Duke Energy Corporation (holding Company) · NYSE:DUK

Duke Energy Corporation (holding Company) — Q4 2025 Earnings Presentation

65 slides from Duke Energy Corporation (holding Company)'s earnings presentation, Feb 10, 2026

  1. Slide 1: Q4 2025 Earnings Review and Business Update

    Q4 / 2025 Earnings Review and Business Update Harry Sideris / President and CEO Brian Savoy / Executive Vice President and CFO February 10, 2026 // 1

  2. Slide 2: Safe Harbor statement

    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

  3. 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

  4. Slide 4: Financial highlights

    Financial highlights $6.31 $103 BILLION 2025 REPORTED / ADJUSTED EPS 5-YR CAPEX PLAN ~18% INCREASE FROM PRIOR CAPEX PLAN ADJUSTED EARNINGS ~9.6% EARNINGS BASE PER SHARE GROWTH DRIVEN BY GENERATION INVESTMENTS $6.55 - $6.80 TO SERVE GROWING JURISDICTIONS $6.31 $5.90 EXTENDING 5% - 7% EARNINGS $5.56 $

  5. Slide 5: 2025 accomplishments

    2025 accomplishments EXECUTED ON FINANCIAL ADVANCED NEW DELIVERED VALUE FOR GOALS GENERATION CUSTOMERS  Delivered 2025 adjusted and  Began construction on new gas  Filed to combine DEC & DEP, to reported earnings per share above generation units and received generate >$1B in customer savings guid

  6. Slide 6: 2026 focus areas

    2026 focus areas 2025 success builds momentum for continued execution in 2026 Provide value Advance construction for our of new generation customers and to serve growing communities jurisdictions Convert economic Continue track record development prospects of constructive into firm projects regulato

  7. Slide 7: “All of the above” generation strategy – adding ~14 GW by 2031

    “All of the above” generation strategy – adding ~14 GW of capacity by 2031 Maximizing our existing fleet through >1 GW of uprates through 2031  Ongoing uprate projects will add capacity to existing gas (~670 MW), nuclear (~250 MW), and hydro (~85 MW) units Gas program construction in full execution

  8. Slide 8: 2026 Financial outlook – adjusted EPS waterfall

    2026 Financial outlook – adjusted EPS waterfall Electric Utilities & Gas Utilities & Other Infrastructure Infrastructure ($0.04) $0.39 $0.02 ▲ Rate cases and riders ▼ Interest expense ▲ Customer growth $6.68 ▼ TN business sale(1) ▼ D&A and property taxes Midpoint ▲ Customer growth and $6.31 economic

  9. Slide 9: Converting prospects to projects

    Converting prospects to projects  Active site evaluations advancing in all service territories; pipeline remains robust ENTERPRISE LOAD GROWTH  Signed Electric Service Agreements (ESAs) 3% - 4% demonstrate progression of pipeline, with additional projects moving to advanced stage 1.5% - 2%  Exist

  10. Slide 10: Long runway of capital investment opportunities

    Long runway of capital investment opportunities INVESTING FOR GROWING ENERGY NEEDS… 5-YEAR CAPITAL PLAN EARNINGS BASE(1) $180B +$16B $167B $103B $152B $137B $124B $114B $87B 2025-2029 2026-2030 2025A 2026 2027 2028 2029 2030 Capex Plan (Aug) Capex Plan …WITH A CONTINUED FOCUS ON CUSTOMER VALUE AND A

  11. Slide 11: Strong execution positions balance sheet for growth

    Strong execution positions balance sheet for growth  Achieved 14.8% FFO / Debt in 2025  Targeting ~14.5% FFO / Debt in 2026 and 15% over the long term Credit Metrics  Represents 200 bps above Moody’s and 300 bps above S&P’s downgrade thresholds  Targeting 60 - 70% dividend payout ratio(1)  Expe

  12. Slide 12: Our investor value proposition

    Our investor value proposition A STRONG LONG-TERM RETURN PROPOSITION 3.5% ~10% 5 -7% DIVIDEND YIELD(1) ATTRACTIVE zzz LONG-TERM WITH LONG-TERM RISK-ADJUSTED EPS GROWTH(4) DIVIDEND GROWTH TOTAL SHAREHOLDER THROUGH 2030 COMMITMENT(2) RETURN(3) CONSTRUCTIVE, GROWING JURISDICTIONS, LOWER-RISK REGULATED

  13. Slide 13: Appendix

    APPENDIX // 13

  14. Slide 14: 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 $103 billion capi

  15. Slide 15: Advancing >7.5 GW of new gas generation across our jurisdictions

    Advancing >7.5 GW of new gas generation across our jurisdictions Sited new gas generation: CPCN Turbine(s) EPC Contract Construction In service State Plant Type MW Status(1) secured? Signed Started (year-end) NC Person County CC1 CC 1,360 approved 2028 NC Marshall CT 1&2 CT (x2) 850 approved 2028 NC

  16. Slide 16: Advancing Carolinas energy transition

    Advancing Carolinas energy transition CAROLINAS RESOURCE PLAN FILED IN NEAR-TERM ACTION PLAN NORTH CAROLINA OCTOBER 2025 HIGHLIGHTS  Dual-state integrated resource plan emphasizes  5 CC units (6,825 MW); 7 CT reliability and affordability to support economic growth units (2,825 MW) by 2033 within

  17. Slide 17: Large load contract structures protect existing customer base

    Large load contract structures protect existing customer base Contract structures support two key goals: Protect existing customers Establish greater certainty for planning Key contract provisions can include: Minimum Credit Interruptibility Billing Support Provision Demand Refundable Termination Lo

  18. Slide 18: Emerging technology advancements

    Emerging technology advancements Suwannee BESS, Florida  Commissioned a 5 MW / 8-hour long duration sodium-sulfur battery in Suwannee County, Florida ENERGY  Researching multiple megawatt-scale, non-lithium and thermal long STORAGE duration (8+ hours) energy storage technologies, including testing

  19. Slide 19: Regulatory activity details – electric and gas rate cases

    Regulatory activity details – electric and gas rate cases DOCKET NO. STATUS KEY DRIVERS DUKE ENERGY  Application filed Nov. 20, 2025  Requested: ~$1.0 billion retail revenue increase, stepped in over CAROLINAS two-year MYRP ($727 million in year 1 and $275 million in year 2) E-7 Sub 1329  Evident

  20. Slide 20: Key 2026 adjusted earnings guidance assumptions

    Key 2026 adjusted earnings guidance assumptions 2026 Interest Expense Assumption ($ in millions) Original 2025 2025 2026 (Consolidated Total $3,900) Assumptions(1) Actual Assumptions Adjusted segment income/(expense)(2): $1,275 Electric Utilities & Infrastructure $5,290 $5,337 $5,650 $2,375 Gas Util

  21. Slide 21: 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 $87 777 $0

  22. Slide 22: Key 2026 earnings sensitivities

    Key 2026 earnings sensitivities Full-year Driver EPS Impact 1% change in earned return on equity +/- $0.73 $1 billion change in rate base +/- $0.07 Electric Utilities & 1% change in Electric Utilities volumes Infrastructure Industrial +/- $0.02(2) +/- $0.13(1)(2) Commercial +/- $0.06(2) Residential

  23. Slide 23: Five- and ten-year capital plans

    Five- and ten-year capital plans PERCENTAGE OF TOTAL CAPEX PERCENTAGE OF TOTAL CAPEX 2026-2030(1) 2026-2035(1) Environmental Corp, IT & Cyber Environmental Corp, IT & Cyber Remediation ~3% Coal Maintenance Remediation ~3% ~2% ~2% ~2% $73B ~5% ~5% Coal Maintenance ~2% Gas Gen Maintenance Gas Gas Gen

  24. Slide 24: Regulated utilities end of year earnings base

    Regulated utilities end of year earnings base(1) Electric Utilities Earnings Base ($ in billions) 2025A 2026E 2027E 2028E 2029E 2030E Duke Energy Carolinas $37.9 $41.8 $47.2 $52.6 $59.7 $65.3 Duke Energy Progress $25.4 $28.4 $31.7 $35.7 $39.1 $42.3 Duke Energy Florida $22.7 $24.2 $25.9 $28.4 $30.8 $

  25. Slide 25: Capital expenditures profile

    Capital expenditures profile(1) ($ in millions) Capital Expenditures 2025A 2026E 2027E 2028E 2029E 2030E 2026 - 2030 Electric Generation(2) 4,435 7,650 8,975 10,825 12,050 11,275 50,775 Electric Transmission 2,677 2,700 2,975 2,825 2,475 2,475 13,450 Electric Distribution 5,237 5,225 5,375 4,825 5,2

  26. Slide 26: Capital expenditures by utility (continued)

    Capital expenditures by utility (continued)(1) ($ in millions) Duke Energy Carolinas 2025A 2026E 2027E 2028E 2029E 2030E 2026 - 2030 Electric Generation 1,496 3,000 4,125 4,850 6,450 5,350 23,775 Electric Transmission 871 1,025 825 725 500 650 3,725 Electric Distribution 2,021 1,975 1,975 1,800 2,10

  27. Slide 27: Capital expenditures by utility (continued)

    Capital expenditures by utility (continued)(1) ($ in millions) Duke Energy Florida 2025A 2026E 2027E 2028E 2029E 2030E 2026 - 2030 Electric Generation 807 1,000 850 1,675 1,875 1,650 7,050 Electric Transmission 665 575 800 925 975 850 4,125 Electric Distribution 1,186 1,150 1,300 1,150 1,125 1,200 5

  28. Slide 28: Capital expenditures by utility (continued)

    Capital expenditures by utility (continued)(1) ($ in millions) Duke Energy OH/KY Electric 2025A 2026E 2027E 2028E 2029E 2030E 2026 - 2030 Electric Generation 44 50 75 50 75 75 325 Electric Transmission 187 175 275 250 200 200 1,100 Electric Distribution 357 350 325 300 350 350 1,675 Environmental &

  29. Slide 29: Weather normalized volume trends, by electric jurisdiction

    Weather normalized volume trends, by electric jurisdiction Rolling Twelve Months, as of December 31, 2025 Duke Energy Duke Energy Duke Energy Duke Energy Duke Energy Electric Carolinas Progress Florida Indiana Ohio/Kentucky Utilities 3.2% 2.8% 2.4% 2.6% 2.3% 1.7% 1.7% 1.1% 0.6% 0.8% 0.6% 0.1% 0.2% 0

  30. Slide 30: Managing regulatory lag and customer rate impacts

    Managing regulatory lag and customer rate impacts ADJUSTED BOOK ROEs(1) COMPETITIVE CUSTOMER RATES(2) RESIDENTIAL Carolinas 10.0 - 10.5% DEO 18.90 10.7% U.S. AVG. 18.81 Carolinas 10.7% DEF 17.86 9.7% DEK 15.84 DEP (NC) 15.83 Florida 10.0 - 10.5% DEI 15.80 10.3% DEP (SC) 14.60 Florida DEC (NC) 13.79

  31. Slide 31: 2026 Financing plan

    2026 Financing plan Estimated / Notional Pre- Issuer Actual Amount Issuance Hedges Security Date Issued Term Rate(1) 2026 Maturities(2) ($ millions) ($ millions) $5,225 Holding Company $3,800 - $4,200 $875 (Mar., Apr. & Sep.) DE Carolinas $2,200 - $2,600 $950 $600 (Dec.) DE Progress $1,000 - $1,400

  32. Slide 32: Liquidity summary (as of December 31, 2025)

    Liquidity summary (as of December 31, 2025) ($ in millions) Duke Duke Duke Duke Duke Piedmont Duke Energy Energy Energy Energy Duke Energy Natural Energy Carolinas Progress Florida Indiana Energy Ohio Kentucky Gas Total (1) Master Credit Facility $ 3,425 $ 1,650 $ 1,675 $ 700 $ 850 $ 450 $ 250 $ 1,0

  33. Slide 33: 2026 Pension funding and costs

    2026 Pension funding and costs  On a consolidated basis, Duke Energy pension Pension plans are ~123% funded as of 12/31/2025 Contributions 2024A 2025A 2026E ($ in millions)  Duke Energy’s pension funding policy: All plans $100 $100 $0  Duke Energy’s policy is to fund amounts on an actuarial basis

  34. Slide 34: Simplified financing structure

    Simplified financing structure Duke Energy (HoldCo) Cinergy Corp. Progress Energy (HoldCo) (HoldCo)(1) Duke Energy Duke Energy Duke Energy Duke Energy Duke Energy Piedmont Natural Carolinas Ohio Indiana Holdco(2) Progress Florida Gas Commercial Paper and LT Financings Duke Energy Duke Energy Money P

  35. Slide 35: Credit ratings and 2025 credit metrics

    Credit ratings and 2025 credit metrics(1) Current Ratings Moody’s S&P INDUSTRY OUTLOOK Stable Negative DUKE ENERGY CORPORATION Stable Stable Senior Unsecured Debt Baa2 BBB Commercial Paper P-2 A-2 PROGRESS ENERGY, INC Stable Stable Senior Unsecured Debt Baa1 BBB DUKE ENERGY CAROLINAS Stable Stable D

  36. Slide 36: Electric utilities & infrastructure modern recovery mechanisms

    Electric utilities & infrastructure modern recovery mechanisms RECOVERY MECHANISMS FOR ELECTRIC CAPEX(1)  The vast majority of electric segment capital investments are eligible for modern recovery mechanisms, mitigating regulatory lag  Includes recovery through riders, rate cases with forecasted t

  37. Slide 37: Overview of state commissions by jurisdiction

    Overview of state commissions by jurisdiction North South Florida Indiana Ohio Kentucky Tennessee Carolina(1) Carolina(2) Number of 5 7 5 5 5 3 7 Commissioners Term (years) 6 4 4 4 5 3 6 Appointed by Appointed by Appointed by Appointed by Elected by the Appointed by Appointed by Appointed/Elected Go

  38. Slide 38: Current electric rate information by jurisdiction

    Current electric rate information by jurisdiction North South Ohio Kentucky Florida Indiana Carolina Carolina (Electric) (Electric) $23.0 B(1) (DEC) $7.9 B(2) (DEC) $2.0 B Retail Rate Base $22.1 B(3) $12.5 B(5) $1.25 B $15.0 B(1) (DEP) $2.2 B(2) (DEP) (dist. only) $2.1 B (DEC) 3Q 2025 $1.6 B Wholesa

  39. Slide 39: Current electric rate information by jurisdiction (continued)

    Current electric rate information by jurisdiction (continued) General Rate Case North South Ohio Kentucky Florida Indiana Provisions Carolina Carolina (Electric) (Electric) Notice of Intent Required? Yes Yes Yes Yes(1) Yes Yes Notice Period 30 Days 30 Days 60 Days 30 Days(2) 30 Days 30 Days Base Rat

  40. Slide 40: Current gas rate information by jurisdiction

    Current gas rate information by jurisdiction North South Ohio Kentucky Tennessee Carolina Carolina (Gas) (Gas) Rate Base $6.4 B $763 M $1.4 B $1.9 B $549 M 9.8% for base rates Allowed ROE 9.8% 9.3% 9.8% 9.6% 9.7% for riders Allowed Equity 52.3% 53.22% 47.89% 52.32% 52.65% Effective Date of Most Rece

  41. Slide 41: Duke Energy – a large scale, highly regulated energy infrastructure company

    Duke Energy – a large scale, highly regulated energy infrastructure company HEADQUARTERED IN CHARLOTTE, NC ELECTRIC UTILITIES & GAS UTILITIES & INFRASTRUCTURE INFRASTRUCTURE Operations A FORTUNE 150 COMPANY $95B MARKET CAP (AS OF 2/6/2025) Retail Customers ~8.7 million in six states ~1.8 million in

  42. Slide 42: Electric utilities & infrastructure

    Electric utilities & infrastructure EIGHT UTILITIES IN HIGH-QUALITY REGIONS OF THE U.S. CAROLINAS FLORIDA MIDWEST Duke Energy Carolinas Duke Energy Progress Duke Energy Florida Duke Energy Duke Energy (NC/SC) (NC/SC) Indiana Ohio / Kentucky REGULATED ELECTRIC REGULATED ELECTRIC BALANCED 2025 EARNING

  43. Slide 43: Gas utilities & infrastructure

    Gas utilities & infrastructure GAS UTILITIES WITH LOW VOLUMETRIC EXPOSURE DUE TO MOSTLY FIXED MARGINS… MARGIN STABILIZING MECHANISMS 13% 1. Purchased Gas Adjustment All States 15% 2. Uncollectible Recovery All States 72% 87% MOSTLY 3. Integrity Management Rider North Carolina FIXED (“IMR”) MARGINS 4

  44. Slide 44: Upcoming events & other

    UPCOMING EVENTS & OTHER // 44

  45. Slide 45: Upcoming events

    Upcoming events Event Date 1Q 2025 earnings call (tentative) May 5, 2026 2Q 2025 earnings call (tentative) August 4, 2026 3Q 2025 earnings call (tentative) November 5, 2026 FOURTH QUARTER 2025 EARNINGS REVIEW AND BUSINESS UPDATE // 45 // 45

  46. Slide 46: Investor relations contact information

    Investor relations contact information ABBY MOTSINGER, VICE PRESIDENT INVESTOR RELATIONS  Abby.Motsinger@duke-energy.com  (704) 382-7624 PAIGE SWOFFORD, MANAGER INVESTOR RELATIONS  Paige.Swofford@duke-energy.com  (980) 373-4233 DANIEL STEWART, MANAGER INVESTOR RELATIONS  Daniel.Stewart@duke-ene

  47. Slide 47: For additional information on Duke Energy

    HEADLINE GOES HERE For additional information on Duke Energy, please visit: duke-energy.com/investors FOURTH QUARTER 2025 EARNINGS REVIEW AND BUSINESS UPDATE // // 47 47

  48. Slide 48: Non-GAAP Reconciliations

    Duke Energy Corporation Non-GAAP Reconciliations Fourth Quarter Earnings Review & Business Update February 10, 2026 Adjusted Earnings per Share (EPS) The materials for Duke Energy Corporation’s (Duke Energy) Fourth Quarter Earnings Review and Business Update dated February 10, 2026 include discussio

  49. Slide 49: Adjusted Segment Income (Loss) and Adjusted Other Net Loss

    Adjusted Segment Income (Loss) and Adjusted Other Net Loss The materials for Duke Energy’s Fourth Quarter Earnings Review and Business Update dated February 10, 2026, include discussion of adjusted segment income (loss) and adjusted other net loss for the year-to-date period ended December 31, 2025,

  50. Slide 50: Available Liquidity

    future periods, the information to reconcile it to the most directly comparable GAAP financial measure is not available, as management is unable to project special items, as discussed above under Adjusted EPS. Available Liquidity The materials for Duke Energy’s Fourth Quarter Earnings Review and Bus

  51. Slide 51: Dividend Payout Ratio

    Adjusted segment income is a non-GAAP financial measure, as it represents reported segment income adjusted for special items as discussed above. Due to the forward-looking nature of forecasted adjusted segment income, the information to reconcile it to the most directly comparable GAAP financial mea

  52. Slide 52: Reported to Adjusted Earnings Reconciliation 2025

    DUKE ENERGY CORPORATION REPORTED TO ADJUSTED EARNINGS RECONCILIATION Year Ended December 31, 2025 (Dollars in millions, except per share amounts) Reported Discontinued Total Adjusted Earnings Operations Adjustments Earnings SEGMENT INCOME (LOSS) Electric Utilities and Infrastructure $ 5,337 $ —_ $ -

  53. Slide 53: Reported to Adjusted Earnings Reconciliation 2024

    DUKE ENERGY CORPORATION REPORTED TO ADJUSTED EARNINGS RECONCILIATION Year Ended December 31, 2024 (Dollars in millions, except per share amounts) Special Items Noncore System Post- Preferred Asset Sales Captive Reported Regulatory Implementation Redemption and Net Storm Discontinued Total Adjusted E

  54. Slide 54: Effective Tax Reconciliation

    DUKE ENERGY CORPORATION EFFECTIVE TAX RECONCILIATION December 2025 (Dollars in millions) Three Months Ended Year Ended December 31, 2025 December 31, 2025 Effective Tax Effective Tax Balance Rate Balance Rate Reported Income From Continuing Operations Before Income Taxes $ 1,358 $ 5,712 Noncontrolli

  55. Slide 55: Adjusted Book Return on Equity 2025

    # DUKE ENERGY CORPORATION ADJUSTED BOOK RETURN ON EQUITY (ROEs) For the period ended December 31, 2025 dollars in millions Duke Energy Duke Energy Duke Energy Duke Energy Duke Energy Ohio Reportable Carolinas Progress Total Carolinas Florida Indiana Segments Piedmont (1) Reported/Adjusted Net Income

  56. Slide 56: Adjusted Book Return on Equity 2024

    # DUKE ENERGY CORPORATION ADJUSTED BOOK RETURN ON EQUITY (ROEs) For the period ended December 31, 2024 dollars in millions Duke Energy Duke Energy Duke Energy Duke Energy Duke Energy Ohio Reportable Carolinas Progress Total Carolinas Florida Indiana Segments Piedmont Reported Net Income 2024 $ 1,883

  57. Slide 57: Adjusted Book Return on Equity 2023

    # DUKE ENERGY CORPORATION ADJUSTED BOOK RETURN ON EQUITY (ROEs) For the period ended December 31, 2023 dollars in millions Duke Energy Duke Energy Duke Energy Duke Energy Duke Energy Ohio Reportable Carolinas Progress Total Carolinas Florida Indiana Segments Piedmont Reported Net Income 2023 $ 1,470

  58. Slide 58: Available Liquidity Reconciliation

    # Duke Energy Corporation Available Liquidity Reconciliation As of December 31, 2025 (In millions) Cash and Cash Equivalents $ 245 Less: Unavailable Domestic Cash (36) 209 Plus: Remaining Availability under Master Credit Facilities and other facilities 7,768 Total Available Liquidity (a) $ 7,977 app

  59. Slide 59: FFO to Debt Calculation Duke Energy Corporation

    # FFO to Debt Calculation Duke Energy Corporation (in millions) Year Ended December 31, 2025 Actual Cash From Operations 12,330 Adjust for Working Capital (1) 886 Coal ash ARO spend 471 Include Capitalized Interest as cost (182) Hybrid interest adjustment 54 Preferred stock adjustment (29) CR3 secur

  60. Slide 60: FFO to Debt Calculation Duke Energy Carolinas

    # FFO to Debt Calculation Duke Energy Carolinas (in millions) Year Ended December 31, 2025 Actual Cash From Operations 3,621 Adjust for Working Capital (1) 628 ARO spend 197 Include Capitalized Interest as cost (66) Storm securitization (6) Lease-imputed FFO adjustment (D&A) 55 Funds From Operations

  61. Slide 61: FFO to Debt Calculation Duke Energy Progress

    # FFO to Debt Calculation Duke Energy Progress (in millions) Year Ended December 31, 2025 Actual Cash From Operations 2,757 Adjust for Working Capital (1) 267 Coal ash ARO spend 176 Include Capitalized Interest as cost (53) Storm securitization (39) Lease-imputed FFO adjustment (D&A) 67 Funds From O

  62. Slide 62: FFO to Debt Calculation Duke Energy Florida

    # FFO to Debt Calculation Duke Energy Florida (in millions) Year Ended December 31, 2025 Actual Cash From Operations 2,507 Adjust for Working Capital (1) 534 Include Capitalized Interest as cost (7) CR3 securitization adjustment (59) Lease-imputed FFO adjustment (D&A) 78 Adjustment for 2024 Storms (

  63. Slide 63: FFO to Debt Calculation Duke Energy Indiana

    # FFO to Debt Calculation Duke Energy Indiana (in millions) Year Ended December 31, 2025 Actual Cash From Operations 1,045 Adjust for Working Capital (1) 51 Coal ash ARO spend 92 Include Capitalized Interest as cost (2) Lease-imputed FFO adjustment (D&A) 25 Funds From Operations 1,211 Notes payable

  64. Slide 64: FFO to Debt Calculation Duke Energy Ohio

    # FFO to Debt Calculation Duke Energy Ohio (in millions) Year Ended December 31, 2025 Actual Cash From Operations 893 Adjust for Working Capital (1) (72) Coal Ash ARO spend 5 Include capitalized Interest as cost (10) Lease-imputed FFO adjustment (D&A) 14 Funds From Operations 830 Notes payable to af

  65. Slide 65: FFO to Debt Calculation Piedmont Natural Gas

    # FFO to Debt Calculation Piedmont Natural Gas (in millions) Year Ended December 31, 2025 Actual Cash From Operations 777 Adjust for Working Capital (1) (39) Include Capitalized Interest as cost (7) Lease-imputed FFO adjustment (D&A) 1 Funds From Operations 732 Notes payable to affiliated companies

Duke Energy Corporation (Holding Company) — Q4 2025 Earnings Presentation on 6ix