Duke Energy Corporation (holding Company) · NYSE:DUK

Duke Energy Corporation (holding Company) — Q3 2025 Earnings Presentation

36 slides from Duke Energy Corporation (holding Company)'s earnings presentation, Nov 7, 2025

  1. Slide 1: Earnings Review and Business Update

    Q3 / 2025 Earnings Review and Business Update Harry Sideris / President and CEO Brian Savoy / Executive Vice President and CFO November 7, 2025 // 1

  2. 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

  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 $1.81 Q3 2025 REPORTED / ADJUSTED EPS Smith Energy Complex, North Carolina $6.25 - $6.35 NARROWING 2025 ADJUSTED EPS GUIDANCE RANGE 5% - 7% Transmission, Indiana REAFFIRMING GROWTH RATE THROUGH 2029(1) WITH CONFIDENCE TO EARN IN TOP HALF OF THE RANGE BEGINNING IN 2028 (1) Based

  5. Slide 5: Expect to announce $95B 2026-2030 capital plan

    Focused on customer value as investment needs accelerate EXPECT TO ANNOUNCE $95B 2026-2030 CAPITAL PLAN +$10B ADDITIONAL UPSIDE OPPORTUNITY… CAPITAL PLAN ($B) EARNINGS BASE(1) GROWTH $95 - $105 ~8.5%+ $87 ~8% Current Expected Current Expected (2025 - 2029) (2026 - 2030) (2024 - 2029) (2025 - 2030) …

  6. Slide 6: Advancing >8.5 GW of new dispatchable generation across our jurisdictions

    Advancing >8.5 GW of new dispatchable generation across our jurisdictions Executing on generation projects to meet load growth  Maximizing our existing fleet through >1 GW of uprates through 2031  Construction underway for Person County CC1  CPCNs approved for Person County CC2 and Cayuga CCs  C

  7. Slide 7: Q3 2025 adjusted EPS summary and primary drivers

    Q3 2025 adjusted EPS summary and primary drivers REPORTED SEGMENT RESULTS VS. PRIOR YEAR QUARTER(1) EARNINGS PER SHARE $4.81 Electric Utilities & Infrastructure, +$194M (+$0.24 per share) $4.17 ▲ Rate cases and riders ▲ Volumes and retail pricing ▼ Weather (-$0.02) $1.81 $1.60 ▼ Interest expense Q3

  8. Slide 8: Well-positioned to achieve long-term growth targets

    Well-positioned to achieve long-term growth targets Reaffirming 5 - 7% EPS growth rate through 2029(1), with confidence to earn in the top half of the range beginning in 2028 2026 EARNINGS DRIVERS LONG-TERM EARNINGS DRIVERS ▲ North Carolina multi-year rate plans Structural tailwinds from population

  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%  Custo

  10. Slide 10: Strong execution positions balance sheet for growth

    Strong execution positions balance sheet for growth  Storm cost securitization provides savings for customers while preserving credit quality Timely recovery of  Issued ~$1 billion of North Carolina storm securitization bonds in September 2024 storm  Expect to issue ~$600 million of South Carolin

  11. Slide 11: 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

  12. Slide 12: Appendix

    APPENDIX // 12

  13. Slide 13: 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

  14. Slide 14: 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

  15. Slide 15: 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 Jul. 1, 2025  Requested: ~$151 million annual retail revenue increase CAROLINAS 2025-172-E  Evidentiary hearing scheduled for Nov. 2025  10.85% ROE, 53% equity cap. structure So

  16. Slide 16: 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 $87 billion capit

  17. Slide 17: 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

  18. Slide 18: Key 2025 adjusted earnings guidance assumptions

    Key 2025 adjusted earnings guidance assumptions(1) Original 2025 2025 YTD ($ in millions) Assumptions (thru 9/30/2025) Adjusted segment income/(expense)(2): Electric Utilities & Infrastructure $5,290 $4,128 Gas Utilities & Infrastructure $580 $329 Other ($970) ($713) Duke Energy Consolidated $4,900

  19. Slide 19: 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

  20. Slide 20: 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

  21. Slide 21: Weather normalized volume trends, by electric jurisdiction

    Weather normalized volume trends, by electric jurisdiction Rolling Twelve Months, as of September 30, 2025 Duke Energy Duke Energy Duke Energy Duke Energy Duke Energy Electric Carolinas Progress Florida Indiana Ohio/Kentucky Utilities 2.5% 2.5% 2.0% 2.0% 2.1% 1.5% 1.8% 1.2% 1.3% 0.8% 0.7% 0.9% 0.5%

  22. Slide 22: 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 10-year 4.95% $1,820 $1,750 $1,725 Senior Debt September 2025 Holding Company 30-year 5.70% (Apr., Sep. & Dec.) (3) $1,200 $800 Term Loan

  23. Slide 23: Liquidity summary

    Liquidity summary (as of September 30, 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 $ 3,925 $ 1,000 $ 1,125 $ 1,150 $ 800 $ 700 $ 250 $

  24. Slide 24: Upcoming events & other

    UPCOMING EVENTS & OTHER // 24

  25. Slide 25: Upcoming events

    Upcoming events Event Date 2025 EEI Financial Conference November 9-11, 2025 4Q 2025 earnings call (tentative) February 10, 2026 1Q 2026 earnings call (tentative) May 5, 2026 THIRD QUARTER 2025 EARNINGS REVIEW AND BUSINESS UPDATE // 25 // 25

  26. Slide 26: 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

  27. Slide 27: For additional information on Duke Energy

    HEADLINE GOES HERE For additional information on Duke Energy, please visit: duke-energy.com/investors THIRD QUARTER 2025 EARNINGS REVIEW AND BUSINESS UPDATE // // 27 27

  28. Slide 28: Non-GAAP Reconciliations

    Duke Energy Corporation Non-GAAP Reconciliations Third Quarter Earnings Review & Business Update November 7, 2025 Adjusted Earnings per Share (EPS) The materials for Duke Energy Corporation’s (Duke Energy) Third Quarter Earnings Review and Business Update dated November 7, 2025 include discussion of

  29. Slide 29: Non-GAAP definitions: adjusted segment income

    segment’s or Other’s performance across periods. When a per share impact is provided for a segment income (loss) driver, the after-tax driver is derived using the pretax amount of the item less income taxes based on the segment statutory tax rate of 24% for Electric Utilities and Infrastructure, 23%

  30. Slide 30: FFO to debt and dividend payout ratio definitions

    and Duke Energy Progress Storm Securitizations), including current maturities, operating lease liabilities, plus notes payable, commercial paper outstanding, underfunded pension liability, and adjustments to hybrid debt and preferred stock issuances based on how credit rating agencies view the instr

  31. Slide 31: Reported to Adjusted Earnings Reconciliation, Q3 2025

    DUKE ENERGY CORPORATION REPORTED TO ADJUSTED EARNINGS RECONCILIATION Three Months Ended September 30, 2025 (Dollars in millions, except per share amounts) Reported Discontinued Total Adjusted Earnings Operations Adjustments Earnings SEGMENT INCOME (LOSS) Electric Utilities and Infrastructure $ 1,658

  32. Slide 32: Reported to Adjusted Earnings Reconciliation, Nine Months 2025

    DUKE ENERGY CORPORATION REPORTED TO ADJUSTED EARNINGS RECONCILIATION Nine Months Ended September 30, 2025 (Dollars in millions, except per share amounts) Reported Discontinued Total Adjusted Earnings Operations Adjustments Earnings SEGMENT INCOME (LOSS) Electric Utilities and Infrastructure $ 4,128

  33. Slide 33: Reported to Adjusted Earnings Reconciliation, Q3 2024

    DUKE ENERGY CORPORATION REPORTED TO ADJUSTED EARNINGS RECONCILIATION Three Months Ended September 30, 2024 (Dollars in millions, except per share amounts) Special Items System Post- Preferred Reported Implementation Redemption Discontinued Total Adjusted Earnings Costs Costs Operations Adjustments E

  34. Slide 34: Reported to Adjusted Earnings Reconciliation, Nine Months 2024

    DUKE ENERGY CORPORATION REPORTED TO ADJUSTED EARNINGS RECONCILIATION Nine Months Ended September 30, 2024 (Dollars in millions, except per share amounts) Special Items System Post- Preferred Reported Regulatory Implementati Redemption Discontinued Total Adjusted Earnings Matters on Costs Costs Opera

  35. Slide 35: Effective Tax Reconciliation

    DUKE ENERGY CORPORATION EFFECTIVE TAX RECONCILIATION September 2025 (Dollars in millions) Three Months Ended Nine Months Ended September 30, 2025 September 30, 2025 Effective Tax Effective Tax Balance Rate Balance Rate Reported Income From Continuing Operations Before Income Taxes $ 1,630 $ 4,354 No

  36. Slide 36: Available Liquidity Reconciliation

    Duke Energy Corporation Available Liquidity Reconciliation As of September 30, 2025 (In millions) Cash and Cash Equivalents $ 688 Less: Certain Amounts Held in Foreign Jurisdictions (12) Less: Unavailable Domestic Cash (79) 597 Plus: Remaining Availability under Master Credit Facilities and other fa

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