Duke Energy Corporation (holding Company) · NYSE:DUK
Duke Energy Corporation (holding Company) — Q1 2025 Earnings Presentation
31 slides from Duke Energy Corporation (holding Company)'s earnings presentation, May 6, 2025
Slide 1: Q1 2025 Earnings Review and Business Update
Q1 / 2025 Earnings Review and Business Update Harry Sideris / President and CEO Brian Savoy / Executive Vice President and CFO May 6, 2025 // 1
Slide 2: Safe Harbor statement and Regulation G disclosure
Safe Harbor statement This presentation includes forward-looking statements within the meaning of the federal securities laws. Actual results could differ materially from such forward- looking statements. The factors that could cause actual results to differ are discussed herein and in Duke Energy’s
Slide 3: Safe harbor statement
Safe harbor statement This document includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are based on management’s beliefs and assumptions and can often be identified by
Slide 4: Financial highlights
Financial highlights $1.76 Q1 2025 REPORTED / ADJUSTED EPS Sutton combined cycle, North Carolina $6.17 - $6.42 REAFFIRMING 2025 ADJUSTED EPS GUIDANCE RANGE Transmission, Indiana 5% - 7% REAFFIRMING GROWTH RATE THROUGH 2029 OFF MIDPOINT OF 2025 GUIDANCE RANGE ($6.30)(1) (1) Based on adjusted EPS Wars
Slide 5: Meeting the moment for our customers
Meeting the moment for our customers Maximizing our existing fleet… ▪ Subsequent license renewal (SLR) for Oconee nuclear station approved in March (~2,600 MW) ▪ Filed SLR for Robinson nuclear plant in April ▪ Intend to seek SLRs for all 11 reactors Oconee nuclear station, South Carolina ▪ Ongoing u
Slide 6: Collaborating with stakeholders to support growing jurisdictions
Collaborating with stakeholders to support growing jurisdictions ▪ Expect to file DEC / DEP merger application with the FERC, NCUC, and PSCSC later this year Carolinas ▪ On track to complete storm cost securitizations in 2025 ▪ Evaluating timing of South Carolina rate cases ▪ Implemented year 1 of m
Slide 7: Q1 2025 adjusted EPS summary and primary drivers
Q1 2025 adjusted EPS summary and primary drivers REPORTED / ADJUSTED SEGMENT RESULTS VS. PRIOR YEAR QUARTER(1) EARNINGS PER SHARE Electric Utilities & Infrastructure, +$255M (+$0.33 per share) +22% $1.76 ▲ Weather, $0.07 ▲ Rate cases and riders ▲ Volumes $1.44 ▼ O&M ▼ Interest expense ▼ Depreciation
Slide 8: Strong Q1 volumes; economic development pipeline remains robust
Strong Q1 volumes; economic development pipeline remains robust RETAIL LOAD TRENDS Q1 2025 retail electric volumes(1) ▪ Strength in residential drove Q1 2025 retail growth 3.4% ▪ ~2.3% customer growth in the Carolinas and 1.7% in Florida and Indiana 1.8% ▪ Accelerated load growth beginning in 2027 d
Slide 9: Executing on credit supportive initiatives
Executing on credit supportive initiatives COMMITTED TO OUR CURRENT CREDIT RATINGS Q1 2025 HIGHLIGHTS ▪ On target for 14% FFO / Debt by end of 2025 ▪ Raised $3.2 billion of long-term debt at an average rate of 5.0%(2) ▪ 2024 storm cost recovery remains on track ▪ Issued $531 million of equity at an
Slide 10: Our investor value proposition
Our investor value proposition A STRONG LONG-TERM RETURN PROPOSITION 3.4% ~10% 5 -7% DIVIDEND YIELD(1) ATTRACTIVE zzz LONG-TERM WITH LONG-TERM RISK-ADJUSTED EPS GROWTH(4) DIVIDEND GROWTH TOTAL SHAREHOLDER THROUGH 2029 COMMITMENT(2) RETURN(3) CONSTRUCTIVE, GROWING JURISDICTIONS, LOWER-RISK REGULATED
Slide 11: Appendix
APPENDIX // 11
Slide 12: Pure play regulated utility operating in constructive, growing jurisdictions
Pure play regulated utility operating in constructive, growing jurisdictions Powering the Southeast and Midwest ▪ Significant economic development from data centers and advanced manufacturing drives long-term growth ▪ Carolinas and Florida remain top states for population migration $83 billion five-
Slide 13: Electric utilities & infrastructure recovery mechanisms
Electric utilities & infrastructure recovery mechanisms RECOVERY MECHANISMS FOR ELECTRIC CAPEX(1) ▪ ~90% of electric segment capital investments are eligible for modern recovery mechanisms, mitigating regulatory lag ▪ Includes recovery through riders, rate cases with forecasted test years, and multi
Slide 14: Five- and ten-year capital plans
Five- and ten-year capital plans PERCENTAGE OF TOTAL CAPEX PERCENTAGE OF TOTAL CAPEX 2025-2029(1) 2025-2034(1) Environmental Corp, IT & Cyber Environmental Corp, IT & Cyber Remediation ~4% Coal Maintenance Remediation ~4% ~3% ~1% ~2% $73B ~5% ~5% Coal Maintenance ~1% Gas Gen Gas Gen Maintenance Gas
Slide 15: Key 2025 adjusted earnings guidance assumptions
Key 2025 adjusted earnings guidance assumptions(1) Original 2025 2025 YTD ($ in millions) Assumptions (thru 3/31/2025) Adjusted segment income/(expense)(2): Electric Utilities & Infrastructure $5,290 $1,276 Gas Utilities & Infrastructure $580 $349 Other ($970) ($260) Duke Energy Consolidated $4,900
Slide 16: Electric utilities quarterly weather impacts
Electric utilities quarterly weather impacts Weather segment 2025 2024 income to normal: Pretax Weighted EPS impact Pretax Weighted EPS impact impact avg. shares favorable / impact avg. shares favorable / (unfavorable) (unfavorable) First Quarter $3 777 -- ($66) 771 ($0.07) Second Quarter $77 772 $0
Slide 17: Key 2025 earnings sensitivities
Key 2025 earnings sensitivities Full-year Driver EPS Impact 1% change in earned return on equity +/- $0.69 $1 billion change in rate base +/- $0.07 Electric Utilities & 1% change in Electric Utilities volumes Infrastructure Industrial +/- $0.02(2) +/- $0.12(1)(2) Commercial +/- $0.05(2) Residential
Slide 18: Weather normalized volume trends, by electric jurisdiction
Weather normalized volume trends, by electric jurisdiction Rolling Twelve Months, as of March 31, 2025 Duke Energy Duke Energy Duke Energy Duke Energy Duke Energy Electric Carolinas Progress Florida Indiana Ohio/Kentucky Utilities 3.5% 2.9% 2.7% 1.5% 1.5% 1.6% 1.6% 1.6% 1.6% 1.7% 1.2% 0.8% 1.0% 1.1%
Slide 19: 2025 Financing plan
2025 Financing plan Completed Remaining Notional Pre- Issuer Security Date Issued Term Rate(1) 2025 Maturities(2) ($ in millions) ($ in millions) Issuance Hedges $1,820 Holding Company $3,000 - $3,400 $1,725 (Apr., Sep. & Dec.) $400 5-year 4.85% DE Carolinas $350 Senior Debt January 2025 $500 (Jan.)
Slide 20: Liquidity summary (as of March 31, 2025)
Liquidity summary (as of March 31, 2025) ($ in millions) Duke Duke Duke Duke Duke Duke Piedmont Duke Energy Energy Energy Energy Energy Energy Natural Energy Carolinas Progress Florida Indiana Ohio Kentucky Gas Total (1) Master Credit Facility $ 2,525 $ 1,300 $ 1,675 $ 1,425 $ 950 $ 825 $ 250 $ 1,05
Slide 21: Upcoming events & other
UPCOMING EVENTS & OTHER // 21
Slide 22: Upcoming events
Upcoming events Event Date 2Q 2025 earnings call (tentative) August 5, 2025 3Q 2025 earnings call (tentative) November 7, 2025 FIRST QUARTER 2025 EARNINGS REVIEW AND BUSINESS UPDATE // 22
Slide 23: Investor relations contact information
Investor relations contact information ABBY MOTSINGER, VICE PRESIDENT INVESTOR RELATIONS ▪ Abby.Motsinger@duke-energy.com ▪ (704) 382-7624 CHRIS JACOBI, DIRECTOR INVESTOR RELATIONS ▪ Christopher.Jacobi@duke-energy.com ▪ (704) 382-8397 PAIGE SWOFFORD, MANAGER INVESTOR RELATIONS ▪ Paige.Swofford@duke-
Slide 24: For additional information on Duke Energy
HEADLINE GOES HERE For additional information on Duke Energy, please visit: duke-energy.com/investors FIRST QUARTER 2025 EARNINGS REVIEW AND BUSINESS UPDATE // 24
Slide 25: Non-GAAP Reconciliations: Adjusted Earnings per Share
Duke Energy Corporation Non-GAAP Reconciliations First Quarter Earnings Review & Business Update May 6, 2025 Adjusted Earnings per Share (EPS) The materials for Duke Energy Corporation’s (Duke Energy) First Quarter Earnings Review and Business Update on May 6, 2025, include a discussion of adjusted
Slide 26: Adjusted segment income (loss) and adjusted other net loss
Adjusted segment income (loss) and adjusted other net loss are non-GAAP financial measures, as they represent reported segment income (loss) and other net loss adjusted for special items (as discussed above under Adjusted EPS). Management believes the presentation of adjusted segment income (loss) a
Slide 27: Funds From Operations (FFO) to Debt Ratio
Funds From Operations (FFO) to Debt Ratio The materials for Duke Energy’s First Quarter Earnings Review and Business Update on May 6, 2025, include a reference to the expected FFO to Debt ratio. This ratio reflects non-GAAP financial measures. The numerator of the FFO to Debt ratio is calculated pri
Slide 28: Reported to adjusted earnings reconciliation, Q1 2025
DUKE ENERGY CORPORATION REPORTED TO ADJUSTED EARNINGS RECONCILIATION Three Months Ended March 31, 2025 (Dollars in millions, except per share amounts) Reported Discontinued Total Adjusted Earnings Operations Adjustments Earnings SEGMENT INCOME (LOSS) Electric Utilities and Infrastructure $ 1,276 $ —
Slide 29: Reported to adjusted earnings reconciliation, Q1 2024
DUKE ENERGY CORPORATION REPORTED TO ADJUSTED EARNINGS RECONCILIATION Three Months Ended March 31, 2024 (Dollars in millions, except per share amounts) Reported Discontinued Total Adjusted Earnings Operations Adjustments Earnings SEGMENT INCOME (LOSS) Electric Utilities and Infrastructure $ 1,021 $ —
Slide 30: Effective tax reconciliation
DUKE ENERGY CORPORATION EFFECTIVE TAX RECONCILIATION March 2025 (Dollars in millions) Three Months Ended March 31, 2025 Effective Tax Balance Rate Reported Income From Continuing Operations Before Income Taxes $ 1,597 Noncontrolling Interests (28) Preferred Dividends (14) Adjusted Pretax Income $ 1,
Slide 31: Available liquidity reconciliation
Duke Energy Corporation Available Liquidity Reconciliation As of March 31, 2025 (In millions) Cash and Cash Equivalents $ 475 Less: Certain Amounts Held in Foreign Jurisdictions - Less: Unavailable Domestic Cash (197) 278 Plus: Remaining Availability under Master Credit Facilities and other faciliti
Duke Energy Corporation (Holding Company) — Q1 2025 Earnings Presentation on 6ix