NextEra Energy, Inc. (NEE) Earnings

Management highlights

### Core Operational Execution - NextEra Energy delivered Q2 2026 adjusted earnings per share of $1.15, with 9.8% year-over-year adjusted EPS growth through the first half of 2026. - FPL added 4 new cost-effective solar sites in Q2 2026, remains on track to install ~900 megawatts of solar and over 1.4 gigawatts of battery storage for full-year 2026, and owns/operates more solar and storage than any other U.S. utility. - NextEra Energy Transmission completed a 137-mile 345-kV transmission project in New Mexico ahead of schedule and on budget, and was selected via MISO for a 43% ownership stake in a $1.6 billion two-project 765 kV transmission portfolio in Illinois. - NextEra Energy Resources recontracted over 1,100 megawatts of year-to-date existing renewable projects, with Q2 2026 recontracting averaging a $20 per megawatt hour premium to prior realized pricing, on 15-year average contract terms. ### Large Load and Data Center Hub Growth - FPL increased its large load generation target from 6 gigawatts to 8 gigawatts by 2032, with 21 gigawatts of total customer interest and 12 gigawatts in advanced discussions; management expects to announce at least one large load transaction by end-2026, with each gigawatt requiring ~$2 billion in capex earning the same ROE as other FPL investments. - NextEra Energy Resources has 30 active data center hub opportunities in discussion, with a target of 40 by end-2026, and a base case target of 15 gigawatts of new generation to serve large load by 2035 (upside case of 30+ gigawatts). ### Proposed Dominion Energy Combination - All required regulatory merger filings have been completed with state and federal agencies, the S-4 registration statement became effective in July 2026, proxy materials will be distributed shortly, and shareholder meetings are expected in early September 2026. - The combination is expected to close in H2 2027, with projected 11% annual growth in regulatory capital employed through 2032 and 9%+ adjusted EPS growth through 2032 (9%+ target through 2035). The merger will include $2.25 billion in shareholder-funded bill credits for Dominion customers, preserve local operations and dual headquarters, and drive long-term affordability via scale efficiencies. ### Nuclear Development - The Duane Arnold Nuclear Plant recommissioning project remains on track to come online no later than Q1 2029, after receiving regulatory approval and completing acquisition of the remaining 30% minority interest to become sole owner. - NextEra is evaluating 6 gigawatts of small modular reactor (SMR) colocation opportunities at existing nuclear sites, with any new development requiring appropriate risk-sharing to limit NextEra exposure.

Guidance

- Consolidated 2026 adjusted earnings per share guidance range of $3.92 to $4.02 remains unchanged, with management targeting the high end of the range. - NextEra Energy continues to target 8%+ compound annual growth rate (CAGR) in adjusted EPS from 2025 through 2032, maintaining the same 8%+ CAGR target for 2032 through 2035 (2025 base adjusted EPS = $3.71). - Dividend guidance is maintained: 10% annual dividend per share growth through 2026 (off 2024 base), followed by 6% annual growth from end-2026 through 2028. - FPL full-year 2026 capital expenditure guidance is maintained at $12 billion to $13 billion.

Segment performance

1. Florida Power & Light (FPL): Q2 2026 earnings per share increased 5 cents year over year, driven by 9.3% year-over-year growth in regulatory capital employed. Q2 2026 capital expenditures totaled approximately $2.8 billion. For the 12 months ending June 2026, FPL's regulatory return on equity was approximately 11.7%. Average customer count increased by more than 90,000 year over year. Q2 2026 retail sales increased 0.4% year over year, or 0.6% on a weather-normalized basis. FPL contributed the majority of consolidated core earnings, representing approximately 60-65% of NextEra Energy's consolidated adjusted earnings. 2. NextEra Energy Resources: Reported 18% year-over-year adjusted earnings growth, with contributions from new investments increasing 9 cents per share year over year. 3.6 gigawatts of new renewables and storage projects were added to the development backlog in Q2 2026, bringing total backlog to 35.1 gigawatts after accounting for 1.1 gigawatts of projects placed into service. Total backlog for 2026-2029 represents approximately two-thirds of the midpoint of development expectations through 2029. 3. Corporate and Other: Adjusted earnings decreased by 4 cents per share year over year in Q2 2026.

Risks & headwinds

- Forward-looking statements are subject to inherent risks and uncertainties, with actual results potentially differing materially if key assumptions prove incorrect or unforeseen risks materialize, as detailed in NextEra Energy's SEC filings. - New nuclear development (including SMR projects) carries inherent cost overrun risk, and will only proceed with appropriate risk-sharing structures that limit NextEra shareholder exposure. - Large load and data center development requires successful local site selection and community approval; a prior high-profile proposed project (Project Tango) in West Palm Beach was rejected, highlighting permitting and community acceptance risk. - The Dominion merger requires approval from multiple state and federal regulatory bodies, with closing subject to successful completion of all regulatory review processes that can extend beyond initial projected timelines.

Analyst Q&A

• Q: The S-4 filing's internal standalone forecast appears to imply higher 2032 earnings than prior public guidance. Is this due to conservatism in public guidance, or changed underlying assumptions? /

  A: Management updates internal forecasts 8-10 times per year, and the S-4 forecast reflects stronger-than-expected origination performance for renewables and storage relative to the December 2025 investor conference forecast. $4 billion of the 2032 adjusted EBITDA increase comes from better-than-expected Energy Resources origination, plus an incremental increase from FPL raising its large load target from 6 to 8 gigawatts. Public guidance for 8%+ annual adjusted EPS growth through 2032 and 2035 remains unchanged, and the S-4 forecast reflects management's best current estimate of business performance.

• Q: What is driving the growing large load opportunity in Florida, and when will large load transactions be announced? /

  A: Strong growth interest in Florida stems from FPL's proven low-cost execution track record, exhausted surplus generation at other utilities, and new federal rules that level the playing field by requiring large load to pay its full cost. Recent state legislation codifying FPL's large load tariff provides long-term certainty for customers, and FPL's 90% baseload generation fleet allows fast integration of new capacity. Management will announce material transactions as they are completed, and does not intend to wait for quarterly earnings calls; at least one announcement is expected by the end of 2026.

• Q: Recent recontracting has delivered $20/MWh premiums on 15-year terms. Is this performance included in current guidance, and how are trending for project returns? /

  A: Higher recontracting premiums, stronger origination, and improved returns are all already reflected in the updated numbers included in the S-4 filing. Strong demand for generation combined with limited new supply has lifted pricing across the board, and the existing renewable portfolio has significant embedded option value, including co-located storage opportunities and large load hub enablement. NextEra's vertically integrated full-suite capability for large load customers also commands a market return premium, which is flowing through to improved project performance.

• Q: What is your updated outlook for new nuclear development timelines and risk? /

  A: The Duane Arnold recommissioning is progressing well and remains on track for Q1 2029 launch. For new SMR development, NextEra is encouraged by technical and commercial progress across leading OEMs, but any new build will only proceed with a balanced risk structure that allocates cost overrun risk to multiple parties (OEMs, government, customers) rather than concentrating it on NextEra shareholders. Capital at risk will be capped, and development will proceed in a measured fashion.