Duke Energy — Nov 7, 2025 release

News Release                 Media Contact: Gillian Moore 24-Hour: 800.559.3853 Analyst Contact: Abby Motsinger Office: 704.382.7624 November 7, 2025 Duke Energy reports third-quarter 2025 financial results ▪ Third-quarter 2025 reported and adjusted EPS of $1.81, representing over 11% growth versus third-quarter 2024 ▪ Company narrows 2025 adjusted EPS guidance range to $6.25 to $6.35 and reaffirms long-term adjusted EPS growth rate of 5% to 7% through 2029 ▪ Economic development tailwinds support increasing capital plan while keeping customer rates below the national average; expect to announce new 2026-2030 capital plan between $95 and $105 billion in February CHARLOTTE, N.C. – Duke Energy (NYSE: DUK) today announced third-quarter 2025 reported EPS, prepared in accordance with Generally Accepted Accounting Principles (GAAP), and adjusted EPS of $1.81. This is compared to reported EPS of $1.60 and adjusted EPS of $1.62 for the third quarter of 2024. Adjusted EPS excludes the impact of certain items that are included in reported EPS. Higher third-quarter 2025 adjusted results were driven by the implementation of new rates and riders, along with higher retail sales volumes. These items were partially offset by higher interest expense, milder weather and higher depreciation and property taxes on a growing asset base. The company is narrowing its 2025 adjusted EPS guidance range to $6.25 to $6.35 and reaffirming 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. “We remain on track to deliver strong results in 2025, while advancing an energy modernization strategy that creates value for our customers, stakeholders and investors,” said Harry Sideris, Duke Energy president and chief executive officer. “With our economic development pipeline continuing to progress and concrete investment plans in place, we are reaffirming our long-term EPS growth rate and have confidence we will earn in the top half of the range beginning in 2028.” “Furthermore, as load growth materializes across our jurisdictions, we are expecting our new five-year capital plan to be between $95 and $105 billion when we refresh the plan in February, increasing the largest capital plan in the industry.” “As the investment needs of our utilities accelerate, customer value and affordability remain front and center,” Sideris added. “Cost management is a core competency for Duke Energy and we focus on keeping bills as low as possible – including rates well below the national average and average changes below the rate of inflation – to ensure our 10 million customers receive the service they count on at a fair price." Duke Energy News Release    2 Business segment results In addition to the following summary of third-quarter 2025 business segment performance, comprehensive tables with detailed EPS drivers for the third quarter compared to prior year are provided at the end of this news release. The discussion below of third-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 third-quarter 2025 segment income of $1,658 million, compared to segment income of $1,451 million in the third quarter of 2024. On an adjusted basis, Electric Utilities and Infrastructure recognized third-quarter 2025 segment income of $1,658 million, compared to segment income of $1,464 million in the third quarter of 2024. This represents an increase of $0.24 per share, excluding share dilution of $0.01 per share. Higher quarterly results were primarily due to the implementation of new rates and higher retail sales volumes, partially offset by milder weather, higher interest expense and higher depreciation and property taxes on a growing asset base. Gas Utilities and Infrastructure On a reported basis, Gas Utilities and Infrastructure recognized third-quarter 2025 segment loss of $26 million, compared to segment loss of $25 million in the third quarter of 2024. On an adjusted basis, Gas Utilities and Infrastructure recognized third-quarter 2025 segment loss of $26 million, compared to segment loss of $22 million in the third quarter of 2024. Flat quarterly results were primarily due to growth from rate increases and riders, offset by higher O&M expense 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 basis, Other recognized a third-quarter 2025 segment loss of $225 million, compared to segment loss of $222 million in the third quarter of 2024. On an adjusted basis, Other recognized a third-quarter 2025 segment loss of $225 million, compared to segment loss of $206 million in the third quarter of 2024. This represents a decrease of $0.04 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 third quarter of 2025 was 10.8% compared to 11.2% in the third quarter of 2024. The decrease in the reported effective tax rate was primarily due to an increase in the amortization of income tax credits. Duke Energy's consolidated adjusted effective tax rate was 10.8% for the third quarter of 2025 compared to 11.6% in the third quarter of 2024. The decrease in the adjusted effective tax rate was primarily due to an increase in the amortization of income tax credits. 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 third-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 664572. 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 third-quarter 2025 and 2024 financial results: (In millions, except per share amounts) After-Tax Amount 3Q 2025 EPS 3Q 2024 EPS EPS, as reported $ 1.81   $ 1.60  Adjustments to reported EPS: Third Quarter 2025 Discontinued Operations —   —   Third Quarter 2024 System Post-Implementation Costs $ 16  $ 0.02  Preferred Redemption Costs 16  0.02  Discontinued Operations (a) (22) (0.03) Total adjustments (b) $ —   $ 0.02  EPS, adjusted $ 1.81   $ 1.62  (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    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: • 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. 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, trade wars 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, municipalization 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, export controls 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 September 30, 2025 (Dollars in millions, except per share amounts) Reported Earnings Discontinued Operations Total Adjustments Adjusted Earnings SEGMENT INCOME (LOSS) Electric Utilities and Infrastructure $ 1,658   $ —  $ —  $ 1,658  Gas Utilities and Infrastructure (26) —  —  (26) Total Reportable Segment Income 1,632   —   —   1,632   Other (225) —  —  (225) Net Income Available to Duke Energy Corporation Common Stockholders $ 1,407   $ —   $ —   $ 1,407   EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS $ 1.81   $ —   $ —   $ 1.81   Weighted Average Shares, basic (reported and adjusted) – 778 million 8 DUKE ENERGY CORPORATION REPORTED TO ADJUSTED EARNINGS RECONCILIATION Nine Months Ended September 30, 2025 (Dollars in millions, except per share amounts) Reported Earnings Discontinued Operations Total Adjustments Adjusted Earnings SEGMENT INCOME (LOSS) Electric Utilities and Infrastructure $ 4,128   $ —  $ —  $ 4,128  Gas Utilities and Infrastructure 329   —  —  329  Total Reportable Segment Income 4,457   —   —   4,457   Other (713) —  —  (713) Discontinued Operations (1) 1  A 1  —  Net Income Available to Duke Energy Corporation Common Stockholders $ 3,743   $ 1   $ 1   $ 3,744   EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS $ 4.81   $ —   $ —   $ 4.81   A – Recorded in Income (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 September 30, 2024 (Dollars in millions, except per share amounts) Special Items Reported Earnings System Post-Implementation Costs Preferred Redemption Costs Discontinued Operations Total Adjustments Adjusted Earnings SEGMENT INCOME (LOSS) Electric Utilities and Infrastructure $ 1,451   $ 13  A $ —  $ —  $ 13  $ 1,464  Gas Utilities and Infrastructure (25) 3  B —  —  3  (22) Total Reportable Segment Income 1,426   16   —   —   16   1,442   Other (222) —  16  C —  16  (206) Discontinued Operations 22   —  —  (22) D (22) —  Net Income Available to Duke Energy Corporation Common Stockholders $ 1,226   $ 16   $ 16   $ (22) $ 10   $ 1,236   EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS $ 1.60   $ 0.02   $ 0.02   $ (0.03) $ 0.02   $ 1.62   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 $4 million tax benefit. $17 million recorded within Operating Revenues on the Condensed Consolidated Statements of Operations related to nonrecurring customer billing adjustments as a result of implementation of a new customer system. B – Net of $1 million tax benefit. $1 million recorded within Operations, maintenance and other and $3 million recorded within Other Income and expenses on the Condensed Consolidated Statements of Operations related to nonrecurring customer billing adjustments as a result of implementation of a new customer system. C – $16 million recorded within Preferred Redemption Costs on the Condensed Consolidated Statements of Operations related to the redemption of Series B Preferred Stock. D – Recorded in Income (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 Nine Months Ended September 30, 2024 (Dollars in millions, except per share amounts) Special Items Reported Earnings Regulatory Matters System Post-Implementation Costs Preferred Redemption Costs Discontinued Operations Total Adjustments Adjusted Earnings SEGMENT INCOME (LOSS) Electric Utilities and Infrastructure $ 3,562   $ 25  A $ 13  B $ —  $ —  $ 38  $ 3,600  Gas Utilities and Infrastructure 265   —  3  C —  —  3  268  Total Reportable Segment Income 3,827   25   16   —   —   41   3,868   Other (625) —  —  16  D —  16  (609) Discontinued Operations 9   —  —  —  (9) E (9) —  Net Income Available to Duke Energy Corporation Common Stockholders $ 3,211   $ 25   $ 16   $ 16   $ (9) $ 48   $ 3,259   EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS $ 4.17   $ 0.03   $ 0.02   $ 0.02   $ (0.01) $ 0.07   $ 4.24   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 – Net of $4 million tax benefit. $17 million recorded within Operating Revenues on the Condensed 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 recorded within Other Income and expenses on the Condensed 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 Condensed Consolidated Statements of Operations related to the redemption of Series B Preferred Stock. E – Recorded in Income (Loss) from Discontinued Operations, net of tax, on the Condensed Consolidated Statements of Operations. Weighted Average Shares, basic (reported and adjusted) – 772 million 11 DUKE ENERGY CORPORATION EFFECTIVE TAX RECONCILIATION September 2025 (Dollars in millions) Three Months Ended    September 30, 2025 Nine Months Ended    September 30, 2025 Balance Effective Tax Rate Balance Effective Tax Rate Reported Income From Continuing Operations Before Income Taxes $ 1,630  $ 4,354  Noncontrolling Interests (38) (93) Preferred Dividends (14) (41) Adjusted Pretax Income $ 1,578  $ 4,220  Reported Income Tax Expense From Continuing Operations $ 176  10.8  % $ 488  11.2  % Noncontrolling Interest Portion of Income Taxes (a) (5) (12) Adjusted Tax Expense $ 171  10.8  % $ 476  11.3  %   Three Months Ended    September 30, 2024 Nine Months Ended    September 30, 2024 Balance Effective Tax Rate Balance Effective Tax Rate Reported Income From Continuing Operations Before Income Taxes $ 1,453  $ 3,856  Regulatory Matters —  33  System Post-Implementation Costs 21  21  Preferred Redemption Costs 16  16  Noncontrolling Interests (37) (79) Preferred Dividends (55) (108) Adjusted Pretax Income $ 1,398  $ 3,739  Reported Income Tax Expense From Continuing Operations $ 163  11.2  % $ 481  12.5  % Regulatory Matters —  8  System Post-Implementation Costs 5  5  Noncontrolling Interest Portion of Income Taxes (a) (6) (14) Adjusted Tax Expense $ 162  11.6  % $ 480  12.8  % (a)    Income tax related to non-pass-through entities for tax purposes. 12 DUKE ENERGY CORPORATION EARNINGS VARIANCES September 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 $ 1.88   $ (0.03) $ (0.27) $ 0.03   $ 1.60   System Post-Implementation Costs 0.02  —  —  —  0.02  Preferred Redemption Costs —  —  0.02  —  0.02  Discontinued Operations —  —  —  (0.03) (0.03) 2024 QTD Adjusted Earnings Per Share $ 1.90   $ (0.03) $ (0.25) $ —   $ 1.62   Weather (0.02) —  —  —  (0.02) Volume (a) 0.09  —  —  —  0.09  Riders and Other Retail Margin (b) 0.07  0.01  —  —  0.08  Rate case impacts, net (c) 0.15  0.01  —  —  0.16  Wholesale (0.01) —  —  —  (0.01) Operations and maintenance, net of recoverables (0.01) (0.01) —  —  (0.02) Interest Expense (d) (0.01) —  (0.03) —  (0.04) AFUDC Equity 0.04  —  —  —  0.04  Depreciation and amortization (d) (0.01) (0.01) —  —  (0.02) Other (e) (0.05) —  (0.01) —  (0.06) Total variance $ 0.24   $ —   $ (0.04) $ —   $ 0.20   Change in share count (0.01) —  —  —  (0.01) 2025 QTD Reported and Adjusted Earnings Per Share $ 2.13   $ (0.03) $ (0.29) $ —   $ 1.81   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 778 million. Totals may not foot or cross-foot due to rounding. (a)    Includes block and seasonal pricing. (b)    Electric Utilities and Infrastructure includes higher grid modernization riders and transmission revenues. (c)    Electric Utilities and Infrastructure includes impacts from DEF multiyear rate plan revenue increases, effective January 2025 (+$0.06), DEC North Carolina Year 2 rates, effective January 2025, and DEC South Carolina rates, effective August 2024 (+$0.03), DEI rates, effective February 2025 (+$0.03), DEP North Carolina Year 2 rates, effective October 2024, (+$0.02) and DEK rates, effective July 2025 (+$0.01). Gas Utilities and Infrastructure includes impacts from Piedmont North Carolina rates, effective November 2024. (d)    Electric Utilities and Infrastructure excludes rate case impacts. (e)    Electric Utilities and Infrastructure includes higher property taxes. 13 DUKE ENERGY CORPORATION EARNINGS VARIANCES September 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 $ 4.61   $ 0.35   $ (0.79) $ 0.01   $ 4.17   Regulatory Matters 0.03  —  —  —  0.03  System Post-Implementation Costs 0.02  —  —  —  0.02  Preferred Redemption Costs —  —  0.02  —  0.02  Discontinued Operations —  —  —  (0.01) (0.01) 2024 YTD Adjusted Earnings Per Share $ 4.66   $ 0.35   $ (0.77) $ —   $ 4.24   Weather 0.06  —  —  —  0.06  Volume 0.24  —  —  —  0.24  Riders and Other Retail Margin (a) 0.17  0.04  —  —  0.21  Rate case impacts, net (b) 0.48  0.09  —  —  0.57  Wholesale 0.01  —  —  —  0.01  Operations and maintenance, net of recoverables (c) (0.13) (0.02) —  —  (0.15) Interest Expense (d) (0.09) (0.01) (0.10) —  (0.20) AFUDC Equity 0.08  —  —  —  0.08  Depreciation and amortization (d) (0.06) (0.03) —  —  (0.09) Other (e) (0.08) —  (0.05) —  (0.13) Total variance $ 0.68   $ 0.07   $ (0.15) $ —   $ 0.60   Change in share count (0.03) —  —  —  (0.03) 2025 YTD Reported and Adjusted Earnings Per Share $ 5.31   $ 0.42   $ (0.92) $ —   $ 4.81   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)    Electric Utilities and Infrastructure includes transmission revenues and higher grid modernization riders. 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 (+$0.18), DEF multiyear rate plan revenue increases, effective January 2025 (+$0.15), DEI rates, effective February 2025 (+$0.08), DEP North Carolina Year 2 rates, effective October 2024 (+$0.06) and DEK rates, effective July 2025 (+$0.01). Gas Utilities and Infrastructure includes impacts from Piedmont North Carolina 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. (e)    Electric Utilities and Infrastructure includes higher property taxes. 14 DUKE ENERGY CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (In millions, except per share amounts) Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024 Operating Revenues Regulated electric $ 8,106   $ 7,775  $ 22,138   $ 21,253  Regulated natural gas 361   298  1,928   1,511  Nonregulated electric and other 75   81  233   233  Total operating revenues 8,542   8,154  24,299   22,997  Operating Expenses Fuel used in electric generation and purchased power 2,289   2,644  6,266   7,207  Cost of natural gas 110   70  642   380  Operation, maintenance and other 1,762   1,409  4,916   4,108  Depreciation and amortization 1,626   1,516  4,721   4,312  Property and other taxes 438   383  1,281   1,162  Impairment of assets and other charges —   (5) 3   39  Total operating expenses 6,225   6,017  17,829   17,208  Gains on Sales of Other Assets and Other, net 17   7  37   25  Operating Income 2,334   2,144  6,507   5,814  Other Income and Expenses Equity in earnings of unconsolidated affiliates 16   15  38   53  Other income and expenses, net 182   166  497   502  Total other income and expenses 198   181  535   555  Interest Expense 902   872  2,688   2,513  Income From Continuing Operations Before Income Taxes 1,630   1,453  4,354   3,856  Income Tax Expense From Continuing Operations 176   163  488   481  Income From Continuing Operations 1,454   1,290  3,866   3,375  Income (Loss) From Discontinued Operations, net of tax —   25  (1) 12  Net Income 1,454   1,315  3,865   3,387  Less: Net Income Attributable to Noncontrolling Interests 33   34  81   68  Net Income Attributable to Duke Energy Corporation 1,421   1,281  3,784   3,319  Less: Preferred Dividends 14   39  41   92  Less: Preferred Redemption Costs —   16  —   16  Net Income Available to Duke Energy Corporation Common Stockholders $ 1,407   $ 1,226  $ 3,743   $ 3,211  Earnings Per Share – Basic and Diluted Income from continuing operations available to Duke Energy Corporation common stockholders Basic and Diluted $ 1.81   $ 1.57  $ 4.81   $ 4.16  Income from discontinued operations attributable to Duke Energy Corporation common stockholders Basic and Diluted $ —   $ 0.03  $ —   $ 0.01  Net income available to Duke Energy Corporation common stockholders Basic and Diluted $ 1.81   $ 1.60  $ 4.81   $ 4.17  Weighted average shares outstanding Basic 778   772  777   772  Diluted 778   773  777   772  15 DUKE ENERGY CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In millions) September 30, 2025 December 31, 2024 ASSETS Current Assets Cash and cash equivalents $ 688   $ 314  Receivables (net of allowance for doubtful accounts of $199 at 2025 and $122 at 2024) 4,006   2,170  Receivables of VIEs (net of allowance for doubtful accounts of $85 at 2024) 12   1,889  Receivable from sales of Commercial Renewables Disposal Groups —   551  Inventory (includes $550 at 2025 and $494 at 2024 related to VIEs) 4,494   4,496  Regulatory assets (includes $173 at 2025 and $120 at 2024 related to VIEs) 1,977   2,739  Assets held for sale 47   96  Other (includes $47 at 2025 and $90 at 2024 related to VIEs) 984   695  Total current assets 12,208   12,950  Property, Plant and Equipment Cost 185,941   178,737  Accumulated depreciation and amortization (59,246) (57,111) Net property, plant and equipment 126,695   121,626  Other Noncurrent Assets Goodwill 19,010   19,010  Regulatory assets (includes $2,601 at 2025 and $1,705 at 2024 related to VIEs) 14,077   14,220  Nuclear decommissioning trust funds 12,778   11,434  Operating lease right-of-use assets, net 1,211   1,148  Investments in equity method unconsolidated affiliates 323   353  Assets held for sale 2,106   $ 2,095  Other 3,885   3,507  Total other noncurrent assets 53,390   51,767  Total Assets $ 192,293   $ 186,343  LIABILITIES AND EQUITY Current Liabilities Accounts payable (includes $273 at 2025 and $214 at 2024 related to VIEs) $ 4,191   $ 5,436  Notes payable and commercial paper 2,885   3,584  Taxes accrued 1,141   851  Interest accrued 814   854  Current maturities of long-term debt (includes $115 at 2025 and $1,012 at 2024 related to VIEs) 6,452   4,349  Asset retirement obligations 592   650  Regulatory liabilities 1,229   1,421  Liabilities associated with assets held for sale 57   132  Other 2,044   2,080  Total current liabilities 19,405   19,357  Long-Term Debt (includes $2,760 at 2025 and $1,842 at 2024 related to VIEs) 79,301   76,340  Other Noncurrent Liabilities Deferred income taxes 12,271   11,424  Asset retirement obligations 9,052   9,338  Regulatory liabilities 15,377   14,521  Operating lease liabilities 1,009   957  Accrued pension and other post-retirement benefit costs 404   434  Investment tax credits 890   894  Liabilities associated with assets held for sale 167   $ 271  Other (includes $27 at 2024 related to VIEs) 1,790   1,551  Total other noncurrent liabilities 40,960   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 45,592   45,494  Retained earnings 4,718   3,431  Accumulated other comprehensive income 178   228  Total Duke Energy Corporation stockholders' equity 51,462   50,127  Noncontrolling interests 1,165   1,129  Total equity 52,627   51,256  Total Liabilities and Equity $ 192,293   $ 186,343  16 DUKE ENERGY CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (In millions) Nine Months Ended September 30, 2025 2024 CASH FLOWS FROM OPERATING ACTIVITIES Net Income $ 3,865   $ 3,387  Adjustments to reconcile net income to net cash provided by operating activities 4,807   5,564  Net cash provided by operating activities 8,672   8,951  CASH FLOWS FROM INVESTING ACTIVITIES Net cash used in investing activities (9,976) (9,851) CASH FLOWS FROM FINANCING ACTIVITIES Net cash provided by financing activities 1,622   990  Net increase in cash, cash equivalents and restricted cash 318   90  Cash, cash equivalents and restricted cash at beginning of period 421   357  Cash, cash equivalents and restricted cash at end of period $ 739   $ 447  17 DUKE ENERGY CORPORATION CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended September 30, 2025 (In millions) Electric Utilities and Infrastructure Gas Utilities and Infrastructure Other Eliminations/Adjustments Duke Energy Operating Revenues Regulated electric $ 8,122  $ —  $ —  $ (16) $ 8,106   Regulated natural gas —  384  —  (23) 361   Nonregulated electric and other 58  10  40  (33) 75   Total operating revenues 8,180  394  40  (72) 8,542   Operating Expenses Fuel used in electric generation and purchased power 2,309  —  —  (20) 2,289   Cost of natural gas —  110  —  —  110   Operation, maintenance and other 1,728  125  (38) (53) 1,762   Depreciation and amortization 1,448  106  79  (7) 1,626   Property and other taxes 394  41  2  1  438   Impairment of assets and other charges (1) —  —  1  —   Total operating expenses 5,878  382  43  (78) 6,225   Gains on Sales of Other Assets and Other, net 12  —  5  —  17   Operating Income 2,314  12  2  6  2,334   Other Income and Expenses Equity in earnings of unconsolidated affiliates —  5  12  (1) 16   Other income and expenses, net 164  14  28  (24) 182   Total Other Income and Expenses 164  19  40  (25) 198   Interest Expense 522  67  332  (19) 902   Income (Loss) from Continuing Operations before Income Taxes 1,956  (36) (290) —  1,630   Income Tax Expense (Benefit) from Continuing Operations 264  (10) (79) 1  176   Income (Loss) from Continuing Operations 1,692  (26) (211) (1) 1,454   Less: Net Income Attributable to Noncontrolling Interest 34  —  —  (1) 33   Net Income (Loss) Attributable to Duke Energy Corporation 1,658  (26) (211) —  1,421   Less: Preferred Dividends —  —  14  —  14   Segment Income/Other Net Loss $ 1,658  $ (26) $ (225) $ —  $ 1,407   Discontinued Operations —   Net Income Available to Duke Energy Corporation Common Stockholders $ 1,407   18 DUKE ENERGY CORPORATION CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (Unaudited) Nine Months Ended September 30, 2025 (In millions) Electric Utilities and Infrastructure Gas Utilities and Infrastructure Other Eliminations/Adjustments Duke Energy Operating Revenues Regulated electric $ 22,183  $ —  $ —  $ (45) $ 22,138   Regulated natural gas —  1,996  —  (68) 1,928   Nonregulated electric and other 182  31  122  (102) 233   Total operating revenues 22,365  2,027  122  (215) 24,299   Operating Expenses Fuel used in electric generation and purchased power 6,326  —  —  (60) 6,266   Cost of natural gas —  642  —  —  642   Operation, maintenance and other 4,746  379  (59) (150) 4,916   Depreciation and amortization 4,184  325  233  (21) 4,721   Property and other taxes 1,143  129  8  1  1,281   Impairment of assets and other charges (2) —  5  —  3   Total operating expenses 16,397  1,475  187  (230) 17,829   Gains on Sales of Other Assets and Other, net 21  —  16  —  37   Operating Income (Loss) 5,989  552  (49) 15  6,507   Other Income and Expenses Equity in earnings of unconsolidated affiliates —  11  27  —  38   Other income and expenses, net 461  40  75  (79) 497   Total Other Income and Expenses 461  51  102  (79) 535   Interest Expense 1,587  197  968  (64) 2,688   Income (Loss) from Continuing Operations before Income Taxes 4,863  406  (915) —  4,354   Income Tax Expense (Benefit) from Continuing Operations 653  77  (243) 1  488   Income (Loss) from Continuing Operations 4,210  329  (672) (1) 3,866   Less: Net Income Attributable to Noncontrolling Interest 82  —  —  (1) 81   Net Income (Loss) Attributable to Duke Energy Corporation 4,128  329  (672) —  3,785   Less: Preferred Dividends —  —  41  —   41   Segment Income/Other Net Loss $ 4,128  $ 329  $ (713) $ —  $ 3,744   Discontinued Operations (1) Net Income Available to Duke Energy Corporation Common Stockholders $ 3,743   19 DUKE ENERGY CORPORATION CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended September 30, 2024 (In millions) Electric Utilities and Infrastructure Gas Utilities and Infrastructure Other Eliminations/Adjustments Duke Energy Operating Revenues Regulated electric $ 7,792  $ —  $ —  $ (17) $ 7,775   Regulated natural gas —  321  —  (23) 298   Nonregulated electric and other 60  11  42  (32) 81   Total operating revenues 7,852  332  42  (72) 8,154   Operating Expenses Fuel used in electric generation and purchased power 2,664  —  —  (20) 2,644   Cost of natural gas —  70  —  —  70   Operation, maintenance and other 1,387  113  (44) (47) 1,409   Depreciation and amortization 1,352  100  72  (8) 1,516   Property and other taxes 345  36  3  (1) 383   Impairment of assets and other charges (5) —  —  —  (5) Total operating expenses 5,743  319  31  (76) 6,017   Gains on Sales of Other Assets and Other, net 2  —  5  —  7   Operating Income 2,111  13  16  4  2,144   Other Income and Expenses Equity in earnings of unconsolidated affiliates 2  3  10  —  15   Other income and expenses, net 127  12  62  (35) 166   Total Other Income and Expenses 129  15  72  (35) 181   Interest Expense 514  67  321  (30) 872   Income (Loss) from Continuing Operations before Income Taxes 1,726  (39) (233) (1) 1,453   Income Tax Expense (Benefit) from Continuing Operations 244  (14) (66) (1) 163   Income (Loss) from Continuing Operations 1,482  (25) (167) —  1,290   Less: Net Income Attributable to Noncontrolling Interest 31  —  —  —  31   Net Income (Loss) Attributable to Duke Energy Corporation 1,451  (25) (167) —  1,259   Less: Preferred Dividends —  —  39  —   39   Less: Preferred Redemption Costs —  —  16  —   16   Segment Income/Other Net Loss $ 1,451  $ (25) $ (222) $ —  $ 1,204   Discontinued Operations 22   Net Income Available to Duke Energy Corporation Common Stockholders $ 1,226   Segment Income/Other Net Loss $ 1,451  $ (25) $ (222) $ —  $ 1,204   Special Items 13  3  16  —  32   Adjusted Earnings (a) $ 1,464  $ (22) $ (206) $ —  $ 1,236   (a)    See Reported to Adjusted Earnings Reconciliation for a detailed reconciliation of Segment Income/Other Net Loss to Adjusted Earnings. 20 DUKE ENERGY CORPORATION CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS (Unaudited) Nine Months Ended September 30, 2024 (In millions) Electric Utilities and Infrastructure Gas Utilities and Infrastructure Other Eliminations/Adjustments Duke Energy Operating Revenues Regulated electric $ 21,305  $ —  $ —  $ (52) $ 21,253   Regulated natural gas —  1,579  —  (68) 1,511   Nonregulated electric and other 170  36  120  (93) 233   Total operating revenues 21,475  1,615  120  (213) 22,997   Operating Expenses Fuel used in electric generation and purchased power 7,266  —  —  (59) 7,207   Cost of natural gas —  380  —  —  380   Operation, maintenance and other 3,965  359  (70) (146) 4,108   Depreciation and amortization 3,823  294  216  (21) 4,312   Property and other taxes 1,033  120  10  (1) 1,162   Impairment of assets and other charges 38  —  1  —  39   Total operating expenses 16,125  1,153  157  (227) 17,208   Gains on Sales of Other Assets and Other, net 9  —  16  —  25   Operating Income (Loss) 5,359  462  (21) 14  5,814   Other Income and Expenses Equity in earnings of unconsolidated affiliates 4  3  46  —  53   Other income and expenses, net 397  46  172  (113) 502   Total Other Income and Expenses 401  49  218  (113) 555   Interest Expense 1,501  189  921  (98) 2,513   Income (Loss) From Continuing Operations Before Income Taxes 4,259  322  (724) (1) 3,856   Income Tax Expense (Benefit) from Continuing Operations 631  57  (207) —  481   Income (Loss) from Continuing Operations 3,628  265  (517) (1) 3,375   Less: Net Income Attributable to Noncontrolling Interest 66  —  —  (1) 65   Net Income (Loss) Attributable to Duke Energy Corporation 3,562  265  (517) —  3,310   Less: Preferred Dividends —  —  92  —   92   Less: Preferred Redemption Costs —  —  16  —   16   Segment Income/Other Net Loss $ 3,562  $ 265  $ (625) $ —  $ 3,202   Discontinued Operations 9   Net Income Available to Duke Energy Corporation Common Stockholders $ 3,211   Segment Income/Other Net Loss $ 3,562  $ 265  $ (625) $ —  $ 3,202   Special Items 38  3  16  —  57   Adjusted Earnings (a) $ 3,600  $ 268  $ (609) $ —  $ 3,259   (a)    See Reported to Adjusted Earnings Reconciliation for a detailed reconciliation of Segment Income/Other Net Loss to Adjusted Earnings. 21 DUKE ENERGY CORPORATION CONDENSED CONSOLIDATING BALANCE SHEETS – ASSETS (Unaudited) September 30, 2025 (In millions) Electric Utilities and Infrastructure Gas Utilities and Infrastructure Other (a) Eliminations/ Adjustments Duke Energy Current Assets Cash and cash equivalents $ 152  $ 10  $ 526  $ —  $ 688   Receivables, net 3,833  167  6  —  4,006   Receivables of variable interest entities, net 12  —  —  —  12   Receivables from affiliated companies 191  154  1,306  (1,651) —   Notes receivable from affiliated companies 529  39  435  (1,003) —   Inventory 4,391  69  35  (1) 4,494   Regulatory assets 1,749  140  89  (1) 1,977   Assets held for sale —  44  3  —  47   Other 756  116  142  (30) 984   Total current assets 11,613  739  2,542  (2,686) 12,208   Property, Plant and Equipment Cost 167,544  16,322  2,151  (76) 185,941   Accumulated depreciation and amortization (54,998) (3,391) (857) —  (59,246) Net property, plant and equipment 112,546  12,931  1,294  (76) 126,695   Other Noncurrent Assets Goodwill 17,380  1,630  —  —  19,010   Regulatory assets 12,807  761  510  (1) 14,077   Nuclear decommissioning trust funds 12,778  —  —  —  12,778   Operating lease right-of-use assets, net 751  3  457  —  1,211   Investments in equity method unconsolidated affiliates 1  178  144  —  323   Investment in consolidated subsidiaries 569  8  78,737  (79,314) —   Assets held for sale —  2,106  —  —  2,106   Other 2,599  314  1,595  (623) 3,885   Total other noncurrent assets 46,885  5,000  81,443  (79,938) 53,390   Total Assets 171,044  18,670  85,279  (82,700) 192,293   Segment reclassifications, intercompany balances and other (1,397) (202) (81,101) 82,700  —   Segment Assets $ 169,647  $ 18,468  $ 4,178  $ —  $ 192,293   (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) September 30, 2025 (In millions) Electric Utilities and Infrastructure Gas Utilities and Infrastructure Other (a) Eliminations/ Adjustments Duke Energy Current Liabilities Accounts payable $ 3,264  $ 221  $ 706  $ —  $ 4,191   Accounts payable to affiliated companies 970  44  530  (1,544) —   Notes payable to affiliated companies 266  522  215  (1,003) —   Notes payable and commercial paper —  —  2,885  —  2,885   Taxes accrued 1,336  100  (294) (1) 1,141   Interest accrued 498  61  255  —  814   Current maturities of long-term debt 984  555  4,921  (8) 6,452   Asset retirement obligations 592  —  —  —  592   Regulatory liabilities 1,214  15  —  —  1,229   Liabilities associated with assets held for sale —  36  21  —  57   Other 1,537  80  565  (138) 2,044   Total current liabilities 10,661  1,634  9,804  (2,694) 19,405   Long-Term Debt 50,160  4,763  24,447  (69) 79,301   Long-Term Debt Payable to Affiliated Companies 618  7  —  (625) —   Other Noncurrent Liabilities Deferred income taxes 12,327  1,575  (1,631) —  12,271   Asset retirement obligations 8,962  90  —  —  9,052   Regulatory liabilities 14,309  1,039  29  —  15,377   Operating lease liabilities 676  2  331  —  1,009   Accrued pension and other post-retirement benefit costs 177  28  199  —  404   Investment tax credits 889  1  —  —  890   Liabilities associated with assets held for sale —  167  —  —  167   Other 1,286  123  568  (187) 1,790   Total other noncurrent liabilities 38,626  3,025  (504) (187) 40,960   Equity Total Duke Energy Corporation stockholders' equity 69,817  9,238  51,532  (79,125) 51,462   Noncontrolling interests 1,162  3  —  —  1,165   Total equity 70,979  9,241  51,532  (79,125) 52,627   Total Liabilities and Equity 171,044  18,670  85,279  (82,700) 192,293   Segment reclassifications, intercompany balances and other (1,397) (202) (81,101) 82,700  —   Segment Liabilities and Equity $ 169,647  $ 18,468  $ 4,178  $ —  $ 192,293   (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 September 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 $ 2,632  $ 1,913  $ 2,157  $ 561  $ 992  $ (75) $ 8,180   Operating Expenses Fuel used in electric generation and purchased power 706  629  546  175  324  (71) 2,309   Operation, maintenance and other 477  358  577  98  212  6  1,728   Depreciation and amortization 488  373  297  83  203  4  1,448   Property and other taxes 96  54  147  87  9  1  394   Impairment of assets and other charges 1  (2) —  —  —  —  (1) Total operating expenses 1,768  1,412  1,567  443  748  (60) 5,878   Gains on Sales of Other Assets and Other, net —  1  1  —  —  10  12   Operating Income 864  502  591  118  244  (5) 2,314   Other Income and Expenses, net (b) 66  57  22  4  15  —  164   Interest Expense 184  125  118  34  66  (5) 522   Income Before Income Taxes 746  434  495  88  193  —  1,956   Income Tax Expense 54  58  97  13  24  18  264   Less: Net Income Attributable to Noncontrolling Interest (c) —  —  —  —  —  34  34   Segment Income $ 692  $ 376  $ 398  $ 75  $ 169  $ (52) $ 1,658   (a)    Includes results of the wholly owned subsidiary, Duke Energy Kentucky. (b)    Includes an equity component of allowance for funds used during construction of $36 million for Duke Energy Carolinas, $29 million for Duke Energy Progress, $3 million for Duke Energy Florida, $4 million for Duke Energy Ohio and $9 million for Duke Energy Indiana. (c)    Includes a noncontrolling interest in Duke Energy Indiana. 24 ELECTRIC UTILITIES AND INFRASTRUCTURE CONDENSED CONSOLIDATING SEGMENT INCOME (Unaudited) Nine Months Ended September 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 $ 7,387  $ 5,612  $ 5,486  $ 1,546  $ 2,671  $ (337) $ 22,365   Operating Expenses Fuel used in electric generation and purchased power 2,080  1,928  1,378  485  803  (348) 6,326   Operation, maintenance and other 1,439  1,082  1,354  277  594  —  4,746   Depreciation and amortization 1,402  1,049  861  242  617  13  4,184   Property and other taxes 283  159  389  253  44  15  1,143   Impairment of assets and other charges —  (2) —  —  —  —  (2) Total operating expenses 5,204  4,216  3,982  1,257  2,058  (320) 16,397   Gains on Sales of Other Assets and Other, net 6  1  2  —  —  12  21   Operating Income 2,189  1,397  1,506  289  613  (5) 5,989   Other Income and Expenses, net (b) 189  146  69  12  47  (2) 461   Interest Expense 584  392  352  97  182  (20) 1,587   Income Before Income Taxes 1,794  1,151  1,223  204  478  13  4,863   Income Tax Expense 146  156  238  31  62  20  653   Less: Net Income Attributable to Noncontrolling Interest (c) —  —  —  —  —  82  82   Segment Income $ 1,648  $ 995  $ 985  $ 173  $ 416  $ (89) $ 4,128   (a)    Includes results of the wholly owned subsidiary, Duke Energy Kentucky. (b)    Includes an equity component of allowance for funds used during construction of $102 million for Duke Energy Carolinas, $70 million for Duke Energy Progress, $14 million for Duke Energy Florida, $9 million for Duke Energy Ohio and $24 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) September 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 $ 44  $ 55  $ 30  $ 10  $ 13  $ —  $ 152   Receivables, net 1,299  858  804  384  478  10  3,833   Receivables of variable interest entities, net 1  5  6  —  —  —  12   Receivables from affiliated companies 208  33  76  24  2  (152) 191   Notes receivable from affiliated companies —  628  —  107  200  (406) 529   Inventory 1,545  1,380  771  168  527  —  4,391   Regulatory assets 662  663  211  34  180  (1) 1,749   Other 433  207  57  2  66  (9) 756   Total current assets 4,192  3,829  1,955  729  1,466  (558) 11,613   Property, Plant and Equipment Cost 61,074  44,082  32,318  9,317  20,699  54  167,544   Accumulated depreciation and amortization (20,157) (16,793) (8,224) (2,514) (7,349) 39  (54,998) Net property, plant and equipment 40,917  27,289  24,094  6,803  13,350  93  112,546   Other Noncurrent Assets Goodwill —  —  —  596  —  16,784  17,380   Regulatory assets 4,239  4,412  2,113  366  1,051  626  12,807   Nuclear decommissioning trust funds 7,270  5,202  306  —  —  —  12,778   Operating lease right-of-use assets, net 82  395  236  5  33  —  751   Investments in equity method unconsolidated affiliates —  —  1  —  —  —  1   Investment in consolidated subsidiaries 56  10  3  499  1  —  569   Other 1,221  778  509  66  266  (241) 2,599   Total other noncurrent assets 12,868  10,797  3,168  1,532  1,351  17,169  46,885   Total Assets 57,977  41,915  29,217  9,064  16,167  16,704  171,044   Segment reclassifications, intercompany balances and other (277) (752) (88) (631) (206) 557  (1,397) Reportable Segment Assets $ 57,700  $ 41,163  $ 29,129  $ 8,433  $ 15,961  $ 17,261  $ 169,647   (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) September 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 $ 1,294  $ 718  $ 713  $ 223  $ 315  $ 1  $ 3,264   Accounts payable to affiliated companies 510  448  103  18  85  (194) 970   Notes payable to affiliated companies 196  —  476  —  —  (406) 266   Taxes accrued 351  157  417  277  91  43  1,336   Interest accrued 158  88  124  46  81  1  498   Current maturities of long-term debt 26  85  787  90  4  (8) 984   Asset retirement obligations 247  206  2  8  130  (1) 592   Regulatory liabilities 531  259  119  45  259  1  1,214   Other 546  326  367  87  215  (4) 1,537   Total current liabilities 3,859  2,287  3,108  794  1,180  (567) 10,661   Long-Term Debt 17,895  13,662  9,755  3,491  4,942  415  50,160   Long-Term Debt Payable to Affiliated Companies 300  150  —  18  150  —  618   Other Noncurrent Liabilities Deferred income taxes 4,285  2,679  2,931  867  1,516  49  12,327   Asset retirement obligations 3,607  4,081  193  61  1,006  14  8,962   Regulatory liabilities 7,421  4,781  654  237  1,228  (12) 14,309   Operating lease liabilities 74  390  178  5  29  —  676   Accrued pension and other post-retirement benefit costs 19  137  87  70  82  (218) 177   Investment tax credits 308  152  240  5  184  —  889   Other 755  289  168  68  20  (14) 1,286   Total other noncurrent liabilities 16,469  12,509  4,451  1,313  4,065  (181) 38,626   Equity Total Duke Energy Corporation stockholders equity 19,454  13,307  11,903  3,448  5,830  15,875  69,817   Noncontrolling interests (c) —  —  —  —  —  1,162  1,162   Total equity 19,454  13,307  11,903  3,448  5,830  17,037  70,979   Total Liabilities and Equity 57,977  41,915  29,217  9,064  16,167  16,704  171,044   Segment reclassifications, intercompany balances and other (277) (752) (88) (631) (206) 557  (1,397) Reportable Segment Liabilities and Equity $ 57,700  $ 41,163  $ 29,129  $ 8,433  $ 15,961  $ 17,261  $ 169,647   (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 September 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 $ 118  $ 271  $ 4  $ 1  $ 394   Operating Expenses Cost of natural gas 12  98  —  —  110   Operation, maintenance and other 28  94  —  3  125   Depreciation and amortization 36  69  3  (2) 106   Property and other taxes 21  19  1  —  41   Total operating expenses 97  280  4  1  382   Operating Income (Loss) 21  (9) —  —  12   Other Income and Expenses Equity in earnings of unconsolidated affiliates —  —  5  —  5   Other income and expenses, net 2  12  —  —  14   Total other income and expenses 2  12  5  —  19   Interest Expense 18  48  1  —  67   Income (Loss) Before Income Taxes 5  (45) 4  —  (36) Income Tax Expense (Benefit) 1  (11) 1  (1) (10) Segment Income (Loss) $ 4  $ (34) $ 3  $ 1  $ (26) (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) Nine Months Ended September 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 $ 553  $ 1,463  $ 11  $ —  $ 2,027   Operating Expenses Cost of natural gas 148  494  —  —  642   Operation, maintenance and other 84  289  —  6  379   Depreciation and amortization 111  210  7  (3) 325   Property and other taxes 72  56  4  (3) 129   Total operating expenses 415  1,049  11  —  1,475   Operating Income 138  414  —  —  552   Other Income and Expenses, net Equity in earnings of unconsolidated affiliates —  —  11  —  11   Other income and expenses, net 6  34  —  —  40   Other Income and Expenses, net 6  34  11  —  51   Interest Expense 52  142  3  —  197   Income Before Income Taxes 92  306  8  —  406   Income Tax Expense 18  58  2  (1) 77   Segment Income $ 74  $ 248  $ 6  $ 1  $ 329   (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) September 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 $ 5  $ 2  $ 3  $ —  $ 10   Receivables, net 47  120  —  —  167   Receivables from affiliated companies —  82  139  (67) 154   Notes receivable from affiliated companies 60  —  —  (21) 39   Inventory 15  54  —  —  69   Regulatory assets 12  128  —  —  140   Assets held for sale —  44  —  —  44   Other 29  81  6  —  116   Total current assets 168  511  148  (88) 739   Property, Plant and Equipment Cost 5,118  11,130  74  —  16,322   Accumulated depreciation and amortization (1,249) (2,129) (13) —  (3,391) Net property, plant and equipment 3,869  9,001  61  —  12,931   Other Noncurrent Assets Goodwill 324  39  —  1,267  1,630   Regulatory assets 323  379  —  59  761   Operating lease right-of-use assets, net —  2  —  1  3   Investments in equity method unconsolidated affiliates —  —  173  5  178   Investment in consolidated subsidiaries —  —  —  8  8   Assets held for sale —  1,822  —  284  2,106   Other 23  276  16  (1) 314   Total other noncurrent assets 670  2,518  189  1,623  5,000   Total Assets 4,707  12,030  398  1,535  18,670   Segment reclassifications, intercompany balances and other (60) (83) (169) 110  (202) Reportable Segment Assets $ 4,647  $ 11,947  $ 229  $ 1,645  $ 18,468   (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) September 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 $ 42  $ 173  $ 7  $ (1) $ 221   Accounts payable to affiliated companies 4  91  16  (67) 44   Notes payable to affiliated companies —  543  —  (21) 522   Taxes accrued 18  59  23  —  100   Interest accrued 12  50  —  (1) 61   Current maturities of long-term debt 50  505  —  —  555   Regulatory liabilities 9  6  —  —  15   Liabilities associated with assets held for sale —  36  —  —  36   Other 3  74  —  3  80   Total current liabilities 138  1,537  46  (87) 1,634   Long-Term Debt 859  3,800  57  47  4,763   Long-Term Debt Payable to Affiliated Companies 7  —  —  —  7   Other Noncurrent Liabilities Deferred income taxes 457  1,069  47  2  1,575   Asset retirement obligations 64  26  —  —  90   Regulatory liabilities 227  801  —  11  1,039   Operating lease liabilities —  2  —  —  2   Accrued pension and other post-retirement benefit costs 23  6  —  (1) 28   Investment tax credits —  1  —  —  1   Liabilities associated with assets held for sale —  167  —  —  167   Other 20  102  —  1  123   Total other noncurrent liabilities 791  2,174  47  13  3,025   Equity Total Duke Energy Corporation stockholders' equity 2,912  4,519  245  1,562  9,238   Noncontrolling interests —  —  3  —  3   Total equity 2,912  4,519  248  1,562  9,241   Total Liabilities and Equity 4,707  12,030  398  1,535  18,670   Segment reclassifications, intercompany balances and other (60) (83) (169) 110  (202) Reportable Segment Liabilities and Equity $ 4,647  $ 11,947  $ 229  $ 1,645  $ 18,468   (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 September 2025 Three Months Ended September 30, Nine Months Ended September 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 26,800  26,756  0.2 % 1.7 % 71,353  69,024  3.4 % 1.6 % Commercial 23,375  22,954  1.8 % 2.8 % 61,544  60,546  1.6 % 1.7 % Industrial 12,297  12,595  (2.4 %) (0.6 %) 35,012  35,879  (2.4 %) (1.2 %) Other Energy Sales 95  130  (26.9 %) n/a 349  395  (11.6 %) n/a Unbilled Sales (1,603) (1,960) 18.2 % n/a (608) (1,020) 40.4 % n/a Total Retail Sales 60,964  60,475  0.8 % 1.6 % 167,650  164,824  1.7 % 1.0 % Wholesale and Other 11,916  12,281  (3.0 %) 34,633  33,528  3.3 % Total Consolidated Electric Sales – Electric Utilities and Infrastructure 72,880  72,756  0.2 % 202,283  198,352  2.0 % Average Number of Customers (Electric) Residential 7,549,514  7,430,021  1.6 % 7,522,577  7,392,374  1.8 % Commercial 1,048,926  1,045,408  0.3 % 1,047,251  1,043,696  0.3 % Industrial 15,001  15,604  (3.9 %) 15,144  15,705  (3.6 %) Other Energy Sales 22,923  23,607  (2.9 %) 23,060  23,722  (2.8 %) Total Retail Customers 8,636,364  8,514,640  1.4 % 8,608,032  8,475,497  1.6 % Wholesale and Other 53  50  6.0 % 53  51  3.9 % Total Average Number of Customers – Electric Utilities and Infrastructure 8,636,417  8,514,690  1.4 % 8,608,085  8,475,548  1.6 % Sources of Electric Energy (GWh) Generated – Net Output (c) Coal 10,833  11,410  (5.1 %) 29,965  30,784  (2.7 %) Nuclear 19,593  19,150  2.3 % 57,769  56,182  2.8 % Hydro 300  276  8.7 % 1,198  1,704  (29.7 %) Natural Gas and Oil 28,056  28,704  (2.3 %) 71,981  71,506  0.7 % Renewable Energy 1,119  942  18.8 % 3,131  2,648  18.2 % Total Generation (d) 59,901  60,482  (1.0 %) 164,044  162,824  0.7 % Purchased Power and Net Interchange (e) 16,580  16,480  0.6 % 47,746  45,963  3.9 % Total Sources of Energy 76,481  76,962  (0.6 %) 211,790  208,787  1.4 % Less: Line Loss and Other 3,601  4,206  (14.4 %) 9,507  10,435  (8.9 %) Total GWh Sources 72,880  72,756  0.2 % 202,283  198,352  2.0 % Owned Megawatt (MW) Capacity (c) Summer 50,689  50,241  Winter 55,270  54,782  Nuclear Capacity Factor (%) (f) 98  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. 32 Duke Energy Carolinas Quarterly Highlights Supplemental Electric Utilities and Infrastructure Information September 2025 Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 % Inc. (Dec.) % Inc. (Dec.) Weather Normal (b) 2025 2024 % Inc. (Dec.) % Inc. (Dec.) Weather Normal (b) GWh Sales (a) Residential 8,804 8,843  (0.4 %) 24,107 23,340 3.3 % Commercial 8,745 8,725  0.2 % 23,400 23,389 — % Industrial 5,317 5,364  (0.9 %) 14,848 15,035 (1.2 %) Other Energy Sales 61 65  (6.2 %) 194 201 (3.5 %) Unbilled Sales (669) (1,046) 36.0 % (319) (571) 44.1 % Total Retail Sales 22,258 21,951  1.4 % 1.4 % 62,230 61,394 1.4 % 0.5 % Wholesale and Other 3,058 2,897  5.6 % 8,812 8,326 5.8 % Total Consolidated Electric Sales – Duke Energy Carolinas 25,316 24,848  1.9 % 71,042 69,720 1.9 % Average Number of Customers Residential 2,548,828 2,496,286 2.1 % 2,536,524 2,480,807 2.2 % Commercial 403,029 402,809 0.1 % 402,595 402,306 0.1 % Industrial 5,801 5,941 (2.4 %) 5,847 5,956 (1.8 %) Other Energy Sales 10,755 11,009 (2.3 %) 10,798 11,064 (2.4 %) Total Retail Customers 2,968,413 2,916,045 1.8 % 2,955,764 2,900,133 1.9 % Wholesale and Other 27 24 12.5 % 27 25 8.0 % Total Average Number of Customers – Duke Energy Carolinas 2,968,440 2,916,069 1.8 % 2,955,791 2,900,158 1.9 % Sources of Electric Energy (GWh) Generated – Net Output (c) Coal 2,649  2,940  (9.9 %) 7,472 8,551 (12.6 %) Nuclear 11,688  11,157  4.8 % 34,840 33,886 2.8 % Hydro 126  112  12.5 % 593 973 (39.1 %) Natural Gas and Oil 8,945  8,719  2.6 % 21,415 20,779 3.1 % Renewable Energy 83  94  (11.7 %) 227 266 (14.7 %) Total Generation (d) 23,491  23,022  2.0 % 64,547 64,455 0.1 % Purchased Power and Net Interchange (e) 2,852  3,535  (19.3 %) 9,522 9,015 5.6 % Total Sources of Energy 26,343  26,557  (0.8 %) 74,069 73,470 0.8 % Less: Line Loss and Other 1,027  1,709  (39.9 %) 3,027 3,750 (19.3 %) Total GWh Sources 25,316  24,848  1.9 % 71,042 69,720 1.9 % Owned MW Capacity (c) Summer 19,745 19,429 Winter 20,842 20,476 Nuclear Capacity Factor (%) (f) 98 96 Heating and Cooling Degree Days Actual Heating Degree Days 1  —  — % 1,771 1,599 10.8 % Cooling Degree Days 969  1,029  (5.8 %) 1,573 1,656 (5.0 %) Variance from Normal Heating Degree Days (90.3 %) (100.0 %) (7.6 %) (18.1 %) Cooling Degree Days (3.9 %) 1.6 % 3.5 % 8.3 % (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. (f)    Statistics reflect 100% of jointly owned stations. 33 Duke Energy Progress Quarterly Highlights Supplemental Electric Utilities and Infrastructure Information September 2025 Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 % Inc. (Dec.) % Inc. (Dec.) Weather Normal (b) 2025 2024 % Inc. (Dec.) % Inc. (Dec.) Weather Normal (b) GWh Sales (a) Residential 5,436  5,415  0.4 % 15,202 14,459 5.1 % Commercial 4,570  4,513  1.3 % 12,005 11,764 2.0 % Industrial 2,475  2,627  (5.8 %) 7,307 7,178 1.8 % Other Energy Sales 21  21  — % 63 64 (1.6 %) Unbilled Sales (530) (613) 13.5 % (608) (430) (41.4 %) Total Retail Sales 11,972  11,963  0.1 % 2.4 % 33,969 33,035 2.8 % 1.7 % Wholesale and Other 6,899  7,168  (3.8 %) 20,145 19,438 3.6 % Total Consolidated Electric Sales – Duke Energy Progress 18,871  19,131  (1.4 %) 54,114 52,473 3.1 % Average Number of Customers Residential 1,530,754 1,504,584 1.7 % 1,524,192 1,495,604 1.9 % Commercial 249,167 248,517 0.3 % 248,833 248,167 0.3 % Industrial 3,026 3,187 (5.1 %) 3,047 3,213 (5.2 %) Other Energy Sales 2,380 2,436 (2.3 %) 2,392 2,443 (2.1 %) Total Retail Customers 1,785,327  1,758,724  1.5 % 1,778,464 1,749,427 1.7 % Wholesale and Other 8  8  — % 8 8 — % Total Average Number of Customers – Duke Energy Progress 1,785,335  1,758,732  1.5 % 1,778,472 1,749,435 1.7 % Sources of Electric Energy (GWh) Generated – Net Output (c) Coal 2,115  2,095  1.0 % 6,164 6,013 2.5 % Nuclear 7,905  7,993  (1.1 %) 22,929 22,296 2.8 % Hydro 116  94  23.4 % 433 523 (17.2 %) Natural Gas and Oil 6,321  6,919  (8.6 %) 17,836 17,692 0.8 % Renewable Energy 58  60  (3.3 %) 176 175 0.6 % Total Generation (d) 16,515  17,161  (3.8 %) 47,538 46,699 1.8 % Purchased Power and Net Interchange (e) 3,048  2,769  10.1 % 8,301 7,614 9.0 % Total Sources of Energy 19,563  19,930  (1.8 %) 55,839 54,313 2.8 % Less: Line Loss and Other 692  799  (13.4 %) 1,725 1,840 (6.3 %) Total GWh Sources 18,871  19,131  (1.4 %) 54,114 52,473 3.1 % Owned MW Capacity (c) Summer 12,585 12,570 Winter 13,880 13,775 Nuclear Capacity Factor (%) (f) 97 94 Heating and Cooling Degree Days Actual Heating Degree Days —  —  — % 1,606 1,369 17.3 % Cooling Degree Days 1,040  1,151  (9.6 %) 1,809 1,889 (4.2 %) Variance from Normal Heating Degree Days (100.0 %) (100.0 %) (7.9 %) (23.1 %) Cooling Degree Days (4.4 %) 5.8 % 8.8 % 13.6 % (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 Florida Quarterly Highlights Supplemental Electric Utilities and Infrastructure Information September 2025 Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 % Inc. (Dec.) % Inc. (Dec.) Weather Normal (b) 2025 2024 % Inc. (Dec.) % Inc. (Dec.) Weather Normal (b) GWh Sales (a) Residential 7,093 7,184 (1.3 %) 17,333 17,094 1.4 % Commercial 4,701 4,677 0.5 % 12,067 12,021 0.4 % Industrial 823 853 (3.5 %) 2,457 2,533 (3.0 %) Other Energy Sales 6 7 (14.3 %) 20 22 (9.1 %) Unbilled Sales (172) (138) — % 343 409 (16.1 %) Total Retail Sales 12,451 12,583 (1.0 %) 0.3 % 32,220 32,079 0.4 % (0.1 %) Wholesale and Other 587 840 (30.1 %) 1,612 2,045 (21.2 %) Total Electric Sales – Duke Energy Florida 13,038 13,423 (2.9 %) 33,832 34,124 (0.9 %) Average Number of Customers Residential 1,822,296 1,797,878 1.4 % 1,816,531 1,789,614 1.5 % Commercial 213,293 211,547 0.8 % 212,584 210,988 0.8 % Industrial 1,564 1,652 (5.3 %) 1,587 1,683 (5.7 %) Other Energy Sales 3,519 3,598 (2.2 %) 3,540 3,615 (2.1 %) Total Retail Customers 2,040,672 2,014,675 1.3 % 2,034,242 2,005,900 1.4 % Wholesale and Other 13 13 — % 13 13 — % Total Average Number of Customers – Duke Energy Florida 2,040,685 2,014,688 1.3 % 2,034,255 2,005,913 1.4 % Sources of Electric Energy (GWh) Generated – Net Output (c) Coal 1,211 1,361 (11.0 %) 2,904 2,983 (2.6 %) Natural Gas and Oil 11,047 11,348 (2.7 %) 28,672 28,740 (0.2 %) Renewable Energy 969 780 24.2 % 2,705 2,184 23.9 % Total Generation (d) 13,227 13,489 (1.9 %) 34,281 33,907 1.1 % Purchased Power and Net Interchange (e) 291 454 (35.9 %) 742 1,352 (45.1 %) Total Sources of Energy 13,518 13,943 (3.0 %) 35,023 35,259 (0.7 %) Less: Line Loss and Other 480 520 (7.7 %) 1,191 1,135 4.9 % Total GWh Sources 13,038 13,423 (2.9 %) 33,832 34,124 (0.9 %) Owned MW Capacity (c) Summer 10,980 10,858 Winter 12,569 12,575 Heating and Cooling Degree Days Actual Heating Degree Days —  —  — % 359 294 22.1 % Cooling Degree Days 1,579  1,656  (4.6 %) 3,055 3,092 (1.2 %) Variance from Normal Heating Degree Days — % — % (3.8 %) (22.4 %) Cooling Degree Days 5.7 % 11.2 % 10.0 % 12.2 % (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. 35 Duke Energy Ohio Quarterly Highlights Supplemental Electric Utilities and Infrastructure Information September 2025 Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 % Inc. (Dec.) % Inc. (Dec.) Weather Normal (b) 2025 2024 % Inc. (Dec.) % Inc. (Dec.) Weather Normal (b) GWh Sales (a) Residential 2,769 2,745 0.9 % 7,254 7,064 2.7 % Commercial 2,854 2,670 6.9 % 7,500 7,128 5.2 % Industrial 1,285 1,335 (3.7 %) 3,507 3,926 (10.7 %) Other Energy Sales (6) 24 (125.0 %) 34 65 (47.7 %) Unbilled Sales (110) (105) (4.8 %) 28 (81) 134.6 % Total Retail Sales 6,792 6,669 1.8 % 3.0 % 18,323 18,102 1.2 % 1.2 % Wholesale and Other 159 135 17.8 % 406 392 3.6 % Total Electric Sales – Duke Energy Ohio 6,951 6,804 2.2 % 18,729 18,494 1.3 % Average Number of Customers Residential 838,473 833,621 0.6 % 837,981 831,841 0.7 % Commercial 76,385 76,150 0.3 % 76,430 75,964 0.6 % Industrial 2,018 2,196 (8.1 %) 2,057 2,221 (7.4 %) Other Energy Sales 2,584 2,786 (7.3 %) 2,614 2,792 (6.4 %) Total Retail Customers 919,460 914,753 0.5 % 919,082 912,818 0.7 % Wholesale and Other 1 1 — % 1 1 — % Total Average Number of Customers – Duke Energy Ohio 919,461 914,754 0.5 % 919,083 912,819 0.7 % Sources of Electric Energy (GWh) Generated – Net Output (c) Coal 707 649 8.9 % 2,062 1,896 8.8 % Natural Gas and Oil 159 120 32.5 % 294 265 10.9 % Total Generation (d) 866 769 12.6 % 2,356 2,161 9.0 % Purchased Power and Net Interchange (e) 6,548 6,590 (0.6 %) 18,196 18,075 0.7 % Total Sources of Energy 7,414 7,359 0.7 % 20,552 20,236 1.6 % Less: Line Loss and Other 463 555 (16.6 %) 1,823 1,742 4.6 % Total GWh Sources 6,951 6,804 2.2 % 18,729 18,494 1.3 % Owned MW Capacity (c) Summer 1,077 1,080 Winter 1,173 1,173 Heating and Cooling Degree Days Actual Heating Degree Days 18 13 38.5 % 2,989 2,526 18.3 % Cooling Degree Days 843 894 (5.7 %) 1,194  1,347  (11.4 %) Variance from Normal Heating Degree Days (62.3 %) (73.2 %) (1.7 %) (18.1 %) Cooling Degree Days 8.1 % 14.4 % 6.5 % 19.9 % (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 September 2025 Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 % Inc. (Dec.) % Inc. (Dec.) Weather Normal (b) 2025 2024 % Inc. (Dec.) % Inc. (Dec.) Weather Normal (b) GWh Sales (a) Residential 2,698 2,569 5.0 % 7,457 7,067 5.5 % Commercial 2,505 2,369 5.7 % 6,572 6,244 5.3 % Industrial 2,397 2,416 (0.8 %) 6,893 7,207 (4.4 %) Other Energy Sales 13 13 — % 38 43 (11.6 %) Unbilled Sales (122) (58) (110.3 %) (52) (347) 85.0 % Total Retail Sales 7,491 7,309 2.5 % 1.7 % 20,908 20,214 3.4 % 2.6 % Wholesale and Other 1,213 1,241 (2.3 %) 3,658 3,327 9.9 % Total Electric Sales – Duke Energy Indiana 8,704 8,550 1.8 % 24,566 23,541 4.4 % Average Number of Customers Residential 809,163 797,652 1.4 % 807,349 794,508 1.6 % Commercial 107,052 106,385 0.6 % 106,809 106,271 0.5 % Industrial 2,592 2,628 (1.4 %) 2,606 2,632 (1.0 %) Other Energy Sales 3,685 3,778 (2.5 %) 3,716 3,808 (2.4 %) Total Retail Customers 922,492 910,443 1.3 % 920,480 907,219 1.5 % Wholesale and Other 4 4 — % 4 4 — % Total Average Number of Customers – Duke Energy Indiana 922,496 910,447 1.3 % 920,484 907,223 1.5 % Sources of Electric Energy (GWh) Generated – Net Output (c) Coal 4,151 4,365 (4.9 %) 11,363 11,341 0.2 % Hydro 58 70 (17.1 %) 172 208 (17.3 %) Natural Gas and Oil 1,584 1,598 (0.9 %) 3,764 4,030 (6.6 %) Renewable Energy 9 8 12.5 % 23 23 — % Total Generation (d) 5,802 6,041 (4.0 %) 15,322 15,602 (1.8 %) Purchased Power and Net Interchange (e) 3,841 3,132 22.6 % 10,985 9,907 10.9 % Total Sources of Energy 9,643 9,173 5.1 % 26,307 25,509 3.1 % Less: Line Loss and Other 939 623 50.7 % 1,741 1,968 (11.5 %) Total GWh Sources 8,704 8,550 1.8 % 24,566 23,541 4.4 % Owned MW Capacity (c) Summer 6,302 6,304 Winter 6,806 6,783 Heating and Cooling Degree Days Actual Heating Degree Days 18 18 — % 3,179 2,695 18.0 % Cooling Degree Days 864 801 7.9 % 1,218 1,238 (1.6 %) Variance from Normal Heating Degree Days (64.5 %) (68.8 %) (3.2 %) (19.1 %) Cooling Degree Days 11.5 % 5.1 % 8.7 % 12.6 % (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. 37 Gas Utilities and Infrastructure Quarterly Highlights September 2025 Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 % Inc. (Dec.) 2025 2024 % Inc. (Dec.) Total Sales Piedmont Natural Gas Local Distribution Company (LDC) throughput (dekatherms) (a) 150,368,042  162,163,516  (7.3 %) 457,572,934  453,695,306  0.9 % Duke Energy Midwest LDC throughput (Mcf) (a) 9,505,511  9,607,415  (1.1 %) 63,843,944  55,774,760  14.5 % Average Number of Customers – Piedmont Natural Gas Residential 1,090,804  1,070,213  1.9 % 1,091,309  1,071,704  1.8 % Commercial 108,349  107,481  0.8 % 109,067  108,047  0.9 % Industrial 925  939  (1.5 %) 937  942  (0.5 %) Power Generation 19  19  — % 19  19  — % Total Average Number of Gas Customers – Piedmont Natural Gas 1,200,097  1,178,652  1.8 % 1,201,332  1,180,712  1.7 % Average Number of Customers – Duke Energy Midwest Residential 521,730  520,087  0.3 % 524,011  522,087  0.4 % Commercial 33,337  33,221  0.3 % 34,247  34,234  — % Industrial 2,080  2,189  (5.0 %) 2,205  2,210  (0.2 %) Other 116  118  (1.7 %) 117  117  — % Total Average Number of Gas Customers – Duke Energy Midwest 557,263  555,615  0.3 % 560,580  558,648  0.3 % (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