NEE: 2Q26 Spark Note

Research evidence excerpt

NEE: 2Q26 Spark Note

y balanced segment growth. NextEra reported 2Q26 adjusted EPS of $1.15, above street consensus of

$1.11 and up 9.5% year over year, with contributions from both regulated and contracted businesses. FPL earned $0.67 per

share, up from $0.62 a year ago, while Energy Resources contributed $0.62 on an adjusted basis versus $0.53 in the prior-

year quarter.

◼ FPL delivers steady regulated growth with a building large-load pipeline. FPL grew regulatory capital employed by

approximately 9.3% year over year, with second-quarter capital expenditures of roughly $2.8 billion and full-year capital

investment expected between $12 billion and $13 billion. The utility added more than 90,000 customers in the quarter and

continues to note that typical residential bills remain around 30% below the national average, with projected increases of about

2% annually through the end of the decade. On large load, FPL raised its expectation to 8 GW by 2032, up from 6 GW

previously, and continues to expect to announce at least one large-load transaction under its tariff by year-end, with a portion

of the roughly 12 GW in advanced discussions potentially served as soon as 2028.

◼ Energy Resources sustains origination momentum and grows its Energy Hub pipeline. Energy Resources added 3.6

GW to backlog in the quarter, including 2 GW of battery storage, bringing total backlog to approximately 35.1 GW after roughly

1.1 GW was placed into service since the first-quarter call. The company expects its Energy Hub pipeline to reach roughly 40

sites by year-end, up from about 30 in July, with advanced negotiations on federal hubs in Texas and Pennsylvania and ~6

GW of SMR co-location opportunities at its nuclear sites. Separately, the Duane Arnold nuclear restart remains on track for no