Slide 1: Forming America's leading utility business and energy infrastructure company
Richmond, VA Jupiter, FL Miami, FL + Charleston, SC Forming America’s leading utility business and energy infrastructure company To reliably and affordably meet America’s historic power demand Outer Banks, NC May 18, 2026
Slide 2: Cautionary Information
Cautionary Information This communication includes “forward-looking believed to be reasonable at the time such forward- party; the risk that certain provisions in the merger and market prices for electricity or gas. The registration statements” within the meaning of the safe harbor looking statement
Slide 3: Today's Participants
Today’s Participants John Ketchum Robert Blue Mike Dunne Steven Ridge Chairman, President Chair, President Chief Financial Officer Chief Financial Officer and CEO and CEO NextEra Energy Dominion Energy NextEra Energy Dominion Energy NextEra Energy + Dominion Energy 3
Slide 4: Agenda
Agenda 1 Forming the Industry Leader 2 Good for Our Customers 3 Good for Our Team and the Communities We Serve 4 Good for Shareholders 5 Path to Close 6 Key Takeaways NextEra Energy + Dominion Energy 4
Slide 5: Forming the Industry Leader
1 Forming the Industry Leader NextEra Energy + Dominion Energy 5
Slide 6: Power demand is expected to grow six times faster over the next 20 years
Power demand is expected to grow six times faster over the next 20 years U.S. Electricity Demand1,2,3 To serve customers Thousand TWh +60% affordably and reliably, a ~6x increase in company must be able to: growth rate 6.9 6.4 Buy More Efficiently 5.8 5.1 Build More Efficiently +10% 3.9 4.0 4.0 3.9
Slide 7: Combining NextEra Energy and Dominion Energy would create America's leading utility business
Combining NextEra Energy and Dominion Energy would create America’s leading utility business and energy infrastructure company Regulated 1 Florida Power & Virginia ~$249 B market cap2 Light Company ~$420 B enterprise value2 ~10 MM utility customers Electric Transmission North Carolina 49 states ~110
Slide 8: The combination would create the number one utility company in nearly every category
The combination would create the number one utility company + in nearly every category Regulated utilities in four high growth states A leader in nearly every category Richmond, Virginia Dual Headquarters Total generation No. 1 Renewables generation No. 1 Gas generation No. 1 Cayce, South Carolina N
Slide 9: Combined company would maintain continuity in leadership, board representation and headquarters
Combined company would maintain continuity in leadership, board representation and headquarters Transaction Structure • Tax free, all-stock merger • Dominion Energy shareholders to receive 0.8138 shares of NextEra Energy for each outstanding share of Dominion Energy Pro Forma Ownership • NextEra Ene
Slide 10: The combined company would be committed to its customers, employees and communities
The combined company would be committed to its customers, employees and communities Customers • ~$2.25 B total proposed bill credits allocated over first two years post-close • 79% Virginia • 17% South Carolina • 3% North Carolina • Upgraded credit profile and increased financial resiliency benefit
Slide 11: Highest Adjusted EPS growth expectations and one of the strongest balance sheets
The combined company would have one of the highest Adjusted EPS growth rate expectations and one of the strongest balance sheets in the industry Adjusted EPS and cash • Expect 9%+ CAGR through 2032 off 2025 adjusted EPS1 flow growth rate • Targeting 9%+ CAGR through 2035 off 2025 adjusted EPS1 • Ope
Slide 12: The combined company would have unmatched scale, capabilities and opportunities
The combined company would have unmatched scale, capabilities and opportunities • Largest utility and third largest energy infrastructure company in the country Scale • Represents ~18% of the holdings of the S&P Utilities Index1 • Four constructive rate-regulated jurisdictions Diversification • ~80%
Slide 13: Largest power company and third largest company in the energy sector in the U.S.
The combined company would be the largest power company and third largest company in the energy sector in the United States S&P 500 Energy and Utilities Sector Enterprise Value1 $B 709 425 420 309 297 188 183 167 127 123 117 114 111 XOM CVX Pro Forma NEE SHEL DUK SO COP WMB AEP CEG MPC D The combine
Slide 14: Serving four of America's fastest growing states
The combined company would serve four of America’s fastest growing states with total annual GDP of ~$4.0 T1 Virginia North Carolina South Carolina Florida 2x growth in electricity 2x population growth vs. 2x population growth vs. $1.8 T GDP4 - 15th largest sales vs. nat’l avg.2 nat’l avg. last three
Slide 15: Good for Our Customers
2 Good for Our Customers NextEra Energy + Dominion Energy 15
Slide 16: NextEra Energy and Dominion Energy put customers first
NextEra Energy and Dominion Energy put customers first + $2.25 billion Low rates High reliability All forms of energy solutions total bill credits proposed for Dominion Energy customers1 ~79% Virginia ~17% South Carolina ~3% North Carolina Outstanding Large load pays Committed to the customer servic
Slide 17: Shared common platform would benefit customers
The combined company’s shared common platform would benefit customers Supply Engineering & Technology Customer Artificial Talent, Culture Chain Construction Relationships Intelligence & Experience Remote Operating Operations Scale Land Development Transmission Market Data, Analytics Balance Sheet Po
Slide 18: U.S. power demand is coming from every sector, driving the need for more generation
U.S. power demand is coming from every sector, driving the need for more generation Power Demand Growth By Sector Combination would result in balanced Peak load increase, GW 2026E–2032E growth across the four states Florida Power & Light Company3 Dominion Energy Virginia and North Carolina3 U.S.1 Fl
Slide 19: Projects needed to serve new load demands are growing in size and complexity
Projects needed to serve new load demands are growing significantly in size and complexity Project Size Project CapEx MW, Illustrative $ B, Illustrative 30x ~$15 Scale and a strong 25x 5,000 balance sheet matter more than ever, driving operating and capital efficiency to drive affordability while me
Slide 20: The combined company's scale would enable significant buying power
The combined company’s scale would enable significant buying power Annual CapEx Forecast1 Purchasing3 $B 2021–2025 $59 Buy More Efficiently ~43 MM Solar panels ~11 MM Fossil fleet parts Build More Efficiently ~9 MM Nuclear fleet parts Finance More Efficiently $21 $16 ~8 K Battery containers $14 $14
Slide 21: Built more generation than the next 25 largest utilities combined
Since 2021, NextEra Energy and Dominion Energy have built more generation than the next 25 largest utilities combined 2021–2025 Power Generation Build1 GW 38 Buy More Efficiently Build More Efficiently Finance More Efficiently Operate More Efficiently NEE + D Next 25 largest utilities2 The combined
Slide 22: The combined company's strong balance sheet would benefit customers
The combined company’s strong balance sheet would benefit customers Credit Benefits from the Merger Before After S&P/Moody’s/Fitch S&P/Moody’s/Fitch Buy More Efficiently Upgrade of Dominion Energy Virginia credit ratings1 BBB+/A3/A- A-/A3/A- Build More Efficiently Upgrade of Dominion Energy BBB+/Baa
Slide 23: Strive to be best in class in operating costs
The combined company would strive to be best in class in operating costs Cost Effectiveness Non-Fuel O&M, $/MWh1 To meet the growing power Buy More Efficiently demand, the combined GOOD ~54% Lower company expects ~11% regulatory capital employed growth Build More Efficiently The combined company wou
Slide 24: Ability to buy, build, finance and operate more efficiently drives customer benefits
Our combined ability to buy, build, finance and operate more efficiently is expected to drive customer benefits New Generation and Storage Together, we expect to lead across GW all forms of energy 10 + ~115–150+ 11 4 16 77–108 World leader in storage World leader in renewables U.S. leader in gas-fir
Slide 25: Good for Our Team and the Communities We Serve
3 Good for Our Team and the Communities We Serve NextEra Energy + Dominion Energy 25
Slide 26: Committed to its customers, communities and employees
The combined company would be committed to its + customers, communities and employees Providing exceptional service to our customers • Continued commitment to safe, reliable and affordable service • Our combined scale and platform is expected to benefit customers • Top-tier customer service scores F
Slide 27: Shared culture focused on delivering exceptional customer value
NextEra Energy and Dominion Energy share a culture focused on delivering exceptional Net Promoter Scores1 customer value ~55–175% Better + = Industry’s Leading Team 33 Culture and Core Values Culture and Core Values 26 Safety First Safety 19 Do the Right Thing Ethics 12 Committed to Excellence Excel
Slide 28: Dual headquarters, strong local leadership and enhanced career opportunities
The combined company would have dual headquarters, maintain strong local leadership and provide enhanced career opportunities Dual Headquarters Career Opportunities Award-Winning Teams Richmond, Virginia Dominion VA/NC and Dual Headquarters Dominion SC maintain Fortune World’s Most strong local Admi
Slide 29: Good for Shareholders
4 Good for Shareholders NextEra Energy + Dominion Energy 29
Slide 30: Compelling long-term shareholder value proposition
Best-in-class shareholder value We expect the combined company will deliver a proposition compelling long-term shareholder value proposition One of the highest target adjusted EPS growth rates NextEra Energy + Dominion 15+ ways to grow NextEra Energy 9%+ 8%+ Long-Term Adj. EPS CAGR Target1 Largest r
Slide 31: Leader across key industry metrics and well positioned for attractive growth
The combined company is expected to be a leader across key industry metrics and well positioned for attractive growth ~$249 B $138 B 9%+ 11.6+% Market Adj. EPS Target 2025A Rate Base2 Target TSR3 Capitalization1 Growth Rate $59 B 110 GW 11% 130+ GW Regulatory capital Avg. Annual CapEx4 Generation Ca
Slide 32: More than 15 ways to grow across regulated and long-term contracted businesses
The combined company would be positioned for strong growth, with more than 15 ways to grow balanced across regulated & long-term contracted businesses Illustrative timeline of when we expect investments to drive earnings growth Key Growth Drivers 2025 2030 2035+ Florida Power & Light Now and long-te
Slide 33: One of the industry's highest regulatory capital employed growth rates
Combined company expects one of the industry’s highest regulatory capital employed growth rates by making smart investments that benefit customers Regulated Capital Growth1 $B ~11% Regulatory Capital ~80% Employed Growth Rate $270–$295 B Increase in Regulatory Capital Employed $160–$175 B $90–$100 B
Slide 34: Unmatched large load opportunities across the United States
Combined, NextEra Energy and Dominion Energy have unmatched large load opportunities across the United States Combining the coast-to-coast presence of NextEra Energy… Large Load Pipeline1 GW 132 GW Largest, most experienced developer 21 GW of all-forms-of-energy in the country 51 GW …with leading la
Slide 35: Opportunity to more than double the U.S.'s largest generation fleet
The combined company has an opportunity to more than double the U.S.’s largest generation fleet Top 10 Electric Generation Owners in the U.S.1 GW >2x 225–260+ Potential Increase by 2032 110 80 56 55 2 49 45 37 32 30 25 25 Pro Forma Pro Forma NEE D 2032 Source: Company filings, FactSet 1. Reflects 20
Slide 36: Business mix expected to be 90–95% regulated and long-term contracted
Business mix of the combined company is expected to be 90–95% regulated and long-term contracted Composition of Pro forma Combined Business Mix1 Regulated Business Mix1 NextEra Energy NextEra Energy + Dominion Energy 50–55% FPL 5–10% 90–95% Regulated and Long- 10% Term Contracted 35–40% Dominion VA/
Slide 37: Balance sheet expected to be one of the strongest in the industry
The combined company’s balance sheet is expected to be one of the strongest in the industry On average, utility peers have lower credit ratings Utility Credit Ratings1 today than in 20012 60% YE 2001 50% 40% YE 2025 30% A- or better 20% 42% A- or better 10% 19% 0% A or higher A- BBB+ BBB BBB- Non-IG
Slide 38: Diversified cash flows enhance balance sheet while minimizing equity needs
The combined company’s expected strong, diversified cash flows would enhance its balance sheet strength while minimizing equity needs Forecasted Annual Equity As a % of market cap1 Annual Forecasted Equity Issuances (2027E–2032E) $249 B ~$4 B on average per year2 ~1.6% of market cap1 ~1.2% of ADTV3
Slide 39: Well positioned to drive strong adjusted earnings per share growth
We believe the combined company would remain well positioned to drive strong adjusted earnings per share growth Pro Forma Financial Expectations1 Adjusted Earnings Per Share Expectations 2025–2035E Expect 9%+ CAGR through 2032 off 2025 9%+ Long-term Target2 adjusted EPS2 9%+ Long-term Expectations2
Slide 40: Additional opportunities to drive upside growth to adjusted EPS
We believe the combined company has additional opportunities to drive upside growth to adjusted EPS expectations beyond 9%+1 ~11% regulatory capital employed CAGR through 2032 Execute against the development expectations, which includes 15 GW of large load hubs by 2035 Upsides to Growth FPL and Domi
Slide 41: Path to Close
5 Path to Close NextEra Energy + Dominion Energy 41
Slide 42: Merger expected to close in 12-18 months
Subject to regulatory approvals, we expect the merger to close in 12-18 months Q2 2026 Q3 2026 Q4 2026 Q1 2027 Q2 2027 Q3 2027 Q4 2027 Transaction Federal regulatory applications / regulatory approval process1: Announcement FERC, NRC, HSR State regulatory applications / regulatory approval process1:
Slide 43: Key Takeaways
6 Key Takeaways NextEra Energy + Dominion Energy 43
Slide 44: Combined company's scale will create significant benefits
We expect the combined company’s scale will create NextEra Energy and Dominion significant benefits for customers, employees, the Energy combined communities we serve and shareholders 9%+ Adjusted EPS growth Strategic Drivers rate2 Creates largest regulated utility and power company in America, dive
Slide 45: Appendix
Appendix 45
Slide 46: Diversified and balanced funding plan
NextEra Energy has a diversified and balanced funding plan that is centered on stable cash flows and access to large, liquid capital markets Pro Forma NextEra Energy Funding Plan1 $ B, 2027E–2032E ~$20–$28 ~$2–$4 ~($57)–($50) ~$105–$130 ~$335–$375 ~$155–$180 ~$185–$210 ~($115)–($90) 2 2027E–2032E Ca
Slide 47: Operating cash flow accounts for ~90% of forecasted invested capital
Operating cash flow accounts for ~90% of forecasted invested capital net of tax equity and project finance after accounting for longer dated investments Pro Forma NextEra Energy Invested Capital Walk 2027E–2032E1 $ B, 2027E–2032E ~$335–$375 ~($105)–($130) ~90% ~($2)–($4) ~($5)–($15) ~$215–$235 ~$185
Slide 48: Pro Forma Organizational Structure and Expected Post-Closing Issuer Credit Ratings
Prospective Pro Forma NextEra Energy Organizational Structure and Expected Post- Closing Issuer Credit Ratings New NextEra Energy, Inc. Parent Corporate NextEra Guarantee of Dominion Energy, Inc. Debt1 Energy NextEra Energy Entity Issuer Rating: Existing NextEra Energy, Inc. Parent Corporate Dominio
Slide 49: Reconciliation of GAAP Net Income to Adjusted Earnings
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 50: Definitional information
Definitional information NextEra Energy, Inc. Adjusted Earnings Expectations (including subsidiaries as applicable) This presentation refers to adjusted earnings per share expectations. NextEra Energy does not provide a quantitative reconciliation of forward-looking adjusted earnings per share to ea
Slide 51: Cautionary Information
Cautionary Information No offer or solicitation This communication is not intended to and shall not constitute an offer to buy or sell or the solicitation of an offer to buy or sell any securities, or a solicitation of any vote or approval, nor shall there be any sale, issuance or transfer of securi
Slide 52: Cautionary Information (continued)
Cautionary Information (continued) Participants in the Solicitation NextEra Energy, Dominion Energy and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies in respect of the proposed transactions. Information about the director