Dominion Energy, Inc. · NYSE:D
Dominion Energy — Q3 2025 Earnings Presentation
27 slides from Dominion Energy's earnings presentation, Oct 31, 2025
Slide 1: Q3 2025 earnings call
Q3 2025 earnings call October 31, 2025
Slide 2: Important note for investors
Important note for investors This presentation contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding Dominion Energy. The statements relate to, among other things, expectations, estimates and projections concerning the busine
Slide 3: Financial results and guidance (updated)
Dominion Energy Financial results and guidance (updated) Operating earnings per share (non-GAAP) and long-term financial guidance Metric Amount Commentary Reflects $0.03 of RNG 45Z income and $0.06 Q3 2025: Actual ($ per share)¹ $1.06 of unfavorable weather impact No change Despite $0.02 YTD weather
Slide 4: Capital raising activities (updated)
Dominion Energy Capital raising activities (updated) 2025 expected fixed income activities ($B)¹ Guidance (no change) Issued YTD (updated) Remaining Dominion Energy Virginia $2.0—$2.5 $3.0 — Dominion Energy South Carolina 0.5 0.5 — Contracted Energy — — — DEI hybrid 1.0—2.0 2.8 — DEI other fixed inc
Slide 5: Employee safety
Dominion Energy Employee safety OSHA recordable incident rate¹ 84% 1.70 below average 0.96 0.52 0.45 0.42 0.28 2006-2021 average 2022 2023 2024 2025 YTD² Industry average³ ¹ Number of recordables per 100 employees each work year; data is pro forma for SCANA ² 2025 YTD through September ³ Average per
Slide 6: CVOW well-aligned with focus on American energy dominance
Coastal Virginia Offshore Wind (CVOW) CVOW well-aligned with focus on American energy dominance ▪ The Coastal Virginia Offshore Wind project: ✓ Remains on schedule for first delivery of electricity to customers (Q1 2026) and full project completion at the end of 2026 ✓ Represents the fastest and mos
Slide 7: Significant progress reduces project risk: ~66% complete
Coastal Virginia Offshore Wind (CVOW) Significant progress reduces project risk: ~66% complete (updated) Major equipment progress % installed % installed % installed or % installed % fabricated awaiting installation % fabricated 100% 100% ~96% ~95% ~90% ~88% % towers fabricated or in fabrication ~62
Slide 8: Achieving major construction milestones
Coastal Virginia Offshore Wind (CVOW) Achieving major construction milestones Transition piece (October 2025) Second offshore substation jacket installation (October 2025) 8
Slide 9: Achieving major construction milestones
Coastal Virginia Offshore Wind (CVOW) Achieving major construction milestones Component staging at Portsmouth Marine Terminal (October 2025) 9
Slide 10: CVOW selected updates (updated)
Coastal Virginia Offshore Wind (CVOW) Selected updates (updated) ▪ First delivery of electricity: Q1 2026 (no change) Timing ▪ Full project completion: End of 2026 (no change) ▪ Current capital budget: $11.2B (includes $443M of actual/estimated tariffs) including contingency (updated) ▪ Excluding ta
Slide 11: Tariff impacts (updated)
Coastal Virginia Offshore Wind (CVOW) Tariff impacts (updated) Overview ▪ Current tariff rates (as of October 31, 2025) = Updated project cost ― Mexico: 30% and Canada: 35% (no stacking of tariff if already subject to steel tariff) included in SCC filing ― Steel: 50% (material value only) ― European
Slide 12: Robust cost sharing mechanisms protect customers, preserve affordability
Coastal Virginia Offshore Wind (CVOW) Robust cost sharing mechanisms protect customers, preserve affordability (updated) ▪ December 2022 comprehensive settlement, approved by State Corporation Commission, provides significant customer protections ✓ 50% of project costs between $10.3B and $11.3B are
Slide 13: Charybdis status and next steps detail (updated)
Charybdis (Jones Act compliant installation vessel) Status and next steps detail (updated) Selected project updates Charybdis in Virginia Milestones: ✓ Successfully completed sea trials, received sign-offs and arrived in Portsmouth, Virginia in September ✓ Siemens Gamesa successfully completed all n
Slide 14: Data center contracted capacity (updated)
Dominion Energy Virginia Data center contracted capacity (updated) ~47.1 GW ~7GW/17% vs. December 2024 data center contracted capacity ~40.2 GW Substation Engineering Letter of Authorization (SELOA) SELOA: 28.2 GW ▪ Detailed engineering plan SELOA: 26.2 GW ▪ Costs reimbursed to Dominion Energy Cons
Slide 15: Selected business updates
Dominion Energy Selected business updates ✓ Filed post hearing briefs in 2025 VA Biennial review in October ▪ SCC final order expected by the end of November 2025 ✓ Submitted transmission project proposals in PJM’s latest open window in August ▪ Final PJM project selections expected in Q1 2026; expe
Slide 16: Typical residential electric customer bills (updated)
Affordability Typical residential electric customer bills (updated) Current rate (cents per kWh)¹ Projected customer bill CAGR² (9%) (11%) 17.6 5.1% 16.0 15.7 2.6% 2.8% CAGR CAGR 2025—2045 2025—2039 US Avg. Dominion Energy Dominion Energy CPI: Electricity Dominion Energy Dominion Energy Virginia Sou
Slide 17: Summary
Dominion Energy Summary ✓ Ongoing emphasis on key priorities ✓ Consistently achieving our financial commitments; strong YTD 2025 ✓ Continued on-time achievement of major construction milestones for the Coastal Virginia Offshore Wind project ✓ Achieving constructive regulatory outcomes that demonstra
Slide 18: Appendix
Appendix 18
Slide 19: Operating earnings per share
Operating earnings per share FY 2025 guidance FY 2025 guidance and Q4 key drivers compared to the prior year Q4 outlook and commentary $0.74 $3.48 ▪ Q4 2025 outlook relative to prior expectations: $0.66 midpoint $3.40 midpoint Sales $0.59 $3.33 Charybdis timing $2.74 Despite $0.02 YTD Millston
Slide 20: Regulated electric sales growth
Regulated electric sales growth DEV and DESC combined LTM¹ Q3 ’25 YoY weather normal sales growth² Regulated electric sales trends % of 33% 47% 9% 11% regulated sales ✓ Robust commercial load growth driven by Data Residential Commercial Industrial Govt/Other Total Centers 6.8% ✓ Attractive customer
Slide 21: Customers: State-regulated utilities
Customers State-regulated utilities Segment summary Q3 2025 State summary Three months ended Average customers September 30 Q3 2025 (M) DE ‘23-’25 CAGR South Carolina 1.3M DE Virginia 1.0% 2.8 32% DE South Carolina 2.1% 1.3 Electric 1.6% 0.8 4.1M State utility Gas 3.1% 0.5 customers Total utility cu
Slide 22: Weather: degree days
Weather Degree days Quarter ended 9/30 Nine months ended 9/30 2025 2024 2025 2024 Actual 0 0 2,118 1,838 Heating Normal 6 7 2,149 2,207 Dominion Energy Virginia Actual 1,066 1,205 1,698 1,857 Cooling Electric Normal 1,227 1,201 1,802 1,751 Actual 0 0 853 640 Heating Dominion Energy South Normal 0 0
Slide 23: Weather after-tax impacts
Weather After-tax impacts ($M) Q1 Q2 Q3 Q4 2025 YTD Dominion Energy Virginia2 $13 $4 ($34) — ($17) Versus normal¹ Dominion Energy South 15 6 (14) — 7 Carolina3 Total $28 $10 ($48) — ($10) Q1 Q2 Q3 Q4 2025 YTD $54 ($12) ($40) — $2 Versus prior year¹ Dominion Energy Virginia2 Dominion Energy South 20
Slide 24: Fixed income: credit ratings
Fixed income Credit ratings as of September 30, 2025 Dominion Energy, Inc. Moody’s S&P Fitch Corporate/Issuer Baa2 BBB+ BBB+ Senior Unsecured Debt Securities Baa2 BBB BBB+ Junior Subordinated Notes Baa3 BBB- BBB- Preferred Stock Ba1 BBB- BBB- Short-Term/Commercial Paper P-2 A-2 F2 Outlook Negative S
Slide 25: Schedule of long-term debt
Fixed income Preliminary and unaudited schedule of long-term debt as of September 30, 2025 ($M) Segment Financing Entity Description Maturity Weighted Avg. Coupon Current portion Long-term DE Virginia VEPCO Unsecured Senior Notes, fixed rates 2026-2055 4.53% $750 $20,635 DE Virginia VEPCO Tax-Exempt
Slide 26: Schedule of debt maturities
Fixed income Schedule of debt maturities as of September 30, 2025 ($M) Financing Segment Due Date Entity DE Virginia DE SC Con Energy Corp & Other Total 2025 3.90% 2015 Series B Senior Notes 10/01/25 DEI - - - 750 750 5.088% Senior Secured Deferred Fuel Cost Bonds 11/01/25 VPFS 82 - - - 82 2025 Tota
Slide 27: Schedule of debt maturities
Fixed income Schedule of debt maturities as of September 30, 2025 ($M) Financing Segment Due Date Entity DE Virginia DE SC Con Energy Corp & Other Total 2027 3.60% 2020 Series B Senior Notes 03/15/27 DEI - - - 350 350 3.50% 2017 Series A Senior Notes 03/15/27 VEPCO 750 - - - 750 5.088% Senior Secure