Duke Energy Corp.

2026 earnings momentum + full-year outlook reaffirmed - Duke reported Q2 2026 adjusted EPS of $1.43 (reported $1.38), vs $1.25 in the prior year quarter for both reported and adjusted EPS. - Management attributes strength mainly to Electric Utilities growth (customer growth + infrastructure investments), partially offset by higher depreciation and higher interest expense. - Full-year 2026 guidance reiterated: EPS $6.55 to $6.80 (top-half target emphasized). - Long-term outlook reaffirmed: 5%–7% EPS growth through 2030, with confidence to deliver the top half starting in 2028 as secured large-load/esas ramp.

Large-load growth engine is real, but contract timing is the key gating factor - Duke continues pushing customer Electric Service Agreements (ESAs) for data centers/large load: - Secured 7.8 GW of ESAs with data center customers (management framed as “now secured”). - Remains targeting conversion of the broader 15.4 GW pipeline to ESAs by 1H 2027. - Management stated they are on track to land the 15 GW in late stages by 1H 2027 (important to hitting 2028 ramp expectations). - Forecast upgrade impact: newly signed ESAs increased the Carolinas load forecast to the “high load” case → management says it confirms near-term resources are needed.

Capital intensity is very high (opportunity + execution risk) - Duke is deploying > $1 billion per month of regulated capital to meet demand and reliability needs. - Construction/generation build target: on track to add ~15 GW of capacity by 2031 (including additions from latest 10-year site plan in Florida). - Gas build execution: building/advancing dispatchable capacity; gas turbines availability increased under a GE Vernova framework to 26 turbines (first turbine delivered July, second later this year). - Opportunity: management sees “$5B–$10B” of additional capital upside tied to large-load contracting beyond current plans (especially Indiana and Florida), expected to fall within the current 5-year plan upon ESA-triggered modeling. - Risk/challenge acknowledged indirectly: ESA negotiations can take longer due to complexity; management did not flag doubt on the targets, but repeatedly indicated timing is dynamic.