NextEra Energy: Watt’s the Q2’26 number for NEE?

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NextEra Energy: Watt’s the Q2’26 number for NEE?

Q2’26e: $1.02, modest decline yr/yr

We estimate Q2’26 operating EPS of $1.02 vs $1.05 in Q2’25. Growth from FPL rate

base investment and a modest wind resource benefit is more than offset by higher

interest expense, share dilution, and increased nuclear refueling outage costs.

The primary drivers are higher interest expense and equity dilution, partially offset by

continued FPL investment. We also assume a modest benefit from improved wind

resources, while nuclear outage costs are a year-over-year headwind given two refueling

outages in Q2’26 vs one last year and 35 additional outage days.

• Interest expense (-$0.06): Reflects the quarterly allocation of the projected

annual step-up in interest expense across all four quarters.

• Dilution (-$0.02): Driven by higher shares outstanding, with Q2’25 share count of

2.061bn vs 2.092bn at the end of Q1’26.

• FPL rate base investment (+$0.05): Based on Q2’25 average rate base of

$72.9bn and implied rate base growth of 8.8%, with 85% earning at the top end of

FPL’s allowed ROE of 11.7% and 15% earning at the base allowed ROE of 10.9%.

• Wind resources (+$0.015): Q2’25 wind resources were 97%; applying NEE’s

sensitivity of +$0.015/share for each 1% improvement through the remainder of

2026, we assume a modest quarterly benefit.

• Nuclear refueling outages (-$0.02): Reflects two refueling outages in Q2’26 vs

one in Q2’25, with total outage days expected to be higher by 35 days year over

year.

We expect a reaffirmation of business/financial guidance:

We do not expect any change to NEE’s financial or business guidance on the Q2 call.

Management’s current 2026 adjusted EPS guidance remains $3.92-$4.02, with the

company targeting the high end of the range.