. 1 spot on Barron’s annual "Most Sustainable U.S. Companies" rankings, which evaluate the country's 1,000 largest publicly traded companies on 230 performance indicators including environmental impact, workforce development and community support.

•Nuclear Operations: Our nuclear fleet, including our owned output from the Salem and South Texas Project (STP) Generating Stations, produced 44,666 gigawatt-hours (GWhs) in the first quarter of 2026, compared with 45,582 GWhs in the first quarter of 2025. Excluding Salem and STP, our nuclear plants at ownership achieved a 92.3% capacity factor for the first quarter of 2026, compared with 94.1% for the first quarter of 2025. There were 99 planned refueling outage days in the first quarter of 2026 and 88 in the first quarter of 2025 for sites we operate. There were no non-refueling outage days in the first quarter of 2026 and 2025 for sites we operate.

•Natural Gas, Oil, and Renewables Operations: As a result of our expanded fleet following the acquisition of Calpine in January 2026, we now consider Equivalent Forced Outage Factor (EFOF) to be a key operational metric beginning in 2026. EFOF represents the percentage for which a generating unit is not available due to forced outages and forced deratings in a given period. The EFOF of our natural gas, oil, and pumped-storage hydro fleet for the first quarter of 2026 is 4.5%. Renewable energy capture for our wind, solar and run-of-river hydro fleet was 96.7% in the first quarter of 2026, compared with 96.2% in the first quarter of 2025.

GAAP/Adjusted (non-GAAP) Operating Earnings Reconciliation

The table below provides a reconciliation of GAAP Net Income to Adjusted (non-GAAP) Operating Earnings. Adjusted (non-GAAP) Operating Earnings is not a standardized financial measure and may not be comparable to other companies’ presentations of similarly titled measures.

Unless otherwise noted, the income tax impact of each reconciling adjustment between GAAP Net Income (Loss) Attributable to Common Shareholders and Adjusted (non-GAAP) Operating Earnings is based on the marginal statutory federal and state income tax rates, taking into account whether the income or expense item is taxable or deductible, respectively, in whole or in part, which may result in an effective tax rate that differs from the marginal rate. The marginal statutory income tax rate was 25.5% for the three months ended March 31, 2026 and 2025. The following table provides a reconciliation between GAAP Net Income (Loss) Attributable to Common Shareholders and Adjusted (non-GAAP) Operating Earnings for the three months ended March 31, 2026 compared to the same period in 2025.


	Three Months Ended March 31,
	2026				2025
(In millions, except per share data)			Earnings Per Share(a)				Earnings Per Share(a)
GAAP Net Income (Loss) Attributable to Common Shareholders	$	1,590	$	4.49	$	118	$	0.38
Unrealized (Gain) Loss on Fair Value Adjustments (net of taxes of $247 and $169, respectively)(b)	(721)		(2.03)		505		1.61
Decommissioning-Related Activities (net of taxes of $79 and $31, respectively)(c)	(174)		(0.49)		19		0.06
Amortization of Acquired Commodity Contracts (net of taxes of $53 and $—, respectively)(d)	154		0.44		—		—
Calpine Merger and Integration Costs (net of taxes of $22 and $4, respectively)(e)	119		0.34		13		0.04
Plant Retirements and Divestitures (net of taxes of $— and $4, respectively)	—		—		11		0.03
Pension & OPEB Non-Service (Credits) Costs (net of taxes of $7 and $3, respectively)	20		0.06		9		0.03

Income Tax-Related Adjustments	(13)		(0.04)		—		—
Noncontrolling Interests(f)	(3)		(0.01)		(2)		(0.01)
Adjusted (non-GAAP) Operating Earnings	$	972	$	2.74	$	673	$	2.14

_______

(a)Amounts may not sum due to rounding. Earnings per share amount is based on average diluted common shares outstanding of 354 million and 314 million for the three months ended March 31, 2026 and 2025, respectively.

(b)Includes unrealized gains and losses on economic hedges, interest rate swaps, and fair value adjustments related to gas imbalances and equity investments.

(c)Reflects all gains and losses associated with NDTs, ARO accretion, ARC depreciation, ARO remeasurement, and impacts of contractual offset for Regulatory Agreement Units. The tax effects of Regulatory Agreement Units result in a 100% effective tax rate under contractual offset accounting. Additionally, the tax effects of NDT investment returns result in different effective tax rates depending on whether the underlying funds are held within qualified or non-qualified trusts.

(d)In 2026, reflects the non-cash impacts of the amortization of certain commodity contracts recorded at fair value associated with the Calpine acquisition.

(e)Reflects costs associated with the completion of the Calpine merger and subsequent integration of its operations. Certain of these transaction-related expenses are not tax deductible.

(f)Represents elimination of the noncontrolling interest portion of certain adjustments included above.

Webcast Information

We will discuss first quarter 2026 earnings in a conference call scheduled for today at 10:00 a.m. Eastern Time. The webcast and associated materials can be accessed at https://investors.constellationenergy.com.

About Constellation

Constellation Energy Corporation (Nasdaq: CEG), a Fortune 200 company headquartered in Baltimore, is the largest private-sector power producer in the world and the nation’s largest producer of clean and reliable energy. With 55 gigawatts of capacity from nuclear, natural gas, oil, geothermal, hydro, wind and solar facilities, our fleet has the generating capacity to power the equivalent of 27 million homes, providing about 10% of the nation’s clean energy and delivering the around-the-clock reliability needed to power America’s growing economy. We are also the largest nuclear energy company in the U.S. and a leading competitive retail supplier, serving approximately 2.5 million customer accounts nationwide, including 80% of the Fortune 100. We are committed to investing in innovation and new technologies to drive the transition to a reliable, sustainable and secure energy future. Follow Constellation on LinkedIn and X.

Non-GAAP Financial Measures

We utilize Adjusted (non-GAAP) Operating Earnings (and/or its per share equivalent) in our internal analysis, and in communications with investors and analysts, as a consistent measure for comparing our financial performance and discussing the factors and trends affecting our business. The presentation of Adjusted (non-GAAP) Operating Earnings is intended to complement and should not be considered an alternative to, nor more useful than, the presentation of GAAP Net Income (Loss).

The tables above provide a reconciliation of GAAP Net Income (Loss) to Adjusted (non-GAAP) Operating Earnings. Adjusted (non-GAAP) Operating Earnings is not a standardized financial measure and may not be comparable to other companies’ presentations of similarly titled measures.

Due to the forward-looking nature of our Adjusted (non-GAAP) Operating Earnings guidance, we are unable to reconcile this non-GAAP financial measure to GAAP Net Income (Loss) given the inherent uncertainty required in projecting gains and losses associated with the various fair value adjustments required by GAAP. These adjustments include future changes in fair value impacting the derivative instruments utilized in our current business operations, as well as the debt and equity securities held within our nuclear decommissioning trusts, which may have a material impact on our future GAAP results.

Cautionary Statements Regarding Forward-Looking Information

This press release 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,” “believes,” “seeks,” “estimates,” “predicts,” and variations on such words, and similar expressions that reflect our current views with respect to future events and operational, economic, and financial performance, are intended to identify such forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding the acquisition of Calpine Corporation, the pro forma combined company and its operations, strategies and plans, enhancements to investment-grade credit profile, synergies, opportunities and anticipated future performance and capital structure, and expected accretion to earnings per share and free cash flow. Information adjusted for the acquisition should not be considered a forecast of future results.

Analysis of Financial Condition and Results of Operations, and (c) Part II, ITEM 8. Financial Statements and Supplementary Data: Note 18 — Commitments and Contingencies; (2) the Registrants' First Quarter 2026 Quarterly Report on Form 10-Q (to be filed on May 11, 2026) in (a) Part II, ITEM 1A. Risk Factors, (b) Part I, ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations, and (c) Part I, ITEM 1. Financial Statements: Note 15 — Commitments and Contingencies; and (3) other factors discussed in filings with the SEC by the Registrants.

Investors are cautioned not to place undue reliance on these forward-looking statements, whether written or oral, which apply only as of the date of this press release. Neither Registrant undertakes any obligation to publicly release any revision to its forward-looking statements to reflect events or circumstances after the date of this press release.

Table of Contents

Earnings Release Attachments

Table of Contents


Consolidated Statements of Operations			1

Consolidated Balance Sheets			2

Consolidated Statements of Cash Flows			3



GAAP Consolidated Statements of Operations and Adjusted (non-GAAP) Operating Earnings Reconciling Adjustments			4

Statistics			5

Table of Contents

Constellation Energy Corporation and Subsidiary Companies

Consolidated Statements of Operations

(unaudited)

(in millions)


	Three Months Ended March 31, 2026
Operating revenues	$	11,122
Operating expenses
Purchased power and fuel	6,352
Operating and maintenance	1,780
Depreciation and amortization	443
Taxes other than income taxes	229
Total operating expenses	8,804
Gain (loss) on sales of assets	14


Operating income (loss)	2,332
Other income and (deductions)
Interest expense, net	(253)
Other, net	46
Total other income and (deductions)	(207)
Income (loss) before income taxes	2,125
Income tax (benefit) expense	530
Equity in income (losses) of unconsolidated affiliates	8
Net income (loss)	1,603
Net income (loss) attributable to noncontrolling interests	13
Net income (loss) attributable to common shareholders	$	1,590


	Three Months Ended March 31, 2025
Operating revenues	$	6,788
Operating expenses
Purchased power and fuel	4,384
Operating and maintenance	1,545
Depreciation and amortization	248
Taxes other than income taxes	160
Total operating expenses	6,337



Operating income (loss)	451
Other income and (deductions)
Interest expense, net	(146)
Other, net	(154)
Total other income and (deductions)	(300)
Income (loss) before income taxes	151
Income tax (benefit) expense	22

Net income (loss)	129
Net income (loss) attributable to noncontrolling interests	11
Net income (loss) attributable to common shareholders	$	118

Change in Net income (loss) attributable to common shareholders from 2025 to 2026	$	1,472

Table of Contents

Constellation Energy Corporation and Subsidiary Companies

Consolidated Balance Sheets

(unaudited)

(in millions)


	March 31, 2026		December 31, 2025
Assets
Current assets
Cash and cash equivalents	$	800	$	3,641
Restricted cash and cash equivalents	371		107

Accounts receivable	4,414		4,266


Derivative assets	1,795		945

Inventories, net	2,582		1,736


Renewable energy credits	1,038		789
Assets held for sale	5,735		126
Other	1,274		509
Total current assets	18,009		12,119
Property, plant, and equipment, net	40,769		22,474
Deferred debits and other assets
Nuclear decommissioning trust funds	19,366		19,336

Goodwill	11,527		420
Derivative assets	2,113		450


Other	5,127		2,450
Total deferred debits and other assets	38,133		22,656
Total assets	$	96,911	$	57,249

Liabilities and shareholders’ equity
Current liabilities
Short-term borrowings	$	5,102	$	1,650
Long-term debt due within one year	370		92
Accounts payable and accrued expenses	4,449		4,294


Derivative liabilities	810		467
Renewable energy credit obligation	1,193		1,075

Other	1,291		366
Total current liabilities	13,215		7,944
Long-term debt	16,994		7,250

Deferred credits and other liabilities
Deferred income taxes and unamortized ITCs	8,199		3,544
Asset retirement obligations	12,433		13,193
Pension and non-pension postretirement benefit obligations	1,835		1,977


Payable related to Regulatory Agreement Units	5,389		5,334
Derivative liabilities	518		414
Other	4,508		2,740
Total deferred credits and other liabilities	32,882		27,202
Total liabilities	63,091		42,396
Commitments and contingencies

Shareholders’ equity

Common stock	28,574		11,043
Retained earnings (deficit)	7,334		5,899
Accumulated other comprehensive income (loss), net	(2,425)		(2,425)
Total shareholders’ equity	33,483		14,517
Noncontrolling interests	337		336
Total equity	33,820		14,853
Total liabilities and shareholders’ equity	$	96,911	$	57,249

Table of Contents

Constellation Energy Corporation and Subsidiary Companies

Consolidated Statements of Cash Flows

(unaudited)

(in millions)


	Three Months Ended March 31,
	2026		2025
Cash flows from operating activities
Net income (loss)	$	1,603	$	129
Adjustments to reconcile net income (loss) to net cash flows provided by (used in) operating activities
Depreciation, amortization, and accretion, including nuclear fuel and contract amortization	1,202		640




Deferred income taxes and amortization of ITCs	440		(98)
Net fair value changes related to derivatives	(1,040)		356
Net realized and unrealized (gains) losses on NDT funds	(17)		(44)
Net realized and unrealized (gains) losses on equity investments	27		268
Other non-cash operating activities	(199)		47
Changes in assets and liabilities:
Accounts receivable	323		(15)

Inventories	106		98
Accounts payable and accrued expenses	(1,377)		(290)
Option premiums received (paid), net	(15)		26
Collateral received (posted), net	249		(486)
Income taxes	103		120
Pension and non-pension postretirement benefit contributions	(191)		(174)
Other assets and liabilities	(789)		(470)
Net cash flows provided by (used in) operating activities	425		107
Cash flows from investing activities
Capital expenditures	(1,275)		(806)
Proceeds from NDT fund sales	2,504		2,084
Investment in NDT funds	(2,572)		(2,152)
Acquisition of Calpine, net of cash and restricted cash acquired	(2,537)		—






Other investing activities	148		(12)
Net cash flows provided by (used in) investing activities	(3,732)		(886)
Cash flows from financing activities
Change in short-term borrowings	1,957		—
Proceeds from short-term borrowings with maturities greater than 90 days	3,000		—
Repayments of short-term borrowings with maturities greater than 90 days	(1,500)		—
Issuance of long-term debt	2,770		—
Retirement of long-term debt	(5,254)		(57)










Dividends paid on common stock	(155)		(122)

Other financing activities	(88)		(229)
Net cash flows provided by (used in) financing activities	730		(408)
Increase (decrease) in cash, restricted cash, and cash equivalents	(2,577)		(1,187)
Cash, restricted cash, and cash equivalents at beginning of period	3,748		3,129
Cash, restricted cash, and cash equivalents at end of period	$	1,171	$	1,942

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Constellation Energy Corporation

GAAP Consolidated Statements of Operations and

Adjusted (non-GAAP) Operating Earnings Reconciling Adjustments

(unaudited)

(in millions, except per share data)


	Three Months Ended March 31, 2026						Three Months Ended March 31, 2025
	GAAP (a)			Non-GAAP Adjustments			GAAP (a)			Non-GAAP Adjustments
Operating revenues	$	11,122		$	(1,111)	(b),(c),(d)	$	6,788		$	286	(b),(c)
Operating expenses
Purchased power and fuel	6,352			(302)		(b),(d)	4,384			(84)		(b)
Operating and maintenance	1,780			69		(c),(e)	1,545			(78)		(c),(e)
Depreciation and amortization	443			(19)		(c),(e)	248			(37)		(c),(g)
Taxes other than income taxes	229			(2)		(e)	160			—
Total operating expenses	8,804						6,337
Gain (loss) on sales of assets	14			—			—			—


Operating income (loss)	2,332						451
Other income and (deductions)
Interest expense, net	(253)			16		(b),(e)	(146)			34		(b)
Other, net	46			(6)		(b),(c),(f)	(154)			187		(b),(c),(f)
Total other income and (deductions)	(207)						(300)
Income (loss) before income taxes	2,125						151
Income tax (benefit) expense	530			(232)		(b),(c)(d),(e),(f),(h)	22			149		(b),(c),(e),(f),(g)

Net income (loss)	1,603						129
Net income (loss) attributable to noncontrolling interests	13			3		(i)	11			2		(i)
Net income (loss) attributable to common shareholders	$	1,590					$	118
Effective tax rate	24.9		%				14.6		%
Earnings per average common share
Basic	$	4.49					$	0.38
Diluted	$	4.49					$	0.38
Average common shares outstanding
Basic	354						313
Diluted	354						314

__________

(a)Results reported in accordance with GAAP.

(b)Adjustment for unrealized gains and losses on economic hedges, interest rate swaps, and fair value adjustments related to gas imbalances and equity investments.

(c)Adjustment for all gains and losses associated with Nuclear Decommissioning Trusts (NDT), Asset Retirement Obligation (ARO) accretion, Asset Retirement Cost (ARC) Depreciation, ARO remeasurement, and any earnings neutral impacts of contractual offset for Regulatory Agreement Units.

(d)In 2026, reflects the non-cash impacts of the amortization of certain commodity contracts at fair value associated with the Calpine acquisition.

(e)Adjustment for costs associated with the completion of the Calpine merger and subsequent integration of its operations.

(f)Adjustment for Pension and Other Postretirement Employee Benefits (OPEB) Non-Service credits.

(g)Adjustments related to plant retirements and divestitures.

(h)Adjustment to deferred income taxes due to changes in forecasted apportionment.

(i)Adjustment for elimination of the noncontrolling interest related to certain adjustments.

Table of Contents

Statistics


	Three Months Ended March 31,
(GWhs)	2026	2025
Nuclear Generation(a)
Mid-Atlantic	13,326	13,177
Midwest	22,974	23,596
New York	6,014	6,280
ERCOT	2,352	2,529
Total Nuclear Generation	44,666	45,582

Natural Gas, Oil, and Renewables(a)
Mid-Atlantic	740	632
Midwest	344	385

ERCOT	2,738	3,084
Other Power Regions	1,742	1,804
Calpine	26,497	—
Total Natural Gas, Oil, and Renewables	32,061	5,905

Purchased Power
Mid-Atlantic	4,094	4,794
Midwest	417	488

ERCOT	686	659
Other Power Regions	9,317	10,994
Calpine	2,089	—
Total Purchased Power	16,603	16,935

Total Supply/Sales by Region
Mid-Atlantic	18,160	18,603
Midwest	23,735	24,469
New York	6,014	6,280
ERCOT	5,776	6,272
Other Power Regions	11,059	12,798
Calpine	28,586	—
Total Supply/Sales by Region	93,330	68,422

	Three Months Ended March 31,
	2026	2025
Outage Days(b)
Refueling	99	88
Non-refueling	—	—
Total Outage Days	99	88

__________

(a)Includes the proportionate share of output where we have an undivided ownership interest in jointly-owned generating plants.

(b)Outage days exclude Salem and STP.

Table of Contents


Electricity Reference Prices(a)	Three Months Ended March 31,
ISO/RTO	2026		2025
PJM - PJM West	$	97.16	$	53.69
PJM - ComEd	50.71		35.31
NYISO - Central	112.23		75.31
ERCOT - North	40.65		31.39
ERCOT - Houston	38.55		31.73
ISO-NE - Southeast Massachusetts	118.82		104.75
CAISO - NP15	29.01		40.96

Capacity Reference Prices	Three Months Ended March 31,
ISO/RTO	2026		2025
PJM - Eastern Mid-Atlantic Area Council	$	269.92	$	53.60
PJM - ComEd	269.92		28.92
NYISO - Rest of State	112.33		86.33
ISO-NE - Rest of Pool(b)	84.37		82.57

ZEC Reference Prices(a)	Three Months Ended March 31,
State (Segment)	2026		2025
New Jersey (Mid-Atlantic)(c)(d)	$	—	$	10.00
Illinois (Midwest)	1.17		9.38
New York (New York)(c)	14.76		18.27

Natural Gas Prices(a)	Three Months Ended March 31,
Location	2026		2025
Henry Hub	$	4.90	$	4.28
Transco Zone 6(e)	9.48		6.06
Houston Ship Channel(f)	3.26		3.46
PG&E Citygate(g)	2.07		3.71
Algonquin Citygate(h)	14.08		11.83

__________

(a)Reference prices may not necessarily reflect prices we ultimately realize.

(b)We did not have significant activity at this zone for the three months ended March 31, 2025.

(c)The NY and NJ state-sponsored programs providing compensation for the emissions-free attributes of generation from certain of our nuclear units include contractual provisions that require us to refund that compensation up to the amount of the nuclear PTC received.

(d)The New Jersey ZEC program concluded in May 2025.

(e)Transcontinental Gas pipeline located in Mid-Atlantic region.

(f)Houston-area pipeline and industrial network located in ERCOT region.

(g)Pacific Gas & Electric Company virtual trading point located in West region.

(h)Algonquin Gas Transmission physical delivery point located in New England region.

Earnings Conference Call First Quarter 2026 May 11, 2026

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,” “believes,” “seeks,” “estimates,” “predicts,” and variations on such words, and similar expressions that reflect our current views with respect to future events and operational, economic, and financial performance, are intended to identify such forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding the acquisition of Calpine Corporation, the pro forma combined company and its operations, strategies and plans, enhancements to investment-grade credit profile, synergies, opportunities and anticipated future performance and capital structure, and expected accretion to earnings per share and free cash flow. Information adjusted for the acquisition should not be considered a forecast of future results. Forward-looking statements are based on current expectations, estimates and assumptions that involve a number of risks and uncertainties that could cause actual results to differ materially from those projected. The factors that could cause actual results to differ materially from the forward-looking statements made by Constellation Energy Corporation and Constellation Energy Generation, LLC, (the Registrants) include those factors discussed herein, as well as the items discussed in (1) the Registrants’ combined 2025 Annual Report on Form 10-K in (a) Part I, ITEM 1A. Risk Factors, (b) Part II, ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations, and (c) Part II, ITEM 8. Financial Statements and Supplementary Data: Note 18 — Commitments and Contingencies; (2) this Quarterly Report on Form 10-Q in (a) Part II, ITEM 1A. Risk Factors, (b) Part I, ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations, and (c) Part I, ITEM 1. Financial Statements: Note 15 — Commitments and Contingencies; and (3) other factors discussed in filings with the SEC by the Registrants. Investors are cautioned not to place undue reliance on these forward-looking statements, whether written or oral, which apply only as of the date of this presentation. Neither Registrant undertakes any obligation to publicly release any revision to its forward-looking statements to reflect events or circumstances after the date of this presentation. Cautionary Statements Regarding Forward-Looking Information 2

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 Operating Earnings (and/or its per share equivalent) exclude certain costs, expenses, gains and losses and other specified items, including adjustments for unrealized gains or losses on economic hedges, interest rate swaps, and fair value adjustments related to gas imbalances and equity investments, decommissioning related activity, asset impairments, certain amounts associated with plant retirements and divestitures, pension and other post-employment benefits (OPEB) non-service credits, and other items as set forth in the Appendix • Free cash flows before growth (FCFbG) is cash flows from operations less capital expenditures under GAAP for maintenance and nuclear fuel, equity investments, and adjusted for changes in collateral and non-recurring costs-to-achieve (CTA) • Adjusted gross margin is defined as adjusted operating revenues less adjusted purchased power and fuel expense, excluding revenue related to decommissioning, gross receipts tax, variable interest entities, and net of direct cost of sales for certain end-user businesses – Adjusted operating revenues excludes the unrealized gains or losses on economic hedging activities due to the volatility and unpredictability of the future changes in commodity prices – Adjusted purchased power and fuel excludes the unrealized gains or losses on economic hedging activities and fair value adjustments related to gas imbalances due to the volatility and unpredictability of the future changes in commodity prices • Adjusted operating and maintenance (O&M) excludes direct cost of sales for certain end-user businesses, Asset Retirement Obligation (ARO) accretion expense from unregulated units and decommissioning costs that do not affect profit and loss, the impact from operating and maintenance expense related to variable interest entities at Constellation, and other items as set forth in the reconciliation in the Appendix Due to the forward-looking nature of our Adjusted Operating Earnings guidance, Projected Adjusted Gross Margin, and Projected Free Cash Flow Before Growth, we are unable to reconcile these non-GAAP financial measures to the comparable GAAP measures given the inherent uncertainty required in projecting gains and losses associated with the various fair value adjustments required by GAAP. These adjustments include future changes in fair value impacting the derivative instruments utilized in our current business operations, as well as the debt and equity securities held within our nuclear decommissioning trusts, which may have a material impact on our future GAAP results. Non-GAAP Financial Measures 3

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 business. In addition, this information is among the primary indicators management uses as a basis for evaluating performance, allocating resources, setting incentive compensation targets and planning and forecasting of future periods. These non-GAAP financial measures are not a presentation defined under GAAP and may not be comparable to other companies’ presentations of similarly titled financial measures. Constellation has provided these non-GAAP financial measures as supplemental information and in addition to the financial measures that are calculated and presented in accordance with GAAP. These non-GAAP measures should not be deemed more useful than, a substitute for, or an alternative to the most comparable GAAP measures provided in the materials presented. Non-GAAP financial measures are identified by the phrase “non-GAAP” or an asterisk (*). Reconciliations of these non-GAAP measures to the most comparable GAAP measures are provided in the appendices and attachments to this presentation. Non-GAAP Financial Measures Continued 4

Positioned for Growth and Powering American Prosperity 5 Strong 20%+ Growth through 2029 • Base EPS* growth of 20%+ from 2026-2029 • Growth outlook excludes potential upside from: – Capturing premium value for 147 million MWhs of annual and available nuclear generation – Securing additional natural gas contracts – Accretive capital allocation • Targeting long-term rolling three-year Base EPS* growth of 10%+ Assets that Cannot be Replicated • Largest fleets of nuclear, natural gas and geothermal generation in the U.S. • Coast-to-coast fleet to support economic growth, electric system reliability and national security • New build cost of our ~55 GW fleet would be more than 3x our current enterprise value Driving Value through Capital Allocation • Strong investment grade balance sheet and growing free cash flow* enables our value-enhancing capital allocation framework: – Increase of share buyback authorization to $5.0B underscoring confidence in our outlook and executing on our future optionality – $3.9B of growth capital in projects at compelling returns – Scale that positions us to potentially bring natural gas, storage capacity and new nuclear uprates to the grid in the near term

Key Highlights 6 Pin Oak Creek Energy Center and Pastoria Solar Project completed Deployed ~$335M of capital for share repurchases (3) Q1 GAAP earnings of $4.49 per share (1) Q1 Adjusted Operating Earnings* of $2.74 per share (1) Affirming full-year Adjusted Operating Earnings* guidance range of $11.00 - $12.00 per share (2) Regulatory clarity will unlock data center contracting opportunities Note: GAAP to Non-GAAP reconciliations for Adjusted Operating Earnings* can be found on page 30 of the Appendix (1) Q1 2026 earnings per share is based on average diluted common shares outstanding of 354 million. This reflects an average share count during the quarter, including the issuance of shares for the Calpine transaction in January. (2) Full-year 2026 earnings guidance is based on expected average diluted common shares outstanding of 361 million (3) Represents principal deployed for program before taxes Pastoria Solar Project, CCGT, and battery storage colocation PUCT approval for net metering at the Freestone Energy Center Recognized as the 2026 Most Sustainable U.S. Company by Barron’s

Policy Timeline and Framework Coming into Focus at PJM 7 Proposed Timeline for RBP Clarity PJM Reliability Backstop Procurement (RBP) Can Meet Capacity Demands from Large Loads Stakeholder process and final vote June 2026 Sep 2026 March 2027 May 2026 PJM files proposal at FERC Bilateral contracting begins (Phase 1) Process shifts to central procurement (Phase 2) • A market solution to solve for capacity constraints caused by large load demand • Bilateral contracting phase encourages large load customers to contract for desired products quickly • Customers can control their own cost allocation with bilateral contracting Observations from the Texas Senate Bill 6 Legislation Setting a clear policy framework enables deal making Incentivizing large loads leads to broad consumer benefits Policymaking can drive economic growth

Constellation has Capacity Available within PJM Framework 8 New Capacity Options Will Enable Contracting of Our Baseload Clean Generation Constellation Submitted 5,000 MWs of New Capacity to PJM (1) Includes Alphabet, Meta, Microsoft and Amazon sourced from company reports (2) Includes nuclear and geothermal generation (3) Contracted MWhs include long-term agreements and New York ZEC 48 147 195 PTC Support / Available for Long-Term Agreement Contracted (3) Expected Baseload Clean Generation in 2029 (million MWhs) (2) ~93% MWhs within PJM Nuclear Uprates Natural Gas Battery and Storage CapEx Forecasts Continue Growing from Hyperscalers (1) $410 $580 2025 ~$130 2026 Guidance $710 CapEx Actuals CapEx Guidance ($B) Q1 spend

Constellation has Additional Optionality to Build on Powered Land Success in ERCOT 9 • Powered land reflects shovel ready data center sites with power, permits and direct connectivity • The land is co-located with existing generation or interconnected to the grid • The site needs sufficient land contiguous to the plant and the utility's ability to approve and accommodate incremental large load within a competitive timeline Access to land adjacent to sites Additional access to grid interconnection New and existing capacity across fuel types Experience navigating policy framework Data Center at Thad Hill Energy Center 780 MWs have been signed to-date with exclusivity for an incremental 380 MWs Constellation has available sites to replicate similar transactions for a $0.20 - $0.50 EPS* impact per 1,000 MWs Additional Opportunities in Our FleetKey Considerations for Powered Land Deals

(1) Q1 2025 earnings per share is based on average diluted common shares outstanding of 314 million (2) Q1 2026 earnings per share is based on average diluted common shares outstanding of 354 million. This reflects an average share count during the quarter, including the issuance of shares for the Calpine transaction in January. (3) Full-year 2026 earnings guidance is based on expected average diluted common shares outstanding of 361 million Q1 2026 Results 10 Year-over-Year Adj. Operating Earnings* Drivers $0.38 $4.49 $2.14 $2.74 GAAP Net Income Q1 2025 (1) GAAP Net Income Q1 2026 (2) Adjusted Operating Earnings* Q1 2025 (1) Adjusted Operating Earnings* Q1 2026 (2) • Contribution from Calpine • Higher capacity revenue offset by higher cost to serve load during Winter Storm Fern and lower ZEC revenues • Lower O&M from stock-based compensation • Higher number of planned nuclear refueling outage days Note: GAAP to Non-GAAP reconciliations for Adjusted Operating Earnings* can be found on page 30 of the Appendix $/share Affirming full-year Adjusted Operating Earnings* guidance range of $11.00 – $12.00 per share (3)

• Capacity factor: 92.3% – Percentage of time units were available and operating; planned and unplanned outages reduce capacity factor • Operated production of 40 TWhs • Completed two refueling outages with an average outage duration of 23 days 11 Constellation’s Coast-to-Coast Fleet Provides Reliable and Low Carbon Power (1) Salem and STP are not included in operational metrics (outage days, capacity factor and generation) (2) Capacity factors reflect net monthly mean methodology. Capacity factors for periods in prior years may not tie to previous earnings presentations due to change in methodology for comparison purposes, however full-year reported capacity factors are not impacted. (3) CCGT and Cogen statistics exclude Calpine assets pending divestiture (4) Equivalent Forced Outage Factor represents forced outages. Calculation adjusted to exclude events outside of management’s control. First quarter 2026 EFOF for the fleet including all gas/oil sites and hydro pumped storage was 4.5%. 75% 80% 85% 90% 95% 100% 30 35 40 45 T W h s C ap acity F acto r Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 TWhs Capacity Factor Best-in-Class Nuclear Operations (1, 2) • Capacity factor: 47.1% – Percentage of time units were available and dispatched to operate based on market signals • Operated production of 23 TWhs • EFOF (4): 5.1% Strong Performance Across Our Efficient CCGT and Cogen Natural Gas Fleet (3) 30% 40% 50% 60% 70% 80% 90% 100% 15 20 25 30 35 40 45 T W h s C ap acity F acto r Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 TWhs Capacity Factor

Leading Customer Platform Enables Businesses to Meet Their Energy and Sustainability Needs 12 Q1 2026 Retail Gas Load Served by Region (bcf)Q1 2026 Electric Load Served by Region (TWhs) 11 16 8 5 10 2 8 2 4 Midwest Mid-Atlantic ERCOT New York Other (1) 13 24 10 14 Wholesale Retail 23 38 192 19 Northeast Southeast Midwest West Note: Items may not sum due to rounding (1) Other includes New England, South and West Commercial Margins Have Expanded Over Time Expansion of traditional C&I power margins Increased demand for carbon-free solutions Incorporating the Calpine retail portfolio Retail

Opportunities Create Meaningful Upside to Adj. EPS* and Free Cashflow before Growth* in 2029 (1) 13 Earnings and FCFbG Opportunities in 2029Additional Optionality for 2029 Adj. EPS FCFbG Upside Earnings Upside Description Base Opportunity $125M - $325M $0.40 - $1.00 $20-$50/MWh premium to PTC floor 1 GW Nuclear PPA $75M - $175M $0.20 - $0.50 $10-$25/MWh premium for long-term agreement 1 GW Natural Gas Powered Land $25M - $75M $0.10 - $0.20 1% - 2% increased utilization driven by higher spark spreads (4) Natural Gas Capacity Factor $50M - $100M $0.10 - $0.30 $0.25 - $0.50 increase to average margins Commercial Margin $100M$0.30 PTC inflation at 3% vs 2% Increase to PTC Floor Specific to Investment $0.50 + Growth investments, share repurchases, etc. Capital Allocation (1) Opportunities may not be additive (2) Illustrative (3) Excludes after-tax proceeds from asset sales (4) Assumes 1% - 2% change in capacity factor calculated at $20 average base spark spread 30% - 35% $11.40 – $11.90 Enhanced Base 2029 2029 (2) $11.5 - $13.0B of FCFbG in 2028 - 2029 with Additional Upside 2026 – 2027 (3) 2028 - 2029 2028 – 2029 (2) $8.4B $11.5 - $13.0B FCFbG Upside Earnings Upside Description Enhanced Opportunity $150M - $450M $0.45 - $1.35 $1 - $3 power price and spark spread increase Power Prices and Spark Spreads

Constellation’s BBB+/Baa1 Balance Sheet is a Competitive Advantage Capital Allocation Priorities Reman Critical to Our Investment Thesis Returning Capital to Shareholders through Share Repurchases 14 Current Credit Ratings (2) (1) Constellation entered into an open-market repurchase (OMR) program in April 2026. Represents principal deployed for program before taxes. (2) Reflects senior unsecured rating for Constellation Energy Generation, LLC and Calpine LLC, respectively. Ratings shown have Stable outlook. Share Repurchase Allocation YTD (1) ~$335M Remaining Authorization Cumulatively, we have deployed ~$2.7B to repurchase ~18.5 million shares since separation $4.7B CalpineConstellation Baa1Baa1Moody’s BBB+BBB+S&P BBBN/RFitch

Positioned for Growth and Powering American Prosperity 15 Strong 20%+ Growth through 2029 • Base EPS* growth of 20%+ from 2026-2029 • Growth outlook excludes potential upside from: – Capturing premium value for 147 million MWhs of annual and available nuclear generation – Securing additional natural gas contracts – Accretive capital allocation • Targeting long-term rolling three-year Base EPS* growth of 10%+ Assets that Cannot be Replicated • Largest fleets of nuclear, natural gas and geothermal generation in the U.S. • Coast-to-coast fleet to support economic growth, electric system reliability and national security • New build cost of our ~55 GW fleet would be more than 3x our current enterprise value Driving Value through Capital Allocation • Strong investment grade balance sheet and growing free cash flow* enables our value-enhancing capital allocation framework: – Increase of share buyback authorization to $5.0B underscoring confidence in our outlook and executing on our future optionality – $3.9B of growth capital in projects at compelling returns – Scale that positions us to potentially bring natural gas, storage capacity and new nuclear uprates to the grid in the near term

Additional Disclosures 16

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 ) 17 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 support of up to $15.00/MWh for units when revenues are between $26.00/MWh and $44.75/MWh while preserving the ability of the unit to participate in upside from commodity markets • The green line assumes revenues of $47.00/MWh. Since it is above the $44.75/MWh PTC phase out, units would not receive PTC value. • When revenues fall below the $44.75/MWh phase out, the PTC will provide revenue support for the units, bringing effective realized revenues back to $44.75/MWh • Assuming revenues of $35.00/MWh, the orange line, we would expect units to receive $7.80/MWh PTC, bringing the total value the unit would receive to $42.80/MWh and $45.40/MWh (2) on a tax adjusted basis Competitive Unit Payoff $35/MWh $47/MWh PTC provides support from $26/MWh - $44.75/MWh (1) See H.R. 5376 for additional details; all numbers assume that prevailing wage requirements are satisfied (2) Grossed up assuming 25% tax rate

• Starting in 2025, 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 nearest $2.50/MWh and gross receipts threshold is rounded to nearest $1.00/MWh Inflation of Nuclear Production Tax Credit (1) 18 (1) See H.R. 537 for additional details; all numbers assume that prevailing wage requirements are satisfied (2) Annual inflation adjustment is consistent with past published guidance for renewable energy credits, published annually (3) Reflects published inflation adjustment for 2024 of 2.482% (4) Assumes expected average shares outstanding of 361 million and effective tax rate of 26% across all years PTC Inflation AdjustmentPTC Overview Inflation Adjustment= GDP price deflator in preceeding year GDP price deflator in 2023 • The PTC is in effect through 12/31/32 • In 2025, Constellation qualified for the nuclear PTC up to $15.00/MWh; the PTC amount is reduced by 80% of gross receipts exceeding $26.00/MWh, phasing out completely after $44.75/MWh • The nuclear PTC can be credited against taxes or monetized through sale to an unrelated taxpayer Example Inflation Adjustments (2) Maximum PTC Gross Receipts Threshold Power Price At Which PTC=$0 Maximum PTC Gross Receipts Threshold Power Price At Which PTC=$0 Maximum PTC Gross Receipts Threshold Power Price At Which PTC=$0 Maximum PTC Gross Receipts Threshold Power Price At Which PTC=$0 2.5% 3.0% 3.5% 2024 15.00$ 25.00$ 43.75$ 15.00$ 25.00$ 43.75$ 15.00$ 25.00$ 43.75$ 15.00$ 25.00$ 43.75$ n/a n/a n/a 2025 15.00$ 26.00$ 44.75$ 15.00$ 26.00$ 44.75$ 15.00$ 26.00$ 44.75$ 15.00$ 26.00$ 44.75$ n/a n/a n/a 2026 15.00$ 26.00$ 44.75$ 15.00$ 26.00$ 44.75$ 15.00$ 26.00$ 44.75$ 15.00$ 27.00$ 45.75$ -$ -$ 0.20$ 2027 15.00$ 27.00$ 45.75$ 15.00$ 27.00$ 45.75$ 17.50$ 27.00$ 48.88$ 17.50$ 27.00$ 48.88$ -$ 0.80$ 0.80$ 2028 17.50$ 27.00$ 48.88$ 17.50$ 28.00$ 49.88$ 17.50$ 28.00$ 49.88$ 17.50$ 28.00$ 49.88$ 0.30$ 0.30$ 0.30$ 2029 17.50$ 28.00$ 49.88$ 17.50$ 28.00$ 49.88$ 17.50$ 29.00$ 50.88$ 17.50$ 29.00$ 50.88$ -$ 0.30$ 0.30$ 2030 17.50$ 29.00$ 49.88$ 17.50$ 29.00$ 50.88$ 17.50$ 30.00$ 51.88$ 17.50$ 30.00$ 51.88$ 0.30$ 0.60$ 0.60$ 2031 17.50$ 29.00$ 50.88$ 17.50$ 30.00$ 51.88$ 17.50$ 31.00$ 52.88$ 20.00$ 31.00$ 56.00$ 0.30$ 0.60$ 1.55$ 2032 17.50$ 29.00$ 50.88$ 17.50$ 30.00$ 51.88$ 20.00$ 32.00$ 57.00$ 20.00$ 33.00$ 58.00$ 0.30$ 1.85$ 2.15$ Impact to Base EPS* (4)2.0% Inflation Adjustment (3) 2.5% Inflation Adjustment 3.5% Inflation Adjustment3.0% Inflation Adjustment

19 2 0 2 7 $1,950 $334 2 0 2 8 $647 $79 2 0 2 9 2 0 3 0 $2,393 $105 2 0 3 1 2 0 3 2 2 0 3 3 $500 2 0 3 4 2 0 3 5 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 5 3 $900 2 0 5 4 2 0 5 5 2 0 2 6 2 0 5 7 2 0 5 8 2 0 5 9 2 0 6 0 2 0 6 1 2 0 6 2 2 0 5 6 2 0 6 4 2 0 6 5 $800 2 0 6 6 $900 $600 2 0 6 3 CEG Sr. Notes CEG Tax-Exempt Bonds (3) CPN Sr. Notes (4) As of 3/31/2026 Long-Term Debt Maturity Profile (1) Long-Term Debt Balances ($B) (2) TotalCPNCEG $11.2$0.1$11.1Corporate Long-Term Debt $6.2$4.9$1.3Subsidiary Debt $17.5$5.0$12.4Total Long-Term Debt ($M) Note: Items may not sum due to rounding (1) Maturity profile excludes subsidiary debt, corporate term loans, P-cap facility, securitized debt, energy efficiency project financing, capital leases, unamortized debt issuance costs and unamortized discount/premium (2) Long-term debt balances reflect financials as of 3/31/26. Balances include instruments reflected in the maturity profile, as well as subsidiary debt and energy efficiency project financings. (3) Maturity profile reflects mandatory purchase dates for tax-exempt notes (4) Remaining “stub” balance relates to the 3.75% Calpine senior notes following the obligor exchange completed in January and is expected to remain at Calpine given the attractive coupon Corporate Long-Term Debt

Modeling Slides 20

Base Earnings Give Visibility into Constellation’s Stability and Growth 21 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- term contracting, returns on contracted organic growth, PTC inflation adjustment and share repurchases • Forward power prices above base assumptions • Commercial margins above 10-year average • Capturing outsized value from volatility • Long-term contracts on generation fleet • Available nuclear generation at PTC floor (assuming 2% inflation) • Minimum expected earnings for fossil generation anchored by historical results • 10-year historical and forward weighted average commercial margins and volume

~20% Adjusted Operating Earnings* Growth on Base Earnings through 2029 22 $6.65 - $6.75 ~40% of Total 2026 (1) $7.60 - $7.70 35% - 40% of Total 2027 $11.40 - $11.90 30% - 35% of Total 2029 Guidance Range $11.00 - $12.00 (1) Full-year 2026 earnings guidance is based on expected average diluted common shares outstanding of 361 million. 2026 disclosures include earnings contribution from assets to be divested in 2H 2026. (2) Forward looking market prices as of 12/31/2025 2029 Projection Includes: 2029 Projection Does Not Include: • Incremental long-term deals • Higher gas plant utilization • Expanding Commercial margins • Higher return growth investments • Announced nuclear and gas long-term offtakes • Nuclear PTC at 2% inflation • Average Commercial margins • Current expectations (2) for forward looking market prices Enhanced Base

Opportunities Create Meaningful Upside to 2029 Adj. EPS* (1) 23 Base Earnings Opportunities in 2029Additional Optionality for 2029 Earnings ImpactDescriptionOpportunity $0.30 - $1.00 $1 - $3 power price increase for MWhs not under contract (above PTC floor) Nuclear Fleet Power Prices $0.15 - $0.35 $1 - $3 spark increase on open MWhs Gas Fleet Spark Spreads Upside to ’26-’29 Base EPS CAGR Earnings Impact DescriptionOpportunity 1% - 3%$0.40 - $1.00 $20-$50/MWh premium to PTC floor 1 GW Nuclear PPA 1% - 2%$0.20 - $0.50 $10-$25/MWh premium for long- term agreement 1 GW Natural Gas Powered Land ~1%$0.10 - $0.20 1% - 2% increased utilization driven by higher spark spreads (3) Natural Gas Capacity Factor ~1%$0.10 - $0.30 $0.25 - $0.50 increase to average margins Commercial margin 1%$0.30PTC inflation at 3% vs 2% Increase to PTC Floor (4) 2% +$0.50 + Share repurchases, growth investments, etc. Capital Allocation (1) Opportunities may not be additive (2) Illustrative (3) Assumes 1% -2% change in capacity factor calculated at $20 average base spark spread (4) Increase to PTC floor for 2029 only Enhanced Earnings Opportunities in 2029 30% - 35% $11.40 – $11.90 2029 2029 (2) Enhanced Base

Base Gross Margin Modeling Tool Definitions 24 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 Clean • CMC units • Remaining units (PTC) Available Nuclear • Contracted fossil/other generation for more than 5 years • Non-contracted fossil/other volume and spark spreads Natural Gas and Oil • Carbon-free generation contracted for less than 5 years and merchant carbon-free generation Wind/Solar/Hydro • Cleared and bilaterally sold capacity volumes with minimum expected priceNon-Nuclear Capacity • Average historical/forward 10-year unit margin and forecasted volume • Other non-commodity customer margin • Other commercial margins (~$475M/yr) Commercial Margin

Constellation Modeling Tools for Base Earnings 25 Note: 2026 earnings guidance based on expected average shares outstanding of 361 million. 2027 assumes average shares outstanding are held flat and is not reflective of capital allocation plans. (1) Reflected at ownership share; includes Salem and STP (2) Reflects calendar year price based on weighted average CMC price for 2024/2025, 2025/2026, and 2026/2027 planning years (3) To the extent we receive nuclear PTCs, the value will be reflected in revenues on the GAAP financial statements (4) Includes NY ZEC which reflects the total of energy, capacity, and ZEC consistent with the rate-setting mechanism (5) 2026 disclosures include earnings contribution from assets to be divested in 2H 2026 20272026 PricesQuantityPricesQuantityAdjusted Gross Margin* (Base Only) (1) Available Nuclear $34.50 /MWh23 million MWhs$34.09 /MWh53 million MWhsIllinois CMC Units (2) $45.75 /MWh127 million MWhs$44.75 /MWh101 million MWhsRemaining Units – PTC w/ 2% Inflation (3) $70.00 /MWh45 million MWhs$70.00 /MWh36 million MWhsContracted Clean (4) Natural Gas/Other Energy (5) $22 spark spread68 million MWhs$21 spark spread71 million MWhsERCOT $25 spark spread25 million MWhs$25 spark spread25 million MWhsWest $16 spark spread26 million MWhs$15 spark spread31 million MWhsOther $50.00 /MWh4 million MWhs$50.00 /MWh4 million MWhsWind/Solar/Hydro Non-Nuclear Capacity (5) $165 /MWd5,400 MWs$165 /MWd5,400 MWsWest (RA) $200 /MWd3,000 MWs$200 /MWd4,600 MWsMid-Atlantic/Midwest $85 /MWd2,500 MWs$85 /MWd2,500 MWsNew England Average MarginProjected VolumesAverage MarginProjected VolumesCommercial $4.25 - $4.35 /MWh245 million MWhs$4.25 - $4.35 /MWh245 million MWhsPower Margins $0.40 - $0.45 /dth850 million dth$0.40 - $0.45 /dth835 million dthGas Margins ~$175M~$150MNon-Commodity Customer Margin ~$475M~$475MOther Commercial Margin ($6.45 - $6.50) /MWh184 million MWhs($5.75 - $5.80) /MWh179 million MWhsNuclear Fuel Amortization $6.65 - $6.75 2026 $7.60 - $7.70 2027

Constellation Additional Modeling Inputs and Information 26 Note: 2026 earnings guidance based on expected average shares outstanding of 361 million. 2027 assumes average shares outstanding are held flat and is not reflective of capital allocation plans. (1) 2026 disclosures include earnings contribution from assets to be divested in 2H 2026 (2) Adjusted O&M* excludes impact from performance O&M associated with higher enhanced earnings. Total adjusted O&M* is $6,975 million and $7,075 million for 2026 and 2027, respectively. (3) TOTI excludes gross receipts tax (4) Base Interest expense excludes portion of interest attributable to re-levering following Calpine acquisition and is not reflective of capital allocation. Includes interest income from cash on hand. (5) Reflects effective tax rate including/ excluding impact of forecasted PTC revenues as of 12/31/2025. To the extent we receive nuclear PTCs, the value will be reflected in revenues on the GAAP financial statements. (6) Reflects additional O&M for compensation expense related to overperformance (7) Interest attributable to re-levering following Calpine acquisition 20272026 (1) Other Base Modeling Inputs ($7,025)($6,900)Adjusted O&M* (Excl. Performance Incentive Adj.) (2) ($675)($675)TOTI (3) --Other, Net ($2,000)($1,825)Depreciation and Amortization ($700)Base Interest Expense, Net (4) 25% / 26%26% / 26%Effective Tax Rate including / excluding PTC (5) Enhanced Modeling Tools $2,150 – $2,550$2,575 - $2,775Adjusted Gross Margin* (Enhanced Only) ($50)($75) Performance Incentive Adjustment (Applied Against Enhanced Earnings) (6) ($200)Enhanced Interest Expense, Net (7) Additional Information For Enhanced Tools as of 3/31/2026 --Power Margins Above Average 0%5%Percentage of Nuclear Fleet in PTC Zone Reference Prices as of 3/31/2026 $41.13$44.02NIHub ATC ($/MWh) $63.05$67.79PJM – W ATC ($/MWh) $61.65$65.02New York Zone A ATC ($/MWh) $21.21$18.55ERCOT – N ATC Spark Spread ($/MWh) $24.46$22.63ERCOT – N Peak Spark Spread ($/MWh)

Detailed Modeling Inputs for Base Earnings 27 (1) Reflects calendar year price based on weighted average CMC prices across planning years (2) Values include NY ZEC which is total of energy, capacity and ZEC consistent with rate-setting mechanism (3) Includes Salem and STP Detailed Base Earnings Modeling Inputs Available Nuclear 2026 2027 2028 2029 2030 Illinois CMC million MWhs 53 23 Illinois CMC $/MWhs (1) $34.09 $34.50 Remaining Units million MWhs 101 127 148 146 147 Remaining Units - PTC w/2% Inflation $/MWh $44.75 $45.75 $48.88 $49.88 $49.88 Contracted Clean Contracted Clean million MWhs 36 45 53 54 53 Contracted Clean $/MWhs (2) $70.00 $70.00 $77.00 $85.00 $88.00 Total Nuclear Volumes (million MWhs) 179 184 190 188 189 Number of Planned Refueling Outages (3) 15 15 13 15 14

Constellation Cleared/Committed Capacity Detail (1) 28 (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 are included in the gross receipts calculation for the PTC and therefore should not be incorporated separately into Base Earnings calculations (4) Assets to be divested in 2026 are reflected in planning years 2025/2026 and 2026/2027 (5) Other PJM includes ~400MW committed in bilateral agreement that will be available for future capacity auctions (6) Base earnings for fossil/other capacity assumes a clearing price of $200/MWd (7) NEMA: Northeastern Massachusetts and Boston; SEMA: Southeastern Massachusetts (8) Net Qualifying Capacity excludes batteries and storage and includes ~700MW for Geysers that are included in Clean Contracted and therefore should not be incorporated separately into Base earnings calculations Volumes and prices for cleared/committed capacity differ from Base Earnings capacity assumptions and are not additive to Base Earnings PJM Volume (MW) Price ($/MWd) Volume (MW) Price ($/MWd) Volume (MW) Price ($/MWd) Nuclear ComEd (CMC units) (2) 6,200 n/a 6,200 n/a Other PJM 9,350 $270 9,350 $329 15,525 $333 Total Nuclear (3) 15,550 15,550 15,525 Fossil/Other (4) BGE 325 $466 375 $329 375 $333 Other PJM (5) 5,825 $270 6,225 $329 2,575 $333 Total Fossil/Other (6) 6,150 6,600 2,950 MISO Volume (MW) Price ($/MWd) Volume (MW) Price ($/MWd) Total Nuclear (3) 1,100 $217 1,100 $126 ISO-NE Volume (MW) Price ($/MWd) Volume (MW) Price ($/MWd) Volume (MW) Price ($/MWd) Fossil/Other NEMA/SEMA (7) 1,075 $87 1,025 $85 875 $118 NH/ME 1,150 $83 1,250 $85 1,200 $118 Total ISO-NE 2,225 2,275 2,075 CAISO Sold (MW) % Sold Sold (MW) % Sold Sold (MW) % Sold Net Qualifying Capacity (8) 5,925 95% 5,875 95% 5,275 85% 2025/2026 2026/2027 2027/2028 2026 2027 2028

Appendix Reconciliation of Non-GAAP Measures 29

Three Months Ended March 31, 20252026 Earnings Per Share Earnings Per Share Adjusted Operating Earnings* reconciliation ($M except per share data) $0.38$118$4.49$1,590 GAAP Net Income (Loss) Attributable to Common Shareholders $1.61$505($2.03)($721)Unrealized (Gain) Loss on Fair Value (1) $0.06$19($0.49)($174)Decommissioning-Related Activities (2) --$0.44$154Amortization of Acquired Commodity Contracts (3) $0.04$13$0.34$119Calpine Merger and Integration Costs (4) $0.03$11--Plant Retirements & Divestitures $0.03$9$0.06$20Pension & OPEB Non-Service (Credits) Costs --($0.04)($13)Income Tax Related Adjustments ($0.01)($2)($0.01)($3)Noncontrolling Interests (5) $2.14$673$2.74$972Adjusted Non-GAAP Operating Earnings* GAAP to Non-GAAP Reconciliation – Adjusted Operating Earnings* 30 Note: Items may not sum due to rounding. Earnings are reflected on an after-tax basis. Earnings per share amount is based on average diluted common shares outstanding of 354 million and 314 million for the three months ended March 31, 2026 and 2025, respectively. (1) Includes unrealized gains and losses on economic hedges, interest rate swaps, and fair value adjustments related to gas imbalances and equity investments (2) Reflects all gains and losses associated with NDTs, ARO accretion, ARC depreciation, ARO remeasurement, and impacts of contractual offset for Regulatory Agreement Units (3) In 2026, reflects the non-cash impacts of the amortization of certain commodity contracts recorded at fair value associated with the Calpine acquisition (4) Reflects costs associated with the completion of the Calpine merger and subsequent integration of its operations (5) Represents elimination of the noncontrolling interest related to certain adjustments

GAAP to Non-GAAP Reconciliation – Adjusted O&M* 31 20272026Adjusted O&M* Reconciliation ($M) $7,775$7,925GAAP O&M ($275)($250)Decommissioning-Related Activities (1) ($300)($250) Direct cost of sales incurred to generate revenues for certain Commercial and Power businesses (2) ($125)($400)Calpine Merger and Integration Costs (3) -($50)CCEC Settlement $7,075$6,975Adjusted O&M* Note: Items may not sum due to rounding. All amounts rounded to the nearest $25M. (1) Reflects all gains and losses associated with ARO accretion, ARO remeasurement, and any earnings neutral impacts of contractual offset for Regulatory Agreement Units (2) Reflects the direct cost of sales of certain businesses, which are included in gross margin (3) Reflects costs associated with the completion of the Calpine merger and subsequent integration of its operations

32 Contact Information InvestorRelations@constellation.com Links Events and Presentations Reports & SEC Filings Constellation Sustainability Report Nuclear 101

Source: View Original Filing on SEC EDGAR

FAQ

How did Constellation Energy (CEG) perform financially in Q1 2026?

Constellation generated much higher earnings in Q1 2026, reporting GAAP net income of $1.59 billion, or $4.49 per share, compared with $118 million, or $0.38 per share, a year earlier. Operating revenues increased to $11.12 billion from $6.79 billion as the fleet expanded.

What were Constellation Energy’s adjusted (non-GAAP) earnings in Q1 2026?

Adjusted (non-GAAP) Operating Earnings for Constellation in Q1 2026 were $2.74 per share, up from $2.14 per share in Q1 2025. Adjustments primarily removed unrealized hedge impacts, decommissioning-related items, Calpine-related amortization and integration costs, pension and OPEB non-service items, and certain tax and noncontrolling interest effects.

What full-year 2026 earnings guidance did Constellation Energy (CEG) provide?

Constellation affirmed full-year 2026 Adjusted Operating Earnings guidance of $11.00–$12.00 per share. This range is based on expected average diluted shares outstanding of 361 million and reflects the company’s view of earnings power after integrating Calpine and funding planned growth projects.

How did Constellation’s nuclear fleet perform in the first quarter of 2026?

Constellation’s nuclear fleet, including owned output from Salem and STP, produced 44,666 GWhs in Q1 2026 versus 45,582 GWhs a year earlier. Excluding Salem and STP, nuclear plants achieved a 92.3% capacity factor, slightly below 94.1% in Q1 2025, with 99 planned refueling outage days.

What major projects did Constellation Energy bring online in early 2026?

Constellation commissioned the 105 MW Pastoria Solar Project and brought the 460 MW Pin Oak Creek Energy Center, a natural gas facility in ERCOT, to commercial operation. It also advanced an 80 MW/320 MWh battery system at Pastoria and secured net metering approval for a large data center at Freestone.

How did the Calpine acquisition affect Constellation’s Q1 2026 results?

The Calpine acquisition, completed in January 2026, significantly expanded Constellation’s generation footprint and contributed to higher revenues and earnings. Q1 2026 results cite the addition of Calpine as a primary driver of Adjusted Operating Earnings growth, alongside favorable stock-based compensation and nuclear PTC and market benefits.

What do Constellation’s cash flow statements show for Q1 2026?

In Q1 2026, Constellation generated $425 million of net cash from operating activities, up from $107 million in Q1 2025. Investing cash flow was negative $3.73 billion, including $2.54 billion for the Calpine acquisition, while financing activities provided a net $730 million, reflecting new borrowings and debt repayments.

Filing Exhibits & Attachments

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Constellation Energy (CEG) Q1 2026 profit surges with Calpine deal and guidance held

Rhea-AI Filing Summary

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8-K Event Classification

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FAQ

How did Constellation Energy (CEG) perform financially in Q1 2026?

What were Constellation Energy’s adjusted (non-GAAP) earnings in Q1 2026?

What full-year 2026 earnings guidance did Constellation Energy (CEG) provide?

How did Constellation’s nuclear fleet perform in the first quarter of 2026?

What major projects did Constellation Energy bring online in early 2026?

How did the Calpine acquisition affect Constellation’s Q1 2026 results?

What do Constellation’s cash flow statements show for Q1 2026?

Filing Exhibits & Attachments

Press Releases

Other Documents

Constellation Energy (CEG) Q1 2026 profit surges with Calpine deal and guidance held

Rhea-AI Filing Summary

Positive

Negative

Insights

Equity & earnings analyst positive

8-K Event Classification

Key Figures

Key Terms

Offering Details

FAQ

How did Constellation Energy (CEG) perform financially in Q1 2026?

What were Constellation Energy’s adjusted (non-GAAP) earnings in Q1 2026?

What full-year 2026 earnings guidance did Constellation Energy (CEG) provide?

How did Constellation’s nuclear fleet perform in the first quarter of 2026?

What major projects did Constellation Energy bring online in early 2026?

How did the Calpine acquisition affect Constellation’s Q1 2026 results?

What do Constellation’s cash flow statements show for Q1 2026?

Filing Exhibits & Attachments

Press Releases

Other Documents