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What were the key takeaways from Constellation Energy’s earnings call?

- **Record financial performance**: Q3 earnings up 10% YoY, driven by nuclear reliability and cost control.
- **Data economy momentum**: Near-term hyperscale deals expected, with FOM focus reducing interconnection risk.
- **Strategic growth**: Calpine acquisition on track, with $14B liquidity and 10%+ EPS accretion potential.
- **Nuclear leadership**: 96.8% fleet capacity factor vs. industry average; 900 MW uprates in pipeline.
- **Capital discipline**: 10% dividend growth target; $600M buyback to return excess capital.

**【CEO Opening Remarks】**
- Q3 GAAP net income: $2.97 per share; adjusted operating earnings: $3.04 per share, up 10% YoY.
- Nuclear fleet capacity factor: 96.8%, outperforming industry average by 4%.
- Data economy progress: near-term hyperscale deals expected, with focus on front-of-meter (FOM) transactions.
- Maryland agreement: 700 MW natural gas capacity and 600 MW Conowingo hydro relicensing secured.
- Calpine acquisition on track for Q4 close, with $14B liquidity post-transaction.

**【CFO Financial Commentary】**
- Q3 O&M expenses down 5% YoY due to stock compensation headwinds; gross margin up 10% YoY.
- Full-year adjusted operating earnings guidance narrowed to $9.05–$9.45 per share.
- Calpine deal expected to provide EPS and FCF accretion, with combined company guidance in early 2026.
- Capital allocation priorities: balance sheet strength, 10%+ dividend growth, strategic investments, and $600M buyback.

**【Q&A Highlights】**
- **Hyperscale deals**: CEO confident in completing FOM transactions before Q4 call; pricing competitive vs. alternatives.
- **Calpine update**: Regulatory approvals progressing; no delays expected in asset sales process.
- **New nuclear**: CEO cautious but optimistic, requiring PPAs and government support; 2GW potential in Maryland.
- **Demand response**: 1,000 MW pipeline via AI-enabled curtailment; PJM-like capacity value expected.
- **Retail margins**: Strong in PJM, with sustainability products driving higher margins than pure commodity sales.

Constellation Energy Corporation(CEG)-20251107-2025 Q3 Earnings call transcript

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