NextEra Energy Inc

Solid reported performance + reaffirmed financial outlook (good) - Adjusted EPS: $1.15 in 2Q26, with 7%+ (approx) YoY contribution described as strong execution across FPL and Energy Resources. - 1H26 adjusted EPS up 9.8% YoY. - Full-year 2026 adjusted EPS guidance unchanged: $3.92–$4.02 (company targeting high end). - Longer-term growth expectations unchanged: 8%+ annual adjusted EPS growth through 2032 (and 2032–2035), all off a 2025 base. - Dividend outlook: targeting ~10%/yr dividend growth through 2026 (off 2024 base) and ~6%/yr from year-end 2026–2028. - *Investor takeaway:* management is reiterating a confidence-in-track trajectory rather than cutting/raising guidance.

FPL: strong growth + affordability + reliability strategy remains the core “engine” (good/surprising) - Customer growth: FPL added >90,000 customers in 2Q26 YoY. - Retail sales: +0.4% YoY, and +0.6% weather-normalized. - Earnings driver: FPL EPS up $0.05 YoY; key driver cited is ~9.3% growth in regulatory capital employed. - Typical residential bill: stated as ~30% below national average; projected ~2% annual increases through end of decade. - Reliability: “top decile” and >60% better than national average (per company framing). - Capital & return: $2.8B capex in the quarter; full-year capex $12B–$13B; ROE for regulatory purposes ~11.7% for 12 months ending June 2026. - Solar/storage pace: on track to ~900 MW solar + >1.4 GW battery storage in 2026; also placed 4 new solar sites in the quarter. - *Potentially surprising angle:* the call strongly ties *larger-load development and affordability assurances* together—management argues they’re not trading affordability for growth/reliability.

Large load expansion at FPL: upgraded target + concrete transaction expectations (opportunity) - Hyperscaler/large load demand: company sees very strong interest and increased FPL large-load expectations from 6 GW to 8 GW by 2032. - Regulatory/tariff support: referenced as part of FPL’s 4-year rate agreement and state legislation in May codifying elements of the large load tariff. - Pipeline: ~21 GW large-load interest, with ~12 GW in advanced discussions; some potential starts as soon as 2028. - Near-term milestone: expects to announce at least one large-load transaction by end of 2026. - Economics assumption: company stated each 1 GW under the approved tariff is expected to be ~$2B CapEx and earn the same ROE as other FPL investments. - *Investor takeaway:* this is positioned as a major growth lever—management is explicitly forecasting actionable progress (not just “watching the market”).