Constellation Energy (CEG) investor relations material

Executive summary

• Q1 2026 GAAP EPS was $4.49 and Adjusted Operating EPS was $2.74, both up sharply year-over-year, driven by the $21.8B Calpine acquisition, higher PJM capacity prices, and new project launches.

• Affirmed full-year 2026 Adjusted Operating Earnings guidance of $11.00–$12.00 per share, with a long-term EPS growth target of 20%+ through 2029.

• Completed major new projects: Pastoria Solar (105 MW, CA), Pin Oak Creek Energy Center (460 MW, TX), and secured net metering for a data center at Freestone.

• Recognized as Barron's #1 Most Sustainable U.S. Company for 2026, validating ESG leadership.

• Significant share buyback of 1.2 million shares for $335 million in Q1 2026, with $5B authorization and $4.7B remaining.

Financial highlights

• Q1 2026 GAAP net income was $1.59B, up from $118M in Q1 2025; Adjusted Operating Earnings were $972M ($2.74/share), up from $673M ($2.14/share) year-over-year.

• Operating revenues rose 63.8% year-over-year to $11.12B, with Calpine contributing $2.4B since acquisition.

• Free cash flow before growth forecasted at $8.4B (2026–2027) and $11.5–$13B (2028–2029), a 45% increase.

• Total assets increased to $96.9B as of March 31, 2026, from $57.2B at year-end 2025.

• Long-term debt rose to $17.5B, with $11.2B at the corporate level and $6.2B at subsidiaries.

Outlook and guidance

• Affirmed 2026 Adjusted Operating EPS guidance of $11–$12 and projected 2029 Adjusted EPS of $11.40–$11.90, with upside from new contracts and margin expansion.

• Long-term base earnings growth rate expected to exceed 20% through 2029, with a rolling three-year base EPS growth target of 10%+.

• Free cash flow growth outlook supported by visible drivers, new contracts, inflation, and asset utilization.

• Ongoing regulatory-driven divestitures of certain Calpine assets expected to close in 2026.

• Continued focus on investments in new technologies, grid reliability, and major projects under construction.