Market Overview - Pre-market trading has declined, reflecting a cautious sentiment towards AI infrastructure spending and a lack of economic data, particularly during what was expected to be Jobs Week [1] - The market has seen a downward trend over the past five days, moving away from all-time highs reached in late October [1] Employment Data - Non-farm payroll numbers from the U.S. Bureau of Labor Statistics (BLS) are unavailable due to a government shutdown, with estimates suggesting a loss of 60,000 jobs last month [2] - The unemployment rate is expected to rise to 4.5%, while hourly wages are anticipated to remain steady at a year-over-year increase of 0.3% [2] - ADP reported an addition of 42,000 new jobs, which is better than BLS estimates but still indicates a weak labor market [3] - The Challenger Job Cuts report indicated 153,000 job cuts, highlighting ongoing challenges in employment [3] Interest Rate Expectations - There is a tentative expectation for a 25 basis-point interest rate cut in approximately 4.5 weeks, although market indexes may have already priced in this cut [4] - The "neutral rate" of inflation is uncertain but is believed to be higher than the optimal 2% [4] Earnings Reports - Wendy's (WEN) reported Q3 earnings of $0.24 per share, exceeding expectations by 20%, leading to a 9% increase in shares [5] - Six Flags Entertainment (FUN) posted earnings of $3.28 per share, surpassing the consensus estimate by 46.4%, although shares are down 2% in early trading [5] - Fluor (FLR) reported Q3 earnings of $0.68 per share, beating expectations by 54.55%, with shares up 4.6% in pre-market trading [6] - Constellation Energy (CEG) reported earnings of $3.04 per share, falling short of the anticipated $3.13, resulting in a 6.3% decline in shares [7] - Canopy Growth (CGC) shares increased by 12% despite reporting a loss of $0.01 per share, an improvement from the expected loss of $0.10 [8] Consumer Sentiment and Credit - The University of Michigan Consumer Sentiment report for November is expected to show a slight decrease to 53.0 from 53.6, remaining above the neutral threshold of 50 [9] - Consumer credit for September is projected to total $10.0 billion [9]

Financial Data and Key Metrics Changes - The company reported third-quarter GAAP earnings of $2.97 per share and adjusted operating earnings of $3.04 per share, which is an increase of $0.30 per share compared to the same period last year [6][19]. - The company experienced fewer nuclear outage days, both planned and unplanned, compared to the same period last year, contributing to higher generation volumes and lower O&M expenses [19][20]. Business Line Data and Key Metrics Changes - The nuclear fleet achieved a capacity factor of 96.8%, which is approximately 4% higher than the industry average, equating to the output of an additional reactor on a full-year basis [22]. - The renewable and natural gas fleets performed near plan, with renewable energy capture at 96.8% and power dispatch match at 95.5% [22]. Market Data and Key Metrics Changes - The company noted a strong performance in capacity revenues following the 2025-2026 capacity auction, with non-CMC units capturing almost all benefits from higher capacity prices [20]. - ZEC prices in both the Midwest and New York were lower compared to the third quarter of last year, impacting overall revenue [21]. Company Strategy and Development Direction - The company is focused on closing the Calpine transaction and integrating the two companies to enhance value for customers and shareholders [30]. - There is a strong public support for nuclear energy, with nearly three-quarters of the public supporting it and nine out of ten believing in extending licenses for existing plants [11][12]. - The company is exploring energy options for Maryland and the region, including a commitment to bring 835 megawatts through the restart of the Crane Clean Energy Center [16][17]. Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to complete transactions in the data economy market, noting that customer sophistication has increased significantly [8][9]. - The company is optimistic about the future of nuclear energy, citing bipartisan support and recent government initiatives aimed at expanding nuclear capabilities [12][14]. - Management highlighted the importance of practical reforms to facilitate the interconnection of large loads to the grid, which is crucial for maintaining leadership in artificial intelligence [9]. Other Important Information - The company has reached a landmark agreement with the state of Maryland regarding the continued operation of the Conowingo Dam for the next 50 years [10]. - The company has executed a renewal and upsizing of its credit facilities, positioning itself for the close of the Calpine transaction with $14 billion of liquidity post-deal [27][28]. Q&A Session Summary Question: Confidence in announcing another hyperscale deal by year-end - Management is focused exclusively on front-of-the-meter deals and expects to complete transactions soon, potentially before the fourth quarter call [36][38]. Question: Potential delay in the Calpine asset sale process - Management feels confident about the timeline for divestiture and is not in a hurry to complete asset sales, as the market is supportive [49][51]. Question: Thoughts on power market dynamics and new entrants - Management sees significant growth in data center investments and believes the interest in new generation reflects a durable growth cycle [53][54]. Question: Update on Three Mile Island progress - Progress is going well, with critical items completed and no new challenges emerging [60][61]. Question: Impact of rising energy prices on contracts - Rising energy prices are favorable for the company, enhancing the environment for asset sales and contract negotiations [62][64]. Question: Specifics on natural gas capacity in Maryland - The company plans to relocate lightly used assets from the Midwest and New England to Maryland, which are state-of-the-art in terms of performance [72]. Question: Comfort level with new nuclear construction - Management remains cautious about new nuclear construction, emphasizing the need for durable PPAs and clear pricing before committing capital [73][76]. Question: Demand response initiatives and customer willingness - The company is seeing strong interest from industrial customers in demand response programs, with innovative product structures being developed [86][88]. Question: Retail margins in PJM - Retail margins are on the upper end of historical ranges, with stronger margins observed in sustainability-related products [90]. Question: Concerns about the ability to sign contracts for generation assets - Management is confident in executing transactions and believes that the demand response product offering anticipates market needs [96][98]. Question: Portfolio of generating assets for long-term PPAs - Management sees room for long-term deals and is focused on executing contracts to meet growing demand [105][106].

Financial Data and Key Metrics Changes - The company reported third quarter GAAP earnings of $2.97 per share and adjusted operating earnings of $3.04 per share, which is an increase of $0.30 per share compared to the same period last year [6][19]. - The company experienced fewer nuclear outage days, both planned and unplanned, compared to the same period last year, contributing to higher generation volumes and lower O&M expenses [20][22]. Business Line Data and Key Metrics Changes - The nuclear fleet achieved a capacity factor of 96.8%, which is approximately 4% higher than the industry average, equating to the output of an additional reactor on a full-year basis [22]. - The renewable and natural gas fleets performed near plan, with renewable energy capture at 96.8% and power dispatch match at 95.5% [22]. Market Data and Key Metrics Changes - The company noted a strong performance in the commercial and generation businesses, with sales margins above long-term averages and renewal rates for both power and gas remaining strong [23][24]. - The company is seeing a significant increase in interest from customers in the data economy, indicating a robust market environment [8][54]. Company Strategy and Development Direction - The company is focused on closing the Calpine transaction and integrating the two companies to enhance value for customers and shareholders [30]. - The company is actively pursuing opportunities in the data economy and is confident in its ability to execute transactions that will meet the growing demand for clean energy [31][54]. Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the continued growth of the nuclear sector, supported by public and governmental backing for nuclear energy [12][15]. - The company is optimistic about the future, citing strong cash flow and a solid earnings growth profile, particularly through strategic transactions and partnerships in the data economy [31][32]. Other Important Information - The company reached a landmark agreement with the state of Maryland for the continued operation of Conowingo Dam for the next 50 years, which is seen as a win-win outcome for clean energy in the region [10]. - The company has executed a renewal and upsizing of its credit facilities, positioning itself for the close of the Calpine transaction with $14 billion of liquidity post-deal [27][28]. Q&A Session Summary Question: Update on hyperscaler deals - Management is focused on front-of-the-meter deals and expects to complete transactions soon, potentially before the next quarterly call [36][39]. Question: Calpine asset sale process - Management is confident about the timeline for asset sales and is not in a hurry, as the market is supportive of asset sales [49][51]. Question: Demand response initiatives - The company is seeing strong interest from industrial customers in demand response programs and is working on innovative product structures to attract long-term commitments [88][90]. Question: Retail margins in PJM - Retail margins are on the upper end of historical ranges, with stronger margins observed in sustainability-related products [93]. Question: New nuclear construction - Management remains cautious about new nuclear construction, emphasizing the need for durable PPAs and clear pricing before committing significant capital [73][75].

Financial Data and Key Metrics Changes - Constellation Energy reported third-quarter GAAP earnings of $2.97 per share and adjusted operating earnings of $3.04 per share, an increase of $0.30 per share compared to the same period last year [5][17][22] - The company experienced fewer nuclear outage days, both planned and unplanned, contributing to higher generation volumes and lower O&M expenses year-over-year [18][19] - The stock has appreciated over 50% year-to-date, benefiting shareholders but creating O&M headwinds from stock compensation plans [22][26] Business Line Data and Key Metrics Changes - The nuclear fleet achieved a capacity factor of 96.8%, consistently outperforming the industry average by about 4% [19] - Renewable energy capture was at 96.8%, and power dispatch matched at 95.5% during the quarter [19] - The commercial team reported strong performance with sales margins above long-term averages, although a decline in CNI gas renewal rates was noted due to the loss of a large low-margin customer [20][21] Market Data and Key Metrics Changes - The market for nuclear energy is experiencing increased public support, with nearly three-quarters of the public favoring nuclear energy and nine out of ten supporting the extension of licenses for existing plants [10][11] - The company is seeing a significant increase in interest from sophisticated customers in the data economy, indicating a shift in buyer maturity [6][7] Company Strategy and Development Direction - Constellation is focused on closing the Calpine transaction and integrating the two companies to enhance value for customers and shareholders [27] - The company is actively pursuing opportunities in the data economy and is committed to providing clean, reliable energy solutions [28] - The strategic emphasis is on maintaining a strong balance sheet, delivering annual dividend growth, and pursuing growth opportunities that meet a double-digit unlevered return threshold [26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to execute transactions in the data economy and highlighted the importance of practical reforms for connecting large loads to the grid [8][10] - The company remains cautious yet optimistic about new nuclear construction, emphasizing the need for durable PPAs and clear pricing [46][47] - The overall power demand is expected to grow, and Constellation's existing fleet is well-positioned to meet future energy needs [28] Other Important Information - A landmark agreement was reached with the state of Maryland for the continued operation of Conowingo Dam for the next 50 years, ensuring a vital source of clean energy [9] - The company is exploring energy options for Maryland and the region, including the potential for new dispatchable generation resources [15] Q&A Session Summary Question: Update on hyperscaler deals - Management is focused on front-of-the-meter deals and expects to complete transactions soon, potentially before the next quarterly call [30] Question: Concerns about Calpine asset sale delays - Management is confident about the timeline for asset sales and is not in a hurry, ensuring the right assets are targeted for divestiture [36] Question: Insights on power market dynamics - Management noted that energy prices are rising, which is favorable for asset sales and contract negotiations [41][42] Question: Demand response initiatives - The company is seeing strong interest from industrial customers in demand response programs, aiming to provide innovative solutions [52][53] Question: Retail margins in PJM - Retail margins remain strong, with some competitive pressures noted, but overall margins are above historical averages [55]

Financial Performance - Q3 2025 GAAP earnings were $2.97 per share[11], while Adjusted Operating Earnings* were $3.04 per share[11] - The company narrowed its standalone Adjusted Operating Earnings* guidance range to $9.05 - $9.45 per share[11] - Constellation's nuclear fleet operated at nearly full power over the summer, providing clean, reliable energy for approximately 16 million homes[11] - The company generated approximately 47.2 TWh of emissions-free electricity, avoiding approximately 31.7 million metric tons of carbon dioxide[24] Strategic Initiatives and Growth - The Calpine acquisition remains on track to close in Q4[11] - Constellation reached a historic settlement with Maryland to provide clean energy from the Conowingo Dam for another 50 years[11] - The company filed for expedited permitting of up to 1,500 MWs in Maryland to support reliability[11, 16] - A five-year credit facility increased to $7.0 billion, maturing September 2030[35] Nuclear Energy and Policy Support - Recent polling indicates that 72% of U.S adults favor nuclear energy, with 87% supporting license renewals and 64% agreeing with building new nuclear[14] - New York supports new and existing nuclear, with Governor Hochul calling for adding 1 GW of new nuclear in New York[14]

Earnings Reports - Major earnings reports are expected from The Walt Disney Company before the market opens next Thursday and from Applied Materials Inc. after the market closes on the same day [1] - Cisco Systems Inc. will also report earnings after the market closes next Wednesday [1] - This Friday will feature earnings from several utilities and financial companies, including Constellation Energy Corporation, KKR & Co. Inc., and Enbridge Inc. [1] Upcoming Earnings Days - Next Monday and Wednesday are anticipated to be dense earnings days, with significant clusters of reports in sectors such as real estate, technology, financials, and biotechnology [1]

Constellation Energy Corporation (CEG) came out with quarterly earnings of $3.04 per share, missing the Zacks Consensus Estimate of $3.13 per share. This compares to earnings of $2.74 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -2.88%. A quarter ago, it was expected that this company would post earnings of $1.83 per share when it actually produced earnings of $1.91, delivering a surprise of +4.37%.Over the last four quarte ...

Earnings Season Overview - The third quarter earnings season is underway, with several AI companies reporting results, including Palantir, AMD, and Supermicro [1] - As of October 31, 64% of S&P 500 companies have reported results, with analysts expecting a 10.7% increase in earnings per share for Q3, marking the fourth consecutive quarter of double-digit earnings growth, although a deceleration from the 12% growth in Q2 [2][3] Constellation Energy - Constellation Energy's stock fell nearly 6% after reporting Q3 earnings that missed expectations, with GAAP earnings per share of $2.97 compared to estimates of $3.05, although revenue of $6.57 billion exceeded the $6.46 billion estimate [5][6] - The company narrowed its full-year adjusted operating earnings guidance to a range of $9.05–$9.45 per share, down from a previous range of $8.90-$9.60 [7] - Year-to-date, Constellation Energy's stock is up 57% [8] Wendy's - Wendy's reported Q3 revenue of $549 million, a 3% decline year-over-year but above the expected $534 million, with earnings per share of $0.24 exceeding estimates of $0.20 [9][10] Block (Jack Dorsey-led) - Block's shares fell 15% after reporting Q3 earnings that missed expectations, with earnings per share of $0.54 on revenue of $6.11 billion, compared to estimates of $0.68 per share and $6.31 billion in revenue [12][17] - Square's gross profit rose 9% to $1.01 billion, while Cash App gross profit grew 24% to $1.6 billion [18] Opendoor - Opendoor reported Q3 revenue of $915 million, above expectations of $882 million, but a loss per share of $0.12 was wider than the expected $0.07 loss [20][23] - The company expects similar declines in Q4, with an adjusted EBITDA loss forecasted in the high-$40 million to mid-$50 million range [24][25] Airbnb - Airbnb's stock rose 5% as international bookings supported solid revenue growth, reporting 133.6 million nights booked, a 9% increase year-over-year [26][27] Under Armour - Under Armour reported a net loss of $0.04 per share on revenue of $1.33 billion, with net sales declining 4.7% year-over-year [28][29] - The company expects revenue to decline 4% to 5% for the full fiscal year [30][31] ConocoPhillips - ConocoPhillips reported adjusted earnings per share of $1.61, beating estimates of $1.41, and raised its fourth-quarter dividend by 8% to $0.84 per share [33][34] Moderna - Moderna reported a smaller-than-expected loss of $0.51 per share on revenue of $1 billion, a 45% decrease from the previous year, primarily due to declining COVID vaccine sales [35][36] - The company narrowed its full-year revenue guidance to a range of $1.6 billion to $2 billion [38] E.l.f. Beauty - E.l.f. Beauty's stock fell over 21% after posting a disappointing full-year outlook, expecting net sales between $1.55 billion to $1.57 billion, below expectations of $1.65 billion [40][41] Chime - Chime reported annual revenue growth of 29% in the September quarter, with revenue of $544 million, and raised its full-year forecast due to a surge in new members [44][45] Snap - Snap's stock soared over 22% after reporting a revenue beat and announcing a partnership with Perplexity AI, with revenue growing 10% year-over-year to $1.5 billion [49][51]

Core Insights - The energy company exceeded quarterly revenue expectations but did not meet adjusted earnings forecasts [1] Revenue Performance - The company reported quarterly revenue that surpassed market expectations, indicating strong sales performance [1] Earnings Analysis - Despite the revenue beat, the company's adjusted earnings fell short of forecasts, suggesting potential challenges in cost management or operational efficiency [1]

Exhibit 99.1 News Release Contact: Linsey Wisniewski Corporate Communications 667-218-7700 Emily Duncan Investor Relations 833-447-2783 CONSTELLATION REPORTS THIRD QUARTER 2025 RESULTS Earnings Release Highlights Baltimore (Nov 7, 2025) — Constellation Energy Corporation (Nasdaq: CEG) today reported its financial results for the third quarter of 2025. "We achieved one of the highest operating quarters for our nuclear fleet and advanced major milestones like our historic settlement with Maryland for continue ...