Nextera Energy NEE · USD

Segment InformationThe tables below present information for NEE's two reportable segments, FPL, a rate-regulated utility business, and NEER, which is comprised of competitive energy and regulated transmission businesses. Corporate and Other represents other business activities, includes eliminating entries, and may include the net effect of rounding. FPL has a single reportable segment. See Note 2 for information regarding NEE's and FPL's operating revenues.NEE's and FPL's chief operating decision maker (CODM) is NEE's chief executive officer. The CODM makes key operating decisions and evaluates the reportable segment's operating results, including net income attributable to NEE, for financial planning, analysis of performance and resource allocation.Net income attributable to NEE and significant expenses for NEE's reportable segments and the FPL reportable segment are shown below.December 31, 2025FPLNEERTotal(millions)Operating revenues$18,262 $8,760 $27,022 Corporate and Other390Total consolidated revenues$27,412 Less:Fuel, purchased power and interchange3,8781,066Other operations and maintenance1,7712,997Depreciation and amortization3,7782,738Taxes other than income taxes and other – net2,016450Interest expense1,2841,683(a)Income tax expense (benefit)(b)719(1,140)Other segment items(c)1962,009Net income attributable to NEE for reportable segments5,0122,975$7,987 Reconciliation of segment profit/(loss)Corporate and Other(1,152)Net income attributable to NEE$5,012 $2,975 $6,835 _________________________(a)Interest expense allocated from NEECH to NextEra Energy Resources is based on a deemed capital structure of 70% debt and differential membership interests sold by NextEra Energy Resources' subsidiaries. Residual NEECH corporate interest expense is included in Corporate and Other.(b)Includes amounts that were recognized based on the tax sharing agreement with NEE. See Note 1 – Income Taxes.

Revenue from Contracts with CustomersRevenue is recognized when control of the promised goods or services is transferred to customers at an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. The promised goods or services in the majority of NEE’s contracts with customers is, at FPL, for the delivery of electricity based on tariff rates approved by the FPSC and, at NEER, for the delivery of energy commodities and the availability of electric capacity and electric transmission.FPL and NEER generate substantially all of NEE’s operating revenues, which primarily include revenues from contracts with customers, as well as derivative (see Note 3) and lease transactions at NEER. For the vast majority of contracts with customers, NEE believes that the obligation to deliver energy, capacity or transmission is satisfied over time as the customer simultaneously receives and consumes benefits as NEE performs. In 2025, 2024 and 2023, NEE’s revenue from contracts with customers was approximately $25.8 billion ($18.2 billion at FPL), $23.5 billion ($16.9 billion at FPL) and $24.8 billion ($18.2 billion at FPL), respectively. NEE's and FPL's receivables are primarily associated with revenues earned from contracts with customers, as well as derivative and lease transactions at NEER, and consist of both billed and unbilled amounts, which are recorded in customer receivables and other receivables on NEE's and FPL's consolidated balance sheets. Receivables represent unconditional rights to consideration and reflect the differences in timing of revenue recognition and cash collections. For substantially all of NEE's and FPL's receivables, regardless of the type of revenue transaction from which the receivable originated, customer and counterparty credit risk is managed in the same manner and the terms and conditions of payment are similar. FPL – FPL’s revenues are derived primarily from tariff-based sales that result from providing electricity to retail customers in Florida with no defined contractual term. Electricity sales to retail customers account for approximately 90% of FPL’s 2025 operating revenues, the majority of which are to residential customers. FPL’s retail customers receive a bill monthly based on the amount of monthly kWh usage with payment due monthly.

Commitments and ContingenciesCommitments – NEE and its subsidiaries have made commitments in connection with a portion of their projected capital expenditures. Capital expenditures at FPL include, among other things, the cost for construction of additional facilities and equipment to meet customer demand, as well as capital improvements to and maintenance of existing facilities. At NEER, capital expenditures include, among other things, the cost, including capitalized interest, for development, construction and maintenance of its competitive energy businesses. Also see Note 6 – Symmetry Acquisition. As of December 31, 2025, estimated capital expenditures, on an accrual basis, for 2026 through 2030 were as follows:20262027202820292030Total(millions)FPL: Generation:(a) New(b)$4,255 $3,505 $4,365 $4,125 $3,525 $19,775 Existing1,180 1,360 1,300 1,300 1,350 6,490 Transmission and distribution(c)4,540 4,910 4,775 5,900 6,720 26,845 Nuclear fuel270 340 425 385 380 1,800 General and other940 755 740 665 620 3,720 Total$11,185 $10,870 $11,605 $12,375 $12,595 $58,630 NEER:(d)Wind(e)$2,750 $1,240 $1,050 $120 $110 $5,270 Solar(f)8,045 3,840 1,620 5 10 13,520 Other clean energy(g)2,900 3,070 525 15 10 6,520 Nuclear, including nuclear fuel685 1,070 850 525 440 3,570 Regulated electric and gas transmission1,095 1,050 760 650 740 4,295 Other905 460 310 335 370 2,380 Total$16,380 $10,730 $5,115 $1,650 $1,680 $35,555 ______________________(a)Includes AFUDC of approximately $195 million, $200 million, $220 million, $210 million and $175 million for 2026 through 2030, respectively.(b)Includes land, generation structures, transmission interconnection and integration and licensing.(c)Includes AFUDC of approximately $80 million, $95 million, $105 million, $165 million and $160 million for 2026 through 2030, respectively. (d)Represents capital expenditures for which applicable internal approvals and also, if required, regulatory approvals have been received.(e)Consists of capital expenditures for new wind projects and repowering of existing wind projects totaling approximately 3,575 MW, and related transmission.(f)Includes capital expenditures for new solar projects (including solar plus battery storage projects) totaling approximately 11,435 MW and related transmission.(g)Includes capital expenditures primarily for battery storage projects totaling approximately 4,616 MW and related transmission, as well as renewable fuels projects.

DebtLong-term debt consists of the following:December 31,20252024MaturityDateBalanceWeighted-AverageInterest RateBalanceWeighted-AverageInterest Rate(millions)(millions)FPL: First mortgage bonds – fixed2028-2066$24,090 4.69 %$21,990 4.41 %Pollution control, solid waste disposal and industrial development revenue bonds – variable(a)2027-20541,566 2.68 %1,663 2.98 %Senior unsecured notes – primarily variable(b)(c)2026-20743,190 3.88 %3,194 4.30 %Other long-term debt – fixed2026-2046147 6.08 %167 6.08 %Unamortized debt issuance costs and premium/discount(311)(269)Total long-term debt of FPL28,682 26,745 Less current portion of long-term debt641 1,719 Long-term debt of FPL, excluding current portion28,041 25,026 NEER: NextEra Energy Resources: Senior secured limited-recourse long-term debt – variable(c)(d)2026-205013,963 5.79 %11,340 6.49 % Senior secured limited-recourse long-term debt – fixed 2026-20602,162 5.61 %1,799 5.33 %Other long-term debt – primarily variable(c)(d)2027-2044173 8.03 %159 8.23 % NEET – long-term debt – primarily fixed(d)2027-20552,394 5.29 %2,058 5.35 % Unamortized debt issuance costs and premium/discount(244)(267) Total long-term debt of NEER18,448 15,089 Less current portion of long-term debt925 700 Long-term debt of NEER, excluding current portion17,523 14,389 NEECH: Debentures – fixed(e)2026-206227,807 4.20 %25,284 4.28 %Debentures – variable(c)2026-20281,100 5.00 %600 5.34 %Debentures, related to NEE's equity units – fixed20293,500 7.27 %5,500 6.30 % Junior subordinated debt – fixed(e)2055-20859,720 5.31 %3,093 5.01 % Junior subordinated debt – variable(c)(d)(e)2054-20673,032 6.64 %2,831 6.75 %Other long-term debt – fixed(e)2027-20301,064 2.98 %1,210 2.73 %Other long-term debt – variable(c)— 300 5.44 % Unamortized debt issuance costs and premium/discount(297)(206)Total long-term debt of NEECH45,926 38,612 Less current portion of long-term debt1,934 5,642 Long-term debt of NEECH, excluding current portion43,992 32,970 Long-term debt of NEE, excluding current portion$89,556 $72,385 ______________________(a)Includes tax exempt bonds that permit individual bondholders to tender the bonds for purchase at any time prior to maturity. In the event these tax exempt bonds are tendered for purchase, they would be remarketed by a designated remarketing agent in accordance with the related indenture. If the remarketing is unsuccessful, FPL would be required to purchase these tax exempt bonds.

Income TaxesEffective January 1, 2025, NEE and FPL adopted an accounting standards update that provides guidance for reporting on income taxes and requires additional disclosures related to cash paid (received) for income taxes – net and the effective income tax rate. NEE and FPL adopted the updated standard for income taxes using the full retrospective approach, which changed the presentation of certain information below.The components of income taxes are as follows:NEEFPLYears Ended December 31,Years Ended December 31,202520242023202520242023(millions)Federal:Current$194 $208 $507 $121 $252 $990 Deferred(1,248)(150)368 288 422 (179)Total federal(1,054)58 875 409 674 811 State: Current78 126 161 161 116 294 Deferred174 155 (30)149 180 18 Total state252 281 131 310 296 312 Total income taxes$(802)$339 $1,006 $719 $970 $1,123 A reconciliation of the income tax expense (benefit) and effective income tax rates based on the statutory U.S. federal income tax rate is as follows: NEE Years Ended December 31, 202520242023(millions, except for percentages)Income taxes at U.S. statutory rate of 21%$951 21.0 %$1,268 21.0 %$1,530 21.0 %Increases (reductions) resulting from: State income taxes – net of federal income tax benefit199 4.4(a)223 3.7(b)102 1.4(c)Nontaxable or nondeductible items:Taxes attributable to noncontrolling interests315 7.0 260 4.3 219 3.0 Amortization of deferred regulatory credit(159)(3.5)(163)(2.7)(182)(2.5)Other – net(14)(0.3)(30)(0.5)(44)(0.6)Clean energy tax credits(2,075)(45.8)(1,201)(19.9)(605)(8.3)Valuation allowance95 2.1 48 0.8 22 0.3 Other adjustments – net(114)(2.6)(66)(1.1)(36)(0.5)Income tax expense (benefit) and effective tax rate$(802)(17.7)%$339 5.6 %$1,006 13.8 %______________________(a)State taxes in Florida made up greater than 50 percent of the tax effect in this category.(b)State taxes in Florida and Massachusetts made up greater than 50 percent of the tax effect in this category.(c)State taxes in Florida, California, Kansas, Oklahoma, New Hampshire, Massachusetts and Virginia made up greater than 50 percent of the tax effect in this category. FPL Years Ended December 31, 202520242023(millions, except for percentages)Income taxes at U.S. statutory rate of 21%$1,204 21.0 %$1,158 21.0 %$1,192 21.0 %Increases (reductions) resulting from: State income taxes – net of federal income tax benefit(a)246 4.3 237 4.3 244 4.3 Clean energy tax credits(522)(9.1)(237)(4.3)(114)(2.0)Amortization of deferred regulatory credit(160)(2.8)(165)(3.

LeasesNEE has operating and finance leases primarily related to land use agreements that convey exclusive use of the land during the arrangement for certain of its renewable energy projects and substations, as well as buildings and equipment. Operating and finance leases primarily have fixed payments with expected expiration dates ranging from 2026 to 2083, with the exception of operating leases related to three land use agreements with an expiration date of 2106, some of which include options to extend the leases up to 34 years and some have options to terminate at NEE's discretion. As of December 31, 2025, NEE’s ROU assets and lease liabilities for operating leases totaled approximately $442 million and $458 million, respectively; the respective amounts as of December 31, 2024 were $372 million and $387 million. As of December 31, 2025, NEE’s ROU assets and lease liabilities for finance leases totaled approximately $1,108 million and $1,143 million, respectively; the respective amounts as of December 31, 2024 were $826 million and $840 million. NEE’s lease liabilities as of December 31, 2025 and 2024 were calculated using a weighted-average incremental borrowing rate at the lease inception of 4.37% and 3.83%, respectively, for operating leases and 5.91% and 4.92%, respectively, for finance leases, and a weighted-average remaining lease term of 38 years and 44 years, respectively, for operating leases and 39 years and 33 years, respectively, for finance leases. As of December 31, 2025, expected lease payments over the remaining terms of the leases were approximately $4.1 billion with no one year being material.NEE has operating and sales-type leases primarily related to certain battery storage facilities and a natural gas and oil electric generation facility. These facilities sell their electric output under power sales agreements to third parties that provide customers the ability to dispatch the facilities. As of December 31, 2025, the power sales agreements have expiration dates ranging from 2026 to 2050 and NEE expects to receive lease payments of approximately $432 million, $431 million, $415 million, $415 million, $415 million and $4,936 million in 2026 through 2030 and thereafter, respectively. Operating lease income of approximately $286 million, $193 million and $99 million was recognized as operating revenue in NEE's consolidated statements of income in 2025, 2024 and 2023, respectively.

AcquisitionsSymmetry Acquisition – On January 9, 2026, a wholly owned subsidiary of NextEra Energy Resources acquired 100% of the equity interests of Symmetry Energy Solutions, a commercial and industrial natural gas business, from Energy Capital Partners, LLC. The acquired business provides natural gas supply, storage and asset management solutions to a broad range of end users nationwide. Symmetry Energy Solutions supplies natural gas in the U.S. to approximately 5,500 commercial and industrial customers in 34 states, providing synergies and expansion opportunities for NEE's commercial and industrial gas business. The purchase price included $805 million in cash consideration as well as working capital and other adjustments of approximately $341 million (subject to certain post-closing adjustments).Under the acquisition method, the purchase price will be allocated to the assets acquired and liabilities assumed based on their fair value. The allocation of the purchase price to each of the major categories of assets acquired and liabilities assumed has not been completed as of the date of this filing given the proximity of the acquisition date.

Cybersecurity risk management is included in NEE’s, including FPL’s, overall risk management program. NEE, including FPL, operates a cybersecurity program which, among other objectives, seeks to identify potential unauthorized occurrences on or conducted through the electronic information resources owned or used by NEE or FPL (information systems) that may result in adverse effects on the confidentiality, integrity or availability of its information systems or any information residing on those systems (cybersecurity threats) as well as on its operations. The cybersecurity program includes controls to reduce the risk and potential impact of a cybersecurity incident and to align its processes, controls and implemented technologies with industry standard frameworks and regulations. In addition, outside experts assess NEE’s, including FPL’s, cybersecurity program capabilities, technology environment and security controls to regularly evaluate effectiveness. NEE, including FPL, operates a cybersecurity operations center and has cyber threat intelligence capability to identify, monitor, detect and respond to cybersecurity threats which is led by a cybersecurity incident response team. NEE, including FPL, uses these resources, and leverages third-party resources, to identify cybersecurity threats and monitor for anomalies that may result in cybersecurity incidents on its systems, and monitors for impacts to its vendors or suppliers. Assessment of incidents includes, but is not limited to, analysis of the urgency and operational or business impact of an incident and the status and effectiveness of incident defenses. NEE, including FPL, invests in personnel and technologies with the objective of limiting the frequency and impact of cybersecurity incidents. Following documented cybersecurity incident response procedures, the cybersecurity incident response team escalates information about cybersecurity incidents depending on circumstances to oversight committees and personnel charged with managing specific aspects of cybersecurity risk, including, among others, the Cybersecurity and Resiliency Committee, the Cybersecurity Governance Executive Committee and NEE's Board of Directors. NEE, including FPL, conducts periodic tabletop exercises and an annual cybersecurity drill with the participation from time to time of local, state and U.S. federal agencies to test its capability of dealing with a simulated cyberattack.