Please wait

News Release

    

Media Contact: Gillian Moore

24-Hour: 800.559.3853

Analyst Contact: Abby Motsinger

Office: 704.382.7624

May 6, 2025

Duke Energy reports first-quarter 2025 financial results

▪First-quarter 2025 reported and adjusted EPS of $1.76

▪Strong start to the year, driven by revenue growth across Electric and Gas utilities

▪Company advancing new generation to serve growing energy demand

CHARLOTTE, N.C. – Duke Energy (NYSE: DUK) today announced first-quarter 2025 reported EPS, prepared in accordance with Generally Accepted Accounting Principles (GAAP), and adjusted EPS of $1.76. This is compared to reported and adjusted EPS of $1.44 for the first quarter of 2024. Adjusted EPS excludes the impact of certain items that are included in reported EPS.

Higher first-quarter 2025 adjusted results were driven by higher retail sales volumes and implementation of new rates and riders as well as improved weather, partially offset by higher interest expense and O&M expenses.

The company is reaffirming its 2025 adjusted EPS guidance range of $6.17 to $6.42 and long-term adjusted EPS growth rate of 5% to 7% through 2029 off the 2025 midpoint of $6.30. Management does not forecast reported GAAP EPS and related long-term growth rates.

“I am incredibly proud of our performance in the first quarter, which is a result of the constructive regulatory outcomes the team has delivered over the last several years,” said Harry Sideris, Duke Energy president and chief executive officer. "The fundamentals of the company are stronger than ever, positioning us extraordinarily well to meet our customers' growing and evolving energy demands – now and into the future.”

---

Duke Energy News Release    2

Business segment results

In addition to the following summary of first-quarter 2025 business segment performance, comprehensive tables with detailed EPS drivers for the first quarter compared to prior year are provided at the end of this news release.

The discussion below of first-quarter results includes both GAAP segment income and adjusted segment income, which is a non-GAAP financial measure. For the quarters ended March 31, 2025, and 2024, reported segment income and adjusted segment income were equal for each of Duke Energy's business segments and Other. The tables at the end of this news release present a full reconciliation of GAAP reported results to adjusted results.

Electric Utilities and Infrastructure

Electric Utilities and Infrastructure recognized first-quarter 2025 segment income of $1,276 million, compared to segment income of $1,021 million in the first quarter of 2024. This represents an increase of $0.33 per share. Higher quarterly results were primarily due to higher retail sales volumes, improved weather and implementation of new rates, partially offset by higher interest expense, O&M expense and depreciation on a growing asset base.

Gas Utilities and Infrastructure

Gas Utilities and Infrastructure recognized first-quarter 2025 segment income of $349 million, compared to segment income of $284 million in the first quarter of 2024. This represents an increase of $0.08 per share. Higher quarterly results were primarily due to growth from rate increases, partially offset by higher depreciation on a growing asset base.

Other

Other primarily includes interest expense on holding company debt, other unallocated corporate costs and results from Duke Energy’s captive insurance company.

Other recognized a first-quarter 2025 segment loss of $260 million, compared to segment loss of $203 million in the first quarter of 2024. This represents a decrease of $0.08 per share. Lower quarterly results were primarily due to higher interest expense and lower returns on investments.

Effective tax rate

Duke Energy's consolidated reported effective tax rate for the first quarter of 2025 was 12.1% compared to 13.4% in the first quarter of 2024. The decrease in the effective tax rate was primarily due to an increase in the amortization of income tax credits.

Duke Energy's consolidated adjusted effective tax rate was 12.2% for the first quarter of 2025 compared to 13.7% in the first quarter of 2024. The decrease in the adjusted effective tax rate was primarily due to an increase in the amortization of income tax credits and a decrease in preferred dividends.

The tables at the end of this news release present a reconciliation of the reported effective tax rate to the adjusted effective tax rate.

---

Duke Energy News Release    3

Earnings conference call for analysts

An earnings conference call for analysts is scheduled at 10 a.m. ET today to discuss first-quarter 2025 financial results and other business and financial updates. The conference call will be hosted by Harry Sideris, president and chief executive officer, and Brian Savoy, executive vice president and chief financial officer.

The call can be accessed via the investors' section (duke-energy.com/investors) of Duke Energy’s website or by dialing 833.470.1428 in the U.S. or 929.526.1599 outside the U.S. The confirmation code is 197083. Please call in 10 to 15 minutes prior to the scheduled start time.

Special Items and Non-GAAP Reconciliation

The following table presents a reconciliation of GAAP reported earnings (loss) per share to adjusted earnings per share for first-quarter 2025 and 2024 financial results:

(In millions, except per share amounts)			After-Tax Amount			1Q 2025 EPS			1Q 2024 EPS
Earnings Per Share, as reported						$	1.76		$	1.44
Adjustments to reported EPS:
First Quarter 2025
Discontinued Operations			—			—
First Quarter 2024
Discontinued Operations			3						—
Total adjustments						$	—		$	—
EPS, adjusted						$	1.76		$	1.44

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 include certain charges and credits, which management believes are not indicative of Duke Energy's ongoing performance.

Management uses these non-GAAP financial measures for planning and forecasting, and for reporting financial results to the Board of Directors, employees, stockholders, 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.

There were no special items included in the periods presented.

---

Duke Energy News Release    4

Due to the forward-looking nature of any forecasted adjusted earnings guidance, information to reconcile this non-GAAP financial measure to the most directly comparable GAAP financial measure is not available at this time, as management is unable to project all special items for future periods (such as legal settlements, the impact of regulatory orders or asset impairments).

Management evaluates segment performance based on segment income and other net loss. Segment income and other net loss are defined as income (loss) from continuing operations net of income attributable to noncontrolling interests and preferred stock dividends. Segment income and other net loss include intercompany revenues and expenses that are eliminated in the Condensed Consolidated Financial Statements. Management also uses adjusted segment income and adjusted other net loss as measures of historical and anticipated future segment performance. Adjusted segment income and adjusted other net loss are non-GAAP financial measures, as they are based upon 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 provides useful information to investors, as they provide an additional relevant comparison of a segment’s or Other's performance across periods. The most directly comparable GAAP measure for adjusted segment income or adjusted other net loss is segment income and other net loss.

Due to the forward-looking nature of any forecasted adjusted segment income or adjusted other net loss and any related growth rates for future periods, information to reconcile these non-GAAP financial measures to the most directly comparable GAAP financial measures is not available at this time, as management is unable to forecast all special items, as discussed above.

Duke Energy’s adjusted earnings, adjusted EPS, adjusted segment income, and adjusted other net loss may not be comparable to similarly titled measures of another company because other companies may not calculate the measures in the same manner.

Duke Energy

Duke Energy (NYSE: DUK), a Fortune 150 company headquartered in Charlotte, N.C., is one of America’s largest energy holding companies. The company's electric utilities serve 8.6 million customers in North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky, and collectively own 55,100 megawatts of energy capacity. Its natural gas utilities serve 1.7 million customers in North Carolina, South Carolina, Tennessee, Ohio and Kentucky.

Duke Energy is executing an ambitious energy transition, keeping customer reliability and value at the forefront as it builds a smarter energy future. The company is investing in major electric grid upgrades and cleaner generation, including natural gas, nuclear, renewables and energy storage.

More information is available at duke-energy.com and the Duke Energy News Center. Follow Duke Energy on X, LinkedIn, Instagram and Facebook, and visit illumination for stories about the people and innovations powering our energy transition.

---

Duke Energy News Release    5

Forward-Looking Information

This document includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are based on management’s beliefs and assumptions and can often be identified by terms and phrases that include “anticipate,” “believe,” “intend,” “estimate,” “expect,” “continue,” “should,” “could,” “may,” “plan,” “project,” “predict,” “will,” “potential,” “forecast,” “target,” “guidance,” “outlook” or other similar terminology. Various factors may cause actual results to be materially different than the suggested outcomes within forward-looking statements; accordingly, there is no assurance that such results will be realized. These factors include, but are not limited to:

◦The ability to implement our business strategy, including meeting forecasted load growth demand, grid and fleet modernization objectives, and our carbon emission reduction goals, while balancing customer reliability and affordability;

◦State, federal and foreign legislative and regulatory initiatives, including costs of compliance with existing and future environmental requirements and/or uncertainty of applicability or changes to such legislative and regulatory initiatives, including those related to climate change, as well as rulings that affect cost and investment recovery or have an impact on rate structures or market prices;

◦The extent and timing of costs and liabilities to comply with federal and state laws, regulations and legal requirements related to coal ash remediation, including amounts for required closure of certain ash impoundments, are uncertain and difficult to estimate;

◦The ability to timely recover eligible costs, including amounts associated with coal ash impoundment retirement obligations, asset retirement and construction costs related to carbon emissions reductions, and costs related to significant weather events, and to earn an adequate return on investment through rate case proceedings and the regulatory process;

◦The costs of decommissioning nuclear facilities could prove to be more extensive than amounts estimated and all costs may not be fully recoverable through the regulatory process;

◦The impact of extraordinary external events, such as a global pandemic or military conflict, and their collateral consequences, including the disruption of global supply chains or the economic activity in our service territories;

◦Costs and effects of legal and administrative proceedings, settlements, investigations and claims;

◦Industrial, commercial and residential decline in service territories or customer bases resulting from sustained downturns of the economy, storm damage, reduced customer usage due to cost pressures from inflation, tariffs, or fuel costs, worsening economic health of our service territories, reductions in customer usage patterns, or lower than anticipated load growth, particularly if usage of electricity by data centers is less than currently projected, energy efficiency efforts, natural gas building and appliance electrification, and use of alternative energy sources, such as self-generation and distributed generation technologies;

◦Federal and state regulations, laws and other efforts designed to promote and expand the use of energy efficiency measures, natural gas electrification, and distributed generation technologies, such as private solar and battery storage, in Duke Energy service territories could result in a reduced number of customers, excess generation resources as well as stranded costs;

◦Advancements in technology, including artificial intelligence;

◦Additional competition in electric and natural gas markets and continued industry consolidation;

◦The influence of weather and other natural phenomena on operations, financial position, and cash flows, including the economic, operational and other effects of severe storms, hurricanes, droughts, earthquakes and tornadoes, including extreme weather associated with climate change;

◦Changing or conflicting investor, customer and other stakeholder expectations and demands, particularly regarding environmental, social and governance matters and costs related thereto;

◦The ability to successfully operate electric generating facilities and deliver electricity to customers including direct or indirect effects to the company resulting from an incident that affects the United States electric grid or generating resources;

◦Operational interruptions to our natural gas distribution and transmission activities;

---

Duke Energy News Release    6

◦The availability of adequate interstate pipeline transportation capacity and natural gas supply;

◦The impact on facilities and business from a terrorist or other attack, war, vandalism, cybersecurity threats, data security breaches, operational events, information technology failures or other catastrophic events, such as severe storms, fires, explosions, pandemic health events or other similar occurrences;

◦The inherent risks associated with the operation of nuclear facilities, including environmental, health, safety, regulatory and financial risks, including the financial stability of third-party service providers;

◦The timing and extent of changes in commodity prices, including any impact from increased tariffs and interest rates, and the ability to timely recover such costs through the regulatory process, where appropriate, and their impact on liquidity positions and the value of underlying assets;

◦The results of financing efforts, including the ability to obtain financing on favorable terms, which can be affected by various factors, including credit ratings, interest rate fluctuations, compliance with debt covenants and conditions, an individual utility’s generation portfolio, and general market and economic conditions;

◦Credit ratings of the Duke Energy Registrants may be different from what is expected;

◦Declines in the market prices of equity and fixed-income securities and resultant cash funding requirements for defined benefit pension plans, other post-retirement benefit plans and nuclear decommissioning trust funds;

◦Construction and development risks associated with the completion of the Duke Energy Registrants’ capital investment projects, including risks related to financing, timing and receipt of necessary regulatory approvals, obtaining and complying with terms of permits, meeting construction budgets and schedules and satisfying operating and environmental performance standards, as well as the ability to recover costs from customers in a timely manner, or at all;

◦Changes in rules for regional transmission organizations, including changes in rate designs and new and evolving capacity markets, and risks related to obligations created by the default of other participants;

◦The ability to control operation and maintenance costs;

◦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 yield the anticipated benefits; 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 March 31, 2025

(Dollars in millions, except per share amounts)

						Reported Earnings																																				Discontinued Operations						Total Adjustments						Adjusted Earnings
SEGMENT INCOME (LOSS)
Electric Utilities and Infrastructure						$	1,276																																			$	—					$	—					$	1,276
Gas Utilities and Infrastructure						349																																				—						—						349
Total Reportable Segment Income						1,625																																				—						—						1,625
Other						(260)																																				—						—						(260)
Net Income Available to Duke Energy Corporation Common Stockholders						$	1,365																																			$	—					$	—					$	1,365
EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS						$	1.76																																			$	—					$	—					$	1.76

Weighted Average Shares, basic (reported and adjusted) – 777 million

7

---

DUKE ENERGY CORPORATION

REPORTED TO ADJUSTED EARNINGS RECONCILIATION

Three Months Ended March 31, 2024

(Dollars in millions, except per share amounts)

			Reported Earnings																																				Discontinued Operations						Total Adjustments						Adjusted Earnings
SEGMENT INCOME (LOSS)
Electric Utilities and Infrastructure			$	1,021																																			$	—					$	—					$	1,021
Gas Utilities and Infrastructure			284																																				—						—						284
Total Reportable Segment Income			1,305																																				—						—						1,305
Other			(203)																																				—						—						(203)
Discontinued Operations			(3)																																				3			A			3						—
Net Income Available to Duke Energy Corporation Common Stockholders			$	1,099																																			$	3					$	3					$	1,102
EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS			$	1.44																																			$	—					$	—					$	1.44

Note: Earnings Per Share amounts are adjusted for accumulated dividends for Series B Preferred Stock of $0.02.

A – Recorded in Loss from Discontinued Operations, net of tax, on the Condensed Consolidated Statements of Operations.

Weighted Average Shares, basic (reported and adjusted) – 771 million

8

---

DUKE ENERGY CORPORATION

EFFECTIVE TAX RECONCILIATION

March 2025

(Dollars in millions)

									Three Months Ended    March 31, 2025
															Balance						Effective Tax Rate
Reported Income From Continuing Operations Before Income Taxes															$	1,597
Noncontrolling Interests															(28)
Preferred Dividends															(14)
Adjusted Pretax Income															$	1,555
Reported Income Tax Expense From Continuing Operations															$	193					12.1		%
Noncontrolling Interest Portion of Income Taxes(a)															(3)
Adjusted Tax Expense															$	190					12.2		%

									Three Months Ended    March 31, 2024
															Balance						Effective Tax Rate
Reported Income From Continuing Operations Before Income Taxes															$	1,332
Noncontrolling Interests															(16)
Preferred Dividends															(39)
Adjusted Pretax Income															$	1,277
Reported Income Tax Expense From Continuing Operations															$	178					13.4		%
Noncontrolling Interest Portion of Income Taxes(a)															(3)
Adjusted Tax Expense															$	175					13.7		%

(a)    Income tax related to non-pass-through entities for tax purposes.

9

---

DUKE ENERGY CORPORATION

EARNINGS VARIANCES

March 2025 YTD vs. Prior Year

(Dollars per share)			Electric Utilities and Infrastructure									Gas Utilities and Infrastructure															Other															Consolidated
2024 YTD Reported and Adjusted Earnings Per Share			$	1.32								$	0.37																	$	(0.25)																	$	1.44
Weather			0.07									—																		—																		0.07
Volume			0.12									—																		—																		0.12
Riders and Other Retail Margin(a)			0.08									0.02																		—																		0.10
Rate case impacts, net(b)			0.14									0.07																		—																		0.21
Wholesale(c)			0.03									—																		—																		0.03
Operations and maintenance, net of recoverables(d)			(0.04)									—																		—																		(0.04)
Interest Expense(e)			(0.04)									—																		(0.04)																		(0.08)
AFUDC Equity			0.02									—																		—																		0.02
Depreciation and amortization(e)			(0.02)									(0.01)																		—																		(0.03)
Other(f)			(0.03)									—																		(0.04)																		(0.07)
Total variance			$	0.33								$	0.08																	$	(0.08)																	$	0.33
Change in share count			(0.01)									—																		—																		(0.01)
2025 YTD Reported and Adjusted Earnings Per Share			$	1.64								$	0.45																	$	(0.33)																	$	1.76
Note: Earnings Per Share amounts are calculated using the consolidated statutory income tax rate for all drivers. Basic weighted average shares outstanding increased from 771 million to 777 million.

(a)    Electric Utilities and Infrastructure includes higher grid modernization riders and transmission revenues (+0.04).

(b)    Electric Utilities and Infrastructure includes impacts from DEC North Carolina Year 2 rates, effective January 2025, and DEC South Carolina rates, effective August 2024 (+$0.07), DEF multiyear rate plan revenue increases, effective January 2025 (+$0.05) and DEP North Carolina Year 2 rates, effective October 2024 (+$0.02). Gas Utilities and Infrastructure includes impacts from Piedmont rates, effective November 2024.

(c)    Primarily due to higher capacity volumes.

(d)    Electric Utilities and Infrastructure includes higher corporate costs, storm costs and employee-related expenses in the current year.

(e)    Electric Utilities and Infrastructure excludes rate case impacts.

(f)    Other includes lower returns on investments.

10

---

DUKE ENERGY CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In millions, except per share amounts)
									Three Months Ended
									March 31,
															2025						2024
Operating Revenues
Regulated electric															$	7,064					$	6,732
Regulated natural gas															1,105						866
Nonregulated electric and other															80						73
Total operating revenues															8,249						7,671
Operating Expenses
Fuel used in electric generation and purchased power															2,099						2,335
Cost of natural gas															374						232
Operation, maintenance and other															1,499						1,380
Depreciation and amortization															1,512						1,387
Property and other taxes															428						386
Total operating expenses															5,912						5,720
Gains on Sales of Other Assets and Other, net															6						12
Operating Income															2,343						1,963
Other Income and Expenses
Equity in earnings of unconsolidated affiliates															11						17
Other income and expenses, net															132						169
Total other income and expenses															143						186
Interest Expense															889						817
Income From Continuing Operations Before Income Taxes															1,597						1,332
Income Tax Expense From Continuing Operations															193						178
Income From Continuing Operations															1,404						1,154
Loss From Discontinued Operations, net of tax															—						(3)
Net Income															1,404						1,151
Less: Net Income Attributable to Noncontrolling Interests															25						13
Net Income Attributable to Duke Energy Corporation															1,379						1,138
Less: Preferred Dividends															14						39
Net Income Available to Duke Energy Corporation Common Stockholders															$	1,365					$	1,099
Earnings Per Share – Basic and Diluted
Net income available to Duke Energy Corporation common stockholders
Basic and Diluted															$	1.76					$	1.44
Weighted average shares outstanding
Basic and Diluted															777						771

11

---

DUKE ENERGY CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In millions)			March 31, 2025						December 31, 2024
ASSETS
Current Assets
Cash and cash equivalents			$	475					$	314
Receivables (net of allowance for doubtful accounts of $204 at 2025 and $124 at 2024)			3,996						2,232
Receivables of VIEs (net of allowance for doubtful accounts of $85 at 2024)			10						1,889
Receivable from sales of Commercial Renewables Disposal Groups			558						551
Inventory (includes $509 at 2025 and $494 at 2024 related to VIEs)			4,418						4,509
Regulatory assets (includes $120 at 2025 and 2024 related to VIEs)			2,538						2,756
Assets held for sale			—						4
Other (includes $57 at 2025 and $90 at 2024 related to VIEs)			780						695
Total current assets			12,775						12,950
Property, Plant and Equipment
Cost			183,546						180,806
Accumulated depreciation and amortization			(58,672)						(57,503)
Net property, plant and equipment			124,874						123,303
Other Noncurrent Assets
Goodwill			19,303						19,303
Regulatory assets (includes $1,674 at 2025 and $1,705 at 2024 related to VIEs)			14,200						14,254
Nuclear decommissioning trust funds			11,246						11,434
Operating lease right-of-use assets, net			1,219						1,148
Investments in equity method unconsolidated affiliates			357						353
Assets held for sale			—						$	89
Other			3,502						3,509
Total other noncurrent assets			49,827						50,090
Total Assets			$	187,476					$	186,343
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable (includes $207 at 2025 and $214 at 2024 related to VIEs)			$	4,442					$	5,479
Notes payable and commercial paper			2,568						3,584
Taxes accrued			794						851
Interest accrued			821						855
Current maturities of long-term debt (includes $110 at 2025 and $1,012 at 2024 related to VIEs)			4,180						4,349
Asset retirement obligations			643						650
Regulatory liabilities			1,298						1,425
Liabilities associated with assets held for sale			18						80
Other			1,861						2,084
Total current liabilities			16,625						19,357
Long-Term Debt (includes $1,783 at 2025 and $1,842 at 2024 related to VIEs)			79,700						76,340
Other Noncurrent Liabilities
Deferred income taxes			11,609						11,424
Asset retirement obligations			9,350						9,342
Regulatory liabilities			14,466						14,694
Operating lease liabilities			1,033						957
Accrued pension and other post-retirement benefit costs			426						434
Investment tax credits			888						894
Liabilities associated with assets held for sale			—						$	89
Other (includes $27 at 2024 related to VIEs)			1,585						1,556
Total other noncurrent liabilities			39,357						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; 777 million and 776 million shares outstanding at 2025 and 2024			1						1
Additional paid-in capital			45,516						45,494
Retained earnings			3,986						3,431
Accumulated other comprehensive income			194						228
Total Duke Energy Corporation stockholders' equity			50,670						50,127
Noncontrolling interests			1,124						1,129
Total equity			51,794						51,256
Total Liabilities and Equity			$	187,476					$	186,343

12

---

DUKE ENERGY CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In millions)
						Three Months Ended March 31,
						2025						2024
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income						$	1,404					$	1,151
Adjustments to reconcile net income to net cash provided by operating activities						773						1,323
Net cash provided by operating activities						2,177						2,474
CASH FLOWS FROM INVESTING ACTIVITIES
Net cash used in investing activities						(3,300)						(3,342)
CASH FLOWS FROM FINANCING ACTIVITIES
Net cash provided by financing activities						1,238						1,029
Net increase in cash, cash equivalents and restricted cash						115						161
Cash, cash equivalents and restricted cash at beginning of period						421						357
Cash, cash equivalents and restricted cash at end of period						$	536					$	518

13

---

DUKE ENERGY CORPORATION

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

(Unaudited)

			Three Months Ended March 31, 2025
(In millions)			Electric Utilities and Infrastructure			Gas Utilities and Infrastructure						Other			Eliminations/Adjustments			Duke Energy
Operating Revenues
Regulated electric			$	7,079		$	—					$	—		$	(15)		$	7,064
Regulated natural gas			—			1,129						—			(24)			1,105
Nonregulated electric and other			61			11						42			(34)			80
Total operating revenues			7,140			1,140						42			(73)			8,249
Operating Expenses
Fuel used in electric generation and purchased power			2,119			—						—			(20)			2,099
Cost of natural gas			—			374						—			—			374
Operation, maintenance and other			1,424			125						2			(52)			1,499
Depreciation and amortization			1,334			107						77			(6)			1,512
Property and other taxes			378			47						3			—			428
Total operating expenses			5,255			653						82			(78)			5,912
Gains on Sales of Other Assets and Other, net			1			—						5			—			6
Operating Income			1,886			487						(35)			5			2,343
Other Income and Expenses
Equity in earnings of unconsolidated affiliates			—			5						6			—			11
Other income and expenses, net			134			13						14			(29)			132
Total Other Income and Expenses			134			18						20			(29)			143
Interest Expense			530			65						318			(24)			889
Income (Loss) from Continuing Operations before Income Taxes			1,490			440						(333)			—			1,597
Income Tax Expense (Benefit) from Continuing Operations			189			91						(87)			—			193
Income (Loss) from Continuing Operations			1,301			349						(246)			—			1,404
Less: Net Income Attributable to Noncontrolling Interest			25			—						—			—			25
Net Income (Loss) Attributable to Duke Energy Corporation			1,276			349						(246)			—			1,379
Less: Preferred Dividends			—			—						14			—			14
Segment Income/Other Net Loss			$	1,276		$	349					$	(260)		$	—		$	1,365
Discontinued Operations																		—
Net Income Available to Duke Energy Corporation Common Stockholders																		$	1,365

14

---

DUKE ENERGY CORPORATION

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

(Unaudited)

			Three Months Ended March 31, 2024
(In millions)			Electric Utilities and Infrastructure			Gas Utilities and Infrastructure						Other			Eliminations/Adjustments			Duke Energy
Operating Revenues
Regulated electric			$	6,750		$	—					$	—		$	(18)		$	6,732
Regulated natural gas			—			889						—			(23)			866
Nonregulated electric and other			53			13						38			(31)			73
Total operating revenues			6,803			902						38			(72)			7,671
Operating Expenses
Fuel used in electric generation and purchased power			2,355			—						—			(20)			2,335
Cost of natural gas			—			232						—			—			232
Operation, maintenance and other			1,317			129						(18)			(48)			1,380
Depreciation and amortization			1,225			98						71			(7)			1,387
Property and other taxes			337			46						3			—			386
Total operating expenses			5,234			505						56			(75)			5,720
Gains on Sales of Other Assets and Other, net			6			—						5			1			12
Operating Income			1,575			397						(13)			4			1,963
Other Income and Expenses
Equity in earnings of unconsolidated affiliates			1			—						17			(1)			17
Other income and expenses, net			130			17						62			(40)			169
Total Other Income and Expenses			131			17						79			(41)			186
Interest Expense			499			61						294			(37)			817
Income (Loss) from Continuing Operations before Income Taxes			1,207			353						(228)			—			1,332
Income Tax Expense (Benefit) from Continuing Operations			173			69						(64)			—			178
Income (Loss) from Continuing Operations			1,034			284						(164)			—			1,154
Less: Net Income Attributable to Noncontrolling Interest			13			—						—			—			13
Net Income (Loss) Attributable to Duke Energy Corporation			1,021			284						(164)			—			1,141
Less: Preferred Dividends			—			—						39			—			39
Segment Income/Other Net Loss			$	1,021		$	284					$	(203)		$	—		$	1,102
Discontinued Operations																		(3)
Net Income Available to Duke Energy Corporation Common Stockholders																		$	1,099

15

---

DUKE ENERGY CORPORATION

CONDENSED CONSOLIDATING BALANCE SHEETS – ASSETS

(Unaudited)

			March 31, 2025
(In millions)			Electric Utilities and Infrastructure			Gas Utilities and Infrastructure			Other(a)			Eliminations/ Adjustments			Duke Energy
Current Assets
Cash and cash equivalents			$	133		$	20		$	322		$	—		$	475
Receivables, net			3,495			493			10			(2)			3,996
Receivables of variable interest entities, net			10			—			—			—			10
Receivables from affiliated companies			163			149			1,230			(1,542)			—
Receivable from sales of Commercial Renewables Disposal Groups			—			—			558			—			558
Notes receivable from affiliated companies			1,066			5			98			(1,169)			—
Inventory			4,304			76			37			1			4,418
Regulatory assets			2,336			114			88			—			2,538
Other			495			20			363			(98)			780
Total current assets			12,002			877			2,706			(2,810)			12,775
Property, Plant and Equipment
Cost			162,406			17,979			3,239			(78)			183,546
Accumulated depreciation and amortization			(52,992)			(3,712)			(1,967)			(1)			(58,672)
Net property, plant and equipment			109,414			14,267			1,272			(79)			124,874
Other Noncurrent Assets
Goodwill			17,379			1,924			—			—			19,303
Regulatory assets			12,859			825			516			—			14,200
Nuclear decommissioning trust funds			11,246			—			—			—			11,246
Operating lease right-of-use assets, net			812			4			404			(1)			1,219
Investments in equity method unconsolidated affiliates			28			185			145			(1)			357
Investment in consolidated subsidiaries			479			6			76,037			(76,522)			—
Other			2,456			310			1,359			(623)			3,502
Total other noncurrent assets			45,259			3,254			78,461			(77,147)			49,827
Total Assets			166,675			18,398			82,439			(80,036)			187,476
Segment reclassifications, intercompany balances and other			(1,881)			(165)			(77,990)			80,036			—
Segment Assets			$	164,794		$	18,233		$	4,449		$	—		$	187,476

(a)    Includes amounts in held for sale accounts related to the Commercial Renewables Disposal Groups.

16

---

DUKE ENERGY CORPORATION

CONDENSED CONSOLIDATING BALANCE SHEETS – LIABILITIES AND EQUITY

(Unaudited)

			March 31, 2025
(In millions)			Electric Utilities and Infrastructure			Gas Utilities and Infrastructure						Other(a)			Eliminations/ Adjustments			Duke Energy
Current Liabilities
Accounts payable			$	3,579		$	275					$	588		$	—		$	4,442
Accounts payable to affiliated companies			963			49						403			(1,415)			—
Notes payable to affiliated companies			21			659						489			(1,169)			—
Notes payable and commercial paper			—			—						2,568			—			2,568
Taxes accrued			766			164						(135)			(1)			794
Interest accrued			516			60						246			(1)			821
Current maturities of long-term debt			2,018			314						1,855			(7)			4,180
Asset retirement obligations			643			—						—			—			643
Regulatory liabilities			1,273			26						—			(1)			1,298
Liabilities associated with assets held for sale			—			—						18			—			18
Other			1,414			83						587			(223)			1,861
Total current liabilities			11,193			1,630						6,619			(2,817)			16,625
Long-Term Debt			49,368			4,654						25,750			(72)			79,700
Long-Term Debt Payable to Affiliated Companies			618			7						—			(625)			—
Other Noncurrent Liabilities
Deferred income taxes			11,948			1,512						(1,851)			—			11,609
Asset retirement obligations			9,258			92						—			—			9,350
Regulatory liabilities			13,233			1,203						31			(1)			14,466
Operating lease liabilities			741			3						289			—			1,033
Accrued pension and other post-retirement benefit costs			192			29						204			1			426
Investment tax credits			887			1						—			—			888
Other			1,027			172						575			(189)			1,585
Total other noncurrent liabilities			37,286			3,012						(752)			(189)			39,357
Equity
Total Duke Energy Corporation stockholders' equity			67,090			9,092						50,822			(76,334)			50,670
Noncontrolling interests			1,120			3						—			1			1,124
Total equity			68,210			9,095						50,822			(76,333)			51,794
Total Liabilities and Equity			166,675			18,398						82,439			(80,036)			187,476
Segment reclassifications, intercompany balances and other			(1,881)			(165)						(77,990)			80,036			—
Segment Liabilities and Equity			$	164,794		$	18,233					$	4,449		$	—		$	187,476

(a)    Includes amounts in held for sale accounts related to the Commercial Renewables Disposal Groups.

17

---

ELECTRIC UTILITIES AND INFRASTRUCTURE

CONDENSED CONSOLIDATING SEGMENT INCOME

(Unaudited)

			Three Months Ended March 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			$	2,524		$	2,018		$	1,444		$	487		$	858		$	(191)		$	7,140
Operating Expenses
Fuel used in electric generation and purchased power			803			725			381			149			260			(199)			2,119
Operation, maintenance and other			474			391			282			92			193			(8)			1,424
Depreciation and amortization			432			357			274			76			192			3			1,334
Property and other taxes			102			60			112			86			18			—			378
Total operating expenses			1,811			1,533			1,049			403			663			(204)			5,255
Gains on Sales of Other Assets and Other, net			—			—			1			—			—			—			1
Operating Income			713			485			396			84			195			13			1,886
Other Income and Expenses, net(b)			61			39			21			4			10			(1)			134
Interest Expense			200			128			118			31			60			(7)			530
Income Before Income Taxes			574			396			299			57			145			19			1,490
Income Tax Expense			53			58			60			9			18			(9)			189
Less: Net Income Attributable to Noncontrolling Interest(c)			—			—			—			—			—			25			25
Segment Income			$	521		$	338		$	239		$	48		$	127		$	3		$	1,276

(a)    Includes results of the wholly owned subsidiary, Duke Energy Kentucky.

(b)    Includes an equity component of allowance for funds used during construction of $32 million for Duke Energy Carolinas, $19 million for Duke Energy Progress, $5 million for Duke Energy Florida, $3 million for Duke Energy Ohio and $7 million for Duke Energy Indiana.

(c)    Includes a noncontrolling interest in Duke Energy Indiana.

18

---

ELECTRIC UTILITIES AND INFRASTRUCTURE

CONDENSED CONSOLIDATING BALANCE SHEETS – ASSETS

(Unaudited)

			March 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			$	46		$	53		$	16		$	8		$	9		$	1		$	133
Receivables, net			1,168			906			545			394			466			16			3,495
Receivables of variable interest entities, net			1			6			2			—			—			1			10
Receivables from affiliated companies			197			24			75			25			1			(159)			163
Notes receivable from affiliated companies			140			968			86			17			—			(145)			1,066
Inventory			1,488			1,333			773			169			541			—			4,304
Regulatory assets			613			616			921			46			142			(2)			2,336
Other			168			151			56			1			109			10			495
Total current assets			3,821			4,057			2,474			660			1,268			(278)			12,002
Property, Plant and Equipment
Cost			59,212			42,769			30,996			9,172			20,210			47			162,406
Accumulated depreciation and amortization			(19,382)			(16,252)			(7,846)			(2,536)			(7,008)			32			(52,992)
Net property, plant and equipment			39,830			26,517			23,150			6,636			13,202			79			109,414
Other Noncurrent Assets
Goodwill			—			—			—			596			—			16,783			17,379
Regulatory assets			4,149			4,573			2,068			389			1,031			649			12,859
Nuclear decommissioning trust funds			6,377			4,564			305			—			—			—			11,246
Operating lease right-of-use assets, net			93			414			263			6			35			1			812
Investments in equity method unconsolidated affiliates			—			—			1			—			—			27			28
Investment in consolidated subsidiaries			55			10			3			409			1			1			479
Other			1,142			752			480			61			254			(233)			2,456
Total other noncurrent assets			11,816			10,313			3,120			1,461			1,321			17,228			45,259
Total Assets			55,467			40,887			28,744			8,757			15,791			17,029			166,675
Segment reclassifications, intercompany balances and other			(432)			(1,099)			(191)			(454)			(9)			304			(1,881)
Reportable Segment Assets			$	55,035		$	39,788		$	28,553		$	8,303		$	15,782		$	17,333		$	164,794

(a)    Includes balances of the wholly owned subsidiary Duke Energy Kentucky.

(b)    Includes the elimination of intercompany balances, purchase accounting adjustments and Commercial Transmission and Duke Energy Indiana Holdco, LLC balances.

19

---

ELECTRIC UTILITIES AND INFRASTRUCTURE

CONDENSED CONSOLIDATING BALANCE SHEETS – LIABILITIES AND EQUITY

(Unaudited)

			March 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			$	1,377		$	603		$	1,087		$	221		$	286		$	5		$	3,579
Accounts payable to affiliated companies			484			436			88			20			85			(150)			963
Notes payable to affiliated companies			—			—			—			145			20			(144)			21
Taxes accrued			168			84			148			254			106			6			766
Interest accrued			173			96			130			44			73			—			516
Current maturities of long-term debt			23			581			1,235			183			4			(8)			2,018
Asset retirement obligations			253			226			1			7			156			—			643
Regulatory liabilities			600			313			120			35			205			—			1,273
Other			485			358			337			68			167			(1)			1,414
Total current liabilities			3,563			2,697			3,146			977			1,102			(292)			11,193
Long-Term Debt			17,911			13,489			9,783			3,107			4,644			434			49,368
Long-Term Debt Payable to Affiliated Companies			300			150			—			18			150			—			618
Other Noncurrent Liabilities
Deferred income taxes			4,066			2,418			3,048			868			1,497			51			11,948
Asset retirement obligations			3,736			4,122			206			69			1,108			17			9,258
Regulatory liabilities			6,489			4,535			653			229			1,352			(25)			13,233
Operating lease liabilities			83			409			212			6			31			—			741
Accrued pension and other post-retirement benefit costs			23			140			91			67			83			(212)			192
Investment tax credits			313			143			241			5			186			(1)			887
Other			630			182			151			58			19			(13)			1,027
Total other noncurrent liabilities			15,340			11,949			4,602			1,302			4,276			(183)			37,286
Equity
Total Duke Energy Corporation stockholders equity			18,353			12,602			11,213			3,353			5,619			15,950			67,090
Noncontrolling interests(c)			—			—			—			—			—			1,120			1,120
Total equity			18,353			12,602			11,213			3,353			5,619			17,070			68,210
Total Liabilities and Equity			55,467			40,887			28,744			8,757			15,791			17,029			166,675
Segment reclassifications, intercompany balances and other			(432)			(1,099)			(191)			(454)			(9)			304			(1,881)
Reportable Segment Liabilities and Equity			$	55,035		$	39,788		$	28,553		$	8,303		$	15,782		$	17,333		$	164,794

(a)    Includes balances of the wholly owned subsidiary Duke Energy Kentucky.

(b)    Includes the elimination of intercompany balances, purchase accounting adjustments and Commercial Transmission and Duke Energy Indiana Holdco, LLC balances.

(c)    Includes a noncontrolling interest in Duke Energy Indiana.

20

---

GAS UTILITIES AND INFRASTRUCTURE

CONDENSED CONSOLIDATING SEGMENT INCOME

(Unaudited)

			Three Months Ended March 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			$	279		$	857		$	4		$	—		$	1,140
Operating Expenses
Cost of natural gas			101			272			—			1			374
Operation, maintenance and other			29			94			—			2			125
Depreciation and amortization			36			70			2			(1)			107
Property and other taxes			30			18			1			(2)			47
Total operating expenses			196			454			3			—			653
Operating Income			83			403			1			—			487
Other Income and Expenses, net
Equity in earnings of unconsolidated affiliates			—			—			5			—			5
Other income and expenses, net			2			11			—			—			13
Other Income and Expenses, net			2			11			5			—			18
Interest Expense			16			47			1			1			65
Income Before Income Taxes			69			367			5			(1)			440
Income Tax Expense			14			76			1			—			91
Segment Income			$	55		$	291		$	4		$	(1)		$	349

(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.

21

---

GAS UTILITIES AND INFRASTRUCTURE

CONDENSED CONSOLIDATING BALANCE SHEETS – ASSETS

(Unaudited)

			March 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			$	4		$	10		$	6		$	—		$	20
Receivables, net			88			404			—			1			493
Receivables from affiliated companies			—			91			131			(73)			149
Notes receivable from affiliated companies			10			—			—			(5)			5
Inventory			15			61			—			—			76
Regulatory assets			6			109			—			(1)			114
Other			5			11			3			1			20
Total current assets			128			686			140			(77)			877
Property, Plant and Equipment
Cost			4,950			12,956			73			—			17,979
Accumulated depreciation and amortization			(1,215)			(2,487)			(10)			—			(3,712)
Net property, plant and equipment			3,735			10,469			63			—			14,267
Other Noncurrent Assets
Goodwill			324			49			—			1,551			1,924
Regulatory assets			325			435			—			65			825
Operating lease right-of-use assets, net			—			3			—			1			4
Investments in equity method unconsolidated affiliates			—			—			180			5			185
Investment in consolidated subsidiaries			—			—			—			6			6
Other			23			271			17			(1)			310
Total other noncurrent assets			672			758			197			1,627			3,254
Total Assets			4,535			11,913			400			1,550			18,398
Segment reclassifications, intercompany balances and other			(11)			(95)			(130)			71			(165)
Reportable Segment Assets			$	4,524		$	11,818		$	270		$	1,621		$	18,233

(a)    Includes balances of the wholly owned subsidiary Duke Energy Kentucky.

(b)    Includes the elimination of intercompany balances and purchase accounting adjustments.

22

---

GAS UTILITIES AND INFRASTRUCTURE

CONDENSED CONSOLIDATING BALANCE SHEETS – LIABILITIES AND EQUITY

(Unaudited)

			March 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			$	61		$	209		$	6		$	(1)		$	275
Accounts payable to affiliated companies			4			98			21			(74)			49
Notes payable to affiliated companies			84			580			—			(5)			659
Taxes accrued			44			123			(3)			—			164
Interest accrued			10			50			—			—			60
Current maturities of long-term debt			107			205			—			2			314
Regulatory liabilities			17			9			—			—			26
Other			3			78			(1)			3			83
Total current liabilities			330			1,352			23			(75)			1,630
Long-Term Debt			744			3,799			60			51			4,654
Long-Term Debt Payable to Affiliated Companies			7			—			—			—			7
Other Noncurrent Liabilities
Deferred income taxes			444			1,002			64			2			1,512
Asset retirement obligations			63			29			—			—			92
Regulatory liabilities			231			960			—			12			1,203
Operating lease liabilities			—			2			—			1			3
Accrued pension and other post-retirement benefit costs			23			6			—			—			29
Investment tax credits			—			1			—			—			1
Other			23			150			—			(1)			172
Total other noncurrent liabilities			784			2,150			64			14			3,012
Equity
Total Duke Energy Corporation stockholders' equity			2,670			4,612			250			1,560			9,092
Noncontrolling interests			—			—			3			—			3
Total equity			2,670			4,612			253			1,560			9,095
Total Liabilities and Equity			4,535			11,913			400			1,550			18,398
Segment reclassifications, intercompany balances and other			(11)			(95)			(130)			71			(165)
Reportable Segment Liabilities and Equity			$	4,524		$	11,818		$	270		$	1,621		$	18,233

(a)    Includes balances of the wholly owned subsidiary Duke Energy Kentucky.

(b)    Includes the elimination of intercompany balances and purchase accounting adjustments.

23

---

Electric Utilities and Infrastructure
Quarterly Highlights
March 2025
												Three Months Ended March 31,
																														2025						2024						% Inc. (Dec.)						% Inc. (Dec.) Weather Normal(b)
Gigawatt-hour (GWh) Sales(a)
			Residential																											25,225						22,704						11.1		%				3.4		%
			Commercial																											18,902						18,169						4.0		%				1.7		%
			Industrial																											10,964						11,449						(4.2		%)				(0.9		%)
			Other Energy Sales																											116						136						(14.7		%)				n/a
			Unbilled Sales																											(1,816)						(1,794)						(1.2		%)				n/a
			Total Retail Sales																											53,391						50,664						5.4		%				1.8		%
			Wholesale and Other																											11,851						9,946						19.2		%
			Total Consolidated Electric Sales – Electric Utilities and Infrastructure																											65,242						60,610						7.6		%
Average Number of Customers (Electric)
			Residential																											7,498,119						7,355,519						1.9		%
			Commercial																											1,045,224						1,041,737						0.3		%
			Industrial																											15,305						15,804						(3.2		%)
			Other Energy Sales																											23,202						23,839						(2.7		%)
			Total Retail Customers																											8,581,850						8,436,899						1.7		%
			Wholesale and Other																											52						52						—		%
			Total Average Number of Customers – Electric Utilities and Infrastructure																											8,581,902						8,436,951						1.7		%
Sources of Electric Energy (GWh)
			Generated – Net Output(c)
			Coal																											11,347						9,389						20.9		%
			Nuclear																											18,926						19,082						(0.8		%)
			Hydro																											446						981						(54.5		%)
			Natural Gas and Oil																											21,553						19,881						8.4		%
			Renewable Energy																											841						668						25.9		%
			Total Generation(d)																											53,113						50,001						6.2		%
			Purchased Power and Net Interchange(e)																											14,952						14,128						5.8		%
			Total Sources of Energy																											68,065						64,129						6.1		%
			Less: Line Loss and Other																											2,823						3,519						(19.8		%)
			Total GWh Sources																											65,242						60,610						7.6		%
Owned Megawatt (MW) Capacity(c)
			Summer																											50,562						50,385
			Winter																											55,139						54,870
Nuclear Capacity Factor (%)(f)																														99						97

(a)    Except as indicated in footnote (b), represents non-weather-normalized billed sales, with energy delivered but not yet billed (i.e., unbilled sales) reflected as a single amount and not allocated to the respective retail classes.

(b)    Represents weather-normal total retail calendar sales (i.e., billed and unbilled sales).

(c)    Statistics reflect Duke Energy's ownership share of jointly owned stations.

(d)    Generation by source is reported net of auxiliary power.

(e)    Purchased power includes renewable energy purchases.

(f)    Statistics reflect 100% of jointly owned stations.

24

---

Duke Energy Carolinas
Quarterly Highlights
Supplemental Electric Utilities and Infrastructure Information
March 2025
												Three Months Ended March 31,
																														2025						2024						% Inc. (Dec.)						% Inc. (Dec.) Weather Normal(b)
GWh Sales(a)
			Residential																											9,138						8,241						10.9		%
			Commercial																											7,390						7,232						2.2		%
			Industrial																											4,554						4,686						(2.8		%)
			Other Energy Sales																											56						68						(17.6		%)
			Unbilled Sales																											(730)						(676)						(8.0		%)
			Total Retail Sales																											20,408						19,551						4.4		%				1.2		%
			Wholesale and Other																											3,150						2,837						11.0		%
			Total Consolidated Electric Sales – Duke Energy Carolinas																											23,558						22,388						5.2		%
Average Number of Customers
			Residential																											2,524,566						2,465,376						2.4		%
			Commercial																											401,939						401,787						—		%
			Industrial																											5,895						5,968						(1.2		%)
			Other Energy Sales																											10,836						11,120						(2.6		%)
			Total Retail Customers																											2,943,236						2,884,251						2.0		%
			Wholesale and Other																											26						25						4.0		%
			Total Average Number of Customers – Duke Energy Carolinas																											2,943,262						2,884,276						2.0		%
Sources of Electric Energy (GWh)
			Generated – Net Output(c)
			Coal																											3,285						2,915						12.7		%
			Nuclear																											11,789						11,835						(0.4		%)
			Hydro																											251						652						(61.5		%)
			Natural Gas and Oil																											5,880						5,902						(0.4		%)
			Renewable Energy																											57						73						(21.9		%)
			Total Generation(d)																											21,262						21,377						(0.5		%)
			Purchased Power and Net Interchange(e)																											3,238						2,207						46.7		%
			Total Sources of Energy																											24,500						23,584						3.9		%
			Less: Line Loss and Other																											942						1,196						(21.2		%)
			Total GWh Sources																											23,558						22,388						5.2		%
Owned MW Capacity(c)
			Summer																											19,698						19,688
			Winter																											20,773						20,736
Nuclear Capacity Factor (%)(f)																														102						100
Heating and Cooling Degree Days
			Actual
			Heating Degree Days																											1,643						1,475						11.4		%
			Cooling Degree Days																											8						3						166.7		%
			Variance from Normal
			Heating Degree Days																											(3.2		%)				(14.8		%)
			Cooling Degree Days																											(2.4		%)				(53.2		%)

(a)    Except as indicated in footnote (b), represents non-weather-normalized billed sales, with energy delivered but not yet billed (i.e., unbilled sales) reflected as a single amount and not allocated to the respective retail classes.

(b)    Represents weather-normal total retail calendar sales (i.e., billed and unbilled sales).

(c)    Statistics reflect Duke Energy's ownership share of jointly owned stations.

(d)    Generation by source is reported net of auxiliary power.

(e)    Purchased power includes renewable energy purchases.

(f)    Statistics reflect 100% of jointly owned stations.

25

---

Duke Energy Progress
Quarterly Highlights
Supplemental Electric Utilities and Infrastructure Information
March 2025
												Three Months Ended March 31,
																														2025						2024						% Inc. (Dec.)						% Inc. (Dec.) Weather Normal(b)
GWh Sales(a)
			Residential																											5,880						5,132						14.6		%
			Commercial																											3,740						3,632						3.0		%
			Industrial																											2,457						2,223						10.5		%
			Other Energy Sales																											21						22						(4.5		%)
			Unbilled Sales																											(747)						(521)						(43.4		%)
			Total Retail Sales																											11,351						10,488						8.2		%				2.2		%
			Wholesale and Other																											6,834						5,640						21.2		%
			Total Consolidated Electric Sales – Duke Energy Progress																											18,185						16,128						12.8		%
Average Number of Customers
			Residential																											1,518,693						1,486,661						2.2		%
			Commercial																											248,333						247,706						0.3		%
			Industrial																											3,072						3,238						(5.1		%)
			Other Energy Sales																											2,406						2,453						(1.9		%)
			Total Retail Customers																											1,772,504						1,740,058						1.9		%
			Wholesale and Other																											8						8						—		%
			Total Average Number of Customers – Duke Energy Progress																											1,772,512						1,740,066						1.9		%
Sources of Electric Energy (GWh)
			Generated – Net Output(c)
			Coal																											2,276						1,802						26.3		%
			Nuclear																											7,137						7,247						(1.5		%)
			Hydro																											138						261						(47.1		%)
			Natural Gas and Oil																											6,519						5,117						27.4		%
			Renewable Energy																											50						59						(15.3		%)
			Total Generation(d)																											16,120						14,486						11.3		%
			Purchased Power and Net Interchange(e)																											2,492						2,137						16.6		%
			Total Sources of Energy																											18,612						16,623						12.0		%
			Less: Line Loss and Other																											427						495						(13.7		%)
			Total GWh Sources																											18,185						16,128						12.8		%
Owned MW Capacity(c)
			Summer																											12,585						12,564
			Winter																											13,845						13,770
Nuclear Capacity Factor (%)(f)																														92						92
Heating and Cooling Degree Days
			Actual
			Heating Degree Days																											1,523						1,273						19.6		%
			Cooling Degree Days																											15						9						66.7		%
			Variance from Normal
			Heating Degree Days																											(2.6		%)				(20.3		%)
			Cooling Degree Days																											14.9		%				(26.5		%)

(a)    Except as indicated in footnote (b), represents non-weather-normalized billed sales, with energy delivered but not yet billed (i.e., unbilled sales) reflected as a single amount and not allocated to the respective retail classes.

(b)    Represents weather-normal total retail calendar sales (i.e., billed and unbilled sales).

(c)    Statistics reflect Duke Energy's ownership share of jointly owned stations.

(d)    Generation by source is reported net of auxiliary power.

(e)    Purchased power includes renewable energy purchases.

(f)    Statistics reflect 100% of jointly owned stations.

26

---

Duke Energy Florida
Quarterly Highlights
Supplemental Electric Utilities and Infrastructure Information
March 2025
												Three Months Ended March 31,
																														2025						2024						% Inc. (Dec.)						% Inc. (Dec.) Weather Normal(b)
GWh Sales(a)
			Residential																											4,618						4,371						5.7		%
			Commercial																											3,402						3,325						2.3		%
			Industrial																											783						832						(5.9		%)
			Other Energy Sales																											7						8						(12.5		%)
			Unbilled Sales																											(125)						(73)						(71.2		%)
			Total Retail Sales																											8,685						8,463						2.6		%				1.1		%
			Wholesale and Other																											383						376						1.9		%
			Total Electric Sales – Duke Energy Florida																											9,068						8,839						2.6		%
Average Number of Customers
			Residential																											1,811,645						1,781,895						1.7		%
			Commercial																											211,835						210,297						0.7		%
			Industrial																											1,616						1,716						(5.8		%)
			Other Energy Sales																											3,562						3,632						(1.9		%)
			Total Retail Customers																											2,028,658						1,997,540						1.6		%
			Wholesale and Other																											13						14						(7.1		%)
			Total Average Number of Customers – Duke Energy Florida																											2,028,671						1,997,554						1.6		%
Sources of Electric Energy (GWh)
			Generated – Net Output(c)
			Coal																											454						593						(23.4		%)
			Natural Gas and Oil																											8,004						7,735						3.5		%
			Renewable Energy																											729						530						37.5		%
			Total Generation(d)																											9,187						8,858						3.7		%
			Purchased Power and Net Interchange(e)																											108						253						(57.3		%)
			Total Sources of Energy																											9,295						9,111						2.0		%
			Less: Line Loss and Other																											227						272						(16.5		%)
			Total GWh Sources																											9,068						8,839						2.6		%
Owned MW Capacity(c)
			Summer																											10,895						10,749
			Winter																											12,542						12,408
Heating and Cooling Degree Days
			Actual
			Heating Degree Days																											359						294						22.1		%
			Cooling Degree Days																											215						229						(6.1		%)
			Variance from Normal
			Heating Degree Days																											(1.8		%)				(20.8		%)
			Cooling Degree Days																											1.6		%				11.0		%

(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.

27

---

Duke Energy Ohio
Quarterly Highlights
Supplemental Electric Utilities and Infrastructure Information
March 2025
												Three Months Ended March 31,
																														2025						2024						% Inc. (Dec.)						% Inc. (Dec.) Weather Normal(b)
GWh Sales(a)
			Residential																											2,672						2,382						12.2		%
			Commercial																											2,329						2,072						12.4		%
			Industrial																											1,096						1,258						(12.9		%)
			Other Energy Sales																											19						23						(17.4		%)
			Unbilled Sales																											(121)						(85)						(42.4		%)
			Total Retail Sales																											5,995						5,650						6.1		%				2.6		%
			Wholesale and Other																											112						130						(13.8		%)
			Total Electric Sales – Duke Energy Ohio																											6,107						5,780						5.7		%
Average Number of Customers
			Residential																											837,876						830,082						0.9		%
			Commercial																											76,514						75,773						1.0		%
			Industrial																											2,101						2,248						(6.5		%)
			Other Energy Sales																											2,652						2,800						(5.3		%)
			Total Retail Customers																											919,143						910,903						0.9		%
			Wholesale and Other																											1						1						—		%
			Total Average Number of Customers – Duke Energy Ohio																											919,144						910,904						0.9		%
Sources of Electric Energy (GWh)
			Generated – Net Output(c)
			Coal																											779						765						1.8		%
			Natural Gas and Oil																											37						38						(2.6		%)
			Total Generation(d)																											816						803						1.6		%
			Purchased Power and Net Interchange(e)																											6,046						5,697						6.1		%
			Total Sources of Energy																											6,862						6,500						5.6		%
			Less: Line Loss and Other																											755						720						4.9		%
			Total GWh Sources																											6,107						5,780						5.7		%
Owned MW Capacity(c)
			Summer																											1,080						1,080
			Winter																											1,173						1,173
Heating and Cooling Degree Days
			Actual
			Heating Degree Days																											2,563						2,228						15.0		%
			Cooling Degree Days																											7						—						—		%
			Variance from Normal
			Heating Degree Days																											0.6		%				(14.0		%)
			Cooling Degree Days																											142.5		%				—		%

(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.

28

---

Duke Energy Indiana
Quarterly Highlights
Supplemental Electric Utilities and Infrastructure Information
March 2025
												Three Months Ended March 31,
																														2025						2024						% Inc. (Dec.)						% Inc. (Dec.) Weather Normal(b)
GWh Sales(a)
			Residential																											2,917						2,578						13.1		%
			Commercial																											2,041						1,908						7.0		%
			Industrial																											2,074						2,450						(15.3		%)
			Other Energy Sales																											13						15						(13.3		%)
			Unbilled Sales																											(93)						(439)						78.8		%
			Total Retail Sales																											6,952						6,512						6.8		%				3.5		%
			Wholesale and Other																											1,372						963						42.5		%
			Total Electric Sales – Duke Energy Indiana																											8,324						7,475						11.4		%
Average Number of Customers
			Residential																											805,339						791,505						1.7		%
			Commercial																											106,603						106,174						0.4		%
			Industrial																											2,621						2,634						(0.5		%)
			Other Energy Sales																											3,746						3,834						(2.3		%)
			Total Retail Customers																											918,309						904,147						1.6		%
			Wholesale and Other																											4						4						—		%
			Total Average Number of Customers – Duke Energy Indiana																											918,313						904,151						1.6		%
Sources of Electric Energy (GWh)
			Generated – Net Output(c)
			Coal																											4,553						3,314						37.4		%
			Hydro																											57						68						(16.2		%)
			Natural Gas and Oil																											1,113						1,089						2.2		%
			Renewable Energy																											5						6						(16.7		%)
			Total Generation(d)																											5,728						4,477						27.9		%
			Purchased Power and Net Interchange(e)																											3,068						3,834						(20.0		%)
			Total Sources of Energy																											8,796						8,311						5.8		%
			Less: Line Loss and Other																											472						836						(43.5		%)
			Total GWh Sources																											8,324						7,475						11.4		%
Owned MW Capacity(c)
			Summer																											6,304						6,304
			Winter																											6,806						6,783
Heating and Cooling Degree Days
			Actual
			Heating Degree Days																											2,731						2,361						15.7		%
			Cooling Degree Days																											2						—						—		%
			Variance from Normal
			Heating Degree Days																											(0.5		%)				(15.0		%)
			Cooling Degree Days																											(10.9		%)				—		%

(a)    Except as indicated in footnote (b), represents non-weather-normalized billed sales, with energy delivered but not yet billed (i.e., unbilled sales) reflected as a single amount and not allocated to the respective retail classes.

(b)    Represents weather-normal total retail calendar sales (i.e., billed and unbilled sales).

(c)    Statistics reflect Duke Energy's ownership share of jointly owned stations.

(d)    Generation by source is reported net of auxiliary power.

(e)    Purchased power includes renewable energy purchases.

29

---

Gas Utilities and Infrastructure
Quarterly Highlights
March 2025
												Three Months Ended March 31,
																								2025						2024						% Inc. (Dec.)
Total Sales
			Piedmont Natural Gas Local Distribution Company (LDC) throughput (dekatherms)(a)																					181,459,847						163,265,015						11.1		%
			Duke Energy Midwest LDC throughput (Mcf)(a)																					40,455,684						33,197,651						21.9		%
Average Number of Customers – Piedmont Natural Gas
			Residential																					1,092,898						1,072,397						1.9		%
			Commercial																					109,848						108,553						1.2		%
			Industrial																					945						944						0.1		%
			Power Generation																					19						19						—		%
			Total Average Number of Gas Customers – Piedmont Natural Gas																					1,203,710						1,181,913						1.8		%
Average Number of Customers – Duke Energy Midwest
			Residential																					526,598						524,333						0.4		%
			Commercial																					35,285						35,369						(0.2		%)
			Industrial																					2,334						2,249						3.8		%
			Other																					117						117						—		%
			Total Average Number of Gas Customers – Duke Energy Midwest																					564,334						562,068						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.

30