NextEra Energy : May Investor Presentation - Presentation

Published: 2026-05-04 07:29:09 ET NEE

Published on 05/04/2026 at 07:29 am EDT

May Investor Presentation

May 2026

NextEra Energy 1

~$317 B Enterprise Value1

Largest electric utility in the U.S.

~81 GW in Operations2

Largest energy infrastructure developer in the U.S.

Supply Chain & Buying Power

Customer Network

Market Knowledge

Operating Scale

Artificial Intelligence

Data, Analytics & Innovation

Access to Capital

Talent, Culture & Experience

Balance Sheet Strength

As of April 30, 2026

FPL and NextEra Energy Resources portfolio as of March 31, 2026; includes XPLR Infrastructure's portfolio reflected at NextEra Energy's ownership share 3

America's largest energy infrastructure developer

Operates one of America's largest nuclear fleets

Owner and operator of the largest electric utility in the U.S.

America's leading transmission utility and leading competitive transmission developer

World leader in renewables1

Better than top-decile operations across wind, solar, fossil and nuclear

World leader in battery storage

Industry leader in artificial intelligence and technology

Renewables include wind and solar 4

U.S. battery supply secured against expectations through 2029

Secured initial gas turbine capacity with GE Vernova for 4 GWs of combined-cycle gas plant capacity

Solar panel supply secured against expectations through 2029

Purchased switchgears and breakers through 2029

Majority of wind components sourced from domestic supply chain

Advancing bridge power solutions, including aeroderivatives, with GE Vernova

Sufficient wind sites with all expected federal permits to meet development expectations through 2029

Purchased transformers through 2030

1. 1.5x inventory coverage on projects and sites within our development expectations through 2030

1.5x

inventory coverage

on renewable projects1

NextEra Energy 5

Key Growth Drivers

Investing

Regulated Businesses

Florida Power & Light

Illustrative timeline of when we expect investments to drive earnings growth

2025 2030 2035+

Now and long term

FPL Large Load Electric Transmission Gas Transmission

Long-term Contracted Businesses

Renewables Storage

Gas Generation Nuclear

NEER Large Load Recontracting PPAs Customer Supply Artificial Intelligence

Investing

2029+

Investing

Now and long term Now and long term

2029+

Investing

Now and long term Now and long term

2028+

2029+

2030+

FPL added ~100,000 customers from the prior-year period

FPL plans to invest $90-$100 billion through 2032

FPL residential bills are ~20% lower than they were 20 years ago1, increasing ~2% annually

Top decile reliability that's ~68% better than the national average2

~21 GW of large load interest with ~12 GW in advanced discussions

Adjusted for inflation

2025 adjusted system average interruption duration index as reported to the FPSC; national average from PA Consulting ReliabilityOne database and EIA 2025 Report, (2024 data year); IOUs with 150K+ customers

NextEra Energy 7

Lone Star Transmission received ERCOT approval to build portions of two new transmission lines, which represents

~40% increase in Lone Star's rate base

Record quarter of origination, adding ~4.0 GW of renewables and storage to the backlog

~1.3 GW of storage origination

Standalone and co-located battery storage pipeline of ~110 GW plus expansion capability

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Recent Announcements:

Agreement with SRP1 to develop 3,000 MWs of new solar generation, enough capacity to power ~595,000 homes

JDA with Xcel to jointly plan to deploy new generation, storage and transmission to support accelerating data center demand across Xcel's 8 state territory

U.S. Department of Commerce selected NextEra Energy Resources to build 9.5 GW of new gas-generation2

NextEra Energy is positioned to deliver fast, market-ready solutions for customers

Salt River Project; subject to conditions

Subject to negotiation and execution of definitive documents by NextEra Energy and various constituents; projects would be owned jointly by Japan and the U.S.

Trusted partner with a national footprint and unmatched experience, capabilities and balance sheet strength

NextEra Energy 9

Large Load Base Case: 15 GW x 2035

Energy Resources' Hub Pipeline

>60 GW

~50 GW

December 2025

April 2026

~30 Hub Pipeline

~20 Hub Pipeline

December 2025 April 2026

Origination Channels Supporting Large Load Development Plan

15 GW x 2035

Base Case1

2035

4-8 GW

72-99 GW

2033-2035 Development Potential

Gas Generation

Federal Hubs

30 GW x 2035

Upside Case

Energy Resource Development Expectations 2026-2035

Renewables + Storage

Co-ops/Munis

Investor-Owned Utilities

Large Load Development Plan included within Development Expectations

2032

Direct-to-Hyperscalers

Hubs are expected to be met with ~50% gas generation and the remainder with all other forms of energy

Large Load Development Plan included in Energy Resources' development expectations through 2032 11

NextEra Energy Resources Development Program1

Wind2 3.2

3.5-5.5

2.0

3.0-5.0

0.6

2.0-4.0

8.5-14.5

Solar2 9.9

8.5-11.5

5.3

11.0-15.0

0.7

12.0-15.0

31.5-41.5

Battery 7.5

8.0-10.0

3.3

10.0-14.0

0.2

14.0-19.0

32.0-43.0

Gas 0.0

0.0

4.0-8.0

Nuclear 0.0

0.0

0.6

0.0

0.6

Total 20.7

20.0-27.0

11.1

24.6-34.6

1.6

32.0-46.0

76.6-107.6

4.0 GW of new generation and storage added to the backlog since the fourth quarter call

~2.2 GW of solar

~1.3 GW of battery storage

~0.5 GW of wind

2026-2027

COD & Backlog

2026-2027

Expectations

2028-2029

Backlog

2028-2029

Expectations

2030-2032

Backlog

2030-2032

Expectations

2026-2032

Expectations

Storage Generation

Energy Resources' backlog stands at ~33.0 GW3

Note: Totals may not foot due to rounding

GW capacity expected to be owned and/or operated by NextEra Energy Resources as well as build-own-transfers; backlog defined as assets with signed long-term power purchase agreements, build-own-transfer projects and assets with expected long-term agreements including power hedging and/or the sale of environmental attributes; includes repowering and repowering expectations for partially owned assets, reflected as NextEra Energy's expected ownership share; all projects are subject to development and construction risks includes origination expectations in the "15 by 35" channel

Includes repowering expectations for partially owned assets, reflected at NextEra Energy's expected ownership share

As of April 23, 2026; net of ~0.3 GW placed in service and ~0.4 GW of projects removed from backlog since January 27, 2026; includes ~0.0 GW for post-2032 delivery 12

NextEra Energy's Financial Expectations1

Expect 8%+ CAGR through 2032 off 2025 adjusted EPS2

Adjusted Earnings Per Share Expectations

8%+ Long-term Target2

8%+ Long-term Expectations2

$3.71 $3.92-$4.02

2025-2035E

Targeting top end of the adjusted EPS range for 2026

Targeting 8%+ CAGR through 2035 off 2025 adjusted EPS2

Operating Cash Flow3 expected to be at or above EPS growth rate range

Expect ~10% annual dividend per share growth for 2026, off a 2024 base, and 6% per year growth from year-end 2026 through 20284

2025 2026E 2030E 2032E 2035E

Subject to our caveats

2025 adjusted EPS of $3.71

2025 base of $12.5 B

Off a 2026E base; dividend declarations are subject to the discretion of the board of directors of NextEra Energy 13

Interest Rate Sensitivity

Estimated Adjusted EPS Impact of +50 bps Interest Rate Increase1

2026

$0.00-($0.01)

2027

($0.01)-($0.03)

2028

($0.02)-($0.04)

NextEra Energy's notional interest rate hedges total nearly $38.5 B2

Includes effect of interest rate hedges; the illustrative example above reflects an immediate 50-basis point upward shift in the yield curve which is assumed to then stay elevated through 2028

NEECH outstanding corporate hedge portfolio notional amount which excludes asset-level swaps as of December 31, 2025

NextEra Energy 15

(millions, except per share amounts)

FPL

Energy Resources

Corporate & Other

NextEra Energy, Inc.

Net Income (Loss) Attributable to NextEra Energy, Inc.

$ 5,012

$ 2,975

$ (1,152)

$ 6,835

Adjustments - Pretax:

Net losses (gains) associated with non-qualifying hedges

(38)

401

363

Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI - net

(114)

XPLR Infrastructure, LP investment gains - net

876

Less related income tax expense (benefit)

(176)

(101)

(277)

Adjusted Earnings (Loss)

$ 5,012

$ 3,523

$ (852)

$ 7,683

Earnings (Loss) Per Share Attributable to NextEra Energy, Inc. (assuming dilution)

$ 2.42

$ 1.44

$ (0.56)

$ 3.30

Adjustments - Pretax:

Net losses (gains) associated with non-qualifying hedges

(0.02)

0.20

0.18

Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI - net

(0.05)

XPLR Infrastructure, LP investment gains - net

0.42

Less related income tax expense (benefit)

(0.09)

(0.05)

(0.14)

Adjusted Earnings (Loss) Per Share

$ 2.42

$ 1.70

$ (0.41)

$ 3.71

NextEra Energy, Inc. Adjusted Earnings Expectations (including subsidiaries as applicable)

This presentation refers to adjusted earnings per share expectations. NextEra Energy does not provide a quantitative reconciliation of forward-looking adjusted earnings per share to earnings per share, the most directly comparable GAAP financial measure, because certain information needed to reconcile these measures is not available without unreasonable efforts due to the inherent difficulty in forecasting and quantifying these measures. These items include, but are not limited to, the effects of non-qualifying hedges and unrealized gains and losses on equity securities held in NextEra Energy Resources, LLC's nuclear decommissioning funds and other than temporary impairments. These items could significantly impact GAAP earnings per share. Adjusted earnings expectations and other forward-looking statements assume, among other things: normal weather and operating conditions; positive macroeconomic conditions in the U.S. and Florida; supportive commodity markets; current forward curves; public policy support for wind, solar and storage development and construction; market demand for generation development and capacity needs; market demand and policy support for transmission development and expansion; market demand for pipeline capacity; access to capital at reasonable cost and terms; rate case outcomes consistent with historical; no adverse litigation decisions; and no changes to governmental policies or incentives.

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This presentation contains "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical facts, but instead represent the current expectations of NextEra Energy, Inc. (together with its subsidiaries, NextEra Energy) regarding future operating results and other future events, many of which, by their nature, are inherently uncertain and outside of NextEra Energy's control.

Forward-looking statements in this presentation include, among others, statements concerning adjusted earnings per share expectations and future operating performance, statements concerning interest rate risk management, statements concerning future dividends, and statements concerning growth strategies, capital investment opportunities and technology initiatives. In some cases, you can identify the forward-looking statements by words or phrases such as "will," "may result," "expect," "anticipate," "believe," "intend," "plan," "seek," "potential," "projection," "forecast," "predict," "goals," "target," "outlook," "should," "would" or similar words or expressions. You should not place undue reliance on these forward-looking

statements, which are not a guarantee of future performance. The future results of NextEra Energy and its business and financial condition are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, or may require it to limit or eliminate certain operations. These risks and uncertainties include, but are not limited to, those discussed in this presentation and the following: effects of extensive regulation of NextEra Energy's business operations; inability of NextEra Energy to recover in a timely manner any significant amount of costs, a return on certain assets or a reasonable return on invested capital through base rates, cost recovery clauses, other regulatory mechanisms or otherwise; impact of political, regulatory, operational and economic factors on regulatory decisions important to NextEra Energy; effect of any reductions or modifications to, or elimination of, governmental incentives or policies that support clean energy or changes in or the imposition of additional tax laws, tariffs, duties, policies or other costs or assessments on clean energy or equipment necessary to generate, store or deliver it; impact of new or revised laws,

regulations, executive orders, interpretations or constitutional ballot and regulatory initiatives on NextEra Energy; capital expenditures, increased operating costs and various liabilities attributable to environmental laws, regulations and other standards applicable to NextEra Energy; effects on NextEra Energy of federal or state laws or regulations mandating new or additional limits on the production of greenhouse gas emissions; exposure of NextEra Energy to significant and increasing compliance costs and substantial monetary penalties and other sanctions as a result of extensive federal, state and local government regulation of its operations and businesses; effect on NextEra Energy of changes in tax laws, guidance or policies as well as in judgments and estimates used to determine tax-related asset and liability amounts; impact on NextEra Energy of adverse results of litigation; impacts of NextEra Energy of allegations of violations of law; effect on NextEra Energy of failure to proceed with projects under development or inability to complete the construction of (or capital improvements to) electric generation, storage, transmission and distribution facilities, natural gas and oil production and transportation facilities and other

facilities on schedule or within budget; impact on development and operating activities of NextEra Energy resulting from risks related to project siting, construction, permitting, governmental approvals and the negotiation of project development agreements, as well as supply chain disruptions; risks involved in the operation and maintenance of electric generation, storage, transmission and distribution facilities, natural gas and oil production and transportation facilities, and other facilities; effect on NextEra Energy of a lack of growth, slower growth or a decline in the number of customers or in customer usage; planned productivity increases and competitive advantages through the use of artificial intelligence technologies may not be realized and the use of and reliance on artificial intelligence may present certain risks; impact on NextEra Energy of severe weather and other weather conditions; threats of terrorism and catastrophic events that could result from geopolitical factors, terrorism, cyberattacks or other attempts to disrupt NextEra Energy's business or the businesses of third parties; inability to obtain adequate insurance coverage for protection of NextEra Energy against significant losses and risk that insurance

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coverage does not provide protection against all significant losses; a prolonged period of low natural gas and oil prices, disrupted production or unsuccessful drilling efforts could impact NextEra Energy's natural gas and oil production and transportation operations and cause NextEra Energy to delay or cancel certain natural gas and oil production projects and could result in certain assets becoming impaired; risk of increased operating costs resulting from unfavorable supply costs necessary to provide full energy and capacity requirements services; inability or failure to manage properly or hedge effectively the commodity risk within its portfolio; effect of reductions in the liquidity of energy markets on NextEra Energy's ability to manage operational risks; effectiveness of NextEra Energy's risk management tools associated with its hedging and trading procedures to protect against significant losses, including the effect of unforeseen price variances from historical behavior; impact of unavailability or disruption of power transmission or commodity transportation operations on sale and delivery of power or natural gas; exposure of NextEra Energy to credit and performance risk from customers, hedging counterparties and vendors; failure of counterparties to perform under derivative

contracts or of requirement for NextEra Energy to post margin cash collateral under derivative contracts; failure or breach of NextEra Energy's information technology systems, or implementation challenges; risks to NextEra Energy's retail businesses from compromise of sensitive customer data; losses from volatility in the market values of derivative instruments and limited liquidity in over-the-counter markets; impact of negative publicity; inability to maintain, negotiate or renegotiate acceptable franchise agreements; occurrence of work strikes or stoppages and increasing personnel costs; NextEra Energy's ability to successfully identify, complete and integrate acquisitions, including the effect of increased competition for acquisitions; environmental, health and financial risks associated with ownership and operation of nuclear generation facilities; liability of NextEra Energy for significant retrospective assessments and/or retrospective insurance premiums in the event of an incident at certain nuclear generation facilities; increased operating and capital expenditures and/or reduced revenues at nuclear generation facilities resulting from orders or new regulations of the Nuclear Regulatory Commission; inability to operate any of NextEra Energy's owned nuclear generation units

through the end of their respective operating licenses or planned license extensions; effect of disruptions, uncertainty or volatility in the credit and capital markets or actions by third parties in connection with project-specific or other financing arrangements on NextEra Energy's ability to fund its liquidity and capital needs and meet its growth objectives; defaults or noncompliance related to project-specific, limited-recourse financing agreements; inability to maintain current credit ratings; reduced liquidity from the inability of credit providers to fund their credit commitments or to maintain their current credit ratings; poor market performance and other economic factors that could affect NextEra Energy's defined benefit pension plan's funded status; poor market performance and other risks to the asset values of nuclear decommissioning funds; changes in market value and other risks to certain of NextEra Energy's assets and investments; effect of inability of NextEra Energy subsidiaries to pay upstream dividends, make distributions or repay funds to NextEra Energy or of NextEra Energy's performance under guarantees of subsidiary obligations on NextEra Energy's ability to meet its financial obligations and to pay dividends on its common stock; the fact that the amount and

timing of dividends payable on NextEra Energy's common stock, as well as the dividend policy approved by NextEra Energy's board of directors from time to time, and changes to that policy, are within the sole discretion of NextEra Energy's board of directors and, if declared and paid, dividends may be in amounts that are less than might be expected by shareholders; effects of disruptions, uncertainty or volatility in the credit and capital markets on the market price of NextEra Energy's common stock; and the ultimate severity and duration of public health crises, epidemics and pandemics, and its effects on NextEra Energy's business. NextEra Energy discusses these and other risks and uncertainties in its annual report on Form 10-K for the year ended December 31, 2025 and other Securities and Exchange Commission (SEC) filings, and this presentation should be read in conjunction with such SEC filings. The forward-looking statements made in this presentation are made only as of the date of this presentation and NextEra Energy undertakes no obligation to update any forward-looking statements.

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NextEra Energy

Disclaimer

NextEra Energy Inc. published this content on May 04, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 04, 2026 at 11:28 UTC.