CEG 1Q Beat. Guidance Reaffirmed. No Data Center Deals

Research evidence excerpt

CEG 1Q Beat. Guidance Reaffirmed. No Data Center Deals

ct my personal views about the subject security(ies) and

subject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views

expressed in this research report.

I, Dushyant Ailani, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and

I, Hannah Velasquez, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and

As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this report receives compensation

based in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate, but various regulations

may prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports are published at irregular intervals

as appropriate in the analyst's judgement.

Investment Recommendation Record

(Article 3(1)e and Article 7 of MAR)

Recommendation Published May 12, 2026 0:02 A.M.

Recommendation Distributed May 12, 2026 0:02 A.M.

Company Specific Disclosures

Jefferies LLC is serving as advisor to Constellation Energy Group Nasdaq CEG in connection with its sale of generation assets in PJM to LS Power

Within the past twelve months, Constellation Energy Corp has been a client of Jefferies Financial Group Inc., its affiliates or subsidiaries and investment banking

services are being or have been provided.