CEG · Constellation Energy Corporation

Constellation Energy Corporation disclosed its 2026 Business and Earnings Outlook via Regulation FD, scheduling a conference call on March 31, 2026, at 8:00 AM ET, with presentation materials in Exhibit 99.1. The outlook projects strong base EPS growth exceeding 20% annually from 2026 through 2029, driven by unreplicable assets including the largest U.S. nuclear, natural gas, and geothermal fleets totaling approximately 55 GW, where new build costs would exceed 3x current enterprise value. This growth excludes potential upside from contracting 147 million MWhs of annual nuclear generation at premium pricing, additional natural gas deals, and accretive capital allocation. The company has secured over 5,650 MWs in long-term clean energy agreements, including nuclear restarts, PPAs, and data center contracts, with about 25% of clean firm MWhs under contract as of 2029 projections. Approximately 36 million MWhs were committed in the last 12 months. Capital allocation supports value creation through a $5.0B share buyback authorization increase and $3.9B in growth projects at compelling returns, underpinned by a strong investment-grade balance sheet and growing free cash flow. Constellation outlined capacity expansion potential of ~9,350 MWs near-term via nuclear restarts (~1,500 MWs), uprates (~3,500 MWs), relicensing (~4,350 MWs), and new gas, battery, and renewables builds. Forward-looking statements reference the Calpine acquisition, synergies, and pro forma enhancements, with cautions on risks detailed in prior SEC filings. Non-GAAP measures like Adjusted Operating Earnings and Free Cash Flow before Growth are used to highlight operating performance, with reconciliations in appendices. This positions Constellation to power data centers, C&I customers, and grid reliability amid regulatory clarity in PJM and spare capacity opportunities.