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Duke Energy — Aug 5, 2025 release

Fiscal 2025 second-quarter results · 8-K Item 2.02 · Exhibit 99.1 · 0001326160-25-000165
Open on SEC.gov ↗
Showing in the filing
Adjusted EPS midpoint
“$6.30”
Period
FY2025
Measure
Company-defined measure
Source
Guidance table
All guidance in this release · 3
Adjusted EPS for FY2025
“$6.17 to $6.42”
Adjusted EPS for FY2025
“$6.17”
Adjusted EPS midpoint for FY2025
“$6.30”
Exhibit 99.1 · full document
News Release                 Media Contact: Gillian Moore 24-Hour: 800.559.3853 Analyst Contact: Abby Motsinger Office: 704.382.7624 August 5, 2025 Duke Energy reports second-quarter 2025 financial results ▪ Second-quarter 2025 reported and adjusted EPS of $1.25 ▪ Strong first half performance puts the company on track to deliver full year results within guidance range ▪ Transaction proceeds support material strengthening of company’s credit profile and higher capital deployment at Duke Energy Florida CHARLOTTE, N.C. – Duke Energy (NYSE: DUK) today announced second-quarter 2025 reported EPS, prepared in accordance with Generally Accepted Accounting Principles (GAAP), and adjusted EPS of $1.25. This is compared to reported EPS of $1.13 and adjusted EPS of $1.18 for the second quarter of 2024. Adjusted EPS excludes the impact of certain items that are included in reported EPS. Higher second-quarter 2025 adjusted results were driven by the implementation of new rates and riders, partially offset by higher O&M expenses and interest expense. The company is reaffirming its 2025 adjusted EPS guidance range of $6.17 to $6.42 and 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. “We’ve had a strong start to the year, executing on our strategic priorities of advancing large-scale economic development projects, securing industry-leading regulatory and legislative outcomes, and strengthening the balance sheet,” said Harry Sideris, Duke Energy president and chief executive officer. “To position the company for the significant growth ahead, we recently announced two strategic transactions – an equity investment in Duke Energy Florida and the sale of our Piedmont Tennessee business. These efficient funding sources at compelling valuations materially strengthen our credit profile and help fund the increasing investments needed to meet unprecedented growth over the next decade.” Duke Energy News Release    2 Business segment results In addition to the following summary of second-quarter 2025 business segment performance, comprehensive tables with detailed EPS drivers for the second quarter compared to prior year are provided at the end of this news release. The discussion below of second-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 recognized second-quarter 2025 segment income of $1,194 million, compared to segment income of $1,090 million in the second quarter of 2024. On an adjusted basis, Electric Utilities and Infrastructure recognized second-quarter 2025 segment income of $1,194 million, compared to segment income of $1,115 million in the second quarter of 2024. This represents an increase of $0.10 per share, excluding share dilution of $0.01 per share. Higher quarterly results were primarily due to the implementation of new rates, partially offset by higher O&M expense and interest expense. Gas Utilities and Infrastructure On a reported and adjusted basis, Gas Utilities and Infrastructure recognized second-quarter 2025 segment income of $6 million, compared to reported and adjusted segment income of $6 million in the second quarter of 2024. Flat quarterly results were primarily due to growth from rate increases and riders, offset by higher O&M expenses and depreciation on a growing asset base. 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 and adjusted basis, Other recognized a second-quarter 2025 segment loss of $228 million, compared to reported and adjusted segment loss of $200 million in the second quarter of 2024. This represents a decrease of $0.02 per share. Lower quarterly results were primarily due to higher interest expense. Duke Energy News Release    3 Effective tax rate Duke Energy's consolidated reported effective tax rate for the second quarter of 2025 was 10.6% compared to 13.1% in the second quarter of 2024. The decrease in the effective tax rate was primarily due to an increase in the amortization of income tax credits and lower state tax expense. Duke Energy's consolidated adjusted effective tax rate was 10.6% for the second quarter of 2025 compared to 13.4% in the second quarter of 2024. The decrease in the adjusted effective tax rate was primarily due to an increase in the amortization of income tax credits and lower state tax expense. 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 at 10 a.m. ET today to discuss second-quarter 2025 financial results and other business and financial updates. The conference call will be hosted by Harry Sideris, president and chief executive officer, 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 websit e or by dialing 833.470.1428 in the U.S. or 929.526.1599 outside the U.S. The confirmation code is 704713. Please c all in 10 to 15 minutes prior to the scheduled start time. Special Items and Non-GAAP Reconciliation The following table presents a reconciliation of GAAP reported EPS to adjusted EPS for second-quarter 2025 and 2024 financial results: (In millions, except per share amounts) After-Tax Amount 2Q 2025 EPS 2Q 2024 EPS Earnings Per Share, as reported $ 1.25   $ 1.13  Adjustments to reported EPS: Second Quarter 2025 Discontinued Operations 1   —   Second Quarter 2024 Regulatory Matters $ 25  $ 0.03  Discontinued Operations (a) 10  0.01  Total adjustments (b) $ —   $ 0.05  EPS, adjusted $ 1.25   $ 1.18  (a) Represents the operating results 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    4 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 basic 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 and preferred dividends and to exclude the impact of special items. Special items represent certain charges and credits, which management believes are not indicative of Duke Energy's ongoing performance. Special items included within the financial statement periods presented, which management does not believe are reflective of ongoing costs, are described below: • Regulatory matters primarily represents impairment charges related to the 2024 Duke Energy Carolinas' South Carolina rate case order. Management uses these non-GAAP financial measures for planning, forecasting, and to report financial results to the Board of Directors, employees, and stockholders, as well as 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. Due to the forward-looking nature of forecasted adjusted EPS and related growth rates, the information to reconcile those amounts to the most directly comparable GAAP financial measure is not available, as management is unable to project special items, such as legal settlements, impacts of regulatory orders or asset impairments, for future periods. Management evaluates segment performance based on segment income and other net loss. Segment income and other net loss are defined as income (loss) from continuing operations net of income attributable to noncontrolling interests and preferred stock dividends. Segment income and other net loss include intercompany revenues and expenses that are eliminated in the Condensed Consolidated Financial Statements. Management also uses adjusted segment income and adjusted other net loss as measures of historical and anticipated future segment performance. Adjusted segment income and adjusted other net loss are non-GAAP financial measures, as they represent segment income and other net loss adjusted for special items, as discussed above. Management believes the presentation of adjusted segment income and adjusted other net loss provide useful information to investors, as they provide additional relevant comparison of a segment’s or Other's performance across periods. The most directly comparable GAAP measures for adjusted segment income and adjusted other net loss are segment income and other net loss. Duke Energy News Release    5 Due to the forward-looking nature of forecasted adjusted segment income and forecasted adjusted other net loss and related growth rates, the information to reconcile these amounts to the most directly comparable GAAP financial measures are not available, as management is unable to project special items, as discussed above. Duke Energy’s adjusted earnings, adjusted EPS, adjusted effective tax rate, adjusted segment income, and adjusted other net loss 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 8.6 million customers in North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky, and collectively own 55,100 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. 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; Duke Energy News Release    6 ◦ 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; ◦ 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 portfolio, 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; Duke Energy News Release    7 ◦ 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 be consummated or yield the anticipated benefits, which could adversely affect our financial condition, credit metrics or ability to execute strategic and capital plans; 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 June 30, 2025 (Dollars in millions, except per share amounts) Reported Earnings Discontinued Operations Total Adjustments Adjusted Earnings SEGMENT INCOME (LOSS) Electric Utilities and Infrastructure $ 1,194   $ —  $ —  $ 1,194  Gas Utilities and Infrastructure 6   —  —  6  Total Reportable Segment Income 1,200   —   —   1,200   Other (228) —  —  (228) Discontinued Operations (1) 1  A 1  —  Net Income Available to Duke Energy Corporation Common Stockholders $ 971   $ 1   $ 1   $ 972   EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS $ 1.25   $ —   $ —   $ 1.25   A – Recorded in Loss from Discontinued Operations, net of tax, on the Condensed Consolidated Statements of Operations. Weighted Average Shares, basic (reported and adjusted) – 777 million 8 DUKE ENERGY CORPORATION REPORTED TO ADJUSTED EARNINGS RECONCILIATION Six Months Ended June 30, 2025 (Dollars in millions, except per share amounts) Reported Earnings Discontinued Operations Total Adjustments Adjusted Earnings SEGMENT INCOME (LOSS) Electric Utilities and Infrastructure $ 2,470   $ —  $ —  $ 2,470  Gas Utilities and Infrastructure 355   —  —  355  Total Reportable Segment Income 2,825   —   —   2,825   Other (488) —  —  (488) Discontinued Operations (1) 1  A 1  —  Net Income Available to Duke Energy Corporation Common Stockholders $ 2,336   $ 1   $ 1   $ 2,337   EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS $ 3.00   $ —   $ —   $ 3.00   A – Recorded in Loss from Discontinued Operations, net of tax, on the Condensed Consolidated Statements of Operations. Weighted Average Shares, basic (reported and adjusted) – 777 million 9 DUKE ENERGY CORPORATION REPORTED TO ADJUSTED EARNINGS RECONCILIATION Three Months Ended June 30, 2024 (Dollars in millions, except per share amounts) Special Item Reported Earnings Regulatory Matters Discontinued Operations Total Adjustments Adjusted Earnings SEGMENT INCOME (LOSS) Electric Utilities and Infrastructure $ 1,090   $ 25  A $ —  $ 25  $ 1,115  Gas Utilities and Infrastructure 6   —  —  —  6  Total Reportable Segment Income 1,096   25   —   25   1,121   Other (200) —  —  —  (200) Discontinued Operations (10) —  10  B 10  —  Net Income Available to Duke Energy Corporation Common Stockholders $ 886   $ 25   $ 10   $ 35   $ 921   EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS $ 1.13   $ 0.03   $ 0.01   $ 0.05   $ 1.18   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 $6 million tax benefit at Duke Energy Carolinas and $2 million tax benefit at Duke Energy Progress. •    $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 Duke Energy Carolinas' Condensed Consolidated Statement of Operations related to the 2024 South Carolina rate case order. •     $9 million recorded within Impairment of assets and other charges on the Duke Energy Progress' Condensed Consolidated Statement of Operations related to the 2024 South Carolina rate case order. B – Recorded in Loss from Discontinued Operations, net of tax, on the Condensed Consolidated Statements of Operations. Weighted Average Shares, basic (reported and adjusted) – 772 million 10 DUKE ENERGY CORPORATION REPORTED TO ADJUSTED EARNINGS RECONCILIATION Six Months Ended June 30, 2024 (Dollars in millions, except per share amounts) Special Item Reported Earnings Regulatory Matters Discontinued Operations Total Adjustments Adjusted Earnings SEGMENT INCOME (LOSS) Electric Utilities and Infrastructure $ 2,111   $ 25  A $ —  $ 25  $ 2,136  Gas Utilities and Infrastructure 290   —  —  —  290  Total Reportable Segment Income 2,401   25   —   25   2,426   Other (403) —  —  —  (403) Discontinued Operations (13) —  13  B 13  —  Net Income Available to Duke Energy Corporation Common Stockholders $ 1,985   $ 25   $ 13   $ 38   $ 2,023   EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS $ 2.57   $ 0.03   $ 0.02   $ 0.05   $ 2.62   A – Net of $6 million tax benefit at Duke Energy Carolinas and $2 million tax benefit at Duke Energy Progress. •     $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 Duke Energy Carolinas' Condensed Consolidated Statement of Operations related to the 2024 South Carolina rate case order. •     $9 million recorded within Impairment of assets and other charges on the Duke Energy Progress' Condensed Consolidated Statement of Operations related to the 2024 South Carolina rate case order. B – Recorded in Loss from Discontinued Operations, net of tax, on the Condensed Consolidated Statements of Operations. Weighted Average Shares, basic (reported and adjusted) – 771 million 11 DUKE ENERGY CORPORATION EFFECTIVE TAX RECONCILIATION June 2025 (Dollars in millions) Three Months Ended    June 30, 2025 Six Months Ended    June 30, 2025 Balance Effective Tax Rate Balance Effective Tax Rate Reported Income From Continuing Operations Before Income Taxes $ 1,127  $ 2,724  Noncontrolling Interests (27) (55) Preferred Dividends (13) (27) Adjusted Pretax Income $ 1,087  $ 2,642  Reported Income Tax Expense From Continuing Operations $ 119  10.6  % $ 312  11.5  % Noncontrolling Interest Portion of Income Taxes (a) (4) (7) Adjusted Tax Expense $ 115  10.6  % $ 305  11.5  %   Three Months Ended    June 30, 2024 Six Months Ended    June 30, 2024 Balance Effective Tax Rate Balance Effective Tax Rate Reported Income From Continuing Operations Before Income Taxes $ 1,071  $ 2,403  Regulatory Matters 33  33  Noncontrolling Interests (26) (42) Preferred Dividends (14) (53) Adjusted Pretax Income $ 1,064  $ 2,341  Reported Income Tax Expense From Continuing Operations $ 140  13.1  % $ 318  13.2  % Regulatory Matters 8  8  Noncontrolling Interest Portion of Income Taxes (a) (5) (8) Adjusted Tax Expense $ 143  13.4  % $ 318  13.6  % (a)    Income tax related to non-pass-through entities for tax purposes. 12 DUKE ENERGY CORPORATION EARNINGS VARIANCES June 2025 QTD vs. Prior Year (Dollars per share) Electric Utilities and Infrastructure Gas Utilities and Infrastructure Other Discontinued Operations Consolidated 2024 QTD Reported Earnings Per Share $ 1.42   $ 0.01   $ (0.28) $ (0.01) $ 1.13   Regulatory Matters 0.03  —  —  —  0.03  Discontinued Operations —  —  —  0.01  0.01  2024 QTD Adjusted Earnings Per Share $ 1.45   $ 0.01   $ (0.28) $ —   $ 1.18   Weather 0.01  —  —  —  0.01  Volume (a) 0.03  —  —  —  0.03  Riders and Other Retail Margin 0.01  0.01  —  —  0.02  Rate case impacts, net (b) 0.19  0.01  —  —  0.20  Wholesale (0.01) —  —  —  (0.01) Operations and maintenance, net of recoverables (c) (0.08) (0.01) —  —  (0.09) Interest Expense (d) (0.04) —  (0.04) —  (0.08) AFUDC Equity 0.02  —  —  —  0.02  Depreciation and amortization (d) (0.03) (0.01) —  —  (0.04) Other —  —  0.02  —  0.02  Total variance $ 0.10   $ —   $ (0.02) $ —   $ 0.08   Change in share count (0.01) —  —  —  (0.01) 2025 QTD Reported and Adjusted Earnings Per Share $ 1.54   $ 0.01   $ (0.30) $ —   $ 1.25   Note: Earnings Per Share amounts are calculated using the consolidated statutory income tax rate for all drivers. Basic weighted average shares outstanding increased from 772 million to 777 million. Totals may not foot or cross-foot due to rounding. (a)    Includes block and seasonal pricing. (b)    Electric Utilities and Infrastructure includes impacts from DEC North Carolina Year 2 rates, effective January 2025, and DEC South Carolina rates, effective August 2024 (+$0.08), DEF multiyear rate plan revenue increases, effective January 2025 (+$0.05), DEI rates, effective February 2025 (+0.04) and DEP North Carolina Year 2 rates, effective October 2024 (+$0.02). Gas Utilities and Infrastructure includes impacts from Piedmont rates, effective November 2024. (c)    Electric Utilities and Infrastructure includes higher grid maintenance and generation outage costs, as well as other corporate costs in the current year. (d)    Electric Utilities and Infrastructure excludes rate case impacts. 13 DUKE ENERGY CORPORATION EARNINGS VARIANCES June 2025 YTD vs. Prior Year (Dollars per share) Electric Utilities and Infrastructure Gas Utilities and Infrastructure Other Discontinued Operations Consolidated 2024 YTD Reported Earnings Per Share $ 2.74   $ 0.37   $ (0.52) $ (0.02) $ 2.57   Regulatory Matters 0.03  —  —  —  0.03  Discontinued Operations —  —  —  0.02  0.02  2024 YTD Adjusted Earnings Per Share $ 2.77   $ 0.37   $ (0.52) $ —   $ 2.62   Weather 0.08  —  —  —  0.08  Volume 0.15  —  —  —  0.15  Riders and Other Retail Margin (a) 0.10  0.04  —  —  0.14  Rate case impacts, net (b) 0.33  0.08  —  —  0.41  Wholesale 0.02  —  —  —  0.02  Operations and maintenance, net of recoverables (c) (0.12) (0.01) —  —  (0.13) Interest Expense (d) (0.08) (0.01) (0.08) —  (0.17) AFUDC Equity 0.04  —  —  —  0.04  Depreciation and amortization (d) (0.05) (0.02) —  —  (0.07) Other (0.04) —  (0.03) —  (0.07) Total variance $ 0.43   $ 0.08   $ (0.11) $ —   $ 0.40   Change in share count (0.02) —  —  —  (0.02) 2025 YTD Reported and Adjusted Earnings Per Share $ 3.18   $ 0.45   $ (0.63) $ —   $ 3.00   Note: Earnings Per Share amounts are calculated using the consolidated statutory income tax rate for all drivers. Basic weighted average shares outstanding increased from 771 million to 777 million. (a)    Electric Utilities and Infrastructure includes higher grid modernization riders and transmission revenues. Gas Utilities and Infrastructure includes higher construction and pipeline integrity riders in Ohio and Kentucky, as well as higher revenues from the Tennessee Annual Review Mechanism and the South Carolina Rate Stabilization Act mechanism. (b)    Electric Utilities and Infrastructure includes impacts from DEC North Carolina Year 2 rates, effective January 2025, and DEC South Carolina rates, effective August 2024 (+$0.15), DEF multiyear rate plan revenue increases, effective January 2025 (+$0.09), DEP North Carolina Year 2 rates, effective October 2024 (+$0.04) and DEI rates, effective February 2025 (+0.04). Gas Utilities and Infrastructure includes impacts from Piedmont rates, effective November 2024. (c)    Electric Utilities and Infrastructure includes higher grid maintenance and generation outage costs, as well as other corporate costs in the current year. (d)    Electric Utilities and Infrastructure excludes rate case impacts. 14 DUKE ENERGY CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (In millions, except per share amounts) Three Months Ended Six Months Ended June 30, June 30, 2025 2024 2025 2024 Operating Revenues Regulated electric $ 6,968   $ 6,746  $ 14,032   $ 13,478  Regulated natural gas 462   347  1,567   1,213  Nonregulated electric and other 78   79  158   152  Total operating revenues 7,508   7,172  15,757   14,843  Operating Expenses Fuel used in electric generation and purchased power 1,878   2,228  3,977   4,563  Cost of natural gas 158   78  532   310  Operation, maintenance and other 1,655   1,320  3,154   2,699  Depreciation and amortization 1,583   1,409  3,095   2,796  Property and other taxes 415   393  843   779  Impairment of assets and other charges 3   43  3   44  Total operating expenses 5,692   5,471  11,604   11,191  Gains on Sales of Other Assets and Other, net 14   6  20   18  Operating Income 1,830   1,707  4,173   3,670  Other Income and Expenses Equity in earnings of unconsolidated affiliates 11   21  22   38  Other income and expenses, net 183   167  315   336  Total other income and expenses 194   188  337   374  Interest Expense 897   824  1,786   1,641  Income From Continuing Operations Before Income Taxes 1,127   1,071  2,724   2,403  Income Tax Expense From Continuing Operations 119   140  312   318  Income From Continuing Operations 1,008   931  2,412   2,085  Loss From Discontinued Operations, net of tax (1) (10) (1) (13) Net Income 1,007   921  2,411   2,072  Less: Net Income Attributable to Noncontrolling Interests 23   21  48   34  Net Income Attributable to Duke Energy Corporation 984   900  2,363   2,038  Less: Preferred Dividends 13   14  27   53  Net Income Available to Duke Energy Corporation Common Stockholders $ 971   $ 886  $ 2,336   $ 1,985  Earnings Per Share – Basic and Diluted Income from continuing operations available to Duke Energy Corporation common stockholders Basic and Diluted $ 1.25   $ 1.14  $ 3.00   $ 2.59  Loss from discontinued operations attributable to Duke Energy Corporation common stockholders Basic and Diluted $ —   $ (0.01) $ —   $ (0.02) Net income available to Duke Energy Corporation common stockholders Basic and Diluted $ 1.25   $ 1.13  $ 3.00   $ 2.57  Weighted average shares outstanding Basic and Diluted 777   772  777   771  15 DUKE ENERGY CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In millions) June 30, 2025 December 31, 2024 ASSETS Current Assets Cash and cash equivalents $ 344   $ 314  Receivables (net of allowance for doubtful accounts of $199 at 2025 and $124 at 2024) 4,089   2,232  Receivables of VIEs (net of allowance for doubtful accounts of $85 at 2024) 11   1,889  Receivable from sales of Commercial Renewables Disposal Groups —   551  Inventory (includes $548 at 2025 and $494 at 2024 related to VIEs) 4,434   4,509  Regulatory assets (includes $120 at 2025 and 2024 related to VIEs) 2,269   2,756  Assets held for sale —   4  Other (includes $81 at 2025 and $90 at 2024 related to VIEs) 1,001   695  Total current assets 12,148   12,950  Property, Plant and Equipment Cost 186,261   180,806  Accumulated depreciation and amortization (59,613) (57,503) Net property, plant and equipment 126,648   123,303  Other Noncurrent Assets Goodwill 19,303   19,303  Regulatory assets (includes $1,651 at 2025 and $1,705 at 2024 related to VIEs) 14,172   14,254  Nuclear decommissioning trust funds 12,109   11,434  Operating lease right-of-use assets, net 1,209   1,148  Investments in equity method unconsolidated affiliates 332   353  Assets held for sale —   $ 89  Other 3,792   3,509  Total other noncurrent assets 50,917   50,090  Total Assets $ 189,713   $ 186,343  LIABILITIES AND EQUITY Current Liabilities Accounts payable (includes $247 at 2025 and $214 at 2024 related to VIEs) $ 4,373   $ 5,479  Notes payable and commercial paper 3,473   3,584  Taxes accrued 837   851  Interest accrued 881   855  Current maturities of long-term debt (includes $110 at 2025 and $1,012 at 2024 related to VIEs) 5,046   4,349  Asset retirement obligations 636   650  Regulatory liabilities 1,257   1,425  Liabilities associated with assets held for sale 18   80  Other 1,887   2,084  Total current liabilities 18,408   19,357  Long-Term Debt (includes $1,782 at 2025 and $1,842 at 2024 related to VIEs) 78,914   76,340  Other Noncurrent Liabilities Deferred income taxes 11,990   11,424  Asset retirement obligations 9,316   9,342  Regulatory liabilities 15,047   14,694  Operating lease liabilities 1,020   957  Accrued pension and other post-retirement benefit costs 410   434  Investment tax credits 882   894  Liabilities associated with assets held for sale —   $ 89  Other (includes $27 at 2024 related to VIEs) 1,696   1,556  Total other noncurrent liabilities 40,361   39,390  Commitments and Contingencies Equity Preferred stock, Series A, $0.001 par value, 40 million depositary shares authorized and outstanding at 2025 and 2024 973   973  Common stock, $0.001 par value, 2 billion shares authorized; 778 million and 776 million shares outstanding at 2025 and 2024 1   1  Additional paid-in capital 45,573   45,494  Retained earnings 4,141   3,431  Accumulated other comprehensive income 203   228  Total Duke Energy Corporation stockholders' equity 50,891   50,127  Noncontrolling interests 1,139   1,129  Total equity 52,030   51,256  Total Liabilities and Equity $ 189,713   $ 186,343  16 DUKE ENERGY CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (In millions) Six Months Ended June 30, 2025 2024 CASH FLOWS FROM OPERATING ACTIVITIES Net Income $ 2,411   $ 2,072  Adjustments to reconcile net income to net cash provided by operating activities 2,629   3,355  Net cash provided by operating activities 5,040   5,427  CASH FLOWS FROM INVESTING ACTIVITIES Net cash used in investing activities (6,264) (6,575) CASH FLOWS FROM FINANCING ACTIVITIES Net cash provided by financing activities 1,245   1,274  Net increase in cash, cash equivalents and restricted cash 21   126  Cash, cash equivalents and restricted cash at beginning of period 421   357  Cash, cash equivalents and restricted cash at end of period $ 442   $ 483  17 DUKE ENERGY CORPORATION CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended June 30, 2025 (In millions) Electric Utilities and Infrastructure Gas Utilities and Infrastructure Other Eliminations/Adjustments Duke Energy Operating Revenues Regulated electric $ 6,982  $ —  $ —  $ (14) $ 6,968   Regulated natural gas —  483  —  (21) 462   Nonregulated electric and other 63  10  40  (35) 78   Total operating revenues 7,045  493  40  (70) 7,508   Operating Expenses Fuel used in electric generation and purchased power 1,898  —  —  (20) 1,878   Cost of natural gas —  158  —  —  158   Operation, maintenance and other 1,594  129  (23) (45) 1,655   Depreciation and amortization 1,402  112  77  (8) 1,583   Property and other taxes 371  41  3  —  415   Impairment of assets and other charges (1) —  5  (1) 3   Total operating expenses 5,264  440  62  (74) 5,692   Gains on Sales of Other Assets and Other, net 8  —  6  —  14   Operating Income 1,789  53  (16) 4  1,830   Other Income and Expenses Equity in earnings of unconsolidated affiliates —  1  9  1  11   Other income and expenses, net 163  13  33  (26) 183   Total Other Income and Expenses 163  14  42  (25) 194   Interest Expense 535  65  318  (21) 897   Income (Loss) from Continuing Operations before Income Taxes 1,417  2  (292) —  1,127   Income Tax Expense (Benefit) from Continuing Operations 200  (4) (77) —  119   Income (Loss) from Continuing Operations 1,217  6  (215) —  1,008   Less: Net Income Attributable to Noncontrolling Interest 23  —  —  —  23   Net Income (Loss) Attributable to Duke Energy Corporation 1,194  6  (215) —  985   Less: Preferred Dividends —  —  13  —  13   Segment Income/Other Net Loss $ 1,194  $ 6  $ (228) $ —  $ 972   Discontinued Operations (1) Net Income Available to Duke Energy Corporation Common Stockholders $ 971   18 DUKE ENERGY CORPORATION CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (Unaudited) Six Months Ended June 30, 2025 (In millions) Electric Utilities and Infrastructure Gas Utilities and Infrastructure Other Eliminations/Adjustments Duke Energy Operating Revenues Regulated electric $ 14,061  $ —  $ —  $ (29) $ 14,032   Regulated natural gas —  1,612  —  (45) 1,567   Nonregulated electric and other 124  21  82  (69) 158   Total operating revenues 14,185  1,633  82  (143) 15,757   Operating Expenses Fuel used in electric generation and purchased power 4,017  —  —  (40) 3,977   Cost of natural gas —  532  —  —  532   Operation, maintenance and other 3,018  254  (21) (97) 3,154   Depreciation and amortization 2,736  219  154  (14) 3,095   Property and other taxes 749  88  6  —  843   Impairment of assets and other charges (1) —  5  (1) 3   Total operating expenses 10,519  1,093  144  (152) 11,604   Gains on Sales of Other Assets and Other, net 9  —  11  —  20   Operating Income (Loss) 3,675  540  (51) 9  4,173   Other Income and Expenses Equity in earnings of unconsolidated affiliates —  6  15  1  22   Other income and expenses, net 297  26  47  (55) 315   Total Other Income and Expenses 297  32  62  (54) 337   Interest Expense 1,065  130  636  (45) 1,786   Income (Loss) from Continuing Operations before Income Taxes 2,907  442  (625) —  2,724   Income Tax Expense (Benefit) from Continuing Operations 389  87  (164) —  312   Income (Loss) from Continuing Operations 2,518  355  (461) —  2,412   Less: Net Income Attributable to Noncontrolling Interest 48  —  —  —  48   Net Income (Loss) Attributable to Duke Energy Corporation 2,470  355  (461) —  2,364   Less: Preferred Dividends —  —  27  —   27   Segment Income/Other Net Loss $ 2,470  $ 355  $ (488) $ —  $ 2,337   Discontinued Operations (1) Net Income Available to Duke Energy Corporation Common Stockholders $ 2,336   19 DUKE ENERGY CORPORATION CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended June 30, 2024 (In millions) Electric Utilities and Infrastructure Gas Utilities and Infrastructure Other Eliminations/Adjustments Duke Energy Operating Revenues Regulated electric $ 6,763  $ —  $ —  $ (17) $ 6,746   Regulated natural gas —  369  —  (22) 347   Nonregulated electric and other 57  12  40  (30) 79   Total operating revenues 6,820  381  40  (69) 7,172   Operating Expenses Fuel used in electric generation and purchased power 2,247  —  —  (19) 2,228   Cost of natural gas —  78  —  —  78   Operation, maintenance and other 1,262  117  (8) (51) 1,320   Depreciation and amortization 1,246  96  73  (6) 1,409   Property and other taxes 351  38  4  —  393   Impairment of assets and other charges 42  —  1  —  43   Total operating expenses 5,148  329  70  (76) 5,471   Gains on Sales of Other Assets and Other, net 1  —  6  (1) 6   Operating Income 1,673  52  (24) 6  1,707   Other Income and Expenses Equity in earnings of unconsolidated affiliates 1  —  19  1  21   Other income and expenses, net 140  17  48  (38) 167   Total Other Income and Expenses 141  17  67  (37) 188   Interest Expense 488  61  306  (31) 824   Income (Loss) from Continuing Operations before Income Taxes 1,326  8  (263) —  1,071   Income Tax Expense (Benefit) from Continuing Operations 214  2  (77) 1  140   Income (Loss) from Continuing Operations 1,112  6  (186) (1) 931   Less: Net Income Attributable to Noncontrolling Interest 22  —  —  (1) 21   Net Income (Loss) Attributable to Duke Energy Corporation 1,090  6  (186) —  910   Less: Preferred Dividends —  —  14  —   14   Segment Income/Other Net Loss $ 1,090  $ 6  $ (200) $ —  $ 896   Discontinued Operations (10) Net Income Available to Duke Energy Corporation Common Stockholders $ 886   Segment Income/Other Net Loss $ 1,090  $ 6  $ (200) $ —  $ 896   Special Item 25  —  —  —  25   Adjusted Earnings (a) $ 1,115  $ 6  $ (200) $ —  $ 921   (a)    See Reported to Adjusted Earnings Reconciliation for a detailed reconciliation of Segment Income/Other New Loss to Adjusted Earnings. 20 DUKE ENERGY CORPORATION CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (Unaudited) Six Months Ended June 30, 2024 (In millions) Electric Utilities and Infrastructure Gas Utilities and Infrastructure Other Eliminations/Adjustments Duke Energy Operating Revenues Regulated electric $ 13,513  $ —  $ —  $ (35) $ 13,478   Regulated natural gas —  1,258  —  (45) 1,213   Nonregulated electric and other 110  25  78  (61) 152   Total operating revenues 13,623  1,283  78  (141) 14,843   Operating Expenses Fuel used in electric generation and purchased power 4,602  —  —  (39) 4,563   Cost of natural gas —  310  —  —  310   Operation, maintenance and other 2,578  246  (26) (99) 2,699   Depreciation and amortization 2,471  194  144  (13) 2,796   Property and other taxes 688  84  7  —  779   Impairment of assets and other charges 43  —  1  —  44   Total operating expenses 10,382  834  126  (151) 11,191   Gains on Sales of Other Assets and Other, net 7  —  11  —  18   Operating Income (Loss) 3,248  449  (37) 10  3,670   Other Income and Expenses Equity in earnings of unconsolidated affiliates 2  —  36  —  38   Other income and expenses, net 270  34  110  (78) 336   Total Other Income and Expenses 272  34  146  (78) 374   Interest Expense 987  122  600  (68) 1,641   Income (Loss) From Continuing Operations Before Income Taxes 2,533  361  (491) —  2,403   Income Tax Expense (Benefit) from Continuing Operations 387  71  (141) 1  318   Income (Loss) from Continuing Operations 2,146  290  (350) (1) 2,085   Less: Net Income Attributable to Noncontrolling Interest 35  —  —  (1) 34   Net Income (Loss) Attributable to Duke Energy Corporation 2,111  290  (350) —  2,051   Less: Preferred Dividends —  —  53  —   53   Segment Income/Other Net Loss $ 2,111  $ 290  $ (403) $ —  $ 1,998   Discontinued Operations (13) Net Income Available to Duke Energy Corporation Common Stockholders $ 1,985   Segment Income/Other Net Loss $ 2,111  $ 290  $ (403) $ —  $ 1,998   Special Item 25  —  —  —  25   Adjusted Earnings (a) $ 2,136  $ 290  $ (403) $ —  $ 2,023   (a)    See Reported to Adjusted Earnings Reconciliation for a detailed reconciliation of Segment Income/Other New Loss to Adjusted Earnings. 21 DUKE ENERGY CORPORATION CONDENSED CONSOLIDATING BALANCE SHEETS – ASSETS (Unaudited) June 30, 2025 (In millions) Electric Utilities and Infrastructure Gas Utilities and Infrastructure Other (a) Eliminations/ Adjustments Duke Energy Current Assets Cash and cash equivalents $ 63  $ 10  $ 270  $ 1  $ 344   Receivables, net 3,829  256  4  —  4,089   Receivables of variable interest entities, net 11  —  —  —  11   Receivables from affiliated companies 195  152  895  (1,242) —   Notes receivable from affiliated companies 1,069  2  7  (1,078) —   Inventory 4,331  66  37  —  4,434   Regulatory assets 2,044  136  89  —  2,269   Other 674  99  295  (67) 1,001   Total current assets 12,216  721  1,597  (2,386) 12,148   Property, Plant and Equipment Cost 164,779  18,245  3,313  (76) 186,261   Accumulated depreciation and amortization (53,818) (3,756) (2,038) (1) (59,613) Net property, plant and equipment 110,961  14,489  1,275  (77) 126,648   Other Noncurrent Assets Goodwill 17,379  1,924  —  —  19,303   Regulatory assets 12,828  831  513  —  14,172   Nuclear decommissioning trust funds 12,109  —  —  —  12,109   Operating lease right-of-use assets, net 782  3  424  —  1,209   Investments in equity method unconsolidated affiliates 1  179  152  —  332   Investment in consolidated subsidiaries 515  6  77,127  (77,648) —   Other 2,548  315  1,554  (625) 3,792   Total other noncurrent assets 46,162  3,258  79,770  (78,273) 50,917   Total Assets 169,339  18,468  82,642  (80,736) 189,713   Segment reclassifications, intercompany balances and other (1,919) (163) (78,654) 80,736  —   Segment Assets $ 167,420  $ 18,305  $ 3,988  $ —  $ 189,713   (a)    Includes amounts in held for sale accounts related to the Commercial Renewables Disposal Groups. 22 DUKE ENERGY CORPORATION CONDENSED CONSOLIDATING BALANCE SHEETS – LIABILITIES AND EQUITY (Unaudited) June 30, 2025 (In millions) Electric Utilities and Infrastructure Gas Utilities and Infrastructure Other (a) Eliminations/ Adjustments Duke Energy Current Liabilities Accounts payable $ 3,501  $ 241  $ 632  $ (1) $ 4,373   Accounts payable to affiliated companies 864  47  207  (1,118) —   Notes payable to affiliated companies 2  727  349  (1,078) —   Notes payable and commercial paper —  —  3,473  —  3,473   Taxes accrued 1,057  49  (269) —  837   Interest accrued 574  53  254  —  881   Current maturities of long-term debt 1,927  255  2,871  (7) 5,046   Asset retirement obligations 636  —  —  —  636   Regulatory liabilities 1,234  23  —  —  1,257   Liabilities associated with assets held for sale —  —  18  —  18   Other 1,413  86  577  (189) 1,887   Total current liabilities 11,208  1,481  8,112  (2,393) 18,408   Long-Term Debt 49,997  4,765  24,222  (70) 78,914   Long-Term Debt Payable to Affiliated Companies 618  7  —  (625) —   Other Noncurrent Liabilities Deferred income taxes 12,149  1,555  (1,714) —  11,990   Asset retirement obligations 9,224  93  —  (1) 9,316   Regulatory liabilities 13,817  1,201  30  (1) 15,047   Operating lease liabilities 714  2  303  1  1,020   Accrued pension and other post-retirement benefit costs 181  29  200  —  410   Investment tax credits 881  1  —  —  882   Other 1,169  165  549  (187) 1,696   Total other noncurrent liabilities 38,135  3,046  (632) (188) 40,361   Equity Total Duke Energy Corporation stockholders' equity 68,245  9,166  50,940  (77,460) 50,891   Noncontrolling interests 1,136  3  —  —  1,139   Total equity 69,381  9,169  50,940  (77,460) 52,030   Total Liabilities and Equity 169,339  18,468  82,642  (80,736) 189,713   Segment reclassifications, intercompany balances and other (1,919) (163) (78,654) 80,736  —   Segment Liabilities and Equity $ 167,420  $ 18,305  $ 3,988  $ —  $ 189,713   (a)    Includes amounts in held for sale accounts related to the Commercial Renewables Disposal Groups. 23 ELECTRIC UTILITIES AND INFRASTRUCTURE CONDENSED CONSOLIDATING SEGMENT INCOME (Unaudited) Three Months Ended June 30, 2025 (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 $ 2,231  $ 1,681  $ 1,885  $ 498  $ 821  $ (71) $ 7,045   Operating Expenses Fuel used in electric generation and purchased power 571  574  451  161  219  (78) 1,898   Operation, maintenance and other 488  333  495  87  189  2  1,594   Depreciation and amortization 482  319  290  83  222  6  1,402   Property and other taxes 85  45  130  80  17  14  371   Impairment of assets and other charges (1) —  —  —  —  —  (1) Total operating expenses 1,625  1,271  1,366  411  647  (56) 5,264   Gains on Sales of Other Assets and Other, net 6  —  —  —  —  2  8   Operating Income 612  410  519  87  174  (13) 1,789   Other Income and Expenses, net (b) 62  50  26  4  22  (1) 163   Interest Expense 200  139  116  32  56  (8) 535   Income Before Income Taxes 474  321  429  59  140  (6) 1,417   Income Tax Expense 39  40  81  9  20  11  200   Less: Net Income Attributable to Noncontrolling Interest (c) —  —  —  —  —  23  23   Segment Income $ 435  $ 281  $ 348  $ 50  $ 120  $ (40) $ 1,194   (a)    Includes results of the wholly owned subsidiary, Duke Energy Kentucky. (b)    Includes an equity component of allowance for funds used during construction of $34 million for Duke Energy Carolinas, $22 million for Duke Energy Progress, $6 million for Duke Energy Florida, $2 million for Duke Energy Ohio and $8 million for Duke Energy Indiana. (c)    Includes a noncontrolling interest in Duke Energy Indiana. 24 ELECTRIC UTILITIES AND INFRASTRUCTURE CONDENSED CONSOLIDATING SEGMENT INCOME (Unaudited) Six Months Ended June 30, 2025 (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 $ 4,755  $ 3,699  $ 3,329  $ 985  $ 1,679  $ (262) $ 14,185   Operating Expenses Fuel used in electric generation and purchased power 1,374  1,299  832  310  479  (277) 4,017   Operation, maintenance and other 962  724  777  179  382  (6) 3,018   Depreciation and amortization 914  676  564  159  414  9  2,736   Property and other taxes 187  105  242  166  35  14  749   Impairment of assets and other charges (1) —  —  —  —  —  (1) Total operating expenses 3,436  2,804  2,415  814  1,310  (260) 10,519   Gains on Sales of Other Assets and Other, net 6  —  1  —  —  2  9   Operating Income 1,325  895  915  171  369  —  3,675   Other Income and Expenses, net (b) 123  89  47  8  32  (2) 297   Interest Expense 400  267  234  63  116  (15) 1,065   Income Before Income Taxes 1,048  717  728  116  285  13  2,907   Income Tax Expense 92  98  141  18  38  2  389   Less: Net Income Attributable to Noncontrolling Interest (c) —  —  —  —  —  48  48   Segment Income $ 956  $ 619  $ 587  $ 98  $ 247  $ (37) $ 2,470   (a)    Includes results of the wholly owned subsidiary, Duke Energy Kentucky. (b)    Includes an equity component of allowance for funds used during construction of $66 million for Duke Energy Carolinas, $41 million for Duke Energy Progress, $11 million for Duke Energy Florida, $5 million for Duke Energy Ohio and $15 million for Duke Energy Indiana. (c)    Includes a noncontrolling interest in Duke Energy Indiana. 25 ELECTRIC UTILITIES AND INFRASTRUCTURE CONDENSED CONSOLIDATING BALANCE SHEETS – ASSETS (Unaudited) June 30, 2025 (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 $ 7  $ 24  $ 16  $ 7  $ 9  $ —  $ 63   Receivables, net 1,241  934  801  380  463  10  3,829   Receivables of variable interest entities, net 1  5  4  —  —  1  11   Receivables from affiliated companies 210  31  72  23  —  (141) 195   Notes receivable from affiliated companies 27  949  —  7  235  (149) 1,069   Inventory 1,524  1,323  767  166  550  1  4,331   Regulatory assets 656  614  562  38  176  (2) 2,044   Other 354  157  85  2  84  (8) 674   Total current assets 4,020  4,037  2,307  623  1,517  (288) 12,216   Property, Plant and Equipment Cost 60,065  43,320  31,665  9,183  20,492  54  164,779   Accumulated depreciation and amortization (19,637) (16,550) (8,034) (2,459) (7,174) 36  (53,818) Net property, plant and equipment 40,428  26,770  23,631  6,724  13,318  90  110,961   Other Noncurrent Assets Goodwill —  —  —  596  —  16,783  17,379   Regulatory assets 3,985  4,654  2,105  398  1,050  636  12,828   Nuclear decommissioning trust funds 6,880  4,922  308  —  —  (1) 12,109   Operating lease right-of-use assets, net 88  403  250  6  35  —  782   Investments in equity method unconsolidated affiliates —  —  1  —  —  —  1   Investment in consolidated subsidiaries 56  10  4  444  1  —  515   Other 1,198  770  490  64  260  (234) 2,548   Total other noncurrent assets 12,207  10,759  3,158  1,508  1,346  17,184  46,162   Total Assets 56,655  41,566  29,096  8,855  16,181  16,986  169,339   Segment reclassifications, intercompany balances and other (320) (1,080) (93) (477) (241) 292  (1,919) Reportable Segment Assets $ 56,335  $ 40,486  $ 29,003  $ 8,378  $ 15,940  $ 17,278  $ 167,420   (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. 26 ELECTRIC UTILITIES AND INFRASTRUCTURE CONDENSED CONSOLIDATING BALANCE SHEETS – LIABILITIES AND EQUITY (Unaudited) June 30, 2025 (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 $ 1,346  $ 581  $ 977  $ 230  $ 365  $ 2  $ 3,501   Accounts payable to affiliated companies 492  391  63  18  67  (167) 864   Notes payable to affiliated companies —  —  67  83  —  (148) 2   Taxes accrued 278  107  340  229  83  20  1,057   Interest accrued 228  156  86  41  63  —  574   Current maturities of long-term debt 23  582  1,235  91  4  (8) 1,927   Asset retirement obligations 259  222  1  7  148  (1) 636   Regulatory liabilities 571  272  83  37  270  1  1,234   Other 477  310  352  66  209  (1) 1,413   Total current liabilities 3,674  2,621  3,204  802  1,209  (302) 11,208   Long-Term Debt 18,022  13,483  9,785  3,341  4,941  425  49,997   Long-Term Debt Payable to Affiliated Companies 300  150  —  18  150  —  618   Other Noncurrent Liabilities Deferred income taxes 4,199  2,510  3,013  873  1,503  51  12,149   Asset retirement obligations 3,716  4,123  196  69  1,105  15  9,224   Regulatory liabilities 6,893  4,799  660  237  1,254  (26) 13,817   Operating lease liabilities 78  404  197  5  31  (1) 714   Accrued pension and other post-retirement benefit costs 21  137  88  69  82  (216) 181   Investment tax credits 309  142  241  5  185  (1) 881   Other 672  264  155  69  21  (12) 1,169   Total other noncurrent liabilities 15,888  12,379  4,550  1,327  4,181  (190) 38,135   Equity Total Duke Energy Corporation stockholders equity 18,771  12,933  11,557  3,367  5,700  15,917  68,245   Noncontrolling interests (c) —  —  —  —  —  1,136  1,136   Total equity 18,771  12,933  11,557  3,367  5,700  17,053  69,381   Total Liabilities and Equity 56,655  41,566  29,096  8,855  16,181  16,986  169,339   Segment reclassifications, intercompany balances and other (320) (1,080) (93) (477) (241) 292  (1,919) Reportable Segment Liabilities and Equity $ 56,335  $ 40,486  $ 29,003  $ 8,378  $ 15,940  $ 17,278  $ 167,420   (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. 27 GAS UTILITIES AND INFRASTRUCTURE CONDENSED CONSOLIDATING SEGMENT INCOME (Unaudited) Three Months Ended June 30, 2025 (In millions) Duke Energy Ohio (a) Piedmont Natural Gas LDC Midstream Pipelines and Storage (b) Eliminations/ Adjustments Gas Utilities and Infrastructure Operating Revenues $ 156  $ 335  $ 3  $ (1) $ 493   Operating Expenses Cost of natural gas 35  124  —  (1) 158   Operation, maintenance and other 27  101  —  1  129   Depreciation and amortization 39  71  2  —  112   Property and other taxes 21  19  2  (1) 41   Total operating expenses 122  315  4  (1) 440   Operating Income (Loss) 34  20  (1) —  53   Other Income and Expenses Equity in earnings of unconsolidated affiliates —  —  1  —  1   Other income and expenses, net 2  11  —  —  13   Total other income and expenses 2  11  1  —  14   Interest Expense 18  47  1  (1) 65   Income (Loss) Before Income Taxes 18  (16) (1) 1  2   Income Tax Expense (Benefit) 3  (7) —  —  (4) Segment Income (Loss) $ 15  $ (9) $ (1) $ 1  $ 6   (a)    Includes results of the wholly owned subsidiary Duke Energy Kentucky. (b)    Primarily earnings from investments in Sabal Trail and Cardinal pipelines, as well as Hardy and Pine Needle storage facilities. 28 GAS UTILITIES AND INFRASTRUCTURE CONDENSED CONSOLIDATING SEGMENT INCOME (Unaudited) Six Months Ended June 30, 2025 (In millions) Duke Energy Ohio (a) Piedmont Natural Gas LDC Midstream Pipelines and Storage (b) Eliminations/ Adjustments Gas Utilities and Infrastructure Operating Revenues $ 435  $ 1,192  $ 7  $ (1) $ 1,633   Operating Expenses Cost of natural gas 136  396  —  —  532   Operation, maintenance and other 56  195  —  3  254   Depreciation and amortization 75  141  4  (1) 219   Property and other taxes 51  37  3  (3) 88   Total operating expenses 318  769  7  (1) 1,093   Operating Income 117  423  —  —  540   Other Income and Expenses, net Equity in earnings of unconsolidated affiliates —  —  6  —  6   Other income and expenses, net 4  22  —  —  26   Other Income and Expenses, net 4  22  6  —  32   Interest Expense 34  94  2  —  130   Income Before Income Taxes 87  351  4  —  442   Income Tax Expense 17  69  1  —  87   Segment Income $ 70  $ 282  $ 3  $ —  $ 355   (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 CONDENSED CONSOLIDATING BALANCE SHEETS – ASSETS (Unaudited) June 30, 2025 (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 $ 3  $ 2  $ 5  $ —  $ 10   Receivables, net 62  195  —  (1) 256   Receivables from affiliated companies —  88  135  (71) 152   Notes receivable from affiliated companies 4  —  —  (2) 2   Inventory 15  51  —  —  66   Regulatory assets 5  131  —  —  136   Other 17  79  3  —  99   Total current assets 106  546  143  (74) 721   Property, Plant and Equipment Cost 5,043  13,129  73  —  18,245   Accumulated depreciation and amortization (1,233) (2,512) (11) —  (3,756) Net property, plant and equipment 3,810  10,617  62  —  14,489   Other Noncurrent Assets Goodwill 324  49  —  1,551  1,924   Regulatory assets 324  446  —  61  831   Operating lease right-of-use assets, net —  3  —  —  3   Investments in equity method unconsolidated affiliates —  —  174  5  179   Investment in consolidated subsidiaries —  —  —  6  6   Other 23  273  18  1  315   Total other noncurrent assets 671  771  192  1,624  3,258   Total Assets 4,587  11,934  397  1,550  18,468   Segment reclassifications, intercompany balances and other (5) (90) (135) 67  (163) Reportable Segment Assets $ 4,582  $ 11,844  $ 262  $ 1,617  $ 18,305   (a)    Includes balances of the wholly owned subsidiary Duke Energy Kentucky. (b)    Includes the elimination of intercompany balances and purchase accounting adjustments. 30 GAS UTILITIES AND INFRASTRUCTURE CONDENSED CONSOLIDATING BALANCE SHEETS – LIABILITIES AND EQUITY (Unaudited) June 30, 2025 (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 $ 40  $ 195  $ 6  $ —  $ 241   Accounts payable to affiliated companies 4  96  18  (71) 47   Notes payable to affiliated companies 47  682  —  (2) 727   Taxes accrued 11  42  (3) (1) 49   Interest accrued 8  45  —  —  53   Current maturities of long-term debt 49  205  —  1  255   Regulatory liabilities 16  7  —  —  23   Other 4  81  —  1  86   Total current liabilities 179  1,353  21  (72) 1,481   Long-Term Debt 858  3,799  59  49  4,765   Long-Term Debt Payable to Affiliated Companies 7  —  —  —  7   Other Noncurrent Liabilities Deferred income taxes 448  1,037  68  2  1,555   Asset retirement obligations 63  29  —  1  93   Regulatory liabilities 230  959  —  12  1,201   Operating lease liabilities —  2  —  —  2   Accrued pension and other post-retirement benefit costs 23  6  —  —  29   Investment tax credits —  1  —  —  1   Other 21  146  —  (2) 165   Total other noncurrent liabilities 785  2,180  68  13  3,046   Equity Total Duke Energy Corporation stockholders' equity 2,758  4,602  246  1,560  9,166   Noncontrolling interests —  —  3  —  3   Total equity 2,758  4,602  249  1,560  9,169   Total Liabilities and Equity 4,587  11,934  397  1,550  18,468   Segment reclassifications, intercompany balances and other (5) (90) (135) 67  (163) Reportable Segment Liabilities and Equity $ 4,582  $ 11,844  $ 262  $ 1,617  $ 18,305   (a)    Includes balances of the wholly owned subsidiary Duke Energy Kentucky. (b)    Includes the elimination of intercompany balances and purchase accounting adjustments. 31 Electric Utilities and Infrastructure Quarterly Highlights June 2025 Three Months Ended June 30, Six Months Ended June 30, 2025 2024 % Inc. (Dec.) % Inc. (Dec.) Weather Normal (b) 2025 2024 % Inc. (Dec.) % Inc. (Dec.) Weather Normal (b) Gigawatt-hour (GWh) Sales (a) Residential 19,328  19,564  (1.2 %) (0.5 %) 44,553  42,268  5.4 % 1.6 % Commercial 19,267  19,423  (0.8 %) 0.4 % 38,169  37,592  1.5 % 1.0 % Industrial 11,751  11,835  (0.7 %) (2.2 %) 22,715  23,284  (2.4 %) (1.6 %) Other Energy Sales 138  129  7.0 % n/a 254  265  (4.2 %) n/a Unbilled Sales 2,811  2,734  2.8 % n/a 995  940  5.9 % n/a Total Retail Sales 53,295  53,685  (0.7 %) (0.6 %) 106,686  104,349  2.2 % 0.7 % Wholesale and Other 10,866  11,301  (3.8 %) 22,717  21,247  6.9 % Total Consolidated Electric Sales – Electric Utilities and Infrastructure 64,161  64,986  (1.3 %) 129,403  125,596  3.0 % Average Number of Customers (Electric) Residential 7,520,099  7,391,580  1.7 % 7,509,110  7,373,551  1.8 % Commercial 1,047,601  1,043,945  0.4 % 1,046,413  1,042,841  0.3 % Industrial 15,125  15,708  (3.7 %) 15,215  15,756  (3.4 %) Other Energy Sales 23,054  23,723  (2.8 %) 23,129  23,781  (2.7 %) Total Retail Customers 8,605,879  8,474,956  1.5 % 8,593,867  8,455,929  1.6 % Wholesale and Other 52  51  2.0 % 52  51  2.0 % Total Average Number of Customers – Electric Utilities and Infrastructure 8,605,931  8,475,007  1.5 % 8,593,919  8,455,980  1.6 % Sources of Electric Energy (GWh) Generated – Net Output (c) Coal 7,785  9,985  (22.0 %) 19,132  19,374  (1.2 %) Nuclear 19,250  17,950  7.2 % 38,176  37,032  3.1 % Hydro 452  447  1.1 % 898  1,428  (37.1 %) Natural Gas and Oil 22,372  22,921  (2.4 %) 43,925  42,802  2.6 % Renewable Energy 1,171  1,038  12.8 % 2,012  1,706  17.9 % Total Generation (d) 51,030  52,341  (2.5 %) 104,143  102,342  1.8 % Purchased Power and Net Interchange (e) 16,214  15,355  5.6 % 31,166  29,483  5.7 % Total Sources of Energy 67,244  67,696  (0.7 %) 135,309  131,825  2.6 % Less: Line Loss and Other 3,083  2,710  13.8 % 5,906  6,229  (5.2 %) Total GWh Sources 64,161  64,986  (1.3 %) 129,403  125,596  3.0 % Owned Megawatt (MW) Capacity (c) Summer 50,569  50,430  Winter 55,216  54,944  Nuclear Capacity Factor (%) (f) 99  95  (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. 32 Duke Energy Carolinas Quarterly Highlights Supplemental Electric Utilities and Infrastructure Information June 2025 Three Months Ended June 30, Six Months Ended June 30, 2025 2024 % Inc. (Dec.) % Inc. (Dec.) Weather Normal (b) 2025 2024 % Inc. (Dec.) % Inc. (Dec.) Weather Normal (b) GWh Sales (a) Residential 6,165 6,256  (1.5 %) 15,303 14,497 5.6 % Commercial 7,265 7,432  (2.2 %) 14,655 14,664 (0.1 %) Industrial 4,977 4,985  (0.2 %) 9,531 9,671 (1.4 %) Other Energy Sales 77 68  13.2 % 133 136 (2.2 %) Unbilled Sales 1,080 1,151  (6.2 %) 350 475 (26.3 %) Total Retail Sales 19,564 19,892  (1.6 %) (1.1 %) 39,972 39,443 1.3 % 0.1 % Wholesale and Other 2,604 2,592  0.5 % 5,754 5,429 6.0 % Total Consolidated Electric Sales – Duke Energy Carolinas 22,168 22,484  (1.4 %) 45,726 44,872 1.9 % Average Number of Customers Residential 2,536,178 2,480,757 2.2 % 2,530,372 2,473,067 2.3 % Commercial 402,816 402,323 0.1 % 402,377 402,055 0.1 % Industrial 5,845 5,959 (1.9 %) 5,870 5,964 (1.6 %) Other Energy Sales 10,803 11,064 (2.4 %) 10,819 11,092 (2.5 %) Total Retail Customers 2,955,642 2,900,103 1.9 % 2,949,438 2,892,178 2.0 % Wholesale and Other 27 24 12.5 % 26 25 4.0 % Total Average Number of Customers – Duke Energy Carolinas 2,955,669 2,900,127 1.9 % 2,949,464 2,892,203 2.0 % Sources of Electric Energy (GWh) Generated – Net Output (c) Coal 1,538  2,696  (43.0 %) 4,823 5,611 (14.0 %) Nuclear 11,363  10,894  4.3 % 23,152 22,729 1.9 % Hydro 216  209  3.3 % 467 861 (45.8 %) Natural Gas and Oil 6,590  6,158  7.0 % 12,470 12,060 3.4 % Renewable Energy 87  99  (12.1 %) 144 172 (16.3 %) Total Generation (d) 19,794  20,056  (1.3 %) 41,056 41,433 (0.9 %) Purchased Power and Net Interchange (e) 3,432  3,273  4.9 % 6,670 5,480 21.7 % Total Sources of Energy 23,226  23,329  (0.4 %) 47,726 46,913 1.7 % Less: Line Loss and Other 1,058  845  25.2 % 2,000 2,041 (2.0 %) Total GWh Sources 22,168  22,484  (1.4 %) 45,726 44,872 1.9 % Owned MW Capacity (c) Summer 19,745 19,688 Winter 20,842 20,735 Nuclear Capacity Factor (%) (f) 100 97 Heating and Cooling Degree Days Actual Heating Degree Days 127  124  2.4 % 1,770 1,599 10.7 % Cooling Degree Days 596  624  (4.5 %) 604 627 (3.7 %) Variance from Normal Heating Degree Days (38.7 %) (40.8 %) (7.1 %) (17.6 %) Cooling Degree Days 18.5 % 22.6 % 18.2 % 21.5 % (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 Progress Quarterly Highlights Supplemental Electric Utilities and Infrastructure Information June 2025 Three Months Ended June 30, Six Months Ended June 30, 2025 2024 % Inc. (Dec.) % Inc. (Dec.) Weather Normal (b) 2025 2024 % Inc. (Dec.) % Inc. (Dec.) Weather Normal (b) GWh Sales (a) Residential 3,886  3,912  (0.7 %) 9,766 9,044 8.0 % Commercial 3,695  3,619  2.1 % 7,435 7,251 2.5 % Industrial 2,375  2,328  2.0 % 4,832 4,551 6.2 % Other Energy Sales 21  21  — % 42 43 (2.3 %) Unbilled Sales 669  704  (5.0 %) (78) 183 (142.6 %) Total Retail Sales 10,646  10,584  0.6 % 0.4 % 21,997 21,072 4.4 % 1.3 % Wholesale and Other 6,412  6,630  (3.3 %) 13,246 12,270 8.0 % Total Consolidated Electric Sales – Duke Energy Progress 17,058  17,214  (0.9 %) 35,243 33,342 5.7 % Average Number of Customers Residential 1,523,129 1,495,566 1.8 % 1,520,911 1,491,114 2.0 % Commercial 249,001 248,278 0.3 % 248,667 247,992 0.3 % Industrial 3,043 3,213 (5.3 %) 3,057 3,226 (5.2 %) Other Energy Sales 2,391 2,440 (2.0 %) 2,399 2,446 (1.9 %) Total Retail Customers 1,777,564  1,749,497  1.6 % 1,775,034 1,744,778 1.7 % Wholesale and Other 8  9  (11.1 %) 8 8 — % Total Average Number of Customers – Duke Energy Progress 1,777,572  1,749,506  1.6 % 1,775,042 1,744,786 1.7 % Sources of Electric Energy (GWh) Generated – Net Output (c) Coal 1,773  2,116  (16.2 %) 4,049 3,918 3.3 % Nuclear 7,887  7,056  11.8 % 15,024 14,303 5.0 % Hydro 179  168  6.5 % 317 429 (26.1 %) Natural Gas and Oil 4,996  5,656  (11.7 %) 11,515 10,773 6.9 % Renewable Energy 68  56  21.4 % 118 115 2.6 % Total Generation (d) 14,903  15,052  (1.0 %) 31,023 29,538 5.0 % Purchased Power and Net Interchange (e) 2,761  2,708  2.0 % 5,253 4,845 8.4 % Total Sources of Energy 17,664  17,760  (0.5 %) 36,276 34,383 5.5 % Less: Line Loss and Other 606  546  11.0 % 1,033 1,041 (0.8 %) Total GWh Sources 17,058  17,214  (0.9 %) 35,243 33,342 5.7 % Owned MW Capacity (c) Summer 12,585 12,567 Winter 13,880 13,770 Nuclear Capacity Factor (%) (f) 96 91 Heating and Cooling Degree Days Actual Heating Degree Days 83  96  (13.5 %) 1,606 1,369 17.3 % Cooling Degree Days 754  729  3.4 % 769 738 4.2 % Variance from Normal Heating Degree Days (51.7 %) (45.0 %) (7.5 %) (22.7 %) Cooling Degree Days 34.2 % 29.6 % 33.7 % 28.4 % (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. (f)    Statistics reflect 100% of jointly owned stations. 34 Duke Energy Florida Quarterly Highlights Supplemental Electric Utilities and Infrastructure Information June 2025 Three Months Ended June 30, Six Months Ended June 30, 2025 2024 % Inc. (Dec.) % Inc. (Dec.) Weather Normal (b) 2025 2024 % Inc. (Dec.) % Inc. (Dec.) Weather Normal (b) GWh Sales (a) Residential 5,622 5,539 1.5 % 10,240 9,910 3.3 % Commercial 3,964 4,019 (1.4 %) 7,366 7,344 0.3 % Industrial 851 848 0.4 % 1,634 1,680 (2.7 %) Other Energy Sales 7 7 — % 14 15 (6.7 %) Unbilled Sales 640 620 — % 515 547 (5.9 %) Total Retail Sales 11,084 11,033 0.5 % (1.4 %) 19,769 19,496 1.4 % (0.3 %) Wholesale and Other 642 829 (22.6 %) 1,025 1,205 (14.9 %) Total Electric Sales – Duke Energy Florida 11,726 11,862 (1.1 %) 20,794 20,701 0.4 % Average Number of Customers Residential 1,815,652 1,789,071 1.5 % 1,813,649 1,785,483 1.6 % Commercial 212,623 211,119 0.7 % 212,229 210,708 0.7 % Industrial 1,580 1,682 (6.1 %) 1,598 1,699 (5.9 %) Other Energy Sales 3,538 3,616 (2.2 %) 3,550 3,624 (2.0 %) Total Retail Customers 2,033,393 2,005,488 1.4 % 2,031,026 2,001,514 1.5 % Wholesale and Other 12 13 (7.7 %) 13 13 — % Total Average Number of Customers – Duke Energy Florida 2,033,405 2,005,501 1.4 % 2,031,039 2,001,527 1.5 % Sources of Electric Energy (GWh) Generated – Net Output (c) Coal 1,239 1,029 20.4 % 1,693 1,622 4.4 % Natural Gas and Oil 9,621 9,657 (0.4 %) 17,625 17,392 1.3 % Renewable Energy 1,007 874 15.2 % 1,736 1,404 23.6 % Total Generation (d) 11,867 11,560 2.7 % 21,054 20,418 3.1 % Purchased Power and Net Interchange (e) 343 645 (46.8 %) 451 898 (49.8 %) Total Sources of Energy 12,210 12,205 — % 21,505 21,316 0.9 % Less: Line Loss and Other 484 343 41.1 % 711 615 15.6 % Total GWh Sources 11,726 11,862 (1.1 %) 20,794 20,701 0.4 % Owned MW Capacity (c) Summer 10,855 10,791 Winter 12,515 12,483 Heating and Cooling Degree Days Actual Heating Degree Days —  —  — % 359 294 22.1 % Cooling Degree Days 1,261  1,207  4.5 % 1,476 1,436 2.8 % Variance from Normal Heating Degree Days (100.0 %) (100.0 %) (3.8 %) (22.4 %) Cooling Degree Days 17.8 % 13.8 % 15.2 % 13.3 % (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. 35 Duke Energy Ohio Quarterly Highlights Supplemental Electric Utilities and Infrastructure Information June 2025 Three Months Ended June 30, Six Months Ended June 30, 2025 2024 % Inc. (Dec.) % Inc. (Dec.) Weather Normal (b) 2025 2024 % Inc. (Dec.) % Inc. (Dec.) Weather Normal (b) GWh Sales (a) Residential 1,813 1,937 (6.4 %) 4,485 4,319 3.8 % Commercial 2,317 2,386 (2.9 %) 4,646 4,458 4.2 % Industrial 1,126 1,333 (15.5 %) 2,222 2,591 (14.2 %) Other Energy Sales 21 18 16.7 % 40 41 (2.4 %) Unbilled Sales 259 109 137.6 % 138 24 475.0 % Total Retail Sales 5,536 5,783 (4.3 %) (2.2 %) 11,531 11,433 0.9 % 0.2 % Wholesale and Other 135 127 6.3 % 247 257 (3.9 %) Total Electric Sales – Duke Energy Ohio 5,671 5,910 (4.0 %) 11,778 11,690 0.8 % Average Number of Customers Residential 837,594 831,819 0.7 % 837,735 830,951 0.8 % Commercial 76,391 75,968 0.6 % 76,453 75,871 0.8 % Industrial 2,051 2,220 (7.6 %) 2,076 2,234 (7.1 %) Other Energy Sales 2,605 2,792 (6.7 %) 2,629 2,796 (6.0 %) Total Retail Customers 918,641 912,799 0.6 % 918,893 911,852 0.8 % Wholesale and Other 1 1 — % 1 1 — % Total Average Number of Customers – Duke Energy Ohio 918,642 912,800 0.6 % 918,894 911,853 0.8 % Sources of Electric Energy (GWh) Generated – Net Output (c) Coal 576 482 19.5 % 1,355 1,247 8.7 % Natural Gas and Oil 98 107 (8.4 %) 135 145 (6.9 %) Total Generation (d) 674 589 14.4 % 1,490 1,392 7.0 % Purchased Power and Net Interchange (e) 5,602 5,788 (3.2 %) 11,648 11,485 1.4 % Total Sources of Energy 6,276 6,377 (1.6 %) 13,138 12,877 2.0 % Less: Line Loss and Other 605 467 29.6 % 1,360 1,187 14.6 % Total GWh Sources 5,671 5,910 (4.0 %) 11,778 11,690 0.8 % Owned MW Capacity (c) Summer 1,080 1,080 Winter 1,173 1,173 Heating and Cooling Degree Days Actual Heating Degree Days 408 285 43.2 % 2,971 2,513 18.2 % Cooling Degree Days 344 453 (24.1 %) 351  453  (22.5 %) Variance from Normal Heating Degree Days (8.0 %) (36.2 %) (0.7 %) (17.2 %) Cooling Degree Days 1.8 % 33.8 % 3.1 % 32.7 % (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 Indiana Quarterly Highlights Supplemental Electric Utilities and Infrastructure Information June 2025 Three Months Ended June 30, Six Months Ended June 30, 2025 2024 % Inc. (Dec.) % Inc. (Dec.) Weather Normal (b) 2025 2024 % Inc. (Dec.) % Inc. (Dec.) Weather Normal (b) GWh Sales (a) Residential 1,842 1,920 (4.1 %) 4,759 4,498 5.8 % Commercial 2,026 1,967 3.0 % 4,067 3,875 5.0 % Industrial 2,422 2,341 3.5 % 4,496 4,791 (6.2 %) Other Energy Sales 12 15 (20.0 %) 25 30 (16.7 %) Unbilled Sales 163 150 8.7 % 70 (289) 124.2 % Total Retail Sales 6,465 6,393 1.1 % 2.7 % 13,417 12,905 4.0 % 3.1 % Wholesale and Other 1,073 1,123 (4.5 %) 2,445 2,086 17.2 % Total Electric Sales – Duke Energy Indiana 7,538 7,516 0.3 % 15,862 14,991 5.8 % Average Number of Customers Residential 807,546 794,366 1.7 % 806,443 792,936 1.7 % Commercial 106,770 106,256 0.5 % 106,687 106,215 0.4 % Industrial 2,606 2,633 (1.0 %) 2,614 2,633 (0.7 %) Other Energy Sales 3,717 3,811 (2.5 %) 3,732 3,823 (2.4 %) Total Retail Customers 920,639 907,066 1.5 % 919,476 905,607 1.5 % Wholesale and Other 4 4 — % 4 4 — % Total Average Number of Customers – Duke Energy Indiana 920,643 907,070 1.5 % 919,480 905,611 1.5 % Sources of Electric Energy (GWh) Generated – Net Output (c) Coal 2,659 3,662 (27.4 %) 7,212 6,976 3.4 % Hydro 57 70 (18.6 %) 114 138 (17.4 %) Natural Gas and Oil 1,067 1,343 (20.6 %) 2,180 2,432 (10.4 %) Renewable Energy 9 9 — % 14 15 (6.7 %) Total Generation (d) 3,792 5,084 (25.4 %) 9,520 9,561 (0.4 %) Purchased Power and Net Interchange (e) 4,076 2,941 38.6 % 7,144 6,775 5.4 % Total Sources of Energy 7,868 8,025 (2.0 %) 16,664 16,336 2.0 % Less: Line Loss and Other 330 509 (35.2 %) 802 1,345 (40.4 %) Total GWh Sources 7,538 7,516 0.3 % 15,862 14,991 5.8 % Owned MW Capacity (c) Summer 6,304 6,304 Winter 6,806 6,783 Heating and Cooling Degree Days Actual Heating Degree Days 430 316 36.1 % 3,161 2,677 18.1 % Cooling Degree Days 352 437 (19.5 %) 354 437 (19.0 %) Variance from Normal Heating Degree Days (12.3 %) (36.5 %) (2.2 %) (18.3 %) Cooling Degree Days 2.4 % 30.5 % 2.3 % 29.5 % (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 Gas Utilities and Infrastructure Quarterly Highlights June 2025 Three Months Ended June 30, Six Months Ended June 30, 2025 2024 % Inc. (Dec.) 2025 2024 % Inc. (Dec.) Total Sales Piedmont Natural Gas Local Distribution Company (LDC) throughput (dekatherms) (a) 125,745,045  128,266,775  (2.0 %) 307,204,892  291,531,790  5.4 % Duke Energy Midwest LDC throughput (Mcf) (a) 13,882,749  12,969,694  7.0 % 54,338,433  46,167,345  17.7 % Average Number of Customers – Piedmont Natural Gas Residential 1,090,225  1,072,502  1.7 % 1,091,561  1,072,450  1.8 % Commercial 109,004  108,106  0.8 % 109,426  108,330  1.0 % Industrial 940  942  (0.2 %) 943  943  — % Power Generation 19  19  — % 19  19  — % Total Average Number of Gas Customers – Piedmont Natural Gas 1,200,188  1,181,569  1.6 % 1,201,949  1,181,742  1.7 % Average Number of Customers – Duke Energy Midwest Residential 523,704  521,839  0.4 % 525,151  523,086  0.4 % Commercial 34,119  34,112  — % 34,702  34,741  (0.1 %) Industrial 2,200  2,193  0.3 % 2,267  2,221  2.1 % Other 117  116  0.9 % 117  117  — % Total Average Number of Gas Customers – Duke Energy Midwest 560,140  558,260  0.3 % 562,237  560,165  0.4 % (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. 38
the item shown at left
other guidance in this release
Text is the filed exhibit, verbatim.