Duke Energy — Feb 10, 2026 release

News Release                 Media Contact: Gillian Moore 24-Hour: 800.559.3853 Analyst Contact: Abby Motsinger Office: 704.382.7624 February 10, 2026 Duke Energy reports fourth-quarter and full-year 2025 financial results ▪ 2025 reported and adjusted EPS of $6.31, closing the year above the guidance midpoint ▪ $103 billion five-year capital plan drives 9.6% earnings base growth through 2030 ▪ Company extends long-term adjusted EPS growth rate of 5% to 7% though 2030, with confidence to earn in the top half of the range beginning in 2028 CHARLOTTE, N.C. – Duke Energy (NYSE: DUK) today announced 2025 full-year reported EPS, prepared in accordance with Generally Accepted Accounting Principles (GAAP), and adjusted EPS of $6.31. This is compared to reported and adjusted EPS of $5.71 and $5.90, respectively, for the full-year 2024. Adjusted EPS excludes the impact of certain items that are included in reported EPS. There is no difference between 2025 GAAP reported and adjusted EPS. Higher full-year 2025 adjusted results were primarily driven by recovery of growing infrastructure investments to serve customers and growth in our service territories. These items were partially offset by higher O&M, interest expense, property taxes and depreciation on a growing asset base. The company is introducing 2026 adjusted EPS guidance of $6.55 to $6.80 and extending its long-term adjusted EPS growth rate of 5% to 7% through 2030 off the 2025 guidance range midpoint of $6.30. Management does not forecast reported GAAP EPS and related long-term growth rates. “The fourth quarter marked a strong finish to a productive year, where we met every financial goal, progressed our economic development pipeline, broke ground on 5 gigawatts of new dispatchable generation resources, and continued to deliver value for customers,” said Harry Sideris, Duke Energy president and chief executive officer. “The cost of energy has always been and will remain a key focus for our company. We continue to find new ways to deliver affordable energy for our customers, keeping our rates below the national average and rate changes below inflation.” “We enter 2026 with incredible momentum. The fundamentals of our business have never been stronger, and we operate in some of the most attractive jurisdictions in the nation. With the largest regulated capital plan in the industry, a balance sheet prepared for growth, and contracted demand from AI and advanced manufacturing, we are well-positioned to deliver 5% to 7% EPS growth through 2030.” Duke Energy News Release     2 Quarterly results Duke Energy's fourth-quarter 2025 reported EPS was $1.50, compared to $1.54 for the fourth quarter of 2024. Duke Energy's fourth-quarter 2025 adjusted EPS was $1.50, compared to $1.66 for the fourth quarter of 2024. Lower adjusted results for the quarter compared to last year were primarily driven by higher O&M, interest expense, depreciation on a growing asset base, contributions to the Duke Energy Foundation, along with a higher effective tax rate. These items were partially offset by recovery of infrastructure investments. In addition to the following summary of fourth-quarter 2025 business segment performance, comprehensive tables with detailed EPS drivers for the fourth-quarter and full-year 2025 compared to prior year are provided at the end of this news release. The discussion below of fourth-quarter results includes both GAAP segment income and adjusted segment income, which is a non-GAAP financial measure. The tables at the end of this news release present a full reconciliation of GAAP reported results to adjusted results. Electric Utilities and Infrastructure On a reported basis, Electric Utilities and Infrastructure re cognized fourth-quarter 2025 segment income of $1,209 million, compared to segment income of $1,208 million in the fourth quarter of 2024. On an adjusted basis, Electric Utilities and Infrastructure recognized fourth-quarter 2025 segment income of $1,209 million, compared to segment income of $1,238 million, in the fourth quarter of 2024. This represents a decrease of $0.04 per share, excluding share dilution of $0.01 per share. Lower quarterly results were primarily driven by higher O&M, depreciation on a growing asset base and interest expense, partially offset by recovery of infrastructure investments. Gas Utilities and Infrastructure On a reported basis, Gas Utilities and Infrastructure recognized fourth-quarter 2025 segment income of $230 million, compared to segment income of $189 million in the fourth quarter of 2024. On an adjusted basis, Gas Utilities and Infrastructure recognized fourth-quarter 2025 segment income of $230 million, compared to segment income of $231 million, in the fourth quarter of 2024. Flat quarterly results were primarily driven by recovery of infrastructure investments, offset by higher O&M and taxes. Other Other primarily includes interest expense on holding company debt, other unallocated corporate costs and results from Duke Energy’s captive insurance company. On a reported basis, Other recognized a fourth-quarter 2025 segment loss of $272 million, compared to a segment loss of $204 million in the fourth quarter of 2024. Duke Energy News Release     3 On an adjusted basis, Other recognized a fourth-quarter 2025 segment loss of $272 million, compared to a segment loss of $186 million in the fourth quarter of 2024. This represents a decrease of $0.11 per share. Lower quarterly results were primarily driven by higher contributions to the Duke Energy Foundation, interest expense and the absence of tax optimization in the prior year. Effective tax rate Duke Energy's consolidated reported effective tax rate for the fourth quarter of 2025 was 11.3% compared to 8.1% in the fourth quarter of 2024. The increase was primarily due to tax benefits recognized in the prior year related to the utilization of previously valued carryforward attributes. Duke Energy's consolidated adjusted effective tax rate for the fourth quarter of 2025 was 11.3% compared to 9.3% in the fourth quarter of 2024. The increase was primarily due to tax benefits recognized in the prior year related to the utilization of previously valued carryforward attributes. 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 fourth-quarter and year-end 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 website or by dialing 833.470.1428 in the United States or 929.526.1599 outside the United States. The confirmation code is 807396. Please call in 10 to 15 minutes prior to the scheduled start time. Duke Energy News Release     4 Special Items and Non-GAAP Reconciliation The following tables present a reconciliation of GAAP reported to adjusted earnings per share for fourth-quarter and full-year 2025 and 2024 financial results: (In millions, except per share amounts) After-Tax Amount 4Q 2025 EPS 4Q 2024 EPS EPS, as reported $ 1.50   $ 1.54  Adjustments to reported EPS: Fourth Quarter 2025 Discontinued operations $ (2) —   Fourth Quarter 2024 Regulatory matters $ 18  $ 0.02  Noncore asset sales and net impairments 54  0.07  Captive storm deductible 18  0.02  Discontinued operations 2  —  Total adjustments (a) $ —   $ 0.12  EPS, adjusted $ 1.50   $ 1.66  (a)    Total EPS adjustments may not foot due to rounding. (In millions, except per share amounts) After-Tax Amount Full-Year 2025 EPS Full-Year 2024 EPS EPS, as reported $ 6.31   $ 5.71  Adjustments to reported EPS: Full-Year 2025 Discontinued operations $ (1) —   Full-Year 2024 Regulatory matters $ 43  $ 0.06  System post-implementation costs 16  0.02  Preferred redemption costs 16  0.02  Noncore asset sales and net impairments 54  0.07  Captive storm deductible 18  0.02  Discontinued operations (7) (0.01) Total adjustments (a) $ —   $ 0.19  EPS, adjusted $ 6.31   $ 5.90  (a)    Total EPS adjustments may not foot due to rounding. 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. Duke Energy News Release     5 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 net impairment charges related to Duke Energy Carolinas' and Duke Energy Progress' South Carolina 2024 rate case orders and charges related to Duke Energy Indiana post-retirement benefits. • System post-implementation costs represents the net impact of charges related to nonrecurring customer billing adjustments as a result of implementation of a new customer system. • Preferred redemption costs represents charges related to the redemption of Series B Preferred Stock. • Noncore asset sales and net impairments primarily represents charges related to certain joint venture electric transmission projects and certain renewable natural gas investments. • Captive Storm Deductible represents charges related to an insurance deductible for Hurricane Helene property losses. 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 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     6 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 8.7 million customers in North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky, and collectively own 55,700 megawatts of energy capacity. Its natural gas utilities serve 1.8 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 reducing carbon emissions, while balancing customer reliability and keeping costs as low as possible for our customers; ◦ 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; Duke Energy News Release     7 ◦ The costs of decommissioning nuclear facilities could prove to be more extensive than amounts estimated and all costs may not be fully recoverable through the regulatory process; ◦ The impact of extraordinary external events, such as a global pandemic, 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, obtaining sufficient skilled labor and satisfying operating and environmental performance standards, as well as the ability to recover costs from customers in a timely manner, or at all; Duke Energy News Release     8 ◦ Changes in rules for regional transmission organizations, including changes in rate designs and new and evolving capacity markets, and risks related to obligations created by the default of other participants; ◦ The ability to control operation and maintenance costs; ◦ The level of creditworthiness of counterparties to transactions; ◦ The ability to obtain adequate insurance at acceptable costs and recover on claims made; ◦ Employee workforce factors, including the potential inability to attract and retain key personnel; ◦ The ability of subsidiaries to pay dividends or distributions to Duke Energy Corporation holding company (the Parent); ◦ The performance of projects undertaken by our businesses and the success of efforts to invest in and develop new opportunities; ◦ The effect of accounting and reporting pronouncements issued periodically by accounting standard-setting bodies and the SEC; ◦ The impact of United States tax legislation to our financial condition, results of operations or cash flows and our credit ratings; ◦ The impacts from potential impairments of goodwill or investment carrying values; ◦ Asset or business acquisitions and dispositions may not 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 December 31, 2025 (Dollars in millions, except per share amounts) Reported Earnings Discontinued Operations Total Adjustments Adjusted Earnings SEGMENT INCOME (LOSS) Electric Utilities and Infrastructure $ 1,209   $ —  $ —  $ 1,209  Gas Utilities and Infrastructure 230   —  —  230  Total Reportable Segment Income 1,439   —   —   1,439   Other (272) —  —  (272) Discontinued Operations $ 2   (2) A (2) —  Net Income Available to Duke Energy Corporation Common Stockholders $ 1,169   $ (2) $ (2) $ 1,167   EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS $ 1.50   $ —   $ —   $ 1.50   A – Recorded in Income (Loss) from Discontinued Operations, net of tax, on the Consolidated Statements of Operations. Weighted Average Shares, basic (reported and adjuste d) – 778 million 9 DUKE ENERGY CORPORATION REPORTED TO ADJUSTED EARNINGS RECONCILIATION Year Ended December 31, 2025 (Dollars in millions, except per share amounts) Reported Earnings Discontinued Operations Total Adjustments Adjusted Earnings SEGMENT INCOME (LOSS) Electric Utilities and Infrastructure $ 5,337   $ —  $ —  $ 5,337  Gas Utilities and Infrastructure 559   —  —  559  Total Reportable Segment Income 5,896   —   —   5,896   Other (985) —  —  (985) Discontinued Operations 1   (1) A (1) —  Net Income Available to Duke Energy Corporation Common Stockholders $ 4,912   $ (1) $ (1) $ 4,911   EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS $ 6.31   $ —   $ —   $ 6.31   A – Recorded in Income (Loss) from Discontinued Operations, net of tax, on the Consolidated Statements of Operations. Weighted Average Shares, basic (reported and adjus ted) – 777 million 10 DUKE ENERGY CORPORATION REPORTED TO ADJUSTED EARNINGS RECONCILIATION Three Months Ended December 31, 2024 (Dollars in millions, except per share amounts) Special Items Reported Earnings Regulatory Matters Noncore Asset Sales and Net Impairments Captive Storm Deductible Discontinued Operations Total Adjustments Adjusted Earnings SEGMENT INCOME (LOSS) Electric Utilities and Infrastructure $ 1,208   $ 18  A $ 12  B $ —  $ 30  $ 1,238  Gas Utilities and Infrastructure 189   —  42  C —  —  42  231  Total Reportable Segment Income 1,397   18   54   —   —   72   1,469   Other (204) —  —  18  D —  18  (186) Discontinued Operations (2) —  —  —  2  E 2  —  Net Income Available to Duke Energy Corporation Common Stockholders $ 1,191   $ 18   $ 54   $ 18   $ 2   $ 92   $ 1,283   EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS $ 1.54   $ 0.02   $ 0.07   $ 0.02   $ —   $ 0.12   $ 1.66   Note: Total EPS adjustments do not cross-foot due to rounding. A – Net of $7 million tax benefit. $29 million recorded as a reduction of Operating revenues and $4 million reduction within Noncontrolling Interests on the Duke Energy Indiana's Consolidated Statements of Operations related to a regulatory liability associated with certain employee post-retirement benefits. B – Net of $1 million tax expense. $15 million recorded within Equity in earnings (losses) of unconsolidated affiliates and $4 million recorded within Gains on sales of other assets and other, net, on the Consolidated Statements of Operations primarily related to impairments in certain joint venture electric transmission projects. C – Net of $12 million tax benefit. $54 million recorded within Equity in earnings (losses) of unconsolidated affiliates on the Consolidated Statements of Operations related to impairments for certain renewable natural gas investments. D – Net of $5 million tax benefit. $23 million recorded within Operations, maintenance and other on the Consolidated Statements of Operations related to an insurance deductible for Hurricane Helene property losses. E – Recorded in Income (Loss) from Discontinued Operations, net of tax, a nd Net Income Attributable t o Noncontrolling Interests on the Consolidated Statements of Operations. Weighted Average Shares, basic (reported and adjusted) – 773 million 11 DUKE ENERGY CORPORATION REPORTED TO ADJUSTED EARNINGS RECONCILIATION Year Ended December 31, 2024 (Dollars in millions, except per share amounts) Special Items Reported Earnings Regulatory Matters System Post-Implementation Costs Preferred Redemption Costs Noncore Asset Sales and Net Impairments Captive Storm Deductible Discontinued Operations Total Adjustments Adjusted Earnings SEGMENT INCOME (LOSS) Electric Utilities and Infrastructure $ 4,770   $ 43  A $ 13  B $ —  $ 12  E $ —  $ —  $ 68  $ 4,838  Gas Utilities and Infrastructure 454   —  3  C —  42  F —  —  45  499  Total Reportable Segment Income 5,224   43   16   —   54   —   —   113   5,337   Other (829) —  —  16  D —  18  G —  34  (795) Discontinued Operations 7   —  —  —  —  —  (7) H (7) —  Net Income Available to Duke Energy Corporation Common Stockholders $ 4,402   $ 43   $ 16   $ 16   $ 54   $ 18   $ (7) $ 140   $ 4,542   EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS $ 5.71   $ 0.06   $ 0.02   $ 0.02   $ 0.07   $ 0.02   $ (0.01) $ 0.19   $ 5.90   Note: Earnings Per Share amounts are adjusted for accumulated dividends for Series B Preferred Stock of $0.02. Total EPS adjustments do not cross-foot due to rounding. A – Net of $15 million tax benefits. • $33 million recorded within Impairment of assets and other charges, $2 million recorded within Operations, maintenance and other, and an $11 million reduction recorded within Interest Expense on the Duke Energy Carolinas' Consolidated Statements of Operations primarily related to the 2024 South Carolina rate case order. • $9 million recorded within Impairment of assets and other charges on the Duke Energy Progress' Consolidated Statements of Operations primarily related to the 2024 South Carolina rate case order. • $29 million recorded as a reduction of Operating revenues and $4 million reduction within Noncontrolling Interests on the Duke Energy Indiana's Consolidated Statements of Operations related to a regulatory liability associated with certain employee post-retirement benefits. B – Net of $4 million tax benefit. $17 million recorded as a reduction of Operating Revenues on the Consolidated Statements of Operations related to nonrecurring customer billing adjustments as a result of implementation of a new customer system. C – Net of $1 million tax benefit. $1 million recorded within Operations, maintenance and other and $3 million as a charge within Other Income and expenses on the Consolidated Statements of Operations related to nonrecurring customer billing adjustments as a result of implementation of a new customer system. D – $16 million recorded within Preferred Redemption Costs on the Consolidated Statements of Operations related to the redemption of Series B Preferred Stock. E – Net of $1 million tax expense. $15 million recorded within Equity in earnings (losses) of unconsolidated affiliates and $4 million recorded within Gains on sales of other assets and other, net, on the Consolidated Statements of Operations primarily related to impairments in certain joint venture electric transmission projects. F – Net of $12 million tax benefit. $54 million recorded within Equity in earnings (losses) of unconsolidated affiliates on the Consolidated Statements of Operations related to impairments for certain renewable natural gas investments. G – Net of $5 million tax benefit. $23 million recorded within Operations, maintenance and other on the Consolidated Statements of Operations related to an insurance deductible for Hurricane Helene property losses. H – Recorded in Income (Loss) from Discontinued Operations, net of tax, a nd Net Income Attributable t o Noncontrolling Interests on the Consolidated Statements of Operations. Weighted Average Shares, basic (reported and adjusted) – 772 million 12 DUKE ENERGY CORPORATION EFFECTIVE TAX RECONCILIATION December 2025 (Dollars in millions) Three Months Ended    December 31, 2025 Year Ended    December 31, 2025 Balance Effective Tax Rate Balance Effective Tax Rate Reported Income From Continuing Operations Before Income Taxes $ 1,358  $ 5,712  Noncontrolling Interests (27) (120) Preferred Dividends (15) (56) Adjusted Pretax Income $ 1,316  $ 5,536  Reported Income Tax Expense From Continuing Operations $ 154  11.3  % $ 642  11.2  % Noncontrolling interest portion of income taxes (a) (5) (17) Adjusted Tax Expense $ 149  11.3 % $ 625  11.3  % Three Months Ended    December 31, 2024 Year Ended    December 31, 2024 Balance Effective Tax Rate Balance Effective Tax Rate Reported Income From Continuing Operations Before Income Taxes $ 1,338  $ 5,194  Regulatory Matters 29  62  System Post-Implementation Costs —  21  Preferred Redemption Costs —  16  Noncore Asset Sales and Net Impairments 65  65  Captive Storm Deductible 23  23  Noncontrolling Interests (27) (106) Preferred Dividends and Redemption Premium (14) (122) Adjusted Pretax Income $ 1,414  $ 5,153  Reported Income Tax Expense From Continuing Operations $ 109  8.1  % $ 590  11.4  % Regulatory Matters 7  15  System Post-Implementation Costs —  5  Noncore Asset Sales and Net Impairments 11  11  Captive Storm Deductible 5  5  Noncontrolling interest portion of income taxes (a) (1) (15) Adjusted Tax Expense $ 131  9.3 % $ 611  11.9  % (a)    Income tax related to non-pass-through entities for tax purposes. 13 DUKE ENERGY CORPORATION EARNINGS VARIANCES December 2025 QTD vs. Prior Year (Dollars per share) Electric Utilities and Infrastructure Gas Utilities and Infrastructure Other Consolidated 2024 QTD Reported Earnings Per Share $ 1.57   $ 0.25   $ (0.27) $ 1.54   Noncore Asset Sales and Net Impairments 0.02  0.05  —  0.07  Captive Insurance Deductible —  —  0.02  0.02  Regulatory Matters 0.02  —  —  0.02  2024 QTD Adjusted Earnings Per Share $ 1.61   $ 0.30   $ (0.25) $ 1.66   Weather 0.01  —  —  0.01  Volume (a) (0.02) —  —  (0.02) Riders and Other Retail Margin (b) 0.07  0.03  —  0.10  Rate case impacts, net (c) 0.13  0.01  —  0.14  Operations and maintenance, net of recoverables (d) (0.15) (0.02) —  (0.17) Interest Expense (e) (0.03) —  (0.03) (0.06) AFUDC Equity 0.04  —  —  0.04  Depreciation and amortization (e) (0.05) —  —  (0.05) Other (f) (0.04) (0.02) (0.08) (0.14) Total variance $ (0.04) $ —  $ (0.11) $ (0.15) Change in share count (0.01) —  —  (0.01) 2025 QTD Reported and Adjusted Earnings Per Share $ 1.56   $ 0.30   $ (0.36) $ 1.50   Note: Earnings Per Share amounts are calculated using the consolidated statutory income tax rate for all drivers. Weighted average shares outstanding increased from 773 million shares 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 favorable fuel and purchased power. (c)    Electric Utilities and Infrastructure includes impacts from DEF multiyear rate plan revenue increases (+$0.05) DEC North Carolina Year 2 rates, effective January 2025, (+$0.04), DEP North Carolina Year 3 rates, effective October 2025, (+$0.02) DEI rates, effective February 2025 (+$0.01) and DEK rates, effective July 2025 (+$0.01). Gas Utilities and Infrastructure includes impacts from the Piedmont North Carolina rate case, effective November 2024. (d)    Electric Utilities and Infrastructure includes higher employee-related expense, grid and other maintenance expense and generation outage costs, partially offset by lower storm costs. (e)    Electric Utilities and Infrastructure excludes depreciation and amortization related to rate case impacts. (f)    Other includes higher contributions to the Duke Energy Foundation and the absence of tax optimization in the prior year. 14 DUKE ENERGY CORPORATION EARNINGS VARIANCES December 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 $ 6.17   $ 0.60   $ (1.06) $ (0.01) $ 5.71   Regulatory Matters 0.06  —  —  —  0.06  System Post-Implementation Costs 0.02  —  —  —  0.02  Preferred Redemption Costs —  —  0.02  —  0.02  Noncore Asset Sales and Net Impairments 0.02 0.05 —  —  0.07  Captive Storm Deductible —  —  0.02 —  0.02  Discontinued Operations —  —  —  0.01  0.01  2024 YTD Adjusted Earnings Per Share $ 6.27   $ 0.65   $ (1.02) $ —   $ 5.90   Weather 0.07  —  —  —  0.07  Volume (a) 0.22  —  —  —  0.22  Riders and Other Retail Margin (b) 0.24  0.07  —  —  0.31  Rate case impacts, net (c) 0.61  0.10  —  —  0.71  Wholesale 0.01  —  —  0.01  Operations and maintenance, net of recoverables (d) (0.28) (0.04) —  —  (0.32) Interest Expense (e) (0.12) (0.01) (0.14) —  (0.27) AFUDC Equity 0.12  —  —  —  0.12  Depreciation and amortization (e) (0.11) (0.03) —  —  (0.14) Other (f) (0.12) (0.02) (0.12) —  (0.26) Total variance $ 0.64  $ 0.07  $ (0.26) $ —  $ 0.45  Change in share count (0.04) —  —  —  (0.04) 2025 YTD Reported and Adjusted Earnings Per Share $ 6.87   $ 0.72   $ (1.28) $ —   $ 6.31   Note: Earnings Per Share amounts are calculated using the consolidated statutory income tax rate for all drivers. Weighted average shares outstanding increased from 772 million shares 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 transmission revenues and higher energy efficiency and grid modernization riders (+$0.21). Gas Utilities and Infrastructure includes higher construction and pipeline integrity riders in Ohio and Kentucky and customer growth. (c)    Electric Utilities and Infrastructure includes impacts from DEC North Carolina Year 2 rates, effective January 2025, and DEC South Carolina rates, effective August 2024 (+$0.22), DEF multiyear rate plan revenue increases, effective January 2025 (+$0.20), DEI rates, effective February 2025 (+$0.09), DEP North Carolina Year 3 rates, effective October 2025 (+$0.08) and DEK rates, effective July 2025 (+$0.02). Gas Utilities and Infrastructure includes impacts from Piedmont North Carolina rates, effective November 2024. (d)    Electric Utilities and Infrastructure includes higher employee-related expenses, grid and other maintenance and generation outage costs, partially offset by lower storm costs. (e)    Electric Utilities and Infrastructure excludes depreciation and amortization related to rate case impacts. (f)    Electric Utilities and Infrastructure includes higher property taxes. Other includes higher contributions to the Duke Energy Foundation and the absence of tax optimization in the prior year. 15 DUKE ENERGY CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (In millions, except per share amounts) Years Ended December 31, 2025 2024 2023 Operating Revenues Regulated electric $ 29,060   $ 27,787  $ 26,617  Regulated natural gas 2,870   2,252  2,152  Nonregulated electric and other 307   318  291  Total operating revenues 32,237   30,357  29,060  Operating Expenses Fuel used in electric generation and purchased power 8,058   9,206  9,086  Cost of natural gas 983   565  593  Operation, maintenance and other 6,698   5,389  5,625  Depreciation and amortization 6,324   5,793  5,253  Property and other taxes 1,597   1,466  1,400  Impairment of assets and other charges (4) 38  85  Total operating expenses 23,656   22,457  22,042  Gains on Sales of Other Assets and Other, net 45   26  52  Operating Income 8,626   7,926  7,070  Other Income and Expenses Equity in earnings (losses) of unconsolidated affiliates 51   (9) 113  Other income and expenses, net 669   661  598  Total other income and expenses 720   652  711  Interest Expense 3,634   3,384  3,014  Income From Continuing Operations Before Income Taxes 5,712   5,194  4,767  Income Tax Expense From Continuing Operations 642   590  438  Income From Continuing Operations 5,070   4,604  4,329  Income (Loss) From Discontinued Operations, net of tax 1   10  (1,455) Net Income 5,071   4,614  2,874  Less: Net Income Attributable to Noncontrolling Interests 103   90  33  Net Income Attributable to Duke Energy Corporation 4,968   4,524  $ 2,841  Less: Preferred Dividends 56   106  106  Less: Preferred Redemption Costs —   16  —  Net Income Available to Duke Energy Corporation Common Stockholders $ 4,912   $ 4,402  $ 2,735  Earnings Per Share – Basic and Diluted Income from continuing operations available to Duke Energy Corporation common stockholders Basic and Diluted $ 6.31   $ 5.70  $ 5.35  Income (loss) from discontinued operations attributable to Duke Energy Corporation common stockholders Basic and Diluted $ —   $ 0.01  $ (1.81) Net income available to Duke Energy Corporation common stockholders Basic and Diluted $ 6.31   $ 5.71  $ 3.54  Weighted average shares outstanding Basic and Diluted 777   772  771 16 DUKE ENERGY CORPORATION CONSOLIDATED BALANCE SHEETS (Unaudited) (In millions) December 31, 2025 December 31, 2024 ASSETS Current Assets Cash and cash equivalents $ 245   $ 314  Receivables (net of allowance for doubtful accounts of $194 at 2025 and $122 at 2024) 4,214   2,170  Receivables of VIEs (net of allowance for doubtful accounts of $85 at 2024) 16   1,889  Receivable from sales of Commercial Renewables Disposal Groups —   551  Inventory (includes $669 at 2025 and $494 at 2024 related to VIEs) 4,569   4,496  Regulatory assets (includes $204 at 2025 and $120 at 2024 related to VIEs) 1,934   2,739  Assets held for sale 109   96  Other (includes $88 at 2025 and $90 at 2024 related to VIEs) 526   695  Total current assets 11,613   12,950  Property, Plant and Equipment Cost 190,409   178,737  Accumulated depreciation and amortization (60,450) (57,111) Net property, plant and equipment 129,959   121,626  Other Noncurrent Assets Goodwill 19,010   19,010  Regulatory assets (includes $3,108 at 2025 and $1,705 at 2024 related to VIEs) 14,379   14,220  Nuclear decommissioning trust funds 12,889   11,434  Operating lease right-of-use assets, net 1,241   1,148  Investments in equity method unconsolidated affiliates 330   353  Assets held for sale 2,148   2095 Other 4,167   3,507  Total other noncurrent assets 54,164   51,767  Total Assets $ 195,736   $ 186,343  LIABILITIES AND EQUITY Current Liabilities Accounts payable (includes $296 at 2025 and $214 at 2024 related to VIEs) $ 5,223   $ 5,436  Notes payable and commercial paper 2,624   3,584  Taxes accrued 975   851  Interest accrued 922   854  Current maturities of long-term debt (includes $118 at 2025 and $1,012 at 2024 related to VIEs) 7,104   4,349  Asset retirement obligations 579   650 Regulatory liabilities 1,271   1,421  Liabilities associated with assets held for sale 84   132  Other 2,265   2,080  Total current liabilities 21,047   19,357  Long-Term Debt (includes $3,308 at 2025 and $1,842 at 2024 related to VIEs) 80,108   76,340  Other Noncurrent Liabilities Deferred income taxes 12,377   11,424  Asset retirement obligations 9,046   9,338  Regulatory liabilities 15,682   14,521  Operating lease liabilities 1,033   957  Accrued pension and other post-retirement benefit costs 396   434  Investment tax credits 969   894  Liabilities associated with assets held for sale 170   271 Other (includes $27 at 2024 related to VIEs) 1,889   1,551  Total other noncurrent liabilities 41,562   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 45,614   45,494  Retained earnings 5,056   3,431  Accumulated other comprehensive income 198   228  Total Duke Energy Corporation stockholders' equity 51,842   50,127  Noncontrolling interests 1,177   1,129  Total equity 53,019   51,256  Total Liabilities and Equity $ 195,736   $ 186,343  17 DUKE ENERGY CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (In millions) Years Ended December 31, 2025 2024 2023 CASH FLOWS FROM OPERATING ACTIVITIES Net Income $ 5,071   $ 4,614  $ 2,874  Adjustments to reconcile net income to net cash provided by operating activities 7,259   7,714  7,004  Net cash provided by operating activities 12,330   12,328  9,878  CASH FLOWS FROM INVESTING ACTIVITIES Net cash used in investing activities (14,338) (13,123) (12,475) CASH FLOWS FROM FINANCING ACTIVITIES Net cash provided by financing activities 1,950   859  2,351  Net (decrease) increase in cash, cash equivalents and restricted cash (58) 64  (246) Cash, cash equivalents and restricted cash at beginning of period 421   357  603  Cash, cash equivalents and restricted cash at end of period $ 363   $ 421  $ 357  18 DUKE ENERGY CORPORATION CONSOLIDATING STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended December 31, 2025 (In millions) Electric Utilities and Infrastructure Gas Utilities and Infrastructure Other Eliminations/Adjustments Duke Energy Operating Revenues Regulated electric $ 6,936  $ —  $ —  $ (14) $ 6,922   Regulated natural gas —  965  —  (23) 942   Nonregulated electric and other 56  11  43  (36) 74   Total operating revenues 6,992  976  43  (73) 7,938   Operating Expenses Fuel used in electric generation and purchased power 1,812  —  —  (20) 1,792   Cost of natural gas —  341  —  —  341   Operation, maintenance and other 1,668  139  24  (49) 1,782   Depreciation and amortization 1,421  110  79  (7) 1,603   Property and other taxes 275  35  6  —  316   Impairment of assets and other charges (7) —  —  —  (7) Total operating expenses 5,169  625  109  (76) 5,827   Gains on Sales of Other Assets and Other, net 1  —  6  1  8   Operating Income (Loss) 1,824  351  (60) 4  2,119   Other Income and Expenses Equity in earnings of unconsolidated affiliates —  4  9  —  13   Other income and expenses, net 161  13  20  (22) 172   Total Other Income and Expenses 161  17  29  (22) 185   Interest Expense 545  70  349  (18) 946   Income (Loss) from Continuing Operations Before Income Taxes 1,440  298  (380) —  1,358   Income Tax Expense (Benefit) from Continuing Operations 209  69  (123) (1) 154   Income (Loss) from Continuing Operations 1,231  229  (257) 1  1,204   Less: Net Income (Loss) Attributable to Noncontrolling Interest 22  (1) —  1  22   Income (Loss) from Continuing Operations Attributable to Duke Energy Corporation 1,209  230  (257) —  1,182   Less: Preferred Dividends —  —  15  —  15   Segment Income/Other Net Loss $ 1,209  $ 230  $ (272) $ —  $ 1,167   Discontinued Operations 2   Net Income Available to Duke Energy Corporation Common Stockholders $ 1,169   19 DUKE ENERGY CORPORATION CONSOLIDATING STATEMENTS OF OPERATIONS (Unaudited) Year Ended December 31, 2025 (In millions) Electric Utilities and Infrastructure Gas Utilities and Infrastructure Other Eliminations/Adjustments Duke Energy Operating Revenues Regulated electric $ 29,119  $ —  $ —  $ (59) $ 29,060   Regulated natural gas —  2,961  —  (91) 2,870   Nonregulated electric and other 238  42  165  (138) 307   Total operating revenues 29,357  3,003  165  (288) 32,237   Operating Expenses Fuel used in electric generation and purchased power 8,138  —  —  (80) 8,058   Cost of natural gas —  983  —  —  983   Operation, maintenance and other 6,414  518  (35) (199) 6,698   Depreciation and amortization 5,605  435  312  (28) 6,324   Property and other taxes 1,418  164  14  1  1,597   Impairment of assets and other charges (9) —  5  —  (4) Total operating expenses 21,566  2,100  296  (306) 23,656   Gains on Sales of Other Assets and Other, net 22  —  22  1  45   Operating Income (Loss) 7,813  903  (109) 19  8,626   Other Income and Expenses Equity in earnings of unconsolidated affiliates —  15  36  —  51   Other income and expenses, net 622  53  95  (101) 669   Total Other Income and Expenses 622  68  131  (101) 720   Interest Expense 2,132  267  1,317  (82) 3,634   Income (Loss) from Continuing Operations Before Income Taxes 6,303  704  (1,295) —  5,712   Income Tax Expense (Benefit) from Continuing Operations 862  146  (366) —  642   Income (Loss) from Continuing Operations 5,441  558  (929) —  5,070   Less: Net Income (Loss) Attributable to Noncontrolling Interest 104  (1) —  —  103   Income (Loss) from Continuing Operations Attributable to Duke Energy Corporation 5,337  559  (929) —   4,967   Less: Preferred Dividends —  —  56  —  56   Segment Income/Other Net Loss $ 5,337  $ 559  $ (985) $ —  $ 4,911   Discontinued Operations 1   Net Income Available to Duke Energy Corporation Common Stockholders $ 4,912   20 DUKE ENERGY CORPORATION CONSOLIDATING STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended December 31, 2024 (In millions) Electric Utilities and Infrastructure Gas Utilities and Infrastructure Other Eliminations/Adjustments Duke Energy Operating Revenues Regulated electric $ 6,551  $ —  $ —  $ (17) $ 6,534   Regulated natural gas —  763  —  (22) 741   Nonregulated electric and other 67  12  37  (31) 85   Total operating revenues 6,618  775  37  (70) 7,360   Operating Expenses Fuel used in electric generation and purchased power 2,019  —  —  (20) 1,999   Cost of natural gas —  185  —  —  185   Operation, maintenance and other 1,220  119  (9) (49) 1,281   Depreciation and amortization 1,305  106  77  (7) 1,481   Property and other taxes 272  29  2  1  304   Impairment of assets and other charges (1) —  —  —  (1) Total operating expenses 4,815  439  70  (75) 5,249   (Losses) Gains on Sales of Other Assets and Other, net (6) —  6  1  1   Operating Income (Loss) 1,797  336  (27) 6  2,112   Other Income and Expenses Equity in (losses) earnings of unconsolidated affiliates (15) (51) 4  —  (62) Other income and expenses, net 142  12  35  (30) 159   Total Other Income and Expenses 127  (39) 39  (30) 97   Interest Expense 505  67  324  (25) 871   Income (Loss) from Continuing Operations Before Income Taxes 1,419  230  (312) 1  1,338   Income Tax Expense (Benefit) from Continuing Operations 189  42  (122) —  109   Income (Loss) from Continuing Operations 1,230  188  (190) 1  1,229   Less: Net Income (Loss) Attributable to Noncontrolling Interest 22  (1) —  1  22   Income (Loss) from Continuing Operations Attributable to Duke Energy Corporation 1,208  189  (190) —  1,207   Less: Preferred Dividends —  —  14  —  14   Segment Income/Other Net Loss $ 1,208  $ 189  $ (204) $ —  $ 1,193   Discontinued Operations (2) Net Income Available to Duke Energy Corporation Common Stockholders $ 1,191   Segment Income/Other Net Loss $ 1,208  $ 189  $ (204) $ —  $ 1,193   Special Items 30  42  18  —  90   Adjusted Earnings (a) $ 1,238  $ 231  $ (186) $ —  $ 1,283   (a)    See Reported to Adjusted Earnings Reconciliation for a detailed reconciliation of Segment Income/Other Net Loss to Adjusted Earnings. 21 DUKE ENERGY CORPORATION CONSOLIDATING STATEMENTS OF OPERATIONS (Unaudited) Year Ended December 31, 2024 (In millions) Electric Utilities and Infrastructure Gas Utilities and Infrastructure Other Eliminations/Adjustments Duke Energy Operating Revenues Regulated electric $ 27,856  $ —  $ —  $ (69) $ 27,787   Regulated natural gas —  2,342  —  (90) 2,252   Nonregulated electric and other 237  48  157  (124) 318   Total operating revenues 28,093  2,390  157  (283) 30,357   Operating Expenses Fuel used in electric generation and purchased power 9,285  —  —  (79) 9,206   Cost of natural gas —  565  —  —  565   Operation, maintenance and other 5,185  478  (79) (195) 5,389   Depreciation and amortization 5,128  400  293  (28) 5,793   Property and other taxes 1,305  149  12  —  1,466   Impairment of assets and other charges 37  —  1  —  38   Total operating expenses 20,940  1,592  227  (302) 22,457   Gains on Sales of Other Assets and Other, net 3  —  22  1  26   Operating Income (Loss) 7,156  798  (48) 20  7,926   Other Income and Expenses Equity in (losses) earnings of unconsolidated affiliates (11) (48) 50  —  (9) Other income and expenses, net 539  58  207  (143) 661   Total Other Income and Expenses 528  10  257  (143) 652   Interest Expense 2,006  256  1,245  (123) 3,384   Income (Loss) from Continuing Operations Before Income Taxes 5,678  552  (1,036) —  5,194   Income Tax Expense (Benefit) from Continuing Operations 820  99  (329) —  590   Income (Loss) from Continuing Operations 4,858  453  (707) —  4,604   Less: Net Income (Loss) Attributable to Noncontrolling Interest 88  (1) —  —  87   Income (Loss) from Continuing Operations Attributable to Duke Energy Corporation 4,770  454  (707) —  4,517   Less: Preferred Dividends —  —  106  —  106   Less: Preferred Redemption Costs —  —  16  —  16   Segment Income/Other Net Loss $ 4,770  $ 454  $ (829) $ —  $ 4,395   Discontinued Operations 7   Net Income Available to Duke Energy Corporation Common Stockholders $ 4,402   Segment Income/Other Net Loss $ 4,770  $ 454  $ (829) $ —  $ 4,395   Special Items 68  45  34  —  147   Adjusted Earnings (a) $ 4,838  $ 499  $ (795) $ —  $ 4,542   (a)    See Reported to Adjusted Earnings Reconciliation for a detailed reconciliation of Segment Income/Other Net Loss to Adjusted Earnings. 22 DUKE ENERGY CORPORATION CONSOLIDATING BALANCE SHEETS – ASSETS (Unaudited) December 31, 2025 (In millions) Electric Utilities and Infrastructure Gas Utilities and Infrastructure Other (a) Eliminations/ Adjustments Duke Energy Current Assets Cash and cash equivalents $ 66  $ 8  $ 170  $ 1  $ 245   Receivables, net 3,737  467  10  —  4,214   Receivables of variable interest entities, net 16  —  —  —  16   Receivables from affiliated companies 254  68  1,278  (1,600) —   Notes receivable from affiliated companies 329  19  499  (847) —   Inventory 4,444  91  34  —  4,569   Regulatory assets 1,707  137  90  —  1,934   Assets held for sale —  106  2  1  109   Other 253  39  237  (3) 526   Total current assets 10,806  935  2,320  (2,448) 11,613   Property, Plant and Equipment Cost 171,593  16,582  2,307  (73) 190,409   Accumulated depreciation and amortization (56,063) (3,456) (931) —  (60,450) Net property, plant and equipment 115,530  13,126  1,376  (73) 129,959   Other Noncurrent Assets Goodwill 17,380  1,630  —  —  19,010   Regulatory assets 13,184  728  468  (1) 14,379   Nuclear decommissioning trust funds 12,889  —  —  —  12,889   Operating lease right-of-use assets, net 736  2  503  —  1,241   Investments in equity method unconsolidated affiliates 1  177  153  (1) 330   Investment in consolidated subsidiaries 6,598  7  85,866  (92,471) —   Assets held for sale —  2,148  —  —  2,148   Other 2,558  329  1,902  (622) 4,167   Total other noncurrent assets 53,346  5,021  88,892  (93,095) 54,164   Total Assets 179,682  19,082  92,588  (95,616) 195,736   Segment reclassifications, intercompany balances and other (7,255) (93) (88,268) 95,616  —   Segment Assets $ 172,427  $ 18,989  $ 4,320  $ —  $ 195,736   (a)     Includes amounts in held for sale accounts related to the Commercial Renewables Disposal Group. 23 DUKE ENERGY CORPORATION CONSOLIDATING BALANCE SHEETS – LIABILITIES AND EQUITY (Unaudited) December 31, 2025 (In millions) Electric Utilities and Infrastructure Gas Utilities and Infrastructure Other (a) Eliminations/ Adjustments Duke Energy Current Liabilities Accounts payable $ 3,949  $ 388  $ 887  $ (1) $ 5,223   Accounts payable to affiliated companies 792  52  641  (1,485) —   Notes payable to affiliated companies 122  592  134  (848) —   Notes payable and commercial paper —  —  2,624  —  2,624   Taxes accrued 942  161  (128) —  975   Interest accrued 549  50  323  —  922   Current maturities of long-term debt 1,375  507  5,229  (7) 7,104   Asset retirement obligations 579  —  —  —  579   Regulatory liabilities 1,235  35  —  1  1,271   Liabilities associated with assets held for sale —  63  21  —  84   Other 1,655  87  645  (122) 2,265   Total current liabilities 11,198  1,935  10,376  (2,462) 21,047   Long-Term Debt 51,016  4,719  24,439  (66) 80,108   Long-Term Debt Payable to Affiliated Companies 618  7  —  (625) —   Other Noncurrent Liabilities Deferred income taxes 12,361  1,571  (1,560) 5  12,377   Asset retirement obligations 8,954  92  —  —  9,046   Regulatory liabilities 14,610  1,042  29  1  15,682   Operating lease liabilities 663  2  369  (1) 1,033   Accrued pension and other post-retirement benefit costs (18) 31  384  (1) 396   Investment tax credits 968  1  —  —  969   Liabilities associated with assets held for sale —  170  —  —  170   Other 1,361  109  607  (188) 1,889   Total other noncurrent liabilities 38,899  3,018  (171) (184) 41,562   Equity Total Duke Energy Corporation stockholders' equity 76,776  9,400  57,944  (92,278) 51,842   Noncontrolling interests 1,175  3  —  (1) 1,177   Total equity 77,951  9,403  57,944  (92,279) 53,019   Total Liabilities and Equity 179,682  19,082  92,588  (95,616) 195,736   Segment reclassifications, intercompany balances and other (7,255) (93) (88,268) 95,616  —   Segment Liabilities and Equity $ 172,427  $ 18,989  $ 4,320  $ —  $ 195,736   (a)     Includes amounts in held for sale accounts related to the Commercial Renewables Disposal Group. 24 ELECTRIC UTILITIES AND INFRASTRUCTURE CONSOLIDATING SEGMENT INCOME (Unaudited) Three Months Ended December 31, 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 $ 2,326  $ 1,774  $ 1,619  $ 499  $ 873  $ (99) $ 6,992   Operating Expenses Fuel used in electric generation and purchased power 569  590  371  141  262  (121) 1,812   Operation, maintenance and other 520  349  495  89  207  8  1,668   Depreciation and amortization 501  357  276  76  206  5  1,421   Property and other taxes 66  13  97  82  17  —  275   Impairment of assets and other charges (11) 4  —  —  —  —  (7) Total operating expenses 1,645  1,313  1,239  388  692  (108) 5,169   Gains on Sales of Other Assets and Other, net —  1  1  —  —  (1) 1   Operating Income 681  462  381  111  181  8  1,824   Other Income and Expenses, net (b) 72  52  19  5  15  (2) 161   Interest Expense 199  134  127  34  61  (10) 545   Income Before Income Taxes 554  380  273  82  135  16  1,440   Income Tax Expense 59  73  56  12  23  (14) 209   Less: Net Income Attributable to Noncontrolling Interest (c) —  —  —  —  —  22  22   Segment Income $ 495  $ 307  $ 217  $ 70  $ 112  $ 8  $ 1,209   (a)    Includes results of the wholly owned subsidiary, Duke Energy Kentucky. (b)    Includes an equity component of allowance for funds used during construction of $42 million for Duke Energy Carolinas, $30 million for Duke Energy Progress, $3 million for Duke Energy Florida, $3 million for Duke Energy Ohio and $10 million for Duke Energy Indiana. (c)    Includes a noncontrolling interest in Duke Energy Indiana. 25 ELECTRIC UTILITIES AND INFRASTRUCTURE CONSOLIDATING SEGMENT INCOME (Unaudited) Year Ended December 31, 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 $ 9,713  $ 7,386  $ 7,105  $ 2,045  $ 3,544  $ (436) $ 29,357   Operating Expenses Fuel used in electric generation and purchased power 2,649  2,518  1,749  626  1,065  (469) 8,138   Operation, maintenance and other 1,959  1,431  1,849  366  801  8  6,414   Depreciation and amortization 1,903  1,406  1,137  318  823  18  5,605   Property and other taxes 349  172  486  335  61  15  1,418   Impairment of assets and other charges (11) 2  —  —  —  —  (9) Total operating expenses 6,849  5,529  5,221  1,645  2,750  (428) 21,566   Gains on Sales of Other Assets and Other, net 6  2  3  —  —  11  22   Operating Income 2,870  1,859  1,887  400  794  3  7,813   Other Income and Expenses, net (b) 261  198  88  17  62  (4) 622   Interest Expense 783  526  479  131  243  (30) 2,132   Income Before Income Taxes 2,348  1,531  1,496  286  613  29  6,303   Income Tax Expense 205  229  294  43  85  6  862   Less: Net Income Attributable to Noncontrolling Interest (c) —  —  —  —  —  104  $ 104   Segment Income $ 2,143  $ 1,302  $ 1,202  $ 243  $ 528  $ (81) $ 5,337   (a)    Includes results of the wholly owned subsidiary, Duke Energy Kentucky. (b)    Includes an equity component of allowance for funds used during construction of $144 million for Duke Energy Carolinas, $100 million for Duke Energy Progress, $17 million for Duke Energy Florida, $12 million for Duke Energy Ohio and $34 million for Duke Energy Indiana. (c)    Includes a noncontrolling interest in Duke Energy Indiana. 26 ELECTRIC UTILITIES AND INFRASTRUCTURE CONSOLIDATING BALANCE SHEETS – ASSETS (Unaudited) December 31, 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 $ 3  $ 16  $ 21  $ 15  $ 12  $ (1) $ 66   Receivables, net 1,343  943  591  396  458  6  3,737   Receivables of variable interest entities, net 5  9  3  —  —  (1) 16   Receivables from affiliated companies 331  104  68  27  25  (301) 254   Notes receivable from affiliated companies 69  186  65  71  —  (62) 329   Inventory 1,530  1,363  847  173  531  —  4,444   Regulatory assets 730  652  102  31  193  (1) 1,707   Other 74  95  52  —  36  (4) 253   Total current assets 4,085  3,368  1,749  713  1,255  (364) 10,806   Property, Plant and Equipment Cost 62,513  45,175  33,160  9,444  21,241  60  171,593   Accumulated depreciation and amortization (20,658) (16,980) (8,437) (2,539) (7,492) 43  (56,063) Net property, plant and equipment 41,855  28,195  24,723  6,905  13,749  103  115,530   Other Noncurrent Assets Goodwill —  —  —  596  —  16,784  17,380   Regulatory assets 4,502  4,543  2,106  386  1,032  615  13,184   Nuclear decommissioning trust funds 7,338  5,254  296  —  —  1  12,889   Operating lease right-of-use assets, net 91  386  221  5  32  1  736   Investments in equity method unconsolidated affiliates —  —  1  —  —  —  1   Investment in consolidated subsidiaries 55  10  3  498  1  6,031  6,598   Other 1,304  780  560  68  278  (432) 2,558   Total other noncurrent assets 13,290  10,973  3,187  1,553  1,343  23,000  53,346   Total Assets 59,230  42,536  29,659  9,171  16,347  22,739  179,682   Segment reclassifications, intercompany balances and other (455) (373) (137) (596) (26) (5,668) (7,255) Reportable Segment Assets $ 58,775  $ 42,163  $ 29,522  $ 8,575  $ 16,321  $ 17,071  $ 172,427   (a)    Includes balances of the wholly owned subsidiary, Duke Energy Kentucky. (b)    Includes the elimination of intercompany balances, purchase accounting adjustments, restricted receivables related to Cinergy Receivables Company and Duke Energy Indiana Holdco, LLC balances. 27 ELECTRIC UTILITIES AND INFRASTRUCTURE CONSOLIDATING BALANCE SHEETS – LIABILITIES AND EQUITY (Unaudited) December 31, 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 $ 1,670  $ 886  $ 792  $ 237  $ 360  $ 4  $ 3,949   Accounts payable to affiliated companies 386  398  171  20  38  (221) 792   Notes payable to affiliated companies —  —  —  9  175  (62) 122   Taxes accrued 308  168  70  314  101  (19) 942   Interest accrued 214  145  87  42  62  (1) 549   Current maturities of long-term debt 629  285  437  29  4  (9) 1,375   Asset retirement obligations 245  194  2  6  133  (1) 579   Regulatory liabilities 569  274  76  42  275  (1) 1,235   Other 621  371  375  72  217  (1) 1,655   Total current liabilities 4,642  2,721  2,010  771  1,365  (311) 11,198   Long-Term Debt 17,848  13,461  10,870  3,491  4,939  407  51,016   Long-Term Debt Payable to Affiliated Companies 300  150  —  18  150  —  618   Other Noncurrent Liabilities Deferred income taxes 4,244  2,650  3,007  881  1,525  54  12,361   Asset retirement obligations 3,597  4,095  195  63  992  12  8,954   Regulatory liabilities 7,609  4,807  794  240  1,186  (26) 14,610   Operating lease liabilities 79  384  168  5  28  (1) 663   Accrued pension and other post-retirement benefit costs 24  139  88  63  75  (407) (18) Investment tax credits 345  194  240  5  183  1  968   Other 802  326  166  67  14  (14) 1,361   Total other noncurrent liabilities 16,700  12,595  4,658  1,324  4,003  (381) 38,899   Equity Total Duke Energy Corporation stockholders' equity 19,740  13,609  12,121  3,567  5,890  21,849  76,776   Noncontrolling interests (c) —  —  —  —  —  1,175  1,175   Equity 19,740  13,609  12,121  3,567  5,890  23,024  77,951   Total Liabilities and Equity 59,230  42,536  29,659  9,171  16,347  22,739  179,682   Segment reclassifications, intercompany balances and other (455) (373) (137) (596) (26) (5,668) (7,255) Reportable Segment Liabilities and Equity $ 58,775  $ 42,163  $ 29,522  $ 8,575  $ 16,321  $ 17,071  $ 172,427   (a)    Includes balances of the wholly owned subsidiary, Duke Energy Kentucky. (b)    Includes the elimination of intercompany balances, purchase accounting adjustments and Duke Energy Indiana Holdco, LLC balances. (c)    Includes a noncontrolling interest in Duke Energy Indiana. 28 GAS UTILITIES AND INFRASTRUCTURE CONSOLIDATING SEGMENT INCOME (Unaudited) Three Months Ended December 31, 2025 (In millions) Duke Energy Ohio (a) Piedmont Natural Gas LDC Midstream Pipelines and Storage (b) Eliminations/ Adjustments Gas Utilities and Infrastructure Operating Revenues $ 199  $ 774  $ 3  $ —  $ 976   Operating Expenses Cost of natural gas 51  290  —  —  341   Operation, maintenance and other 32  104  1  2  139   Depreciation and amortization 36  72  2  —  110   Property and other taxes 25  11  —  (1) 35   Total operating expenses 144  477  3  1  625   Operating Income 55  297  —  (1) 351   Other Income and Expenses Equity in earnings of unconsolidated affiliates —  —  3  1  4   Other income and expenses, net 2  12  —  (1) 13   Total other income and expenses 2  12  3  —  17   Interest Expense 19  51  1  (1) 70   Income Before Income Taxes 38  258  2  —  298   Income Tax Expense 9  57  1  2  69   Less: Net Income (Loss) Attributable to Noncontrolling Interest —  —  —  (1) (1) Segment Income $ 29  $ 201  $ 1  $ (1) $ 230   (a)    Includes results of the wholly owned subsidiary, Duke Energy Kentucky. (b)    Includes earnings from investments in Sabal Trail and Cardinal pipelines, as well as Hardy and Pine Needle storage facilities. 29 GAS UTILITIES AND INFRASTRUCTURE CONSOLIDATING SEGMENT INCOME (Unaudited) Year Ended December 31, 2025 (In millions) Duke Energy Ohio (a) Piedmont Natural Gas LDC Midstream Pipelines and Storage (b) Eliminations/ Adjustments Gas Utilities and Infrastructure Operating Revenues $ 752  $ 2,237  $ 14  $ —  $ 3,003   Operating Expenses Cost of natural gas 199  784  —  —  983   Operation, maintenance and other 116  393  8  1  518   Depreciation and amortization 147  282  6  —  435   Property and other taxes 97  67  —  —  164   Total operating expenses 559  1,526  14  1  2,100   Operating Income 193  711  —  (1) 903   Other Income and Expenses Equity in earnings of unconsolidated affiliates —  —  14  1  15   Other income and expenses, net 8  46  —  (1) 53   Total other income and expenses 8  46  14  —  68   Interest Expense 71  193  4  (1) 267   Income Before Income Taxes 130  564  10  —  704   Income Tax Expense 27  115  3  1  146   Less: Net Income (Loss) Attributable to Noncontrolling Interest —  —  —  (1) (1) Segment Income $ 103  $ 449  $ 7  $ —  $ 559   (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. 30 GAS UTILITIES AND INFRASTRUCTURE CONSOLIDATING BALANCE SHEETS – ASSETS (Unaudited) December 31, 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  $ 1  $ 4  $ —  $ 8   Receivables, net 78  390  —  (1) 467   Receivables from affiliated companies —  71  90  (93) 68   Notes receivable from affiliated companies 41  —  —  (22) 19   Inventory 14  77  —  —  91   Regulatory assets 31  106  —  —  137   Assets held for sale —  106  —  —  106   Other 25  8  4  2  39   Total current assets 192  759  98  (114) 935   Property, Plant and Equipment Cost 5,183  11,325  74  —  16,582   Accumulated depreciation and amortization (1,274) (2,168) (14) —  (3,456) Net property, plant and equipment 3,909  9,157  60  —  13,126   Other Noncurrent Assets Goodwill 324  39  —  1,267  1,630   Regulatory assets 322  350  —  56  728   Operating lease right-of-use assets, net —  2  —  —  2   Investments in equity method unconsolidated affiliates —  —  172  5  177   Investment in consolidated subsidiaries —  —  —  7  7   Assets held for sale —  1,864  —  284  2,148   Other 29  283  17  —  329   Total other noncurrent assets 675  2,538  189  1,619  5,021   Total Assets 4,776  12,454  347  1,505  19,082   Segment reclassifications, intercompany balances and other (40) (70) (120) 137  (93) Reportable Segment Assets $ 4,736  $ 12,384  $ 227  $ 1,642  $ 18,989   (a)    Includes balances of the wholly owned subsidiary, Duke Energy Kentucky. (b)    Includes the elimination of intercompany balances and purchase accounting adjustments. 31 GAS UTILITIES AND INFRASTRUCTURE CONSOLIDATING BALANCE SHEETS – LIABILITIES AND EQUITY (Unaudited) December 31, 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 $ 94  $ 286  $ 8  $ —  $ 388   Accounts payable to affiliated companies 3  126  15  (92) 52   Notes payable to affiliated companies 5  609  —  (22) 592   Taxes accrued 53  107  1  —  161   Interest accrued 9  41  —  —  50   Current maturities of long-term debt 16  490  —  1  507   Regulatory liabilities 15  20  —  —  35   Liabilities associated with assets held for sale —  63  —  —  63   Other 6  81  —  —  87   Total current liabilities 201  1,823  24  (113) 1,935   Long-Term Debt 859  3,761  56  43  4,719   Long-Term Debt Payable to Affiliated Companies 7  —  —  —  7   Other Noncurrent Liabilities Deferred income taxes 462  1,060  48  1  1,571   Asset retirement obligations 66  25  —  1  92   Regulatory liabilities 229  802  —  11  1,042   Operating lease liabilities —  2  —  —  2   Accrued pension and other post-retirement benefit costs 24  7  —  —  31   Investment tax credits —  1  —  —  1   Liabilities associated with assets held for sale —  170  —  —  170   Other 21  88  —  —  109   Total other noncurrent liabilities 802  2,155  48  13  3,018   Equity Total Duke Energy Corporation stockholders' equity 2,907  4,715  216  1,562  9,400   Noncontrolling interests —  —  3  —  3   Equity 2,907  4,715  219  1,562  9,403   Total Liabilities and Equity 4,776  12,454  347  1,505  19,082   Segment reclassifications, intercompany balances and other (40) (70) (120) 137  (93) Reportable Segment Liabilities and Equity $ 4,736  $ 12,384  $ 227  $ 1,642  $ 18,989   (a)    Includes balances of the wholly owned subsidiary, Duke Energy Kentucky. (b)    Includes the elimination of intercompany balances and purchase accounting adjustments. 32 Electric Utilities and Infrastructure Quarterly Highlights Year Ended December 2025 Three Months Ended December 31, Years Ended December 31, 2025 2024 % Inc.(Dec.) % Inc. (Dec.) Weather Normal (b) 2025 2024 % Inc.(Dec.) % Inc. (Dec.) Weather Normal (b) Gigawatt-hour (GWh) Sales (a) Residential 19,668  19,142  2.7 % 2.0 % 91,021  88,166  3.2 % 1.7 % Commercial 18,847  18,410  2.4 % 1.4 % 80,391  78,956  1.8 % 1.6 % Industrial 11,218  11,271  (0.5 %) (4.3 %) 46,230  47,150  (2.0 %) (2.0 %) Other Energy Sales 128  128  — % n/a 477  523  (8.8 %) n/a Unbilled Sales 708  852  (16.9 %) n/a 100  (168) 159.5 % n/a Total Retail Sales 50,569  49,803  1.5 % 0.4  % 218,219  214,627  1.7 % 0.8 % Wholesale and Other 11,157  10,513  6.1 % 45,789  44,041  4.0 % Total Consolidated Electric Sales – Electric Utilities and Infrastructure 61,726  60,316  2.3 % 264,008  258,668  2.1 % Average Number of Customers (Electric) Residential 7,585,493  7,462,570  1.6 % 7,538,307  7,409,924  1.7 % Commercial 1,049,755  1,043,964  0.6 % 1,047,877  1,043,764  0.4 % Industrial 14,893  15,500  (3.9 %) 15,081  15,653  (3.7 %) Other Energy Sales 22,848  23,427  (2.5 %) 23,007  23,650  (2.7 %) Total Retail Customers 8,672,989  8,545,461  1.5 % 8,624,272  8,492,991  1.5 % Wholesale and Other 59  52  13.5 % 54  52  3.8 % Total Average Number of Customers – Electric Utilities and Infrastructure 8,673,048  8,545,513  1.5 % 8,624,326  8,493,043  1.5 % Sources of Electric Energy (GWh) Generated – Net Output (c) Coal 10,089  7,457  35.3 % 40,054  38,241  4.7 % Nuclear 18,237  18,605  (2.0 %) 76,006  74,787  1.6 % Hydro 164  304  (46.1 %) 1,362  2,008  (32.2 %) Natural Gas and Oil 20,585  22,856  (9.9 %) 92,566  94,362  (1.9 %) Renewable Energy 917  713  28.6 % 4,048  3,361  20.4 % Total Generation (d) 49,992  49,935  0.1 % 214,036  212,759  0.6 % Purchased Power and Net Interchange (e) 14,682  13,296  10.4 % 62,428  59,259  5.3 % Total Sources of Energy 64,674  63,231  2.3 % 276,464  272,018  1.6 % Less: Line Loss and Other 2,948  2,915  1.1 % 12,456  13,350  (6.7 %) Total GWh Sources 61,726  60,316  2.3 % 264,008  258,668  2.1 % Owned Megawatt (MW) Capacity (c)(f) Summer 51,945  51,409  Winter 55,713  55,139  Nuclear Capacity Factor (%) (g) 97  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)    Based on winter capacity for Fossil, Nuclear and Hydro generation stations, and nameplate capacity for Renewable generation stations. (g)    Statistics reflect 100% of jointly owned stations. 33 Duke Energy Carolinas Quarterly Highlights Supplemental Electric Utilities and Infrastructure Information Year Ended December 2025 Three Months Ended December 31, Years Ended December 31, 2025 2024 % Inc.(Dec.) % Inc. (Dec.) Weather Normal (b) 2025 2024 % Inc.(Dec.) % Inc. (Dec.) Weather Normal (b) GWh Sales (a) Residential 6,644 6,319 5.1 % 30,751  29,659  3.7 % Commercial 7,176 7,057 1.7 % 30,576  30,446  0.4 % Industrial 4,754 4,792 (0.8 %) 19,602  19,827  (1.1 %) Other Energy Sales 67 67 — % 261  268  (2.6 %) Unbilled Sales 528 582 (9.3 %) 209  11  1,800.0 % Total Retail Sales 19,169 18,817 1.9 % 1.0 % 81,399  80,211  1.5 % 0.6 % Wholesale and Other 2,679 2,559 4.7 % 11,490  10,885  5.6 % Total Consolidated Electric Sales – Duke Energy Carolinas 21,848 21,376 2.2 % 92,889  91,096  2.0 % Average Number of Customers Residential 2,563,107 2,509,415 2.1 % 2,543,170  2,487,959  2.2 % Commercial 402,863 401,623 0.3 % 402,662  402,136  0.1 % Industrial 5,772 5,917 (2.5 %) 5,828  5,946  (2.0 %) Other Energy Sales 10,718 10,910 (1.8 %) 10,778  11,026  (2.2 %) Total Retail Customers 2,982,460 2,927,865 1.9 % 2,962,438  2,907,067  1.9 % Wholesale and Other 28 26 7.7 % 27  26  3.8 % Total Average Number of Customers – Duke Energy Carolinas 2,982,488 2,927,891 1.9 % 2,962,465  2,907,093  1.9 % Sources of Electric Energy (GWh) Generated – Net Output (c) Coal 2,318 1,652 40.3 % 9,790  10,203  (4.0 %) Nuclear 10,903 11,400 (4.4 %) 45,743  45,286  1.0 % Hydro 11 167 (93.4 %) 604  1,140  (47.0 %) Natural Gas and Oil 5,664 6,523 (13.2 %) 27,079  27,302  (0.8 %) Renewable Energy 64 48 33.3 % 291  314  (7.3 %) Total Generation (d) 18,960 19,790 (4.2 %) 83,507  84,245  (0.9 %) Purchased Power and Net Interchange (e) 3,919 2,603 50.6 % 13,441  11,618  15.7 % Total Sources of Energy 22,879 22,393 2.2 % 96,948  95,863  1.1 % Less: Line Loss and Other 1,031 1,017 1.4 % 4,059  4,767  (14.9 %) Total GWh Sources 21,848 21,376 2.2 % 92,889  91,096  2.0 % Owned MW Capacity (c)(f) Summer 19,813  19,756  Winter 20,901  20,773  Nuclear Capacity Factor (%) (g) 97  95  Heating and Cooling Degree Days Actual Heating Degree Days 1,190  1,092  9.0 % 2,961  2,691  10.0 % Cooling Degree Days 32  68  (52.9 %) 1,605  1,724  (6.9 %) Variance from Normal Heating Degree Days (2.3 %) (11.0 %) (5.6 %) (15.4 %) Cooling Degree Days (26.9 %) 53.6 % 2.7 % 9.6 % (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)    Based on winter capacity for Fossil, Nuclear and Hydro generation stations, and nameplate capacity for Renewable generation stations. (g)    Statistics reflect 100% of jointly owned stations. 34 Duke Energy Progress Quarterly Highlights Supplemental Electric Utilities and Infrastructure Information Year Ended December 2025 Three Months Ended December 31, Years Ended December 31, 2025 2024 % Inc.(Dec.) % Inc. (Dec.) Weather Normal (b) 2025 2024 % Inc.(Dec.) % Inc. (Dec.) Weather Normal (b) GWh Sales (a) Residential 4,155  3,972  4.6 % 19,357  18,431  5.0 % Commercial 3,563  3,470  2.7 % 15,568  15,234  2.2 % Industrial 2,252  2,234  0.8 % 9,559  9,412  1.6 % Other Energy Sales 21  21  — % 84  85  (1.2 %) Unbilled Sales 447  582  (23.2 %) (161) 152  (206 %) Total Retail Sales 10,438  10,279  1.5 % (0.9 %) 44,407  43,314  2.5 % 1.1 % Wholesale and Other 6,824  6,307  8.2 % 26,969  25,745  4.8 % Total Consolidated Electric Sales – Duke Energy Progress 17,262  16,586  4.1 % 71,376  69,059  3.4 % Average Number of Customers Residential 1,538,724  1,512,356  1.7 % 1,527,825  1,499,792  1.9 % Commercial 249,130  248,094  0.4 % 248,908  248,149  0.3 % Industrial 2,999  3,151  (4.8 %) 3,035  3,197  (5.1 %) Other Energy Sales 2,374  2,418  (1.8 %) 2,388  2,437  (2.0 %) Total Retail Customers 1,793,227  1,766,019  1.5 % 1,782,156  1,753,575  1.6 % Wholesale and Other 9  8  12.5 % 8  8  — % Total Average Number of Customers – Duke Energy Progress 1,793,236  1,766,027  1.5 % 1,782,164  1,753,583  1.6 % Sources of Electric Energy (GWh) Generated – Net Output (c) Coal 2,106  1,631  29.1 % 8,270  7,644  8.2 % Nuclear 7,334  7,205  1.8 % 30,263  29,501  2.6 % Hydro 72  57  26.3 % 505  580  (12.9 %) Natural Gas and Oil 6,045  6,232  (3.0 %) 23,881  23,924  (0.2 %) Renewable Energy 56  54  3.7 % 232  229  1.3 % Total Generation (d) 15,613  15,179  2.9 % 63,151  61,878  2.1 % Purchased Power and Net Interchange (e) 2,232  1,732  28.9 % 10,533  9,346  12.7 % Total Sources of Energy 17,845  16,911  5.5 % 73,684  71,224  3.5 % Less: Line Loss and Other 583  325  79.4 % 2,308  2,165  6.6 % Total GWh Sources 17,262  16,586  4.1 % 71,376  69,059  3.4 % Owned MW Capacity (c)(f) Summer 12,866  12,666  Winter 14,068  13,845  Nuclear Capacity Factor (%) (g) 96  93  Heating and Cooling Degree Days Actual Heating Degree Days 1,135  919  23.5 % 2,741  2,288  19.8 % Cooling Degree Days 37  89  (58.4 %) 1,846  1,978  (6.7 %) Variance from Normal Heating Degree Days 4.2 % (16.4 %) (3.2 %) (20.5 %) Cooling Degree Days (43.5 %) 36.8 % 6.8 % 14.5 % (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)    Based on winter capacity for Fossil, Nuclear and Hydro generation stations, and nameplate capacity for Renewable generation stations. (g)    Statistics reflect 100% of jointly owned stations. 35 Duke Energy Florida Quarterly Highlights Supplemental Electric Utilities and Infrastructure Information Year Ended December 2025 Three Months Ended December 31, Years Ended December 31, 2025 2024 % Inc.(Dec.) % Inc. (Dec.) Weather Normal (b) 2025 2024 % Inc.(Dec.) % Inc. (Dec.) Weather Normal (b) GWh Sales (a) Residential 4,699  4,949  (5.1 %) 22,032  22,043  — % Commercial 3,752  3,752  — % 15,819  15,773  0.3 % Industrial 804  754  6.6 % 3,261  3,287  (0.8 %) Other Energy Sales 7  7  — % 27  29  (6.9 %) Unbilled Sales (369) (398) 7.3 % (26) 11  (336.4 %) Total Retail Sales 8,893  9,064  (1.9 %) (0.3 %) 41,113  41,143  (0.1 %) (0.1 %) Wholesale and Other 278  658  (57.8 %) 1,890  2,703  (30.1 %) Total Electric Sales – Duke Energy Florida 9,171  9,722  (5.7 %) 43,003  43,846  (1.9 %) Average Number of Customers Residential 1,830,253  1,803,424  1.5 % 1,819,962  1,793,067  1.5 % Commercial 213,910  211,510  1.1 % 212,915  211,118  0.9 % Industrial 1,540  1,635  (5.8 %) 1,575  1,671  (5.7 %) Other Energy Sales 3,513  3,583  (2.0 %) 3,533  3,607  (2.1 %) Total Retail Customers 2,049,216  2,020,152  1.4 % 2,037,985  2,009,463  1.4 % Wholesale and Other 17  13  30.8 % 14  13  7.7 % Total Average Number of Customers – Duke Energy Florida 2,049,233  2,020,165  1.4 % 2,037,999  2,009,476  1.4 % Sources of Electric Energy (GWh) Generated – Net Output (c) Coal 933  279  234.4 % 3,837  3,262  17.6 % Natural Gas and Oil 7,708  8,784  (12.2 %) 36,380  37,524  (3.0 %) Renewable Energy 784  605  29.6 % 3,489  2,789  25.1 % Total Generation (d) 9,425  9,668  (2.5 %) 43,706  43,575  0.3 % Purchased Power and Net Interchange (e) (1) 369  (100.3 %) 741  1,721  (56.9 %) Total Sources of Energy 9,424  10,037  (6.1 %) 44,447  45,296  (1.9 %) Less: Line Loss and Other 253  315  (19.7 %) 1,444  1,450  (0.4 %) Total GWh Sources 9,171  9,722  (5.7 %) 43,003  43,846  (1.9 %) Owned MW Capacity (c)(f) Summer 11,854  11,574  Winter 12,765  12,542  Heating and Cooling Degree Days Actual Heating Degree Days 133  158  (15.8 %) 492  452  8.8 % Cooling Degree Days 467  613  (23.8 %) 3,522  3,705  (4.9 %) Variance from Normal Heating Degree Days (26.1 %) (15.1 %) (11.1 %) (20.0 %) Cooling Degree Days (6.6 %) 23.2 % 7.5 % 13.8 % (a)    Except as indicated in footnote (b), represents non-weather normalized billed sales, with energy delivered but not yet billed (i.e., unbilled sales) reflected as a single amount and not allocated to the respective retail classes. (b)    Represents weather-normal total retail calendar sales (i.e., billed and unbilled sales). (c)    Statistics reflect Duke Energy's ownership share of jointly owned stations. (d)    Generation by source is reported net of auxiliary power. (e)    Purchased power includes renewable energy purchases. (f)    Based on winter capacity for Fossil, Nuclear and Hydro generation stations, and nameplate capacity for Renewable generation stations. 36 Duke Energy Ohio Quarterly Highlights Supplemental Electric Utilities and Infrastructure Information Year Ended December 2025 Three Months Ended December 31, Years Ended December 31, 2025 2024 % Inc.(Dec.) % Inc. (Dec.) Weather Normal (b) 2025 2024 % Inc.(Dec.) % Inc. (Dec.) Weather Normal (b) GWh Sales (a) Residential 2,040  1,921  6.2 % 9,294  8,985  3.4 % Commercial 2,322  2,181  6.5 % 9,822  9,309  5.5 % Industrial 1,112  1,292  (13.9 %) 4,619  5,218  (11.5 %) Other Energy Sales 20  20  — % 54  85  (36.5 %) Unbilled Sales (15) 2  (850.0 %) 13  (79) 116.5 % Total Retail Sales 5,479  5,416  1.2 % (1.6 %) 23,802  23,518  1.2 % 0.6 % Wholesale and Other 146  72  102.8 % 552  464  19.0 % Total Electric Sales – Duke Energy Ohio 5,625  5,488  2.5 % 24,354  23,982  1.6 % Average Number of Customers Residential 841,169  835,840  0.6 % 838,778  832,841  0.7 % Commercial 76,572  76,260  0.4 % 76,466  76,038  0.6 % Industrial 1,998  2,171  (8.0 %) 2,042  2,209  (7.6 %) Other Energy Sales 2,572  2,769  (7.1 %) 2,603  2,787  (6.6 %) Total Retail Customers 922,311  917,040  0.6 % 919,889  913,875  0.7 % Wholesale and Other 1  1  — % 1  1  — % Total Average Number of Customers – Duke Energy Ohio 922,312  917,041  0.6 % 919,890  913,876  0.7 % Sources of Electric Energy (GWh) Generated – Net Output (c) Coal 532  368  44.6 % 2,594  2,264  14.6 % Natural Gas and Oil 68  106  (35.8 %) 362  371  (2.4 %) Total Generation (d) 609  474  28.5 % 2,965  2,635  12.5 % Purchased Power and Net Interchange (e) 5,746  5,606  2.5 % 23,942  23,681  1.1 % Total Sources of Energy 6,355  6,080  4.5 % 26,907  26,316  2.2 % Less: Line Loss and Other 730  592  23.3 % 2,553  2,334  9.4 % Total GWh Sources 5,625  5,488  2.5 % 24,354  23,982  1.6 % Owned MW Capacity (c)(f) Summer 1,085  1,085  Winter 1,173  1,173  Heating and Cooling Degree Days Actual Heating Degree Days 1,808  1,494  21.0 % 4,797  4,020  19.3 % Cooling Degree Days 39  31  25.8 % 1,233  1,378  (10.5 %) Variance from Normal Heating Degree Days 1.0 % (17.2 %) (0.7 %) (17.8 %) Cooling Degree Days 55.8 % 28.6 % 7.6 % 20.1 % (a)    Except as indicated in footnote (b), represents non-weather normalized billed sales, with energy delivered but not yet billed (i.e., unbilled sales) reflected as a single amount and not allocated to the respective retail classes. (b)    Represents weather-normal total retail calendar sales (i.e., billed and unbilled sales). (c)    Statistics reflect Duke Energy's ownership share of jointly owned stations. (d)    Generation by source is reported net of auxiliary power. (e)    Purchased power includes renewable energy purchases. (f)    Based on winter capacity for Fossil, Nuclear and Hydro generation stations, and nameplate capacity for Renewable generation stations. 37 Duke Energy Indiana Quarterly Highlights Supplemental Electric Utilities and Infrastructure Information Year Ended December 2025 Three Months Ended December 31, Years Ended December 31, 2025 2024 % Inc.(Dec.) % Inc. (Dec.) Weather Normal (b) 2025 2024 % Inc.(Dec.) % Inc. (Dec.) Weather Normal (b) GWh Sales (a) Residential 2,130  1,981  7.5 % 9,587  9,048  6.0 % Commercial 2,034  1,949  4.4 % 8,606  8,193  5.0 % Industrial 2,296  2,200  4.4 % 9,189  9,407  (2.3 %) Other Energy Sales 13  13  — % 51  56  (8.9 %) Unbilled Sales 117  84  39.3 % 65  (263) (124.7 %) Total Retail Sales 6,590  6,227  5.8 % 3.2 % 27,498  26,441  4.0 % 2.8 % Wholesale and Other 1,230  917  34.1 % 4,888  4,244  15.2 % Total Electric Sales – Duke Energy Indiana 7,820  7,144  9.5 % 32,386  30,685  5.5 % Average Number of Customers Residential 812,240  801,535  1.3 % 808,572  796,265  1.5 % Commercial 107,280  106,477  0.8 % 106,926  106,323  0.6 % Industrial 2,584  2,626  (1.6 %) 2,601  2,630  (1.1 %) Other Energy Sales 3,671  3,747  (2.0 %) 3,705  3,793  (2.3 %) Total Retail Customers 925,775  914,385  1.2 % 921,804  909,011  1.4 % Wholesale and Other 4  4  — % 4  4  — % Total Average Number of Customers – Duke Energy Indiana 925,779  914,389  1.2 % 921,808  909,015  1.4 % Sources of Electric Energy (GWh) Generated – Net Output (c) Coal 4,200  3,527  19.1 % 15,563  14,868  4.7 % Hydro 81  80  1.3 % 253  288  (12.2 %) Natural Gas and Oil 1,100  1,211  (9.2 %) 4,864  5,241  (7.2 %) Renewable Energy 4  6  (33.3 %) 27  29  (6.9 %) Total Generation (d) 5,385  4,824  11.6 % 20,707  20,426  1.4 % Purchased Power and Net Interchange (e) 2,786  2,986  (6.7 %) 13,771  12,893  6.8 % Total Sources of Energy 8,171  7,810  4.6 % 34,478  33,319  3.5 % Less: Line Loss and Other 351  666  (47.3 %) 2,092  2,634  (20.6 %) Total GWh Sources 7,820  7,144  9.5 % 32,386  30,685  5.5 % Owned MW Capacity (c)(f) Summer 6,327  6,328  Winter 6,806  6,806  Heating and Cooling Degree Days Actual Heating Degree Days 1,888  1,595  18.4 % 5,067  4,290  18.1 % Cooling Degree Days 39  29  34.5 % 1,257  1,267  (0.8 %) Variance from Normal Heating Degree Days (1.8 %) (17.8 %) (2.7 %) (18.6 %) Cooling Degree Days 71.3 % 35.4 % 9.9 % 20.1 % (a)    Except as indicated in footnote (b), represents non-weather normalized billed sales, with energy delivered but not yet billed (i.e., unbilled sales) reflected as a single amount and not allocated to the respective retail classes. (b)    Represents weather-normal total retail calendar sales (i.e., billed and unbilled sales). (c)    Statistics reflect Duke Energy's ownership share of jointly owned stations. (d)    Generation by source is reported net of auxiliary power. (e)    Purchased power includes renewable energy purchases. (f)    Based on winter capacity for Fossil, Nuclear and Hydro generation stations, and nameplate capacity for Renewable generation stations. 38 Gas Utilities and Infrastructure Quarterly Highlights Year Ended December 2025 Three Months Ended December 31, Years Ended December 31, 2025 2024 % Inc. (Dec.) 2025 2024 % Inc. (Dec.) Total Sales Piedmont Natural Gas Local Distribution Company (LDC) throughput (dekatherms) (a) 156,489,712  163,029,361  (4.0 %) 614,062,646  616,724,667  (0.4 %) Duke Energy Midwest LDC throughput (Mcf) 26,807,484  22,148,273  21.0 % 90,651,428  77,923,033  16.3 % Average Number of Customers – Piedmont Natural Gas Residential 1,091,395  1,076,163  1.4 % 1,091,331  1,072,819  1.7 % Commercial 108,684  107,668  0.9 % 108,971  107,952  0.9 % Industrial 939  942  (0.3 %) 937  942  (0.5 %) Power Generation 19  19  — % 19  19  — % Total Average Number of Gas Customers – Piedmont Natural Gas 1,201,037  1,184,792  1.4 % 1,201,258  1,181,732  1.7 % Average Number of Customers – Duke Energy Midwest Residential 527,089  524,834  0.4 % 524,780  522,774  0.4 % Commercial 35,373  34,764  1.8 % 34,529  34,367  0.5 % Industrial 2,038  2,397  (15.0 %) 2,163  2,257  (4.2 %) Other 114  117  (2.6 %) 116  117  (0.9 %) Total Average Number of Gas Customers – Duke Energy Midwest 564,614  562,112  0.4 % 561,588  559,515  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. 39