NextEra Energy, Inc.

Strong Q3 and YTD earnings; 2026 EPS outlook unchanged (high-end target) - Adjusted EPS: +9.7% YoY in Q3; +9.5% YoY through the first 9 months. - 2026 adjusted EPS guidance: $3.92–$4.02 (unchanged); company says it is tracking to the high end. - Long-term: 8%+ adjusted EPS CAGR through 2032 (off 2025 base of $3.71), and 8%+ again targeted from 2032–2035; expects operating cash flow growth at or above adjusted EPS CAGR. - Dividends: targeting ~10%/yr growth through 2026 (off a 2024 base) and ~6%/yr from YE 2026–2028. - Forecast sensitivity called out: high-end tracking assumes El Niño wind impacts in Q4; wind expected at 90%–95% of long-term average (i.e., manageable but included).

FPL resilience and operating/financial strength; storm damage still a near-term reality - Hurricane Isaias: power restored to >97% of affected customers by Tuesday; restoration is ongoing for full community recovery (months). - Forensics highlighted grid hardening effectiveness: no hardened transmission/distribution pole failed, underground lines performed ~14x better than overhead, and smart grid avoided ~140,000 outages. - Financials: Q3 EPS up $0.06 YoY, driven by ~9.2% YoY regulatory capital employed growth; Q3 capex ~$2.4B, full-year ~$12B. - Rate stabilization: reversed ~($172)M in Q3, leaving ~$1.5B after-tax balance.

Energy Resources momentum: renewables/storage backlog growth and “federal hubs” earnings contribution - Energy Resources adjusted EPS growth: ~+13% YoY; Q3 EPS up $0.06 YoY. - Backlog: +3.7 GW renewables & storage added in the quarter (incl. 2.4 GW battery storage). Total backlog ~36.7 GW. - Midpoint progress: only 17.6 GW remaining to reach the 2026–2029 midpoint of development expectations (after already adding ~15 GW in the last 12 months). - Federal hubs (data-center/large-load style model) signed for 3 projects (~16.5 GW total) with $5.7B initial funding YTD: - Energy Resources expects about half the earnings on an adjusted EPS basis versus owning the projects (over the first 20 years via development/operating fees). - Question from investor: in 2026–2027, payments likely relatively modest (development-fee phase), ramping as operating fees begin later (majority economics accrue further down the road).