NextEra Energy reports third-quarter 2025 financial results (Form 8-K)

NextEra Energy reports third-quarter 2025 financial results

•NextEra Energy delivers strong third-quarter 2025 results

•FPL grows regulatory capital employed by approximately 8% year-over-year and continues to keep customer bills low while delivering reliable electricity

•NextEra Energy announced new collaboration with Google to accelerate nuclear energy deployment in the U.S., enabling the planned restart of the 615-megawatt Duane Arnold Energy Center in Iowa

•NextEra Energy Resources achieved a strong quarter of new renewables and storage origination, adding 3 gigawatts to its backlog

JUNO BEACH, Fla. - NextEra Energy, Inc. (NYSE: NEE) today reported 2025 third-quarter net income attributable to NextEra Energy on a GAAP basis of $2.438 billion, or $1.18 per share, compared to $1.852 billion, or $0.90 per share, for the third quarter of 2024. On an adjusted basis, NextEra Energy's 2025 third-quarter earnings were $2.348 billion, or $1.13 per share, compared to $2.127 billion, or $1.03 per share, in the third quarter of 2024.

"NextEra Energy delivered strong third-quarter results, with adjusted earnings per share increasing by 9.7% year-over-year," said John Ketchum, chairman, president and chief executive officer. "We believe the continued strong financial and operational performance at both FPL and NextEra Energy Resources positions us well to meet our overall objectives for the year. Earlier this month, FPL completed its evidentiary hearing on its proposed four-year base rate settlement agreement, which would support continued smart capital investments through 2029, while keeping typical residential customer bills well below the current national average and 20% lower than they were 20 years ago when adjusted for inflation.

"And I'm very excited about our announcement yesterday of a two-pronged collaboration with Google that we believe will strengthen U.S. leadership in nuclear power. Importantly, the cornerstone of this new collaboration will enable us to continue with the recommissioning of our 615-megawatt Duane Arnold Energy Center, putting us on a path to bring Iowa's only nuclear plant back online. We have also entered into an agreement with Google to explore new advanced nuclear capacity to be deployed in the U.S. These efforts with Google are laying the foundation for creating thousands of jobs, invigorating Iowa's economy, delivering long-term value to our shareholders and helping power our nation's future with innovation and technology.

"We believe we are well positioned to continue delivering for our customers and shareholders, and will be disappointed if we are not able to deliver financial results at or near the top of our adjusted earnings per share expectations ranges in each year through 2027, while maintaining our strong balance sheet and credit ratings."

FPL

FPL reported third-quarter 2025 net income of $1.463 billion, or $0.71 per share, compared to $1.293 billion, or $0.63 per share, for the prior-year comparable quarter. FPL's growth in the third quarter of 2025 primarily was driven by continued investment in the business. FPL's capital expenditures were approximately $2.5 billion for the quarter, and full-year capital investments are expected to be between $9.3 billion and $9.8 billion. Regulatory capital employed increased by approximately 8% over the same quarter last year.

By making smart capital investments for the benefit of customers and being best-in-class on costs, FPL continues to deliver its strong customer value proposition of high reliability, outstanding customer service and low bills. In one of the nation's fastest-growing states and the world's 16th largest economy, FPL is both creating value for its customers and diversifying its generation fleet by adding cost-effective solar and storage to the nation's largest gas-fired fleet and its four nuclear units that make up the backbone of its generation fleet.

1

On Feb. 28, FPL initiated its 2025 base rate proceeding for new rates, effective in January 2026. FPL reached a proposed settlement agreement in August with most of the intervenors in the proceeding, reflecting a broad set of constituents across its customer base. FPL believes the proposed settlement is fair, balanced and constructive, and supports its continued ability to provide highly reliable, low-cost service for its customers through the end of the decade. If the proposed agreement is approved, a typical residential customer bill would only increase about 2% on average between 2025 and 2029. This means bills would remain well below the current national average, providing FPL customers with the economic certainty that comes from a four-year base rate agreement. FPL completed evidentiary hearings earlier this month and expects the Florida Public Service Commission to provide a final decision on the proposed settlement agreement on Nov. 20.

NextEra Energy Resources

NextEra Energy Resources reported third-quarter 2025 net income attributable to NextEra Energy on a GAAP basis of $1.275 billion, or $0.62 per share, compared to $1.223 billion, or $0.59 per share, in the prior-year quarter. On an adjusted basis, NextEra Energy Resources' earnings for the third quarter of 2025 were $1.102 billion, or $0.53 per share, compared to $979 million, or $0.47 per share, for the third quarter of 2024.

NextEra Energy Resources had a strong quarter for new renewables and storage origination, adding 3 gigawatts (GW) to its backlog. With these additions, NextEra Energy Resources' backlog now totals nearly 30 GW after taking into account more than 1.7 GW of new projects placed into service since the second-quarter 2025 financial results call in July. NextEra Energy Resources expects the backlog additions will go into service over the next few years and into 2029.

NextEra Energy Resources yesterday announced two agreements with Google that would strengthen U.S. leadership in nuclear power and help meet growing energy demand from artificial intelligence with nuclear energy. First, a subsidiary of NextEra Energy Resources has entered into a 25-year power purchase agreement (PPA) with Google that, pending regulatory approvals, will enable it to continue the recommissioning of the Duane Arnold nuclear plant in Palo, Iowa. The nuclear plant will help power Google's growing cloud and AI infrastructure in Iowa once it returns to operation, which is expected to occur no later than the first quarter of 2029 and perhaps as early as the fourth quarter of 2028.

During its evaluation of recommissioning Duane Arnold, NextEra Energy Resources collaborated closely with the plant's minority owners, Central Iowa Power Cooperative (CIPCO) and Corn Belt Power Cooperative (Corn Belt). As part of that collaboration, CIPCO will purchase 50 megawatts of the plant's output on terms and conditions consistent with the Google PPA, and NextEra Energy Resources has signed definitive agreements to acquire CIPCO and Corn Belt's combined 30% interest in the plant, which will bring NextEra Energy Resources' ownership to 100%, subject to customary approvals.

Once restarted, NextEra Energy expects the Duane Arnold nuclear plant would contribute up to $0.16 of annual adjusted earnings per share on average over its first 10 years of operation assuming that NextEra Energy becomes 100% owner of the plant.

NextEra Energy and Google have also signed an agreement to explore the development of advanced nuclear generation to be deployed in the U.S., which would help power America's growing electricity needs.

Corporate and Other

In the third quarter of 2025 on a GAAP basis, Corporate and Other results increased $0.17 per share, compared to the prior-year quarter. On an adjusted basis, Corporate and Other results for the third quarter of 2025 decreased $0.04 per share, compared to the prior-year quarter.

Outlook

NextEra Energy's long-term financial expectations remain unchanged. For 2025, NextEra Energy continues to expect adjusted earnings per share to be in the range of $3.45 to $3.70. For 2026 and 2027, NextEra Energy expects adjusted earnings per share to be in the ranges of $3.63 to $4.00 and $3.85 to $4.32, respectively. NextEra Energy also continues to expect to grow its dividends per share at a roughly 10% rate per year through at least 2026, off a 2024 base.

Conference call information

As previously announced, NextEra Energy's third-quarter 2025 financial results conference call is scheduled for 9 a.m. ET today. The listen-only webcast will be available on NextEra Energy's website by accessing the following link: www.NextEraEnergy.com/FinancialResults. The news release and slides accompanying the presentation may be downloaded at www.NextEraEnergy.com/FinancialResults, beginning at 7:30 a.m. ET today. A replay will be available for 90 days by accessing the link listed above.

2

NextEra Energy, Inc.

NextEra Energy, Inc. (NYSE: NEE) is one of the largest electric power and energy infrastructure companies in North America and is a leading provider of electricity to American homes and businesses. Headquartered in Juno Beach, Florida, NextEra Energy is a Fortune 200 company that owns Florida Power & Light Company, America's largest electric utility, which provides reliable electricity to approximately 12 million people across Florida. NextEra Energy also owns one of the largest energy infrastructure development companies in the U.S., NextEra Energy Resources, LLC. NextEra Energy and its affiliated entities are meeting America's growing energy needs with a diverse mix of energy sources, including natural gas, nuclear, renewable energy and battery storage. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.

###

Adjusted earnings for the periods in this news release exclude the effects of non-qualifying hedges; XPLR Infrastructure, LP net investment gains; differential membership interests-related; change in unrealized gains and losses on equity securities held in NextEra Energy Resources' nuclear decommissioning funds and other than temporary impairments (OTTI).

NextEra Energy's management uses adjusted earnings, which is a non-GAAP financial measure, internally for financial planning, analysis of performance, reporting of results to the board of directors and as an input in determining performance-based compensation under the company's employee incentive compensation plans. NextEra Energy also uses earnings expressed in this fashion when communicating its financial results and earnings outlook to analysts and investors. NextEra Energy's management believes that adjusted earnings provide a more meaningful representation of NextEra Energy's fundamental earnings power. A reconciliation of historical adjusted earnings to net income attributable to NextEra Energy, which is the most directly comparable GAAP measure, is included in the attachments to this news release. Adjusted earnings does not represent a substitute for net income, as prepared in accordance with GAAP.

NextEra Energy does not provide a quantitative reconciliation of forward-looking adjusted earnings per share to earnings per share, the most directly comparable GAAP financial measure, because certain information needed to reconcile these measures is not available without unreasonable efforts due to the inherent difficulty in forecasting and quantifying these measures. These items include, but are not limited to, the effects of non-qualifying hedges and unrealized gains and losses on equity securities held in NextEra Energy Resources, LLC's nuclear decommissioning funds and other than temporary impairments. These items could significantly impact GAAP earnings per share. Adjusted earnings expectations and other forward-looking statements assume, among other things, normal weather and operating conditions; positive macroeconomic conditions in the U.S. and Florida; supportive commodity markets; current forward curves; public policy support for wind, solar, and storage development and construction; market demand and transmission expansion to support wind, solar and storage development; market demand for pipeline capacity; access to capital at reasonable cost and terms; no adverse litigation decisions; and no changes to governmental policies or incentives. Please see the accompanying cautionary statements for a list of the risk factors that may affect future results.

This news release should be read in conjunction with the attached unaudited financial information.