Slides
Page 1
// 1 Earnings Review and Business Update Q4 / 2025 Harry Sideris / President and CEO Brian Savoy / Executive Vice President and CFO February 10, 2026
Page 2
// 2// 2FOURTH QUARTER 2025 EARNINGS REVIEW AND BUSINESS UPDATE 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 SEC filings, available at www.sec.gov . Regulation G disclosure In addition, today's discussion includes certain non-GAAP financial measures as defined under SEC Regulation G. A reconciliation of those measures to the most directly comparable GAAP measures is available in the Appendix herein and on our Investor Relations website at www.duke-energy.com/investors.
Page 3
// 3// 3FOURTH QUARTER 2025 EARNINGS REVIEW AND BUSINESS UPDATE 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 terms and phrases that include “anticipate,” “believe,” “intend,” “estimate,” “expect,” “continue,” “should,” “could,” “may,” “plan,” “project,” “predict,” “will,” “potential,” “forecast,” “target,” “guidance,” “outlook” or other similar terminology. Various factors may cause actual results to be materially different than the suggested outcomes within forward-looking statements; accordingly, there is no assurance that such results will be realized. These factors include, but are not limited to: The ability to implement our business strategy, including meeting forecasted load growth demand, grid and fleet modernization objectives, and reducing carbon emissions, while balancing customer reliability and keeping costs as low as possible for our customers; State, federal and foreign legislative and regulatory initiatives, including costs of compliance with existing and future environmental requirements and/or uncertainty of applicability or changes to such legislative and regulatory initiatives, including those related to climate change, as well as rulings that affect cost and investment recovery or have an impact on rate structures or market prices; The extent and timing of costs and liabilities to comply with federal and state laws, regulations and legal requirements related to coal ash remediation, including amounts for required closure of certain ash impoundments, are uncertain and difficult to estimate; The ability to timely recover eligible costs, including amounts associated with coal ash impoundment retirement obligations, asset retirement and construction costs related to carbon emissions reductions, and costs related to significant weather events, and to earn an adequate return on investment through rate case proceedings and the regulatory process; The costs of decommissioning nuclear facilities could prove to be more extensive than amounts estimated and all costs may not be fully recoverable through the regulatory process; The impact of extraordinary external events, such as a global pandemic, trade wars or military conflict, and their collateral consequences, including the disruption of global supply chains or the economic activity in our service territories; Costs and effects of legal and administrative proceedings, settlements, investigations and claims; Industrial, commercial and residential decline in service territories or customer bases resulting from sustained downturns of the economy, storm damage, reduced customer usage due to cost pressures from inflation, tariffs, or fuel costs, worsening economic health of our service territories, reductions in customer usage patterns, or lower than anticipated load growth, particularly if usage of electricity by data centers is less than currently projected, energy efficiency efforts, natural gas building and appliance electrification, and use of alternative energy sources, such as self-generation and distributed generation technologies; Federal and state regulations, laws and other efforts designed to promote and expand the use of energy efficiency measures, natural gas electrification, and distributed generation technologies, such as private solar and battery storage, in Duke Energy service territories could result in a reduced number of customers, excess generation resources as well as stranded costs; Advancements in technology, including artificial intelligence; Additional competition in electric and natural gas markets, municipalization and continued industry consolidation; The influence of weather and other natural phenomena on operations, financial position, and cash flows, including the economic, operational and other effects of severe storms, hurricanes, droughts, earthquakes and tornadoes, including extreme weather associated with climate change; Changing or conflicting investor, customer and other stakeholder expectations and demands, particularly regarding environmental, social and governance matters and costs related thereto; The ability to successfully operate electric generating facilities and deliver electricity to customers including direct or indirect effects to the Company resulting from an incident that affects the United States electric grid or generating resources; Operational interruptions to our natural gas distribution and transmission activities; The availability of adequate interstate pipeline transportation capacity and natural gas supply; The impact on facilities and business from a terrorist or other attack, war, vandalism, cybersecurity threats, data security breaches, operational events, information technology failures or other catastrophic events, such as severe storms, fires, explosions, pandemic health events or other similar occurrences; The inherent risks associated with the operation of nuclear facilities, including environmental, health, safety, regulatory and financial risks, including the financial stability of third-party service providers; The timing and extent of changes in commodity prices, including any impact from increased tariffs, export controls and interest rates, and the ability to timely recover such costs through the regulatory process, where appropriate, and their impact on liquidity positions and the value of underlying assets; The results of financing efforts, including the ability to obtain financing on favorable terms, which can be affected by various factors, including credit ratings, interest rate fluctuations, compliance with debt covenants and conditions, an individual utility’s generation portfolio, and general market and economic conditions; Credit ratings of the Duke Energy Registrants may be different from what is expected; Declines in the market prices of equity and fixed-income securities and resultant cash funding requirements for defined benefit pension plans, other post-retirement benefit plans and nuclear decommissioning trust funds; Construction and development risks associated with the completion of the Duke Energy Registrants’ capital investment projects, including risks related to financing, timing and receipt of necessary regulatory approvals, obtaining and complying with terms of permits, meeting construction budgets and schedules and satisfying operating and environmental performance standards, as well as the ability to recover costs from customers in a timely manner, or at all; Changes in rules for regional transmission organizations, including changes in rate designs and new and evolving capacity markets, and risks related to obligations created by the default of other participants; The ability to control operation and maintenance costs; The level of creditworthiness of counterparties to transactions; The ability to obtain adequate insurance at acceptable costs and recover on claims made; Employee workforce factors, including the potential inability to attract and retain key personnel; The ability of subsidiaries to pay dividends or distributions to Duke Energy Corporation holding company (the Parent); The performance of projects undertaken by our businesses and the success of efforts to invest in and develop new opportunities; The effect of accounting and reporting pronouncements issued periodically by accounting standard-setting bodies and the SEC; The impact of United States tax legislation to our financial condition, results of operations or cash flows and our credit ratings; The impacts from potential impairments of goodwill or investment carrying values; Asset or business acquisitions and dispositions may not be consummated or yield the anticipated benefits, which could adversely affect our financial condition, credit metrics or ability to execute strategic and capital plans; and The actions of activist shareholders could disrupt our operations, impact our ability to execute on our business strategy, or cause fluctuations in the trading price of our common stock. Additional risks and uncertainties are identified and discussed in the Duke Energy Registrants' reports filed with the SEC and available at the SEC's website at sec.gov. In light of these risks, uncertainties and assumptions, the events described in the forward-looking statements might not occur or might occur to a different extent or at a different time than described. Forward-looking statements speak only as of the date they are made and the Duke Energy Registrants expressly disclaim an obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Page 4
// 4// 4FOURTH QUARTER 2025 EARNINGS REVIEW AND BUSINESS UPDATE Financial highlights $6.31 2025 REPORTED / ADJUSTED EPS ADJUSTED EARNINGS PER SHARE $103 BILLION 5-YR CAPEX PLAN ~18% INCREASE FROM PRIOR CAPEX PLAN (1) Based on adjusted EPS ~9.6% EARNINGS BASE GROWTH DRIVEN BY GENERATION INVESTMENTS TO SERVE GROWING JURISDICTIONS $5.90 $5.56$5.90 $6.31 2024 Adjusted Earnings per Share 2025 Adjusted Earnings per Share 2026 Guidance Range $6.55 - $6.80 EXTENDING 5% - 7% EARNINGS GROWTH THROUGH 2030 OFF MIDPOINT OF 2025 GUIDANCE RANGE ($6.30)(1), WITH CONFIDENCE TO EARN IN TOP HALF OF THE RANGE BEGINNING IN 2028
Page 5
// 5// 5FOURTH QUARTER 2025 EARNINGS REVIEW AND BUSINESS UPDATE EXECUTED ON FINANCIAL GOALS ADVANCED NEW GENERATION DELIVERED VALUE FOR CUSTOMERS Delivered 2025 adjusted and reported earnings per share above guidance midpoint Announced TN and FL transactions at premium valuations to strengthen credit profile and efficiently finance capital plan Raised long-term FFO/Debt target to 15% and achieved 14.8% in 2025 Issued storm securitization bonds in NC and SC approximately one year after major 2024 hurricanes Invested $14B of capital Began construction on new gas generation units and received additional CPCN approvals Secured up to 20 gas turbines through partnership agreement with GEV Executed EPC contracts for first ~5 GW of new gas generation Placed 305 MW of solar and 175 MW of storage into service Received NRC approval for SLR at Oconee nuclear station and filed SLR for Robinson nuclear plant Completed DeBary Hydrogen Production Storage System in FL Filed to combine DEC & DEP, to generate >$1B in customer savings Upgraded FL gas plants, projected to save ~$340M in annual fuel costs Generated ~$600M in nuclear tax credits for the benefit of customers Enabled economic development, creating >29k jobs and >$30B in capital investment in our states Avoided 2.2M customer outages through self-healing grid technology Achieved a record nuclear capacity factor of 96.87%, the 27th consecutive year exceeding 90% Future Person County CC site, North CarolinaTransmission, Indiana Oconee nuclear station, South Carolina 2025 accomplishments
Page 6
// 6// 6FOURTH QUARTER 2025 EARNINGS REVIEW AND BUSINESS UPDATE Provide value for our customers and communities Advance construction of new generation to serve growing jurisdictions Convert economic development prospects into firm projects Continue track record of constructive regulatory outcomes 2025 success builds momentum for continued execution in 2026 2026 focus areas
Page 7
// 7// 7FOURTH QUARTER 2025 EARNINGS REVIEW AND BUSINESS UPDATE “All of the above” generation strategy – adding ~14 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 Construction underway on ~5 GW of gas generation in the Carolinas and Indiana Critical agreements in place 20 gas turbines secured through GEV partnership agreement EPC contracts signed for first ~5 GW of projects Gas supply contracted for all announced plants Adding solar and storage to diversify generation mix Accelerating battery storage development, with ~4.5 GW of capacity online by 2031 Maintaining optionality for new nuclear development Early site permit submitted for potential SMR at Belews Creek Knightdale battery energy storage system (100 MW), North Carolina Catawba Nuclear Station, South Carolina Future Cayuga CC, Indiana
Page 8
// 8// 8FOURTH QUARTER 2025 EARNINGS REVIEW AND BUSINESS UPDATE 2026 Financial outlook – adjusted EPS waterfall ▲ Customer growth and economic development ▲ North Carolina & Florida MYRPs ▲ South Carolina rate cases ▲ Midwest & FL riders ▲ Indiana phase 2 rates ▲ AFUDC equity ▼ Interest expense ▼ D&A and property taxes ▼ Minority interest (1) ▼ Weather Gas Utilities & Infrastructure $0.02 Electric Utilities & Infrastructure $0.39 Other ($0.04) $6.68 Midpoint 2025 Adjusted EPS 2026 Adjusted EPS Guidance Range of $6.55 - $6.80 ▲ Rate cases and riders ▲ Customer growth ▼ TN business sale(1) ▼ D&A and property taxes ▼ Interest expense $6.31 (1) Net of interest savings in Other segment, TN / FL transactions are earnings neutral
Page 9
// 9// 9FOURTH QUARTER 2025 EARNINGS REVIEW AND BUSINESS UPDATE Converting prospects to projects 2026E 2027 - 2030E 1.5% - 2% 3% - 4% ENTERPRISE LOAD GROWTH 2026E 2027 - 2030E ~2% 4% - 5% CAROLINAS LOAD GROWTH Active site evaluations advancing in all service territories; pipeline remains robust Signed Electric Service Agreements (ESAs) demonstrate progression of pipeline, with additional projects moving to advanced stage Existing customer protections include long-term contracts with minimum demand provisions, termination charges, credit support and refundable capital advances Select announced large load project ESAs ~4.5 GW Data Center ESAs (+1.5 GW since Q3 call) (1) Compared to 2025 actuals; Residential: 0.5%-1.0%; Commercial & Industrial: 2.0%-2.5% (1)
Page 10
// 10// 10FOURTH QUARTER 2025 EARNINGS REVIEW AND BUSINESS UPDATE 2025A 2026 2027 2028 2029 2030 $114B $137B $124B $152B $167B $180B Long runway of capital investment opportunities (1) In billions. Illustrative earnings base for presentation purposes only and includes retail and wholesale; Amounts as of the end of each year shown; Projected earnings base = prior period earnings base + capex – D&A – deferred taxes (including production tax credits) – securitized assets. Amounts presented gross of minority investments and exclude Piedmont Tennessee gas. 5-YEAR CAPITAL PLAN EARNINGS BASE(1) 2025-2029 Capex Plan (Aug) 2026-2030 Capex Plan $87B $103B INVESTING FOR GROWING ENERGY NEEDS… +$16B …WITH A CONTINUED FOCUS ON CUSTOMER VALUE AND AFFORDABILITY Protecting existing customers as new large loads are added Investing in our fleet and leveraging AI to reduce fuel and O&M costs Utilizing tax credits for nuclear, storage and solar Securitized storm costs DEC & DEP Combination to generate >$1B customer savings Helping vulnerable customers access bill assistance
Page 11
// 11// 11FOURTH QUARTER 2025 EARNINGS REVIEW AND BUSINESS UPDATE Credit Metrics Achieved 14.8% FFO / Debt in 2025 Targeting ~14.5% FFO / Debt in 2026 and 15% over the long term Represents 200 bps above Moody’s and 300 bps above S&P’s downgrade thresholds Targeting 60 - 70% dividend payout ratio(1) Equity to support growth capital Expect total common equity issuances of $10 billion 2027-2030 via DRIP/ATM Reflects ~35% equity funding of incremental capital; consistent with 30% - 50% guidance Average annual equity issuances represent ~2.5% of market cap Other factors supporting balance sheet strength On track to close TN sale on March 31, 2026, and first closing of FL transaction in early 2026 Transaction proceeds satisfy 2026 equity needs Modern recovery mechanisms, such as CWIP recovery of new gas generation, and energy tax credits enhance cash flow profile Pension ~123% funded across all plans Strong execution positions balance sheet for growth (1) Based on adjusted EPS Prior Equity Plan $4.5B + Equity funding of incremental capital $5.5B Current ‘27-’30 Equity Plan $10B
Page 12
// 12// 12FOURTH QUARTER 2025 EARNINGS REVIEW AND BUSINESS UPDATE zzz LONG-TERM EPS GROWTH(4) THROUGH 2030 DIVIDEND YIELD(1) WITH LONG-TERM DIVIDEND GROWTH COMMITMENT(2) CONSTRUCTIVE, GROWING JURISDICTIONS, LOWER-RISK REGULATED INVESTMENTS AND BALANCE SHEET STRENGTH 5 -7%3.5% ATTRACTIVE RISK-ADJUSTED TOTAL SHAREHOLDER RETURN(3) ~10% A STRONG LONG-TERM RETURN PROPOSITION Our investor value proposition (1) As of February 6, 2026 (2) Subject to approval by the Board of Directors (3) Total shareholder return proposition at a constant P/E ratio; ratio could change based on market conditions (4) Based on adjusted EPS
Page 13
// 13 APPENDIX
Page 14
// 14// 14FOURTH QUARTER 2025 EARNINGS REVIEW AND BUSINESS UPDATE Pure play regulated utility operating in constructive, growing jurisdictions (1) Based on 2026-2030 capital plan, subject to regulatory approval; per HB 951 certain North Carolina capital investments are not eligible for multi-year rate plan including certain large generation investments over $500 million (investments not subject to MYRP recovery are eligible for base rate recovery) Significant economic development from data centers and advanced manufacturing drives long-term growth Carolinas and Florida remain top states for population migration Powering the Southeast and Midwest Transforming our ~320K miles of power lines, the largest transmission & distribution system in the U.S. Upgrading existing infrastructure and building new power generation to support growth Investing in our natural gas local distribution companies $103 billion capital plan (2026 - 2030) The vast majority of electric capital investments(1) are eligible for efficient recovery mechanisms Riders and annual rate mechanisms drive growth in gas utilities Regulatory constructs support timely returns Service Territory Counties Served Duke Energy Indiana Duke Energy Ohio/Kentucky Duke Energy Carolinas/Progress Piedmont Natural Gas Overlapping Territory Duke Energy Florida
Page 15
// 15// 15FOURTH QUARTER 2025 EARNINGS REVIEW AND BUSINESS UPDATE Advancing >7.5 GW of new gas generation across our jurisdictions State Plant Type MW CPCN Status(1) Turbine(s) secured? EPC Contract Signed Construction Started In service (year-end) NC Person County CC1 CC 1,360 approved 2028 NC Marshall CT 1&2 CT (x2) 850 approved 2028 NC Person County CC2 CC 1,360 approved 2029 IN Cayuga CC 1&2 CC (x2) 1,476 approved 2029 / 2030 NC Smith CT CT 240 requested 2029 NC Buck CT 3&4 CT (x2) 850 requested 2029 SC Anderson County CC CC 1,365 requested 2030 TOTAL 7,501 Sited new gas generation: (1) SC filing is a Certificate of Environmental Compatibility and Public Convenience and Necessity (CECPCN) Future Person County CC site, North Carolina Construction underway at future Person County CC Construction underway at future Cayuga CC
Page 16
// 16// 16FOURTH QUARTER 2025 EARNINGS REVIEW AND BUSINESS UPDATE Advancing Carolinas energy transition CAROLINAS RESOURCE PLAN FILED IN NORTH CAROLINA OCTOBER 2025 5 CC units (6,825 MW); 7 CT units (2,825 MW) by 2033 5,600 MW of battery storage in-service by 2034 4,000 MW of new solar in- service by 2034 Maintaining optionality for new nuclear to be online by 2037 NEAR-TERM ACTION PLAN HIGHLIGHTS Dual-state integrated resource plan emphasizes reliability and affordability to support economic growth within the Carolinas Economic development continues to drive forecasted load growth, with 2035 energy demand +7% higher than the prior plan The plan supports our “all of the above” resource mix, including natural gas, battery storage, and solar The estimated customer bill impact CAGR of 2.1% over the next decade is lower than the rate of inflation and significantly less than the previously approved plan The plan reflects stakeholder feedback gathered through rigorous stakeholder engagement process North Carolina South Carolina (IRP Update) Filed: October 2025 Hearing: June 2026 Order Expected: by year-end 2026 Filed: November 2025 Commission Decision: April 2026
Page 17
// 17// 17FOURTH QUARTER 2025 EARNINGS REVIEW AND BUSINESS UPDATE Key contract provisions can include: Note: Detailed contract provisions may vary across service territories Contract structures support two key goals: Long-Term Contract Interruptibility Provision Refundable Capital Advance Termination Damages Credit Support Minimum Billing Demand Protect existing customers Establish greater certainty for planning Large load contract structures protect existing customer base
Page 18
// 18// 18FOURTH QUARTER 2025 EARNINGS REVIEW AND BUSINESS UPDATE Emerging technology advancements ENERGY STORAGE Commissioned a 5 MW / 8-hour long duration sodium-sulfur battery in Suwannee County, Florida Researching multiple megawatt-scale, non-lithium and thermal long duration (8+ hours) energy storage technologies, including testing EnerVenue nickel hydrogen battery, EOS Gen 3 zinc battery, and GKN hydrogen storage unit ADVANCED NUCLEAR Submitted an early site permit (ESP) application for the Belews Creek, NC, site to the Nuclear Regulatory Commission on Dec. 30, 2025, as planned, with permit receipt expected in 2027 Continued serving on industry task forces and working with multiple advanced nuclear vendors to support a risk-informed technology evaluation Ongoing collaboration with Tennessee Valley Authority (TVA) in the Department of Energy’s grant process that announced a $400 million award to TVA in December 2025 to advance the BWRX-300 design OTHER TECHNOLOGY Hydrogen: DeBary Hydrogen Production Storage System in FL is the first demonstration project in the US capable of using an end-to-end system to produce, store and combust up to 100% green hydrogen Commissioned a new innovation lab at Northern Kentucky University to test and prototype new robotics and custom electronics for the grid Piloting multiple energy efficiency and demand-side management technologies, including Carrier’s battery-enabled HVAC system for residential customers Suwannee BESS, Florida DeBary Hydrogen Production Storage System, Florida
Page 19
// 19// 19FOURTH QUARTER 2025 EARNINGS REVIEW AND BUSINESS UPDATE DOCKET NO. STATUS KEY DRIVERS DUKE ENERGY CAROLINAS North Carolina MYRP E-7 Sub 1329 Application filed Nov. 20, 2025 Evidentiary hearing scheduled for Jul. 2026 Requested rates effective by Jan. 1, 2027 Requested: ~$1.0 billion retail revenue increase, stepped in over two-year MYRP ($727 million in year 1 and $275 million in year 2) 10.95% ROE, 53% equity cap. structure DUKE ENERGY PROGRESS North Carolina MYRP E-2 Sub 1380 Application filed Nov. 20, 2025 Evidentiary hearing scheduled for Aug. 2026 Requested rates effective by Jan. 1, 2027 Requested: ~$730 million retail revenue increase, stepped in over two-year MYRP ($528 million in year 1 and $200 million in year 2) 10.95% ROE, 53% equity cap. structure Regulatory activity details – electric and gas rate cases
Page 20
// 20// 20FOURTH QUARTER 2025 EARNINGS REVIEW AND BUSINESS UPDATE Key 2026 adjusted earnings guidance assumptions ($ in millions) Original 2025 Assumptions(1) 2025 Actual 2026 Assumptions Adjusted segment income/(expense)(2): Electric Utilities & Infrastructure $5,290 $5,337 $5,650 Gas Utilities & Infrastructure $580 $559 $570 Other ($970) ($985) ($1,020) Duke Energy Consolidated $4,900 $4,911 $5,200 Additional consolidated information: Adjusted effective tax rate 11-13% 11.3% 10-12% Capital expenditures(3) $14,850 $14,496 $17,750 Weighted-average shares outstanding – basic ~778 million ~777 million ~779 million (1) Original 2025 assumptions as disclosed on Feb. 13, 2025 (2) Adjusted net income for 2026 assumptions is based upon the midpoint of the adjusted EPS guidance range of $6.55 to $6.80 (3) Includes debt AFUDC and capitalized interest. Includes coal ash closure spend included in operating cash flows $2,375 $250$- $1,275 2026 Interest Expense Assumption (Consolidated Total $3,900) $2,132 $267 $1,235 2025 Interest Expense (Consolidated Total $3,634) Electric Utilities Gas Utilities Other
Page 21
// 21// 21FOURTH QUARTER 2025 EARNINGS REVIEW AND BUSINESS UPDATE 4Q 2024 Duke Energy Carolinas Duke Energy Progress Duke Energy Florida Duke Energy Indiana Duke Energy Ohio/KY Heating degree days / Variance from normal 1,092 (11%) 919 (16%) 158 (15%) 1,595 (18%) 1,494 (17%) Cooling degree days / Variance from normal 68 54% 89 37% 613 23% 29 35% 31 29% 4Q 2025 Duke Energy Carolinas Duke Energy Progress Duke Energy Florida Duke Energy Indiana Duke Energy Ohio/KY Heating degree days / Variance from normal 1,190 (2%) 1,135 4% 133 (26%) 1,888 (2%) 1,808 1.0% Cooling degree days / Variance from normal 32 (27%) 37 (44%) 467 (7%) 39 71% 39 56% Weather segment income to normal: 2025 2024 Pretax impact Weighted avg. shares EPS impact favorable / (unfavorable) Pretax impact Weighted avg. shares EPS impact favorable / (unfavorable) First Quarter $3 777 -- ($66) 771 ($0.07) Second Quarter $87 777 $0.08 $77 772 $0.08 Third Quarter $39 778 $0.04 $58 772 $0.06 Fourth Quarter ($18) 778 ($0.02) ($32) 773 ($0.03) Year-to-Date(1) $111 777 $0.10 $36 772 $0.04 Electric utilities quarterly weather impacts (1) Year-to-date amounts may not foot due to differences in weighted-average shares outstanding and/or rounding. Weather impact is shown net of decoupling
Page 22
// 22// 22FOURTH QUARTER 2025 EARNINGS REVIEW AND BUSINESS UPDATE Driver Full-year EPS Impact Electric Utilities & Infrastructure 1% change in earned return on equity +/- $0.73 $1 billion change in rate base +/- $0.07 1% change in Electric Utilities volumes Industrial +/- $0.02(2) Commercial +/- $0.06(2) Residential +/- $0.05(1)(2) +/- $0.13(1)(2) 1% change in NC residential customers +/- $0.04 Gas Utilities & Infrastructure 1% change in earned return on equity +/- $0.11 $200 million change in rate base +/- $0.01 1% change in number of new customers +/- $0.02 Consolidated 1% change in interest rates (3) +/- $0.10 Key 2026 earnings sensitivities Note: EPS amounts based on forecasted 2026 basic share count of ~779 million shares (1) Assumes 1% change across all customer classes; EPS impact for the industrial class is lower due to lower margins; NC Residential excluded from analysis (2) Margin sensitivities are mitigated by the fixed component portion of bills, resulting in lower impacts to earnings than depicted. (3) Based on average variable-rate debt outstanding throughout the year and new issuances; excludes impact of hedging activity
Page 23
// 23// 23FOURTH QUARTER 2025 EARNINGS REVIEW AND BUSINESS UPDATE ~5%~5% Gas Gen Maintenance ~2% Five- and ten-year capital plans $73B PERCENTAGE OF TOTAL CAPEX 2026-2030(1) $103B Coal Maintenance ~2% $200 - $220B PERCENTAGE OF TOTAL CAPEX 2026-2035(1) Grid ~39% Regulated Zero- Carbon Generation ~25% Hydrogen Capable Gas Gen ~20% Gas LDC ~8% Corp, IT & Cyber ~3% Environmental Remediation ~2% Grid ~40% Gas LDC ~6% Coal Maintenance ~2% Regulated Zero- Carbon Generation ~30% Hydrogen Capable Gas Gen ~13% Corp, IT & Cyber ~3% Gas Gen Maintenance ~4% Environmental Remediation ~2% (1) Totals may not foot due to rounding
Page 24
// 24// 24FOURTH QUARTER 2025 EARNINGS REVIEW AND BUSINESS UPDATE Regulated utilities end of year earnings base(1) ($ in billions) 2025A 2026E 2027E 2028E 2029E 2030E Duke Energy Carolinas $37.9 $41.8 $47.2 $52.6 $59.7 $65.3 Duke Energy Progress $25.4 $28.4 $31.7 $35.7 $39.1 $42.3 Duke Energy Florida $22.7 $24.2 $25.9 $28.4 $30.8 $32.5 Duke Indiana $11.3 $12.6 $14.1 $15.1 $15.7 $16.5 Duke Ohio – Electric $4.4 $4.8 $5.1 $5.4 $5.7 $5.9 Duke Kentucky – Electric $1.4 $1.5 $1.6 $1.7 $1.8 $1.9 Electric Utilities Total(2) $103.1 $113.2 $125.6 $138.9 $152.7 $164.4 Gas Utilities Earnings Base ($ in billions) 2025A 2026E 2027E 2028E 2029E 2030E Piedmont $7.7 $8.1 $8.6 $9.9 $11.5 $12.4 Duke Energy Ohio – Gas $2.2 $2.3 $2.3 $2.3 $2.3 $2.3 Duke Energy Kentucky - Gas $0.8 $0.8 $0.9 $0.9 $0.9 $0.9 Gas Utilities Total(2) $10.7 $11.2 $11.8 $13.1 $14.7 $15.6 (1) In billions. Illustrative earnings base for presentation purposes only and includes retail and wholesale; Amounts as of the end of each year shown; Projected earnings base = prior period earnings base + capex – D&A – deferred taxes (including production tax credits) – securitized assets. Amounts are presented gross of minority investments and exclude Piedmont Tennessee gas. (2) Totals may not foot due to rounding Electric Utilities Earnings Base ($ in billions) 2025A 2026E 2027E 2028E 2029E 2030E Total Company(2) $113.7 $124.4 $137.4 $152.0 $167.3 $180.0
Page 25
// 25// 25FOURTH QUARTER 2025 EARNINGS REVIEW AND BUSINESS UPDATE Capital expenditures profile(1) ($ in millions) (1) Amounts include AFUDC debt or capitalized interest. Totals may not foot due to rounding (2) Includes nuclear fuel of ~$3.2B from 2026-2030 (3) Amounts include coal ash closure spend included in operating cash flows (4) Capex amounts are presented gross of minority investment (5) Excludes Piedmont Tennessee gas after assumed closing (6) Primarily IT and real estate related costs Capital Expenditures 2025A 2026E 2027E 2028E 2029E 2030E 2026 - 2030 Electric Generation(2) 4,435 7,650 8,975 10,825 12,050 11,275 50,775 Electric Transmission 2,677 2,700 2,975 2,825 2,475 2,475 13,450 Electric Distribution 5,237 5,225 5,375 4,825 5,200 5,525 26,150 Environmental & Other(3) 676 700 675 450 475 450 2,750 Total Electric Utilities & Infrastructure Capital(4) 13,024$ 16,275$ 18,000$ 18,925$ 20,200$ 19,725$ 93,125$ LDC - Non-Rider 863 825 800 1,600 1,700 1,050 5,975 LDC - Rider 273 300 350 300 450 450 1,850 Total Gas Utilities & Infrastructure Capital(5) 1,136$ 1,125$ 1,150$ 1,900$ 2,150$ 1,500$ 7,825$ Other(6) 335 350 350 375 400 400 1,875 Total Duke Energy 14,496$ 17,750$ 19,500$ 21,200$ 22,750$ 21,625$ 102,825$
Page 26
// 26// 26FOURTH QUARTER 2025 EARNINGS REVIEW AND BUSINESS UPDATE Capital expenditures by utility (continued)(1) (1) Amounts include AFUDC debt. Totals may not foot due to rounding (2) Amounts include coal ash closure spend included in operating cash flows ($ in millions) Duke Energy Carolinas 2025A 2026E 2027E 2028E 2029E 2030E 2026 - 2030 Electric Generation 1,496 3,000 4,125 4,850 6,450 5,350 23,775 Electric Transmission 871 1,025 825 725 500 650 3,725 Electric Distribution 2,021 1,975 1,975 1,800 2,100 2,200 10,050 Environmental & Other(2) 286 300 300 225 200 175 1,200 Total Duke Energy Carolinas 4,674$ 6,300$ 7,225$ 7,600$ 9,250$ 8,375$ 38,750$ Duke Energy Progress 2025A 2026E 2027E 2028E 2029E 2030E 2026 - 2030 Electric Generation 1,610 2,525 2,575 3,250 2,925 3,150 14,425 Electric Transmission 615 725 750 575 550 475 3,075 Electric Distribution 1,163 1,175 1,275 1,200 1,225 1,350 6,225 Environmental & Other(2) 216 175 125 75 125 125 625 Total Duke Energy Progress 3,604$ 4,600$ 4,725$ 5,100$ 4,825$ 5,100$ 24,350$
Page 27
// 27// 27FOURTH QUARTER 2025 EARNINGS REVIEW AND BUSINESS UPDATE Capital expenditures by utility (continued)(1) (1) Amounts include AFUDC debt. Totals may not foot due to rounding (2) Amounts include coal ash closure spend included in operating cash flows (3) DEF and DEI capex presented gross of minority investment ($ in millions) Duke Energy Florida 2025A 2026E 2027E 2028E 2029E 2030E 2026 - 2030 Electric Generation 807 1,000 850 1,675 1,875 1,650 7,050 Electric Transmission 665 575 800 925 975 850 4,125 Electric Distribution 1,186 1,150 1,300 1,150 1,125 1,200 5,925 Environmental & Other(2) 41 25 50 50 50 50 225 Total Duke Energy Florida (3) 2,699$ 2,750$ 3,000$ 3,800$ 4,025$ 3,750$ 17,325$ Duke Energy Indiana 2025A 2026E 2027E 2028E 2029E 2030E 2026 - 2030 Electric Generation 478 1,075 1,350 1,000 725 1,050 5,200 Electric Transmission 340 200 325 350 250 300 1,425 Electric Distribution 491 550 475 350 350 375 2,100 Environmental & Other(2) 115 150 175 75 75 75 550 Total Duke Energy Indiana (3) 1,423$ 1,975$ 2,325$ 1,775$ 1,400$ 1,800$ 9,275$
Page 28
// 28// 28FOURTH QUARTER 2025 EARNINGS REVIEW AND BUSINESS UPDATE Capital expenditures by utility (continued)(1) (1) Amounts include AFUDC debt. Totals may not foot due to rounding (2) Amounts include coal ash closure spend included in operating cash flows (3) Capex amounts exclude Piedmont Tennessee gas after assumed closing ($ in millions) Duke Energy OH/KY Electric 2025A 2026E 2027E 2028E 2029E 2030E 2026 - 2030 Electric Generation 44 50 75 50 75 75 325 Electric Transmission 187 175 275 250 200 200 1,100 Electric Distribution 357 350 325 300 350 350 1,675 Environmental & Other(2) 18 50 25 25 25 25 150 Total DEO/DEK Electric 605$ 625$ 700$ 625$ 650$ 650$ 3,250$ Other Electric 2025A 2026E 2027E 2028E 2029E 2030E 2026 - 2030 Electric Distribution 19 25 25 25 50 50 175 Total Other Electric 19$ 25$ 25$ 25$ 50$ 50$ 175$ Duke Energy OH/KY Gas 2025A 2026E 2027E 2028E 2029E 2030E 2026 - 2030 LDC - Non-Rider 269 175 200 150 150 150 825 LDC - Rider 59 25 25 - 25 25 100 Gas Utilities & Infrastructure Growth Capital 329$ 200$ 225$ 150$ 175$ 175$ 925$ Piedmont 2025A 2026E 2027E 2028E 2029E 2030E 2026 - 2030 LDC - Non-Rider 594 650 600 1,450 1,550 900 5,150 LDC - Rider 214 275 325 300 425 425 1,750 Gas Utilities & Infrastructure Growth Capital 807$ 925$ 925$ 1,750$ 1,975$ 1,325$ 6,900$ (3)
Page 29
// 29// 29FOURTH QUARTER 2025 EARNINGS REVIEW AND BUSINESS UPDATE 1.7% 2.4% 0.2% 3.2% 2.3% 1.7% 0.0% 0.1% -0.5% 2.6% -0.3% 0.3%0.6% 1.1% -0.1% 2.8% 0.6% 0.8% Weather normalized volume trends, by electric jurisdiction Rolling Twelve Months, as of December 31, 2025 Total RetailResidential Commercial & Industrial Duke Energy Carolinas Duke Energy Progress Duke Energy Florida Duke Energy Indiana Duke Energy Ohio/Kentucky Electric Utilities
Page 30
// 30// 30FOURTH QUARTER 2025 EARNINGS REVIEW AND BUSINESS UPDATE 10.7% 10.7% 9.7% 10.3% 10.2% 10.8% 9.1% 8.7% 10.4% 7.3% 8.1% 8.6% 9.8% 10.0% 10.1% Carolinas Florida Indiana OH/KY Piedmont Managing regulatory lag and customer rate impacts ADJUSTED BOOK ROEs(1) (1) Adjusted book ROEs exclude special items and are based on average book equity less Goodwill. Adjusted ROEs also include wholesale and are not adjusted for the impacts of weather. Regulatory ROEs will differ from Adjusted Book ROEs (2) Typical bill rates (c/kWh) in effect as of July 1, 2025. Source: EEI Typical Bills and Avg. Rates Report, Summer 2025 (3) Combined electric and gas utilities; rate cases under evaluation COMPETITIVE CUSTOMER RATES(2) 13.05 12.14 12.06 11.03 10.40 9.95 9.19 8.69 8.27 U.S. AVG. DEO DEF DEK DEI DEP (NC) DEP (SC) DEC (NC) DEC (SC) 18.90 18.81 17.86 15.84 15.83 15.80 14.60 13.79 13.63 DEO U.S. AVG. DEF DEK DEP (NC) DEI DEP (SC) DEC (NC) DEC (SC) 15.59 14.29 13.26 13.04 12.28 9.76 9.46 9.19 9.17 U.S. AVG. DEK DEO DEF DEI DEP (NC) DEC (SC) DEP (SC) DEC (NC) RESIDENTIAL COMMERCIAL INDUSTRIAL 20242026E 2025 2023 10.0 - 10.5% 10.0 - 10.5% 9.0 - 9.5% 8.0 - 8.5% 10.0 - 10.5% Carolinas Florida Indiana OH/KY(3) Piedmont
Page 31
// 31// 31FOURTH QUARTER 2025 EARNINGS REVIEW AND BUSINESS UPDATE 2026 Financing plan (1) Excludes the impact of pre-issuance interest rate hedges (2) Excludes amortization of noncash purchase accounting adjustments and securitization bonds (3) Proceeds from Tennessee LDC sale are expected to repay maturities in 2026 Issuer Estimated / Actual Amount ($ millions) Notional Pre- Issuance Hedges ($ millions) Security Date Issued Term Rate(1) 2026 Maturities(2) Holding Company $3,800 - $4,200 $875 $5,225 (Mar., Apr. & Sep.) DE Carolinas $2,200 - $2,600 $950 $600 (Dec.) DE Progress $1,000 - $1,400 $650 DE Florida $600 - $800 $300 DE Indiana $400 - $600 $200 DE Kentucky $100 - $200 $45 (Jan.) Piedmont (3) - $490 (Mar. & Oct.) Total Debt $8,100 - $9,800 $2,975 $6,360
Page 32
// 32// 32FOURTH QUARTER 2025 EARNINGS REVIEW AND BUSINESS UPDATE Liquidity summary (as of December 31, 2025) ($ in millions) (1) Duke Energy's master credit facility supports Tax-Exempt Bonds, LOCs and the Duke Energy CP program of $8 billion (2) Includes permanent layer of commercial paper of $625 million, which is classified as long-term debt Duke Energy Duke Energy Carolinas Duke Energy Progress Duke Energy Florida Duke Energy Indiana Duke Energy Ohio Duke Energy Kentucky Piedmont Natural Gas Total Master Credit Facility (1) $ 3,425 $ 1,650 $ 1,675 $ 700 $ 850 $ 450 $ 250 $ 1,000 $ 10,000 Less: Notes payable and commercial paper (2) (1,019) (300) (150) - (260) - (34) (381) (2,144) Outstanding letters of credit (LOCs) (2) (4) (1) (0) - - - - (7) Tax-exempt bonds - - - - (81) - - - (81) Available capacity $ 2,404 $ 1,346 $ 1,524 $ 700 $ 509 $ 450 $ 216 $ 619 $ 7,768 Cash & short-term investments 209 Total available liquidity $ 7,977
Page 33
// 33// 33FOURTH QUARTER 2025 EARNINGS REVIEW AND BUSINESS UPDATE 2026 Pension funding and costs On a consolidated basis, Duke Energy pension plans are ~123% funded as of 12/31/2025 Duke Energy’s pension funding policy: Duke Energy’s policy is to fund amounts on an actuarial basis to provide assets sufficient to meet benefit payments to be paid to plan participants On a consolidated basis, the plans had a target asset allocation of ~50% return-seeking assets and ~50% liability hedging assets Target asset allocations are disclosed by Plan (1) (35% return-seeking and 65% liability hedging for LPP and 55% return-seeking and 45% liability hedging for RCBP) Key 2026 assumptions Discount rate: 5.50% (vs. 5.70% for 2025) Expected long-term return on assets on a consolidated basis is ~8.01% (vs. ~7.82% for 2025) Rate is disclosed by Plan(1) (7.00% for LPP and 8.50% for RCBP) Pension Contributions ($ in millions) 2024A 2025A 2026E All plans $100 $100 $0 (1) The two qualified, non-contributory pension plans maintained by Duke Energy are the Duke Energy Legacy Pension Plan (“LPP”) and the Duke Energy Retirement Cash Balance Plan (“RCBP”). Consolidated target allocation and consolidated expected long-term return on assets calculated as weighted average
Page 34
// 34// 34FOURTH QUARTER 2025 EARNINGS REVIEW AND BUSINESS UPDATE Simplified financing structure Commercial Paper and LT Financings Money Pool and LT Financings Duke Energy (HoldCo) Duke Energy Ohio Duke Energy Kentucky Duke Energy Indiana Holdco(2) Cinergy Corp. (HoldCo) Progress Energy (HoldCo)(1) Duke Energy Progress Duke Energy Florida Piedmont Natural Gas Duke Energy Carolinas (1) Progress Energy HoldCo has long-term debt outstanding, but no future common equity issuance is planned at this financing entity (2) 19.9% of Duke Energy Indiana Holdco membership interest owned by GIC Duke Energy Indiana
Page 35
// 35// 35FOURTH QUARTER 2025 EARNINGS REVIEW AND BUSINESS UPDATE Credit ratings and 2025 credit metrics(1) (1) Amounts do not include all adjustments that may be made by the rating agencies (2) Key adjustments within the computation include the removal of coal ash remediation spending from FFO, FFO adjustment for storm-related amortization impacts, and the adjusted debt balance excludes purchase accounting adjustments. Assumes securitization treated as off credit Duke Energy Corporation Holdco Debt/Total Debt 36% FFO/Debt(2) 14.8% Duke Energy Carolinas Duke Energy Progress Duke Energy Florida FFO/Debt(2) 25% 24% 21% Duke Energy Indiana Duke Energy Ohio Cons. Piedmont FFO/Debt(2) 23% 19% 15% Current Ratings Moody’s S&P INDUSTRY OUTLOOK Stable Negative DUKE ENERGY CORPORATION Stable Stable Senior Unsecured Debt Baa2 BBB Commercial Paper P-2 A-2 PROGRESS ENERGY, INC Stable Stable Senior Unsecured Debt Baa1 BBB DUKE ENERGY CAROLINAS Stable Stable Senior Secured Debt Aa3 A Senior Unsecured Debt A2 BBB+ DUKE ENERGY PROGRESS Stable Stable Senior Secured Debt Aa3 A DUKE ENERGY FLORIDA Stable Stable Senior Secured Debt A1 A Senior Unsecured Debt A3 BBB+ DUKE ENERGY INDIANA Stable Stable Senior Secured Debt Aa3 A Senior Unsecured Debt A2 BBB+ DUKE ENERGY OHIO Stable Stable Senior Secured Debt A2 A Senior Unsecured Debt Baa1 BBB+ DUKE ENERGY KENTUCKY Stable Stable Senior Unsecured Debt Baa1 BBB+ PIEDMONT NATURAL GAS Stable Stable Senior Unsecured Debt A3 BBB+
Page 36
// 36// 36FOURTH QUARTER 2025 EARNINGS REVIEW AND BUSINESS UPDATE Forecasted rate case, ~5% 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 test years, and multi-year rate plans Majority of wholesale contracts are recovered through formula rate contracts Residential decoupling mechanisms reduce volumetric margin exposure – accounts for ~20% of total retail volumes Recovery Mechanisms NC SC FL IN OH(2) KY Multi-year rate plan Forecasted rate case Grid modernization rider Renewables rider Environmental rider Residential decoupling Rate stabilization mechanism Multi-year rate plan ~60% Rider ~10% Rate stabilization mechanism, ~15% Wholesale, ~10% Electric utilities & infrastructure modern recovery mechanisms (1) Based on 2026-2030 capital plan, subject to regulatory approval; certain North Carolina capital investments are not eligible for multi-year rate plan including certain large generation investments over $500 million (investments not subject to MYRP recovery are eligible for base rate recovery) (2) Duke Energy Ohio’s current Electric Security Plan runs through May 2028. Per HB 15, MYRPs are available as of August 2025. Rider DCI (distribution capital investment) is approved through May 2028, and Rider DDR (residential decoupling) will expire at the end of 2026 subject to final reconciliation.
Page 37
// 37// 37FOURTH QUARTER 2025 EARNINGS REVIEW AND BUSINESS UPDATE Overview of state commissions by jurisdiction North Carolina(1) South Carolina(2) Florida Indiana Ohio Kentucky Tennessee Number of Commissioners 5 7 5 5 5 3 7 Term (years) 6 4 4 4 5 3 6 Appointed/Elected Appointed by Governor and General Assembly Elected by the General Assembly Appointed by Governor Appointed by Governor Appointed by Governor, Confirmed by Senate Appointed by Governor, Confirmed by Senate Appointed by Governor and Legislature Chair (Term Exp.) Bill Brawley (June 2029) Delton Powers (June 2024) Gabriella Passidomo Smith (January 2027) Andy Zay (December 2029) Jenifer French (April 2029) Angie Hatton (July 2029) David Jones (June 2024) Other Commissioners (Term Exp.) Vacant Seat to be appointed by Governor (June 2027) Floyd McKissick (June 2029) Tommy Tucker (June 2029) Donald van der Vaart (June 2031) Justin Williams (June 2026), Vice Chair Florence Belser (June 2026) Mike Caston (June 2024) Headen Thomas (June 2024) Carolee Williams (June 2024) David Britt (June 2026) Gary Clark (January 2027) Mike La Rosa (January 2029) Ana Ortega (January 2030) Bobby Payne (January 2030) David Veleta (January 2028) David Ziegner (April 2027) Anthony Swinger (December 2029) Bob Deig (December 2029) Lawrence Friedeman (April 2030) Dennis Deters (April 2026) Daniel Conway (April 2027) John Williams (April 2028) Andrew Wood (July 2028) Mary Pat Regan (July 2027) John Hie (June 2024) David Crowell (June 2026) Clay Good (June 2026) Kenneth Hill (June 2026) Robin Morrison (June 2026) Herb Hilliard (June 2029) (1) North Carolina commission reduced to five commissioners in June 2025. The Governor’s appointments (Floyd McKissick and the vacant seat) are subject to confirmation by the North Carolina General Assembly. (2) Commissioners are currently serving after expirations of their terms as the General Assembly was prohibited from holding an election until a final determination was made by the courts regarding the review of congressional districts. Elections are currently underway for seats held by C. Williams, Thomas, Caston and Powers.
Page 38
// 38// 38FOURTH QUARTER 2025 EARNINGS REVIEW AND BUSINESS UPDATE Current electric rate information by jurisdiction North Carolina South Carolina Florida Indiana Ohio (Electric) Kentucky (Electric) Retail Rate Base $23.0 B(1) (DEC) $15.0 B(1) (DEP) $7.9 B(2) (DEC) $2.2 B(2) (DEP) $22.1 B(3) $12.5 B(5) $2.0 B (dist. only) $1.25 B Wholesale Rate Base $2.1 B (DEC) 3Q 2025 $3.7 B (DEP) 3Q 2025 $1.9 B(3) $348 M $1.6 B (trans. only) $0 Allowed ROE 10.1% (DEC) 9.8% (DEP) 9.99% (DEC & DEP) 10.3% 9.75% 9.5% - Dist. 11.38% - Trans. 9.8% (9.7% ESM)(7) Allowed Equity 53.0% (DEC & DEP) 53.0% (DEC & DEP) 53%(4) 53%(6) 50.5% 52.73% Effective Date of Most Recent Base Rates 1/15/24 (DEC) 10/1/23 (DEP) 3/1/2026 (DEC) 2/1/2026 (DEP) 1/1/26 3/1/25(5) Distr.: 1/3/23 Trans.: 6/1/25 10/2/25(8) Fuel Clause Updated Annually (DEC & DEP) Annually (DEC & DEP) Annually Quarterly Annually for Non-Shoppers Monthly Environmental Clause Updated N/A N/A Annually Semi-Annually N/A Monthly (1) DEC NC information based on rate case order issued December 15, 2023. DEP NC information based on rate case order issued August 18, 2023. Retail rate base represents total rate base used to set Rate Year 3 rates. Year 3 rates began October 1, 2025, for DEP NC and January 1, 2026, for DEC NC (2) DEC SC information based on rate case order issued December 31, 2025. DEP SC information based on rate case order issued December 12, 2025 (3) Florida’s thirteen-month average as of November 2025. Retail rate base includes amounts recovered in base rates of $20.1B and amounts recovered in trackers of $2.0B (4) Florida’s regulatory capital structure includes accumulated deferred income taxes (ADIT), customer deposits and investment tax credits (ITC). Including these items, the 13-month average capital structure approximates 45.03% equity as of November 30, 2025 (5) Indiana rate case approved January 29, 2025. Step 1 rates became effective March 2025, and Step 2 rates are estimated to be effective March 2026, trued up with carrying costs to January 2026. Step 1 rate base of $12.0 billion and Step 2 rate base of $12.5 billion. (6) Indiana’s regulatory capital structure includes ADIT, customer deposits and ITCs. Including these items, the capital structure approximates 43.44% equity as of September 30, 2025 (7) Environmental Surcharge Mechanism (ESM) (8) DEK interim rates went into effect in July 2025, with final order in October 2025.
Page 39
// 39// 39FOURTH QUARTER 2025 EARNINGS REVIEW AND BUSINESS UPDATE Current electric rate information by jurisdiction (continued) General Rate Case Provisions North Carolina South Carolina Florida Indiana Ohio (Electric) Kentucky (Electric) Notice of Intent Required? Yes Yes Yes Yes(1) Yes Yes Notice Period 30 Days 30 Days 60 Days 30 Days(2) 30 Days 30 Days Base Rate Case Test Year Historical(3) Historical(3) Projected Optional(4) Fully Forecasted Forecast Optional Multi-Year Rate Plan(5) Yes No Yes No Yes No Time Limitation Between Cases Only under multi- year rate plan 12 months No 15 Months At least every 3 years No Rates Effective Subject to Refund 7 Months After Filing 6 Months After Filing(6) 8 Months After Filing 10 Months After Filing(7) 275 days after application deemed complete(8) 7 Months After Filing(9) (1) IURC recommended procedure. Not a statutory requirement (2) As least 30 days to avoid ex parte issues (3) Historical, adjusted for known and measurable changes (4) Utilities may elect to use a historical test period, a forward-looking test period, or a hybrid test year in the context of a general rate case (5) Multi-year Rate Plans in NC include projected capital spending projects and their associated O&M for up to 3 years, with a cap on the annual increase of 4%. HB15 as approved in OH includes projected capital and associated O&M for 3 years, with annual true-ups and allows for utility to put rates into effect not subject to refund. (6) If the South Carolina Commission fails to rule on a rate case filing within 6 months, the new rates can be implemented and are not subject to refund. There is a grace period here. The Company would have to notify the Commission that it planned to put rates in, and the Commission would then have 10 additional days to issue an order (7) The utility may implement interim rates, subject to refund, if the IURC has not rendered a decision within 10 months of filing (can be extended 60 days by IURC). The interim rates are not to exceed 50% of the original request (8) Per HB15, the utility can request a temporary increase in rates (not to exceed the midpoint of the rates recommended in the Staff Report) subject to reconciliation and refund (9) The effective date is 7 months after filing for a forecasted test year
Page 40
// 40// 40FOURTH QUARTER 2025 EARNINGS REVIEW AND BUSINESS UPDATE Current gas rate information by jurisdiction North Carolina South Carolina Tennessee Ohio (Gas) Kentucky (Gas) Rate Base $6.4 B $763 M $1.4 B $1.9 B $549 M Allowed ROE 9.8% 9.3% 9.8% 9.6% 9.8% for base rates 9.7% for riders Allowed Equity 52.3% 53.22% 47.89% 52.32% 52.65% Effective Date of Most Recent Base Rates 11/1/24 11/1/25 10/1/25 11/1/23 1/1/26 Significant Rider Mechanisms Margin Decoupling Rider Integrity Management Rider Fuel Clause Rate Stabilization Adj. Weather Normalization Adj. Fuel Clause Annual Review Mechanism Weather Normalization Adj. Fuel Clause Fuel Clause Capital Expenditure Weather Normalization Adj. Fuel Clause PHMSA-required capital (1) (1) PHMSA rider has an annual 5% rate increase cap and only applies to Adyl-A upon CPCN approval
Page 41
// 41// 41FOURTH QUARTER 2025 EARNINGS REVIEW AND BUSINESS UPDATE Duke Energy – a large scale, highly regulated energy infrastructure company $95B MARKET CAP (AS OF 2/6/2025) HEADQUARTERED IN CHARLOTTE, NC $196B TOTAL ASSETS (AS OF 12/31/2025) 26K EMPLOYEES (AS OF 12/31/2025) 56 GW TOTAL GENERATING CAPACITY(1) (AS OF 12/31/2025) A FORTUNE 150 COMPANY (1) Based on winter capacity, to align with integrated resource plan filings (2) Excludes Other segment capex (3) Based upon the midpoint of the 2026 adjusted EPS guidance range of $6.55-$6.80 per share; excludes the impact of Other ELECTRIC UTILITIES & INFRASTRUCTURE GAS UTILITIES & INFRASTRUCTURE Operations Retail Customers ~8.7 million in six states ~1.8 million in five states 2026 - 2030 CAPEX(2) ~$93 B ~$8 B 2026 Adjusted EPS Contribution(3) 91% 9%
Page 42
// 42// 42FOURTH QUARTER 2025 EARNINGS REVIEW AND BUSINESS UPDATE Electric utilities & infrastructure REGULATED ELECTRIC 2025 EARNINGS BASE REGULATED ELECTRIC 2026-2030 CAPEX BALANCED CUSTOMER MIX CAROLINAS FLORIDA MIDWEST Duke Energy Carolinas (NC/SC) Duke Energy Progress (NC/SC) Duke Energy Florida Duke Energy Indiana Duke Energy Ohio / Kentucky EIGHT UTILITIES IN HIGH-QUALITY REGIONS OF THE U.S. DEC 37% DEP 25% DEF 22% DEI 11% $103 B DEO - Electric 4% DEK - Electric 1% DEC 42% DEP 26% DEF 19% DEI 10% $93 B DEO/DEK - Electric 3% Residential 34% Commercial 30% Industrial 18% Wholesale 18% GWh Sold
Page 43
// 43// 43FOURTH QUARTER 2025 EARNINGS REVIEW AND BUSINESS UPDATE 1.7% 1.2% 1.3% 1.4% 1.3% 2021 2022 2023 2024 2025 Gas utilities & infrastructure (1) Piedmont CAGR: 1.8%, Midwest LDC CAGR 0.7% (2) In Ohio, the Modified Straight Fixed Variable Rate provides ~70% of margin Fixed Margin Semi-fixed Margin Volumetric Margin GAS UTILITIES WITH LOW VOLUMETRIC EXPOSURE DUE TO MOSTLY FIXED MARGINS… 72% 15% 13% 87% MOSTLY FIXED MARGINS …WITH EARNINGS DRIVEN BY INVESTMENT AND STRONG RESIDENTIAL CUSTOMER GROWTH MARGIN STABILIZING MECHANISMS 1. Purchased Gas Adjustment All States 2. Uncollectible Recovery All States 3. Integrity Management Rider (“IMR”) North Carolina 4. Margin Decoupling North Carolina 5. Weather Normalization South Carolina, Tennessee and Kentucky 6. Rate Stabilization Act South Carolina 7. Annual Review Mechanism Tennessee 8. Capital Expenditure Rider Ohio 9. Pipeline Modernization Mechanism Kentucky 10.Infrastructure Development Rider Ohio 11.Fixed Customer Charge (2) All States
Page 44
// 44 UPCOMING EVENTS & OTHER
Page 45
// 45// 45FOURTH QUARTER 2025 EARNINGS REVIEW AND BUSINESS UPDATE Event Date 1Q 2025 earnings call (tentative) May 5, 2026 2Q 2025 earnings call (tentative) August 4, 2026 3Q 2025 earnings call (tentative) November 5, 2026 Upcoming events
Page 46
// 46// 46FOURTH QUARTER 2025 EARNINGS REVIEW AND BUSINESS UPDATE 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 DANIEL STEWART, MANAGER INVESTOR RELATIONS Daniel.Stewart@duke-energy.com (980) 373-6785 Investor relations contact information
Page 47
// 47 HEADLINE GOES HERE // 47FOURTH QUARTER 2025 EARNINGS REVIEW AND BUSINESS UPDATE For additional information on Duke Energy, please visit: duke-energy.com/investors
Page 48
Duke Energy Corporation Non-GAAP Reconciliations Fourth Quarter Earnings Review & Business Update February 10, 2026 Adjusted Earnings per Share (EPS) The materials for Duke Energy Corporation’s (Duke Energy) Fourth Quarter Earnings Review and Business Update dated February 10, 2026 include discussion of adjusted EPS for the year-to-date periods ended December 31, 2025, and 2024. The materials also include references to the forecasted 2026 adjusted EPS guidance range and related growth rates. The non-GAAP financial measure, adjusted EPS, represents basic EPS from continuing operations available to Duke Energy Corporation common stockholders (GAAP reported EPS), adjusted for the per share impact of special items. S pecial items represent certain charges and credits, which management believes are not indicative of Duke Energy’s ongoing performance. However, m anagement believes the presentation of adjusted EPS provides useful information to investors, as an additional relevant comparison of Duke Energy’s performance across periods. Special items included within the financial statement periods presented, which management does not believe are reflective of ongoing costs, are described below: • Re gulatory matters primarily represents net impairment charges related to Duke Energy Carolinas’ and D uke Energy Progress’ South Carolina rate case orders and charges related to Duke Energy Indiana post-retirement benefits. • System post -implementation costs represents the net impact of charges related to nonrecurring customer billing adjustments as a result of implementation of a new customer system. • Preferred redemption costs represents charges related to the redemption of Series B Preferred Stock. • Noncore asset sales and net impairments primarily represents charges related to certain joint venture electric transmission projects and certain renewable natural gas investments. • Captive Storm Deductible represents charges related to an insurance deductible for Hurricane Helene property losses. M anagement uses adjusted EPS for planning, forecasting and to report financial results to the Duke Energy Board of Directors, employees, and stockholders, as well as analysts and investors. Adjusted EPS is also used as a basis to determine employee incentive bonuses. The most directly comparable GAAP measure for adjusted EPS is reported basic EPS available to Duke Energy Corporation common stockholders. Reconciliations of adjusted EPS to the most directly comparable GAAP measure for the year to date periods ended December 31, 2025, and 2024, are included herein. D ue to the forward-looking nature of forecasted adjusted EPS and related growth rates, the information to reconcile those amounts to the most directly comparable GAAP financial measure is not available, as management is unable to project special items, such as legal settlements, impacts of regulatory orders or asset impairments, for future periods.
Page 49
Adjusted Segment Income (Loss) and Adjusted Other Ne t Loss The materials for Duke Energy’s Fourth Quarter Earnings Review and Business Update dated February 10, 2026, i nclude discussion of adjusted segment income (loss) and adjusted other net loss for t he year-to-date period ended December 31, 2025, and a discussion of 2025 and 2026 forecasted adjusted segment income and forecasted adjusted other net loss. Adjusted segment income (loss) and adjusted other net loss are non-G AAP 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) and adjusted other net expense provides useful information to investors, as they provide an additional relevant comparison of a segment’s or Other’s performance across periods . When a per share impact is provided for a segment income (loss) driver, the after-tax driver is derived using the pretax amount of the item less income taxes based on the segment statutory tax rate of 24% for Electric Utilities and Infrastructure, 23% for G a s Utilities and Infrastructure and Other. The after-tax earnings drivers are divided by Duke Energy’s weighted average shares outstanding for the period. The mos t directly comparable GAAP measures for a djusted segment income (loss) and adjusted other net loss are reported segment income (loss) and other net loss, which represents segment income (loss) and other net loss from continuing operations, including any special items. A reconciliation of adjusted segment income (loss) and adjusted other net loss for the year-to-date period ended December 31, 2025, to the most directly comparable GAAP measures is included herein. Due to the forward-loo king nature of forecasted adjusted segment income (loss) and forecasted other net loss and related growth rates , the information to reconcile these amounts to the most directly comparable GAAP financial measures is not available, as management is unable to project special items, as discussed above under Adjusted EPS. Adjusted Effective Tax Rate The materials for Duke Energy’s Fourth Quarter Earnings Review and Business Update dated February 10, 2026, i nclude discussion of the adjusted effective tax rate for the year -to-date period ended December 31, 2025. The materials also include discussion of the 2025 and 2026 forecasted adjusted effective tax rate. Adjusted effective tax rate is a non-GAAP financial measure as the rate is calculated using pretax income and income tax expense, both adjusted to exclude the impact of special items and to include the impact of noncontrolling interests and preferred dividends . The most directly comparable GAAP measure is reported ef fective tax rate, which incl udes the impact of special items and excludes the noncontrolling interests and preferred dividends. A reconciliation of adjusted effective tax rate for the year-to-date period ended December 31, 2025, to the most directly comparable GAAP measure is included herein. Due to the forward- looking nature of the forecasted adjusted effective tax rates, the information to reconcile it to the most directly comparable GAAP financial measure is not available, as management is unable to project special items, as di scussed above under Adjusted EPS. Adjusted Book Return on Equity (ROE) The materials for Duke Energy’s Fourth Quarter Earnings Review and Business Update dated February 10, 2026, i nclude a reference to the historical and projected adjusted book re turn on equity (ROE) ratio. This ratio is a non-GAAP financial measure. The numerator represents Net Income, adjusted for the impact of special items (as discussed above under Adjusted EPS). The denominator is average Total Common Stockholder’s Equity, reduced for Goodwill. A reconciliation of the components of adjusted ROE to the most directly com parable GAAP measures is included herein. Due to the forward-looking nature of adjusted book ROE for
Page 50
future periods, the information to reconcile it to the most directly comparable GAAP financial measure is not available, as management is unable to project special items, as discussed above under Adjusted EPS. Available Liquidity The materials for Duke Energy’s Fourth Quarter Earnings Review and Business Update dated February 10, 2026, include discussion of Duke Energy’s available liquidity balance. The available liquidity balance presented is a non-G AAP financial measure as it represents c ash and cash equivalents, excluding cash otherwise unavailable for operations, and the remaining availability under Duke Energy’s available credit facilities, including the master credit facility as of December 31, 2025. The most directly comparable GAAP financial measure for available liquidity is cash and cash equivalents. A reconciliation of available liquidity as of December 31, 2025, to the most directly comparable GAAP measure is included herein. Holdco Debt Percentage The materials for Duke Energy’s Fourth Quarter Earnings Review and Business Update dated February 10, 2026, include a reference to Holdco debt percentage. This percentage reflects a non-GAAP financial measure. The numerator of the Holdco debt percentage is the balance of Duke Energy Corporate debt, Progress Energy, Inc. debt, PremierNotes and the Commercial Paper attributed to the Holding Company. The denominator for the percentage is the balance of long-term debt (excluding purchase accounting adjustments), including current maturities, operating lease liabilities, plus notes payable and commercial paper outstanding. Funds From Operations (FFO) to Debt Ratio The materials for Duke Energy’s Fourth Quarter Earnings Review and Business Update dated February 10, 2026, include a reference to the historical and expected FFO to Debt ratio. Thi s ratio reflects non-GAAP financial measures. The numerator of the FFO to Debt ratio is calculated principally by using net cash provided by operating activities on a GAAP basis, adjusted for changes in working capital, ARO spend, depreciation and amortization of operating leases, operating activities allocated to the Duke Energy Indiana minority interest, 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 ratio is calculated principally by using the balance of long-term debt (excluding purchase accounting adjustments , long-term debt allocated to the Duke Energy Indiana minority interest, and long -term debt associated with the Crystal River Unit 3 Nuclear Plant and Duke Energy Carolinas and Duke Energy Progress Storm Securitization s), including current maturities, operating lease liabilities, plus notes payable, commercial paper outstanding, underfunded pension liability, and adjustments to hybrid debt and preferred stock issuances based on how credit rating agencies view the instruments . Due to the forward-l ooking nature of expected FFO to Debt ratio , the information to reconcile it to the most directly comparable GAAP financial measure is not available, as management is unable to project special items, as discussed above under Adjusted EPS. Earnings Contribution Percentage The materials for Duke Energy’s Fourth Quarter Earnings Review and Business Update dated February 10, 2026, reference each segment’s 2026 projected adjusted segment income as a percentage of the total projected 2026 adjusted EPS midpoint of the 2026 adjusted EPS guidance range of $6.55 to $6.80 per share (i.e., earnings contribution), excluding the impact of Other. Duke Energy’s segments are comprised of Electric Utilities and Infrastructure and Gas Utilities and Infrastructure.
Page 51
Adjusted segment income is a non-GAAP financial measure, as it represents reported segment income adjusted for special items as discussed above. Due to the forward-looking nature of forecasted adjusted segment income, the information to reconcile it to the most directly comparable GAAP financial 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 Fourth Quarter Earnings Review and Business Update dated February 10, 2026, include discussion of Duke Energy’s long-term target dividend payout ratio. This payout ratio is a non- GAAP financial measure as it is based upon forecasted basic EPS from continuing operations available to D uke Energy Corporation stockholders, adjusted for the per-share impact of special items, as discussed above under Adjusted EPS. The most directly comparable GAAP measure for adjusted EPS is reported basic EPS available to Duke Energy Corporation common stockholders. Due to the forward-looking nature of long-term target dividend payout ratio, the information to reconcile it to the most directly comparable GAAP financial measure is not available, as management is unable to project special items, as discussed above under Adjusted EPS.
Page 53
DUKE ENERGY CORPORATION REPORTED TO ADJUSTED EARNINGS RECONCILIATION Year Ended December 31, 2024 (Dollars in millions, except per share amounts) Special Items Reported Earnings Regulatory Matters System Post- Implementation Costs Preferred Redemption Costs Noncore Asset Sales and Net Impairments Captive Storm Deductible Discontinued Operations Total Adjustments Adjusted Earnings SEGMENT INCOME (LOSS) Electric Utilities and Infrastructure $ 4,770 $ 43 A $ 13 B $ — $ 12 E $ — $ — $ 68 $ 4,838 Gas Utilities and Infrastructure 454 — 3 C — 42 F — — 45 499 Total Reportable Segment Income 5,224 43 16 — 54 — — 113 5,337 Other (829) — — 16 D — 18 G — 34 (795) Discontinued Operations 7 — — — — — (7) H (7) — Net Income Available to Duke Energy Corporation Common Stockholders $ 4,402 $ 43 $ 16 $ 16 $ 54 $ 18 $ (7) $ 140 $ 4,542 EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS $ 5.71 $ 0.06 $ 0.02 $ 0.02 $ 0.07 $ 0.02 $ (0.01) $ 0.19 $ 5.90 Note: Earnings Per Share amounts are adjusted for accumulated dividends for Series B Preferred Stock of $0.02. Total EPS adjustments do not cross-foot due to rounding. A – Net of $15 million tax benefits. • $33 million recorded within Impairment of assets and other charges, $2 million recorded within Operations, maintenance and other, and an $11 million reduction recorded within Interest Expense on the Consolidated Statements of Operations primarily related to a South Carolina rate case order for Duke Energy Carolinas. • $9 million recorded within Impairment of assets and other charges on the Consolidated Statements of Operations primarily related to a South Carolina rate case order for Duke Energy Progress. • $29 million recorded as a reduction of Operating revenues and $4 million reduction within Noncontrolling Interests on the Consolidated Statements of Operations related to a Duke Energy Indiana regulatory liability associated with certain employee post-retirement benefits. B – Net of $4 million tax benefit. $17 million recorded as a reduction of Operating Revenues on the Consolidated Statements of Operations related to nonrecurring customer billing adjustments as a result of implementation of a new customer system. C – Net of $1 million tax benefit. $1 million recorded within Operations, maintenance and other and $3 million as a charge within Other Income and expenses on the Consolidated Statements of Operations related to nonrecurring customer billing adjustments as a result of implementation of a new customer system. D – $16 million recorded within Preferred Redemption Costs on the Consolidated Statements of Operations related to the redemption of Series B Preferred Stock. E – Net of $1 million tax expense. $15 million recorded within Equity in (losses) earnings of unconsolidated affiliates and $4 million recorded within Gains on sales of other assets and other, net, on the Consolidated Statements of Operations primarily related to impairments in certain joint venture electric transmission projects. F – Net of $12 million tax benefit. $54 million recorded within Equity in (losses) earnings of unconsolidated affiliates on the Consolidated Statements of Operations related to impairments for certain renewable natural gas investments. G – Net of $5 million tax benefit. $23 million recorded within Operations, maintenance and other on the Consolidated Statements of Operations related to an insurance deductible for Hurricane Helene property losses. H – Recorded in Income (Loss) from Discontinued Operations, net of tax, and Net Income (Loss) Attributable to Noncontrolling Interests on the Consolidated Statements of Operations. Weighted Average Shares, basic (reported and adjusted) – 772 million
Page 54
Reported Income From Continuing Operations Before Income Taxes Noncontrolling Interests Preferred Dividends Adjusted Pretax Income Reported Income Tax Expense From Continuing Operations Noncontrolling interest portion of income taxes<•) Adjusted Tax Expense Reported Income From Continuing Operations Before Income Taxes Regulatory Matters System Post-Implementation Costs Preferred Redemption Costs Noncore Asset Sales and Net Impairments Captive Storm Deductible Noncontrolling Interests Preferred Dividends and Redemption Premium Adjusted Pretax Income Reported Income Tax Expense From Continuing Operations Regulatory Matters System Post-Implementation Costs Noncore Asset Sales and Net Impairments Captive Storm Deductible Noncontrolling interest portion of income taxes(a) Adjusted Tax Expense (a) Income tax related to non-pass-through entities for tax purposes. DUKE ENERGY CORPORATION EFFECTIVE TAX RECONCILIATION December 2025 (Dollars in millions) Three Months Ended December 31, 2025 Effective Tax Balance Rate $ 1,358 (27) (15) $ 1,316 $ 154 11.3 % (5) $ 149 11.3% Three Months Ended December 31, 2024 Effective Tax Balance Rate $ 1,338 29 65 23 (27) (14) $ 1,414 $ 109 8.1 % 7 11 5 (1) $ 131 9.3% $ $ $ $ $ $ $ $ Year Ended December 31, 2025 Balance Effective Tax Rate 5,712 (120) (56) 5,536 642 11.2 % (17) 625 11.3 % Year Ended December 31, 2024 Effective Tax Balance Rate 5,194 62 21 16 65 23 (106) (122) 5,153 590 11.4 % 15 5 11 5 (15) 611 11.9 %
Page 55
# DUKE ENERGY CORPORATION ADJUSTED BOOK RETURN ON EQUITY (ROEs) For the period ended December 31, 2025 dollars in millions Duke Energy Carolinas Duke Energy Progress Total Carolinas Duke Energy Florida Duke Energy Indiana Duke Energy Ohio Reportable Segments Piedmont Reported/Adjusted Net Income 2025 2,108$ 1,282$ 3,390$ 1,193$ 520$ 346$ (1) 434$ (2) 2025 Equity 19,740 13,610 33,350 12,122 5,891 5,898 4,662 (3) Goodwill - - - - - 920 39 Equity less Goodwill 19,740 13,610 33,350 12,122 5,891 4,978 4,623 2024 Equity 17,840 11,971 29,811 10,981 5,526 5,459 4,262 (3) Goodwill - - - - - 920 49 Equity less Goodwill 17,840 11,971 29,811 10,981 5,526 4,539 4,213 Average Equity less Goodwill 31,581 11,552 5,709 4,759 4,418 Adjusted Book ROEs 10.7% 10.3% 9.1% 7.3% 9.8% (1) Net Income for 2025 equals Duke Energy Ohio reportable segments segment income. (2) Piedmont Natural Gas Net Income excludes $6 million of income related to Investments in Gas Transmission Infrastructure. 2025 440 (6) 434 (3) Reconciliation of Piedmont Natural Gas Equity to reported equity: 2025 2024 Reported Equity for Piedmont Natural Gas 4,754 4,354 Less: Investments in Gas Transmission Infrastructure 92 92 Piedmont Natural Gas Adjusted Equity 4,662 4,262
Page 56
# DUKE ENERGY CORPORATION ADJUSTED BOOK RETURN ON EQUITY (ROEs) For the period ended December 31, 2024 dollars in millions Duke Energy Carolinas Duke Energy Progress Total Carolinas Duke Energy Florida Duke Energy Indiana Duke Energy Ohio Reportable Segments Piedmont Reported Net Income 2024 1,883$ 1,164$ 3,047$ 1,061$ 441$ 347$ (2) 407$ (3) Special Items (1) 19 8 27 8 18 7 - Adjusted Net Income 2024 1,902 1,172 3,074 1,069 459 354 407 2024 Equity 17,840 11,971 29,811 10,981 5,526 5,459 4,262 (4) Goodwill - - - - - 920 49 Equity less Goodwill 17,840 11,971 29,811 10,981 5,526 4,539 4,213 2023 Equity 16,907 10,807 27,714 10,043 5,013 5,100 3,964 (4) Goodwill - - - - - 920 49 Equity less Goodwill 16,907 10,807 27, 714 10, 043 5, 013 4, 180 3, 915 Average Equity less Goodwill 28,763 10,512 5, 270 4, 360 4, 064 Adjusted Book ROEs 10.7% 10.2% 8.7% 8.1% 10.0% (1) Impacts of Regulatory Matters, System Post-Implementation Costs, Preferred Redemption Costs, Noncore Asset Sales and Net Impairments, each net of tax. (2) Net Income for 2024 equals Duke Energy Ohio reportable segments segment income. (3) Piedmont Natural Gas Net Income excludes $6 million of income related to Investments in Gas Transmission Infrastructure. 2024 413 (6) 407 (4) Reconciliation of Piedmont Natural Gas Equity to reported equity: 2024 2023 Reported Equity for Piedmont Natural Gas 4,354 4,052 Less: Investments in Gas Transmission Infrastructure 92 88 Piedmont Natural Gas Adjusted Equity 4,262 3,964
Page 57
# DUKE ENERGY CORPORATION ADJUSTED BOOK RETURN ON EQUITY (ROEs) For the period ended December 31, 2023 dollars in millions Duke Energy Carolinas Duke Energy Progress Total Carolinas Duke Energy Florida Duke Energy Indiana Duke Energy Ohio Reportable Segments Piedmont Reported Net Income 2023 1,470$ 998$ 2,468$ 1,016$ 497$ 343$ (2) 372$ (3) Special Items (1) 74 47 121 11 9 3 3 Adjusted Net Income 2023 1,544 1,045 2,589 1,027 506 346 375 2023 Equity 16,907 10,807 27,714 10,043 5,013 5,100 3,964 (4) Goodwill - - - - - 920 49 Equity less Goodwill 16,907 10,807 27,714 10,043 5,013 4,180 3,915 2022 Equity 15,442 10,309 25,751 9,023 4,703 4,766 3,588 (4) Goodwill - - - - - 920 49 Equity less Goodwill 15,442 10,309 25,751 9,023 4,703 3,846 3,539 Average Equity less Goodwill 26,733 9,533 4,858 4,013 3,727 Adjusted Book ROEs 9.7% 10.8% 10.4% 8.6% 10.1% (1) Impacts of Regulatory Matters, net of tax and Organizational Optimization, net of tax (2) Net Income for 2023 equals Duke Energy Ohio reportable segments segment income. (3) Piedmont Natural Gas Net Income excludes $7 million of income related to Investments in Gas Transmission Infrastructure. 2023 379 (7) 372 (4) Reconciliation of Piedmont Natural Gas Equity to reported equity: 2023 2022 Reported Equity for Piedmont Natural Gas 4,052 3,673 Less: Investments in Gas Transmission Infrastructure 88 85 Piedmont Natural Gas Adjusted Equity 3,964 3,588
Page 58
# Cash and Cash Equivalents 245$ Less: Unavailable Domestic Cash (36) 209 Plus: Remaining Availability under Master Credit Facilities and other facilities 7,768 Total Available Liquidity (a) 7,977$ approximately $8 billion (a) Duke Energy Corporation Available Liquidity Reconciliation As of December 31, 2025 (In millions) The available liquidity balance presented is a non-GAAP financial measure as it represents Cash and cash equivalents, excluding cash otherwise unavailable for operations, and remaining availability under Duke Energy's available credit facilities, including the master credit facility, as of December 31, 2025. The most directly comparable GAAP financial measure for available liquidity is Cash and cash equivalents.
Page 59
# FFO to Debt Calculation Duke Energy Corporation (in millions) Year Ended December 31, 2025 Actual Cash From Operations 12,330 Adjust for Working Capital (1) 886 Coal ash ARO spend 471 Include Capitalized Interest as cost (182) Hybrid interest adjustment 54 Preferred stock adjustment (29) CR3 securitization adjustment (59) Storm securitization (45) Duke Energy Indiana minority interest adjustment (241) Lease-imputed FFO adjustment (D&A) 214 Adjustment for 2024 Storms (780) Funds From Operations 12,619 Notes payable and commercial paper 2,624 Current maturities of LT debt 7,104 LT debt 80,108 Less: Purchase Accounting adjustments (921) CR3 securitization (773) Storm securitization (2,597) Duke Energy Indiana minority interest sale adjustment (1,070) Underfunded Pension 187 Hybrid debt adjustment (1,000) Preferred stock adjustment 487 Lease imputed debt 1,271 Total Balance Sheet Debt (Including ST) 85,420 (1) Working capital detail, excluding MTM Receivables (187) Inventory (63) Other current assets 6 Accounts payable (821) Taxes accrued 127 Other current liabilities 52 (886) FFO / Debt 14.8%
Page 60
# FFO to Debt Calculation Duke Energy Carolinas (in millions) Year Ended December 31, 2025 Actual Cash From Operations 3,621 Adjust for Working Capital (1) 628 ARO spend 197 Include Capitalized Interest as cost (66) Storm securitization (6) Lease-imputed FFO adjustment (D&A) 55 Funds From Operations 4,429 Current maturities of LT debt 629 LT debt 17,848 LT debt payable to affiliates 300 Storm securitization (1,332) Underfunded Pension 7 Lease imputed debt 99 Total Balance Sheet Debt (Including ST) 17,551 (1) Working capital detail, excluding MTM Receivables (26) Receivables from affiliates (174) Inventory 2 Other current assets (87) Accounts payable (261) Accounts payable to affiliates 145 Taxes accrued (321) Other current liabilities 94 (628) FFO / Debt 25%
Page 61
# FFO to Debt Calculation Duke Energy Progress (in millions) Year Ended December 31, 2025 Actual Cash From Operations 2,757 Adjust for Working Capital (1) 267 Coal ash ARO spend 176 Include Capitalized Interest as cost (53) Storm securitization (39) Lease-imputed FFO adjustment (D&A) 67 Funds From Operations 3,175 Current maturities of LT debt 285 LT debt 13,461 LT debt payable to affiliates 150 Storm securitization (1,266) Underfunded Pension 23 Lease imputed debt 427 Total Balance Sheet Debt (Including ST) 13,080 (1) Working capital detail, excluding MTM Receivables 10 Receivables from affiliates (94) Inventory (23) Other current assets (66) Accounts payable (8) Accounts payable to affiliates 149 Taxes accrued (227) Other current liabilities (8) (267) FFO / Debt 24%
Page 62
# FFO to Debt Calculation Duke Energy Florida (in millions) Year Ended December 31, 2025 Actual Cash From Operations 2,507 Adjust for Working Capital (1) 534 Include Capitalized Interest as cost (7) CR3 securitization adjustment (59) Lease-imputed FFO adjustment (D&A) 78 Adjustment for 2024 Storms (780) Funds From Operations 2,273 Current maturities of LT debt 437 LT debt 10,870 Adjust for CR3 (773) Underfunded Pension 25 Lease imputed debt 225 Total Balance Sheet Debt (Including ST) 10,784 (1) Working capital detail, excluding MTM Receivables (2) Receivables from affiliates (47) Inventory (89) Other current assets 310 Accounts payable (767) Accounts payable to affiliates 104 Taxes accrued 17 Other current liabilities (60) (534) FFO / Debt 21%
Page 63
# FFO to Debt Calculation Duke Energy Indiana (in millions) Year Ended December 31, 2025 Actual Cash From Operations 1,045 Adjust for Working Capital (1) 51 Coal ash ARO spend 92 Include Capitalized Interest as cost (2) Lease-imputed FFO adjustment (D&A) 25 Funds From Operations 1,211 Notes payable to affiliates 175 Current maturities of LT debt 4 LT debt 4,939 LT debt payable to affiliates 150 Underfunded pension 73 Lease imputed debt 34 Total Balance Sheet Debt (Including ST) 5,375 (1) Working capital detail, excluding MTM Receivables (38) Receivables from affiliates (24) Inventory 56 Other current assets (54) Accounts payable (6) Accounts payable to affiliates (19) Taxes accrued (67) Other current liabilities 101 (51) FFO / Debt 23%
Page 64
# FFO to Debt Calculation Duke Energy Ohio (in millions) Year Ended December 31, 2025 Actual Cash From Operations 893 Adjust for Working Capital (1) (72) Coal Ash ARO spend 5 Include capitalized Interest as cost (10) Lease-imputed FFO adjustment (D&A) 14 Funds From Operations 830 Notes payable to affiliated companies 13 Current maturities of LT debt 45 LT debt 4,350 LT debt payable to affiliates 25 Underfunded pension 50 Lease imputed debt 5 Total Balance Sheet Debt (Including ST) 4,488 (1) Working capital detail, excluding MTM Receivables (27) Receivables from affiliates (1) Inventory (4) Other current assets (29) Accounts payable 38 Accounts payable to affiliates 39 Taxes accrued 14 Other current liabilities 42 72 FFO / Debt 19%
Page 65
# FFO to Debt Calculation Piedmont Natural Gas (in millions) Year Ended December 31, 2025 Actual Cash From Operations 777 Adjust for Working Capital (1) (39) Include Capitalized Interest as cost (7) Lease-imputed FFO adjustment (D&A) 1 Funds From Operations 732 Notes payable to affiliated companies 609 Current maturities of LT Debt 490 LT debt 3,761 Underfunded pension 2 Lease imputed debt 3 Total Balance Sheet Debt (Including ST) 4,865 (1) Working capital detail, excluding MTM Receivables (105) Receivables from affiliates 8 Inventory (10) Other current assets 40 Accounts payable 55 Accounts payable to affiliates 64 Taxes accrued 22 Other current liabilities (35) 39 FFO / Debt 15%