Constellation Energy (CEG) Guidance summary

Opening remarks and agenda

• Introduced leadership team and outlined the intention to provide both 2026 guidance and a comprehensive long-term business update, including forward-looking statements and risk factors.

• Entering 2026 with a strong position to meet rising demand for reliable, clean electricity, following the Calpine acquisition and expanded generation portfolio.

• Fourth consecutive year of full-year earnings exceeding the midpoint of guidance, reflecting strong commercial execution and nuclear fleet performance.

• Upcoming Business and Earnings Outlook call scheduled for March 31, 2026, to discuss 2026 guidance.

Guidance on key objectives

• Targeting a 20% CAGR in base earnings growth through 2029, with plans to sustain double-digit growth into the next decade.

• Initiated 2026 adjusted operating EPS guidance at $11–$12 per share, based on 361 million average diluted shares.

• Share repurchase authorization increased to $5 billion, with continued 10% annual dividend growth and $3.9 billion earmarked for growth projects.

• Base earnings expected to grow from $6.65/share in 2026 to $11.40–$11.90/share in 2029.

• Maintaining strong investment grade credit metrics and growing annual dividend at 10% per annum.

Market trends and strategic opportunities

• Demand for clean, firm power is accelerating, especially from data centers and hyperscalers, with regulatory clarity expected to further unlock growth.

• Positioned as the largest private-sector power producer globally, with unmatched scale in nuclear, natural gas, and geothermal generation.

• Significant optionality remains, with 147 million MWh of clean energy available for future contracting at premium pricing.

• Customer diversity spans hyperscalers, C&I, government, and utilities, with over 10,000 MW of long-term deals executed.

• New agreements to supply power to data centers, including a 380 MW deal with CyrusOne at Freestone Energy Center, Texas.