NextEra Energy, Inc.

Strong Q3 performance & full-year outlook unchanged (good): - Adjusted EPS up 9.7% YoY in Q3; up 9.5% YTD through 9 months. - 2026 adjusted EPS guidance remains $3.92–$4.02, with management targeting the high end. - Long-term adjusted EPS growth 8%+ through 2032, and another 8%+ through 2035 (from the 2025 base $3.71). - Forecast includes wind generation impacts from El Niño in Q4, but expects wind to be ~90–95% of long-term average, still allowing high-end delivery.

Florida Power & Light (FPL) delivering affordability/reliability while investing (good): - Q3 FPL EPS up $0.06 YoY, mainly from regulatory capital employed growth ~9.2% YoY. - Q3 capex ~ $2.4B; full-year capex expected ~ $12B; ROE (regulatory) for 12 months ending Sep 2026 about ~11.8%. - Retail sales +2.8% YoY (weather-normalized +1.4%). - Power reliability/bills messaging: typical residential bill ~37% below national average, projected to grow only ~2% annually on average through decade; non-fuel O&M >70% lower than industry average (per MWh basis).

Energy Resources momentum: renewables & storage backlog growth; battery positioning (good/opportunity): - Q3 Energy Resources adjusted EPS ~+13% YoY (EPS +$0.06 YoY). - Added 3.7 GW to renewables/storage backlog in the quarter (~2.4 GW battery storage), and backlog now ~36.7 GW. - Management says they’ve achieved >2/3 of the 2026–2029 midpoint and added ~15 GW in last 12 months. - Battery storage growth avenues emphasized: standalone, co-located, grid-solution storage, and extending duration 4-hour to 8-hour.