Slide 1: 2025 Investor Conference
2025 Investor Conference NextEra Energy December 8, 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: Agenda
Agenda NextEra Energy 1. Welcome Mark Eidelman 2. Executive Overview John Ketchum 3. Florida Power & Light Company Scott Bores 4. Break 5. NextEra Energy Resources Brian Bolster 6. Financial Outlook Mike Dunne 7. Question & Answer Executive Team NextEra Energy 3
Slide 4: Executive Overview and Growth Outlook
Executive Overview and Growth Outlook NextEra Energy 4
Slide 5: The large load marketplace is quickly evolving
Takeaway #1 The large load marketplace is quickly evolving. Recontracting Utilities Bring your merchant generation own generation NextEra Energy 5
Slide 6: Gas-fired generation will play a large role in BYOG
Takeaway #2 Gas-fired generation will play a large role in BYOG, and we are making excellent progress in our development efforts. NextEra Energy 6
Slide 7: America's quintessential, all-forms-of-energy company
Takeaway #3 We are America’s quintessential, all-forms-of-energy company. Gas-fired Nuclear Electric Gas Storage Renewables Generation Transmission Pipelines Industry-Leading Platform NextEra Energy 7
Slide 8: Strong financial outlook, backed by two world-class businesses
Takeaway #4 We have a strong financial outlook, backed by our two world-class businesses. America’s largest America’s largest energy electric utility infrastructure developer NextEra Energy 8
Slide 9: We Are In A Golden Age Of Power Demand
We Are In A Golden Age Of Power Demand
Slide 10: Power demand is expected to grow six times faster
Power demand is expected to grow six times faster over the next 20 years U.S. Electricity Demand1,2,3 Thousand TWh +58% ~6x increase in growth rate “The 5.1 5.8 6.3 6.8 single biggest constraint +10% 3.9 4.0 4.0 3.9 4.3 is power.” Andy Jassy 2005A 2010A 2015A 2020A 2025E 2030E 2035E 2040E 2045E Amaz
Slide 11: U.S. power demand is coming from every sector
U.S. power demand is coming from every sector, driving the need for more generation U.S. Power Demand Growth By Sector1 2025E–2032E Technology & Commercial & 20% Data Centers Industrial 43% 20% Transportation Residential 17% Data Centers Transportation Commercial & Industrial Residential & Other 1.
Slide 12: Power demand to drive generation build-out across technologies
Power demand is expected to drive significant generation build-out across technologies Estimated U.S. Nameplate Capacity1 Expected Capacity Deficit GW Inclusive of new builds, GW (2032E)2 1,890 1,380 MISO PJM ERCOT SPP (4) 2025E 2032E (20) (20) (22) Storage Renewables Natural Gas Nuclear Other Capac
Slide 13: Combining all forms of generation for low-cost reliable power
NextEra Energy is combining all forms of generation to provide low-cost and reliable power solutions to customers Estimated Costs Of Generation Resources Expected Deployment Timelines By Generation Type With Tax Credits (2030E) & Without Tax Credits (2031E), $/MWh Today 2030 2035 2040+ With Tax Cred
Slide 14: Data set and AI tools to tailor power solutions
NextEra Energy uses its massive data set and AI tools to tailor unique power solutions for customers that combine all forms of generation Integrated System Design Optimizer TURN ENERGY DATA INTO ACTION.TM Created a digital twin of the United States transmission grid Capable of simultaneously evaluat
Slide 15: The Industry Leader
The Industry Leader
Slide 16: America's leading energy infrastructure company
NextEra Energy is America’s leading energy infrastructure company Florida Power & Light Company America’s largest electric utility ~$272 B Enterprise Value 1 NextEra Energy Resources America’s largest energy infrastructure developer ~76 GW in Operations2 Regulated electric Long-term contracted power
Slide 17: NextEra Energy serves America
NextEra Energy serves America Serves America Residential | Commercial & Industrial | Large Load Competitive Markets Municipal Utilities & Cooperatives Investor-Owned Utilities NextEra Energy asset NextEra Energy 17
Slide 18: Shared platform is an unmatched competitive advantage
NextEra Energy’s shared platform is an unmatched competitive advantage Supply Engineering & Technology Customer Artificial Talent, Culture Chain Construction Relationships Intelligence & Experience Remote Operating Operations Scale Land Development Transmission Market Data, Analytics Balance Sheet P
Slide 19: We build, own and operate all forms of energy
We build, own and operate all forms of energy Owner and operator of the largest Operates one of America’s largest electric 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 Wo
Slide 20: No one has built more power infrastructure
No one has built more power infrastructure than 2020–2024 Purchasing and EPC NextEra Energy >140,000 construction workers 2020–2024 Build1 employed annually3 Expanding GW battery storage 33 Built more than the ~7 million next 20 largest utilities combined parts for fossil fleet since 2020 ~8,000 bat
Slide 21: World-class supply chain leverages our scale
Our world-class supply chain leverages our scale and expertise Secured initial gas turbine U.S. battery supply capacity with GE Vernova secured against for 4 GWs of combined- expectations through 2029 cycle gas plant capacity 1.5x inventory Purchased switchgears Solar panel supply secured against an
Slide 22: Delivered on financial commitments and business expansion
We have delivered on our financial commitments and business expansion 2024 Investor Conference Objectives And Performance1 >8% 10% >8% A- / Baa1 / A- adjusted EPS dividend per share adjusted cash flow from credit rating & strong CAGR CAGR operations CAGR2 balance sheet customer bills 30% >8% non-fue
Slide 23: Our people and culture are our most important assets
Our people and our culture are our most important assets Awards & Recognition 17 times in the last 19 years Financial Discipline Risk Management Our Culture “Will” To Win Operational Excellence Data & Analytics-Based Commercial & Decision-Making Development Skills Continuous Improvement Automation &
Slide 24: Our operating scale sets us apart
Our operating scale sets us apart Solar Operating Costs1,4 Nuclear Operating Costs1,2 $/MWh $/MWh Shared Resources: 39% Better 45% Better Supply Chain Engineering & Construction NEE Top Decile Median NEE Top Decile Median Operations Fossil Operating Costs1,3 Wind Operating Costs1,4 $/MWh $/MWh AI &
Slide 25: Strong balance sheet provides a core competitive advantage
Our strong balance sheet provides a core On average, utility peers have competitive advantage lower credit ratings today than in 2001 2 Top 10 U.S. Investor-Owned Electric Utility Holding Companies YE 2001 Credit Rating and Outlook Actions (YE 2010–Present)1 Count of S&P Credit Rating and Outlook Ac
Slide 26: A leading partner for hyperscalers
We are a leading partner for hyperscalers Energy Resources’ Origination Top Four Hyperscalers ~28 GW Trusted partner with a national footprint and unmatched experience, capabilities and balance sheet strength In operation and backlog1 Joint development and collaboration agreements 1. As of October 2
Slide 27: Consistent cash and adjusted EPS growth over time
NextEra Energy has consistently delivered strong cash and adjusted earnings per share growth over time Adj. Earnings Per Share Adj. Operating Cash Flow Dividend Per Share Adjusted ROE1 3-Year Performance ~10% ~15% ~10% ~15% (2021–2024) CAGR CAGR CAGR Average 10-Year Performance ~10% ~8% ~11% ~14% (2
Slide 28: Growing America's Premier Energy Infrastructure Company
Growing America’s Premier Energy Infrastructure Company
Slide 29: Driving American Energy Dominance
Powering Today. Building Tomorrow. Driving American Energy Dominance Florida Power & Light Company NextEra Energy Resources America’s largest electric utility America’s largest energy infrastructure developer Regulated electric Long-term contracted power and gas transmission generation, storage and
Slide 30: Built to win in any environment
NextEra Energy is built to win in any environment National Footprint 12+ Ways to Grow Track Record & Vision Business in Leader in building and operating Unmatched execution and vision to 49 states all forms of energy stay steps ahead of the competition NextEra Energy 30
Slide 31: More than 12 ways to grow
We believe NextEra Energy is well-positioned to deliver strong growth over the next decade with more than 12 ways to grow Illustrative timeline of when we expect investments to drive earnings growth Key Growth Drivers 2025 2030 2035+ Florida Power & Light Now and long term Businesses Regulated FPL L
Slide 32: Progress on key growth initiatives
NextEra Energy continues to make progress on its key growth initiatives Large 50+ large load load inquiries Rate Case Settlement tariff Partnership in PJM Asset Acquisition Florida Power & Light FPL Large Load Electric Transmission Gas Transmission & Customer Supply Power Purchase Agreements Memoran
Slide 33: Building generation for hyperscalers is a big opportunity
Building generation for hyperscalers is a big opportunity for Energy Resources that lowers risk for all customers – a true win-win Where the large load market is heading Bigger Opportunity Bring your own generation Utilities Solves affordability problem Recontracting Smaller merchant generation Oppo
Slide 34: Data center hubs to contribute at least 15 GW by 2035
Data center hubs are expected to contribute at least 15 GW of new generation by 2035, supporting increased gas origination Base Case1 Upside Case We have already identified 15 35 by 30 35 by 20+ potential hubs and expect to grow our opportunity set to over 40 by the end of 2026 Develop data center h
Slide 35: Leveraging Technology Across Our Business
Leveraging Technology Across Our Business
Slide 36: Embracing technology is in NextEra Energy's DNA
Embracing technology is in NextEra Energy’s DNA Powering Modernizing Pioneering Harnessing Unleashing the Space Race FPL’s gas generation fleet renewables and storage smart grid technology artificial intelligence NextEra Energy 36
Slide 37: Electricity is required to power a new technology economy
Electricity is required to power a new economy driven by technology Technology is disrupting every industry Power and technology New technologies require more electricity to are power industries and homes converging A new Industrial Revolution is occurring – one powered by electricity NextEra Energy
Slide 38: Leveraging technology across its businesses
NextEra Energy is leveraging technology across its businesses We are leveraging data and technology to reshape how power is generated and delivered Technology is the next We have decades of data giving us frontier of significant competitive advantages power We use technology to change how the indust
Slide 39: Rapidly deploying artificial intelligence
NextEra Energy is rapidly deploying artificial intelligence to expand its competitive advantages Revenue Growth Cost Efficiency Remote Operations Optimal Site Selection Control Center Artificial Route Optimization Predictive Maintenance Intelligence Load & Demand Enhanced Storm Modeling Response Exa
Slide 40: Strategic partnership with Google Cloud to accelerate AI
NextEra Energy and Google Cloud have announced a Announcement #1 landmark strategic partnership to accelerate AI growth Technology Partnership and help transform the energy industry Collaboration to enhance NextEra Energy’s AI solutions and to accelerate joint go-to-market activities to modernize th
Slide 41: Google Cloud partnership builds on REWIRE
The Google Cloud and NextEra Energy strategic partnership is expected to allow NextEra Energy to build Technology Partnership on REWIRE as part of its enterprise AI transformation Velocity REWIRE Annual, bottoms up cost- AI transformation to serve as saving initiative product development platform $3
Slide 42: Accelerate scalable go-to-market activities
NextEra Energy and Google Cloud plan to accelerate scalable go-to-market activities Technology Partnership Go-to-Market Objectives NextEra Energy and Google will Accelerate joint go-to-market collaborate to enhance activities to modernize the NextEra Energy’s AI solutions Enhance energy sector Go-to
Slide 43: Key Takeaways
Key Takeaways
Slide 44: Long track record of creating value for shareholders
We expect to continue our long track record of creating value for shareholders Adjusted Earnings Per Share Expectations 1 NextEra Energy’s Long-Term Adjusted 2025E–2035E Earnings Per Share Expectations And Targets 8%+ Long-term Expect 8%+ CAGR2 through 2032 off Target the 2025 adjusted EPS expectati
Slide 45: Track record over the last two decades
NextEra Energy’s track record over the last two decades speaks for itself Adjusted EPS CAGR1 10.8% 10.4% 10.4% 10.0% 8.9% 8.5% 3.2% 2.8% 2.1% 2.2% 1.7% 0.4% 3 Year 5 Year 7 Year 10 Year 15 Year 20 Year NextEra Energy Utility Avg We expect our strong execution to continue 1. As of December 31, 2024;
Slide 46: Forecasted growth is visible, diversified and balanced
Our forecasted growth is visible, diversified and balanced between our regulated and long-term contracted businesses More than 12 ways to grow ~10% regulatory capital employed CAGR1 Rate case outcome providing 4 years of certainty FPL large load tariff growth opportunities ~30 GW backlog of renewabl
Slide 47: Positioned to grow this decade and the next
We are positioned to Our Value Story grow this decade and the next More than 12 ways to grow National footprint Two-decade record of execution Sector leader in technology Unmatched skills, scale, scope and balance sheet Uniquely positioned to win in any environment NextEra Energy 47
Slide 48: Driving American Energy Dominance
Powering Today. Building Tomorrow. Driving American Energy Dominance Florida Power & Light Company NextEra Energy Resources America’s largest electric utility America’s largest energy infrastructure developer Regulated electric Long-term contracted power and gas transmission generation, storage and
Slide 49: More than 12 ways to grow
FPL Large Electric Gas NEER Large PPA Customer Artificial FPL Renewables Storage Gas Nuclear Load Transmission Transmission Load Recontracting Supply Intelligence We believe NextEra Energy is well-positioned to deliver strong growth over the next decade with more than 12 ways to grow Illustrative ti
Slide 50: FPL powers Florida's growth
FPL Large Electric Gas NEER Large PPA Customer Artificial FPL Renewables Storage Gas Nuclear Load Transmission Transmission Load Recontracting Supply Intelligence As the nation’s leading electric utility, FPL powers Florida’s growth Largest electric utility in the U.S. with over 6 MM customer accoun
Slide 51: Florida's population and economy continue to grow
FPL Large Electric Gas NEER Large PPA Customer Artificial FPL Renewables Storage Gas Nuclear Load Transmission Transmission Load Recontracting Supply Intelligence Florida’s population and economy continue to grow Florida Population Growth Florida GDP Forecast Millions $ T, in nominal dollars ~42% in
Slide 52: Smart capital investments delivering low bills
FPL Large Electric Gas NEER Large PPA Customer Artificial FPL Renewables Storage Gas Nuclear Load Transmission Transmission Load Recontracting Supply Intelligence FPL makes smart capital investments, delivering low bills for customers Cost Effectiveness Reliability Continued Smart Investments Reside
Slide 53: FPL's rate settlement keeps bills low
FPL Large Electric Gas NEER Large PPA Customer Artificial FPL Renewables Storage Gas Nuclear Load Transmission Transmission Load Recontracting Supply Intelligence FPL’s rate settlement keeps bills low and supports smart infrastructure investments Key Takeaways Four Years of Certainty Top-End ROE Kee
Slide 54: Leveraging AI to transform operations
FPL Large Electric Gas NEER Large PPA Customer Artificial FPL Renewables Storage Gas Nuclear Load Transmission Transmission Load Recontracting Supply Intelligence FPL plans to continue delivering long-term customer value by leveraging AI to transform its operations Powered by previously identified e
Slide 55: Florida's economic transformation to attract large loads
FPL Large Electric Gas NEER Large PPA Customer Artificial FPL Renewables Storage Gas Nuclear Load Transmission Transmission Load Recontracting Supply Intelligence Florida’s economic transformation is expected to attract large load opportunities 1.5 New Businesses $1.8 T GDP1 New Jobs by 20342 3 MM M
Slide 56: Florida is a powerhouse for business growth
FPL Large Electric Gas NEER Large PPA Customer Artificial FPL Renewables Storage Gas Nuclear Load Transmission Transmission Load Recontracting Supply Intelligence Florida is a powerhouse for business growth and opportunity, making FPL uniquely positioned to accommodate large loads State of Florida F
Slide 57: Foundation to add all forms of generation
FPL Large Electric Gas NEER Large PPA Customer Artificial FPL Renewables Storage Gas Nuclear Load Transmission Transmission Load Recontracting Supply Intelligence FPL’s strong foundation gives it flexibility to continue to add all forms of generation FPL’s Hourly Generation And Demand1 Reliable Gene
Slide 58: New large load tariff enables growth while protecting customers
FPL Large Electric Gas NEER Large PPA Customer Artificial FPL Renewables Storage Gas Nuclear Load Transmission Transmission Load Recontracting Supply Intelligence FPL’s new large load tariff is designed to enable economic growth in Florida while protecting customers 50+ large load inquiries represen
Slide 59: Large load tariff among the most customer-protective
FPL Large Electric Gas NEER Large PPA Customer Artificial FPL Renewables Storage Gas Nuclear Load Transmission Transmission Load Recontracting Supply Intelligence FPL’s large load tariff is among the most customer- protective in the nation Min. Min. Load Min. Term. FPL Large Load Protective Features
Slide 60: Discussions representing about 9 GW of large load
FPL Large Electric Gas NEER Large PPA Customer Artificial FPL Renewables Storage Gas Nuclear Load Transmission Transmission Load Recontracting Supply Intelligence FPL is in discussions with multiple customers representing about 9 GW of large load development ramping up as early as 2028 Economic Deve
Slide 61: Continue to invest in assets for customer value
FPL Large Electric Gas NEER Large PPA Customer Artificial FPL Renewables Storage Gas Nuclear Load Transmission Transmission Load Recontracting Supply Intelligence FPL plans to continue to invest in assets to drive its customer value proposition Projected Capital Expenditures1 Capital Employed2 $ B,
Slide 62: FPL Key Takeaways
FPL Large Electric Gas NEER Large PPA Customer Artificial FPL Renewables Storage Gas Nuclear Load Transmission Transmission Load Recontracting Supply Intelligence FPL Key Takeaways Our Value Story Four years of certainty Superior 9% regulatory capital employed compounded annual Customer growth rate
Slide 63: Driving American Energy Dominance
Powering Today. Building Tomorrow. Driving American Energy Dominance Florida Power & Light Company NextEra Energy Resources America’s largest electric utility America’s largest energy infrastructure developer Regulated electric Long-term contracted power and gas transmission generation, storage and
Slide 64: More than 12 ways to grow
FPL Large Electric Gas NEER Large PPA Customer Artificial FPL Renewables Storage Gas Nuclear Load Transmission Transmission Load Recontracting Supply Intelligence We believe NextEra Energy is well-positioned to deliver strong growth over the next decade with more than 12 ways to grow Illustrative ti
Slide 65: Electric and gas transmission investments expected to grow
FPL Large Electric Gas NEER Large PPA Customer Artificial FPL Renewables Storage Gas Nuclear Load Transmission Transmission Load Recontracting Supply Intelligence Electric and gas transmission investments are expected to grow, enabling new generation Annual Electric Transmission Investment1 Lagging
Slide 66: NEET is one of America's largest independent transmission companies
FPL Large Electric Gas NEER Large PPA Customer Artificial FPL Renewables Storage Gas Nuclear Load Transmission Transmission Load Recontracting Supply Intelligence NextEra Energy Transmission (NEET) is one of America’s largest independent electric transmission companies Rate Base + Secured Interconne
Slide 67: NEET pursuing multiple growth channels
FPL Large Electric Gas NEER Large PPA Customer Artificial FPL Renewables Storage Gas Nuclear Load Transmission Transmission Load Recontracting Supply Intelligence NEET is pursuing investment opportunities across multiple growth channels Competitive & Greenfield Development >$25 B Pipeline of Partner
Slide 68: NEET's recent success in PJM
FPL Large Electric Gas NEER Large PPA Customer Artificial FPL Renewables Storage Gas Nuclear Load Transmission Transmission Load Recontracting Supply Intelligence NEET’s recent success in PJM demonstrates the value it can create across America MidAtlantic Resiliency Link (MARL) Across ~$500 MM capit
Slide 69: NEET and Exelon partnering on PJM transmission
FPL Large Electric Gas NEER Large PPA Customer Artificial FPL Renewables Storage Gas Nuclear Load Transmission Transmission Load Recontracting Supply Intelligence NEET and Exelon are partnering to build electric Announcement #2 transmission projects in PJM Partnership in PJM ~$1.7 B total capital in
Slide 70: Gas transmission business is growing
FPL Large Electric Gas NEER Large PPA Customer Artificial FPL Renewables Storage Gas Nuclear Load Transmission Transmission Load Recontracting Supply Intelligence Energy Resources’ gas transmission business is growing ~1,000 FERC Regulated Pipelines miles1 >3.5 Bcf/d1 Pipeline Capacity ~4,900 Energy
Slide 71: Symmetry asset acquisition
FPL Large Electric Gas NEER Large PPA Customer Artificial FPL Renewables Storage Gas Nuclear Load Transmission Transmission Load Recontracting Supply Intelligence Symmetry complements Energy Resources’ build-out Announcement #3 of gas transmission and gas-fired generation Asset Acquisition Symmetry
Slide 72: Growth opportunities in gas transmission portfolio
FPL Large Electric Gas NEER Large PPA Customer Artificial FPL Renewables Storage Gas Nuclear Load Transmission Transmission Load Recontracting Supply Intelligence Energy Resources has significant growth opportunities embedded in its gas transmission portfolio Energy Resources’ Existing Gas Leveragin
Slide 73: Continue to invest in electric and gas transmission
FPL Large Electric Gas NEER Large PPA Customer Artificial FPL Renewables Storage Gas Nuclear Load Transmission Transmission Load Recontracting Supply Intelligence Energy Resources expects to continue to invest in both electric and gas transmission Growing our regulated transmission businesses Electr
Slide 74: Driving American Energy Dominance
Powering Today. Building Tomorrow. Driving American Energy Dominance Florida Power & Light Company NextEra Energy Resources America’s largest electric utility America’s largest energy infrastructure developer Regulated electric Long-term contracted power and gas transmission generation, storage and
Slide 75: More than 12 ways to grow
FPL Large Electric Gas NEER Large PPA Customer Artificial FPL Renewables Storage Gas Nuclear Load Transmission Transmission Load Recontracting Supply Intelligence We believe NextEra Energy is well-positioned to deliver strong growth over the next decade with more than 12 ways to grow Illustrative ti
Slide 76: Largest renewables and storage backlog in history
FPL Large Electric Gas NEER Large PPA Customer Artificial FPL Renewables Storage Gas Nuclear Load Transmission Transmission Load Recontracting Supply Intelligence Energy Resources has the largest renewables and storage backlog in its history and a proven plan to execute Energy Resources’ Backlog and
Slide 77: Storage offers speed-to-market and cost advantages
FPL Large Electric Gas NEER Large PPA Customer Artificial FPL Renewables Storage Gas Nuclear Load Transmission Transmission Load Recontracting Supply Intelligence Storage offers speed-to-market and compelling cost advantages in a market that demands capacity Comparing Capacity Resources Levelized Co
Slide 78: Battery storage demand among fastest-growing
FPL Large Electric Gas NEER Large PPA Customer Artificial FPL Renewables Storage Gas Nuclear Load Transmission Transmission Load Recontracting Supply Intelligence Battery storage demand is one of Energy Resources’ fastest-growing and largest sources of demand Battery Storage Backlog Additions1 GW 4.
Slide 79: Industry leader in storage with ~190 GW pipeline
FPL Large Electric Gas NEER Large PPA Customer Artificial FPL Renewables Storage Gas Nuclear Load Transmission Transmission Load Recontracting Supply Intelligence As the industry leader in storage, Energy Resources is uniquely positioned to serve the growing demand for new capacity with a ~190 GW pi
Slide 80: Extending battery discharge duration can double opportunity
FPL Large Electric Gas NEER Large PPA Customer Artificial FPL Renewables Storage Gas Nuclear Load Transmission Transmission Load Recontracting Supply Intelligence Extending battery discharge duration can double our opportunity set How it works: 4-hour batteries & 8-hour x2 = inverters batteries Sola
Slide 81: Extending discharge duration doubles storage opportunity
FPL Large Electric Gas NEER Large PPA Customer Artificial FPL Renewables Storage Gas Nuclear Load Transmission Transmission Load Recontracting Supply Intelligence Extending battery discharge duration from 4 to 8 hours doubles our storage opportunity to ~190 GW Battery Storage Pipeline Through 2032E
Slide 82: Wind and solar qualify for tax credits through 2030
FPL Large Electric Gas NEER Large PPA Customer Artificial FPL Renewables Storage Gas Nuclear Load Transmission Transmission Load Recontracting Supply Intelligence Energy Resources expects its wind and solar projects to qualify for tax credits through 2030, while new energy storage and nuclear have l
Slide 83: Renewables demand expected to pull forward in 2029 and 2030
FPL Large Electric Gas NEER Large PPA Customer Artificial FPL Renewables Storage Gas Nuclear Load Transmission Transmission Load Recontracting Supply Intelligence Energy Resources expects renewables demand to pull forward in 2029 and 2030 …while developers Electricity demand is increasing… supplying
Slide 84: Renewables and storage business expected to triple
FPL Large Electric Gas NEER Large PPA Customer Artificial FPL Renewables Storage Gas Nuclear Load Transmission Transmission Load Recontracting Supply Intelligence Energy Resources’ renewables and storage business is expected to triple in size over the next several years Renewables & Storage Developm
Slide 85: Agreements with Meta for ~2.5 GW of clean energy
FPL Large Electric Gas NEER Large PPA Customer Artificial FPL Renewables Storage Gas Nuclear Load Transmission Transmission Load Recontracting Supply Intelligence Energy Resources and Meta have entered into Announcement #4 agreements for approximately 2.5 GW of clean energy Power Purchase Agreements
Slide 86: Cost-effective new gas-fired generation solutions
FPL Large Electric Gas NEER Large PPA Customer Artificial FPL Renewables Storage Gas Nuclear Load Transmission Transmission Load Recontracting Supply Intelligence Energy Resources plans to develop cost-effective new gas-fired generation solutions for customers NextEra Energy Fossil Fleet Top 10 U.S.
Slide 87: Advancing gas projects and turbine slots
FPL Large Electric Gas NEER Large PPA Customer Artificial FPL Renewables Storage Gas Nuclear Load Transmission Transmission Load Recontracting Supply Intelligence Energy Resources is advancing gas projects with customers across the country and has secured turbine slots for 4 GW of combined-cycle gas
Slide 88: Contracts for best-in-class nuclear assets
FPL Large Electric Gas NEER Large PPA Customer Artificial FPL Renewables Storage Gas Nuclear Load Transmission Transmission Load Recontracting Supply Intelligence Energy Resources is pursuing contracts for its best-in- class nuclear assets to secure major long-term value Point Beach Nuclear | Wiscon
Slide 89: Evaluating SMR technologies
FPL Large Electric Gas NEER Large PPA Customer Artificial FPL Renewables Storage Gas Nuclear Load Transmission Transmission Load Recontracting Supply Intelligence Energy Resources is evaluating SMR technologies as potential long-term generation solutions for its customers Due Diligence Today… …Poten
Slide 90: Fast, market-ready solutions for large load customers
FPL Large Electric Gas NEER Large PPA Customer Artificial FPL Renewables Storage Gas Nuclear Load Transmission Transmission Load Recontracting Supply Intelligence Energy Resources is positioned to deliver fast, market-ready solutions for large load customers We offer speed-to-market, ready-now solut
Slide 91: Positioned to grow side by side with data centers
FPL Large Electric Gas NEER Large PPA Customer Artificial FPL Renewables Storage Gas Nuclear Load Transmission Transmission Load Recontracting Supply Intelligence NextEra Energy is uniquely positioned to grow side by side with data centers Renewables Storage Nuclear Natural Gas Pipelines Customer Su
Slide 92: Duane Arnold recommissioning
FPL Large Electric Gas NEER Large PPA Customer Artificial FPL Renewables Storage Gas Nuclear Load Transmission Transmission Load Recontracting Supply Intelligence The Duane Arnold recommissioning is expected to Announcement #5 enable a scalable data center buildout solution in Duane Arnold Recommiss
Slide 93: Joint development of data center campuses with Google
FPL Large Electric Gas NEER Large PPA Customer Artificial FPL Renewables Storage Gas Nuclear Load Transmission Transmission Load Recontracting Supply Intelligence Energy Resources and Google intend to jointly Announcement #6 develop data center campuses nationwide that would Joint Development Agreem
Slide 94: Partnering with Comstock Resources on gas generation
FPL Large Electric Gas NEER Large PPA Customer Artificial FPL Renewables Storage Gas Nuclear Load Transmission Transmission Load Recontracting Supply Intelligence Energy Resources is partnering with Comstock Announcement #7 Resources to build gas-fired generation to enable Letter of Intent hyperscal
Slide 95: Partnering with Basin Electric on gas generation
FPL Large Electric Gas NEER Large PPA Customer Artificial FPL Renewables Storage Gas Nuclear Load Transmission Transmission Load Recontracting Supply Intelligence Energy Resources is partnering with Basin Electric Announcement #8 Power Cooperative1 to develop new natural gas Memorandum of Understand
Slide 96: Partnering with ExxonMobil on carbon-abated gas generation
FPL Large Electric Gas NEER Large PPA Customer Artificial FPL Renewables Storage Gas Nuclear Load Transmission Transmission Load Recontracting Supply Intelligence Energy Resources is partnering with ExxonMobil to Announcement #9 develop carbon-abated, gas-fired generation to serve Joint Development
Slide 97: Multiple data center hub opportunities
FPL Large Electric Gas NEER Large PPA Customer Artificial FPL Renewables Storage Gas Nuclear Load Transmission Transmission Load Recontracting Supply Intelligence Energy Resources is advancing multiple data center hub opportunities across the country, representing 20 GW+ of new generation Hubs Ancho
Slide 98: ~30 GW in additional opportunities
FPL Large Electric Gas NEER Large PPA Customer Artificial FPL Renewables Storage Gas Nuclear Load Transmission Transmission Load Recontracting Supply Intelligence On top of recent announcements, Energy Resources is developing ~30 GW in additional opportunities to provide even further visibility into
Slide 99: Power prices increased, creating recontracting opportunities
FPL Large Electric Gas NEER Large PPA Customer Artificial FPL Renewables Storage Gas Nuclear Load Transmission Transmission Load Recontracting Supply Intelligence Power prices have increased, creating valuable opportunities for Energy Resources’ portfolio Illustrative PPA Recontracting Opportunities
Slide 100: Customer Supply business at center of energy value chain
FPL Large Electric Gas NEER Large PPA Customer Artificial FPL Renewables Storage Gas Nuclear Load Transmission Transmission Load Recontracting Supply Intelligence Energy Resources’ Customer Supply business is in the center of the energy value chain with visibility from the wellhead to the consumer H
Slide 101: Customer Supply advantage to developing data center hubs
FPL Large Electric Gas NEER Large PPA Customer Artificial FPL Renewables Storage Gas Nuclear Load Transmission Transmission Load Recontracting Supply Intelligence Energy Resources’ Customer Supply business provides a key competitive advantage to developing data center hubs Adding Value through Custo
Slide 102: Leveraging AI for differentiated customer solutions
FPL Large Electric Gas NEER Large PPA Customer Artificial FPL Renewables Storage Gas Nuclear Load Transmission Transmission Load Recontracting Supply Intelligence Energy Resources plans to continue leveraging Artificial Intelligence to provide cost-effective, Energy Resources expects differentiated
Slide 103: Energy Resources Key Takeaways
Energy Resources Our Value Story Key Takeaways Service territory is the U.S. 10+ ways to grow Growing rate-regulated capital employed >20% Developing all forms of energy generation Enabling large load Customer relationships across the energy value chain Differentiated development platform across tec
Slide 104: Summary and Financial Outlook
2025 Investor Conference Summary and Financial Outlook December 8, 2025 NextEra Energy 104
Slide 105: Delivering Differentiated Growth
Delivering Differentiated Growth
Slide 106: Long track record of creating value for shareholders
We expect to continue our long track record of creating value for shareholders Adjusted Earnings Per Share Expectations 1 NextEra Energy’s Long-Term Adjusted 2025E–2035E Earnings Per Share Expectations And Targets 8%+ Long-term Expect 8%+ CAGR2 through 2032 off Target the 2025 adjusted EPS expectati
Slide 107: Track record over the last two decades
Our track record over the last two decades speaks for itself Adjusted EPS CAGR1 10.8% 10.4% 10.4% 10.0% 8.9% 8.5% 3.2% 2.8% 2.1% 2.2% 1.7% 0.4% 3 Year 5 Year 7 Year 10 Year 15 Year 20 Year NextEra Energy Utility Avg We expect to continue to achieve strong execution over the next 10 years 1. As of De
Slide 108: Differentiated track record of delivering shareholder value
NextEra Energy has a differentiated track record of delivering shareholder value 3-Year Performance Adjusted EPS CAGR1 – Consensus Estimates Performance vs Consensus 2021–20242 2.5% 12% 10% 9% 9% 8% (0.1%) 7% 7% (0.9%) (0.9%) 7% 6% (1.1%) 6% (1.3%) Average (2.1%) (2.0%) excluding (2.7%) NEE: (3.1%)
Slide 109: Growth Building Blocks
Growth Building Blocks
Slide 110: Prioritize regulated and long-term contracted investments
NextEra Energy plans to continue to prioritize regulated and long-term contracted investments with over 12 ways to grow Earnings Growth Drivers1 Regulated Other 10% Regulated Long-term Contracted 20% Long-Term Contracted Near-term FPL Renewables Adjusted Storage EBITDA2 Customer Supply Artificial In
Slide 111: ~10% capital employed CAGR across regulated businesses
NextEra Energy expects to have ~10% capital employed CAGR from 2025 through 2032 across its regulated businesses FPL Electric and Gas Transmission Expected Capital Employed1 Expected Capital Employed $B $B GOOD GOOD ~9% CAGR >20% CAGR $130–$140 $18–$22 $73–$74 ~$5 ~$5 ~$5 2025E 2032E 2025E 2032E Reg
Slide 112: Strong growth outlook across regulated businesses
We believe NextEra Energy’s strong growth outlook across its regulated businesses creates a compelling investment opportunity Regulated Earnings Equation Capital Employed FPL X ROE 9.95–11.95% Equity Ratio X NEET ROE ~10–11%1 Return on Equity = Net Income 1. Calculated based on the weighted average
Slide 113: Significant market opportunities across technologies
Energy Resources expects significant market opportunities across technologies Renewables Market Opportunity Storage Market Opportunity Gas Generation Market Opportunity GW GW GW ~285 300 250 200 ~145 150 100 ~80 50 0 2026E–2032E 2026E–2032E 2026E–2032E Source: ICF (Post-OBBBA), Hitachi NextEra Energ
Slide 114: Energy Resources has delivered solid returns
Energy Resources has delivered solid returns and shareholder value Equity IRR1 ~13–20%+ Operations Financing Engineering & Supply Chain Construction Origination Data & Technology Development Spread to 350–450 WACC2 basis points 1. Based on internal estimates for 2025 approved projects at the time of
Slide 115: Well positioned to capitalize on long-term earnings growth drivers
We believe Energy Resources is well positioned to capitalize on long-term earnings growth drivers Expected Key Growth Drivers1 Historical (2026E–2032E) Renewables market share 15–20% 15–20% Storage market share 20–30% 20–30% Gas generation build/market share 16 GW2 5–10% Consistent with prior track
Slide 116: Opportunity to develop ~77 to ~108 GW through 2032
Energy Resources believes it has the opportunity to develop ~77 to ~108 GW of new generation through 2032 NextEra Energy Resources’ Development Program1,2 Backlog as of October 28, 2025; GW 2026–2027 2026–2027 2028–2029 2028–2029 2030–2032 2030–2032 2026–2032 Backlog Expectations Backlog Expectation
Slide 117: Continue to create value through existing assets
Energy Resources expects to continue to create value through its existing assets Expected Assumption (2026E–2032E) Nuclear: Up to ~1.5 GW Recontracting Renewables: Up to ~6 GW Customer Supply Maintained at ~10% of NextEra Energy adjusted EBITDA1 REWIRE + ~$150 MM annual pre-tax cost savings at Energ
Slide 118: Additional opportunities for upside growth
We believe NextEra Energy has additional opportunities to drive upside growth to adjusted earnings per share expectations beyond 8%+1 ~10% 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
Slide 119: Diversified Financing Plan
Diversified Financing Plan
Slide 120: Credit metrics much stronger than industry average
NextEra Energy’s credit metrics are much stronger than the industry average S&P Moody’s Fitch NextEra Energy’s ranking Adjusted FFO-to-Debt Adjusted CFO Pre-Working Adjusted FFO Leverage among regulated S&P 500 Capital-to-Debt Utilities3 GOOD 5.3x 19.3% GOOD 19.4% GOOD #1 Adj. Equity Ratio 4.3x 13.7
Slide 121: 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 markets NextEra Energy Funding Plan 1 $ B, 2025E–2032E ~$12–$17 ~$7–$12 ~($52)–($46) ~$115–$145 ~$295–$325 ~$130–$150 ~$140–$160 ~($100)–($80) 2 2025E–2032E Cash Debt Corporat
Slide 122: Operating cash flow accounts for ~96% of invested capital
Operating cash flow accounts for ~96% of forecasted invested capital net of tax equity and project finance after accounting for longer dated investments NextEra Energy Invested Capital Walk 2025E–2032E1 $ B, 2025E–2032E ~$295–$325 ~($115)–($145) ~96% ~($7)–($12) ~($5)–($15) ~$145–$165 ~$140–$160 202
Slide 123: Cash flow generation keeps equity needs to a minimum
NextEra Energy’s cash flow generation is expected to keep equity needs to a minimum Forecasted Annual Equity As a % of market cap1 Annual Forecasted Equity Issuances (2025E–2032E) $180 B ~$2 B on average per year2 ~1% of market cap1 $178 B ~1% of ADTV3 ~1% of market cap Announcing a $4 B ATM program
Slide 124: Unparalleled access to global capital markets
NextEra Energy has unparalleled access in the industry to global capital markets 2025 Capital Holdings Geographic Diversification 1 Corporate Credit Facilities2 $B 4% 11% $24 $8.4 B $2.9 B 22% $12 $1.5 B $10 $10 $10 $9 $9 $0.5 B 63% $6 $6 $5 $5 $4 $4 $3 NEE Peer Peer Peer Peer Peer Peer Peer Peer Pe
Slide 125: Partner of choice for asset-level financing
NextEra Energy is the partner of choice for asset- level financing in our industry We have significant advantages at the asset level… …that provide tangible benefits Asset-Level Borrowing Costs 1 Advantages GOOD Credibility ~100–200 1 25-year history of developing, operating and delivering on our bp
Slide 126: Financial Expectations
Financial Expectations
Slide 127: Long track record of creating value for shareholders
We expect to continue our long track record of creating value for shareholders Adjusted Earnings Per Share Operating Cash Flow Dividend Per Share Expectations 1 Expectations2 Expectations 3 8%+ Long-term 8%+ Long-term Target Target 6% 8%+ Long-term 8%+ Long-term CAGR Expectations Expectations ~$2.49
Slide 128: Key Financial Takeaways
NextEra Energy Our Value Story Key Financial Takeaways Two-decade track record of execution National footprint Multiple ways to grow Driven by core strength of building America's energy infrastructure One of the strongest balance sheets in the sector Access to and competitive cost of capital Deliver
Slide 129: Appendix
Appendix NeExTera ENERGY 2
Slide 130: Definitional information
Definitional information NextEra Energy, Inc. Adjusted Earnings Expectations (including NextEra Energy Resources Adjusted EBITDA by Asset Category subsidiaries as applicable) Expectations This presentation refers to adjusted earnings per share expectations. NextEra Energy Adjusted EBITDA by Asset Ca
Slide 131: 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 performance. The future results of NextEra operating costs and various liabilities attributable negotiation of project development agreements, statements” within the meaning of the safe E
Slide 132: Cautionary Statement And Risk Factors (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
Slide 133: Energy Resources expects to invest $185 B to $225 B from 2025 to 2032
Energy Resources expects to invest $185 B to $225 B from 2025 to 20321 Energy Resources’ Capital Expenditures 2025E–2032E1 Billions $28–$33 $24–$31 $22–$25 $22–$26 $22–$26 $15–$17 2025E 2026E 2027E 2028E 2029E 2030E-2032E Average Renewables Storage Nuclear & Gas Generation Electric and Gas Transmiss
Slide 134: Energy Resources' Adjusted EBITDA expected to grow ~13% CAGR
Energy Resources’ Adjusted EBITDA is expected to grow at a ~13% CAGR from 2025 to 2032 Energy Resources’ Adjusted EBITDA Walk 1 Billions $1.0–$2.0 $0.5–$1.0 ($0.6)–($0.8) $1.5 – $2.5 ($1.0)–($0.0) $23.5–$26.5 $10.0 – $12.0 $11.1–$11.3 2 2025E Renewables & Nuclear & Gas Transmission & Customer Supply
Slide 135: Energy Resources' Adjusted Earnings expected to grow ~12% CAGR
Energy Resources’ Adjusted Earnings is expected to grow at a ~12% CAGR from 2025 to 2032 Energy Resources’ Adjusted Earnings Walk 1 Billions $0.3–$1.0 ($0.4)–($0.6) $0.3–$1.0 ($0.0)–($0.8) $0.5–$1.5 $7.5–$8.0 $2.7–$3.7 $3.4–$3.6 2025E Renewables & Nuclear & Gas Transmission & Customer Supply PTC Rol
Slide 136: Navigating 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 2026 2027 2028 ($0.00)–($0.02) ($0.01)–($0.03) ($0.02)–($0.04) NextEra Energy’s notional interest rate hedges total nearly $3
Slide 137: 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 (adjusted) 13%–22% 17% 19.4% >17% CFO Pre-WC/Debt (con
Slide 138: 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 Earni ngs Per Share Attributable to NextEra Energy, Inc $ 0.62 $ 0.58 $ 0.81 $ 0.82 $ 1
Slide 139: Reconciliation of Net Income to Adjusted Earnings
Reconciliation of Net Income Attributable to NextEra Energy, Inc. to Adjusted Earnings 1 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 1 2018 2019 2020 2021 2022 2023 2024 Net Income Attri butable to NextEra Energy, Inc. $704 $791 $479 $ 903 $896 $901 $1,2
Slide 140: Reconciliation of Common Shareholders' Equity to Adjusted Equity
Reconciliation of Common Shareholders' Equity to Adjusted Equity 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Common Shareholders' Equity $ 5,593 $ 6,015 $ 6,390 $ 7,004 $ 7,583 $ 8,561 $ 9,930 $ 10,735 $ 11,681 $ 12,967 $ 14,461 $ 14,943 $ 16,068 Adjustments: Cumulative impact o
Slide 141: Reconciliation of Operating Cash Flow to Adjusted Operating Cash Flow
Reconciliation of Operating Cash Flow to Adjusted Operating Cash Flow 2004 2014 2021 2024 Net Cash Provided by Operating Activities $ 2,650 $ 5,500 $ 7,553 $ 13,260 Adjustments: Cost recovery clauses and franchise fees 144 (67) (599) 1,016 Adjusted Net Cash Provided by Operating Activities $ 2,506 $