Slide 1: Fourth Quarter and Full Year 2025 Earnings Conference Call
Fourth Quarter and Full Year 2025 Earnings Conference Call January 27, 2026 1
Slide 2: Cautionary Statements and Non-GAAP Financial Information
Cautionary Statements and Non-GAAP Financial Other Risk Factors That May Affect Information See Appendix for definition of Future Results This presentation refers to Adjusted Earnings, Adjusted This presentation includes certain financial measures that EBITDA and Adjusted EBITDA forward-looking stat
Slide 3: Strong operational and financial performance at FPL and Energy Resources in 2025
NextEra Energy had strong operational and financial performance at both FPL and Energy Resources in 2025 Achieved adjusted EPS of $3.71, up more than 8% from prior year, above the top end of the range Received approval for FPL’s 2025 rate agreement, including a large load tariff Record year of new g
Slide 4: More than 12 ways to grow over the next decade
We believe NextEra Energy is well-positioned to deliver strong growth over the next decade with more than 12 ways to grow Illustrative timeline of when we expect investments to drive earnings growth Key Growth Drivers 2025 2030 2035+ Florida Power & Light Now and long term Businesses Regulated FPL L
Slide 5: FPL achieved four years of regulatory certainty through new rate agreement
Through the new rate agreement, FPL achieved four years of regulatory certainty Received unanimous approval for 2025 rate agreement, which helps keep bills low for customers Plans to invest $90–$100 B through 2032 10.95% allowed midpoint regulatory ROE; equity ratio unchanged at 59.6% 20+ GW of larg
Slide 6: Energy Resources building infrastructure to power America's next wave of growth
Energy Resources is building the infrastructure to power America’s next wave of growth Added ~13.5 GW of new generation and battery storage to the backlog in 2025, including ~3.6 GW since our last call Battery storage is the fastest-growing part of the backlog, representing almost one-third of our b
Slide 7: Partnership with Google Cloud to redefine the electric industry
NextEra Energy has partnered with Google Cloud to redefine the future of the electric industry Go-to-Market Objectives Our Rewire AI transformation 1 initiative to serve as product development platform NextEra Energy and Accelerate joint go-to- Google will collaborate to market activities to enhance
Slide 8: FPL's full-year contribution to EPS increased 21 cents
FPL’s full-year contribution to EPS increased 21 cents over the prior year FPL Results – Fourth Quarter and Full Year Fourth Quarter Full Year Net Income EPS Net Income EPS ($ MM) ($ MM) $958 $0.46 $5,012 $2.42 $4,543 $2.21 $845 $0.41 2024 2025 2024 2025 2024 2025 2024 2025 8
Slide 9: FPL focused on smart capital investments keeping customer bills low
FPL continues to focus on making smart capital investments that keep customer bills as low as possible while delivering reliable electricity EPS Growth Regulatory Capital Employed2 ($ B) Fourth ~8.1% Full Year Growth Quarter $73.5 FPL – 2024 EPS $0.41 $2.21 $68.0 Drivers: New investments $0.04 $0.15
Slide 10: Florida's economy remains robust with strong customer growth
Florida’s economy remains robust, and FPL continues to benefit from strong customer growth Florida Economy & Customer Characteristics Retail kWh Sales (Change vs. prior-year) Customer Growth1,2 (Change vs. prior-year quarter; 000s) Fourth Full Vero 140 Quarter Year 120 Impact 92.7 Customer Growth &
Slide 11: Energy Resources' full year adjusted earnings increased approximately 13%
Energy Resources’ full year adjusted earnings increased by approximately 13% versus the prior year NextEra Energy Resources Results1 – Fourth Quarter and Full Year Fourth Quarter – GAAP2 Full Year – GAAP2 Net Income (Loss) EPS Net Income (Loss) EPS ($ MM) ($ MM) $545 $0.26 $2,975 $1.44 $2,299 $1.12
Slide 12: Energy Resources' growth driven by new renewables and storage additions
Energy Resources’ growth was driven by new additions to our renewables and storage portfolio NextEra Energy Resources Full Year 2025 Adjusted EPS1 Contribution Drivers $0.47 ($0.04) $0.04 $0.02 ($0.30) $1.70 $1.51 (0.17) Financing costs to fund growth (0.13) Other 2024 New Existing Customer NEET Oth
Slide 13: Record year of generation and storage origination, adding ~13.5 GW to backlog
Energy Resources had a record year of new generation and storage origination, adding ~13.5 GW to the backlog NextEra Energy Resources Development Program1 2026–2027 2026–2027 2028–2029 2028–2029 2030–2032 2030–2032 2026–2032 Backlog Expectations Backlog Expectations Backlog Expectations Expectations
Slide 14: Adjusted earnings per share increased more than 8% year-over-year
NextEra Energy’s adjusted earnings per share increased more than 8% year- over-year NextEra Energy EPS Summary – Fourth Quarter and Full Year GAAP Q4 2024 Q4 2025 Change 2024 2025 Change FPL $0.41 $0.46 $0.05 $2.21 $2.42 $0.21 NextEra Energy Resources ($0.21) $0.26 $0.47 $1.12 $1.44 $0.32 Corporate
Slide 15: Well positioned to continue strong adjusted EPS growth
NextEra Energy remains well positioned to continue our strong adjusted earnings per share growth NextEra Energy’s Financial Expectations1 Adjusted Earnings Per Share Expectations 2025-2035E Expect 8%+ CAGR through 2032 off 2025 8%+ Long-term adjusted EPS2 Target2 8%+ Long-term Expectations2 Targetin
Slide 16: Q&A Session
Q&A Session NeExTera’ ENERGY
Slide 17: Appendix
Appendix NeExTera’ ENERGY
Slide 18: Well positioned to navigate the current interest rate environment
NextEra Energy is well positioned to navigate the current interest rate environment Interest Rate Sensitivity Estimated Adjusted EPS Impact of +50 bps Interest Rate Increase1 2026 2027 2028 $0.00–($0.01) ($0.01)–($0.03) ($0.02)–($0.04) NextEra Energy’s notional interest rate hedges total nearly $38.
Slide 19: Potential drivers of variability to adjusted EPS
Potential drivers of variability to consolidated NextEra Energy adjusted EPS 2026 Potential Sources of Variability1 FPL Timing of investment ± $0.01–$0.02 Retail ROE (± 0.1% change) ± $0.015–$0.02 NextEra Energy Resources Wind resource2 (± 1% deviation) ± $0.015–$0.02 Asset reliability3 (± 1% EFOR)
Slide 20: Credit metrics remain on track
NextEra Energy’s credit metrics remain on track NextEra Energy Credit Metrics1 S&P A- Range Downgrade Threshold Actual 2025 Target 2026 FFO/Debt 13%–23% 18% 19.0% >18% Moody’s2 Baa Range Downgrade Threshold Actual 2025 Target 2026 CFO Pre-WC/Debt 13%–22% 17% 17.8% >17% (adjusted) CFO Pre-WC/Debt 13%
Slide 21: Energy Resources 2025 Adjusted EBITDA by Asset Category
NextEra Energy Resources 2025 Adjusted EBITDA by Asset Category1,2 2025 Expectations 2025 Actuals as of Q4 20243 New Clean Energy Assets Contracted Renewables $1,700–$2,100 $1,930 Existing Assets Clean Energy $5,100–$6,100 $5,737 Nuclear $950–$1,100 $1,104 Other Generation $20–$60 $52 Natural Gas Pi
Slide 22: Energy Resources Projected 2026 Portfolio Financial Information
NextEra Energy Resources Projected 2026 Portfolio Financial Information (includes NEER’s share of partially owned assets; $MM) Value of pre-tax tax credits Pre-Tax Remaining Adjusted EBITDA1 included in adjusted EBITDA2 Debt Service3 Other4 Cash Flows5 Contract Life6 New Clean Energy Assets7 $1,800–
Slide 23: Energy Resources Wind Production Index
NextEra Energy Resources Wind Production Index1,2 2024 2025 4TH QTR 1ST QTR 2ND QTR 3RD QTR 4TH QTR Location MW Oct Nov Dec QTR YE MW QTR MW QTR MW QTR MW Oct Nov Dec QTR YE Midwest 5,788 104% 94% 95% 98% 99% 5,788 107% 5,788 97% 5,788 81% 5,788 104% 95% 106% 102% 98% West 5,774 98% 99% 88% 95% 98%
Slide 24: Non-Qualifying Hedges - Summary of Activity
Non-Qualifying Hedges1 - Summary of Activity ($ millions, after-tax) Primary Drivers: Asset/(Liability) Balance as of 09/30/25 ($1,302) Interest Rate Hedges $434 Amounts Realized During 4th Quarter 89 Upstream Hedges 130 Change in Forward Prices (all positions) 289 Other – Net (97) Subtotal – Income
Slide 25: Non-Qualifying Hedges - Summary of Fourth Quarter Activity
Non-Qualifying Hedges1 - Summary of Fourth Quarter Activity ($ millions) 4th Quarter Asset / (Liability) Change in Forward Total NQH Gain / Asset / (Liability) Description 2 Amounts Realized Balance 09/30/25 Prices (Loss) Balance 12/31/25 Pretax amounts at share Electricity related positions ($666)
Slide 26: Non-Qualifying Hedges - Summary of Year-to-Date Activity
Non-Qualifying Hedges1 - Summary of Year-to-Date Activity ($ millions) Year-to-Date Asset / (Liability) Amounts Change in Total NQH 3 Asset / (Liability) Description 2 Other Balance 12/31/24 Realized Forward Prices Gain / (Loss) Balance 12/31/25 Pretax amounts at share Electricity related positions
Slide 27: Non-Qualifying Hedges - Summary of Forward Maturity
Non-Qualifying Hedges1,2 - Summary of Forward Maturity ($ millions) Asset / (Liability) Description 2026 2027 2028 2029 2030–2050 Total 2026–2050 Balance 12/31/25 Pretax amounts at share Electricity related positions ($675) $208 $132 $69 $31 $235 $675 Upstream related positions (404) 147 152 54 47 4
Slide 28: Reconciliation of GAAP Net Income to Adjusted Earnings (Q4 2025)
Reconciliation of GAAP Net Income to Adjusted Earnings Attributable to NextEra Energy, Inc. (Three Months Ended December 31, 2025) Energy Corporate NextEra (millions, except per share amounts) FPL Resources & Other Energy, Inc. Net Income (Loss) Attributable to NextEra Energy, Inc. $ 958 $ 545 $ 32
Slide 29: Reconciliation of GAAP Net Income to Adjusted Earnings (Q4 2024)
Reconciliation of GAAP Net Income to Adjusted Earnings Attributable to NextEra Energy, Inc. (Three Months Ended December 31, 2024) Energy Corporate NextEra (millions, except per share amounts) FPL Resources & Other Energy, Inc. Net Income (Loss) Attributable to NextEra Energy, Inc. $ 845 $ (442) $ 8
Slide 30: Reconciliation of GAAP Net Income to Adjusted Earnings (Twelve Months 2025)
Reconciliation of GAAP Net Income to Adjusted Earnings Attributable to NextEra Energy, Inc. (Twelve Months Ended December 31, 2025) Energy Corporate NextEra (millions, except per share amounts) FPL Resources & Other Energy, Inc. Net Income (Loss) Attributable to NextEra Energy, Inc. $ 5,012 $ 2,975
Slide 31: Reconciliation of GAAP Net Income to Adjusted Earnings (Twelve Months 2024)
Reconciliation of GAAP Net Income to Adjusted Earnings Attributable to NextEra Energy, Inc. (Twelve Months Ended December 31, 2024) Energy Corporate NextEra (millions, except per share amounts) FPL Resources & Other Energy, Inc. Net Income (Loss) Attributable to NextEra Energy, Inc. $ 4,543 $ 2,299
Slide 32: Definitional information
Definitional information NextEra Energy, Inc. Adjusted Earnings Expectations NextEra Energy Resources, LLC. NextEra Energy Resources, LLC. (including subsidiaries as applicable) Adjusted EBITDA Adjusted EBITDA by Asset Category This presentation refers to adjusted earnings per share Adjusted EBITDA
Slide 33: Cautionary Statement And Risk Factors That May Affect Future Results
Cautionary Statement And Risk Factors That May Affect Future Results This presentation contains “forward-looking performance. The future results of NextEra operating costs and various liabilities attributable negotiation of project development agreements, statements” within the meaning of the safe E
Slide 34: Cautionary Statement And Risk Factors That May Affect Future Results (cont.)
Cautionary Statement And Risk Factors That May Affect Future Results (cont.) risk of increased operating costs resulting from limited liquidity in over-the-counter markets; ability to fund its liquidity and capital needs and sole discretion of NextEra Energy's board of unfavorable supply costs neces