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

NextEra Energy reports first-quarter 2025 financial results

•NextEra Energy delivers strong first-quarter 2025 results

•FPL grows regulatory capital employed by approximately 8.1% year-over-year and continues to keep customer bills low while delivering reliable electricity

•NextEra Energy Resources achieves a strong quarter of new renewables and storage origination, adding approximately 3.2 gigawatts to its backlog

JUNO BEACH, Fla. - NextEra Energy, Inc. (NYSE: NEE) today reported 2025 first-quarter net income attributable to NextEra Energy on a GAAP basis of $833 million, or $0.40 per share, compared to $2,268 million, or $1.10 per share, for the first quarter of 2024. On an adjusted basis, NextEra Energy's 2025 first-quarter earnings were $2.038 billion, or $0.99 per share, compared to $1.873 billion, or $0.91 per share, in the first quarter of 2024.

"NextEra Energy is off to a strong start for the year, increasing adjusted earnings per share by nearly 9% year-over year - the direct result of continued solid financial and operational performance at both our businesses," said John Ketchum, chairman, president and chief executive officer. "During the quarter, FPL continued to deliver on its customer value proposition and filed its four-year rate plan, which is designed to support continued smart, customer-centric investments in Florida that drive high reliability and low bills. Amid strong demand across all sectors of the U.S. economy, NextEra Energy Resources had a strong origination quarter, adding approximately 3.2 gigawatts of new renewables and storage to its backlog. We believe we are well positioned to continue delivering for our customers and our 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 first-quarter 2025 net income of $1.316 billion, or $0.64 per share, compared to $1.172 billion, or $0.57 per share, for the prior-year comparable quarter. FPL's growth in the first quarter of 2025 primarily was driven by continued investment in the business. FPL's capital expenditures were approximately $2.4 billion for the quarter, and full-year capital investments are expected to be between $8 billion and $8.8 billion. Regulatory capital employed increased by approximately 8.1% over the same quarter last year.

FPL continues to focus on running the business efficiently and delivering on its strong customer value proposition, which is anchored in making smart capital investments for the benefit of customers, being an industry leader in costs, and delivering high reliability and outstanding customer service while keeping bills low. During the first quarter, FPL placed into service 894 megawatts of new, cost-effective solar, putting FPL's owned and operated solar portfolio at over 7.9 gigawatts (GW), which is the largest utility-owned solar portfolio in the country.

In February, FPL submitted a comprehensive four-year request to the Florida Public Service Commission (PSC) to set new rates once its current base rate agreement concludes at the end of this year. The proposal, covering 2026 through 2029, would enable FPL to continue to deliver some of the nation's most reliable electricity, provide excellent customer service and diversify its generation resources. Consistent with the test year letter filed last December, FPL is requesting a base rate adjustment of approximately $1.545 billion starting in January 2026, $927 million in January 2027 and a Solar & Battery Base Rate Adjustment mechanism to recover revenue requirements for solar and battery storage projects in 2028 and 2029. With the proposed base rate adjustments and current projections for fuel and other costs, FPL believes its typical residential customer bill would grow at an average

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annual rate of about 2.5% from January 2025 through the end of 2029, which is expected to result in its typical residential bill being approximately 25% below the projected national average and more than 20% lower than its typical bills 20 years ago when adjusted for inflation.

In April, FPL filed its Ten-Year Site Plan with the Florida PSC. The 2025 plan projects the need for over 17 GW of cost-effective solar generation across the service territory over the next 10 years and the deployment of over 7.6 GW of battery storage. With this plan, FPL expects to increase solar from approximately 9% of its total generation in 2024 to approximately 35% in 2034.

NextEra Energy Resources

NextEra Energy Resources reported first-quarter 2025 net income attributable to NextEra Energy on a GAAP basis of $172 million, or $0.08 per share, compared to net income attributable to NextEra Energy of $966 million, or $0.47 per share, in the prior-year quarter. On an adjusted basis, NextEra Energy Resources' earnings for the first quarter of 2025 were $908 million, or $0.44 per share, compared to $828 million, or $0.40 per share, for the first quarter of 2024.

NextEra Energy Resources had a strong quarter for new renewables and storage origination, adding approximately 3.2 GW to its backlog. With these additions, NextEra Energy Resources' backlog now totals roughly 28 GW after taking into account 0.7 GW of new projects placed into service since the fourth-quarter and full-year 2024 financial results call in January.

Corporate and Other

In the first quarter of 2025 on a GAAP basis, Corporate and Other results decreased $0.38 per share, compared to the prior-year quarter. On an adjusted basis, Corporate and Other results for the first quarter of 2025 decreased $0.03 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 first-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 same link as listed above.

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.

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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

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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 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.