Duke Energy Corporation (holding Company) · NYSE:DUK

Duke Energy Corporation (holding Company) — Q2 2026 Earnings Presentation

39 slides from Duke Energy Corporation (holding Company)'s earnings presentation, Aug 4, 2026

  1. Slide 1: Q2 2026 Earnings Review and Business Update

    Q2 / 2026 Earnings Review and Business Update Harry Sideris / President and CEO Brian Savoy / Executive Vice President and CFO August 4, 2026 // 1

  2. Slide 2: Safe Harbor statement; Regulation G disclosure

    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 $1.38 / $1.43 Q2 2026 REPORTED / ADJUSTED EPS Distribution, Ohio $6.55 - $6.80 REAFFIRMING 2026 ADJUSTED EPS GUIDANCE RANGE Transmission, Indiana 5% - 7% REAFFIRMING GROWTH RATE THROUGH 2030(1), WITH CONFIDENCE TO EARN IN TOP HALF OF THE RANGE BEGINNING IN 2028 (1) Based on adju

  5. Slide 5: Constructive comprehensive settlement in DEC NC rate case

    DEC settlement reflects continued constructive regulatory engagement CONSTRUCTIVE COMPREHENSIVE SETTLEMENT IN DEC NC RATE CASE SUPPORTS CRITICAL INVESTMENTS TO SERVE OUR CUSTOMERS  Planned investments focus on improving reliability, hardening the grid, modernizing generation and supporting continue

  6. Slide 6: Sustained commitment to customer value and affordability

    Sustained commitment to customer value and affordability  Delivering $50M of savings in FL in 2027 by accelerating the return of storage tax credits to keep base rates flat in 2027  Approved DEC/DEP combination to provide estimated net customer savings Driving of $2.3B through 2040 innovative  Ag

  7. Slide 7: Generation expansion program progressing to add ~15 GW by 2031

    Generation expansion program progressing to add ~15 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  Resource plans support sustained runway

  8. Slide 8: Q2 2026 adjusted EPS summary and primary drivers

    Q2 2026 adjusted EPS summary and primary drivers REPORTED SEGMENT RESULTS VS. PRIOR YEAR QUARTER(1) EARNINGS PER SHARE $3.35 Electric Utilities & Infrastructure, +$116M (+$0.15 per share) $3.00 ▲ Rate cases and riders ▲ Volumes and customer mix $1.38 ▲ Wholesale $1.25 ▼ Depreciation ▼ Interest Expen

  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 LATE-STAGE PIPELINE DRIVES ~15.4 GW UPSIDE CAPITAL INVESTMENT OPPORTUNITIES High-confidence, late-stage Potential for $5 - $10 billion of additional capital to pipeline includes… serve large loads in Indiana and Florida ~7.8 GW signed ESAs underpinn

  11. Slide 11: Committed to our current credit ratings

    Committed to our current credit ratings  On target for ~14.5% FFO / Debt in 2026 Credit  Targeting 15% FFO / Debt over the long term Metrics - Represents 200 bps above Moody’s and 300 bps above S&P’s downgrade thresholds Equity to  Expect total common equity issuances of $10 billion in 2027-2030

  12. Slide 12: A strong long-term return 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 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 ~15 GW by 2031

    “All-of-the-above” generation strategy – adding ~15 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 Gas program construction in full execution

  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  Application filed Nov. 20, 2025  Settlement Terms: $496 million retail revenue increase, stepped in DUKE ENERGY  Filed Comprehensive Settlement with Public over two-year MYRP ($286 million in year 1; $210 mil

  21. Slide 21: Key 2026 adjusted earnings guidance assumptions

    Key 2026 adjusted earnings guidance assumptions(1) Original 2026 2026 YTD ($ in millions) Assumptions (thru 6/30/2026) Adjusted segment income/(expense)(2): Electric Utilities & Infrastructure $5,650 $2,714 Gas Utilities & Infrastructure $570 $371 Other ($1,020) ($467) 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 $60 779 $0.06

  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 June 30, 2026 Duke Energy Duke Energy Duke Energy Duke Energy Duke Energy Electric Carolinas Progress Florida Indiana Ohio/Kentucky Utilities 1.8% 1.3% 1.4% 1.2% 1.2% 1.2% 1.2% 0.8% 0.7% 0.7% 0.6% 0.5% 0.5% 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.) 5-year 4.65% DE Carolinas $2,400 $1,150 Senior

  26. Slide 26: Liquidity summary

    Liquidity summary (as of June 30, 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 $ 1,650 $ 1,775 $ 800 $ 750 $ 825 $ 250 $ 800 $ 1

  27. Slide 27: Upcoming events & other

    UPCOMING EVENTS & OTHER // 27

  28. Slide 28: Upcoming events

    Upcoming events Event Date 3Q 2026 earnings call (tentative) November 5, 2026 SECOND 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 SECOND QUARTER 2026 EARNINGS REVIEW AND BUSINESS UPDATE // // 30 30

  31. Slide 31: Non-GAAP Reconciliations

    Duke Energy Corporation Non-GAAP Reconciliations Second Quarter Earnings Review & Business Update August 4, 2026 Adjusted Earnings per Share (EPS) The materials for Duke Energy Corporation’s (Duke Energy) Second Quarter Earnings Review and Business Update dated August 4, 2026, include discussion of

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

    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 definitions

    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 reduced for capitalized interest (including any AFUDC interest). The denominator for the FFO to Debt rat

  34. Slide 34: Reported to adjusted earnings reconciliation – Q2 2026

    DUKE ENERGY CORPORATION REPORTED TO ADJUSTED EARNINGS RECONCILIATION Three Months Ended June 30, 2026 (Dollars in millions, except per share amounts) Reported Regulatory Total Adjusted Earnings Settlements Adjustments Earnings SEGMENT INCOME (LOSS) Electric Utilities and Infrastructure $ 1,271 $ 39

  35. Slide 35: Reported to adjusted earnings reconciliation – six months 2026

    DUKE ENERGY CORPORATION REPORTED TO ADJUSTED EARNINGS RECONCILIATION Six Months Ended June 30, 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 INCOME

  36. Slide 36: Reported to adjusted earnings reconciliation – Q2 2025

    DUKE ENERGY CORPORATION REPORTED TO ADJUSTED EARNINGS RECONCILIATION Three Months Ended June 30, 2025 (Dollars in millions, except per share amounts) SEGMENT INCOME (LOSS) Electric Utilities and Infrastructure Gas Utilities and Infrastructure Total Reportable Segment Income Other Discontinued Operat

  37. Slide 37: Reported to adjusted earnings reconciliation – six months 2025

    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 $ — $

  38. Slide 38: Effective tax reconciliation

    Reported Income From Continuing Operations Before Income Taxes Legal and Regulatory Settlements Asset Sales Noncontrolling Interests Preferred Dividends Adjusted Pretax Income Reported Income Tax Expense From Continuing Operations Legal and Regulatory Settlements Asset Sales Noncontrolling Interest

  39. Slide 39: Available Liquidity Reconciliation

    Duke Energy Corporation Available Liquidity Reconciliation As of June 30, 2026 (In millions) Cash and Cash Equivalents Less: Unavailable Domestic Cash Plus: Remaining Availability under Master Credit Facilities and other facilities Total Available Liquidity 8,012 $ 8,488 approximately $8.5 billion (

Duke Energy Corporation (Holding Company) — Q2 2026 Earnings Presentation on 6ix