Earnings release
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Constellation . Exhibit 99.1 News Release Contact : Linsey Wisniewski Corporate Communications 667-218-7700 Tim Flottemesch Investor Relations 833-447-2783 CONSTELLATION REPORTS SECOND QUARTER 2026 RESULTS Earnings Release Highlights • • . • • • • GAAP Net Income of $ 1.42 per share and Adjusted ( non - GAAP ) Operating Earnings of $ 2.55 per share for the second quarter of 2026 Raising full - year Adjusted ( non - GAAP ) Operating Earnings guidance range to $ 11.50 – $ 12.50 per share FERC grants waiver allowing the transfer of existing Capacity Interconnection Rights ( CIR ) to Crane Clean Energy Center , and NRC approves Crane Clean Energy Center's fuel license Signed an additional 920 megawatts of long - term power purchase agreements for clean , reliable generation Entered into agreement to divest the Brazos Valley Energy Center ( f / k / a Jack A. Fusco Energy Center ) Filed license renewal applications for two New York Nuclear units Recertified as a Great Place to Work for the fourth straight year , named to The Civic 50 by Points of Light for the second consecutive year , and received DisabilityIN World's Top Disability Inclusive Business recognition Baltimore ( Aug 6 , 2026 ) · for the second quarter of 2026 . Constellation Energy Corporation ( Nasdaq : CEG ) today reported its financial results “ This quarter's accomplishments reflect the momentum we're building across our business , ” said Joe Dominguez , president and CEO of Constellation . “ From advancing the restart of the Crane Clean Energy Center , to executing long - term agreements with our corporate customers and extending the lives of two critical New York assets , we're strengthening the nation's energy infrastructure and helping meet growing demand for reliable power . " “ Our second - quarter results and increased full - year EPS guidance demonstrate the earnings power of our expanded platform , strong operational and commercial performance , and the disciplined execution of our capital allocation strategy , " said Shane Smith , executive vice president and chief financial officer of Constellation . “ We remain focused on integrating Calpine , capturing the value of our expanded fleet and investing in opportunities that generate attractive returns . With a strong balance sheet , a differentiated customer facing business , and a generation portfolio well positioned to serve increasing demand for 1
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reliable energy, we are well positioned to deliver on our growth commitments and create sustained value for our owners.” Second Quarter 2026 Our GAAP Net Income for the second quarter of 2026 decreased to $1.42 per share from $2.67 per share in the second quarter of 2025. Adjusted (non-GAAP) Operating Earnings for the second quarter of 2026 increased to $2.55 per share from $1.91 per share in the second quarter of 2025. For the reconciliations of GAAP Net Income (Loss) to Adjusted (non-GAAP) Operating Earnings, refer to the GAAP/Adjusted (non-GAAP) Operating Earnings Reconciliation section below. Adjusted (non-GAAP) Operating Earnings in the second quarter of 2026 primarily reflects: • The addition of Calpine and favorable market and portfolio conditions, partially offset by unfavorable nuclear outages Recent Developments and Second Quarter Highlights • Progress continues at Crane Clean Energy Center paving way for restart: FERC approved our waiver request to transfer CIRs from the dual fuel Eddystone Units 3 and 4 in Pennsylvania to the Crane Clean Energy Center. This decision clears a critical regulatory hurdle for the plant restart, we expect the transfer to expedite its ability to deliver reliable emissions-free power to the grid. Additionally, the NRC has approved a fuel license amendment request for the Crane Clean Energy Center — a major milestone moving us closer to restarting operations in 2027. • Helping our customers meet their evolving energy needs: We have signed an additional 920 megawatts (MW) of long-term power purchase agreements (PPA) for clean, reliable nuclear generation with a diverse set of investment grade customers. These agreements are for 15-20 years in duration and are set to begin in 2029 through 2032. Among these PPAs, our 176 MW agreement with Walmart will enable a 30 MW capacity expansion at our Dresden Clean Energy Center in Illinois and facilitate additional investments to strengthen the local community by supporting jobs and enabling continued expansion of operations and workforce. • Agreement to divest the Brazos Valley Energy Center: In August 2026, we entered into an agreement with LS Power to divest the Brazos Valley Energy Center (f/k/a Jack A. Fusco Energy Center), a 606 MW natural gas-fired plant in ERCOT for $860 million before closing adjustments, a key step in satisfying regulatory commitments related to our acquisition of Calpine earlier this year. This marks the last asset sale required by our regulatory commitments under the acquisition. Closing of the sale is subject to the receipt of approval by the DOJ, and other customary closing conditions. We expect the transaction to close by the end of this year. • License renewal applications for two New York nuclear units: We have filed license renewal applications with the NRC to extend the operations of the Ginna Clean Energy Center and the Nine Mile Point Unit 1 reactor in upstate New York to 2049. If approved, the units' operating licenses would be extended 20 years, to 2049. Nine Mile Point Unit 2 is currently licensed to operate until 2046. 2
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• Recognized for our culture: For the fourth year in a row we were Certified™ by Great Place to Work®. The designation is based on how our employees rate their experience working at Constellation. In a survey of about 5,000 of our employees, 83% of those who responded said it is a great place to work – about 26 points higher than the average U.S. company. Great Place to Work® is acknowledged worldwide as a global benchmark for workplace culture, employee experience and the leadership behaviors proven to deliver strong market performance, employee retention and increased innovation. For the second year in a row we were recognized as one of the Civic 50® and as the energy sector leader by Points of Light. The Civic 50® is a well-respected standard for corporate social impact, recognizing the most community-minded companies in the U.S. for how they show up through employee volunteerism, community investment and broader social impact efforts. We were recognized as a World’s Top Disability Inclusive Business based on our performance on the Disability Index®, the leading benchmark for disability inclusion. This recognition signifies that we’re a leading performer in disability inclusion, accessibility and workplace practices. It's also a reflection of our commitment to fostering an environment where all employees can do their best work, advance their careers and feel a true sense of belonging. • Nuclear Operations: Our nuclear fleet, including our owned output from the Salem and South Texas Project (STP) Generating Stations, produced 44,160 gigawatt-hours (GWhs) in the second quarter of 2026, compared with 45,170 GWhs in the second quarter of 2025. Excluding Salem and STP, our nuclear plants at ownership achieved a 93.0% capacity factor for the second quarter of 2026, compared with 94.8% for the second quarter of 2025. There were 86 planned refueling outage days in the second quarter of 2026 and 41 in the second quarter of 2025 for sites we operate. There were 20 non-refueling outage days in the second quarter of 2026 and 22 in the second quarter of 2025 for sites we operate. • Natural Gas, Oil, and Renewables Operations: As a result of our expanded fleet following the acquisition of Calpine in January 2026, we now consider Equivalent Forced Outage Factor (EFOF) to be a key operational metric beginning in 2026. EFOF represents the percentage for which a generating unit is not available due to forced outages and forced deratings in a given period. The EFOF of our natural gas, oil, and pumped-storage hydro fleet for the second quarter of 2026 is 6.2%. Renewable energy capture for our wind, solar and run-of-river hydro fleet was 96.0% in the second quarter of 2026, compared with 96.1% in the second quarter of 2025. 3
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GAAP/Adjusted (non-GAAP) Operating Earnings Reconciliation The table below provides a reconciliation of GAAP Net Income to Adjusted (non-GAAP) Operating Earnings. Adjusted (non-GAAP) Operating Earnings is not a standardized financial measure and may not be comparable to other companies’ presentations of similarly titled measures. Unless otherwise noted, the income tax impact of each reconciling adjustment between GAAP Net Income (Loss) Attributable to Common Shareholders and Adjusted (non-GAAP) Operating Earnings is based on the marginal statutory federal and state income tax rates, taking into account whether the income or expense item is taxable or deductible, respectively, in whole or in part, which may result in an effective tax rate that differs from the marginal rate. The marginal statutory income tax rate was 25.5% for the three months ended June 30, 2026 and 2025. The following table provides a reconciliation between GAAP Net Income (Loss) Attributable to Common Shareholders and Adjusted (non-GAAP) Operating Earnings for the three months ended June 30, 2026 compared to the same period in 2025. Three Months Ended June 30, 2026 2025 (In millions, except per share data) Earnings Per Share Earnings Per Share GAAP Net Income (Loss) Attributable to Common Shareholders $ 513 $ 1.42 $ 839 $ 2.67 Unrealized (Gain) Loss on Fair Value Adjustments (net of taxes of $116 and $37,respectively) 340 0.94 (121) (0.38) Decommissioning-Related Activities (net of taxes of $298 and $208,respectively) (221) (0.61) (144) (0.46) Amortization of Acquired Commodity Contracts (net of taxes of $51 and $—,respectively) 149 0.41 — — Calpine Merger and Integration Costs (net of taxes of $17 and $3, respectively) 84 0.23 9 0.03 Plant Retirements and Divestitures (net of taxes of $— and $2, respectively) — — 7 0.02 Pension & OPEB Non-Service (Credits) Costs (net of taxes of $7 and $3,respectively) 20 0.06 9 0.03 Change in Legal and Environmental Liabilities (net of taxes of $12 and $—,respectively) 35 0.10 — — Adjusted (non-GAAP) Operating Earnings $ 920 $ 2.55 $ 599 $ 1.91 _______ (a) Amounts may not sum due to rounding. Earnings per share amount is based on average diluted common shares outstanding of 360 million and 314 million for the three months ended June 30, 2026 and 2025, respectively. (b) Includes unrealized gains and losses on economic hedges, interest rate swaps, and fair value adjustments related to gas imbalances and equity investments. (c) Reflects all gains and losses associated with NDTs, ARO accretion, ARC depreciation, ARO remeasurement, and impacts of contractual offset for Regulatory Agreement Units. The tax effects of Regulatory Agreement Units result in a 100% effective tax rate under contractual offset accounting. Additionally, the tax effects of NDT investment returns result in different effective tax rates depending on whether the underlying funds are held within qualified or non-qualified trusts. (d) In 2026, reflects the non-cash impacts of the amortization of certain commodity contracts recorded at fair value associated with the Calpine acquisition. (e) Reflects costs associated with the completion of the Calpine merger and subsequent integration of its operations. Certain of these transaction-related expenses are not tax deductible. Webcast Information We will discuss second quarter 2026 earnings in a conference call scheduled for today at 10:00 a.m. Eastern Time. The webcast and associated materials can be accessed at https://investors.constellationenergy.com. (a) (a) (b) (c) (d) (e) 4
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About Constellation Constellation Energy Corporation (Nasdaq: CEG), a Fortune 200 company headquartered in Baltimore, is the largest private-sector power producer in the world and the nation’s largest producer of clean and reliable energy. With 55 gigawatts of capacity from nuclear, natural gas, oil, geothermal, hydro, wind and solar facilities, our fleet has the generating capacity to power the equivalent of 27 million homes, providing about 10% of the nation’s clean energy and delivering the around-the-clock reliability needed to power America’s growing economy. We are also the largest nuclear energy company in the U.S. and a leading competitive retail supplier, serving approximately 2.5 million customer accounts nationwide, including 80% of the Fortune 100. We are committed to investing in innovation and new technologies to drive the transition to a reliable, sustainable and secure energy future. Follow Constellation on LinkedIn and X. Non-GAAP Financial Measures We utilize Adjusted (non-GAAP) Operating Earnings (and/or its per share equivalent) in our internal analysis, and in communications with investors and analysts, as a consistent measure for comparing our financial performance and discussing the factors and trends affecting our business. The presentation of Adjusted (non-GAAP) Operating Earnings is intended to complement and should not be considered an alternative to, nor more useful than, the presentation of GAAP Net Income (Loss). The tables above provide a reconciliation of GAAP Net Income (Loss) to Adjusted (non-GAAP) Operating Earnings. Adjusted (non-GAAP) Operating Earnings is not a standardized financial measure and may not be comparable to other companies’ presentations of similarly titled measures. Due to the forward-looking nature of our Adjusted (non-GAAP) Operating Earnings guidance, we are unable to reconcile this non-GAAP financial measure to GAAP Net Income (Loss) given the inherent uncertainty required in projecting gains and losses associated with the various fair value adjustments required by GAAP. These adjustments include future changes in fair value impacting the derivative instruments utilized in our current business operations, as well as the debt and equity securities held within our nuclear decommissioning trusts, which may have a material impact on our future GAAP results. Cautionary Statements Regarding Forward-Looking Information This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks and uncertainties. Words such as “could,” “may,” “expects,” “anticipates,” “will,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “predicts,” and variations on such words, and similar expressions that reflect our current views with respect to future events and operational, economic, and financial performance, are intended to identify such forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding the acquisition of Calpine Corporation, the pro forma combined company and its operations, strategies and plans, enhancements to investment-grade credit profile, synergies, opportunities and anticipated future performance and capital structure, and expected accretion to earnings per share and free cash flow. Information adjusted for the acquisition should not be considered a forecast of future results. Forward-looking statements are based on current expectations, estimates and assumptions that involve a number of risks and uncertainties that could cause actual results to differ materially from those projected. The factors that could cause actual results to differ materially from the forward-looking statements made by Constellation Energy Corporation and Constellation Energy Generation, LLC, (the Registrants) include those factors discussed herein, as well as the items discussed in (1) the Registrants' 2025 Annual Report on Form 10-K in (a) Part I, ITEM 1A. Risk Factors, (b) Part II, ITEM 7. Management’s Discussion and 5
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Analysis of Financial Condition and Results of Operations, and (c) Part II, ITEM 8. Financial Statements and Supplementary Data: Note 18 — Commitments and Contingencies; (2) the Registrants' Second Quarter 2026 Quarterly Report on Form 10-Q (to be filed on August 6, 2026) in (a) Part II, ITEM 1A. Risk Factors, (b) Part I, ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations, and (c) Part I, ITEM 1. Financial Statements: Note 15 — Commitments and Contingencies; and (3) other factors discussed in filings with the SEC by the Registrants. Investors are cautioned not to place undue reliance on these forward-looking statements, whether written or oral, which apply only as of the date of this press release. Neither Registrant undertakes any obligation to publicly release any revision to its forward-looking statements to reflect events or circumstances after the date of this press release. 6
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Table of Contents Earnings Release Attachments Table of Contents Consolidated Statements of Operations 1 Consolidated Balance Sheets 2 Consolidated Statements of Cash Flows 3 GAAP Consolidated Statements of Operations and Adjusted (non-GAAP) Operating Earnings Reconciling Adjustments 4 Statistics 6
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Table of Contents Constellation Energy Corporation and Subsidiary Companies Consolidated Statements of Operations (unaudited) (in millions) Three Months Ended June30, 2026 Six Months Ended June 30,2026 Operating revenues $ 7,504 $ 18,626 Operating expenses Purchased power and fuel 4,023 10,375 Operating and maintenance 2,253 4,033 Depreciation and amortization 443 886 Taxes other than income taxes 207 436 Total operating expenses 6,926 15,730 Gain (loss) on sales of assets 2 16 Operating income (loss) 580 2,912 Other income and (deductions) Interest expense, net (283) (536) Other, net 603 649 Total other income and (deductions) 320 113 Income (loss) before income taxes 900 3,025 Income tax (benefit) expense 398 928 Equity in income (losses) of unconsolidated affiliates 6 14 Net income (loss) 508 2,111 Net income (loss) attributable to noncontrolling interests (5) 8 Net income (loss) attributable to common shareholders $ 513 $ 2,103 Three Months Ended June30, 2025 Six Months Ended June 30,2025 Operating revenues $ 6,101 $ 12,889 Operating expenses Purchased power and fuel 3,132 7,516 Operating and maintenance 1,617 3,162 Depreciation and amortization 254 502 Taxes other than income taxes 147 307 Total operating expenses 5,150 11,487 Operating income (loss) 951 1,402 Other income and (deductions) Interest expense, net (118) (264) Other, net 440 286 Total other income and (deductions) 322 22 Income (loss) before income taxes 1,273 1,424 Income tax (benefit) expense 440 462 Net income (loss) 833 962 Net income (loss) attributable to noncontrolling interests (6) 5 Net income (loss) attributable to common shareholders $ 839 $ 957 Change in Net income (loss) attributable to common shareholders from 2025 to 2026 $ (326) $ 1,146 1
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Table of Contents Constellation Energy Corporation and Subsidiary Companies Consolidated Balance Sheets (unaudited) (in millions) June 30, 2026 December 31, 2025 Assets Current assets Cash and cash equivalents $ 697 $ 3,641 Restricted cash and cash equivalents 380 107 Accounts receivable 4,661 4,266 Derivative assets 2,167 945 Inventories, net 3,368 1,736 Renewable energy credits 784 789 Assets held for sale 5,743 126 Other 1,165 509 Total current assets 18,965 12,119 Property, plant, and equipment, net 41,228 22,474 Deferred debits and other assets Nuclear decommissioning trust funds 20,492 19,336 Goodwill 11,527 420 Derivative assets 1,741 450 Other 4,300 2,450 Total deferred debits and other assets 38,060 22,656 Total assets $ 98,253 $ 57,249 Liabilities and shareholders’ equity Current liabilities Short-term borrowings $ 5,226 $ 1,650 Long-term debt due within one year 363 92 Accounts payable and accrued expenses 4,432 4,294 Derivative liabilities 716 467 Renewable energy credit obligation 927 1,075 Other 1,368 366 Total current liabilities 13,032 7,944 Long-term debt 19,111 7,250 Deferred credits and other liabilities Deferred income taxes and unamortized ITCs 8,513 3,544 Asset retirement obligations 12,612 13,193 Pension and non-pension postretirement benefit obligations 1,844 1,977 Payable related to Regulatory Agreement Units 5,914 5,334 Derivative liabilities 601 414 Other 4,304 2,740 Total deferred credits and other liabilities 33,788 27,202 Total liabilities 65,931 42,396 Commitments and contingencies Shareholders’ equity Common stock 26,683 11,043 Retained earnings (deficit) 7,692 5,899 Accumulated other comprehensive income (loss), net (2,398) (2,425) Total shareholders’ equity 31,977 14,517 Noncontrolling interests 345 336 Total equity 32,322 14,853 Total liabilities and shareholders’ equity $ 98,253 $ 57,249 2
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Table of Contents Constellation Energy Corporation and Subsidiary Companies Consolidated Statements of Cash Flows (unaudited) (in millions) Six Months Ended June 30, 2026 2025 Cash flows from operating activities Net income (loss) $ 2,111 $ 962 Adjustments to reconcile net income (loss) to net cash flows provided by (used in) operatingactivities Depreciation, amortization, and accretion, including nuclear fuel and contract amortization 2,368 1,300 Deferred income taxes and amortization of ITCs 740 14 Net fair value changes related to derivatives (589) 188 Net realized and unrealized (gains) losses on NDT funds (419) (336) Net realized and unrealized (gains) losses on equity investments 24 275 Other non-cash operating activities (240) (21) Changes in assets and liabilities: Accounts receivable 307 208 Inventories (63) 17 Accounts payable and accrued expenses (1,277) (229) Option premiums received (paid), net (52) 18 Collateral received (posted), net (357) (242) Income taxes 13 209 Pension and non-pension postretirement benefit contributions (200) (181) Other assets and liabilities (813) (598) Net cash flows provided by (used in) operating activities 1,553 1,584 Cash flows from investing activities Capital expenditures (2,521) (1,573) Proceeds from NDT fund sales 4,737 3,830 Investment in NDT funds (4,911) (3,999) Acquisition of Calpine, net of cash and restricted cash acquired (2,537) — Other investing activities 131 (16) Net cash flows provided by (used in) investing activities (5,101) (1,758) Cash flows from financing activities Change in short-term borrowings 2,586 — Proceeds from short-term borrowings with maturities greater than 90 days 4,500 900 Repayments of short-term borrowings with maturities greater than 90 days (3,500) — Issuance of long-term debt 5,001 — Retirement of long-term debt (5,352) (1,008) Dividends paid on common stock (309) (244) Repurchases of common stock (1,971) (400) Other financing activities (78) (141) Net cash flows provided by (used in) financing activities 877 (893) Increase (decrease) in cash, restricted cash, and cash equivalents (2,671) (1,067) Cash, restricted cash, and cash equivalents at beginning of period 3,748 3,129 Cash, restricted cash, and cash equivalents at end of period $ 1,077 $ 2,062 3
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Table of Contents Constellation Energy Corporation GAAP Consolidated Statements of Operations and Adjusted (non-GAAP) Operating Earnings Reconciling Adjustments (unaudited) (in millions, except per share data) Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 GAAP Non-GAAP Adjustments GAAP Non-GAAP Adjustments Operating revenues $ 7,504 $ 525 (b),(c),(d) $ 6,101 $ (87) (b),(c) Operating expenses Purchased power and fuel 4,023 (114) (b),(d) 3,132 77 (b) Operating and maintenance 2,253 (214) (c),(e),(h) 1,617 (76) (c),(e) Depreciation and amortization 443 (14) (c),(e) 254 (32) (c),(g) Taxes other than income taxes 207 (3) (e) 147 — Total operating expenses 6,926 5,150 Gain (loss) on sales of assets 2 — — — Operating income (loss) 580 951 Other income and (deductions) Interest expense, net (283) 16 (b),(e) (118) (2) (b) Other, net 603 (574) (b),(c),(f) 440 (418) (b),(c),(f) Total other income and (deductions) 320 322 Income (loss) before income taxes 900 1,273 Income tax (benefit) expense 398 (95) (b),(c),(d),(e),(f),(h) 440 (237) (b),(c),(e),(f),(g) Equity in losses of unconsolidated affiliates 6 — — — Net income (loss) 508 833 Net income (loss) attributable to noncontrollinginterests (5) — (6) 1 (i) Net income (loss) attributable to commonshareholders $ 513 $ 839 Effective tax rate 44.2 % 34.6 % Earnings per average common share Basic $ 1.42 $ 2.67 Diluted $ 1.42 $ 2.67 Average common shares outstanding Basic 360 314 Diluted 360 314 __________ (a) Results reported in accordance with GAAP. (b) Adjustment for unrealized gains and losses on economic hedges, interest rate swaps, and fair value adjustments related to gas imbalances and equity investments. (c) Adjustment for all gains and losses associated with Nuclear Decommissioning Trusts (NDT), Asset Retirement Obligation (ARO) accretion, Asset Retirement Cost (ARC) Depreciation, ARO remeasurement, and any earnings neutral impacts of contractual offset for Regulatory Agreement Units. (d) In 2026, reflects the non-cash impacts of the amortization of certain commodity contracts at fair value associated with the Calpine acquisition. (e) Adjustment for costs associated with the completion of the Calpine merger and subsequent integration of its operations. (f) Adjustment for Pension and Other Postretirement Employee Benefits (OPEB) Non-Service credits. (g) Adjustments related to plant retirements and divestitures. (h) Adjustment for changes in legal and environmental liabilities. (i) Adjustment for elimination of the noncontrolling interest related to certain adjustments. (a) (a) 4
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Table of Contents Constellation Energy Corporation GAAP Consolidated Statements of Operations and Adjusted (non-GAAP) Operating Earnings Reconciling Adjustments (unaudited) (in millions, except per share data) Six Months Ended June 30, 2026 Six Months Ended June 30, 2025 GAAP Non-GAAP Adjustments GAAP Non-GAAP Adjustments Operating revenues $ 18,626 $ (586) (b),(c),(d) $ 12,889 $ 199 (b),(c) Operating expenses Purchased power and fuel 10,375 (416) (b),(d) 7,516 (7) (b) Operating and maintenance 4,033 (145) (c),(e),(i) 3,162 (154) (c),(e),(i) Depreciation and amortization 886 (34) (c),(e) 502 (69) (c),(g) Taxes other than income taxes 436 (5) (e) 307 — Total operating expenses 15,730 11,487 Gain (loss) on sales of assets 16 — — — Operating income (loss) 2,912 1,402 Other income and (deductions) Interest expense, net (536) 32 (b),(e) (264) 32 (b) Other, net 649 (580) (b),(c),(f) 286 (231) (b),(c),(f) Total other income and (deductions) 113 22 Income (loss) before income taxes 3,025 1,424 Income tax (benefit) expense 928 (327) (b),(c),(d),(e),(f),(h),(i) 462 (88) (b),(c),(e),(f),(g) Equity in income (losses) of unconsolidated affiliates 14 — — — Net income (loss) 2,111 962 Net income (loss) attributable to noncontrollinginterests 8 3 (j) 5 3 (j) Net income (loss) attributable to commonshareholders $ 2,103 $ 957 Effective tax rate 30.7 % 32.4 % Earnings per average common share Basic $ 5.89 $ 3.05 Diluted $ 5.88 $ 3.05 Average common shares outstanding Basic 357 314 Diluted 357 314 __________ (a) Results reported in accordance with GAAP. (b) Adjustment for unrealized gains and losses on economic hedges interest rate swaps, and fair value adjustments related to gas imbalances and equity investments. (c) Adjustment for all gains and losses associated with NDTs, ARO accretion, ARC Depreciation, ARO remeasurement, and any earnings neutral impacts of contractual offset for Regulatory Agreement Units. (d) In 2026, reflects the non-cash impacts of the amortization of certain commodity contracts at fair value associated with the Calpine acquisition. (e) Adjustment for costs associated with the completion of the Calpine merger and subsequent integration of its operations. (f) Adjustment for Pension and OPEB Non-Service credits. (g) Adjustments related to plant retirements and divestitures. (h) Adjustment to deferred income taxes due to changes in forecasted apportionment. (i) Adjustment for changes in legal and environmental liabilities. (j) Adjustment for elimination of the noncontrolling interest related to certain adjustments. (a) (a) 5
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Table of Contents Statistics Three Months Ended June 30, Six Months Ended June 30, (GWhs) 2026 2025 2026 2025 Nuclear Generation Mid-Atlantic 12,676 12,263 26,002 25,440 Midwest 23,112 23,760 46,086 47,356 New York 6,336 6,632 12,351 12,913 ERCOT 2,036 2,515 4,388 5,044 Total Nuclear Generation 44,160 45,170 88,827 90,753 Natural Gas, Oil, and Renewables Mid-Atlantic 611 810 1,351 1,442 Midwest 273 258 617 643 ERCOT 3,742 3,206 6,480 6,290 Other Power Regions 1,109 1,286 2,852 3,090 Calpine 24,914 — 51,411 — Total Natural Gas, Oil, and Renewables 30,649 5,560 62,711 11,465 Purchased Power Mid-Atlantic 3,063 3,750 7,157 8,544 Midwest 394 475 811 963 ERCOT 640 837 1,326 1,495 Other Power Regions 8,181 9,849 17,496 20,844 Calpine 2,728 — 4,817 — Total Purchased Power 15,006 14,911 31,607 31,846 Total Supply/Sales by Region Mid-Atlantic 16,350 16,823 34,510 35,426 Midwest 23,779 24,493 47,514 48,962 New York 6,336 6,632 12,351 12,913 ERCOT 6,418 6,558 12,194 12,829 Other Power Regions 9,290 11,135 20,348 23,934 Calpine 27,642 — 56,228 — Total Supply/Sales by Region 89,815 65,641 183,145 134,064 Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Outage Days Refueling 86 41 185 129 Non-refueling 20 22 20 22 Total Outage Days 106 63 205 151 __________ (a) Includes the proportionate share of output where we have an undivided ownership interest in jointly-owned generating plants. (b) Outage days exclude Salem and STP. (a) (a) (b) 6
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Table of Contents Electricity Reference Prices Three Months Ended June 30, Six Months Ended June 30, ISO/RTO 2026 2025 2026 2025 PJM - PJM West $ 51.40 $ 42.43 $ 74.28 $ 48.06 PJM - ComEd 29.32 31.09 40.01 33.20 NYISO - Central 40.51 37.40 76.37 56.36 ERCOT - North 29.58 32.75 35.12 32.07 ERCOT - Houston 32.62 36.95 35.59 34.34 ISO-NE - Southeast Massachusetts 48.18 40.31 83.50 72.53 CAISO - NP15 17.28 26.62 23.14 33.79 Capacity Reference Prices Three Months Ended June 30, Six Months Ended June 30, ISO/RTO 2026 2025 2026 2025 PJM - Eastern Mid-Atlantic Area Council $ 289.67 $ 125.71 $ 279.80 $ 89.65 PJM - ComEd 289.67 109.25 279.80 69.09 NYISO - Rest of State 195.67 132.89 154.00 109.61 ISO-NE - Rest of Pool 84.99 83.17 84.68 82.87 ZEC Reference Prices Three Months Ended June 30, Six Months Ended June 30, State (Segment) 2026 2025 2026 2025 New Jersey (Mid-Atlantic) $ — $ 10.00 $ — $ 10.00 Illinois (Midwest) 1.12 6.64 1.15 8.01 New York (New York) 14.76 14.76 14.76 16.52 Natural Gas Prices Three Months Ended June 30, Six Months Ended June 30, Location 2026 2025 2026 2025 Henry Hub $ 2.93 $ 3.16 $ 3.91 $ 3.71 Transco Zone 6 2.13 2.40 5.78 4.22 Houston Ship Channel 2.45 2.74 2.85 3.10 PG&E Citygate 1.55 2.81 1.81 3.26 Algonquin Citygate 2.37 2.86 8.19 7.32 __________ (a) Reference prices may not necessarily reflect prices we ultimately realized. (b) We did not have significant activity at this zone for the three months ended June 30, 2025. (c) The NY and NJ state-sponsored programs providing compensation for the emissions-free attributes of generation from certain of our nuclear units include contractual provisions that require us to refund that compensation up to the amount of the nuclear PTC received. (d) The New Jersey ZEC program concluded in May 2025. (e) Transcontinental Gas pipeline located in Mid-Atlantic region. (f) Houston-area pipeline and industrial network located in ERCOT region. (g) Pacific Gas & Electric Company virtual trading point located in West region. (h) Algonquin Gas Transmission physical delivery point located in New England region. (a) (b) (a) (c)(d) (c) (a) (e) (f) (g) (h) 7