Slide 1: Third Quarter 2025 Earnings Conference Call
Third Quarter 2025 Earnings Conference Call October 28, 2025 NextEra Energy 1
Slide 2: Cautionary Statements and Risk Factors That May Affect Future Results
Cautionary Statements and Non-GAAP Financial Other Risk Factors That May Affect Information See Appendix for definition of Future Results This presentation refers to Adjusted Earnings, Adjusted This presentation includes certain financial measures that EBITDA and Adjusted EBITDA forward-looking stat
Slide 3: NextEra Energy delivered strong third quarter results growing adjusted EPS 9.7% year-over-year
NextEra Energy delivered strong third quarter results growing adjusted earnings per share 9.7% year-over-year NextEra Energy Results – Third Quarter Adjusted Earnings Adjusted EPS ($ MM) $1.13 $2,348 $2,127 $1.03 2024 2025 2024 2025 NextEra Energy 3
Slide 4: We build and operate all forms of energy
We build and operate all forms of energy Owner and operator of largest electric Operates one of America’s largest utility in the U.S. nuclear fleets Operates America’s largest gas-fired America’s leading transmission utility generation fleet and leading competitive transmission developer World leade
Slide 5: FPL's proposed rate settlement would keep bills low and support smart infrastructure investments
FPL’s proposed rate settlement would keep bills low and support smart infrastructure investments Proposed Rate Settlement FPL’s Value Proposition 1 Minimum four-year term starting in 2026 Reliability that’s ~60% better than the national average1 10.95% midpoint regulatory ROE; Equity 2 ratio unchang
Slide 6: Certain wind and solar projects are eligible for tax credits through 2030
Certain wind and solar projects are eligible for tax credits through 2030; new energy storage and nuclear have even longer runways Phase Out of Federal Tax Credits1 Wind 20302 Solar 20302 Storage 20392 Nuclear 20392 1. Based on One Big Beautiful Bill Act (July 2025) and Treasury guidance (August 202
Slide 7: NextEra Energy and Google announce new collaboration to accelerate nuclear energy deployment
NextEra Energy and Google announce new collaboration to accelerate nuclear energy deployment in the U.S. 615 MW Duane Arnold Energy Center expected to return to 1 operations by the first quarter of 2029 Creates thousands of high-quality American jobs and delivers more 2 than $9 billion in economic b
Slide 8: NextEra Energy is well positioned to capitalize on key long-term earnings growth drivers
NextEra Energy is well positioned to capitalize on key long-term earnings growth drivers Illustrative timeline of when we expect investments to drive earnings growth Key Growth Drivers 2025 2030 2035+ Regulated Businesses Florida Power & Light Now and long term FPL Large Load Investing 2030+ Electri
Slide 9: FPL's earnings per share increased 8 cents from the prior-year comparable quarter
FPL’s earnings per share increased 8 cents from the prior-year comparable quarter FPL Results – Third Quarter Net Income EPS ($ MM) $0.71 $1,463 $1,293 $0.63 2024 2025 2024 2025 NextEra Energy 9
Slide 10: FPL continues to focus on making smart capital investments that keep bills low
FPL continues to focus on making smart capital investments that keep bills low while delivering reliable electricity FPL EPS Contribution Drivers EPS Growth Regulatory Capital Employed1 ($ B) Third ~7.8 % Quarter Growth $74.2 $68.9 FPL – 2024 EPS $0.63 Drivers: New investments $0.04 Other, including
Slide 11: Florida's economy remains healthy, and FPL's retail sales see positive impacts from customer growth
Florida’s economy remains healthy, and FPL’s retail sales continue to see positive impacts from strong customer growth Florida Economy & Customer Characteristics Retail kWh Sales (Change vs. prior-year) Customer Growth1,2 (Change vs. prior-year quarter; 000s) Third Vero 140 Impact Quarter 120 96.5 C
Slide 12: NextEra Energy Resources reports strong adjusted EPS, up 6 cents
NextEra Energy Resources’ reports strong adjusted earnings per share which increased 6 cents from the prior-year comparable quarter NextEra Energy Resources Results1 – Third Quarter GAAP Adjusted Net Income EPS Net Income EPS ($ MM) ($ MM) $1,102 $0.53 $979 $0.47 $1,223 $1,275 $0.59 $0.62 2024 2025
Slide 13: NextEra Energy Resources' growth was driven by new additions to power generation and storage
NextEra Energy Resources’ growth was driven by new additions to our power generation and storage portfolio NextEra Energy Resources Third Quarter 2025 Adjusted EPS1 Contribution Drivers $0.06 ($0.09) $0.09 $0.53 $0.47 (0.03) Asset Recycling (0.03) Financing costs to fund growth (0.03) Other Q3 2024
Slide 14: NextEra Energy Resources had a strong quarter of new renewables and storage origination
NextEra Energy Resources had a strong quarter of new renewables and storage origination, adding 3.0 GW to the backlog NextEra Energy Resources Development Program1 3.0 GW of new renewable and 2024–2025 2024–2025 2026–2027 2026–2027 2024–2027 storage added to the backlog COD & Backlog Expectations Ba
Slide 15: NextEra Energy's adjusted EPS increased over 9% year-over-year
NextEra Energy’s adjusted earnings per share increased over 9% year-over- year NextEra Energy EPS Summary – Third Quarter GAAP Q3 2024 Q3 2025 Change FPL $0.63 $0.71 $0.08 NextEra Energy Resources $0.59 $0.62 $0.03 Corporate and Other ($0.32) ($0.15) $0.17 Total $0.90 $1.18 $0.28 Adjusted Q3 2024 Q3
Slide 16: NextEra Energy remains well positioned to continue strong adjusted EPS growth
NextEra Energy remains well positioned to continue our strong adjusted earnings per share growth NextEra Energy’s Financial Expectations1 6%–8% off 2024 adjusted EPS range2 $3.85– $4.32 • Expect 6 to 8% annual growth rate through 2027, $3.63– $4.00 off the 2024 adjusted EPS expectations range2 $3.45
Slide 17: Q&A Session
Q&A Session NExTera’ ENERGY Z
Slide 18: Appendix
Appendix NExTera’ ENESGY
Slide 19: NextEra Energy is well positioned to navigate the current interest rate environment
NextEra Energy is well positioned to navigate the current interest rate environment Interest Rate Sensitivity Estimated Adjusted EPS Impact of +50 bps Interest Rate Increase1 2025 2026 2027 $0.00 ($0.00)–($0.02) ($0.01)–($0.03) NextEra Energy’s notional interest rate hedges total nearly $37 B2 1. In
Slide 20: Potential drivers of variability to consolidated adjusted EPS
Potential drivers of variability to consolidated NextEra Energy adjusted EPS 2025 Potential Sources of Variability1 FPL Timing of investment ± $0.01–$0.02 Retail ROE (± 0.1% change) ± $0.015–$0.02 NextEra Energy Resources Wind resource2 (± 1% deviation) ± $0.005 Asset reliability3 (± 1% EFOR) ± $0.0
Slide 21: NextEra Energy's credit metrics remain on track
NextEra Energy’s credit metrics remain on track NextEra Energy Credit Metrics1 S&P A- Range Downgrade Threshold Actual 2024 Target 2025 FFO/Debt 13%–23% 18% 19.3% >18% Moody’s Baa Range Downgrade Threshold Actual 2024 Target 2025 CFO Pre-WC/Debt 13%–22% 17% 19.4% >17% Fitch A Midpoint Downgrade Thre
Slide 22: NextEra Energy Resources Projected 2025 Portfolio Financial Information
NextEra Energy Resources Projected 2025 Portfolio Financial Information (includes NEER’s share of partially owned assets; $MM) Value of pre-tax tax credits Pre-Tax Remaining Adjusted EBITDA1 included in adjusted EBITDA2 Debt Service3 Other4 Cash Flows5 Contract Life6 New Clean Energy Assets7 $1,700–
Slide 23: NextEra Energy Resources Wind Production Index
NextEra Energy Resources Wind Production Index1,2 2024 2025 3RD QTR 4TH QTR 1ST QTR 2ND QTR 3RD QTR Location MW Jul Aug Sep QTR MW QTR YE MW QTR MW QTR MW Jul Aug Sep QTR YTD Midwest 5,788 77% 98% 99% 92% 5,788 98% 99% 5,788 107% 5,788 97% 5,788 85% 87% 72% 81% 97% West 5,774 91% 104% 105% 100% 5,77
Slide 24: NextEra Energy Resources Renewables Development Program
NextEra Energy Resources Renewables Development Program1,2 Wind (GW) Solar (GW) Storage (GW) Region 2024–2025 2026–2027 Region 2024–2025 2026–2027 Region 2024–2025 2026–2027 Northeast 0.0 0.0 Northeast 0.2 0.3 Northeast 0.0 0.0 Southeast 0.0 0.0 Southeast 2.4 2.4 Southeast 0.0 0.8 Midwest 1.6 1.7 Mi
Slide 25: Non-Qualifying Hedges - Summary of Activity
Non-Qualifying Hedges1 - Summary of Activity ($ millions, after-tax) Asset/(Liability) Balance as of 06/30/25 ($1,350) Primary Drivers: Amounts Realized During 3rd Quarter (16) Upstream Hedges $101 Change in Forward Prices (all positions) 68 Electricity Related Positions 71 Subtotal – Income Stateme
Slide 26: Non-Qualifying Hedges - Summary of Third Quarter Activity
Non-Qualifying Hedges1 - Summary of Third Quarter Activity ($ millions) 3rd Quarter Asset / (Liability) Change in Forward Total NQH Gain / 3 Asset / (Liability) Description Amounts Realized Other Balance 06/30/252 Prices (Loss) Balance 9/30/25 Pretax amounts at share Electricity related positions ($
Slide 27: Non-Qualifying Hedges - Summary of Year-to-Date Activity
Non-Qualifying Hedges1 - Summary of Year-to-Date Activity ($ millions) Year-to-Date Asset / (Liability) Amounts Change in Total NQH Asset / (Liability) Description Other3 Balance 12/31/242 Realized Forward Prices Gain / (Loss) Balance 9/30/25 Pretax amounts at share Electricity related positions ($8
Slide 28: Non-Qualifying Hedges - Summary of Forward Maturity
Non-Qualifying Hedges1,2 - Summary of Forward Maturity ($ millions) Asset / (Liability) Description 2025 4th Qtr 2026 2027 2028 2029–2050 Total 2025–2050 Balance 9/30/25 Pretax amounts at share Electricity related positions ($666) $77 $129 $116 $80 $264 $666 Upstream related positions (584) 50 224 1
Slide 29: Reconciliation of GAAP Net Income to Adjusted Earnings (Three Months Ended September 30, 2025)
Reconciliation of GAAP Net Income to Adjusted Earnings Attributable to NextEra Energy, Inc. (Three Months Ended September 30, 2025) Energy Corporate NextEra (millions, except per share amounts) FPL Resources & Other Energy, Inc. Net Income (Loss) Attributable to NextEra Energy, Inc. $ 1,463 $ 1,275
Slide 30: Reconciliation of GAAP Net Income to Adjusted Earnings (Three Months Ended September 30, 2024)
Reconciliation of GAAP Net Income to Adjusted Earnings Attributable to NextEra Energy, Inc. (Three Months Ended September 30, 2024) Energy Corporate NextEra (millions, except per share amounts) FPL Resources & Other Energy, Inc. Net Income (Loss) Attributable to NextEra Energy, Inc. $ 1,293 $ 1,223
Slide 31: Reconciliation of GAAP Net Income to Adjusted Earnings (Nine Months Ended September 30, 2025)
Reconciliation of GAAP Net Income to Adjusted Earnings Attributable to NextEra Energy, Inc. (Nine Months Ended September 30, 2025) Energy Corporate NextEra (millions, except per share amounts) FPL Resources & Other Energy, Inc. Net Income (Loss) Attributable to NextEra Energy, Inc. $ 4,054 $ 2,430 $
Slide 32: Reconciliation of GAAP Net Income to Adjusted Earnings (Nine Months Ended September 30, 2024)
Reconciliation of GAAP Net Income to Adjusted Earnings Attributable to NextEra Energy, Inc. (Nine Months Ended September 30, 2024) Energy Corporate NextEra (millions, except per share amounts) FPL Resources & Other Energy, Inc. Net Income (Loss) Attributable to NextEra Energy, Inc. $ 3,698 $ 2,741 $
Slide 33: Reconciliation of GAAP Net Income to Adjusted Earnings (Twelve Months Ended December 31, 2024)
Reconciliation of GAAP Net Income to Adjusted Earnings Attributable to NextEra Energy, Inc. (Twelve Months Ended December 31, 2024) Energy Corporate NextEra (millions, except per share amounts) FPL Resources & Other Energy, Inc. Net Income (Loss) Attributable to NextEra Energy, Inc. $ 4,543 $ 2,299
Slide 34: Definitional information
Definitional information NextEra Energy, Inc. Adjusted Earnings Expectations NextEra Energy Resources, LLC. NextEra Energy Resources, LLC. (including subsidiaries as applicable) Adjusted EBITDA Adjusted EBITDA by Asset Category This presentation refers to adjusted earnings per share Adjusted EBITDA
Slide 35: Cautionary Statement And Risk Factors That May Affect Future Results
Cautionary Statement And Risk Factors That May Affect Future Results This presentation contains “forward-looking Energy and its business and financial condition operating costs and various liabilities attributable permitting, governmental approvals and the statements” within the meaning of the safe
Slide 36: Cautionary Statement And Risk Factors That May Affect Future Results (cont.)
Cautionary Statement And Risk Factors That May Affect Future Results (cont.) risk of increased operating costs resulting from limited liquidity in over-the-counter markets; ability to fund its liquidity and capital needs and sole discretion of NextEra Energy's board of unfavorable supply costs neces