NextEra Energy : First Quarter 2026 NextEra Energy, Inc. Conference Call - Presentation

Published: 2026-04-23 07:36:13 ET NEE

Published on 04/23/2026 at 07:36 am EDT

First Quarter 2026

April 23, 2026 1

NextEra Energy Results - First Quarter

Adjusted Earnings

($ MM)

Adjusted EPS

$2,275 $1.09

$2,038 $0.99

2025 2026 2025 2026

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

and technology

World leader in battery storage Industry leader in artificial intelligence

1. Renewables include wind and solar 4

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 6

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

NextEra Energy 7

~30 Hub Pipeline

Large Load Base Case: 15 GW x 2035

Energy Resources' Hub Pipeline

~20 Hub Pipeline

~50 GW

>60 GW

December 2025 April 2026 December 2025 April 2026

Origination Channels Supporting Large Load Development Plan

2035

Direct-to-Hyperscalers

72-99 GW

2032

4-8 GW

Large Load Development Plan included within Development Expectations

Investor-Owned Utilities

Co-ops/Munis

Energy Resource Development Expectations 2026-2035

15 GW x 2035

Base Case1

30 GW x 2035

Upside Case

Federal Hubs

Renewables + Storage

2033-2035 Development Potential

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

1. Large Load Development Plan included in Energy Resources' development expectations through 2032 9

Go-to-Market Objectives

NextEra Energy and Google Cloud will collaborate to enhance NextEra Energy's AI solutions

Enhance

Go-to-market

Accelerate joint go-to-market activities to modernize the energy sector

Transform

Aim to transform the energy sector, supporting accelerated buildouts of data centers and the energy infrastructure supporting them

In the first quarter, NextEra Energy brought to market its first REWIRE products, all of which have the potential to drive savings for customers

~$298 B Enterprise Value1 ~81 GW in Operations2

Largest electric utility in the U.S.

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 March 31, 2026

FPL and NextEra Energy Resources portfolio as of March 31, 2026; includes XPLR Infrastructure's portfolio reflected at NextEra Energy's ownership share 11

FPL Results - First Quarter

Net Income

($ MM)

EPS

$1,316

$1,462

$0.64

$0.70

2025 2026 2025 2026

FPL EPS Contribution Drivers

EPS Growth

Regulatory Capital Employed1

($ B)

First Quarter

FPL - 2025 EPS

$0.64

Drivers:

New investments

$0.04

Other, including share dilution

$0.02

FPL - 2026 EPS

$0.70

~8.8% Growth

$77.7

$71.4

Q1 2025 Q1 2026

Retail Rate Base Other

Note: Totals may not foot due to rounding

Excludes accumulated deferred income taxes; 4-month average; includes retail rate base, wholesale rate base, clause-related investments and AFUDC projects 13

Florida Economy & Customer Characteristics

Customer Growth & Mix

First Quarter

1.7%

+ Usage Change Due to Weather

3.1%

+ Underlying Usage Change/Other

(1.4%)

= Retail Sales Change

3.4%

Retail kWh Sales (Change vs. prior-year) Customer Growth1 (Change vs. prior-year quarter; 000s)

140

120 99.7

100

2020

2021

2022

2023

2024

2025

2026

Florida Unemployment & Labor Participation Rates2 Florida GDP3 ($ B)

16%

14%

12%

10%

Labor Participation Rate

(Right Axis)

1/19 1/20 1/21 1/22 1/23 1/24 1/25 1/26

64%

62%

60%

58%

56%

54%

52%

50%

48%

2,000

1,750

1,500

1,250

1,000

750

500

250

2019

2020

2021

2022

2023

2024

2025

Based on average number of customer accounts for the quarter

Source: Bureau of Labor Statistics, Labor participation and unemployment through February 2026; October 2025 data unavailable as a result of the government shutdown

Source: Bureau of Economic Analysis, through Q4 2025 14

NextEra Energy Resources Results1 - First Quarter

GAAP2

Adjusted

Net Income

($ MM)

EPS

Net Income

($ MM)

EPS

$1,019

$0.49

$908

$1,038

$0.44

$0.50

$172 $0.08

2025 2026

Attributable to NextEra Energy

Energy Resources' 2025 first quarter GAAP results include after-tax charges of ~$0.6 B on its investment in XPLR infrastructure, LP; in 2018, 2023 and 2024, Energy Resources recorded an after-

tax gain of ~$3.0 B, an after-tax charge of ~$0.9 B and an after-tax charge of ~$0.8 B, respectively, which have been excluded from adjusted earnings 15

NextEra Energy Resources First Quarter 2026 Adjusted EPS1 Contribution Drivers

$0.44

$0.04 $0.01

($0.04)

$0.05

$0.00

$0.50

Q1 2025

New

Existing

Customer

NEET

Other

Q1 2026

Adjusted EPS

Investment

Clean Energy

Supply

Adjusted EPS

Includes NextEra Energy Resources' ownership share of XPLR Infrastructure, LP's assets 16

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 17

NextEra Energy EPS Summary - First Quarter

GAAP

Q1 2025

Q1 2026

Change

FPL

$0.64

$0.70

$0.06

NextEra Energy Resources

$0.08

$0.49

$0.41

Corporate and Other

($0.32)

($0.15)

$0.17

Total

$0.40

$1.04

$0.64

Adjusted

Q1 2025

Q1 2026

Change

FPL

$0.64

$0.70

$0.06

NextEra Energy Resources

$0.44

$0.50

$0.06

Corporate and Other

($0.09)

($0.11)

(0.02)

Total

$0.99

$1.09

$0.10

NextEra Energy's Financial Expectations1

Adjusted Earnings Per Share Expectations

2025-2035E

8%+ Long-term Expectations2

8%+ Long-term Target2

Expect 8%+ CAGR through 2032 off 2025 adjusted EPS2

Targeting top end of the adjusted EPS range for 2026

$3.71

$3.92-$4.02

Targeting 8%+ CAGR through 2035 off 2025 adjusted EPS2

2025 2026E 2030E 2032E 2035E

Subject to our caveats

2025 adjusted EPS of $3.71

2025 base of $12.5 B

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

Off a 2026E base; dividend declarations are subject to the discretion of the board of directors of NextEra Energy 19

Disclaimer

NextEra Energy Inc. published this content on April 23, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 23, 2026 at 11:35 UTC.