Duke Energy Corporation (holding Company) · NYSE:DUK

Duke Energy Corporation (holding Company) — Q2 2025 Earnings Presentation

36 slides from Duke Energy Corporation (holding Company)'s earnings presentation, Aug 5, 2025

  1. Slide 1: Earnings Review and Business Update

    Q2 / 2025 Earnings Review and Business Update Harry Sideris / President and CEO Brian Savoy / Executive Vice President and CFO August 5, 2025 // 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: Transactions position company for growth ahead

    Transactions position company for growth ahead TN and FL transactions provide ~$7.5 billion net proceeds at a premium valuation to materially strengthen Duke Energy’s credit profile and efficiently finance increasing capital investment opportunities Combined net proceeds to offset $1.5 billion of co

  5. Slide 5: Financial highlights

    Financial highlights $1.25 Q2 2025 REPORTED / ADJUSTED EPS Transmission, Florida $6.17 - $6.42 REAFFIRMING 2025 ADJUSTED EPS GUIDANCE RANGE Robinson nuclear plant, South Carolina 5% - 7% REAFFIRMING GROWTH RATE THROUGH 2029 OFF MIDPOINT OF 2025 GUIDANCE RANGE ($6.30)(1) (1) Based on adjusted EPS Buc

  6. Slide 6: Strong outcomes demonstrate strategy execution

    Strong outcomes demonstrate strategy execution  AWS announced $10 billion data center investment in NC Driving economic development success  NC named “Top State for Business” for the third time in four years, with FL, OH, and IN also in the top 10  Constructive budget reconciliation bill preserve

  7. Slide 7: Advancing >8 GW of new dispatchable generation

    Advancing >8 GW of new dispatchable generation across our jurisdictions Maximizing our existing fleet through >1 GW of uprates  Ongoing uprate projects will add capacity to existing gas (850 MW), nuclear (250 MW), and hydro (70 MW) units through 2031 Progressing >7 GW of new gas generation, with tu

  8. Slide 8: Q2 2025 adjusted EPS summary and primary drivers

    Q2 2025 adjusted EPS summary and primary drivers REPORTED SEGMENT RESULTS VS. PRIOR YEAR QUARTER(1) EARNINGS PER SHARE $3.00 Electric Utilities & Infrastructure, +$79M (+$0.10 per share) $2.57 ▲ Rate cases ▲ Volumes and retail pricing $1.25 ▼ O&M $1.13 ▼ Interest expense Q2 YTD Gas Utilities & Infra

  9. Slide 9: Advancing projects through robust economic development pipeline

    Advancing projects through robust economic development pipeline RETAIL LOAD TRENDS AWS DATA CENTER ANNOUNCEMENT  Continued population migration in the Southeast In June, Amazon announced and Midwest sustains strong customer growth plans to invest $10 billion in  ~2.2% customer growth in the Caroli

  10. Slide 10: Strengthening the balance sheet to prepare for growth ahead

    Strengthening the balance sheet to prepare for growth ahead Proceeds  Transaction net proceeds de-risk equity plan and provide efficient funding at attractive valuation position balance  Proceeds also displace long-term debt, strengthening the balance sheet to capitalize on sheet for increasing ca

  11. Slide 11: Our investor value proposition

    Our investor value proposition A STRONG LONG-TERM RETURN PROPOSITION 3.5% ~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: Transaction Summary – Duke Energy Florida Equity Investment

    Transaction Summary – Duke Energy Florida Equity Investment  Brookfield Super-Core Infrastructure Partners (Brookfield) to acquire 19.7% interest in DEF for $6.0 billion Investment & Valuation  Represents a valuation of 2.0x 2024 year-end rate base and 29x 2024 earnings, a significant premium to D

  14. Slide 14: Transaction Summary – Piedmont TN LDC Asset Sale

    Transaction Summary – Piedmont TN LDC Asset Sale  On July 29, 2025, Duke Energy announced the sale of its Piedmont Natural Gas Tennessee local distribution company (LDC) business to Spire for approximately $2.48 billion in cash  Sale price represents a 1.8x multiple of 2024 year-end rate base and

  15. Slide 15: Regulatory activity details – electric and gas rate cases

    Regulatory activity details – electric and gas rate cases DOCKET KEY STATUS NO. DRIVERS  Requested: ~$151 million annual retail revenue increase DUKE ENERGY  Application filed Jul. 1, 2025  10.85% ROE, 53% equity cap. structure CAROLINAS 2025-172-E  Evidentiary hearings scheduled for Nov. 2025 

  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 five-

  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 6/30/2025) Adjusted segment income/(expense)(2): Electric Utilities & Infrastructure $5,290 $2,470 Gas Utilities & Infrastructure $580 $355 Other ($970) ($488) 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 June 30, 2025 Duke Energy Duke Energy Duke Energy Duke Energy Duke Energy Electric Carolinas Progress Florida Indiana Ohio/Kentucky Utilities 2.2% 2.7% 2.5% 1.1% 1.5% 1.3% 1.2% 1.2% 1.2% 0.6% 1.0% 0.6% 0.7% 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 $1,820 Holding Company $3,000 - $3,400 $1,725 (Apr., Sep. & Dec.) $400 5-year 4.85% DE Carolinas $350 Senior Debt January 2025 $500 (Jan.)

  23. Slide 23: Liquidity summary

    Liquidity summary (as of June 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 $ 1,050

  24. Slide 24: Upcoming Events & Other

    UPCOMING EVENTS & OTHER // 24

  25. Slide 25: Upcoming events

    Upcoming events Event Date 3Q 2025 earnings call (tentative) November 7, 2025 2025 EEI Financial Conference November 9-11, 2025 4Q 2025 earnings call (tentative) February 10, 2026 SECOND 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 SECOND QUARTER 2025 EARNINGS REVIEW AND BUSINESS UPDATE // // 26 26

  27. Slide 27: Headline goes here

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

  28. Slide 28: Duke Energy Corporation Non-GAAP Reconciliations

    Duke Energy Corporation Non-GAAP Reconciliations Second Quarter Earnings Review & Business Update August 5, 2025 Adjusted Earnings per Share (EPS) The materials for Duke Energy Corporation’s (Duke Energy) Second Quarter Earnings Review and Business Update dated August 5, 2025 include discussion of a

  29. Slide 29: Infrastructure and Other earnings drivers

    Infrastructure and Other. The after-tax earnings drivers are divided by the Duke Energy weighted average shares outstanding for the period. The most directly comparable GAAP measures for adjusted segment income (loss) and adjusted other net loss are reported segment income (loss) and other net loss,

  30. Slide 30: Dividend Payout Ratio

    measure is not available, as management is unable to project special items, as discussed above under Adjusted EPS. Dividend Payout Ratio The materials for Duke Energy’s Second Quarter Earnings Review and Business Update dated August 5, 2025, include discussion of Duke Energy’s long-term target divid

  31. Slide 31: Reported to Adjusted Earnings Reconciliation

    DUKE ENERGY CORPORATION REPORTED TO ADJUSTED EARNINGS RECONCILIATION Three Months Ended June 30, 2025 (Dollars in millions, except per share amounts) Reported Discontinued Total Adjusted Earnings Operations Adjustments Earnings SEGMENT INCOME (LOSS) Electric Utilities and Infrastructure $ 1,194 $ —

  32. Slide 32: Reported to Adjusted Earnings Reconciliation

    DUKE ENERGY CORPORATION REPORTED TO ADJUSTED EARNINGS RECONCILIATION Six Months Ended June 30, 2025 (Dollars in millions, except per share amounts) Reported Discontinued Total Adjusted Earnings Operations Adjustments Earnings SEGMENT INCOME (LOSS) Electric Utilities and Infrastructure $ 2,470 $ — $

  33. Slide 33: Reported to Adjusted Earnings Reconciliation

    DUKE ENERGY CORPORATION REPORTED TO ADJUSTED EARNINGS RECONCILIATION Three Months Ended June 30, 2024 (Dollars in millions, except per share amounts) Special Item Reported Regulatory Discontinued Total Adjusted Earnings Matters Operations Adjustments Earnings SEGMENT INCOME (LOSS) Electric Utilities

  34. Slide 34: Reported to Adjusted Earnings Reconciliation

    DUKE ENERGY CORPORATION REPORTED TO ADJUSTED EARNINGS RECONCILIATION Six Months Ended June 30, 2024 (Dollars in millions, except per share amounts) Special Item Reported Regulatory Discontinued Total Adjusted Earnings Matters Operations Adjustments Earnings SEGMENT INCOME (LOSS) Electric Utilities a

  35. Slide 35: Effective Tax Reconciliation

    DUKE ENERGY CORPORATION EFFECTIVE TAX RECONCILIATION June 2025 (Dollars in millions) Three Months Ended Six Months Ended June 30, 2025 June 30, 2025 Effective Tax Effective Tax Balance Rate Balance Rate Reported Income From Continuing Operations Before Income Taxes $ 1,127 $ 2,724 Noncontrolling Int

  36. Slide 36: Available Liquidity Reconciliation

    Duke Energy Corporation Available Liquidity Reconciliation As of June 30, 2025 (In millions) Cash and Cash Equivalents $ 344 Less: Unavailable Domestic Cash (145) 199 Plus: Remaining Availability under Master Credit Facilities and other facilities 6,888 Total Available Liquidity (a) $ 7,087 approxim

Duke Energy Corporation (Holding Company) — Q2 2025 Earnings Presentation on 6ix