•NextEra Energy delivers strong second-quarter 2024 results

•FPL grows regulatory capital employed by approximately 10.7% year-over-year

•NextEra Energy Resources adds more than 3,000 megawatts of new renewables and storage projects to its backlog

JUNO BEACH, Fla. - NextEra Energy, Inc. (NYSE: NEE) today reported 2024 second-quarter net income attributable to NextEra Energy on a GAAP basis of $1.622 billion, or $0.79 per share, compared to $2.795 billion, or $1.38 per share, for the second quarter of 2023. On an adjusted basis, NextEra Energy's 2024 second-quarter earnings were $1.968 billion, or $0.96 per share, compared to $1.777 billion, or $0.88 per share, in the second quarter of 2023.

"NextEra Energy delivered strong second-quarter results, increasing adjusted earnings per share by more than 9% year-over-year, reflecting continued solid financial and operational performance at both our businesses," said John Ketchum, chairman, president and chief executive officer. "At FPL, we continued to invest to support strong customer growth, while keeping O&M low and reliability high. At NextEra Energy Resources, we had our second-best origination quarter ever, adding more than 3,000 megawatts of new renewables and storage projects to our backlog, including 860 megawatts which come from agreements with Google to meet its data center power demand. Both businesses are benefiting from strong tailwinds, which are creating opportunities to replace less efficient and more expensive power generation, as well as add new generation to meet growing power demand across sectors. Our competitive advantages – scale, experience and technology – position us to be at the center of these opportunities. We will be disappointed if we are not able to deliver financial results at or near the top of our adjusted earnings per share expectations ranges each year through 2027, while maintaining our strong balance sheet and credit ratings."

FPL reported second-quarter 2024 net income of $1.232 billion, or $0.60 per share, compared to $1.152 billion, or $0.57 per share, for the prior-year comparable quarter. FPL's growth in the second quarter primarily was driven by continued investment in the business. FPL's capital expenditures were approximately $2.1 billion for the quarter, and full-year capital investments are expected to be between $8.0 billion and $8.8 billion. Regulatory capital employed increased by approximately 10.7% year-over-year.

FPL continued to execute against its capital plan and deliver outstanding value to its customers in one of the fastest-growing states in the nation. Through its generation modernization efforts and solar portfolio build-out, which continues to be the largest owned and operated solar portfolio in the country, FPL has saved its customers nearly $16 billion in fuel costs since 2001. In addition, FPL delivers reliability that is 66% better than the national average. FPL's residential bills are nearly 40% below the national average and the lowest among all the Florida investor-owned utilities.

NextEra Energy Resources reported second-quarter 2024 net income attributable to NextEra Energy on a GAAP basis of $552 million, or $0.27 per share, compared to $1.462 billion, or $0.72 per share, in the prior-year comparable quarter. On an adjusted basis, NextEra Energy Resources' earnings for the second quarter of 2024 were $865 million, or $0.42 per share, compared to $781 million, or $0.39 per share, for the second quarter of 2023.

NextEra Energy Resources had its second-best quarter for new renewables and storage origination, beating last quarter's performance and adding more than 3,000 megawatts (MW) to its backlog, 860 MW of which come from agreements with Google to meet its data center power demand. With these additions, NextEra Energy Resources' backlog now totals roughly 22.6 gigawatts after taking into account more than 1,600 MW of new projects placed into service since the first-quarter 2024 financial results call in April.

In the second quarter of 2024 on a GAAP basis, Corporate and Other results decreased $0.17 per share, compared to the prior-year comparable quarter. On an adjusted basis, Corporate and Other results for the second quarter of 2024 increased by $0.02, compared to the prior-year comparable quarter.

NextEra Energy's long-term financial expectations, which were extended last month at the investor conference, remain unchanged. For 2024, NextEra Energy continues to expect adjusted earnings per share to be in the range of $3.23 to $3.43. For 2025, 2026 and 2027, NextEra Energy expects adjusted earnings per share to be in the ranges of $3.45 to $3.70, $3.63 to $4.00 and $3.85 to $4.32, respectively. NextEra Energy also continues to expect to grow its dividends per share at a roughly 10% rate per year through at least 2026, off a 2024 base.

As previously announced, NextEra Energy's second-quarter 2024 financial results conference call is scheduled for 9 a.m. ET today. Also discussed during the call will be the second-quarter 2024 financial results for NextEra Energy Partners, LP (NYSE: NEP). The listen-only webcast will be available on NextEra Energy's website by accessing the following link: www.NextEraEnergy.com/FinancialResults. The news release and slides accompanying the presentation may be downloaded at www.NextEraEnergy.com/FinancialResults, beginning at 7:30 a.m. ET today. A replay will be available for 90 days by accessing the same link as listed above.

NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company headquartered in Juno Beach, Florida. NextEra Energy owns Florida Power & Light Company, which is America's largest electric utility that sells more power than any other utility, providing clean, affordable, reliable electricity to approximately 5.9 million customer accounts, or more than 12 million people across Florida. NextEra Energy also owns a competitive clean energy business, NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun and a world leader in battery storage. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from seven commercial nuclear power units in Florida, New Hampshire and Wisconsin. A Fortune 200 company, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.

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Adjusted earnings for the periods in this news release exclude the effects of non-qualifying hedges; NextEra Energy Partners, LP net investment gains; differential membership interests-related; change in unrealized gains and losses on equity securities held in NextEra Energy Resources' nuclear decommissioning funds and other than temporary impairments (OTTI) and impairment charges.

NextEra Energy's management uses adjusted earnings, which is a non-GAAP financial measure, internally for financial planning, analysis of performance, reporting of results to the board of directors and as an input in determining performance-based compensation under the company's employee incentive compensation plans. NextEra Energy also uses earnings expressed in this fashion when communicating its financial results and earnings outlook to analysts and investors. NextEra Energy's management believes that adjusted earnings provide a more meaningful representation of NextEra Energy's fundamental earnings power. A reconciliation of historical adjusted earnings to net income attributable to NextEra Energy, which is the most directly comparable GAAP measure, is included in the attachments to this news release. Adjusted earnings does not represent a substitute for net income, as prepared in accordance with GAAP.

NextEra Energy does not provide a quantitative reconciliation of forward-looking adjusted earnings per share to earnings per share, the most directly comparable GAAP financial measure, because certain information needed to reconcile these measures is not available without unreasonable efforts due to the inherent difficulty in forecasting and quantifying these measures. These items include, but are not limited to, the effects of non-qualifying hedges and unrealized gains and losses on equity securities held in NextEra Energy Resources, LLC's nuclear decommissioning funds and other than temporary impairments. These items could significantly impact GAAP earnings per share. Adjusted earnings expectations assume, among other things, normal weather and operating conditions; positive macroeconomic conditions in the U.S. and Florida; supportive commodity markets; current forward curves; public policy support for wind and solar development and construction; market demand and transmission expansion to support wind and solar development; market demand for pipeline capacity; access to capital at reasonable cost and terms; divestitures to NextEra Energy Partners, LP; no adverse litigation decisions; and no changes to governmental policies or incentives. Please see the accompanying cautionary statements for a list of the risk factors that may affect future results.

This news release should be read in conjunction with the attached unaudited financial information.

This news release contains “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical facts, but instead represent the current expectations of NextEra Energy, Inc. (NextEra Energy) and Florida Power & Light Company (FPL) regarding future operating results and other future events, many of which, by their nature, are inherently uncertain and outside of NextEra Energy's and FPL's control. Forward-looking statements in this news release include, among others, statements concerning adjusted earnings per share expectations and future operating performance and statements concerning future dividends. In some cases, you can identify the forward-looking statements by words or phrases such as “will,” “may result,” “expect,” “anticipate,” “believe,” “intend,” “plan,” “seek,” “potential,” “projection,” “forecast,” “predict,” “goals,” “target,” “outlook,” “should,” “would” or similar words or expressions. You should not place undue reliance on these forward-looking statements, which are not a guarantee of future performance. The future results of NextEra Energy and FPL and their business and financial condition are subject to risks and uncertainties that could cause their actual results to differ materially from those expressed or implied in the forward-looking statements, or may require them to limit or eliminate certain operations.

These risks and uncertainties include, but are not limited to, those discussed in this news release and the following: effects of extensive regulation of NextEra Energy's and FPL's business operations; inability of NextEra Energy and FPL to recover in a timely manner any significant amount of costs, a return on certain assets or a reasonable return on invested capital through base rates, cost recovery clauses, other regulatory mechanisms or otherwise; impact of political, regulatory, operational and economic factors on regulatory decisions important to NextEra Energy and FPL; effect of any reductions or modifications to, or elimination of, governmental incentives or policies that support utility scale renewable energy projects of NextEra Energy and FPL and its affiliated entities or the imposition of additional tax laws, tariffs, duties, policies or assessments on renewable energy or equipment necessary to generate it or deliver it; impact of new or revised laws, regulations, interpretations or constitutional ballot and regulatory initiatives on NextEra Energy and FPL; capital expenditures, increased operating costs and various liabilities attributable to environmental laws, regulations and other standards applicable to NextEra Energy and FPL; effects on NextEra Energy and FPL of federal or state laws or regulations mandating new or additional limits on the production of greenhouse gas emissions; exposure of NextEra Energy and FPL to significant and increasing compliance costs and substantial monetary penalties and other sanctions as a result of extensive federal regulation of their operations and businesses; effect on NextEra Energy and FPL of changes in tax laws, guidance or policies as well as in judgments and estimates used to determine tax-related asset and liability amounts; impact on NextEra Energy and FPL of adverse results of litigation; impacts on NextEra Energy or FPL of allegations of violations of law; effect on NextEra Energy and FPL of failure to proceed with projects under development or inability to complete the construction of (or capital improvements to) electric generation, transmission and distribution facilities, gas infrastructure facilities or other facilities on schedule or within budget; impact on development and operating activities of NextEra Energy and FPL resulting from risks related to project siting, planning, financing, construction, permitting, governmental approvals and the negotiation of project development agreements, as well as supply chain disruptions; risks involved in the operation and maintenance of electric generation, storage, transmission and distribution facilities, gas infrastructure facilities, and other facilities; effect on NextEra Energy and FPL of a lack of growth, slower growth or a decline in the number of customers or in customer usage; impact on NextEra Energy and FPL of severe weather and other weather conditions; threats of geopolitical factors, terrorism and catastrophic events that could result from terrorism, cyberattacks or other attempts to disrupt NextEra Energy's and FPL's business or the businesses of third parties; inability to obtain adequate insurance coverage for protection of NextEra Energy and FPL against significant losses and risk that insurance coverage does not provide protection against all significant losses; a prolonged period of low gas and oil prices could impact NextEra Energy Resources, LLC’s (NextEra Energy Resources) gas infrastructure business and cause NextEra Energy Resources to delay or cancel certain gas infrastructure projects and could result in certain projects becoming impaired; risk to NextEra Energy Resources of increased operating costs resulting from unfavorable supply costs necessary to provide NextEra Energy Resources' full energy and capacity requirement services; inability or failure by NextEra Energy Resources to manage properly or hedge effectively the commodity risk within its portfolio; effect of reductions in the liquidity in energy markets on NextEra Energy's ability to manage operational risks; effectiveness of NextEra Energy's and FPL's risk management tools associated with their hedging and trading procedures to protect against significant losses, including the effect of unforeseen price variances from historical behavior; impact of unavailability or disruption of power transmission or commodity transportation facilities on sale and delivery of power or natural gas by NextEra Energy, including FPL; exposure of NextEra Energy and FPL to credit and performance risk from customers, hedging counterparties and vendors; failure of NextEra Energy or FPL counterparties to perform under derivative contracts or of requirement for NextEra Energy or FPL to post margin cash collateral under derivative contracts; failure or breach of NextEra Energy's or FPL's information technology systems; risks to NextEra Energy and FPL's retail businesses from compromise of sensitive customer data; losses from volatility in the market values of derivative instruments and limited liquidity in over-the-counter markets; impact of negative publicity; inability of FPL to maintain, negotiate or renegotiate acceptable franchise agreements with municipalities and counties in Florida; occurrence of work strikes or stoppages and increasing personnel costs; NextEra Energy's ability to successfully identify, complete and integrate acquisitions, including the effect of increased competition for acquisitions; environmental, health and financial risks associated with NextEra Energy Resources’ and FPL's ownership and operation of nuclear generation facilities; liability of NextEra Energy and FPL for significant retrospective assessments and/or retrospective insurance premiums in the event of an incident at certain nuclear generation facilities; increased operating and capital expenditures and/or reduced revenues at nuclear generation facilities of NextEra Energy or FPL resulting from orders or new regulations of the Nuclear Regulatory Commission; inability to operate any of NextEra Energy Resources' or FPL's owned nuclear generation units through the end of their respective operating licenses or planned license extensions; effect of disruptions, uncertainty or volatility in the credit and capital markets or actions by third parties in connection with project-specific or other financing arrangements on NextEra Energy's and FPL's ability to fund their liquidity and capital needs and meet their growth objectives; inability of NextEra Energy, FPL and NextEra Energy Capital Holdings, Inc. to maintain their current credit ratings; impairment of NextEra Energy's and FPL's liquidity from inability of credit providers to fund their credit commitments or to maintain their current credit ratings; poor market performance and other economic factors that could affect NextEra Energy's defined benefit pension plan's funded status; poor market performance and other risks to the asset values of NextEra Energy's and FPL's nuclear decommissioning funds; changes in market value and other risks to certain of NextEra Energy's investments; effect of inability of NextEra Energy subsidiaries to pay upstream dividends or repay funds to NextEra Energy or of NextEra Energy's performance under guarantees of subsidiary obligations on NextEra Energy's ability to meet its financial obligations and to pay dividends on its common stock; the fact that the amount and timing of dividends payable on NextEra Energy's common stock, as well as the dividend policy approved by NextEra Energy's board of directors from time to time, and changes to that policy, are within the sole discretion of NextEra Energy's board of directors and, if declared and paid, dividends may be in amounts that are less than might be expected by shareholders; NextEra Energy Partners, LP’s inability to access sources of capital on commercially reasonable terms could have an effect on its ability to consummate future acquisitions and on the value of NextEra Energy’s limited partner interest in NextEra Energy Operating Partners, LP; effects of disruptions, uncertainty or volatility in the credit and capital markets on the market price of NextEra Energy's common stock; and the ultimate severity and duration of public health crises, epidemics and pandemics, and its effects on NextEra Energy’s or FPL’s businesses. NextEra Energy and FPL discuss these and other risks and uncertainties in their annual report on Form 10-K for the year ended December 31, 2023 and other Securities and Exchange Commission (SEC) filings, and this news release should be read in conjunction with such SEC filings. The forward-looking statements made in this news release are made only as of the date of this news release and NextEra Energy and FPL undertake no obligation to update any forward-looking statements.

(unaudited)

(unaudited)

NextEra Energy, Inc.
Condensed Consolidated Statements of Income
(millions, except per share amounts)
(unaudited)

(unaudited)

NextEra Energy, Inc.
Condensed Consolidated Balance Sheets
(millions) (unaudited)												Preliminary
June 30, 2024						FPL						NEER						Corporate and Other(a)						NextEra Energy
ASSETS
Current assets:
Cash and cash equivalents						$	58					$	1,101					$	392					$	1,551
Customer receivables, net of allowances						1,794						1,807						—						3,601
Other receivables						373						535						155						1,063
Materials, supplies and fuel inventory						1,358						791						6						2,155
Regulatory assets						676						28						1						705
Derivatives						28						1,149						41						1,218
Contract assets						—						1,122						—						1,122
Other						250						1,005						133						1,388
Total current assets						4,537						7,538						728						12,803
Other assets:
Property, plant and equipment – net						73,609						59,353						151						133,113
Special use funds						6,506						2,800						—						9,306
Investment in equity method investees						—						6,657						—						6,657
Prepaid benefit costs						1,892						5						289						2,186
Regulatory assets						4,870						220						232						5,322
Derivatives						29						1,553						16						1,598
Goodwill						2,965						2,110						12						5,087
Other						647						7,279						726						8,652
Total other assets						90,518						79,977						1,426						171,921
TOTAL ASSETS						$	95,055					$	87,515					$	2,154					$	184,724
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Current liabilities:
Commercial paper						$	1,929					$	—					$	2,249					$	4,178
Other short-term debt						200						—						2,458						2,658
Current portion of long-term debt						1,187						518						5,598						7,303
Accounts payable						990						3,343						57						4,390
Customer deposits						645						26						—						671
Accrued interest and taxes						968						423						119						1,510
Derivatives						15						781						108						904
Accrued construction-related expenditures						558						1,216						2						1,776
Regulatory liabilities						327						9						—						336
Other						604						1,422						479						2,505
Total current liabilities						7,423						7,738						11,070						26,231
Other liabilities and deferred credits:
Long-term debt						25,037						9,414						34,043						68,494
Asset retirement obligations						2,195						1,347						—						3,542
Deferred income taxes						8,905						4,097						(2,068)						10,934
Regulatory liabilities						10,193						153						—						10,346
Derivatives						3						2,089						390						2,482
Other						361						2,434						464						3,259
Total other liabilities and deferred credits						46,694						19,534						32,829						99,057
TOTAL LIABILITIES						54,117						27,272						43,899						125,288
COMMITMENTS AND CONTINGENCIES
REDEEMABLE NONCONTROLLING INTERESTS						—						—						—						—
EQUITY
Common stock						1,373						—						(1,352)						21
Additional paid-in capital						26,868						24,406						(33,992)						17,282
Retained earnings						12,697						25,633						(6,322)						32,008
Accumulated other comprehensive loss						—						(92)						(79)						(171)
Total common shareholders' equity						40,938						49,947						(41,745)						49,140
Noncontrolling interests						—						10,296						—						10,296
TOTAL EQUITY						40,938						60,243						(41,745)						59,436
TOTAL LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY						$	95,055					$	87,515					$	2,154					$	184,724

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(a)			Corporate and Other represents other business activities and eliminating entries, and may include the net effect of rounding. Corporate and Other allocates a portion of corporate interest expense to NextEra Energy Resources' subsidiaries. Interest expense is allocated based on a deemed capital structure of 70% debt and differential membership interests sold by NextEra Energy Resources' subsidiaries. Residual corporate interest expense is included in Corporate and Other.

(millions)

(unaudited)

(millions)

(unaudited)