Shares declined 6.7% as investors reacted negatively to cautious outlook signals and the lack of upward guidance revisions despite strong operational execution and record quarterly EBITDA. The reaffirmed guidance and absence of contribution from recently announced acquisitions left the market unimpressed amid ongoing deceleration risks.

• Reported approximately $1.5 billion adjusted EBITDA for Q1 2026, a record first-quarter result.
• Generation fleet demonstrated high reliability with 97% natural gas and 100% nuclear availability during severe winter weather.
• No guidance raise: 2026 adjusted EBITDA and free cash flow guidance ranges were reaffirmed but not increased.
• Outlook excludes expected benefits from the 5,500 MW Cogentrix acquisition and Meta power purchase agreements, delaying potential upside recognition.
• Returned approximately $600 million to shareholders year-to-date via accelerated share repurchases and dividends.