Summary
Constellation Energy Corporation (CEG) has officially completed its acquisition of Calpine Corporation through a merger that closed on January 7, 2026. Calpine has been converted into an indirect, wholly-owned subsidiary of Constellation. This filing includes the audited consolidated financial statements of Calpine for the fiscal years ending December 31, 2025, 2024, and 2023, providing investors with detailed historical financial performance of the acquired entity. Additionally, the report contains unaudited pro forma condensed combined financial statements as of and for the year ended December 31, 2025. These pro forma statements offer a view of how CEG and Calpine would have performed financially if the acquisition had occurred prior to the reporting period, allowing investors to assess the potential impact and scale of the combined entity. The filing is a crucial update for understanding the integration of Calpine and its financial implications for Constellation.
Key Highlights
- 1Completion of Calpine acquisition effective January 7, 2026.
- 2Calpine is now an indirect, wholly-owned subsidiary of Constellation Energy Corporation.
- 3Audited consolidated financial statements for Calpine (FY 2025, 2024, 2023) are provided as Exhibit 99.1.
- 4Unaudited pro forma condensed combined financial statements for CEG and Calpine (FY 2025) are provided as Exhibit 99.2.
- 5The pro forma statements reflect the expected financial impact of the Calpine acquisition.
- 6The filing incorporates historical financial data of Calpine to support the integration analysis.