Vector Equilibrium

CONSTELLATION ENERGY $CEG Q3’26 EARNINGS HIGHLIGHTS 🔹 Revenue: $9.55B (Est. $9.37B) 🟢; +45% YoY 🔹 Adj. EPS: $5.06 (Est. $3.85) 🟢; +66% YoY 🔹 GAAP EPS: $5.19; +75% YoY 🔹 Nuclear Capacity Factor: 97.2%; +40 bps YoY Raises FY26 Guide: 🔹 Adj. EPS: $12.50-$12.80 (Est. $12.15) 🟢 Announcements: 🔹 Rhode Island State Energy Center: acquiring for $715M; 609 MW 🔹 Amazon: 20-year, 690 MW PPA 🔹 Calvert Cliffs: more than $3B investment; 190 MW expansion 🔹 Google: 20-year PPA; more than $4.3B investment across 11 units; ~890 MW capacity 🔹 Google: 15-year load-following agreement for 2,700 MW in PJM 🔹 Peak+: 20-year, 270 MW agreement beginning in 2028 🔹 DOE: Up to $5B loan guarantee supporting nuclear uprates; 30-year term Key Updates: 🔹 Unrealized (Gain) Loss on Fair Value: -$127M, -$0.36/share; a gain in GAAP EPS, excluded from Adj. EPS 🔹 Q3 Adj. EPS Drivers: favorable market and portfolio conditions, addition of Calpine; offset by interest, nuclear PTC Comments: 🔸 “These agreements add more than 1,000 megawatts of new, emissions-free generation to the grid and help ensure the continued operations of existing clean power for generations to come.” 🔸 “This strong performance allowed us to raise the midpoint of our adjusted operating earnings guidance range for the second time this year.”