Constellation Energy (CEG) official guidance

This change will increase our view of 2030 base earnings by approximately $0.30 per share.

Separately, we are also updating our 2029 capital allocation sensitivity range to reflect the share repurchases we have completed to date. The updated range now includes a floor of $0.20 per share with potential of upside of greater than $0.75 per share.

We are raising our full-year adjusted operating earnings guidance range to $11.50-$12.50 per share, up from our prior range of $11-$12 per share.

Incorporating the 2.8% adjustment for 2025 and continuing to assume 2% inflation annually in 2026 and beyond, the projected 2030 PTC strike price will increase from $49.88 to $50.88 per MWh.

First and foremost, I want to remind you that our long-term outlook is compelling, with a base earnings growth rate that exceeds 20% through 2029, anchored by highly visible drivers that include the nuclear production tax credit, which grows with inflation, long-term contracts with high-quality counterparties and durable customer margins supported by the nation's largest commercial and industrial retail platform.

As a reminder, our guidance included approximately $2 per share of accretion for Calpine on a full year basis.

We also have conviction that we could grow the business at a long-term rolling 10%+ base EPS growth rate, which we see as a common characteristic of high quality and well-valued companies.

In our business and earnings outlook, we outlined the expected free cash flow before growth of $8.4 billion across 2026 and 2027, and how we plan to deploy our cash flow within our established capital allocation framework over that two-year period.

Over 2028 and 2029, we expect to generate between $11.5 billion and $13 billion of free cash flow before growth.

Strong Free Cash Flow Drives Capital Allocation Opportunities 26 $0.8 $13.6 $8.4 $4.5 Cash Available at YE 2025 Net of Calpine Cash Uses Cumulative FCFbG* Generated Asset Sales (after-tax) 2026-2027 Total Available Cash ($3.9) Identified Growth ($1.3) Dividend ($3.4) Deleveraging ($5.0) Authorized Share Repurchases ($B) Returning capital to shareholders with $5.0B authorization. Cumulatively, Constellation has repurchased ~17.4 million shares. Growing dividend at 10% per annum Growth CapEx across generation types at compelling returns

Full-year 2026 earnings guidance is based on expected average diluted common shares outstanding of 361 million

$7.60 - $7.70 35% - 40% of Total 2027

Enhanced Earnings Opportunities in 2029 30% - 35% $11.40 – $11.90 2029 2029 (2) Enhanced Base

Enhanced Modeling Tools $2,150 – $2,550$2,575 - $2,775Adjusted Gross Margin* (Enhanced Only)

Enhanced Modeling Tools $2,150 – $2,550$2,575 - $2,775Adjusted Gross Margin* (Enhanced Only)

Total adjusted O&M* is $6,975 million and $7,075 million for 2026 and 2027, respectively.

Total adjusted O&M* is $6,975 million and $7,075 million for 2026 and 2027, respectively.

Increased the annual per share dividend by 10%, and expect to grow the dividend per share by another 10% in 2026

We're targeting 500 MW under contract this year and another 500 next year.

Combining the expanded revolver with the other liquidity tools that we use, we will have $14 billion of liquidity after the deal closes, underscoring the strength of our balance sheet and the strategic flexibility afforded by our investment-grade credit rating, allowing us to move forward with confidence.