D: Virginia is for mergers? Potential NEE-D tie-up surprising, but illustrative math works

Research evidence excerpt

D: Virginia is for mergers? Potential NEE-D tie-up surprising, but illustrative math works

Dominion Energy, Inc.

Restricted (R): RBC policy precludes certain types of communications, including an investment recommendation, when RBC is

acting as an advisor in certain merger or other strategic transactions and in certain other circumstances.

Not Rated (NR): The rating, price targets and estimates have been removed due to applicable legal, regulatory or policy constraints

which may include when RBC Capital Markets is acting in an advisory capacity involving the company.

Risk Rating

The Speculative risk rating reflects a security's lower level of financial or operating predictability, illiquid share trading volumes,

high balance sheet leverage, or limited operating history that result in a higher expectation of financial and/or stock price volatility.

Distribution of ratings

For the purpose of ratings distributions, regulatory rules require member firms to assign ratings to one of three rating categories -

Buy, Hold/Neutral, or Sell - regardless of a firm's own rating categories. Although RBC Capital Markets' ratings of Outperform (O),

Sector Perform (SP), and Underperform (U) most closely correspond to Buy, Hold/Neutral and Sell, respectively, the meanings are

not the same because our ratings are determined on a relative basis.

RBC Capital Markets, Equity Research

As of 31-Mar-2026

Investment Banking

Serv./Past 12 Mos.

Rating Count Percent Count Percent

BUY [Outperform] 899 57.52 286 31.81

HOLD [Sector Perform] 612 39.16 153 25.00

SELL [Underperform] 52 3.33 5 9.62

Rating and price target history for: Dominion Energy, Inc., D US as of 15-May-2026 (in USD)

03-Apr-2023 12-Sep-2023 06-Aug-2024 14-Aug-2024 24-Jan-2025 27-Oct-2025 22-Jan-2026 28-Apr-2026