NextEra Energy, Inc.

Strong earnings momentum + full-year outlook unchanged - Q3 adjusted EPS increased 9.7% YoY; YTD (first 9 months) adjusted EPS up 9.5% YoY. - Company is tracking toward the top end of guidance; FY 2026 adjusted EPS outlook remains $3.92–$4.02, with management targeting the high end. - Q4 headwind/variable: expected El Niño impacts on wind generation to run at ~90%–95% of long-term average, but still expected to land at the high end of the EPS range.

FPL performance: disciplined capital + affordability/reliability narrative - FPL Q3 EPS up $0.06 YoY, driven by ~9.2% YoY growth in regulatory capital employed. - Q3 capex ~$2.4B; full-year FPL capex ~ $12B; FY ROE (regulatory) ~11.8% (12 months ending Sept 2026). - Retail sales up 2.8% YoY (weather normalized +1.4%) from growth and weather. - Rate stabilization mechanism reversal: reversed ~$172M pre-tax after-tax balance ~$1.5B after the reversal. - Investor-relevant “good” framing: FPL emphasizes low bills vs national average (~37% below nationally; projected ~2% annual increases through decade end) and non-fuel O&M >70% lower than industry average (per MWh basis), plus top-decile reliability.

Energy Resources: rapid growth in renewables/storage backlog + federal hubs ramp model - Energy Resources Q3 adjusted EPS up ~13% YoY; EPS +$0.06 YoY. - Backlog strength: added 3.7 GW renewables & storage in the quarter (including 2.4 GW battery storage); backlog now ~36.7 GW after >1.8 GW placed into service since last call. - Through development-cycle math: only 17.6 GW remaining to add before reaching midpoint of 2026–2029 development expectations; also ~15 GW added to backlog in last 12 months (4th straight quarter >3.5 GW added). - Federal hubs economics: management expects relatively modest interim payments in 2026–2027, then larger operating-fee contributions later (fees accrue post-build, ramping through ~2032). - Federal hubs scale: 3 projects (~16.5 GW total) across TX and PA with $5.7B initial funding; company expects federal hubs to generate about ~50% of what owning the assets would produce on an adjusted EPS equivalent basis over the first 20 years.