DOMINION ENERGY, INC Q3 FY2025 earnings call

• Priorities: Consistent achievement of financial commitments, on-time achievement of Coastal Virginia Offshore Wind project milestones, constructive regulatory outcomes. • CVOW update: 2/3 complete, 100% monopile installation completed, 63 transition pieces installed, second offshore substation jacket installed, third substation nearly complete, first turbine installation late next month, first power late first quarter 2026, project costs $11.2 billion, remaining Dominion costs ~$1.5 billion. • Charybdis: Vessel arrived in September, punch list items underway, expected cleared to load/install turbines in November. • Data center: ~47 gigawatts in contracting, ~28 gigawatts in substation engineering letters of authorization, ~9 gigawatts in construction letters of authorization, ~10 gigawatts in electric service agreements. • Other updates: Biannual review proceeding, PJM open window process, generation updates including Chesterfield Energy Reliability Center, utility scale solar and storage projects filing, Virginia Integrated Resource Plan filing. • Safety: OSHA recordable rate 0.28% through September.

Third quarter operating earnings were $1.06 per share, including $0.03 of RNG 45Z credits and $0.06 of worse than normal weather. Relative to third quarter 2024, positive factors included $0.06 from regulated investment growth, $0.08 from increased sales, $0.05 from DESC rate case settlement in 2024 and $0.03 from higher margins at Contracted Energy. Third quarter GAAP results were $1.16 per share. For CVOW, project is 2/3 complete, project costs at $11.2 billion, remaining project costs attributable to Dominion expected to be ~$1.5 billion. Data center demand has robust growth with ~47 gigawatts in various stages of contracting as of September 2025, up from ~40 gigawatts in December 2024.

• Narrowed full year guidance range to $3.33 to $3.48 per share, inclusive of RNG 45Z earnings, preserving midpoint of $3.40. • Confident in delivering full year results at or above midpoint assuming normal weather for last 2 months of 2025. • Reaffirming all other existing financial guidance. • Completed 2025 financing plan, focused on balance sheet conservatism. • Will provide comprehensive capital investment forecast update through 2030 on fourth quarter earnings call.

• Potential tariff policy changes could impact CVOW tariff exposure estimates. • Charybdis punch list items could cause delays, though any modest delay beyond November won't impact first power timing. • Nuclear new SMR delayed by 5 years due to financing, technology, and other circumstances. • Weather and other headwinds could affect financial performance if not normal. • Supply chain and labor constraints could impact CVOW turbine installation if final turbines slip into 2027, but small financial impact.

Q: On elections and risk to CVOW, A: Every statewide candidate supports CVOW, bipartisan support continues.

Q: Nature of Charybdis punchlist, A: 200 items identified, 120 closed, expected cleared in November.

Q: Follow-up on Charybdis approvals, A: Once punch list done, ready to go.

Q: Capital plan and balance sheet, A: Fourth quarter call will update capital plan, balance sheet at 15% FFO to debt, tracking well.

Q: Charybdis timing unrelated to government shutdown, A: Just punch list.

Q: Turbine cadence, A: First few slower, then pick up pace.

Q: PJM open window and capital plan, A: Assumptions conservative, potential upside.

Q: IRP nuclear delay, A: Financing, technology, and other circumstances.

Q: CVOW turbine slip financial impact, A: Small, dechunkified revenue stream.

Q: Data center in-service timing, A: Energization dates stretch through 2031, 4-7 years from delivery point request to meters.

Q: CVOW inter-array cable fabrication, A: On track, not linear.

Q: Nuclear federal support impact, A: Backstops on catastrophic and cost overrun risk valuable.

Q: Data center equipment queues, A: Advantaged due to size and relationships.

Q: CVOW slip impact on 2026 guide, A: Confident in maintaining financial plan.

Q: Generation cadence, A: Outlined in IRP, includes 2.6 gigawatts offshore wind by end 2026, etc.

Q: Charybdis press release, A: No press release or 8-K expected, tracked on vessel finder sites