Item 1A. RISK FACTORS

At March 31, 2026, our risk factors were consistent with the risk factors described in our 2025 Form 10-K in ITEM 1A. RISK FACTORS which was inclusive of the risks related to the Calpine acquisition and its operations.

Issuer Purchases of Equity Securities (CEG Parent)

During 2026, our Board of Directors approved a $4.4 billion increase relative to the remaining authorized amount to repurchase our outstanding common stock. No other repurchase plans or programs have been authorized. As of the date of this filing, we have approximately $4.7 billion of remaining authority for repurchases. See Note 16 — Shareholders' Equity of the Combined Notes to Consolidated Financial Statements for additional information regarding our share repurchase program.

No share repurchases occurred under the program during the three months ended March 31, 2026.

Not Applicable.