Constellation Energy Market Performance
GAAP to Non-GAAP Reconciliations(1)
Net Debt (a)
Debt/EBITDA =
Adjusted EBITDA* (b)
Net Debt Calculation
Long-Term Debt (including current maturities)
+ Short-Term Debt
- Cash on Balance Sheet
= Net Debt (a)
Debt/ EBITDA
Excluding Non-Recourse
Net Debt (c)
Adjusted EBITDA* (d)
Net Debt Calculation Excluding Non-Recourse
Long-Term Debt (including current maturities)
+ Short-Term Debt
- Cash on Balance Sheet
- Non-Recourse Debt
=
Net Debt Excluding Non-Recourse (c)
Adjusted EBITDA Calculation
GAAP Operating Income
+ Depreciation & Amortization
= EBITDA
+/-GAAP to Operating Adjustments
= Adjusted EBITDA* (b)
Adjusted EBITDA Calculation Excluding Non-Recourse
GAAP Operating Income
+ Depreciation & Amortization
= EBITDA
+/- GAAP to Operating Adjustments
- EBITDA from Projects Financed by Non-Recourse Debt
= Adjusted EBITDA* Excluding Non-Recourse Debt (d)
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(1) Due to the forward-looking nature of some forecasted non-GAAP measures, information to reconcile the forecasted adjusted (non-GAAP) measures to the most directly comparable
GAAP measure may not be currently available; therefore, management is unable to reconcile these measures
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