NEE – Powerscaler to the hyperscalers; mgmt. meetings

Research evidence excerpt

NEE – Powerscaler to the hyperscalers; mgmt. meetings

Utilities

Utilities/Regulateds - Market Overweight

NEXTERA ENERGY (NEE) June 11, 2026

NEE – Powerscaler to the hyperscalers; mgmt. meetings Rating:

Outperform

The Wolfe Byte Price: $84.84

We hosted NEE management for meetings in Europe. They are excited to bring Price Target:

the NEE playbook to D and further cement the company as a hyperscaler solutions $100

provider. Mgmt sees continued execution on the standalone plan in the meantime % Upside:

17.9%– DC deals and gas plants at FPL/NEER.

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Hyperscaler solutions provider. NEE is able to provide whatever works best for the Company Information

customer/location – working with C-suites on power strategies across fuel types. 52-Week Range $69 - $98

The D deal has been well-received by hyperscalers, particularly on NEE's increasing Market Cap. (MM) $177,504

involvement in PJM given its importance to the data center buildout. Enterprise Value (MM) $291,443

Shares Out. (MM) 2,085.3

Standalone progress expected while merger is pending. While the 12+ month Avg. Value Traded (MM) $1,032.59

Adj. Debt to Cap 59.1%

approval process does create some regulatory overhang, mgmt. expects to keep SI% of Float 2.6%

investors excited about the standalone plan. They expect announcements and FCF Yield 1.9%

catalysts across FPL large load, NEER DC hubs, gas plants, White House projects, etc. EV/ EBITDA 19.2x

Confident in approvals. NEE has seen positive stakeholder feedback too. VA has Price Performance

a statutory 6-month approval process that will kick-off after a filing next month. NEE YTD6% 17%LTM

Committing to a dual HQ in Richmond is important to the state. SC/NC have no UTY Index 3% 10%

deadlines, but likely take ~12 months.