Slide 1: September Investor Presentation
September Investor Presentation NextEra Energy September 2, 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 expectations. This presentation includes certain financial measures that forward-looking statements were not prepare
Slide 3: NextEra Energy is powered by two industry-leading companies, strengthened by a common platform
NextEra Energy is powered by two industry-leading companies, strengthened by a common platform NextEra Energy Business Mix ~90% >70% <30% Rate-regulated return Primarily long-term on capital invested in a contracted investments constructive regulatory with an average ‘A-’ environment counterparty cr
Slide 4: NextEra Energy has a diverse energy portfolio and experience across the energy value chain
NextEra Energy has a diverse energy portfolio1 and experience across the energy value chain ~26 GW ~6 GW ~16 GW ~22 GW ~4 GW Gas Nuclear Solar Wind Storage ~95,000 miles of T&D lines2 >1,000 miles of Gas Pipelines2 1. FPL and NextEra Energy Resources portfolio as of June 30, 2025; includes NextEra E
Slide 5: NextEra Energy has a long track record of financial performance
NextEra Energy has a long track record of financial performance 20-Year Performance Operating Cash Flow 20-Year Total Shareholder Adjusted Earnings Per Share Dividends Per Share Return1 Billions 1,292% ~9% CAGR ~10% CAGR ~8% CAGR $2.06 $13.3 $3.43 618% 464% $0.62 $0.33 $2.7 2004 2024 2004 2024 2004
Slide 6: FPL is well positioned to power Florida's fast-growing economy
FPL As the nation’s leading electric utility, FPL is well positioned to power Florida’s fast-growing Largest electric utility in the U.S. with economy into the future over 6.0 MM customer accounts ~36 GW in operation1 Bills expected to remain well below the national average through 2029 and 20% belo
Slide 7: Florida continues to experience substantial growth
FPL Florida continues to experience substantial growth Florida Population Growth1 3rd largest and fastest-growing state by Millions population2 ~41% increase 26.7 Florida’s $1.7 T economy is one of the 23.7 24.5 fastest growing in the U.S. and is the 21.6 16th largest economy in the world3 18.9 Serv
Slide 8: FPL delivers top-decile reliability and record storm restoration
FPL FPL continues to deliver for its customers, achieving top-decile industry performance for reliability in 2024 while delivering record storm restoration SAIDI1,2 - 2024 Storm Restoration Days (Average Outage Minutes) (% restored across # of days after storm) GOOD 100% 80% GOOD GOOD Charley, Categ
Slide 9: FPL continues to drive down non-nuclear heat rates and increase fuel savings
FPL FPL continues to drive down non-nuclear heat rates and increase fuel savings for its customers Non-Nuclear Heat Rate1 GOOD Cumulative Fuel Savings2 (Btu/kWh) Billions GOOD FPL’s 2023 average heat rate was 29% better than the 2023 industry average ~8.0% CAGR $16.4 ~(1.7%) CAGR Fuel $7.6 Usage 7,5
Slide 10: FPL strategy of smart investments to drive out operating cost and improve reliability
FPL FPL remains committed to its long-term strategy of smart investments to drive out operating cost and improve reliability – while keeping customer bills low – with a bill 20% lower than 20 years ago Operational Cost Effectiveness1 Residential Customer Bills GOOD GOOD Non-Fuel O&M Typical FPL Resi
Slide 11: FPL strategy to invest in assets that improve customer value proposition
FPL FPL remains committed to its strategy to invest in assets that it believes will improve its customer value proposition Continued Smart Investments Residential Customer Bills Capital Employed1 Typical FPL Residential Bill2 GOOD Billions GOOD $ per 1,000 kWh ~8% CAGR $98 - $102 ~2% CAGR $148 $134
Slide 12: FPL has proposed a pending settlement agreement in its 2025 base rate proceeding
FPL FPL has proposed a pending settlement agreement1 in its 2025 base rate proceeding that would help keep bills low and enable smart investments Potential Benefits following Approval • Proposed settlement would be effective January 2026 through at least December 2029 Clarity through 2029 for FPL cu
Slide 13: FPL's proposed settlement includes two new tariffs to serve large load customers
FPL FPL’s proposed settlement includes provisions for two new tariffs to serve large load customers while protecting general customers Proposed tariffs applicable to new customers Tariff 1: Large Load Sites - First 3 GW with >50 MW and 85% load factor Site A Tariff 1: Tariff 2: Site B Up to 3 GW of
Slide 14: FPL Key Themes
FPL FPL Key Themes Florida is the third largest state in the U.S. and the fastest growing state, which 1 requires significant new generation to service Customer bills have declined 20% on a real basis over the last 20 years, while FPL 2 continually invests in cost-effective, reliable, and diverse ge
Slide 15: NextEra Energy Resources is the leading electric energy infrastructure company in North America
Energy Resources NextEra Energy Resources is the leading electric energy infrastructure company in North America U.S. power generation and capacity leader with ~39 GW of capacity plus a backlog of ~30 GW Plans to invest ~$75 B1 through 2028, primarily driven by new investment in storage, generation
Slide 16: After decades of stagnant electricity demand, we're now seeing growth across sectors
Energy Resources After decades of stagnant electricity demand, we’re now seeing growth across sectors Electricity Demand1,2,3 Expected Deployment Timelines by (TWh) Generation Type 8,000 Today 2030 2035 2040+ 7,500 7,000 Renewables Ready now, fast to deploy, and 6,500 and Storage economic 6,000 5,50
Slide 17: Energy Resources plans to continue to invest in its core businesses
Energy Resources Energy Resources plans to continue to invest in its core businesses to drive long-term shareholder value Energy Resources’ Key Opportunities Near- Long- Wind & Term Storage Transmission Solar Term Value Value Drivers Drivers Natural Gas Nuclear Pipelines Generation Significant Trans
Slide 18: Energy Resources has a proven track record of delivering infrastructure projects
Energy Resources Energy Resources has a proven track record of delivering infrastructure projects, giving us a competitive advantage in today's market Our scale enables better pricing and We are focused on our customers terms We understand how to navigate We have the ability to leverage and through
Slide 19: Energy Resources proactively manages its development projects
Energy Resources Energy Resources proactively manages its development projects in order to deliver the highest value projects to customers Energy Resources has a large pipeline of Energy Resources’ Competitive Advantages development projects it has been Supply Chain investing in for years which allo
Slide 20: Opportunity to develop 36.5 to 46.5 GW of new renewables and storage through 2027
Renewables Energy Resources believes it has the opportunity to develop 36.5 to 46.5 GW of new renewables and storage through 2027 NextEra Energy Resources Development Program1 3.2 GW of new renewable and 2024–2025 2024–2025 2026–2027 2026–2027 2024–2027 storage added to the backlog COD & Backlog Exp
Slide 21: Energy Resources is well positioned to increase market share
Renewables Based on its competitive advantages, Energy Resources is well positioned to increase market share and capitalize on the increasing power demand growth Energy Resources Renewables and Storage Origination (GW) ~12.7 ~12.1 ~9.0 ~8.0 ~7.4 1 1 1 1 2021 2022 2023 2024 TTM 2 Q2 2025 1. Represent
Slide 22: Power prices are forecasted to increase across the U.S.
Renewables Power prices are forecasted to increase across the U.S., which would create valuable recontracting opportunities for Energy Resources Increasing power prices creates opportunities for PPA Opportunity by Market1 Energy Resources: ($/MWh) 1 PPA pricing on new origination ▪ Energy Resources
Slide 23: Demand for battery storage expected to continue to grow
Storage As multiple regional markets near capacity deficits, Energy Resources expects demand for battery storage to continue to grow Illustrative Capacity Surplus / Deficit1,2 Energy Resources’ Storage Competitive Advantages (GW) Excess >20 GW of co-location opportunity on 20 Capacity existing renew
Slide 24: Storage offers speed-to-market and cost advantages as capacity needs grow
Storage Storage offers compelling speed-to-market and cost advantages as capacity needs grow across the U.S. Illustrative Indicative Capacity Payment1 Comparing Capacity Resources SPP Levelized Cost of Capacity, $/kW-mo, 2031 ~2.5x $28–$32 Battery Gas Peaker Storage $23–$27 Meets capacity needs $15-
Slide 25: Demand for new transmission is exploding and NEET has world-class capabilities
Transmission Demand for new transmission is exploding and NextEra Energy Transmission (NEET) has world-class capabilities to execute big infrastructure projects U.S. Transmission Build 345kV+2 (miles) 17 ~3,100 states & 1500 circuit miles1 ~145% Canada 1000 1,337 500 547 0 2020-2024 2025-2035 Annual
Slide 26: NEET has had success winning transmission awards across the country
Transmission NEET has had success winning transmission awards across the country and across a diversified set of growth channels NEET Continues to Secure Transmission Diversified Growth Channels Projects Crossroads Hobbs Roadrunner Competitive transmission RFPs Mid-Atlantic Resiliency Link Strategic
Slide 27: Nuclear capabilities extend beyond operational excellence
Nuclear Energy Resources’ nuclear capabilities extend beyond operational excellence, with the existing fleet offering significant option value Nuclear Fleet – Duane Arnold • COD technically achievable as early as Q4 2028 Operating Capacity • $50 - $100 MM committed in 2025 2,723 • Existing site and
Slide 28: Data center demand and hyperscaler spend continue to grow
Large Load Data center demand and hyperscaler spend continue to grow Data Center Demand1 “This updated outlook [$64-72 B GW CapEx for 2025] reflects 120 additional data center 113 investments to support our AI 110 Susan Li, CFO 100 (May 2025) efforts as well as an increase in the expected cost of 90
Slide 29: Energy Resources has ~10.5 GW of contracts with large load customers
Large Load Energy Resources has ~10.5 GW of contracts with large load1 customers, which includes ~20% of its ~30 GW backlog Large Load Today ~10.5 GW1 serving tech and Direct: Deliver power to where Large Load is already data center customers planned via direct sale to customer Sleeve: Deliver power
Slide 30: Actively pursuing future large load opportunities across multiple customer types
Large Load Energy Resources is actively pursuing future large load opportunities across multiple customer types Large Load Target Customers & Approach 1 Data Centers 2 Munis & Co-Ops Develop all forms of energy solutions and scale together through a “data Development of all forms of center hub” anch
Slide 31: Energy Resources plans to meet growing demand for power by investing in each business
Energy Resources Energy Resources plans to meet customer’s growing demand for power across the U.S. by investing in each of its businesses Core Growth Channels Success Indicators Battery Storage Quarterly Backlog Additions Renewables Quarterly Backlog Additions Transmission Annual Capex Awards Nucle
Slide 32: Energy Resources Key Themes
Energy Resources Energy Resources Key Themes 1 Unprecedented electricity demand is creating a new paradigm in power Our leading operating portfolio provides significant competitive 2 advantages across the energy value chain We have long-term growth opportunities throughout our existing 3 business li
Slide 33: NextEra Energy plans to deploy artificial intelligence to increase productivity
NextEra Energy plans to deploy artificial intelligence to increase productivity and expand its competitive advantages, creating significant growth and cost efficiency opportunities Development Operations Remote-Operations Optimal Site Selection Control Center Route Optimization Artificial Predictive
Slide 34: Unmatched scale, experience and technology enables predictable, superior returns
NextEra Energy’s unmatched scale, experience and technology enables predictable, superior returns Interconnection & Development gy Transmission Strategy o ol Sc Techn Data & Analytics Supply Chain & EPC ale Best Origination & Team Financing Customer Relationships Ex Portfolio Optimization p e ri e n
Slide 35: Balance sheet is a differentiator with credit quality across the U.S. utility sector
NextEra Energy’s balance sheet is a differentiator with credit quality across the U.S. utility sector deteriorating since 2017 S&P Credit Ratings Distribution: U.S. Investor-Owned Electric Utilities1 YE 2017 YE 2020 YE 2024 A-rated or higher A or higher < BBB- A or higher BBB- < BBB- A or higher A-
Slide 36: Well positioned to continue strong adjusted earnings per share growth
NextEra Energy remains well positioned to continue its 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 $3.63– 2027, off the 2024 adjusted EPS $4.00 $3.45– expectations range
Slide 37: Key Growth Drivers
As one of the largest power and energy Key Growth Drivers infrastructure companies in North America, NextEra Florida Power & Light Company Renewables Energy is well positioned to capitalize on key long-term Transmission New gas generation earnings growth drivers Large load at FPL and Storage Energy
Slide 38: Appendix
Appendix NExTera’ ENESGY
Slide 39: 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 40: Reconciliation of Earnings Per Share to Adjusted Earnings Per Share
Reconciliation of Earnings Per Share Attributable to NextEra Energy, Inc. to Adjusted Earnings Per Share1 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 20162 20172 2018 2019 2020 2021 2022 2023 2024 Earnings Per Share Attributable to NextEra Energy, Inc $ 0.62 $ 0.58 $ 0.81 $ 0.82 $ 1.
Slide 41: 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 results to differ materially from those expressed to NextEra Energy; effects on NextEra Energy of involved in the operation and maintenance of statements” within the meaning of the safe o
Slide 42: 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