Duke Energy Corporation (holding Company) · NYSE:DUK

Duke Energy Corporation (holding Company) — Q1 2026 Earnings Presentation

37 slides from Duke Energy Corporation (holding Company)'s earnings presentation, May 5, 2026

  1. Slide 1: Q1 2026 Earnings Review and Business Update

    Q1 / 2026 Earnings Review and Business Update Harry Sideris / President and CEO Brian Savoy / Executive Vice President and CFO May 5, 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 $1.97 / $1.93 Q1 2026 REPORTED / ADJUSTED EPS Distribution, Florida $6.55 - $6.80 REAFFIRMING 2026 ADJUSTED EPS GUIDANCE RANGE Robinson Nuclear Plant, South Carolina 5% - 7% REAFFIRMING GROWTH RATE THROUGH 2030(1), WITH CONFIDENCE TO EARN IN TOP HALF OF THE RANGE BEGINNING IN 20

  5. Slide 5: Continuous focus on creating value for customers

    Continuous focus on creating value for customers MORE THAN $5 BILLION OF SAVINGS WILL BENEFIT CUSTOMERS OVER TIME… RECEIVED REGULATORY ANNOUNCED TAX CREDIT APPROVALS FOR SALES AGREEMENT DEC / DEP COMBINATION  Signed agreement to monetize up to  Received all regulatory approvals (FERC, $3.1 billion

  6. Slide 6: Executing today, building for the future

    Executing today, building for the future  Completed first closing of Brookfield’s minority investment in Duke Executed on Energy Florida on March 3 ($2.8 billion) transformational transactions  Closed the sale of Piedmont TN gas business to Spire on March 31 ($2.5 billion)  Signed additional ~2.7

  7. Slide 7: Generation expansion program underway to add ~14 GW of capacity by 2031

    Generation expansion program underway to add ~14 GW of capacity by 2031 Executing “all-of-the-above” strategy, with strategic agreements in place to reduce risk and leverage economies of scale to provide value to customers Progressing regulatory outcomes  CECPCN approved for ~1.4 GW Anderson County

  8. Slide 8: Q1 2026 adjusted EPS summary and primary drivers

    Q1 2026 adjusted EPS summary and primary drivers REPORTED SEGMENT RESULTS VS. PRIOR YEAR QUARTER(1) EARNINGS PER SHARE Electric Utilities & Infrastructure, +$128M (+$0.16 per share) $1.97 ▲ Rate cases and riders ▲ Volumes and customer mix $1.76 ▲ Weather, +$0.04 ▼ O&M, including storm response ▼ Dep

  9. Slide 9: Converting large load prospects to projects

    Converting large load 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% -

  10. Slide 10: Delivering speed to power for large load customers

    Delivering speed to power for large load customers ~15.4 GW High-confidence, late-stage pipeline includes… ~7.6 GW Amazon data center site – Richmond County, NC signed ESAs underpinning accelerating load growth projections, of which… ~5 GW of data centers are under construction Substation to serve M

  11. Slide 11: Meeting our financial commitments

    Meeting our financial commitments COMMITTED TO OUR CURRENT TRANSACTION EXECUTION CREDIT RATINGS ENHANCES BALANCE  Continued improvement in regulatory recovery SHEET STRENGTH mechanisms supports operating cash flow  Received first tranche of DEF minority investment  On track for ~14.5% FFO / Debt

  12. Slide 12: Our investor value proposition

    Our investor value proposition A STRONG LONG-TERM RETURN PROPOSITION 3.3% ~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: "All of the above" generation strategy – adding ~14 GW of capacity 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  Subsequent license renewal (SLR) at Robi

  16. Slide 16: 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 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 Pe

  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: 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

  19. Slide 19: 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

  20. Slide 20: 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: $952 million retail revenue increase, stepped in over CAROLINAS two-year MYRP ($695 million in year 1 and $257 million in year 2)(1) E-7 Sub 1329  Evide

  21. Slide 21: Key 2026 adjusted earnings guidance assumptions

    Key 2026 adjusted earnings guidance assumptions(1) Original 2026 2026 YTD ($ in millions) Assumptions (thru 3/31/2026) Adjusted segment income/(expense)(2): Electric Utilities & Infrastructure $5,650 $1,404 Gas Utilities & Infrastructure $570 $361 Other ($1,020) ($263) Duke Energy Consolidated $5,20

  22. Slide 22: Electric utilities quarterly weather impacts

    Electric utilities quarterly weather impacts Weather segment 2026 2025 income to normal: Pretax Weighted EPS impact Pretax Weighted EPS impact impact avg. shares favorable / impact avg. shares favorable / (unfavorable) (unfavorable) First Quarter $37 778 $0.04 $3 777 -- Second Quarter $87 777 $0.08

  23. Slide 23: 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

  24. Slide 24: Weather normalized volume trends, by electric jurisdiction

    Weather normalized volume trends, by electric jurisdiction Rolling Twelve Months, as of March 31, 2026 Duke Energy Duke Energy Duke Energy Duke Energy Duke Energy Electric Carolinas Progress Florida Indiana Ohio/Kentucky Utilities 1.9% 1.6% 1.0% 1.1% 1.1% 0.6% 0.6% 0.2% 0.3% 0.1% 0.3% 0.0% 0.1% -0.3

  25. Slide 25: 2026 Financing plan

    2026 Financing plan Estimated / Notional Pre- Issuer Security Date Issued Term Rate(1) 2026 Maturities(2) Actual Amount Issuance Hedges (3) $1,500 Convertible Debt March 2026 3-year 3.00% $5,225 Holding Company $2,300 - $2,700 $875 (Mar., Apr., & Sep.) DE Carolinas $2,000 - $2,400 $1,150 $600 (Dec.)

  26. Slide 26: Liquidity summary (as of March 31, 2026)

    Liquidity summary (as of March 31, 2026) ($ 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 $ 3,150 $ 1,950 $ 1,575 $ 700 $ 750 $ 825 $ 250 $ 800 $

  27. Slide 27: Upcoming events & other

    UPCOMING EVENTS & OTHER // 27

  28. Slide 28: Upcoming events

    Upcoming events Event Date 2Q 2026 earnings call (tentative) August 4, 2026 3Q 2026 earnings call (tentative) November 5, 2026 FIRST QUARTER 2026 EARNINGS REVIEW AND BUSINESS UPDATE // 28 // 28

  29. Slide 29: Investor relations contact information

    Investor relations contact information MIKE SWITZER, VICE PRESIDENT INVESTOR RELATIONS AND CORPORATE DEVELOPMENT  Mike.Switzer@duke-energy.com  (704) 382-6473 PAIGE SWOFFORD, DIRECTOR INVESTOR RELATIONS  Paige.Swofford@duke-energy.com  (980) 373-4233 DANIEL STEWART, MANAGER INVESTOR RELATIONS 

  30. Slide 30: HEADLINE GOES HERE

    HEADLINE GOES HERE For additional information on Duke Energy, please visit: duke-energy.com/investors FIRST QUARTER 2026 EARNINGS REVIEW AND BUSINESS UPDATE // // 30 30

  31. Slide 31: Non-GAAP Reconciliations

    Duke Energy Corporation Non-GAAP Reconciliations First Quarter Earnings Review & Business Update May 5, 2026 Adjusted Earnings per Share (EPS) The materials for Duke Energy Corporation’s (Duke Energy) First Quarter Earnings Review and Business Update dated May 5, 2026 include discussion of adjusted

  32. Slide 32: Adjusted segment income (loss) and adjusted other net loss definitions

    Adjusted segment income (loss) and adjusted other net loss are non-GAAP financial measures, as they represent reported segment income (loss) and other net loss adjusted for special items (as discussed above under Adjusted EPS). Management believes the presentation of adjusted segment income (loss) a

  33. Slide 33: FFO to Debt calculation definitions

    on a GAAP basis, adjusted for changes in working capital, ARO spend, depreciation and amortization of operating leases, operating activities allocated to the minority interests in Duke Energy Indiana and Duke Energy Florida, storm-related amortization impacts related to Duke Energy Florida and reduc

  34. Slide 34: Reported to Adjusted Earnings Reconciliation, Q1 2026

    DUKE ENERGY CORPORATION REPORTED TO ADJUSTED EARNINGS RECONCILIATION Three Months Ended March 31, 2026 (Dollars in millions, except per share amounts) Special Items Legal and Reported Regulatory Discontinued Total Adjusted Earnings Settlements Asset Sales Operations Adjustments Earnings SEGMENT INCO

  35. Slide 35: Reported to Adjusted Earnings Reconciliation, Q1 2025

    DUKE ENERGY CORPORATION REPORTED TO ADJUSTED EARNINGS RECONCILIATION Three Months Ended March 31, 2025 (Dollars in millions, except per share amounts) Reported Discontinued Total Adjusted Earnings Operations Adjustments Earnings SEGMENT INCOME (LOSS) Electric Utilities and Infrastructure $ 1,276 $ —

  36. Slide 36: Effective Tax Reconciliation

    DUKE ENERGY CORPORATION EFFECTIVE TAX RECONCILIATION March 2026 (Dollars in millions) Three Months Ended March 31, 2026 Effective Tax Balance Rate Reported Income From Continuing Operations Before Income Taxes $ 1,897 Legal and Regulatory Settlements 197 Asset Sales (367) Noncontrolling Interests (3

  37. Slide 37: Available Liquidity Reconciliation

    Duke Energy Corporation Available Liquidity Reconciliation As of March 31, 2026 (In millions) Cash and Cash Equivalents $ 2,140 Less: Unavailable Domestic Cash (219) 1,921 Plus: Remaining Availability under Master Credit Facilities and other facilities 7,998 Total Available Liquidity (a) $ 9,919 app

Duke Energy — Q1 2026 Earnings Presentation on 6ix