Duke Energy — Feb 13, 2025 release

News Release                 Media Contact: Gillian Moore 24-Hour: 800.559.3853 Analyst Contact: Abby Motsinger Office: 704.382.7624 February 13, 2025 Duke Energy reports fourth-quarter and full-year 2024 financial results ▪ 2024 reported EPS of $5.71 and adjusted EPS of $5.90, closing the year within guidance range ▪ Constructive regulatory outcomes in 2024 support execution of strategic priorities ▪ Five-year capital plan increasing to $83 billion to fund new generation and serve growing energy demand CHARLOTTE, N.C. – Duke Energy (NYSE: DUK) today announced 2024 full-year reported EPS of $5.71, prepared in accordance with Generally Accepted Accounting Principles (GAAP), and adjusted EPS of $5.90. This is compared to reported and adjusted EPS of $3.54 and $5.56, respectively, for the full-year 2023. Adjusted EPS excludes the impact of certain items that are included in reported EPS. In 2024, these included amounts related to noncore asset sales and net impairments, regulatory matters, captive storm deductible and other matters as described on pages 4 and 5. Higher full-year 2024 adjusted results were primarily driven by growth from rate increases and riders, improved weather and higher sales volumes. These items were partially offset by higher interest expense, depreciation on a growing asset base and storm costs, along with a higher effective tax rate. The company is introducing 2025 adjusted EPS guidance of $6.17 to $6.42 and extending its long-term adjusted EPS growth rate of 5% to 7% through 2029 off the 2025 midpoint of $6.30. Management does not forecast reported GAAP EPS and related long-term growth rates. “Today we announced strong fourth-quarter results, closing out a year of great accomplishment,” said Lynn Good, Duke Energy chair and chief executive officer. “Duke Energy enters 2025 in a position of strength, and I’m excited about the future with Harry Sideris as its next CEO. Under his leadership, Duke Energy is well positioned to execute the next phase of our business strategy.” “I assume this new position at a pivotal point for our company and industry,” said Duke Energy President and incoming CEO Harry Sideris. “At Duke Energy, we are committed to investing in the critical infrastructure needed to support our country’s aspirations for technology leadership and economic growth. We will deliver on these goals while maintaining energy reliability, affordability and security for our customers and growing EPS 5% to 7% through 2029.” Duke Energy News Release     2 Quarterly results Duke Energy's fourth-quarter 2024 reported EPS was $1.54, compared to $1.27 for the fourth quarter of 2023. Duke Energy's fourth-quarter 2024 adjusted EPS was $1.66, compared to $1.51 for the fourth quarter of 2023. Higher adjusted results for the quarter compared to last year were primarily driven by growth from rate increases and riders. These items were partially offset by higher interest expense and depreciation on a growing asset base. In addition to the following summary of fourth-quarter 2024 business segment performance, comprehensive tables with detailed EPS drivers for the fourth-quarter and full-year 2024 compared to prior year are provided at the end of this news release. The discussion below of fourth-quarter results includes both GAAP segment income and adjusted segment income, which is a non-GAAP financial measure. The tables at the end of this news release present a full reconciliation of GAAP reported results to adjusted results. Electric Utilities and Infrastructure On a reported basis, Electric Utilities and Infrastructure re cognized fourth-quarter 2024 segment income of $1,208 million, compared to segment income of $1,135 million in the fourth quarter of 2023. In addition to the drivers outlined below, fourth-quarter 2024 results include charges related to regulatory matters, noncore asset sales and net impairments to certain joint venture electric transmission projects, which were treated as special items and excluded from adjusted earnings. On an adjusted basis, Electric Utilities and Infrastructure recognized fourth-quarter 2024 segment income of $1,238 million, compared to segment income of $1,115 million, in the fourth quarter of 2023. This represents an increase of $0.16 per share. Higher quarterly results were primarily driven by growth from rate increases and riders, partially offset by higher depreciation on a growing asset base. Gas Utilities and Infrastructure On a reported basis, Gas Utilities and Infrastructure recognized fourth-quarter 2024 segment income of $189 million, compared to segment income of $192 million in the fourth quarter of 2023. In addition to the drivers outlined below, fourth-quarter 2024 results include charges related to impairments for certain renewable natural gas investments, which were treated as a special item and excluded from adjusted earnings. On an adjusted basis, Gas Utilities and Infrastructure recognized fourth-quarter 2024 segment income of $231 million, compared to segment income of $192 million, in the fourth quarter of 2023. This represents an increase of $0.05 per share. Higher quarterly results were primarily driven by growth from rate increases and riders, partially offset by higher interest expense and depreciation on a growing asset base. Duke Energy News Release     3 Other Other primarily includes interest expense on holding company debt, other unallocated corporate costs and results from Duke Energy’s captive insurance company. On a reported basis, Other recognized a fourth-quarter 2024 segment loss of $204 million, compared to a segment loss of $228 million in the fourth quarter of 2023. In addition to the drivers outlined below, fourth-quarter 2024 results include charges related to an insurance deductible for Hurricane Helene property losses, which was treated as a special item and excluded from adjusted earnings. On an adjusted basis, Other recognized a fourth-quarter 2024 segment loss of $186 million, compared to a segment loss of $133 million in the fourth quarter of 2023. This represents a decrease of $0.06 per share. Lower quarterly results were primarily driven by higher interest expense. Effective tax rate Duke Energy's consolidated reported effective tax rate for the fourth quarter of 2024 was 8.1% compared to 9.7% in the fourth quarter of 2023. The decrease was primarily due to an increase in the amortization of excess deferred taxes and PTCs. Duke Energy's consolidated adjusted effective tax rate for the fourth quarter of 2024 was 9.3% compared to 10.5% in the fourth quarter of 2023. The decrease was primarily due to an increase in the amortization of excess deferred taxes and PTCs. The tables at the end of this news release present a reconciliation of the reported effective tax rate to the adjusted effective tax rate. Earnings conference call for analysts An earnings conference call for analysts is scheduled from 10 to 11 a.m. ET today to discuss fourth-quarter and year-end 2024 financial results and other business and financial updates. The conference call will be hosted by Lynn Good, chair and chief executive officer, Harry Sideris, president, and Brian Savoy, executive vice president and chief financial officer. The call can be accessed via the investors' section (duke-energy.com/investors) of Duke Energy’s website or by dialing 833.470.1428 in the United States or 929.526.1599 outside the United States. The confirmation code is 089851. Please call in 10 to 15 minutes prior to the scheduled start time. A replay of the conference call will be available on the investors' section of the company's website on February 14. Duke Energy News Release     4 Special Items and Non-GAAP Reconciliation The following tables present a reconciliation of GAAP reported to adjusted earnings per share for fourth-quarter and full-year 2024 and 2023 financial results: (In millions, except per share amounts) After-Tax Amount 4Q 2024 EPS 4Q 2023 EPS EPS, as reported $ 1.54   $ 1.27  Adjustments to reported EPS: Fourth Quarter 2024 Regulatory matters $ 18   $ 0.02   Noncore asset sales and net impairments 54   0.07   Captive storm deductible 18   0.02   Discontinued operations (a) 2   —   Fourth Quarter 2023 Regulatory matters $ (20) $ (0.03) Organizational optimization 95  0.13  Discontinued operations (a) 108  0.14  Total adjustments (b) $ 0.12   $ 0.24  EPS, adjusted $ 1.66   $ 1.51  (a)    Represents the operating results and impairments recognized related to the sale of the Commercial Renewables business disposal group. (b)    Total EPS adjustments may not foot due to rounding. (In millions, except per share amounts) After-Tax Amount Full-Year 2024 EPS Full-Year 2023 EPS EPS, as reported $ 5.71   $ 3.54  Adjustments to reported EPS: Full-Year 2024 Regulatory matters $ 43   $ 0.06   System post-implementation costs 16   0.02   Preferred Redemption Costs 16   0.02   Noncore asset sales and net impairments 54   0.07   Captive storm deductible 18   0.02   Discontinued operations (a) (7) (0.01) Full-Year 2023 Regulatory matters $ 64  $ 0.08  Organizational optimization 95  0.13  Discontinued operations (a) 1,391  1.81  Total adjustments (b) $ 0.19   $ 2.02  EPS, adjusted $ 5.90   $ 5.56  (a)    Represents the operating results and net impairment reversal recognized related to the sale of the Commercial Renewables business disposal group. (b)    Total EPS adjustments may not foot due to rounding. Duke Energy News Release     5 Non-GAAP financial measures Management evaluates financial performance in part based on non-GAAP financial measures, including adjusted earnings, adjusted EPS and adjusted effective tax rate. Adjusted earnings and adjusted EPS represent income (loss) from continuing operations available to Duke Energy Corporation common stockholders in dollar and per share amounts, adjusted for the dollar and per share impact of special items. The adjusted effective tax rate is calculated using pretax earnings and income tax expense, both adjusted to include the impact of noncontrolling interests, preferred dividends and to exclude the impact of special items. As discussed below, special items include certain charges and credits, which management believes are not indicative of Duke Energy's ongoing performance. Management uses these non-GAAP financial measures for planning and forecasting, and for reporting financial results to the Board of Directors, employees, stockholders, analysts and investors. The most directly comparable GAAP measures for adjusted earnings, adjusted EPS and the adjusted effective tax rate are Net Income (Loss) Available to Duke Energy Corporation common stockholders (GAAP reported earnings (loss)), Basic earnings (loss) per share Available to Duke Energy Corporation common stockholders (GAAP reported earnings (loss) per share), and the reported effective tax rate, respectively. Special items included in the periods presented include the following items, which management believes do not reflect ongoing costs: • Regulatory matters primarily represents net impairment charges related to Duke Energy Carolinas' and Duke Energy Progress' North Carolina and South Carolina rate case orders, Duke Energy Carolinas' North Carolina rate case settlement and charges related to Duke Energy Indiana post-retirement benefits. • System post-implementation costs represents the net impact of charges related to nonrecurring customer billing adjustments as a result of implementation of a new customer system. • Preferred redemption costs represents charges related to the redemption of Series B Preferred Stock. • Noncore asset sales and net impairments primarily represents charges related to certain joint venture electric transmission projects and certain renewable natural gas investments. • Captive Storm Deductible represents charges related to an insurance deductible for Hurricane Helene property losses. • Organizational optimization represents costs associated with strategic repositioning to a fully regulated utility. Duke Energy News Release     6 Due to the forward-looking nature of any forecasted adjusted earnings guidance, information to reconcile this non-GAAP financial measure to the most directly comparable GAAP financial measure is not available at this time, as management is unable to project all special items for future periods (such as legal settlements, the impact of regulatory orders or asset impairments). Management evaluates segment performance based on segment income (loss) and other net loss. Segment income (loss) is defined as income (loss) from continuing operations net of income attributable to noncontrolling interests and preferred stock dividends. Segment income (loss) includes intercompany revenues and expenses that are eliminated in the Condensed Consolidated Financial Statements. Management also uses adjusted segment income (loss) as a measure of historical and anticipated future segment performance. Adjusted segment income (loss) is a non-GAAP financial measure, as it is based upon segment income (loss) adjusted for special items, which are discussed above. Management believes the presentation of adjusted segment income (loss) provides useful information to investors, as it provides them with an additional relevant comparison of a segment’s performance across periods. The most directly comparable GAAP measure for adjusted segment income (loss) or adjusted other net loss is segment income (loss) and other net loss. Due to the forward-looking nature of any forecasted adjusted segment income or adjusted other net loss and any related growth rates for future periods, information to reconcile these non-GAAP financial measures to the most directly comparable GAAP financial measures is not available at this time, as the company is unable to forecast all special items, as discussed above. Duke Energy’s adjusted earnings, adjusted EPS and adjusted segment income may not be comparable to similarly titled measures of another company because other companies may not calculate the measures in the same manner. Duke Energy Duke Energy (NYSE: DUK), a Fortune 150 company headquartered in Charlotte, N.C., is one of America’s largest energy holding companies. The company's electric utilities serve 8.4 million customers in North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky, and collectively own 54,800 megawatts of energy capacity. Its natural gas utilities serve 1.7 million customers in North Carolina, South Carolina, Tennessee, Ohio and Kentucky. Duke Energy is executing an ambitious energy transition, keeping customer reliability and value at the forefront as it builds a smarter energy future. The company is investing in major electric grid upgrades and cleaner generation, including natural gas, nuclear, renewables and energy storage. More information is available at duke-energy.com and the Duke Energy News Center. Follow Duke Energy on X, LinkedIn, Instagram and Facebook, and visit illumination for stories about the people and innovations powering our energy transition. Duke Energy News Release     7 Forward-Looking Information This document includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are based on management’s beliefs and assumptions and can often be identified by terms and phrases that include “anticipate,” “believe,” “intend,” “estimate,” “expect,” “continue,” “should,” “could,” “may,” “plan,” “project,” “predict,” “will,” “potential,” “forecast,” “target,” “guidance,” “outlook” or other similar terminology. Various factors may cause actual results to be materially different than the suggested outcomes within forward-looking statements; accordingly, there is no assurance that such results will be realized. These factors include, but are not limited to: ◦ The ability to implement our business strategy, including meeting forecasted load growth demand, grid and fleet modernization objectives, and our carbon emission reduction goals, while balancing customer reliability and affordability; ◦ State, federal and foreign legislative and regulatory initiatives, including costs of compliance with existing and future environmental requirements and/or uncertainty of applicability or changes to such legislative and regulatory initiatives, including those related to climate change, as well as rulings that affect cost and investment recovery or have an impact on rate structures or market prices; ◦ The extent and timing of costs and liabilities to comply with federal and state laws, regulations and legal requirements related to coal ash remediation, including amounts for required closure of certain ash impoundments, are uncertain and difficult to estimate; ◦ The ability to timely recover eligible costs, including amounts associated with coal ash impoundment retirement obligations, asset retirement and construction costs related to carbon emissions reductions, and costs related to significant weather events, and to earn an adequate return on investment through rate case proceedings and the regulatory process; ◦ The costs of decommissioning nuclear facilities could prove to be more extensive than amounts estimated and all costs may not be fully recoverable through the regulatory process; ◦ The impact of extraordinary external events, such as a global pandemic or military conflict, and their collateral consequences, including the disruption of global supply chains or the economic activity in our service territories; ◦ Costs and effects of legal and administrative proceedings, settlements, investigations and claims; ◦ Industrial, commercial and residential decline in service territories or customer bases resulting from sustained downturns of the economy, storm damage, reduced customer usage due to cost pressures from inflation, tariffs, or fuel costs, worsening economic health of our service territories, reductions in customer usage patterns, or lower than anticipated load growth, particularly if usage of electricity by data centers is less than currently projected, energy efficiency efforts, natural gas building and appliance electrification, and use of alternative energy sources, such as self-generation and distributed generation technologies; ◦ Federal and state regulations, laws and other efforts designed to promote and expand the use of energy efficiency measures, natural gas electrification, and distributed generation technologies, such as private solar and battery storage, in Duke Energy service territories could result in a reduced number of customers, excess generation resources as well as stranded costs; ◦ Advancements in technology, including artificial intelligence; ◦ Additional competition in electric and natural gas markets and continued industry consolidation; ◦ The influence of weather and other natural phenomena on operations, financial position, and cash flows, including the economic, operational and other effects of severe storms, hurricanes, droughts, earthquakes and tornadoes, including extreme weather associated with climate change; ◦ Changing or conflicting investor, customer and other stakeholder expectations and demands, particularly regarding environmental, social and governance matters and costs related thereto; ◦ The ability to successfully operate electric generating facilities and deliver electricity to customers including direct or indirect effects to the Company resulting from an incident that affects the United States electric grid or generating resources; ◦ Operational interruptions to our natural gas distribution and transmission activities; Duke Energy News Release     8 ◦ The availability of adequate interstate pipeline transportation capacity and natural gas supply; ◦ The impact on facilities and business from a terrorist or other attack, war, vandalism, cybersecurity threats, data security breaches, operational events, information technology failures or other catastrophic events, such as severe storms, fires, explosions, pandemic health events or other similar occurrences; ◦ The inherent risks associated with the operation of nuclear facilities, including environmental, health, safety, regulatory and financial risks, including the financial stability of third-party service providers; ◦ The timing and extent of changes in commodity prices, including any impact from increased tariffs and interest rates, and the ability to timely recover such costs through the regulatory process, where appropriate, and their impact on liquidity positions and the value of underlying assets; ◦ The results of financing efforts, including the ability to obtain financing on favorable terms, which can be affected by various factors, including credit ratings, interest rate fluctuations, compliance with debt covenants and conditions, an individual utility’s generation mix, and general market and economic conditions; ◦ Credit ratings of the Duke Energy Registrants may be different from what is expected; ◦ Declines in the market prices of equity and fixed-income securities and resultant cash funding requirements for defined benefit pension plans, other post-retirement benefit plans and nuclear decommissioning trust funds; ◦ Construction and development risks associated with the completion of the Duke Energy Registrants’ capital investment projects, including risks related to financing, timing and receipt of necessary regulatory approvals, obtaining and complying with terms of permits, meeting construction budgets and schedules and satisfying operating and environmental performance standards, as well as the ability to recover costs from customers in a timely manner, or at all; ◦ Changes in rules for regional transmission organizations, including changes in rate designs and new and evolving capacity markets, and risks related to obligations created by the default of other participants; ◦ The ability to control operation and maintenance costs; ◦ The level of creditworthiness of counterparties to transactions; ◦ The ability to obtain adequate insurance at acceptable costs and recover on claims made; ◦ Employee workforce factors, including the potential inability to attract and retain key personnel; ◦ The ability of subsidiaries to pay dividends or distributions to Duke Energy Corporation holding company (the Parent); ◦ The performance of projects undertaken by our businesses and the success of efforts to invest in and develop new opportunities; ◦ The effect of accounting and reporting pronouncements issued periodically by accounting standard-setting bodies and the SEC; ◦ The impact of United States tax legislation to our financial condition, results of operations or cash flows and our credit ratings; ◦ The impacts from potential impairments of goodwill or investment carrying values; ◦ Asset or business acquisitions and dispositions may not yield the anticipated benefits; and ◦ The actions of activist shareholders could disrupt our operations, impact our ability to execute on our business strategy or cause fluctuations in the trading price of our common stock. Additional risks and uncertainties are identified and discussed in the Duke Energy Registrants' reports filed with the SEC and available at the SEC's website at sec.gov. In light of these risks, uncertainties and assumptions, the events described in the forward-looking statements might not occur or might occur to a different extent or at a different time than described. Forward-looking statements speak only as of the date they are made and the Duke Energy Registrants expressly disclaim an obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. DUKE ENERGY CORPORATION REPORTED TO ADJUSTED EARNINGS RECONCILIATION Three Months Ended December 31, 2024 (Dollars in millions, except per share amounts) Special Items Reported Earnings Regulatory Matters Noncore Asset Sales and Net Impairments Captive Storm Deductible Discontinued Operations Total Adjustments Adjusted Earnings SEGMENT INCOME (LOSS) Electric Utilities and Infrastructure $ 1,208   $ 18  A $ 12  B $ —  $ —  $ 30  $ 1,238  Gas Utilities and Infrastructure 189   —  42  C —  —  42  231  Total Reportable Segment Income 1,397   18   54   —   —   72   1,469   Other (204) —  —  18  D —  18  (186) Discontinued Operations $ (2) —  —  —  2  E 2  —  Net Income Available to Duke Energy Corporation Common Stockholders $ 1,191   $ 18   $ 54   $ 18   $ 2   $ 92   $ 1,283   EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS $ 1.54   $ 0.02   $ 0.07   $ 0.02   $ —   $ 0.12   $ 1.66   Note: Total EPS adjustments do not cross-foot due to rounding. A – Net of $7 million tax benefit. $29 million recorded as a reduction of Operating revenues and $4 million reduction within Noncontrolling Interests on the Consolidated Statements of Operations related to a Duke Energy Indiana regulatory liability associated with certain employee post-retirement benefits. B – Net of $1 million tax expense. $15 million recorded within Equity in (losses) earnings of unconsolidated affiliates and $4 million recorded within Gains on sales of other assets and other, net, on the Consolidated Statements of Operations primarily related to impairments in certain joint venture electric transmission projects. C – Net of $12 million tax benefit. $54 million recorded within Equity in (losses) earnings of unconsolidated affiliates on the Consolidated Statements of Operations related to impairments for certain renewable natural gas investments. D – Net of $5 million tax benefit. $23 million recorded within Operations, maintenance and other on the Consolidated Statements of Operations related to an insurance deductible for Hurricane Helene property losses. E – Recorded in Income (Loss) from Discontinued Operations, net of tax, a nd Net Income (Loss) Attributable t o Noncontrolling Interests on the Consolidated Statements of Operations. Weighted Average Shares, basic (reported and adjusted) – 773 million 9 DUKE ENERGY CORPORATION REPORTED TO ADJUSTED EARNINGS RECONCILIATION Year Ended December 31, 2024 (Dollars in millions, except per share amounts) Special Items Reported Earnings Regulatory Matters System Post-Implementation Costs Preferred Redemption Costs Noncore Asset Sales and Net Impairments Captive Storm Deductible Discontinued Operations Total Adjustments Adjusted Earnings SEGMENT INCOME (LOSS) Electric Utilities and Infrastructure $ 4,770   $ 43  A $ 13  B $ —  $ 12  E $ —  $ —  $ 68  $ 4,838  Gas Utilities and Infrastructure 454   —  3  C —  42  F —  —  45  499  Total Reportable Segment Income 5,224   43   16   —   54   —   —   113   5,337   Other (829) —  —  16 D —  18  G —  34  (795) Discontinued Operations 7   —  —  —  —  —  (7) H (7) —  Net Income Available to Duke Energy Corporation Common Stockholders $ 4,402   $ 43   $ 16   $ 16   $ 54   $ 18   $ (7) $ 140   $ 4,542   EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS $ 5.71   $ 0.06   $ 0.02   $ 0.02   $ 0.07   $ 0.02   $ (0.01) $ 0.19   $ 5.90   Note: Earnings Per Share amounts are adjusted for accumulated dividends for Series B Preferred Stock of $0.02. Total EPS adjustments do not cross-foot due to rounding. A – Net of $15 million tax benefits. • $33 million recorded within Impairment of assets and other charges, $2 million recorded within Operations, maintenance and other, and an $11 million reduction recorded within Interest Expense on the Consolidated Statements of Operations primarily related to a South Carolina rate case order for Duke Energy Carolinas. • $9 million recorded within Impairment of assets and other charges on the Consolidated Statements of Operations primarily related to a South Carolina rate case order for Duke Energy Progress. • $29 million recorded as a reduction of Operating revenues and $4 million reduction within Noncontrolling Interests on the Consolidated Statements of Operations related to a Duke Energy Indiana regulatory liability associated with certain employee post-retirement benefits. B – Net of $4 million tax benefit. $17 million recorded as a reduction of Operating Revenues on the Consolidated Statements of Operations related to nonrecurring customer billing adjustments as a result of implementation of a new customer system. C – Net of $1 million tax benefit. $1 million recorded within Operations, maintenance and other and $3 million as a charge within Other Income and expenses on the Consolidated Statements of Operations related to nonrecurring customer billing adjustments as a result of implementation of a new customer system. D – $16 million recorded within Preferred Redemption Costs on the Consolidated Statements of Operations related to the redemption of Series B Preferred Stock. E – Net of $1 million tax expense. $15 million recorded within Equity in (losses) earnings of unconsolidated affiliates and $4 million recorded within Gains on sales of other assets and other, net, on the Consolidated Statements of Operations primarily related to impairments in certain joint venture electric transmission projects. F – Net of $12 million tax benefit. $54 million recorded within Equity in (losses) earnings of unconsolidated affiliates on the Consolidated Statements of Operations related to impairments for certain renewable natural gas investments. G – Net of $5 million tax benefit. $23 million recorded within Operations, maintenance and other on the Consolidated Statements of Operations related to an insurance deductible for Hurricane Helene property losses. H – Recorded in Income (Loss) from Discontinued Operations, net of tax, a nd Net Income (Loss) Attributable t o Noncontrolling Interests on the Consolidated Statements of Operations. Weighted Average Shares, basic (reported and adjusted) – 772 million 10 DUKE ENERGY CORPORATION REPORTED TO ADJUSTED EARNINGS RECONCILIATION Three Months Ended December 31, 2023 (Dollars in millions, except per share amounts) Special Items Reported Earnings Regulatory Matters Organizational Optimization Discontinued Operations Total Adjustments Adjusted Earnings SEGMENT INCOME (LOSS) Electric Utilities and Infrastructure $ 1,135   $ (20) A $ —  $ —  $ (20) $ 1,115  Gas Utilities and Infrastructure 192   —  —  —  —  192  Total Reportable Segment Income 1,327   (20) —   —   (20) 1,307   Other (228) —  95  B —  95  (133) Discontinued Operations (108) —  —  108  C 108  —  Net Income Available to Duke Energy Corporation Common Stockholders $ 991   $ (20) $ 95   $ 108   $ 183   $ 1,174   EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS $ 1.27   $ (0.03) $ 0.13   $ 0.14   $ 0.24   $ 1.51   Note: Earnings Per Share amounts are adjusted for accumulated dividends for Series B Preferred Stock of $(0.02). A – Net of $7 million tax expense. • $27 million reversal recorded within Impairment of assets and other charges on the Duke Energy Carolinas' Consolidated Statements of Operations primarily related to the North Carolina rate case order. B – Net of $29 million tax benefit. $110 million recorded within Operations, maintenance and other and $14 million within Impairment of assets and other charges on the Consolidated Statements of Operations primarily related to strategic repositioning to a fully regulated utility. C – Recorded in Income (Loss) from Discontinued Operations, net of tax, and Net Income (Loss) Attributable to Noncontrolling Interests on the Consolidated Statements of Operations. Weighted Average Shares, basic (reported and adjusted) – 771 million 11 DUKE ENERGY CORPORATION REPORTED TO ADJUSTED EARNINGS RECONCILIATION Year Ended December 31, 2023 (Dollars in millions, except per share amounts) Special Items Reported Earnings Regulatory Matters Organizational Optimization Discontinued Operations Total Adjustments Adjusted Earnings SEGMENT INCOME (LOSS) Electric Utilities and Infrastructure $ 4,223   $ 64  A $ —  $ —  $ 64  $ 4,287  Gas Utilities and Infrastructure 519   —  —  —  —  519  Total Reportable Segment Income 4,742   64   —   —   64   4,806   Other (616) —  95  B —  95  (521) Discontinued Operations (1,391) —  —  1,391  C 1,391  —  Net Income Available to Duke Energy Corporation Common Stockholders $ 2,735   $ 64   $ 95   $ 1,391   $ 1,550   $ 4,285   EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS $ 3.54   $ 0.08   $ 0.13   $ 1.81   $ 2.02   $ 5.56   A – Net of $10 million tax benefit at Duke Energy Carolinas and $10 million tax benefit at Duke Energy Progress. • $35 million recorded within Impairment of assets and other charges and $8 million within Operations, maintenance and other on the Duke Energy Carolinas' Consolidated Statements of Operations primarily related to the North Carolina rate case order. • $33 million recorded within Impairment of assets and other charges and $8 million within Operations, maintenance and other on the Duke Energy Progress' Consolidated Statements of Operations primarily related to the North Carolina rate case order. B – Net of $29 million tax benefit. $110 million recorded within Operations, maintenance and other and $14 million within Impairment of assets and other charges on the Consolidated Statements of Operations primarily related to strategic repositioning to a fully regulated utility. C – Recorded in Income (Loss) from Discontinued Operations, net of tax, and Net Income (Loss) Attributable to Noncontrolling Interests on the Consolidated Statements of Operations. Weighted Average Shares, basic (reported and adjusted) – 771 million 12 DUKE ENERGY CORPORATION EFFECTIVE TAX RECONCILIATION December 2024 (Dollars in millions) Three Months Ended    December 31, 2024 Year Ended    December 31, 2024 Balance Effective Tax Rate Balance Effective Tax Rate Reported Income From Continuing Operations Before Income Taxes $ 1,338  $ 5,194  Regulatory Matters 29  62  System Post-Implementation Costs —  21  Preferred Redemption Costs —  16  Noncore Asset Sales and Net Impairments 65  65  Captive Storm Deductible 23  23  Noncontrolling Interests (27) (106) Preferred Dividends and Redemption Premium (14) (122) Adjusted Pretax Income $ 1,414  $ 5,153  Reported Income Tax Expense From Continuing Operations $ 109  8.1  % $ 590  11.4  % Regulatory Matters 7  15  System Post-Implementation Costs —  5  Noncore Asset Sales and Net Impairments 11  11  Captive Storm Deductible 5  5  Noncontrolling interest portion of income taxes (a) (1) (15) Adjusted Tax Expense $ 131  9.3  % $ 611  11.9  % Three Months Ended    December 31, 2023 Year Ended    December 31, 2023 Balance Effective Tax Rate Balance Effective Tax Rate Reported Income From Continuing Operations Before Income Taxes $ 1,257  $ 4,767  Regulatory Matters (27) 84  Organizational Optimization 124  124  Noncontrolling Interests (29) (121) Preferred Dividends (14) (106) Adjusted Pretax Income $ 1,311  $ 4,748  Reported Income Tax Expense From Continuing Operations $ 122  9.7  % $ 438  9.2  % Regulatory Matters (7) 20  Organizational Optimization 29  29  Noncontrolling interest portion of income taxes (a) (7) (24) Adjusted Tax Expense $ 137  10.5  % $ 463  9.8  % (a)    Income tax related to non-pass-through entities for tax purposes. 13 DUKE ENERGY CORPORATION EARNINGS VARIANCES December 2024 QTD vs. Prior Year (Dollars per share) Electric Utilities and Infrastructure Gas Utilities and Infrastructure Other Discontinued Operations Consolidated 2023 QTD Reported Earnings Per Share $ 1.48   $ 0.25   $ (0.32) $ (0.14) $ 1.27   Organizational Optimization —  —  0.13 —  0.13  Regulatory Matters (0.03) —  —  —  (0.03) Discontinued Operations —  —  —  0.14  0.14  2023 QTD Adjusted Earnings Per Share $ 1.45   $ 0.25   $ (0.19) $ —   $ 1.51   Weather 0.03  —  —  —  0.03  Volume —  —  —  —  —  Riders and Other Retail Margin (a) 0.10  0.02  —  —  0.12  Rate case impacts, net (b) 0.09  0.04  —  —  0.13  Wholesale (0.02) —  —  —  (0.02) Operations and maintenance, net of recoverables 0.02  0.01  —  —  0.03  Interest Expense (c) (0.01) (0.01) (0.04) —  (0.06) AFUDC Equity 0.02  —  —  —  0.02  Depreciation and amortization (c) (0.04) (0.01) —  —  (0.05) Other (0.03) —  (0.02) —  (0.05) Total variance $ 0.16  $ 0.05  $ (0.06) $ —  $ 0.15  2024 QTD Adjusted Earnings Per Share $ 1.61   $ 0.30   $ (0.25) $ —   $ 1.66   Noncore Asset Sales and Net Impairments (0.02) (0.05) —  —  (0.07) Captive Insurance Deductible —  —  (0.02) —  (0.02) Regulatory Matters (0.02) —  —  —  (0.02) 2024 QTD Reported Earnings Per Share $ 1.57   $ 0.25   $ (0.27) $ —   $ 1.54   Note: Earnings Per Share amounts are calculated using the consolidated statutory income tax rate for all drivers. Weighted average shares outstanding increased from 771 million shares to 773 million. Totals may not foot or cross-foot due to rounding. (a)    Electric Utilities and Infrastructure includes higher grid modernization riders and transmission revenues (+$0.05). (b)    Electric Utilities and Infrastructure includes impacts from DEC North Carolina rates, effective January 2024, and DEC South Carolina rates, effective August 2024, (+$0.09), DEP North Carolina Year 2 rates, effective October 2024, (+$0.02), partially offset by the impact of lower DOE nuclear fuel storage funding, net of DEF multiyear rate plan revenue increases (-$0.02). Gas Utilities and Infrastructure includes impacts from the Piedmont North Carolina rate case, effective November 2024. (c)    Electric Utilities and Infrastructure excludes rate case impacts. 14 DUKE ENERGY CORPORATION EARNINGS VARIANCES December 2024 YTD vs. Prior Year (Dollars per share) Electric Utilities and Infrastructure Gas Utilities and Infrastructure Other Discontinued Operations Consolidated 2023 YTD Reported Earnings Per Share $ 5.48   $ 0.68   $ (0.81) $ (1.81) $ 3.54   Regulatory Matters 0.08  —  —  —  0.08  Workplace and Workforce Realignment —  —  0.13  —  0.13  Discontinued Operations —  —  —  1.81  1.81  2023 YTD Adjusted Earnings Per Share $ 5.56   $ 0.68   $ (0.68) $ —   $ 5.56   Weather 0.29  —  —  —  0.29  Volume 0.20  —  —  —  0.20  Riders and Other Retail Margin (a) 0.24  0.06  —  —  0.30  Rate case impacts, net (b) 0.34  0.06  —  —  0.40  Operations and maintenance, net of recoverables (c) (0.05) (0.02) —  —  (0.07) Interest Expense (d) (0.13) (0.04) (0.15) —  (0.32) AFUDC Equity 0.05  —  —  —  0.05  Depreciation and amortization (d) (0.21) (0.04) —  —  (0.25) Other (e) (0.02) (0.05) (0.19) —  (0.26) Total variance $ 0.71  $ (0.03) $ (0.34) $ —  $ 0.34  2024 YTD Adjusted Earnings Per Share $ 6.27   $ 0.65   $ (1.02) $ —   $ 5.90   Regulatory Matters (0.06) —  —  —  (0.06) System Post-Implementation Costs (0.02) —  —  (0.02) Preferred Redemption Costs —  —  (0.02) —  (0.02) Noncore Asset Sales and Net Impairments (0.02) (0.05) —  —  (0.07) Captive Storm Deductible —  —  (0.02) —  (0.02) Discontinued Operations —   —   —   (0.01) (0.01) 2024 YTD Reported Earnings Per Share $ 6.17   $ 0.60   $ (1.06) $ (0.01) $ 5.71   Note: Earnings Per Share amounts are calculated using the consolidated statutory income tax rate for all drivers. Weighted average shares outstanding increased from 771 million shares to 772 million. Totals may not foot or cross-foot due to rounding. (a)    Electric Utilities and Infrastructure includes higher grid modernization riders and transmission revenues (+$0.17). Gas Utilities and Infrastructure includes higher revenues from the Tennessee Annual Revenue Mechanism and the rate stabilization adjustment in South Carolina (+$0.04), riders and customer growth. (b)    Electric Utilities and Infrastructure includes impacts from DEC North Carolina rates, effective January 2024, and DEC South Carolina rates, effective August 2024 (+$0.28), DEP South Carolina rates, effective April 2023, and DEP North Carolina Year 1 rates, effective October 2023 and Year 2 rates, effective October 2024, (+$0.07) and DEK rates, effective October 2023 (+$0.02), partially offset by the impact of lower DOE nuclear fuel storage funding, net of DEF multiyear rate plan revenue increases (-$0.03). Gas Utilities and Infrastructure includes impacts from the Piedmont North Carolina rate case, effective November 2024 (+$0.04) and DEO rates, effective November 2023 (+$0.02). (c)    Electric Utilities and Infrastructure includes $0.12 of storm costs in the current year. (d)    Electric Utilities and Infrastructure excludes rate case impacts. (e)    Other includes a favorable adjustment related to certain allowable tax deductions in the prior year (-$0.16). 15 DUKE ENERGY CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (In millions, except per share amounts) Years Ended December 31, 2024 2023 2022 Operating Revenues Regulated electric $ 27,787   $ 26,617  $ 25,759  Regulated natural gas 2,252   2,152  2,724  Nonregulated electric and other 318   291  285  Total operating revenues 30,357   29,060  28,768  Operating Expenses Fuel used in electric generation and purchased power 9,206   9,086  8,782  Cost of natural gas 565   593  1,276  Operation, maintenance and other 5,389   5,625  5,734  Depreciation and amortization 5,793   5,253  5,086  Property and other taxes 1,466   1,400  1,466  Impairment of assets and other charges 38   85  434  Total operating expenses 22,457   22,042  22,778  Gains on Sales of Other Assets and Other, net 26   52  22  Operating Income 7,926   7,070  6,012  Other Income and Expenses Equity in (losses) earnings of unconsolidated affiliates (9) 113  113  Other income and expenses, net 661   598  392  Total other income and expenses 652   711  505  Interest Expense 3,384   3,014  2,439  Income From Continuing Operations Before Income Taxes 5,194   4,767  4,078  Income Tax Expense From Continuing Operations 590   438  300  Income From Continuing Operations 4,604   4,329  3,778  Income (Loss) From Discontinued Operations, net of tax 10   (1,455) (1,323) Net Income 4,614   2,874  2,455  Less: Net Income (Loss) Attributable to Noncontrolling Interests 90   33  (95) Net Income Attributable to Duke Energy Corporation 4,524   2,841  $ 2,550  Less: Preferred Dividends 106   106  106  Less: Preferred Redemption Costs 16   —  —  Net Income Available to Duke Energy Corporation Common Stockholders $ 4,402   $ 2,735  $ 2,444  Earnings Per Share – Basic and Diluted Income from continuing operations available to Duke Energy Corporation common stockholders Basic and Diluted $ 5.70   $ 5.35  $ 4.74  Income (loss) from discontinued operations attributable to Duke Energy Corporation common stockholders Basic and Diluted $ 0.01   $ (1.81) $ (1.57) Net income available to Duke Energy Corporation common stockholders Basic and Diluted $ 5.71   $ 3.54  $ 3.17  Weighted average shares outstanding Basic and Diluted 772   771  770 16 DUKE ENERGY CORPORATION CONSOLIDATED BALANCE SHEETS (Unaudited) (In millions) December 31, 2024 December 31, 2023 ASSETS Current Assets Cash and cash equivalents $ 314   $ 253  Receivables (net of allowance for doubtful accounts of $124 at 2024 and $55 at 2023) 2,232   1,112  Receivables of VIEs (net of allowance for doubtful accounts of $85 at 2024 and $150 at 2023) 1,889   3,019  Receivable from sales of Commercial Renewables Disposal Groups 551   —  Inventory (includes $494 at 2024 and $462 at 2023 related to VIEs) 4,509   4,292  Regulatory assets (includes $120 at 2024 and $110 at 2023 related to VIEs) 2,756   3,648  Assets held for sale 4   14  Other (includes $90 at 2024 and 2023 related to VIEs) 695   431  Total current assets 12,950   12,769  Property, Plant and Equipment Cost 180,806   171,353  Accumulated depreciation and amortization (57,503) (56,038) Net property, plant and equipment 123,303   115,315  Other Noncurrent Assets Goodwill 19,303   19,303  Regulatory assets (includes $1,705 at 2024 and $1,642 at 2023 related to VIEs) 14,254   13,618  Nuclear decommissioning trust funds 11,434   10,143  Operating lease right-of-use assets, net 1,148   1,092  Investments in equity method unconsolidated affiliates 353   492  Assets held for sale 89   197 Other 3,509   3,964  Total other noncurrent assets 50,090   48,809  Total Assets $ 186,343   $ 176,893  LIABILITIES AND EQUITY Current Liabilities Accounts payable (includes $214 at 2024 and $188 at 2023 related to VIEs) $ 5,479   $ 4,228  Notes payable and commercial paper 3,584   4,288  Taxes accrued 851   816  Interest accrued 855   745  Current maturities of long-term debt (includes $1,012 at 2024 and $428 at 2023 related to VIEs) 4,349   2,800  Asset retirement obligations 650   596 Regulatory liabilities 1,425   1,369  Liabilities associated with assets held for sale 80   122  Other 2,084   2,319  Total current liabilities 19,357   17,283  Long-Term Debt (includes $1,842 at 2024 and $3,000 at 2023 related to VIEs) 76,340   72,452  Other Noncurrent Liabilities Deferred income taxes 11,424   10,556  Asset retirement obligations 9,342   8,560  Regulatory liabilities 14,694   14,039  Operating lease liabilities 957   917  Accrued pension and other post-retirement benefit costs 434   485  Investment tax credits 894   864  Liabilities associated with assets held for sale 89   157 Other (includes $27 at 2024 and $35 at 2023 related to VIEs) 1,556   1,393  Total other noncurrent liabilities 39,390   36,971  Commitments and Contingencies Equity Preferred stock, Series A, $0.001 par value, 40 million depositary shares authorized and outstanding at 2024 and 2023 973   973  Preferred stock, Series B, $0.001 par value, 1 million shares authorized; 0 and 1 million shares outstanding at 2024 and 2023 —   989  Common Stock, $0.001 par value, 2 billion shares authorized; 776 million and 771 million shares outstanding at 2024 and 2023 1   1  Additional paid-in capital 45,494   44,920  Retained earnings 3,431   2,235  Accumulated other comprehensive income (loss) 228   (6) Total Duke Energy Corporation stockholders' equity 50,127   49,112  Noncontrolling interests 1,129   1,075  Total equity 51,256   50,187  Total Liabilities and Equity $ 186,343   $ 176,893  17 DUKE ENERGY CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (In millions) Years Ended December 31, 2024 2023 2022 CASH FLOWS FROM OPERATING ACTIVITIES Net Income $ 4,614   $ 2,874  $ 2,455  Adjustments to reconcile net income to net cash provided by operating activities 7,670   7,004  3,472  Net cash provided by operating activities 12,284   9,878  5,927  CASH FLOWS FROM INVESTING ACTIVITIES Net cash used in investing activities (13,079) (12,475) (11,973) CASH FLOWS FROM FINANCING ACTIVITIES Net cash provided by financing activities 859   2,351  6,129  Net increase (decrease) in cash, cash equivalents and restricted cash 64   (246) 83  Cash, cash equivalents and restricted cash at beginning of period 357   603  520  Cash, cash equivalents and restricted cash at end of period $ 421   $ 357  $ 603  18 DUKE ENERGY CORPORATION CONSOLIDATING STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended December 31, 2024 (In millions) Electric Utilities and Infrastructure Gas Utilities and Infrastructure Other Eliminations/Adjustments Duke Energy Operating Revenues Regulated electric $ 6,551  $ —  $ —  $ (17) $ 6,534   Regulated natural gas —  763  —  (22) 741   Nonregulated electric and other 67  12  37  (31) 85   Total operating revenues 6,618  775  37  (70) 7,360   Operating Expenses Fuel used in electric generation and purchased power 2,019  —  —  (20) 1,999   Cost of natural gas —  185  —  —  185   Operation, maintenance and other 1,220  119  (9) (49) 1,281   Depreciation and amortization 1,305  106  77  (7) 1,481   Property and other taxes 272  29  2  1  304   Impairment of assets and other charges (1) —  —  —  (1) Total operating expenses 4,815  439  70  (75) 5,249   (Losses) Gains on Sales of Other Assets and Other, net (6) —  6  1  1   Operating Income (Loss) 1,797  336  (27) 6  2,112   Other Income and Expenses Equity in (losses) earnings of unconsolidated affiliates (15) (51) 4  —  (62) Other income and expenses, net 142  12  35  (30) 159   Total Other Income and Expenses 127  (39) 39  (30) 97   Interest Expense 505  67  324  (25) 871   Income (Loss) from Continuing Operations Before Income Taxes 1,419  230  (312) 1  1,338   Income Tax Expense (Benefit) from Continuing Operations 189  42  (122) —  109   Income (Loss) from Continuing Operations 1,230  188  (190) 1  1,229   Less: Net Income (Loss) Attributable to Noncontrolling Interest 22  (1) —  1  22   Income (Loss) from Continuing Operations Attributable to Duke Energy Corporation 1,208  189  (190) —  1,207   Less: Preferred Dividends —  —  14  —  14   Segment Income/Other Net Loss $ 1,208  $ 189  $ (204) $ —  $ 1,193   Discontinued Operations (2) Net Income Available to Duke Energy Corporation Common Stockholders $ 1,191   Segment Income/Other Net Loss $ 1,208  $ 189  $ (204) $ —  $ 1,193   Special Items 30  42  18  —  90   Adjusted Earnings (a) $ 1,238  $ 231  $ (186) $ —  $ 1,283   (a)    See Reported to Adjusted Earnings Reconciliation for a detailed reconciliation of Segment Income/Other Net Loss to Adjusted Earnings. 19 DUKE ENERGY CORPORATION CONSOLIDATING STATEMENTS OF OPERATIONS (Unaudited) Year Ended December 31, 2024 (In millions) Electric Utilities and Infrastructure Gas Utilities and Infrastructure Other Eliminations/Adjustments Duke Energy Operating Revenues Regulated electric $ 27,856  $ —  $ —  $ (69) $ 27,787   Regulated natural gas —  2,342  —  (90) 2,252   Nonregulated electric and other 237  48  157  (124) 318   Total operating revenues 28,093  2,390  157  (283) 30,357   Operating Expenses Fuel used in electric generation and purchased power 9,285  —  —  (79) 9,206   Cost of natural gas —  565  —  —  565   Operation, maintenance and other 5,185  478  (79) (195) 5,389   Depreciation and amortization 5,128  400  293  (28) 5,793   Property and other taxes 1,305  149  12  —  1,466   Impairment of assets and other charges 37  —  1  —  38   Total operating expenses 20,940  1,592  227  (302) 22,457   Gains on Sales of Other Assets and Other, net 3  —  22  1  26   Operating Income (Loss) 7,156  798  (48) 20  7,926   Other Income and Expenses Equity in (losses) earnings of unconsolidated affiliates (11) (48) 50  —  (9) Other income and expenses, net 539  58  207  (143) 661   Total Other Income and Expenses 528  10  257  (143) 652   Interest Expense 2,006  256  1,245  (123) 3,384   Income (Loss) from Continuing Operations Before Income Taxes 5,678  552  (1,036) —  5,194   Income Tax Expense (Benefit) from Continuing Operations 820  99  (329) —  590   Income (Loss) from Continuing Operations 4,858  453  (707) —  4,604   Less: Net Income (Loss) Attributable to Noncontrolling Interest 88  (1) —  —  87   Income (Loss) from Continuing Operations Attributable to Duke Energy Corporation 4,770   454   (707) —   4,517   Less: Preferred Dividends —  —  106  —  106   Less: Preferred Redemption Costs —  —  16  —  16   Segment Income/Other Net Loss $ 4,770  $ 454  $ (829) $ —  $ 4,395   Discontinued Operations 7   Net Income Available to Duke Energy Corporation Common Stockholders $ 4,402   Segment Income/Other Net Loss $ 4,770  $ 454  $ (829) $ —  $ 4,395   Special Items 68  45  34  —  147   Adjusted Earnings (a) $ 4,838  $ 499  $ (795) $ —  $ 4,542   (a)    See Reported to Adjusted Earnings Reconciliation for a detailed reconciliation of Segment Income/Other Net Loss to Adjusted Earnings. 20 DUKE ENERGY CORPORATION CONSOLIDATING STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended December 31, 2023 (In millions) Electric Utilities and Infrastructure Gas Utilities and Infrastructure Other Eliminations/Adjustments Duke Energy Operating Revenues Regulated electric $ 6,495  $ —  $ —  $ (18) $ 6,477   Regulated natural gas —  677  —  (22) 655   Nonregulated electric and other 63  6  36  (25) 80   Total operating revenues 6,558  683  36  (65) 7,212   Operating Expenses Fuel used in electric generation and purchased power 2,119  —  —  (20) 2,099   Cost of natural gas —  159  —  —  159   Operation, maintenance and other 1,301  123  133  (45) 1,512   Depreciation and amortization 1,191  92  64  (7) 1,340   Property and other taxes 243  36  (15) —  264   Impairment of assets and other charges (25) —  14  —  (11) Total operating expenses 4,829  410  196  (72) 5,363   (Losses) Gains on Sales of Other Assets and Other, net (2) 1  8  (1) 6   Operating Income (Loss) 1,727  274  (152) 6  1,855   Other Income and Expenses Equity in earnings of unconsolidated affiliates 2  7  19  —  28   Other income and expenses, net 127  13  71  (44) 167   Total Other Income and Expenses 129  20  90  (44) 195   Interest Expense 486  59  287  (39) 793   Income (Loss) from Continuing Operations Before Income Taxes 1,370  235  (349) 1  1,257   Income Tax Expense (Benefit) from Continuing Operations 211  45  (135) 1  122   Income (Loss) from Continuing Operations 1,159  190  (214) —  1,135   Less: Net Income (Loss) Attributable to Noncontrolling Interest 24  (2) —  —  22   Income (Loss) from Continuing Operations Attributable to Duke Energy Corporation 1,135  192  (214) —  1,113   Less: Preferred Dividends —  —  14  —  14   Segment Income/Other Net Loss $ 1,135  $ 192  $ (228) $ —  $ 1,099   Discontinued Operations (108) Net Income Available to Duke Energy Corporation Common Stockholders $ 991   Segment Income/Other Net Loss $ 1,135  $ 192  $ (228) $ —  $ 1,099   Special Items (20) —  95  —  75   Adjusted Earnings (a) $ 1,115  $ 192  $ (133) $ —  $ 1,174   (a)    See Reported to Adjusted Earnings Reconciliation for a detailed reconciliation of Segment Income/Other Net Loss to Adjusted Earnings. 21 DUKE ENERGY CORPORATION CONSOLIDATING STATEMENTS OF OPERATIONS (Unaudited) Year Ended December 31, 2023 (In millions) Electric Utilities and Infrastructure Gas Utilities and Infrastructure Other Eliminations/Adjustments Duke Energy Operating Revenues Regulated electric $ 26,685  $ —  $ —  $ (68) $ 26,617   Regulated natural gas —  2,242  —  (90) 2,152   Nonregulated electric and other 236  24  134  (103) 291   Total operating revenues 26,921  2,266  134  (261) 29,060   Operating Expenses Fuel used in electric generation and purchased power 9,164  —  —  (78) 9,086   Cost of natural gas —  593  —  —  593   Operation, maintenance and other 5,309  455  36  (175) 5,625   Depreciation and amortization 4,684  349  248  (28) 5,253   Property and other taxes 1,320  129  (49) —  1,400   Impairment of assets and other charges 75  (4) 14  —  85   Total operating expenses 20,552  1,522  249  (281) 22,042   Gains on Sales of Other Assets and Other, net 28  —  24  —  52   Operating Income (Loss) 6,397  744  (91) 20  7,070   Other Income and Expenses Equity in earnings of unconsolidated affiliates 7  40  66  —  113   Other income and expenses, net 510  66  192  (170) 598   Total Other Income and Expenses 517  106  258  (170) 711   Interest Expense 1,850  217  1,097  (150) 3,014   Income (Loss) from Continuing Operations Before Income Taxes 5,064  633  (930) —  4,767   Income Tax Expense (Benefit) from Continuing Operations 742  116  (420) —  438   Income (Loss) from Continuing Operations 4,322  517  (510) —  4,329   Less: Net Income (Loss) Attributable to Noncontrolling Interest 99  (2) —  —  97   Income (Loss) from Continuing Operations Attributable to Duke Energy Corporation 4,223  519  (510) —  4,232   Less: Preferred Dividends —  —  106  —  106   Segment Income/Other Net Loss $ 4,223  $ 519  $ (616) $ —  $ 4,126   Discontinued Operations (1,391) Net Income Available to Duke Energy Corporation Common Stockholders $ 2,735   Segment Income/Other Net Loss $ 4,223  $ 519  $ (616) $ —  $ 4,126   Special Items 64  —  95  —  159   Adjusted Earnings (a) $ 4,287  $ 519  $ (521) $ —  $ 4,285   (a)    See Reported to Adjusted Earnings Reconciliation for a detailed reconciliation of Segment Income/Other Net Loss to Adjusted Earnings. 22 DUKE ENERGY CORPORATION CONSOLIDATING BALANCE SHEETS – ASSETS (Unaudited) December 31, 2024 (In millions) Electric Utilities and Infrastructure Gas Utilities and Infrastructure Other (a) Eliminations/ Adjustments Duke Energy Current Assets Cash and cash equivalents $ 92  $ 34  $ 188  $ —  $ 314   Receivables, net 1,759  457  16  —  2,232   Receivables of variable interest entities, net 1,889  —  —  —  1,889   Receivables from affiliated companies 83  143  675  (901) —   Receivable from sales of Commercial Renewables Disposal Groups —  —  551  —  551   Notes receivable from affiliated companies 41  7  1,910  (1,958) —   Inventory 4,375  95  39  —  4,509   Regulatory assets 2,497  171  88  —  2,756   Assets held for sale —  —  4  —  4   Other 462  35  197  1  695   Total current assets 11,198  942  3,668  (2,858) 12,950   Property, Plant and Equipment Cost 159,990  17,730  3,165  (79) 180,806   Accumulated depreciation and amortization (51,977) (3,626) (1,898) (2) (57,503) Facilities to be retired, net —  —  —  —  —   Net property, plant and equipment 108,013  14,104  1,267  (81) 123,303   Other Noncurrent Assets Goodwill 17,379  1,924  —  —  19,303   Regulatory assets 12,923  812  519  —  14,254   Nuclear decommissioning trust funds 11,434  —  —  —  11,434   Operating lease right-of-use assets, net 766  4  377  1  1,148   Investments in equity method unconsolidated affiliates 28  186  139  —  353   Investment in consolidated subsidiaries 471  6  74,117  (74,594) —   Assets held for sale —  —  89  —  89   Other 2,473  308  1,354  (626) 3,509   Total other noncurrent assets 45,474  3,240  76,595  (75,219) 50,090   Total Assets 164,685  18,286  81,530  (78,158) 186,343   Segment reclassifications, intercompany balances and other (675) (155) (77,328) 78,158  —   Segment Assets $ 164,010  $ 18,131  $ 4,202  $ —  $ 186,343   (a)     Includes amounts in held for sale accounts related to the Commercial Renewables Disposal Group. 23 DUKE ENERGY CORPORATION CONSOLIDATING BALANCE SHEETS – LIABILITIES AND EQUITY (Unaudited) December 31, 2024 (In millions) Electric Utilities and Infrastructure Gas Utilities and Infrastructure Other (a) Eliminations/ Adjustments Duke Energy Current Liabilities Accounts payable $ 4,465  $ 323  $ 691  $ —  $ 5,479   Accounts payable to affiliated companies 528  25  310  (863) —   Notes payable to affiliated companies 1,149  795  14  (1,958) —   Notes payable and commercial paper —  —  3,584  —  3,584   Taxes accrued 1,574  148  (870) (1) 851   Interest accrued 509  53  293  —  855   Current maturities of long-term debt 2,189  298  1,869  (7) 4,349   Asset retirement obligations 650  —  —  —  650   Regulatory liabilities 1,351  74  —  —  1,425   Liabilities associated with assets held for sale —  —  80  —  80   Other 1,585  81  454  (36) 2,084   Total current liabilities 14,000  1,797  6,425  (2,865) 19,357   Long-Term Debt 46,077  4,670  25,667  (74) 76,340   Long-Term Debt Payable to Affiliated Companies 618  7  —  (625) —   Other Noncurrent Liabilities Deferred income taxes 11,889  1,513  (1,978) —  11,424   Asset retirement obligations 9,251  91  —  —  9,342   Regulatory liabilities 13,460  1,202  31  1  14,694   Operating lease liabilities 683  7  267  —  957   Accrued pension and other post-retirement benefit costs 198  30  206  —  434   Investment tax credits 893  1  —  —  894   Liabilities associated with assets held for sale —  —  89  —  89   Other 982  179  583  (188) 1,556   Total other noncurrent liabilities 37,356  3,023  (802) (187) 39,390   Equity Total Duke Energy Corporation stockholders' equity 65,532  8,781  50,221  (74,407) 50,127   Noncontrolling interests 1,102  8  19  —  1,129   Total equity 66,634  8,789  50,240  (74,407) 51,256   Total Liabilities and Equity 164,685  18,286  81,530  (78,158) 186,343   Segment reclassifications, intercompany balances and other (675) (155) (77,328) 78,158  —   Segment Liabilities and Equity $ 164,010  $ 18,131  $ 4,202  $ —  $ 186,343   (a)     Includes amounts in held for sale accounts related to the Commercial Renewables Disposal Group. 24 ELECTRIC UTILITIES AND INFRASTRUCTURE CONSOLIDATING SEGMENT INCOME (Unaudited) Three Months Ended December 31, 2024 (In millions) Duke Energy Carolinas Duke Energy Progress Duke Energy Florida Duke Energy Ohio (a) Duke Energy Indiana Eliminations/ Other Electric Utilities and Infrastructure Operating Revenues $ 2,307  $ 1,679  $ 1,503  $ 474  $ 698  $ (43) $ 6,618   Operating Expenses Fuel used in electric generation and purchased power 720  513  513  122  203  (52) 2,019   Operation, maintenance and other 375  307  273  79  158  28  1,220   Depreciation and amortization 462  337  261  72  169  4  1,305   Property and other taxes 75  33  90  76  13  (15) 272   Impairment of assets and other charges (1) —  —  —  —  —  (1) Total operating expenses 1,631  1,190  1,137  349  543  (35) 4,815   Gains (Losses) on Sales of Other Assets and Other, net 1  —  1  —  —  (8) (6) Operating Income 677  489  367  125  155  (16) 1,797   Other Income and Expenses, net (b) 67  34  19  5  18  (16) 127   Interest Expense 185  122  118  33  55  (8) 505   Income Before Income Taxes 559  401  268  97  118  (24) 1,419   Income Tax Expense 74  57  57  14  7  (20) 189   Less: Net Income Attributable to Noncontrolling Interest (c) —  —  —  —  —  22  22   Segment Income $ 485  $ 344  $ 211  $ 83  $ 111  $ (26) $ 1,208   (a)    Includes results of the wholly owned subsidiary, Duke Energy Kentucky. (b)    Includes an equity component of allowance for funds used during construction of $28 million for Duke Energy Carolinas, $17 million for Duke Energy Progress, $3 million for Duke Energy Florida, $2 million for Duke Energy Ohio and $6 million for Duke Energy Indiana. (c)    Includes a noncontrolling interest in Duke Energy Indiana. 25 ELECTRIC UTILITIES AND INFRASTRUCTURE CONSOLIDATING SEGMENT INCOME (Unaudited) Year Ended December 31, 2024 (In millions) Duke Energy Carolinas Duke Energy Progress Duke Energy Florida Duke Energy Ohio (a) Duke Energy Indiana Eliminations/ Other Electric Utilities and Infrastructure Operating Revenues $ 9,718  $ 7,017  $ 6,595  $ 1,905  $ 3,040  $ (182) $ 28,093   Operating Expenses Fuel used in electric generation and purchased power 3,251  2,409  2,346  538  964  (223) 9,285   Operation, maintenance and other 1,710  1,370  1,043  366  666  30  5,185   Depreciation and amortization 1,768  1,336  1,057  273  676  18  5,128   Property and other taxes 346  177  440  306  50  (14) 1,305   Impairment of assets and other charges 31  6  —  —  —  —  37   Total operating expenses 7,106  5,298  4,886  1,483  2,356  (189) 20,940   Gains on Sales of Other Assets and Other, net 2  2  3  —  —  (4) 3   Operating Income 2,614  1,721  1,712  422  684  3  7,156   Other Income and Expenses, net (b) 250  136  83  15  62  (18) 528   Interest Expense 722  492  457  126  228  (19) 2,006   Income Before Income Taxes 2,142  1,365  1,338  311  518  4  5,678   Income Tax Expense 233  194  271  47  72  3  820   Less: Net Income Attributable to Noncontrolling Interest (c) —  —  —  —  —  88  $ 88   Segment Income $ 1,909  $ 1,171  $ 1,067  $ 264  $ 446  $ (87) $ 4,770   (a)    Includes results of the wholly owned subsidiary, Duke Energy Kentucky. (b)    Includes an equity component of allowance for funds used during construction of $113 million for Duke Energy Carolinas, $61 million for Duke Energy Progress, $13 million for Duke Energy Florida, $5 million for Duke Energy Ohio and $19 million for Duke Energy Indiana. (c)    Includes a noncontrolling interest in Duke Energy Indiana. 26 ELECTRIC UTILITIES AND INFRASTRUCTURE CONSOLIDATING BALANCE SHEETS – ASSETS (Unaudited) December 31, 2024 (In millions) Duke Energy Carolinas Duke Energy Progress Duke Energy Florida Duke Energy Ohio (a) Duke Energy Indiana Eliminations/ Adjustments (b) Electric Utilities and Infrastructure Current Assets Cash and cash equivalents $ 6  $ 24  $ 33  $ 16  $ 13  $ —  $ 92   Receivables, net 266  160  544  358  423  8  1,759   Receivables of variable interest entities, net 1,054  835  —  —  —  —  1,889   Receivables from affiliated companies 157  10  21  28  1  (134) 83   Notes receivable from affiliated companies 65  —  —  19  —  (43) 41   Inventory 1,536  1,341  745  167  586  —  4,375   Regulatory assets 685  626  1,022  53  113  (2) 2,497   Other 52  104  227  (1) 69  11  462   Total current assets 3,821  3,100  2,592  640  1,205  (160) 11,198   Property, Plant and Equipment Cost 58,382  42,060  30,490  9,041  19,970  47  159,990   Accumulated depreciation and amortization (19,090) (15,930) (7,650) (2,489) (6,848) 30  (51,977) Net property, plant and equipment 39,292  26,130  22,840  6,552  13,122  77  108,013   Other Noncurrent Assets Goodwill —  —  —  596  —  16,783  17,379   Regulatory assets 4,199  4,555  2,064  405  1,040  660  12,923   Nuclear decommissioning trust funds 6,468  4,636  331  —  —  (1) 11,434   Operating lease right-of-use assets, net 98  348  277  6  37  —  766   Investments in equity method unconsolidated affiliates —  —  1  —  —  27  28   Investment in consolidated subsidiaries 55  10  3  402  1  —  471   Other 1,126  724  465  59  323  (224) 2,473   Total other noncurrent assets 11,946  10,273  3,141  1,468  1,401  17,245  45,474   Total Assets 55,059  39,503  28,573  8,660  15,728  17,162  164,685   Segment reclassifications, intercompany balances and other (277) (101) (24) (449) (2) 178  (675) Reportable Segment Assets $ 54,782  $ 39,402  $ 28,549  $ 8,211  $ 15,726  $ 17,340  $ 164,010   (a)    Includes balances of the wholly owned subsidiary, Duke Energy Kentucky. (b)    Includes the elimination of intercompany balances, purchase accounting adjustments, restricted receivables related to Cinergy Receivables Company and Commercial Transmission and Duke Energy Indiana Holdco, LLC balances. 27 ELECTRIC UTILITIES AND INFRASTRUCTURE CONSOLIDATING BALANCE SHEETS – LIABILITIES AND EQUITY (Unaudited) December 31, 2024 (In millions) Duke Energy Carolinas Duke Energy Progress Duke Energy Florida Duke Energy Ohio (a) Duke Energy Indiana Eliminations/ Adjustments (b) Electric Utilities and Infrastructure Current Liabilities Accounts payable $ 1,809  $ 749  $ 1,418  $ 229  $ 257  $ 3  $ 4,465   Accounts payable to affiliated companies 241  306  67  17  57  (160) 528   Notes payable to affiliated companies —  611  466  104  10  (42) 1,149   Taxes accrued 628  395  62  279  169  41  1,574   Interest accrued 201  122  86  41  59  —  509   Current maturities of long-term debt 521  983  534  155  4  (8) 2,189   Asset retirement obligations 247  230  1  8  164  —  650   Regulatory liabilities 618  348  174  29  183  (1) 1,351   Other 542  427  341  63  183  29  1,585   Total current liabilities 4,807  4,171  3,149  925  1,086  (138) 14,000   Long-Term Debt 16,669  11,371  9,814  3,138  4,644  441  46,077   Long-Term Debt Payable to Affiliated Companies 300  150  —  18  150  —  618   Other Noncurrent Liabilities Deferred income taxes 4,105  2,352  3,026  869  1,494  43  11,889   Asset retirement obligations 3,743  4,104  213  69  1,104  18  9,251   Regulatory liabilities 6,592  4,570  688  231  1,404  (25) 13,460   Operating lease liabilities 87  332  225  6  33  —  683   Accrued pension and other post-retirement benefit costs 24  141  92  66  82  (207) 198   Investment tax credits 317  144  241  5  186  —  893   Other 575  198  144  60  19  (14) 982   Total other noncurrent liabilities 15,443  11,841  4,629  1,306  4,322  (185) 37,356   Equity Total Duke Energy Corporation stockholders' equity 17,840  11,970  10,981  3,273  5,526  15,942  65,532   Noncontrolling interests (c) —  —  —  —  —  1,102  1,102   Equity 17,840  11,970  10,981  3,273  5,526  17,044  66,634   Total Liabilities and Equity 55,059  39,503  28,573  8,660  15,728  17,162  164,685   Segment reclassifications, intercompany balances and other (277) (101) (24) (449) (2) 178  (675) Reportable Segment Liabilities and Equity $ 54,782  $ 39,402  $ 28,549  $ 8,211  $ 15,726  $ 17,340  $ 164,010   (a)    Includes balances of the wholly owned subsidiary, Duke Energy Kentucky. (b)    Includes the elimination of intercompany balances, purchase accounting adjustments and Commercial Transmission and Duke Energy Indiana Holdco, LLC balances. (c)    Includes a noncontrolling interest in Duke Energy Indiana. 28 GAS UTILITIES AND INFRASTRUCTURE CONSOLIDATING SEGMENT INCOME (Unaudited) Three Months Ended December 31, 2024 (In millions) Duke Energy Ohio (a) Piedmont Natural Gas LDC Midstream Pipelines and Storage (b) Eliminations/ Adjustments Gas Utilities and Infrastructure Operating Revenues $ 180  $ 590  $ 6  $ (1) $ 775   Operating Expenses Cost of natural gas 42  143  —  —  185   Operation, maintenance and other 22  91  5  1  119   Depreciation and amortization 35  70  2  (1) 106   Property and other taxes 21  8  —  —  29   Total operating expenses 120  312  7  —  439   Operating Income (Loss) 60  278  (1) (1) 336   Other Income and Expenses Equity in losses of unconsolidated affiliates —  —  (51) —  (51) Other income and expenses, net 2  12  —  (2) 12   Total other income and expenses 2  12  (51) (2) (39) Interest Expense 18  50  1  (2) 67   Income (Loss) Before Income Taxes 44  240  (53) (1) 230   Income Tax Expense (Benefit) 7  46  (11) —  42   Less: Net Income (Loss) Attributable to Noncontrolling Interest —  —  (1) —  (1) Segment Income (Loss) $ 37  $ 194  $ (41) $ (1) $ 189   (a)    Includes results of the wholly owned subsidiary, Duke Energy Kentucky. (b)    Includes earnings from investments in Sabal Trail and Cardinal pipelines, as well as Hardy and Pine Needle storage facilities. 29 GAS UTILITIES AND INFRASTRUCTURE CONSOLIDATING SEGMENT INCOME (Unaudited) Year Ended December 31, 2024 (In millions) Duke Energy Ohio (a) Piedmont Natural Gas LDC Midstream Pipelines and Storage (b) Eliminations/ Adjustments Gas Utilities and Infrastructure Operating Revenues $ 640  $ 1,729  $ 21  $ —  $ 2,390   Operating Expenses Cost of natural gas 142  423  —  —  565   Operation, maintenance and other 109  355  13  1  478   Depreciation and amortization 131  261  8  —  400   Property and other taxes 94  55  —  —  149   Total operating expenses 476  1,094  21  1  1,592   Operating Income 164  635  —  (1) 798   Other Income and Expenses Equity in losses of unconsolidated affiliates —  —  (48) —  (48) Other income and expenses, net 5  54  —  (1) 58   Total other income and expenses 5  54  (48) (1) 10   Interest Expense 68  185  4  (1) 256   Income (Loss) Before Income Taxes 101  504  (52) (1) 552   Income Tax Expense (Benefit) 18  94  (13) —  99   Less: Net Income (Loss) Attributable to Noncontrolling Interest —  —  (1) —  (1) Segment Income (Loss) $ 83  $ 410  $ (38) $ (1) $ 454   (a)    Includes results of the wholly owned subsidiary, Duke Energy Kentucky. (b)    Includes earnings from investments in Sabal Trail and Cardinal pipelines, as well as Hardy and Pine Needle storage facilities and losses from the cancellation of the ACP pipeline. 30 GAS UTILITIES AND INFRASTRUCTURE CONSOLIDATING BALANCE SHEETS – ASSETS (Unaudited) December 31, 2024 (In millions) Duke Energy Ohio (a) Piedmont Natural Gas LDC Midstream Pipelines and Storage Eliminations/ Adjustments (b) Gas Utilities and Infrastructure Current Assets Cash and cash equivalents $ 7  $ 2  $ 26  $ (1) $ 34   Receivables, net 89  368  —  —  457   Receivables from affiliated companies —  92  121  (70) 143   Notes receivable from affiliated companies 10  —  —  (3) 7   Inventory 16  78  —  1  95   Regulatory assets 13  158  —  —  171   Other 20  12  4  (1) 35   Total current assets 155  710  151  (74) 942   Property, Plant and Equipment Cost 4,877  12,780  73  —  17,730   Accumulated depreciation and amortization (1,185) (2,432) (9) —  (3,626) Net property, plant and equipment 3,692  10,348  64  —  14,104   Other Noncurrent Assets Goodwill 324  49  —  1,551  1,924   Regulatory assets 323  421  —  68  812   Operating lease right-of-use assets, net 1  4  —  (1) 4   Investments in equity method unconsolidated affiliates —  —  181  5  186   Investment in consolidated subsidiaries —  —  —  6  6   Other 21  268  17  2  308   Total other noncurrent assets 669  742  198  1,631  3,240   Total Assets 4,516  11,800  413  1,557  18,286   Segment reclassifications, intercompany balances and other (10) (93) (120) 68  (155) Reportable Segment Assets $ 4,506  $ 11,707  $ 293  $ 1,625  $ 18,131   (a)    Includes balances of the wholly owned subsidiary, Duke Energy Kentucky. (b)    Includes the elimination of intercompany balances and purchase accounting adjustments. 31 GAS UTILITIES AND INFRASTRUCTURE CONSOLIDATING BALANCE SHEETS – LIABILITIES AND EQUITY (Unaudited) December 31, 2024 (In millions) Duke Energy Ohio (a) Piedmont Natural Gas LDC Midstream Pipelines and Storage Eliminations/ Adjustments (b) Gas Utilities and Infrastructure Current Liabilities Accounts payable $ 79  $ 237  $ 6  $ 1  $ 323   Accounts payable to affiliated companies 4  70  22  (71) 25   Notes payable to affiliated companies 59  739  —  (3) 795   Taxes accrued 73  84  (10) 1  148   Interest accrued 9  45  —  (1) 53   Current maturities of long-term debt 90  205  —  3  298   Regulatory liabilities 5  68  —  1  74   Other 4  76  2  (1) 81   Total current liabilities 323  1,524  20  (70) 1,797   Long-Term Debt 757  3,798  61  54  4,670   Long-Term Debt Payable to Affiliated Companies 7  —  —  —  7   Other Noncurrent Liabilities Deferred income taxes 446  1,007  58  2  1,513   Asset retirement obligations 62  29  —  —  91   Regulatory liabilities 234  956  —  12  1,202   Operating lease liabilities —  7  —  —  7   Accrued pension and other post-retirement benefit costs 23  7  —  —  30   Investment tax credits —  1  —  —  1   Other 31  148  1  (1) 179   Total other noncurrent liabilities 796  2,155  59  13  3,023   Equity Total Duke Energy Corporation stockholders' equity 2,633  4,323  265  1,560  8,781   Noncontrolling interests —  —  8  —  8   Equity 2,633  4,323  273  1,560  8,789   Total Liabilities and Equity 4,516  11,800  413  1,557  18,286   Segment reclassifications, intercompany balances and other (10) (93) (120) 68  (155) Reportable Segment Liabilities and Equity $ 4,506  $ 11,707  $ 293  $ 1,625  $ 18,131   (a)    Includes balances of the wholly owned subsidiary, Duke Energy Kentucky. (b)    Includes the elimination of intercompany balances and purchase accounting adjustments. 32 Electric Utilities and Infrastructure Quarterly Highlights Year Ended December 2024 Three Months Ended December 31, Years Ended December 31, 2024 2023 % Inc.(Dec.) % Inc. (Dec.) Weather Normal (b) 2024 2023 % Inc.(Dec.) % Inc. (Dec.) Weather Normal (b) Gigawatt-hour (GWh) Sales (a) Residential 19,142  18,602  2.9  % 0.1  % 88,166  85,107  3.6  % 1.2  % Commercial 18,409  18,254  0.8  % (1.0  %) 78,953  76,961  2.6  % 2.0  % Industrial 11,264  11,238  0.2  % 4.2  % 47,111  47,673  (1.2  %) (0.2  %) Other Energy Sales 128  139  (7.9  %) n/a 523  570  (8.2  %) n/a Unbilled Sales 852  1,258  (32.3  %) n/a (168) (1,261) 86.7  % n/a Total Retail Sales 49,795  49,491  0.6  % 0.6  % 214,585  209,050  2.6  % 1.2  % Wholesale and Other 10,513  10,348  1.6  % 44,041  42,212  4.3  % Total Consolidated Electric Sales – Electric Utilities and Infrastructure 60,308  59,839  0.8  % 258,626  251,262  2.9  % Average Number of Customers (Electric) Residential 7,462,570  7,312,926  2.0  % 7,409,924  7,252,831  2.2  % Commercial 1,043,964  1,040,029  0.4  % 1,043,764  1,037,303  0.6  % Industrial 15,500  15,895  (2.5  %) 15,653  16,098  (2.8  %) Other Energy Sales 23,427  23,968  (2.3  %) 23,650  24,111  (1.9  %) Total Retail Customers 8,545,461  8,392,818  1.8  % 8,492,991  8,330,343  2.0  % Wholesale and Other 52  50  4.0  % 52  49  6.1  % Total Average Number of Customers – Electric Utilities and Infrastructure 8,545,513  8,392,868  1.8  % 8,493,043  8,330,392  2.0  % Sources of Electric Energy (GWh) Generated – Net Output (c) Coal 7,457  8,560  (12.9  %) 38,241  33,935  12.7  % Nuclear 18,605  18,796  (1.0  %) 74,787  74,966  (0.2  %) Hydro 304  260  16.9  % 2,008  1,916  4.8  % Natural Gas and Oil 22,856  19,657  16.3  % 94,362  88,100  7.1  % Renewable Energy 713  591  20.6  % 3,361  2,795  20.3  % Total Generation (d) 49,935  47,864  4.3  % 212,759  201,712  5.5  % Purchased Power and Net Interchange (e) 13,296  14,724  (9.7  %) 59,259  62,504  (5.2  %) Total Sources of Energy 63,231  62,588  1.0  % 272,018  264,216  3.0  % Less: Line Loss and Other 2,923  2,749  6.3  % 13,392  12,954  3.4  % Total GWh Sources 60,308  59,839  0.8  % 258,626  251,262  2.9  % Owned Megawatt (MW) Capacity (c) Summer 50,562  50,321  Winter 55,139  54,762  Nuclear Capacity Factor (%) (f) 95  96  (a)    Except as indicated in footnote (b), represents non-weather normalized billed sales, with energy delivered but not yet billed (i.e., unbilled sales) reflected as a single amount and not allocated to the respective retail classes. (b)    Represents weather-normal total retail calendar sales (i.e., billed and unbilled sales). (c)    Statistics reflect Duke Energy's ownership share of jointly owned stations. (d)    Generation by source is reported net of auxiliary power. (e)    Purchased power includes renewable energy purchases. (f)    Statistics reflect 100% of jointly owned stations. 33 Duke Energy Carolinas Quarterly Highlights Supplemental Electric Utilities and Infrastructure Information Year Ended December 2024 Three Months Ended December 31, Years Ended December 31, 2024 2023 % Inc.(Dec.) % Inc. (Dec.) Weather Normal (b) 2024 2023 % Inc.(Dec.) % Inc. (Dec.) Weather Normal (b) GWh Sales (a) Residential 6,319 6,290 0.5  % 29,659  28,348  4.6  % Commercial 7,057 7,327 (3.7  %) 30,446  29,816  2.1  % Industrial 4,792 4,675 2.5  % 19,827  19,736  0.5  % Other Energy Sales 67 70 (4.3  %) 268  279  (3.9  %) Unbilled Sales 582 546 6.6  % 11  (331) 103.3  % Total Retail Sales 18,817 18,908 (0.5  %) (0.5  %) 80,211  77,848  3.0  % 1.3  % Wholesale and Other 2,559 2,360 8.4  % 10,885  9,787  11.2  % Total Consolidated Electric Sales – Duke Energy Carolinas 21,376 21,268 0.5  % 91,096  87,635  3.9  % Average Number of Customers Residential 2,509,415 2,450,456 2.4  % 2,487,959  2,428,460  2.5  % Commercial 401,623 401,216 0.1  % 402,136  400,097  0.5  % Industrial 5,917 5,976 (1.0  %) 5,946  6,047  (1.7  %) Other Energy Sales 10,910 11,164 (2.3  %) 11,026  11,204  (1.6  %) Total Retail Customers 2,927,865 2,868,812 2.1  % 2,907,067  2,845,808  2.2  % Wholesale and Other 26 25 4.0  % 26  26  —  % Total Average Number of Customers – Duke Energy Carolinas 2,927,891 2,868,837 2.1  % 2,907,093  2,845,834  2.2  % Sources of Electric Energy (GWh) Generated – Net Output (c) Coal 1,652 2,557 (35.4  %) 10,203  9,079  12.4  % Nuclear 11,400 10,712 6.4  % 45,286  44,004  2.9  % Hydro 167 76 119.7  % 1,140  918  24.2  % Natural Gas and Oil 6,523 5,284 23.4  % 27,302  25,323  7.8  % Renewable Energy 48 75 (36.0  %) 314  341  (7.9  %) Total Generation (d) 19,790 18,704 5.8  % 84,245  79,665  5.7  % Purchased Power and Net Interchange (e) 2,603 3,478 (25.2  %) 11,618  12,119  (4.1  %) Total Sources of Energy 22,393 22,182 1.0  % 95,863  91,784  4.4  % Less: Line Loss and Other 1,017 914 11.3  % 4,767  4,149  14.9  % Total GWh Sources 21,376 21,268 0.5  % 91,096  87,635  3.9  % Owned MW Capacity (c) Summer 19,698  19,691  Winter 20,773  20,735  Nuclear Capacity Factor (%) (f) 95  95  Heating and Cooling Degree Days Actual Heating Degree Days 1,092  1,117  (2.2  %) 2,691  2,576  4.5  % Cooling Degree Days 68  45  51.1  % 1,724  1,440  19.7  % Variance from Normal Heating Degree Days (11.0  %) (9.3  %) (15.4  %) (19.0  %) Cooling Degree Days 53.6  % 3.3  % 9.6  % (7.6  %) (a)    Except as indicated in footnote (b), represents non-weather normalized billed sales, with energy delivered but not yet billed (i.e., unbilled sales) reflected as a single amount and not allocated to the respective retail classes. (b)    Represents weather-normal total retail calendar sales (i.e., billed and unbilled sales). (c)    Statistics reflect Duke Energy's ownership share of jointly owned stations. (d)    Generation by source is reported net of auxiliary power. (e)    Purchased power includes renewable energy purchases. (f)    Statistics reflect 100% of jointly owned stations. 34 Duke Energy Progress Quarterly Highlights Supplemental Electric Utilities and Infrastructure Information Year Ended December 2024 Three Months Ended December 31, Years Ended December 31, 2024 2023 % Inc.(Dec.) % Inc. (Dec.) Weather Normal (b) 2024 2023 % Inc.(Dec.) % Inc. (Dec.) Weather Normal (b) GWh Sales (a) Residential 3,972  3,890  2.1  % 18,431  17,742  3.9  % Commercial 3,470  3,363  3.2  % 15,232  14,717  3.5  % Industrial 2,226  2,285  (2.6  %) 9,372  9,692  (3.3  %) Other Energy Sales 21  22  (4.5  %) 85  86  (1.2  %) Unbilled Sales 582  438  32.9  % 152  (346) 144  % Total Retail Sales 10,271  9,998  2.7  % 3.1  % 43,272  41,891  3.3  % 1.6  % Wholesale and Other 6,307  6,216  1.5  % 25,745  24,826  3.7  % Total Consolidated Electric Sales – Duke Energy Progress 16,578  16,214  2.2  % 69,017  66,717  3.4  % Average Number of Customers Residential 1,512,356  1,478,243  2.3  % 1,499,792  1,464,921  2.4  % Commercial 248,094  247,632  0.2  % 248,149  247,425  0.3  % Industrial 3,151  3,264  (3.5  %) 3,197  3,290  (2.8  %) Other Energy Sales 2,418  2,469  (2.1  %) 2,437  2,492  (2.2  %) Total Retail Customers 1,766,019  1,731,608  2.0  % 1,753,575  1,718,128  2.1  % Wholesale and Other 8  8  —  % 8  8  —  % Total Average Number of Customers – Duke Energy Progress 1,766,027  1,731,616  2.0  % 1,753,583  1,718,136  2.1  % Sources of Electric Energy (GWh) Generated – Net Output (c) Coal 1,631  836  95.1  % 7,644  5,226  46.3  % Nuclear 7,205  8,084  (10.9  %) 29,501  30,962  (4.7  %) Hydro 57  80  (28.8  %) 580  603  (3.8  %) Natural Gas and Oil 6,232  5,818  7.1  % 23,924  22,886  4.5  % Renewable Energy 54  57  (5.3  %) 229  260  (11.9  %) Total Generation (d) 15,179  14,875  2.0  % 61,878  59,937  3.2  % Purchased Power and Net Interchange (e) 1,732  1,910  (9.3  %) 9,346  9,291  0.6  % Total Sources of Energy 16,911  16,785  0.8  % 71,224  69,228  2.9  % Less: Line Loss and Other 333  571  (41.7  %) 2,207  2,511  (12.1  %) Total GWh Sources 16,578  16,214  2.2  % 69,017  66,717  3.4  % Owned MW Capacity (c) Summer 12,585  12,538  Winter 13,845  13,770  Nuclear Capacity Factor (%) (f) 93  98  Heating and Cooling Degree Days Actual Heating Degree Days 919  962  (4.5  %) 2,288  2,159  6.0  % Cooling Degree Days 89  55  61.8  % 1,978  1,755  12.7  % Variance from Normal Heating Degree Days (16.4  %) (12.8  %) (20.5  %) (25.1  %) Cooling Degree Days 36.8  % (13.3  %) 14.5  % 2.8  % (a)    Except as indicated in footnote (b), represents non-weather normalized billed sales, with energy delivered but not yet billed (i.e., unbilled sales) reflected as a single amount and not allocated to the respective retail classes. (b)    Represents weather-normal total retail calendar sales (i.e., billed and unbilled sales). (c)    Statistics reflect Duke Energy's ownership share of jointly owned stations. (d)    Generation by source is reported net of auxiliary power. (e)    Purchased power includes renewable energy purchases. (f)    Statistics reflect 100% of jointly owned stations. 35 Duke Energy Florida Quarterly Highlights Supplemental Electric Utilities and Infrastructure Information Year Ended December 2024 Three Months Ended December 31, Years Ended December 31, 2024 2023 % Inc.(Dec.) % Inc. (Dec.) Weather Normal (b) 2024 2023 % Inc.(Dec.) % Inc. (Dec.) Weather Normal (b) GWh Sales (a) Residential 4,949  4,654  6.3  % 22,043  21,750  1.3  % Commercial 3,752  3,713  1.1  % 15,773  15,655  0.8  % Industrial 754  836  (9.8  %) 3,287  3,396  (3.2  %) Other Energy Sales 7  8  (12.5  %) 29  31  (6.5  %) Unbilled Sales (398) (306) (30.1  %) 11  (49) 122.4  % Total Retail Sales 9,064  8,905  1.8  % (0.8  %) 41,143  40,783  0.9  % 0.7  % Wholesale and Other 658  424  55.2  % 2,703  2,601  3.9  % Total Electric Sales – Duke Energy Florida 9,722  9,329  4.2  % 43,846  43,384  1.1  % Average Number of Customers Residential 1,803,424  1,769,252  1.9  % 1,793,067  1,753,585  2.3  % Commercial 211,510  209,682  0.9  % 211,118  209,179  0.9  % Industrial 1,635  1,742  (6.1  %) 1,671  1,773  (5.8  %) Other Energy Sales 3,583  3,648  (1.8  %) 3,607  3,676  (1.9  %) Total Retail Customers 2,020,152  1,984,324  1.8  % 2,009,463  1,968,213  2.1  % Wholesale and Other 13  12  8.3  % 13  10  30.0  % Total Average Number of Customers – Duke Energy Florida 2,020,165  1,984,336  1.8  % 2,009,476  1,968,223  2.1  % Sources of Electric Energy (GWh) Generated – Net Output (c) Coal 279  845  (67.0  %) 3,262  3,829  (14.8  %) Natural Gas and Oil 8,784  7,729  13.6  % 37,524  35,554  5.5  % Renewable Energy 605  453  33.6  % 2,789  2,165  28.8  % Total Generation (d) 9,668  9,027  7.1  % 43,575  41,548  4.9  % Purchased Power and Net Interchange (e) 369  610  (39.5  %) 1,721  3,504  (50.9  %) Total Sources of Energy 10,037  9,637  4.2  % 45,296  45,052  0.5  % Less: Line Loss and Other 315  308  2.3  % 1,450  1,668  (13.1  %) Total GWh Sources 9,722  9,329  4.2  % 43,846  43,384  1.1  % Owned MW Capacity (c) Summer 10,895  10,697  Winter 12,542  12,303  Heating and Cooling Degree Days Actual Heating Degree Days 158  138  14.5  % 452  316  43.0  % Cooling Degree Days 613  476  28.8  % 3,705  3,680  0.7  % Variance from Normal Heating Degree Days (15.1  %) (27.7  %) (20.0  %) (44.8  %) Cooling Degree Days 23.2  % (2.3  %) 13.8  % 14.1  % (a)    Except as indicated in footnote (b), represents non-weather normalized billed sales, with energy delivered but not yet billed (i.e., unbilled sales) reflected as a single amount and not allocated to the respective retail classes. (b)    Represents weather-normal total retail calendar sales (i.e., billed and unbilled sales). (c)    Statistics reflect Duke Energy's ownership share of jointly owned stations. (d)    Generation by source is reported net of auxiliary power. (e)    Purchased power includes renewable energy purchases. 36 Duke Energy Ohio Quarterly Highlights Supplemental Electric Utilities and Infrastructure Information Year Ended December 2024 Three Months Ended December 31, Years Ended December 31, 2024 2023 % Inc.(Dec.) % Inc. (Dec.) Weather Normal (b) 2024 2023 % Inc.(Dec.) % Inc. (Dec.) Weather Normal (b) GWh Sales (a) Residential 1,921  1,860  3.3  % 8,985  8,598  4.5  % Commercial 2,181  2,134  2.2  % 9,309  8,943  4.1  % Industrial 1,292  1,251  3.3  % 5,218  5,425  (3.8  %) Other Energy Sales 20  23  (13.0  %) 85  109  (22.0  %) Unbilled Sales 2  207  (99.0  %) (79) (166) 52.4  % Total Retail Sales 5,416  5,475  (1.1  %) (0.7  %) 23,518  22,909  2.7  % 0.2  % Wholesale and Other 72  138  (47.8  %) 464  398  16.6  % Total Electric Sales – Duke Energy Ohio 5,488  5,613  (2.2  %) 23,982  23,307  2.9  % Average Number of Customers Residential 835,840  827,321  1.0  % 832,841  823,904  1.1  % Commercial 76,260  75,459  1.1  % 76,038  74,957  1.4  % Industrial 2,171  2,270  (4.4  %) 2,209  2,340  (5.6  %) Other Energy Sales 2,769  2,823  (1.9  %) 2,787  2,834  (1.7  %) Total Retail Customers 917,040  907,873  1.0  % 913,875  904,035  1.1  % Wholesale and Other 1  1  —  % 1  1  —  % Total Average Number of Customers – Duke Energy Ohio 917,041  907,874  1.0  % 913,876  904,036  1.1  % Sources of Electric Energy (GWh) Generated – Net Output (c) Coal 368  468  (21.4  %) 2,264  2,211  2.4  % Natural Gas and Oil 106  61  73.8  % 371  192  93.2  % Total Generation (d) 474  529  (10.4  %) 2,635  2,403  9.7  % Purchased Power and Net Interchange (e) 5,606  5,539  1.2  % 23,681  23,010  2.9  % Total Sources of Energy 6,080  6,068  0.2  % 26,316  25,413  3.6  % Less: Line Loss and Other 592  455  30.1  % 2,334  2,106  10.8  % Total GWh Sources 5,488  5,613  (2.2  %) 23,982  23,307  2.9  % Owned MW Capacity (c) Summer 1,080  1,076  Winter 1,173  1,164  Heating and Cooling Degree Days Actual Heating Degree Days 1,494  1,569  (4.8  %) 4,020  4,103  (2.0  %) Cooling Degree Days 31  31  —  % 1,378  1,021  35.0  % Variance from Normal Heating Degree Days (17.2  %) (13.2  %) (17.8  %) (15.9  %) Cooling Degree Days 28.6  % 34.3  % 20.1  % (9.4  %) (a)    Except as indicated in footnote (b), represents non-weather normalized billed sales, with energy delivered but not yet billed (i.e., unbilled sales) reflected as a single amount and not allocated to the respective retail classes. (b)    Represents weather-normal total retail calendar sales (i.e., billed and unbilled sales). (c)    Statistics reflect Duke Energy's ownership share of jointly owned stations. (d)    Generation by source is reported net of auxiliary power. (e)    Purchased power includes renewable energy purchases. 37 Duke Energy Indiana Quarterly Highlights Supplemental Electric Utilities and Infrastructure Information Year Ended December 2024 Three Months Ended December 31, Years Ended December 31, 2024 2023 % Inc.(Dec.) % Inc. (Dec.) Weather Normal (b) 2024 2023 % Inc.(Dec.) % Inc. (Dec.) Weather Normal (b) GWh Sales (a) Residential 1,981  1,909  3.8  % 9,048  8,669  4.4  % Commercial 1,949  1,716  13.6  % 8,193  7,829  4.6  % Industrial 2,200  2,192  0.4  % 9,407  9,425  (0.2  %) Other Energy Sales 13  16  (18.8  %) 56  65  (13.8  %) Unbilled Sales 84  373  (77.5  %) (263) (369) (28.7  %) Total Retail Sales 6,227  6,206  0.3  % 0.2  % 26,441  25,619  3.2  % 1.8  % Wholesale and Other 917  1,209  (24.2  %) 4,244  4,600  (7.7  %) Total Electric Sales – Duke Energy Indiana 7,144  7,415  (3.7  %) 30,685  30,219  1.5  % Average Number of Customers Residential 801,535  787,654  1.8  % 796,265  781,961  1.8  % Commercial 106,477  106,040  0.4  % 106,323  105,645  0.6  % Industrial 2,626  2,643  (0.6  %) 2,630  2,648  (0.7  %) Other Energy Sales 3,747  3,863  (3.0  %) 3,793  3,905  (2.9  %) Total Retail Customers 914,385  900,200  1.6  % 909,011  894,159  1.7  % Wholesale and Other 4  4  —  % 4  4  —  % Total Average Number of Customers – Duke Energy Indiana 914,389  900,204  1.6  % 909,015  894,163  1.7  % Sources of Electric Energy (GWh) Generated – Net Output (c) Coal 3,527  3,854  (8.5  %) 14,868  13,590  9.4  % Hydro 80  104  (23.1  %) 288  395  (27.1  %) Natural Gas and Oil 1,211  765  58.3  % 5,241  4,145  26.4  % Renewable Energy 6  6  —  % 29  29  —  % Total Generation (d) 4,824  4,729  2.0  % 20,426  18,159  12.5  % Purchased Power and Net Interchange (e) 2,986  3,187  (6.3  %) 12,893  14,580  (11.6  %) Total Sources of Energy 7,810  7,916  (1.3  %) 33,319  32,739  1.8  % Less: Line Loss and Other 666  501  32.9  % 2,634  2,520  4.5  % Total GWh Sources 7,144  7,415  (3.7  %) 30,685  30,219  1.5  % Owned MW Capacity (c) Summer 6,304  6,319  Winter 6,806  6,790  Heating and Cooling Degree Days Actual Heating Degree Days 1,595  1,650  (3.3  %) 4,290  4,429  (3.1  %) Cooling Degree Days 29  39  (25.6  %) 1,267  1,078  17.5  % Variance from Normal Heating Degree Days (17.8  %) (15.4  %) (18.6  %) (15.7  %) Cooling Degree Days 35.4  % 84.4  % 20.1  % (4.2  %) (a)    Except as indicated in footnote (b), represents non-weather normalized billed sales, with energy delivered but not yet billed (i.e., unbilled sales) reflected as a single amount and not allocated to the respective retail classes. (b)    Represents weather-normal total retail calendar sales (i.e., billed and unbilled sales). (c)    Statistics reflect Duke Energy's ownership share of jointly owned stations. (d)    Generation by source is reported net of auxiliary power. (e)    Purchased power includes renewable energy purchases. 38 Gas Utilities and Infrastructure Quarterly Highlights Year Ended December 2024 Three Months Ended December 31, Years Ended December 31, 2024 2023 % Inc. (Dec.) 2024 2023 % Inc. (Dec.) Total Sales Piedmont Natural Gas Local Distribution Company (LDC) throughput (dekatherms) (a) 163,029,361  142,826,255  14.1  % 616,724,667  569,752,712  8.2  % Duke Energy Midwest LDC throughput (Mcf) 22,148,273  24,249,780  (8.7  %) 77,923,033  79,548,620  (2.0  %) Average Number of Customers – Piedmont Natural Gas Residential 1,076,163  1,058,794  1.6  % 1,072,819  1,055,478  1.6  % Commercial 107,668  107,116  0.5  % 107,952  107,112  0.8  % Industrial 942  947  (0.5  %) 942  953  (1.2  %) Power Generation 19  19  —  % 19  19  —  % Total Average Number of Gas Customers – Piedmont Natural Gas 1,184,792  1,166,876  1.5  % 1,181,732  1,163,562  1.6  % Average Number of Customers – Duke Energy Midwest Residential 524,834  521,862  0.6  % 522,774  518,707  0.8  % Commercial 34,764  34,856  (0.3  %) 34,367  34,381  —  % Industrial 2,397  2,094  14.5  % 2,257  1,832  23.2  % Other 117  116  0.9  % 117  116  0.9  % Total Average Number of Gas Customers – Duke Energy Midwest 562,112  558,928  0.6  % 559,515  555,036  0.8  % (a)    Piedmont has a margin decoupling mechanism in North Carolina, weather normalization mechanisms in South Carolina and Tennessee and fixed-price contracts with most power generation customers that significantly eliminate the impact of throughput changes on earnings. Duke Energy Ohio's rate design also serves to offset this impact. 39