NextEra Energy · Earnings release

NextEra Energy, Inc.

FOR IMMEDIATE RELEASE

NextEra Energy reports third-quarter 2025 financial results

•NextEra Energy delivers strong third-quarter 2025 results

•FPL grows regulatory capital employed by approximately 8% year-over-year and continues to keep customer bills low while delivering reliable electricity

•NextEra Energy announced new collaboration with Google to accelerate nuclear energy deployment in the U.S., enabling the planned restart of the 615-megawatt Duane Arnold Energy Center in Iowa

•NextEra Energy Resources achieved a strong quarter of new renewables and storage origination, adding 3 gigawatts to its backlog

JUNO BEACH, Fla. - NextEra Energy, Inc. (NYSE: NEE) today reported 2025 third-quarter net income attributable to NextEra Energy on a GAAP basis of $2.438 billion, or $1.18 per share, compared to $1.852 billion, or $0.90 per share, for the third quarter of 2024. On an adjusted basis, NextEra Energy's 2025 third-quarter earnings were $2.348 billion, or $1.13 per share, compared to $2.127 billion, or $1.03 per share, in the third quarter of 2024.

"NextEra Energy delivered strong third-quarter results, with adjusted earnings per share increasing by 9.7% year-over-year," said John Ketchum, chairman, president and chief executive officer. "We believe the continued strong financial and operational performance at both FPL and NextEra Energy Resources positions us well to meet our overall objectives for the year. Earlier this month, FPL completed its evidentiary hearing on its proposed four-year base rate settlement agreement, which would support continued smart capital investments through 2029, while keeping typical residential customer bills well below the current national average and 20% lower than they were 20 years ago when adjusted for inflation.

"And I'm very excited about our announcement yesterday of a two-pronged collaboration with Google that we believe will strengthen U.S. leadership in nuclear power. Importantly, the cornerstone of this new collaboration will enable us to continue with the recommissioning of our 615-megawatt Duane Arnold Energy Center, putting us on a path to bring Iowa’s only nuclear plant back online. We have also entered into an agreement with Google to explore new advanced nuclear capacity to be deployed in the U.S. These efforts with Google are laying the foundation for creating thousands of jobs, invigorating Iowa’s economy, delivering long-term value to our shareholders and helping power our nation's future with innovation and technology.

"We believe we are well positioned to continue delivering for our customers and shareholders, and will be disappointed if we are not able to deliver financial results at or near the top of our adjusted earnings per share expectations ranges in each year through 2027, while maintaining our strong balance sheet and credit ratings."

FPL

FPL reported third-quarter 2025 net income of $1.463 billion, or $0.71 per share, compared to $1.293 billion, or $0.63 per share, for the prior-year comparable quarter. FPL's growth in the third quarter of 2025 primarily was driven by continued investment in the business. FPL's capital expenditures were approximately $2.5 billion for the quarter, and G1full-year capital investments are expected to be between $9.3 billion and $9.8 billion. Regulatory capital employed increased by approximately 8% over the same quarter last year.

By making smart capital investments for the benefit of customers and being best-in-class on costs, FPL continues to deliver its strong customer value proposition of high reliability, outstanding customer service and low bills. In one of the nation's fastest-growing states and the world's 16th largest economy, FPL is both creating value for its customers and diversifying its generation fleet by adding cost-effective solar and storage to the nation's largest gas-fired fleet and its four nuclear units that make up the backbone of its generation fleet.

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On Feb. 28, FPL initiated its 2025 base rate proceeding for new rates, effective in January 2026. FPL reached a proposed settlement agreement in August with most of the intervenors in the proceeding, reflecting a broad set of constituents across its customer base. FPL believes the proposed settlement is fair, balanced and constructive, and supports its continued ability to provide highly reliable, low-cost service for its customers through the end of the decade. If the proposed agreement is approved, a typical residential customer bill would only increase about 2% on average between 2025 and 2029. This means bills would remain well below the current national average, providing FPL customers with the economic certainty that comes from a four-year base rate agreement. FPL completed evidentiary hearings earlier this month and expects the Florida Public Service Commission to provide a final decision on the proposed settlement agreement on Nov. 20.

NextEra Energy Resources

NextEra Energy Resources reported third-quarter 2025 net income attributable to NextEra Energy on a GAAP basis of $1.275 billion, or $0.62 per share, compared to $1.223 billion, or $0.59 per share, in the prior-year quarter. On an adjusted basis, NextEra Energy Resources' earnings for the third quarter of 2025 were $1.102 billion, or $0.53 per share, compared to $979 million, or $0.47 per share, for the third quarter of 2024.

NextEra Energy Resources had a strong quarter for new renewables and storage origination, adding 3 gigawatts (GW) to its backlog. With these additions, NextEra Energy Resources' backlog now totals nearly 30 GW after taking into account more than 1.7 GW of new projects placed into service since the second-quarter 2025 financial results call in July. NextEra Energy Resources expects the backlog additions will go into service over the next few years and into 2029.

NextEra Energy Resources yesterday announced two agreements with Google that would strengthen U.S. leadership in nuclear power and help meet growing energy demand from artificial intelligence with nuclear energy. First, a subsidiary of NextEra Energy Resources has entered into a 25-year power purchase agreement (PPA) with Google that, pending regulatory approvals, will enable it to continue the recommissioning of the Duane Arnold nuclear plant in Palo, Iowa. The nuclear plant will help power Google’s growing cloud and AI infrastructure in Iowa once it returns to operation, which is expected to occur no later than the first quarter of 2029 and perhaps as early as the fourth quarter of 2028.

During its evaluation of recommissioning Duane Arnold, NextEra Energy Resources collaborated closely with the plant's minority owners, Central Iowa Power Cooperative (CIPCO) and Corn Belt Power Cooperative (Corn Belt). As part of that collaboration, CIPCO will purchase 50 megawatts of the plant's output on terms and conditions consistent with the Google PPA, and NextEra Energy Resources has signed definitive agreements to acquire CIPCO and Corn Belt's combined 30% interest in the plant, which will bring NextEra Energy Resources' ownership to 100%, subject to customary approvals.

G2Once restarted, NextEra Energy expects the Duane Arnold nuclear plant would contribute up to $0.16 of annual adjusted earnings per share on average over its first 10 years of operation assuming that NextEra Energy becomes 100% owner of the plant.

NextEra Energy and Google have also signed an agreement to explore the development of advanced nuclear generation to be deployed in the U.S., which would help power America's growing electricity needs.

Corporate and Other

In the third quarter of 2025 on a GAAP basis, Corporate and Other results increased $0.17 per share, compared to the prior-year quarter. On an adjusted basis, Corporate and Other results for the third quarter of 2025 decreased $0.04 per share, compared to the prior-year quarter.

Outlook

NextEra Energy's long-term financial expectations remain unchanged. G3For 2025, NextEra Energy continues to expect adjusted earnings per share to be in the range of $3.45 to $3.70. G4G5For 2026 and 2027, NextEra Energy expects adjusted earnings per share to be in the ranges of $3.63 to $4.00 and $3.85 to $4.32, respectively. G6NextEra Energy also continues to expect to grow its dividends per share at a roughly 10% rate per year through at least 2026, off a 2024 base.

Conference call information

As previously announced, NextEra Energy's third-quarter 2025 financial results conference call is scheduled for 9 a.m. ET today. The listen-only webcast will be available on NextEra Energy's website by accessing the following link: www.NextEraEnergy.com/FinancialResults. The news release and slides accompanying the presentation may be downloaded at www.NextEraEnergy.com/FinancialResults, beginning at 7:30 a.m. ET today. A replay will be available for 90 days by accessing the link listed above.

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NextEra Energy, Inc.

NextEra Energy, Inc. (NYSE: NEE) is one of the largest electric power and energy infrastructure companies in North America and is a leading provider of electricity to American homes and businesses. Headquartered in Juno Beach, Florida, NextEra Energy is a Fortune 200 company that owns Florida Power & Light Company, America's largest electric utility, which provides reliable electricity to approximately 12 million people across Florida. NextEra Energy also owns one of the largest energy infrastructure development companies in the U.S., NextEra Energy Resources, LLC. NextEra Energy and its affiliated entities are meeting America's growing energy needs with a diverse mix of energy sources, including natural gas, nuclear, renewable energy and battery storage. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.

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Adjusted earnings for the periods in this news release exclude the effects of non-qualifying hedges; XPLR Infrastructure, LP net investment gains; differential membership interests-related; change in unrealized gains and losses on equity securities held in NextEra Energy Resources' nuclear decommissioning funds and other than temporary impairments (OTTI).

NextEra Energy's management uses adjusted earnings, which is a non-GAAP financial measure, internally for financial planning, analysis of performance, reporting of results to the board of directors and as an input in determining performance-based compensation under the company's employee incentive compensation plans. NextEra Energy also uses earnings expressed in this fashion when communicating its financial results and earnings outlook to analysts and investors. NextEra Energy's management believes that adjusted earnings provide a more meaningful representation of NextEra Energy's fundamental earnings power. A reconciliation of historical adjusted earnings to net income attributable to NextEra Energy, which is the most directly comparable GAAP measure, is included in the attachments to this news release. Adjusted earnings does not represent a substitute for net income, as prepared in accordance with GAAP.

NextEra Energy does not provide a quantitative reconciliation of forward-looking adjusted earnings per share to earnings per share, the most directly comparable GAAP financial measure, because certain information needed to reconcile these measures is not available without unreasonable efforts due to the inherent difficulty in forecasting and quantifying these measures. These items include, but are not limited to, the effects of non-qualifying hedges and unrealized gains and losses on equity securities held in NextEra Energy Resources, LLC's nuclear decommissioning funds and other than temporary impairments. These items could significantly impact GAAP earnings per share. Adjusted earnings expectations and other forward-looking statements assume, among other things, normal weather and operating conditions; positive macroeconomic conditions in the U.S. and Florida; supportive commodity markets; current forward curves; public policy support for wind, solar, and storage development and construction; market demand and transmission expansion to support wind, solar and storage development; market demand for pipeline capacity; access to capital at reasonable cost and terms; no adverse litigation decisions; and no changes to governmental policies or incentives. Please see the accompanying cautionary statements for a list of the risk factors that may affect future results.

This news release should be read in conjunction with the attached unaudited financial information.

Cautionary Statements and Risk Factors That May Affect Future Results

This news release contains “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical facts, but instead represent the current expectations of NextEra Energy, Inc. (NextEra Energy) and Florida Power & Light Company (FPL) regarding future operating results and other future events, many of which, by their nature, are inherently uncertain and outside of NextEra Energy's and FPL's control. Forward-looking statements in this news release include, among others, statements concerning adjusted earnings per share expectations and future operating performance, statements concerning future dividends and statements concerning the Duane Arnold Energy Center restart. In some cases, you can identify the forward-looking statements by words or phrases such as “will,” “may result,” “expect,” “anticipate,” “believe,” “intend,” “plan,” “seek,” “potential,” “projection,” “forecast,” “predict,” “goals,” “target,” “outlook,” “should,” “would” or similar words or expressions.

You should not place undue reliance on these forward-looking statements, which are not a guarantee of future performance. The future results of NextEra Energy and FPL and their business and financial condition are subject to risks and uncertainties that could cause their actual results to differ materially from those expressed or implied in the forward-looking statements, or may require them to limit or eliminate certain operations. These risks and uncertainties include, but are not limited to, those discussed in this news release and the following: effects of extensive regulation of NextEra Energy's and FPL's business operations; inability of NextEra Energy and FPL to recover in a timely manner any significant amount of costs, a return on certain assets or a reasonable return on invested capital through base rates, cost recovery clauses, other regulatory mechanisms or otherwise; impact of political, regulatory, operational and economic factors on regulatory decisions important to NextEra Energy and FPL; effect of any reductions or modifications to, or elimination of, governmental incentives or policies that support clean energy projects of NextEra Energy and FPL and its affiliated entities or the imposition of additional tax laws, tariffs, duties, policies or other costs or assessments on clean energy or equipment necessary to generate, store or deliver it; impact of new or revised laws, regulations, executive orders, interpretations or constitutional ballot and regulatory initiatives on NextEra Energy and FPL; capital expenditures, increased operating costs and various liabilities attributable to environmental laws, regulations and other standards applicable to NextEra Energy and FPL; effects on NextEra Energy and FPL of federal or state laws or regulations mandating new

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or additional limits on the production of greenhouse gas emissions; exposure of NextEra Energy and FPL to significant and increasing compliance costs and substantial monetary penalties and other sanctions as a result of extensive federal, state and local government regulation of their operations and businesses; effect on NextEra Energy and FPL of changes in tax laws, guidance or policies as well as in judgments and estimates used to determine tax-related asset and liability amounts; impact on NextEra Energy and FPL of adverse results of litigation; impacts on NextEra Energy or FPL of allegations of violations of law; effect on NextEra Energy and FPL of failure to proceed with projects under development or inability to complete the construction of (or capital improvements to) electric generation, storage, transmission and distribution facilities, natural gas and oil production and transportation facilities or other facilities on schedule or within budget; impact on development and operating activities of NextEra Energy and FPL resulting from risks related to project siting, planning, financing, construction, permitting, governmental approvals and the negotiation of project development agreements, as well as supply chain disruptions; risks involved in the operation and maintenance of electric generation, storage, transmission and distribution facilities, natural gas and oil production and transportation facilities, and other facilities; effect on NextEra Energy and FPL of a lack of growth, slower growth or a decline in the number of customers or in customer usage; impact on NextEra Energy and FPL of severe weather and other weather conditions; threats of geopolitical factors, terrorism and catastrophic events that could result from terrorism, cyberattacks or other attempts to disrupt NextEra Energy's and FPL's business or the businesses of third parties; inability to obtain adequate insurance coverage for protection of NextEra Energy and FPL against significant losses and risk that insurance coverage does not provide protection against all significant losses; a prolonged period of low natural gas and oil prices, disrupted production or unsuccessful drilling efforts could impact NextEra Energy Resources, LLC’s (NextEra Energy Resources) natural gas and oil production operations and cause NextEra Energy Resources to delay or cancel certain natural gas and oil production projects and could result in certain assets becoming impaired; risk to NextEra Energy Resources of increased operating costs resulting from unfavorable supply costs necessary to provide NextEra Energy Resources' full energy and capacity requirements services; inability or failure to manage properly or hedge effectively the commodity risk within its portfolio; effect of reductions in the liquidity of energy markets on NextEra Energy's ability to manage operational risks; effectiveness of NextEra Energy's and FPL's risk management tools associated with their hedging and trading procedures to protect against significant losses, including the effect of unforeseen price variances from historical behavior; impact of unavailability or disruption of power transmission or commodity transportation operations on sale and delivery of power or natural gas by NextEra Energy, including FPL; exposure of NextEra Energy and FPL to credit and performance risk from customers, hedging counterparties and vendors; failure of NextEra Energy or FPL counterparties to perform under derivative contracts or of requirement for NextEra Energy or FPL to post margin cash collateral under derivative contracts; failure or breach of NextEra Energy's or FPL's information technology systems; risks to NextEra Energy and FPL's retail businesses from compromise of sensitive customer data; losses from volatility in the market values of derivative instruments and limited liquidity in over-the-counter markets; impact of negative publicity; inability of FPL to maintain, negotiate or renegotiate acceptable franchise agreements with municipalities and counties in Florida; occurrence of work strikes or stoppages and increasing personnel costs; NextEra Energy's ability to successfully identify, complete and integrate acquisitions, including the effect of increased competition for acquisitions; environmental, health and financial risks associated with NextEra Energy Resources’ and FPL's ownership and operation of nuclear generation facilities; liability of NextEra Energy and FPL for significant retrospective assessments and/or retrospective insurance premiums in the event of an incident at certain nuclear generation facilities; increased operating and capital expenditures and/or reduced revenues at nuclear generation facilities of NextEra Energy or FPL resulting from orders or new regulations of the Nuclear Regulatory Commission; inability to operate any of NextEra Energy Resources' or FPL's owned nuclear generation units through the end of their respective operating licenses or planned license extensions; effect of disruptions, uncertainty or volatility in the credit and capital markets or actions by third parties in connection with project-specific or other financing arrangements on NextEra Energy's and FPL's ability to fund their liquidity and capital needs and meet their growth objectives; defaults or noncompliance related to project-specific, limited-recourse financing agreements; inability of NextEra Energy, FPL and NextEra Energy Capital Holdings, Inc. to maintain their current credit ratings; impairment of NextEra Energy's and FPL's liquidity from inability of credit providers to fund their credit commitments or to maintain their current credit ratings; poor market performance and other economic factors that could affect NextEra Energy's defined benefit pension plan's funded status; poor market performance and other risks to the asset values of NextEra Energy's and FPL's nuclear decommissioning funds; changes in market value and other risks to certain of NextEra Energy's assets and investments; effect of inability of NextEra Energy subsidiaries to pay upstream dividends or repay funds to NextEra Energy or of NextEra Energy's performance under guarantees of subsidiary obligations on NextEra Energy's ability to meet its financial obligations and to pay dividends on its common stock; the fact that the amount and timing of dividends payable on NextEra Energy's common stock, as well as the dividend policy approved by NextEra Energy's board of directors from time to time, and changes to that policy, are within the sole discretion of NextEra Energy's board of directors and, if declared and paid, dividends may be in amounts that are less than might be expected by shareholders; XPLR Infrastructure, LP’s inability to access sources of capital on commercially reasonable terms could have an effect on its ability to consummate future acquisitions and on the value of NextEra Energy’s limited partner interest in XPLR Operating Partners, LP; effects of disruptions, uncertainty or volatility in the credit and capital markets on the market price of NextEra Energy's common stock; and the ultimate severity and duration of public health crises, epidemics and pandemics, and its effects on NextEra Energy’s or FPL’s businesses.

NextEra Energy and FPL discuss these and other risks and uncertainties in their annual report on Form 10-K for the year ended December 31, 2024 and other Securities and Exchange Commission (SEC) filings, and this news release should be read in conjunction with such SEC filings. The forward-looking statements made in this news release are made only as of the date of this news release and NextEra Energy and FPL undertake no obligation to update any forward-looking statements.

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NextEra Energy, Inc.

Condensed Consolidated Statements of Income

(millions, except per share amounts)

(unaudited)

Preliminary

FPL

NEER

Corporate and

Other(a)

NextEra Energy

Operating Revenues

$

$

$

$

Operating Expenses

Fuel, purchased power and interchange

—

Other operations and maintenance

Depreciation and amortization

Taxes other than income taxes and other – net

3

Total operating expenses – net

Gains (Losses) on Disposal of Businesses/Assets – Net

—

1

Operating Income (Loss)

Other Income (Deductions)

Interest expense

Equity in earnings of equity method investees

—

9

Allowance for equity funds used during construction

2

—

Gains (losses) on disposal of investments and other property – net

—

(1)

Change in unrealized gains (losses) on equity securities held in NEER's nuclear decommissioning

funds – net

—

—

Other net periodic benefit income

—

—

Other – net

(8)

Total other income (deductions) – net

Income (Loss) before Income Taxes

Income Tax Expense (Benefit)

Net Income (Loss)

Net Loss Attributable to Noncontrolling Interests

—

—

Net Income (Loss) Attributable to NextEra Energy, Inc.

$

$

$

$

Reconciliations of Net Income (Loss) Attributable to NextEra Energy, Inc. to Adjusted Earnings (Loss):

Net Income (Loss) Attributable to NextEra Energy, Inc.

$

$

$

$

Adjustments – Pretax:(b)

Net losses (gains) associated with non-qualifying hedges

—

Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning

funds and OTTI – net

—

—

XPLR Infrastructure, LP investment gains – net

—

9

—

9

Less related income tax expense (benefit)(c)

—

Adjusted Earnings (Loss)

$

$

$

$

Earnings (Loss) Per Share Attributable to NextEra Energy, Inc. (assuming dilution)

$

$

$

$

Adjustments – Pretax:(b)

Net losses (gains) associated with non-qualifying hedges

—

Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning

funds and OTTI – net

—

—

XPLR Infrastructure, LP investment gains – net

—

—

—

—

Less related income tax expense (benefit)(c)

—

Adjusted Earnings (Loss) Per Share

$

$

$

$

Weighted-average shares outstanding (assuming dilution)

————————————

(a)

Corporate and Other represents other business activities and eliminating entries, and may include the net effect of rounding. Corporate and Other allocates a portion of corporate interest expense to NextEra Energy Resources. Interest expense is allocated based on a deemed capital structure of 70% debt and differential membership interests sold by NextEra Energy Resources' subsidiaries. Residual corporate interest expense is included in Corporate and Other.

(b)

After tax impact is as follows:

NEER

Corporate and Other

NextEra Energy

Adjusted Earnings

Adjusted

EPS

Adjusted Earnings

Adjusted

EPS

Adjusted Earnings

Adjusted

EPS

Net losses (gains) associated with non-qualifying hedges

$

$

$

$

$

$

Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI – net

$

$

$

—

$

—

$

$

XPLR Infrastructure, LP investment gains – net

$

7

$

—

$

—

$

—

$

7

$

—

(c)

Includes the effects of rounding.

5

NextEra Energy, Inc.

Condensed Consolidated Statements of Income

(millions, except per share amounts)

(unaudited)

Preliminary

FPL

NEER

Corporate and

Other(a)

NextEra Energy

Operating Revenues

$

$

$

$

Operating Expenses

Fuel, purchased power and interchange

Other operations and maintenance

Depreciation and amortization

Taxes other than income taxes and other – net

3

Total operating expenses – net

Gains (Losses) on Disposal of Businesses/Assets – Net

—

(1)

Operating Income (Loss)

Other Income (Deductions)

Interest expense

Equity in earnings of equity method investees

—

—

Allowance for equity funds used during construction

1

—

Gains (losses) on disposal of investments and other property – net

—

1

—

1

Change in unrealized gains (losses) on equity securities held in NEER's nuclear decommissioning

funds – net

—

—

Other net periodic benefit income

—

—

Other – net

(4)

Total other income (deductions) – net

Income (Loss) before Income Taxes

Income Tax Expense (Benefit)

5

Net Income (Loss)

Net Loss Attributable to Noncontrolling Interests

—

—

Net Income (Loss) Attributable to NextEra Energy, Inc.

$

$

$

$

Reconciliations of Net Income (Loss) Attributable to NextEra Energy, Inc. to Adjusted Earnings (Loss):

Net Income (Loss) Attributable to NextEra Energy, Inc.

$

$

$

$

Adjustments – Pretax:(b)

Net losses (gains) associated with non-qualifying hedges

—

Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning

funds and OTTI – net

—

—

XPLR Infrastructure, LP investment gains – net

—

—

Less related income tax expense (benefit)(c)

—

Adjusted Earnings (Loss)

$

$

$

$

Earnings (Loss) Per Share Attributable to NextEra Energy, Inc. (assuming dilution)

$

$

$

$

Adjustments – Pretax:(b)

Net losses (gains) associated with non-qualifying hedges

—

Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning

funds and OTTI – net

—

—

XPLR Infrastructure, LP investment gains – net

—

—

Less related income tax expense (benefit)(c)

—

Adjusted Earnings (Loss) Per Share

$

$

$

$

Weighted-average shares outstanding (assuming dilution)

————————————

(a)

Corporate and Other represents other business activities and eliminating entries, and may include the net effect of rounding. Corporate and Other allocates a portion of corporate interest expense to NextEra Energy Resources. Interest expense is allocated based on a deemed capital structure of 70% debt and differential membership interests sold by NextEra Energy Resource's subsidiaries. Residual corporate interest expense is included in Corporate and Other.

(b)

After tax impact is as follows:

NEER

Corporate and Other

NextEra Energy

Adjusted Earnings

Adjusted

EPS

Adjusted Earnings

Adjusted

EPS

Adjusted Earnings

Adjusted

EPS

Net losses (gains) associated with non-qualifying hedges

$

$

$

$

$

$

Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI - net

$

$

$

—

$

—

$

$

XPLR Infrastructure, LP investment gains – net

$

$

$

—

$

—

$

$

(c)

Includes the effects of rounding.

6

NextEra Energy, Inc.

Condensed Consolidated Statements of Income

(millions, except per share amounts)

(unaudited)

Preliminary

FPL

NEER

Corporate and

Other(a)

NextEra Energy

Operating Revenues

$

$

$

$

Operating Expenses

Fuel, purchased power and interchange

(1)

Other operations and maintenance

Depreciation and amortization

Taxes other than income taxes and other – net

5

Total operating expenses – net

Gains (Losses) on Disposal of Businesses/Assets – Net

1

(9)

Operating Income (Loss)

Other Income (Deductions)

Interest expense

Equity in earnings (losses) of equity method investees

—

9

Allowance for equity funds used during construction

7

—

Gains (losses) on disposal of investments and other property – net

—

(1)

Change in unrealized gains (losses) on equity securities held in NEER's nuclear decommissioning

funds – net

—

—

Other net periodic benefit income

—

—

Other – net

Total other income (deductions) – net

Income (Loss) before Income Taxes

Income Tax Expense (Benefit)

Net Income (Loss)

Net Loss Attributable to Noncontrolling Interests

—

—

Net Income (Loss) Attributable to NextEra Energy, Inc.

$

$

$

$

Reconciliations of Net Income (Loss) Attributable to NextEra Energy, Inc. to Adjusted Earnings (Loss):

Net Income (Loss) Attributable to NextEra Energy, Inc.

$

$

$

$

Adjustments – Pretax:(b)

Net losses (gains) associated with non-qualifying hedges

—

Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning

funds and OTTI – net

—

—

XPLR Infrastructure, LP investment gains – net

—

—

Less related income tax expense (benefit)(c)

—

Adjusted Earnings (Loss)

$

$

$

$

Earnings (Loss) Per Share Attributable to NextEra Energy, Inc. (assuming dilution)

$

$

$

$

Adjustments – Pretax:(b)

Net losses (gains) associated with non-qualifying hedges

—

Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning

funds and OTTI – net

—

—

XPLR Infrastructure, LP investment gains – net

—

—

Less related income tax expense (benefit)(c)

—

Adjusted Earnings (Loss) Per Share

$

$

$

$

Weighted-average shares outstanding (assuming dilution)

————————————

(a)

Corporate and Other represents other business activities and eliminating entries, and may include the net effect of rounding. Corporate and Other allocates a portion of corporate interest expense to NextEra Energy Resources. Interest expense is allocated based on a deemed capital structure of 70% debt and differential membership interests sold by NextEra Energy Resources' subsidiaries. Residual corporate interest expense is included in Corporate and Other.

(b)

After tax impact is as follows:

NEER

Corporate and Other

NextEra Energy

Adjusted Earnings

Adjusted

EPS

Adjusted Earnings

Adjusted

EPS

Adjusted Earnings

Adjusted

EPS

Net losses (gains) associated with non-qualifying hedges

$

$

$

$

$

$

Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI – net

$

$

$

—

$

—

$

$

XPLR Infrastructure, LP investment gains – net

$

$

$

—

$

—

$

$

(c)

Includes the effects of rounding.

7

NextEra Energy, Inc.

Condensed Consolidated Statements of Income

(millions, except per share amounts)

(unaudited)

Preliminary

FPL

NEER

Corporate and

Other(a)

NextEra Energy

Operating Revenues

$

$

$

$

Operating Expenses

Fuel, purchased power and interchange

Other operations and maintenance

Depreciation and amortization

Taxes other than income taxes and other – net

4

Total operating expenses – net

Gains (Losses) on Disposal of Businesses/Assets – Net

—

(8)

Operating Income (Loss)

Other Income (Deductions)

Interest expense

Equity in earnings (losses) of equity method investees

—

Allowance for equity funds used during construction

8

—

Gains (losses) on disposal of investments and other property – net

—

—

Change in unrealized gains (losses) on equity securities held in NEER's nuclear decommissioning

funds – net

—

—

Other net periodic benefit income

—

—

Other – net

2

Total other income (deductions) – net

Income (Loss) before Income Taxes

Income Tax Expense (Benefit)

Net Income (Loss)

Net Loss Attributable to Noncontrolling Interests

—

—

Net Income (Loss) Attributable to NextEra Energy, Inc.

$

$

$

$

Reconciliations of Net Income (Loss) Attributable to NextEra Energy, Inc. to Adjusted Earnings (Loss):

Net Income (Loss) Attributable to NextEra Energy, Inc.

$

$

$

$

Adjustments – Pretax:(b)

Net losses (gains) associated with non-qualifying hedges

—

Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning

funds and OTTI – net

—

—

Differential membership interests – related

—

6

—

6

XPLR Infrastructure, LP investment gains – net

—

—

Less related income tax expense (benefit)(c)

—

Adjusted Earnings (Loss)

$

$

$

$

Earnings (Loss) Per Share Attributable to NextEra Energy, Inc. (assuming dilution)

$

$

$

$

Adjustments – Pretax:(b)

Net losses (gains) associated with non-qualifying hedges

—

Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning

funds and OTTI – net

—

—

Differential membership interests – related

—

—

—

—

XPLR Infrastructure, LP investment gains – net

—

—

Less related income tax expense (benefit)(c)

—

Adjusted Earnings (Loss) Per Share

$

$

$

$

Weighted-average shares outstanding (assuming dilution)

————————————

(a)

Corporate and Other represents other business activities and eliminating entries, and may include the net effect of rounding. Corporate and Other allocates a portion of corporate interest expense to NextEra Energy Resources. Interest expense is allocated based on a deemed capital structure of 70% debt and differential membership interests sold by NextEra Energy Resource's subsidiaries. Residual corporate interest expense is included in Corporate and Other.

(b)

After tax impact is as follows:

NEER

Corporate and Other

NextEra Energy

Adjusted Earnings

Adjusted

EPS

Adjusted Earnings

Adjusted

EPS

Adjusted Earnings

Adjusted

EPS

Net losses (gains) associated with non-qualifying hedges

$

$

$

$

$

$

Change in unrealized losses (gains) on equity securities held in NEER's nuclear decommissioning funds and OTTI – net

$

$

$

—

$

—

$

$

Differential membership interests – related

$

5

$

—

$

—

$

—

$

5

$

—

XPLR Infrastructure, LP investment gains – net

$

$

$

—

$

—

$

$

(c)

Includes the effects of rounding.

8

NextEra Energy, Inc.

Condensed Consolidated Balance Sheets

(millions)

(unaudited)

Preliminary

FPL

NEER

Corporate

and

Other(a)

NextEra Energy

ASSETS

Current assets:

Cash and cash equivalents

$

$

$

$

Customer receivables, net of allowances

3

Other receivables

Materials, supplies and fuel inventory

Regulatory assets

—

Derivatives

Other

Total current assets

Other assets:

Property, plant and equipment – net

Special use funds

—

Investment in equity method investees

—

Prepaid benefit costs

5

Regulatory assets

Derivatives

2

Goodwill

Other

Total other assets

TOTAL ASSETS

$

$

$

$

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY

Current liabilities:

Commercial paper

$

$

—

$

$

Other short-term debt

—

—

Current portion of long-term debt

Accounts payable

9

Customer deposits

—

Accrued interest and taxes

Derivatives

Accrued construction-related expenditures

5

Regulatory liabilities

1

Other

Total current liabilities

Other liabilities and deferred credits:

Long-term debt

Asset retirement obligations

—

Deferred income taxes

Regulatory liabilities

—

Derivatives

2

Other

Total other liabilities and deferred credits

TOTAL LIABILITIES

COMMITMENTS AND CONTINGENCIES

REDEEMABLE NONCONTROLLING INTERESTS

—

—

—

—

EQUITY

Common stock

—

Additional paid-in capital

Retained earnings

Accumulated other comprehensive income (loss)

—

9

Total common shareholders' equity

Noncontrolling interests

—

—

TOTAL EQUITY

TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY

$

$

$

$

————————————

(a)

Corporate and Other represents other business activities and eliminating entries, and may include the net effect of rounding. Corporate and Other allocates a portion of corporate interest expense to NextEra Energy Resources. Interest expense is allocated based on a deemed capital structure of 70% debt and differential membership interests sold by NextEra Energy Resources' subsidiaries. Residual corporate interest expense is included in Corporate and Other.

9

NextEra Energy, Inc.

Condensed Consolidated Balance Sheets

(millions)

(unaudited)

Preliminary

FPL

NEER

Corporate

and

Other(a)

NextEra Energy

ASSETS

Current assets:

Cash and cash equivalents

$

$

$

$

Customer receivables, net of allowances

2

Other receivables

Materials, supplies and fuel inventory

9

Regulatory assets

1

Derivatives

Other

Total current assets

Other assets:

Property, plant and equipment – net

Special use funds

—

Investment in equity method investees

—

—

Prepaid benefit costs

6

Regulatory assets

Derivatives

9

Goodwill

Other

Total other assets

TOTAL ASSETS

$

$

$

$

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY

Current liabilities:

Commercial paper

$

$

—

$

$

Other short-term debt

—

—

Current portion of long-term debt

Accounts payable

(2)

Customer deposits

—

Accrued interest and taxes

Derivatives

3

Accrued construction-related expenditures

1

Regulatory liabilities

4

2

Other

Total current liabilities

Other liabilities and deferred credits:

Long-term debt

Asset retirement obligations

—

Deferred income taxes

Regulatory liabilities

—

Derivatives

4

Other

Total other liabilities and deferred credits

TOTAL LIABILITIES

COMMITMENTS AND CONTINGENCIES

REDEEMABLE NONCONTROLLING INTERESTS

—

—

EQUITY

Common stock

—

Additional paid-in capital

Retained earnings

Accumulated other comprehensive income (loss)

—

Total common shareholders' equity

Noncontrolling interests

—

—

TOTAL EQUITY

TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY

$

$

$

$

————————————

(a)

Corporate and Other represents other business activities and eliminating entries, and may include the net effect of rounding. Corporate and Other allocates a portion of corporate interest expense to NextEra Energy Resources. Interest expense is allocated based on a deemed capital structure of 70% debt and differential membership interests sold by NextEra Energy Resource's subsidiaries. Residual corporate interest expense is included in Corporate and Other.

NextEra Energy, Inc.

Condensed Consolidated Statements of Cash Flows

(millions)

(unaudited)

Preliminary

FPL

NEER

Corporate and

Other(a)

NextEra Energy

Cash Flows From Operating Activities

Net income (loss)

$

$

$

$

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:

Depreciation and amortization

Nuclear fuel and other amortization

Unrealized losses (gains) on marked to market derivative contracts – net

—

(6)

Foreign currency transaction losses (gains)

—

2

Deferred income taxes

Cost recovery clauses and franchise fees

—

—

Equity in losses (earnings) of equity method investees

—

(9)

Distributions of earnings from equity method investees

—

—

Losses (gains) on disposal of businesses, assets and investments - net

(1)

Recoverable storm-related costs

—

—

Other – net

Changes in operating assets and liabilities:

Current assets

Noncurrent assets

Current liabilities

Noncurrent liabilities

Net cash provided by (used in) operating activities

Cash Flows From Investing Activities

Capital expenditures of FPL

—

—

Independent power and other investments of NEER

—

—

Nuclear fuel purchases

—

Other capital expenditures

—

—

(5)

(5)

Sale of independent power and other investments of NEER

—

—

Proceeds from sale or maturity of securities in special use funds and other investments

Purchases of securities in special use funds and other investments

Other – net

Net cash used in investing activities

Cash Flows From Financing Activities

Issuances of long-term debt, including premiums and discounts

Retirements of long-term debt

Proceeds from differential membership investors

—

—

Payments to differential membership investors

—

—

Net change in commercial paper

—

Proceeds from other short-term debt

—

—

Repayments of other short-term debt

—

Cash swept from (repayments to) related parties – net

—

—

Issuances of common stock/equity units

—

—

Dividends on common stock

—

—

Dividends & capital distributions from (to) parent – net

—

Other – net

Net cash provided by (used in) financing activities

Effects of currency translation on cash, cash equivalents and restricted cash

—

3

—

3

Net increase (decrease) in cash, cash equivalents and restricted cash

Cash, cash equivalents and restricted cash at beginning of period

Cash, cash equivalents and restricted cash at end of period

$

$

$

$

————————————

(a)

Corporate and Other represents other business activities and eliminating entries, and may include the net effect of rounding. Corporate and Other allocates a portion of corporate interest expense to NextEra Energy Resources. Interest expense is allocated based on a deemed capital structure of 70% debt and differential membership interests sold by NextEra Energy Resources' subsidiaries. Residual corporate interest expense is included in Corporate and Other.

NextEra Energy, Inc.

Condensed Consolidated Statements of Cash Flows

(millions)

(unaudited)

Preliminary

FPL

NEER

Corporate and

Other(a)

NextEra Energy

Cash Flows From Operating Activities

Net income (loss)

$

$

$

$

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:

Depreciation and amortization

Nuclear fuel and other amortization

Unrealized losses (gains) on marked to market derivative contracts – net

—

Foreign currency transaction losses (gains)

—

—

(1)

(1)

Deferred income taxes

(7)

Cost recovery clauses and franchise fees

—

—

Equity in losses (earnings) of equity method investees

—

Distributions of earnings from equity method investees

—