NextEra Energy, Inc. Q1 FY2026 earnings call

• NextEra Energy off to terrific start in 2026, adjusted earnings per share increased by 10% year over year. - FPL's value proposition: Leverage diverse generation mix and resilient grid for low cost, reliable electricity. Added nearly 100,000 customers in first quarter. Expect to invest between $90 and $100 billion through 2032 in Florida. - Energy Resources: Growth in regulated electric and gas transmission portfolio. NextEra Energy Transmission secured more than $5 billion in new projects since 2023. Energy Resources has ownership interest in more than 1,000 miles of FERC regulated pipelines. Record quarter of new renewables and storage origination. Off to good start executing data center hub strategy. Strategic acquisition of Symmetry Energy Solutions. Rewire initiative and partnership with Google Cloud for AI transformation.

FPL: Earnings per share increased six cents year over year. Capital expenditures were approximately $3.2 billion for the quarter, expected full-year capital investments between $12 and $13 billion. Reported return on equity for regulatory purposes approximately 11.7%. Utilized approximately $306 million of the rate stabilization mechanism. Placed into service approximately 600 megawatts of new solar, owned and operated solar portfolio over 8.5 gigawatts. Customer growth with nearly 100,000 new customers, retail sales increased by approximately 3.4% year over year. Energy Resources: Adjusted earnings growth of approximately 14% year over year. Contributions from new investments increased four cents per share year over year. Existing clean energy portfolio increased one cent per share. Customer supply business contribution decreased by four cents per share. Contributions from NextEra Energy Transmission increased $0.05 per share year-over-year net of financing costs. Record quarter of new renewables and storage origination with four gigawatts added to the backlog, backlog now totals approximately 33 gigawatts.

• 2026 adjusted earnings per share expectations range of $3.92 to $4.02 remains unchanged, targeting high end. - Expect to grow adjusted earnings per share at a compound annual growth rate of 8% plus through 2032 and target same from 2032 through 2035 off 2025 base of $3.71 adjusted earnings per share. - Expect average annual growth in operating cash flow at or above adjusted earnings per share compound annual growth rate range from 2025 to 2032. - Expect to grow dividends per share at roughly 10% per year through 2026 off 2024 base and 6% per year from year end 2026 through 2028.

Q: Steve Fleischman with Wolf Research asked about milestones and timeline for U.S.-Japan projects, turbine supply, gas pipeline access and transmission access, and price increase in new recontracting contracts.

A: John Ketchum responded on milestones (next two to three months for definitive agreements), turbine supply (ample), gas pipeline access and transmission access (part of development), and price increase ($20 per megawatt hour on average).

Q: Julian Dumoulin-Smith with Jefferies asked about expanding linear infrastructure, acquisitive strategy, and BTM effort.

A: John Ketchum talked about transmission and pipeline expansion, acquisition potential, and BTM efforts related to data centers and NVIDIA collaboration.

Q: Char Perez with Wells Fargo asked about large-scale nuclear, consortium, SMRs vs AP1000, and Point Beach.

A: John Ketchum discussed Turkey Point, SMR focus, and ongoing discussions for Point Beach.

Q: Bill Apicelli with UBS asked about backlog update, gas generation new build contracting.

A: Brian Bolster responded on backlog being due to fundamental demand, not tax credit acceleration, and gas generation constraints like labor and permitting.

Q: Nick Campanella with Barclays asked about FPL large load, CapEx increase, and Japan deal return.

A: Mike Dunn responded on FPL large load transaction, CapEx increase aligned with proactive measures, and Japan deal being capital light with potential fee streams.