NEXTERA ENERGY INC - Quarter Report: 2025 June (Form 10-Q)

Depreciation and amortization Taxes other than income taxes and other – net Total operating expenses – net GAINS ON DISPOSAL OF BUSINESSES/ASSETS – NET OPERATING INCOME OTHER INCOME (DEDUCTIONS)Interest expense()()()()Equity in earnings (losses) of equity method investees () Allowance for equity funds used during construction

Net unrealized gains (losses) on foreign currency translation

() ()

Total other comprehensive income (loss), net of tax

() ()COMPREHENSIVE INCOME Equity in losses (earnings) of equity method investees ()Distributions of earnings from equity method investees Gains on disposal of businesses, assets and investments – net()()Recoverable storm-related costs()()Other – net Changes in operating assets and liabilities:Current assets()()Noncurrent assets()()Current liabilities Noncurrent liabilities Net cash provided by operating activities CASH FLOWS FROM INVESTING ACTIVITIESCapital expenditures of FPL()()Independent power and other investments of NEER()()Nuclear fuel purchases()()Other capital expenditures()()Sale of independent power and other investments of NEER Proceeds from sale or maturity of securities in special use funds and other investments Purchases of securities in special use funds and other investments()()Other – net ()Net cash used in investing activities()()CASH FLOWS FROM FINANCING ACTIVITIESIssuances of long-term debt, including premiums and discounts Retirements of long-term debt()()Net change in commercial paper ()Proceeds from other short-term debt Repayments of other short-term debt()()Cash swept from (repayments to) related parties – net()()Issuances of common stock/equity units Dividends on common stock()()Other – net()()Net cash provided by financing activities Effects of currency translation on cash, cash equivalents and restricted cash ()Net increase (decrease) in cash, cash equivalents and restricted cash ()Cash, cash equivalents and restricted cash at beginning of period Cash, cash equivalents and restricted cash at end of period$ $ SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATIONCash paid for interest (net of amount capitalized)$ $ Cash received for income taxes – net$()$()SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIESAccrued property additions$ $

Right-of-use asset in exchange for finance lease liability

$ $

This report should be read in conjunction with the Notes herein and the Notes to Consolidated Financial Statements appearing in the 2024 Form 10-K.

NEXTERA ENERGY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

(millions, except per share amounts)

(unaudited)

Common Stock

Additional

Paid-In

Capital

Accumulated
Other
Comprehensive
Loss

Retained

Earnings

Total Common

Shareholders'

Equity

Non-

controlling

Interests

Total
Equity

Redeemable Non-controlling Interests

Three Months Ended June 30, 2025

Aggregate

Par Value

Balances, March 31, 2025

()

Net income (loss)

—

()

Share-based payment activity

—

Dividends on common stock(a)

—

()

—

Other comprehensive income

—

Other differential membership interests activity

—

()

—

()

Other – net

—

()

Balances, June 30, 2025

()

——————————————

(a) for the three months ended June 30, 2025.

Common Stock

Additional
Paid-In
Capital

Accumulated

Other

Comprehensive

Loss

Retained
Earnings

Total
Common
Shareholders'
Equity

Non-
controlling
Interests

Total
Equity

Redeemable Non-controlling Interests

Six Months Ended June 30, 2025

Aggregate
Par Value

Balances, December 31, 2024

()

Net income (loss)

—

()

Share-based payment activity

—

Dividends on common stock(a)

—

()

—

Other comprehensive income

—

Other differential membership interests activity

—

()

—

()

Other – net

—

()

Balances, June 30, 2025

()

———————————————

(a) for each of the quarterly periods in 2025.

This report should be read in conjunction with the Notes herein and the Notes to Consolidated Financial Statements appearing in the 2024 Form 10-K.

NEXTERA ENERGY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

(millions, except per share amounts)

(unaudited)

Common Stock

Additional

Paid-In

Capital

Accumulated

Other

Comprehensive

Loss

Retained

Earnings

Total

Common

Shareholders'

Equity

Non-

controlling

Interests

Total

Equity

Redeemable Non-controlling Interests

Three Months Ended June 30, 2024

Aggregate

Par Value

Balances, March 31, 2024

()

Net income (loss)

—

()

Issuances of common stock/equity units – net

()

—

()

—

Share-based payment activity

—

Dividends on common stock(a)

—

()

—

Other comprehensive loss

—

()

—

()

—

Premium on equity units

—

()

—

()

—

Other differential membership interests activity

—

()

Other – net

—

()

Balances, June 30, 2024

()

_______________________

(a) for the three months ended June 30, 2024.

Common Stock

Additional
Paid-In
Capital

Accumulated
Other
Comprehensive
Loss

Retained
Earnings

Total
Common
Shareholders'
Equity

Non-
controlling
Interests

Total
Equity

Redeemable
Non-controlling
Interests

Six Months Ended June 30, 2024

Aggregate
Par Value

Balances, December 31, 2023

()

Net income (loss)

—

()

Issuances of common stock/equity units – net

()

—

()

—

Share-based payment activity

—

Dividends on common stock(a)

—

()

—

Other comprehensive loss

—

()

—

()

—

Premium on equity units

—

()

—

()

—

Other differential membership interests activity

—

()

Other – net

—

()

Balances, June 30, 2024

()

_______________________

(a) for each of the quarterly periods in 2024.

This report should be read in conjunction with the Notes herein and the Notes to Consolidated Financial Statements appearing in the 2024 Form 10-K.

FLORIDA POWER & LIGHT COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(millions)

(unaudited)


	Three Months Ended June 30,		Six Months Ended June 30,
	2025	2024	2025	2024
OPERATING REVENUES	$	$	$	$
OPERATING EXPENSES
Fuel, purchased power and interchange
Other operations and maintenance
TOTAL EQUITY
TOTAL LIABILITIES AND EQUITY	$	$

This report should be read in conjunction with the Notes herein and the Notes to Consolidated Financial Statements appearing in the 2024 Form 10-K.

FLORIDA POWER & LIGHT COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(millions)

(unaudited)


	Six Months Ended June 30,
	2025	2024
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	$
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
Nuclear fuel and other amortization
Deferred income taxes
Cost recovery clauses and franchise fees	()
Recoverable storm-related costs	()	()
Other – net		()
Changes in operating assets and liabilities:
Current assets	()	()
Noncurrent assets	()	()
Current liabilities
Noncurrent liabilities	()	()
Net cash provided by operating activities
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	()	()
Nuclear fuel purchases	()	()
Proceeds from sale or maturity of securities in special use funds
Purchases of securities in special use funds	()	()
Other – net		()
Net cash used in investing activities	()	()
CASH FLOWS FROM FINANCING ACTIVITIES
Issuances of long-term debt, including premiums and discounts
Retirements of long-term debt	()	()
Net change in commercial paper	()	()
Repayments of other short-term debt		()
Capital contributions from NEE
Dividends to NEE	()	()
Other – net	()	()
Net cash provided by financing activities
Net increase in cash, cash equivalents and restricted cash
Cash, cash equivalents and restricted cash at beginning of period
Cash, cash equivalents and restricted cash at end of period	$	$
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid for interest (net of amount capitalized)	$	$
Cash paid for income taxes – net	$	$
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES
Accrued property additions	$	$

This report should be read in conjunction with the Notes herein and the Notes to Consolidated Financial Statements appearing in the 2024 Form 10-K.

FLORIDA POWER & LIGHT COMPANY

CONDENSED CONSOLIDATED STATEMENTS OF COMMON SHAREHOLDER'S EQUITY

(millions)

(unaudited)

Three Months Ended June 30, 2025

Common
Stock

Additional
Paid-In Capital

Retained
Earnings

Common
Shareholder's
Equity

Balances, March 31, 2025

Net income

—

Other

—

()

Balances, June 30, 2025

Six Months Ended June 30, 2025

Common
Stock

Additional
Paid-In Capital

Retained
Earnings

Common
Shareholder's
Equity

Balances, December 31, 2024

Net income

—

Dividends to NEE

—

()

Other

—

()

Balances, June 30, 2025

Three Months Ended June 30, 2024

Common
Stock

Additional
Paid-In Capital

Retained
Earnings

Common
Shareholder's
Equity

Balances, March 31, 2024

Net income

—

Dividends to NEE

—

()

Balances, June 30, 2024

Six Months Ended June 30, 2024

Common
Stock

Additional
Paid-In Capital

Retained
Earnings

Common
Shareholder's
Equity

Balances, December 31, 2023

Net income

—

Capital contributions from NEE

—

Dividends to NEE

—

()

Other

—

()

Balances, June 30, 2024

This report should be read in conjunction with the Notes herein and the Notes to Consolidated Financial Statements appearing in the 2024 Form 10-K.

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

The accompanying condensed consolidated financial statements should be read in conjunction with the 2024 Form 10-K. In the opinion of NEE and FPL management, all adjustments considered necessary for fair financial statement presentation have been made. All adjustments are normal and recurring unless otherwise noted. Certain amounts included in the prior year's condensed consolidated financial statements have been reclassified to conform to the current year's presentation. The results of operations for an interim period generally will not give a true indication of results for the year.

billion ($ billion at FPL) and $ billion ($ billion at FPL) for the three months ended June 30, 2025 and 2024, respectively, and $ billion ($ billion at FPL) and $ billion ($ billion at FPL) for the six months ended June 30, 2025 and 2024, respectively. NEE's and FPL's receivables are primarily associated with revenues earned from contracts with customers, as well as derivative and lease transactions at NEER, and consist of both billed and unbilled amounts, which are recorded in customer receivables and other receivables on NEE's and FPL's condensed consolidated balance sheets. Receivables represent unconditional rights to consideration and reflect the differences in timing of revenue recognition and cash collections. For substantially all of NEE's and FPL's receivables, regardless of the type of revenue transaction from which the receivable originated, customer and counterparty credit risk is managed in the same manner and the terms and conditions of payment are similar.

FPL – FPL’s revenues are derived primarily from tariff-based sales that result from providing electricity to retail customers in Florida with no defined contractual term. Electricity sales to retail customers account for approximately % of FPL’s operating revenues, the majority of which are to residential customers. FPL's retail customers receive a bill monthly based on the amount of monthly kWh usage with payment due monthly. For these types of sales, FPL recognizes revenue as electricity is delivered and billed to customers, as well as an estimate for electricity delivered and not yet billed. The billed and unbilled amounts represent the value of electricity delivered to the customer. At June 30, 2025 and December 31, 2024, FPL's unbilled revenues amounted to approximately $ million and $ million, respectively, and are included in customer receivables on NEE's and FPL's condensed consolidated balance sheets. Certain contracts with customers contain a fixed price with maturity dates through 2054. As of June 30, 2025, FPL expects to record approximately $ million of revenues related to the fixed price components of such contracts over the remaining terms of the related contracts. Certain of these contracts also contain a variable price component for energy usage which FPL recognizes as revenue as the energy is delivered based on rates stipulated in the respective contracts.

million of revenues related to the fixed price components of such contracts over the remaining terms of the related contracts as the capacity is provided. The power purchase agreements also contain a variable price component for energy usage which NEER recognizes as revenue as the energy is delivered based on rates stipulated in the respective contracts.

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

At June 30, 2025, NEE's AOCI included immaterial amounts related to discontinued interest rate cash flow hedges with expiration dates through October 2033 and foreign currency cash flow hedges with expiration dates through September 2030.

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

$ $ $()$ Interest rate contracts$ $ $ $() Foreign currency contracts$ $ $ $() Total derivative assets$

FPL – commodity contracts

$ $ $ $()$ Liabilities:NEE:Commodity contracts$ $ $ $()$ Interest rate contracts$ $ $ $() Foreign currency contracts$ $ $ $() Total derivative liabilities$

FPL – commodity contracts

$ $ $ $()$ Net fair value by NEE balance sheet line item:

Current derivative assets(b)

Noncurrent derivative assets(c)

Total derivative assets$

Current derivative liabilities(d)

Noncurrent derivative liabilities(e)

Total derivative liabilities$ Net fair value by FPL balance sheet line item:Current other assets$ Noncurrent other assets Total derivative assets$ Current other liabilities$ Noncurrent other liabilities Total derivative liabilities$

———————————————

(a)Includes the effect of the contractual ability to settle contracts under master netting arrangements and the netting of margin cash collateral payments and receipts. NEE and FPL also have contract settlement receivable and payable balances that are subject to the master netting arrangements but are not offset within the condensed consolidated balance sheets and are recorded in customer receivables – net and accounts payable, respectively.

(b)Reflects the netting of approximately $ million in margin cash collateral received from counterparties.

(c)Reflects the netting of approximately $ million in margin cash collateral received from counterparties.

(d)Reflects the netting of approximately $ million in margin cash collateral paid to counterparties.

(e)Reflects the netting of approximately $ million in margin cash collateral paid to counterparties.

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

$ $ $()$ Interest rate contracts$ $ $ $() Foreign currency contracts$ $ $ $()()Total derivative assets$

FPL – commodity contracts

$ $ $ $()$ Liabilities:NEE:Commodity contracts$ $ $ $()$ Interest rate contracts$ $ $ $() Foreign currency contracts$ $ $ $() Total derivative liabilities$

FPL – commodity contracts

$ $ $ $()$ Net fair value by NEE balance sheet line item:

Current derivative assets(b)

Noncurrent derivative assets(c)

Total derivative assets$

Current derivative liabilities

Noncurrent derivative liabilities

———————————————

(b)Reflects the netting of approximately $ million in margin cash collateral received from counterparties.

(c)Reflects the netting of approximately $ million in margin cash collateral received from counterparties.

At June 30, 2025 and December 31, 2024, NEE had approximately $ million ($ million at FPL) and $ million ($ million at FPL), respectively, in margin cash collateral received from counterparties that was not offset against derivative assets in the above presentation. These amounts are included in current other liabilities on NEE's condensed consolidated balance sheets. Additionally, at June 30, 2025 and December 31, 2024, NEE had approximately $ million ( at FPL) and $ million ( at FPL), respectively, in margin cash collateral paid to counterparties that was not offset against derivative assets or liabilities in the above presentation. These amounts are included in current other assets on NEE's condensed consolidated balance sheets.

Significant Unobservable Inputs Used in Recurring Fair Value Measurements – The valuation of certain commodity contracts requires the use of significant unobservable inputs. All forward price, implied volatility, implied correlation and interest rate inputs used in the valuation of such contracts are directly based on third-party market data, such as broker quotes and exchange settlements, when that data is available. If third-party market data is not available, then industry standard methodologies are used to develop inputs that maximize the use of relevant observable inputs and minimize the use of unobservable inputs. Observable inputs, including some forward prices, implied volatilities and interest rates used for determining fair value are updated daily to reflect the best available market information. Unobservable inputs which are related to observable inputs, such as illiquid portions of forward price or volatility curves, are updated daily as well, using industry standard techniques such as interpolation and extrapolation, combining observable forward inputs supplemented by historical market and other relevant data. Other unobservable inputs, such as implied correlations, block-to-hourly price shaping, customer migration rates from full

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

$ Discounted cash flowForward price (per MWh)$()—$$

Forward contracts – gas

Discounted cash flowForward price (per MMBtu)$—$$

Forward contracts – congestion

Discounted cash flowForward price (per MWh)$()—$$

Options – power

Option modelsImplied correlations%—%%Implied volatilities%—%%

Options – primarily gas

Option modelsImplied correlations%—%%Implied volatilities%—%%

Full requirements and unit contingent contracts

Discounted cash flowForward price (per MWh)$—$$

Customer migration rate(b)

%—%%

Forward contracts – other

Total$ $

———————————————

(a)Unobservable inputs were weighted by volume.

(b)Applies only to full requirements contracts.

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

$ $ $ Realized and unrealized gains (losses): Included in operating revenues

Included in regulatory assets and liabilities

()() Purchases Settlements() ()()Issuances() ()


	Six Months Ended June 30,
	2025			2024
	NEE	FPL		NEE		FPL
	(millions)
Fair value of net derivatives based on significant unobservable inputs at December 31 of prior period	$	$		$		$
Realized and unrealized gains (losses):
Included in operating revenues
Included in regulatory assets and liabilities	()	()
Purchases
Settlements	()			()		()
Issuances	()			()
Transfers in(a)	()
Transfers out(a)	()
Fair value of net derivatives based on significant unobservable inputs at June 30	$	$	()	$		$
Gains (losses) included in operating revenues attributable to the change in unrealized gains (losses) relating to derivatives held at the reporting date	$	$		$	()	$

———————————————

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

unrealized losses, $ unrealized losses, $ unrealized losses and $ unrealized losses, respectively)$()$()$ $()

Foreign currency contracts – interest expense (including $ unrealized gains, $ unrealized losses, $ unrealized gains and $ unrealized losses, respectively)

() ()

Interest rate contracts – interest expense (including $ unrealized gains, $ unrealized losses, $ unrealized losses and $ unrealized gains, respectively)

() ()

Gains (losses) reclassified from AOCI to interest expense:

Interest rate contracts

Foreign currency contracts

()()() Total$()$()$()$

———————————————

(a)For the three and six months ended June 30, 2025, FPL recorded losses of approximately $ million and $ million, respectively, related to commodity contracts as regulatory assets on its condensed consolidated balance sheets. For the three and six months ended June 30, 2024, FPL recorded gains of approximately $ million and $ million, respectively, related to commodity contracts as regulatory liabilities on its condensed consolidated balance sheets.

Notional Volumes of Derivative Instruments – The following table represents net notional volumes associated with derivative instruments that are required to be reported at fair value in NEE's and FPL's condensed consolidated financial statements. The table includes significant volumes of transactions that have minimal exposure to commodity price changes because they are variably priced agreements. These volumes are only an indication of the commodity exposure that is managed through the use of derivatives. They do not represent net physical asset positions or non-derivative positions and the related hedges, nor do they represent NEE’s and FPL’s net economic exposure, but only the net notional derivative positions that fully or partially hedge the related asset positions.

)MWh ()MWh Natural gas()MMBtu MMBtu()MMBtu MMBtuOil()barrels ()barrels

At June 30, 2025 and December 31, 2024, NEE had interest rate contracts with a net notional amount of approximately $ billion and $ billion, respectively, and foreign currency contracts with a notional amount of approximately $ billion and $ billion, respectively.

Credit-Risk-Related Contingent Features – Certain derivative instruments contain credit-risk-related contingent features including, among other things, the requirement to maintain an investment grade credit rating from specified credit rating agencies and certain financial ratios, as well as credit-related cross-default and material adverse change triggers. At June 30, 2025 and December 31, 2024, the aggregate fair value of NEE's derivative instruments with credit-risk-related contingent features that were in a liability position was approximately $ billion ($ million for FPL) and $ billion ($ million for FPL), respectively.

If the credit-risk-related contingent features underlying these derivative agreements were triggered, certain subsidiaries of NEE, including FPL, could be required to post collateral or settle contracts according to contractual terms which generally allow netting of contracts in offsetting positions. Certain derivative contracts contain multiple types of credit-related triggers. To the extent these contracts contain a credit ratings downgrade trigger, the maximum exposure is included in the following credit ratings collateral posting requirements. If FPL's and NEECH's credit ratings were downgraded to BBB/Baa2 (a three-level downgrade for FPL and a one level downgrade for NEECH from the current lowest applicable rating), applicable NEE subsidiaries would be required to post collateral such that the total posted collateral would be approximately $ million ($ million at FPL) at June 30, 2025 and $ million ( at FPL) at December 31, 2024. If FPL's and NEECH's credit ratings were downgraded to below investment grade, applicable NEE subsidiaries would be required to post additional collateral such that the total posted collateral would be approximately $ billion ($ million at FPL) at June 30, 2025 and $ billion ($ million at FPL) at December 31, 2024. Some derivative contracts do not contain credit ratings downgrade triggers, but do contain provisions that require certain financial measures be maintained and/or have credit-related cross-default triggers. In the event these provisions

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

billion ($ million at FPL) at June 30, 2025 and $ billion ($ million at FPL) at December 31, 2024.

Collateral related to derivatives, including amounts posted for margin, current exposures and future performance with exchanges and independent system operators, may be posted in the form of cash or credit support in the normal course of business. At June 30, 2025 and December 31, 2024, applicable NEE subsidiaries have posted approximately $ million ( at FPL) and $ million ( at FPL), respectively, in cash, and $ million ( at FPL) and $ million ( at FPL), respectively, in the form of letters of credit and surety bonds, each of which could be applied toward the collateral requirements described above. FPL and NEECH have capacity under their credit facilities generally in excess of the collateral requirements described above that would be available to support, among other things, derivative activities. Under the terms of the credit facilities, maintenance of a specific credit rating is not a condition to drawing on these credit facilities, although there are other conditions to drawing on these credit facilities.

Additionally, some contracts contain certain adequate assurance provisions whereby a counterparty may demand additional collateral based on subjective events and/or conditions. Due to the subjective nature of these provisions, NEE and FPL are unable to determine an exact value for these items and they are not included in any of the quantitative disclosures above.

million and $ million at June 30, 2025 and December 31, 2024, respectively, and are included in noncurrent other assets on NEE's condensed consolidated balance sheets. Adjustments to carrying values are recorded as a result of observable price changes in transactions for identical or similar investments of the same issuer.

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

$ $ $

FPL – equity securities

$ $ $ $

Special use funds:(b)

NEE: Equity securities$ $

(c)

$ $ U.S. Government and municipal bonds$ $ $ $ Corporate debt securities$ $ $ $ Asset-backed securities$ $ $ $ Other debt securities$ $ $ $ FPL: Equity securities$ $

(c)

$ $ U.S. Government and municipal bonds$ $ $ $ Corporate debt securities$ $ $ $ Asset-backed securities$ $ $ $ Other debt securities$ $ $ $

Other investments:(d)

NEE: Equity securities$ $ $ $ U.S. Government and municipal bonds$ $ $ $ Corporate debt securities$ $ $ $ Other debt securities$ $ $ $ FPL:Equity securities$ $ $ $
———————————————

(a)Includes restricted cash equivalents of approximately $ million ($ million for FPL) in current other assets on the condensed consolidated balance sheets.

(b)Excludes investments accounted for under the equity method and loans not measured at fair value on a recurring basis. See Fair Value of Financial Instruments Recorded at Other than Fair Value below.

(c)Primarily invested in commingled funds whose underlying securities would be Level 1 if those securities were held directly by NEE or FPL.

(d)Included in noncurrent other assets on NEE's and FPL's condensed consolidated balance sheets.

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

$ $ $

FPL – equity securities

$ $ $ $

Special use funds:(b)

NEE: Equity securities$ $

(c)

$ $ U.S. Government and municipal bonds$ $ $ $ Corporate debt securities$ $ $ $ Asset-backed securities$ $ $ $ Other debt securities$ $ $ $ FPL: Equity securities$ $

(c)

$ $ U.S. Government and municipal bonds$ $ $ $ Corporate debt securities$ $ $ $ Asset-backed securities$ $ $ $ Other debt securities$ $ $ $

Other investments:(d)

NEE: Equity securities$ $ $ $ U.S. Government and municipal bonds$ $ $ $ Corporate debt securities$ $ $ $ Other debt securities$ $ $ $ FPL:Equity securities$ $ $ $

———————————————

(a)Includes restricted cash equivalents of approximately $ million ($ million for FPL) in current other assets on the condensed consolidated balance sheets.

(c)Primarily invested in commingled funds whose underlying securities would be Level 1 if those securities were held directly by NEE or FPL.

(d)Included in noncurrent other assets on NEE's and FPL's condensed consolidated balance sheets.

Fair Value of Financial Instruments Recorded at Other than Fair Value –

$ $ $

Other receivables, net of allowances(b)

$ $ $ $ Long-term debt, including current portion$ $

(c)

FPL:

Special use funds(a)

$ $ $ $ Long-term debt, including current portion$ $

(c)

$ $

(c)

———————————————

(a)Primarily represents investments accounted for under the equity method and loans not measured at fair value on a recurring basis (Level 2).

(b)Approximately $ million and $ million is included in current other assets and $ million and $ million is included in noncurrent other assets on NEE's condensed consolidated balance sheets at June 30, 2025 and December 31, 2024, respectively (primarily Level 3).

(c)At June 30, 2025 and December 31, 2024, substantially all is Level 2 for NEE and FPL.

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

million ($ million for FPL) and $ million ($ million for FPL) at June 30, 2025 and December 31, 2024, respectively. The investments held in the special use funds and other investments consist of equity and available for sale debt securities which are primarily carried at estimated fair value. The amortized cost of debt securities is approximately $ million ($ million for FPL) and $ million ($ million for FPL) at June 30, 2025 and December 31, 2024, respectively. Debt securities included in the nuclear decommissioning funds have a weighted-average maturity at June 30, 2025 of approximately at NEE and at FPL. Other investments primarily consist of debt securities with a weighted-average maturity at June 30, 2025 of approximately . The cost of securities sold is determined using the specific identification method.

For FPL's special use funds, changes in fair value of debt and equity securities, including any estimated credit losses of debt securities, result in a corresponding adjustment to the related regulatory asset or liability accounts, consistent with regulatory treatment. For NEE's non-rate regulated operations, changes in fair value of debt securities result in a corresponding adjustment to OCI, except for estimated credit losses and unrealized losses on debt securities intended or required to be sold prior to recovery of the amortized cost basis, which are recognized in other – net in NEE's condensed consolidated statements of income. Changes in fair value of equity securities are primarily recorded in change in unrealized gains (losses) on equity securities held in NEER's nuclear decommissioning funds – net in NEE’s condensed consolidated statements of income.

$ $ $ $ $ $ $

$ $ $ $ $ $ $ Realized losses$ $ $ $ $ $ $ $ Proceeds from sale or maturity of securities$ $ $ $ $ $ $ $

The unrealized gains and unrealized losses on available for sale debt securities and the fair value of available for sale debt securities in an unrealized loss position are as follows:

NEE

FPL

June 30, 2025

December 31, 2024

June 30, 2025

December 31, 2024

(millions)

Unrealized gains

Unrealized losses(a)

Fair value

———————————————

(a) Unrealized losses on available for sale debt securities in an unrealized loss position for greater than twelve months at June 30, 2025 and December 31, 2024 were not material to NEE or FPL.

Regulations issued by the FERC and the NRC provide general risk management guidelines to protect nuclear decommissioning funds and to allow such funds to earn a reasonable return. The FERC regulations prohibit, among other investments, investments in any securities of NEE or its subsidiaries, affiliates or associates, excluding investments tied to market indices or mutual funds. Similar restrictions applicable to the decommissioning funds for NEER's nuclear plants are included in the NRC operating licenses for those facilities or in NRC regulations applicable to NRC licensees not in cost-of-service environments. With respect to the decommissioning fund for Seabrook, decommissioning fund contributions and withdrawals are also regulated by the New Hampshire Nuclear Decommissioning Financing Committee pursuant to New Hampshire law.

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

. When making the OTTI determination, NEE considered, among other things, the extent to which the publicly traded unit price was less than cost. Based on the fair value analysis, the equity method investment with a carrying amount of approximately $ billion was written down to its estimated fair value of $ billion, resulting in an impairment charge of $ billion ($ billion after tax), which is reflected in equity in earnings (losses) of equity method investees in NEE’s condensed consolidated statements of income for the six months ended June 30, 2025. Should NEE determine, based on future analysis which includes the current and future trading prices of XPLR's common units, that an additional impairment is other-than-temporary, an impairment loss would be recorded, which would impact NEE's condensed consolidated statements of income.

% % % % % % % %Increases (reductions) resulting from:

State income taxes – net of federal income tax benefit

Taxes attributable to noncontrolling interests

Clean energy tax credits

()()()()()()()()Amortization of deferred regulatory credit()()()()()()()()

Other – net

()()()()()()Effective income tax rate()%()% % %()% % % %

NEE recognizes PTCs as wind and solar energy is generated and sold based on a per kWh rate prescribed in applicable federal and state statutes, which may differ significantly from amounts computed, on a quarterly basis, using an overall effective income tax rate anticipated for the full year. NEE uses this method of recognizing PTCs for specific reasons, including that PTCs are an integral part of the expected value of most wind and some solar projects and a fundamental component of such wind and solar projects' results of operations. PTCs, as well as ITCs, can significantly affect NEE's effective income tax rate depending on the amount of pretax income or loss. The amount of PTCs recognized can be significantly affected by wind and solar generation and by the roll off of PTCs after of production absent a repowering of the wind and solar projects.

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

% noncontrolling interest in XPLR, primarily through its limited partner interest in XPLR OpCo, and accounts for its ownership interest in XPLR as an equity method investment. NextEra Energy Resources operates essentially all of the energy projects owned by XPLR and provides services to XPLR under various related party operations and maintenance, development and construction, administrative and management services agreements (service agreements). Under these service agreements, NextEra Energy Resources incurred costs of approximately $ million and $ million during the three months ended June 30, 2025 and 2024, respectively, and $ million and $ million during the six months ended June 30, 2025 and 2024, respectively, primarily in connection with wind repowering, which will be reimbursed by XPLR. NextEra Energy Resources is also party to a CSCS agreement with a subsidiary of XPLR. At June 30, 2025 and December 31, 2024, the cash sweep amounts (due to XPLR and its subsidiaries) held in accounts belonging to NextEra Energy Resources or its subsidiaries were approximately $ million and $ million, respectively, and are included in accounts payable. Amounts due from XPLR of approximately $ million and $ million are included in other receivables and $ million and $ million are included in noncurrent other assets at June 30, 2025 and December 31, 2024, respectively. NEECH or NextEra Energy Resources guaranteed or provided indemnifications, letters of credit or surety bonds totaling approximately $ billion at June 30, 2025 primarily related to obligations on behalf of XPLR's subsidiaries with maturity dates ranging from 2025 to 2063, including certain project performance obligations and obligations under financing and interconnection agreements. Payment guarantees and related contracts with respect to unconsolidated entities for which NEE or one of its subsidiaries are the guarantor are recorded on NEE’s condensed consolidated balance sheets at fair value. At June 30, 2025, approximately $ million related to the fair value of the credit support provided under the CSCS agreement is recorded as noncurrent other liabilities on NEE's condensed consolidated balance sheet.

During 2025 and 2024, certain services, primarily engineering, construction, transportation, storage and maintenance services, were provided to subsidiaries of NEE by related parties that NEE accounts for under the equity method of accounting. Charges for these services amounted to approximately $ million and $ million for the three months ended June 30, 2025 and 2024, respectively, and $ million and $ million for the six months ended June 30, 2025 and 2024, respectively.

indirect subsidiaries of NextEra Energy Resources have an ownership interest ranging from approximately % to % in entities which own and operate solar generation facilities with generating capacity of approximately MW. Each of the subsidiaries is considered a VIE since the non-managing members have no substantive rights over the managing members, and is consolidated by NextEra Energy Resources. These entities sell their electric output to third parties under power sales contracts with expiration dates ranging from 2031 through 2052. These entities have third-party debt which is secured by liens against the assets of the entities. The debt holders have no recourse to the general credit of NextEra Energy Resources for the repayment of debt. The assets and liabilities of these VIEs were approximately $ million and $ million, respectively, at June 30, 2025. There were of these consolidated VIEs at December 31, 2024 and the assets and liabilities of those VIEs at such date totaled approximately $ million and $ million, respectively. At June 30, 2025 and December 31, 2024, the assets and liabilities of these VIEs consisted primarily of property, plant and equipment and long-term debt.

NextEra Energy Resources consolidates a VIE which has a % direct ownership interest in wind and solar generation facilities which have the capability of producing approximately MW and MW, respectively. These entities sell their electric output under power sales contracts to third parties with expiration dates ranging from 2025 through 2040. These entities are also considered a VIE because the holders of differential membership interests in these entities do not have substantive rights over the significant activities of these entities. The assets and liabilities of the VIE were approximately $ million and $ million, respectively, at June 30, 2025, and $ million and $ million, respectively, at December 31, 2024. At June 30, 2025 and December 31, 2024, the assets of this VIE consisted primarily of property, plant and equipment.

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

VIEs that primarily relate to certain subsidiaries which have sold differential membership interests in entities which own and operate wind generation, solar generation and battery storage facilities with generating/storage capacity of approximately MW, MW and MW, respectively, and own wind generation and battery storage facilities that, upon completion of construction, which is anticipated in 2025, are expected to have generating/storage capacity of approximately MW and MW, respectively. These entities sell, or will sell, their electric output either under power sales contracts to third parties with expiration dates ranging from 2025 through 2054 or in the spot market. These entities are considered VIEs because the holders of differential membership interests do not have substantive rights over the significant activities of these entities. NextEra Energy Resources has financing obligations with respect to these entities, including third-party debt which is secured by liens against the generation facilities and the other assets of these entities or by pledges of NextEra Energy Resources' ownership interest in these entities. The debt holders have no recourse to the general credit of NextEra Energy Resources for the repayment of debt. The assets and liabilities of these VIEs totaled approximately $ million and $ million, respectively, at June 30, 2025. There were of these consolidated VIEs at December 31, 2024 and the assets and liabilities of those VIEs at such date totaled approximately $ million and $ million, respectively. At June 30, 2025 and December 31, 2024, the assets of these VIEs consisted primarily of property, plant and equipment, and as of December 31, 2024, the liabilities of these VIEs consisted primarily of accounts payable.

Other – At June 30, 2025 and December 31, 2024, several NEE subsidiaries had investments totaling approximately $ million ($ million at FPL) and $ million ($ million at FPL), respectively, which are included in special use funds and noncurrent other assets on NEE's condensed consolidated balance sheets and in special use funds on FPL's condensed consolidated balance sheets. These investments represented primarily commingled funds and asset-backed securities. NEE subsidiaries, including FPL, are not the primary beneficiaries and therefore do not consolidate any of these entities because they do not control any of the ongoing activities of these entities, were not involved in the initial design of these entities and do not have a controlling financial interest in these entities.

Certain subsidiaries of NEE have noncontrolling interests in entities accounted for under the equity method, including NEE's noncontrolling interest in XPLR OpCo (see Note 5). These entities are limited partnerships or similar entity structures in which the limited partners or non-managing members do not have substantive rights over the significant activities of these entities, and therefore are considered VIEs. NEE is not the primary beneficiary because it does not have a controlling financial interest in these entities, and therefore does not consolidate any of these entities. NEE’s investment in these entities totaled approximately $ million and $ million at June 30, 2025 and December 31, 2024, respectively. At June 30, 2025, subsidiaries of NEE had guarantees related to certain obligations of of these entities, as well as commitments to invest an additional approximately $ million in several of these entities. See further discussion of such guarantees and commitments in Note 11 – Commitments and – Contracts, respectively.

$ $ $ $ $ $ $ Interest cost Expected return on plan assets()() ()()

Special termination benefit(a)

Net periodic cost (income) at NEE$()$()$ $ $()$()$ $ Net periodic cost (income) allocated to FPL$()$()$ $ $()$()$ $

Debentures – variable$ Variable

(a)

2028Junior subordinated debentures – fixed$ %2085

Australian dollar denominated subordinated notes(c)

$ Variable

(d)

2055

———————————————

(a)Variable rate is based on an underlying index plus a specified margin.

(b)Two series of junior subordinated debentures were issued in February 2025 and will bear interest at the stated rates until August 15, 2030 and August 15, 2035, respectively, and thereafter will bear interest based on an underlying index plus a specified margin, reset every five years, provided that the interest rate will not reset below the respective initial interest rates.

(c)Foreign currency swaps have been entered into with respect to these debt issuances. See Note 2.

% until June 17, 2030 and thereafter will bear interest based on an underlying index plus a specified margin. The second series will initially bear interest based on an underlying index plus a specified margin. Both series will have an interest rate adjustment on June 17, 2035 and June 17, 2050 based on an underlying index plus a specified margin.

$ $ $

———————————————

(a)Reclassified to interest expense in NEE's condensed consolidated statements of income. See Note 2 – Income Statement Impact of Derivative Instruments.

(b)Reclassified to gains on disposal of investments and other property – net in NEE's condensed consolidated statements of income.

Accumulated Other Comprehensive Income (Loss)

Net Unrealized Gains on Cash Flow Hedges

Net Unrealized Gains (Losses) on Available for Sale Securities

Defined Benefit Pension and Other Benefits Plans

Net Unrealized Gains (Losses) on Foreign Currency Translation

Other Comprehensive Income Related to Equity Method Investees

Total

(millions)

Three Months Ended June 30, 2024

Balances, March 31, 2024

()

Other comprehensive loss before reclassifications

()

Amounts reclassified from AOCI

(a)

Net other comprehensive income (loss)

()

Less other comprehensive loss attributable

to noncontrolling interests

Balances, June 30, 2024

()

Attributable to noncontrolling interests

()

———————————————

(a)Reclassified to gains on disposal of investments and other property – net in NEE's condensed consolidated statements of income.

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

$()$()$()$ $()

Other comprehensive loss before reclassifications

() () ()Amounts reclassified from AOCI

(a)

Net other comprehensive loss

() () ()

Less other comprehensive loss attributable to noncontrolling interests

Balances, June 30, 2024$ $()$()$()$ $()Attributable to noncontrolling interests$ $ $ $()$ $()

———————————————

(a)Reclassified to gains on disposal of investments and other property – net in NEE's condensed consolidated statements of income.

10.

base rate plan that would begin in January 2026 (proposed rate plan) replacing the current base rate settlement agreement that has been in place since 2022 (2021 rate agreement). The proposed four-year rate plan consists of, among other things: (i) an increase to base annual revenue requirements of approximately $ million effective January 2026; (ii) an increase to base annual revenue requirements of $ million effective January 2027; and (iii) a Solar and Battery Base Rate Adjustment mechanism to recover, subject to FPSC review, the revenue requirements associated with the cost of building and operating an additional MW of solar and MW of battery storage projects in 2028 and MW of solar and MW of battery storage projects in 2029. The plan also requests a non-cash tax adjustment mechanism, which would operate in a similar manner to the non-cash depreciation reserve surplus mechanisms that were integral to FPL's prior multi-year rate settlements, as well as a storm cost recovery mechanism and a process to address potential tax law changes, which were included in the 2021 rate agreement. Under this proposed four-year rate plan, FPL commits that if its requested base rate adjustments are approved, it will not request additional general base rate increases that would be effective before January 2030. FPL's requested increases are based on a regulatory ROE of % on its retail rate base and continuation of FPL's regulatory capital structure, including its longstanding equity ratio approved in prior base rate cases. Accompanying FPL's petition are the testimony and exhibits of FPL's witnesses and the FPSC's required schedules supporting the 2026 and 2027 general base rate increases and charges. Technical hearings on the base rate proceeding are scheduled during the third quarter of 2025 and a final decision is expected in the fourth quarter of 2025.

million ($ million for FPL) and $ million ($ million for FPL), respectively, of restricted cash, which, at December 31, 2024, was offset by $ million of cash received on exchange-traded derivative positions resulting in a balance of $() million. Restricted cash accounts are included in current other assets on NEE's and FPL's condensed consolidated balance sheets and primarily relate to debt service payments and margin cash collateral requirements (funding) at NEER and bond proceeds held for construction at FPL. In addition, where offsetting positions exist, restricted cash related to margin cash collateral of $ million is netted against derivative liabilities at June 30, 2025 and $ million is netted against derivative assets at December 31, 2024. See Note 2.

billion, related to Hurricanes Debby, Helene and Milton which impacted FPL's service area in 2024. The amount is being collected over a period and is subject to refund based on an FPSC prudence review. Recoverable storm costs are recorded as current regulatory assets on NEE's and FPL's condensed consolidated balance sheets. The unpaid portion of the storm restoration costs at June 30, 2025 and December 31, 2024, of

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

million and $ million, respectively, including estimated capital costs, is included in current other liabilities on NEE's and FPL's condensed consolidated balance sheets.

billion and $ billion, respectively.

million and $ million, respectively, are reported in the cash received for income taxes – net within the supplemental disclosures of cash flow information on NEE's condensed consolidated statements of cash flows. In connection with entering into the agreements to sell clean energy tax credits, NEECH provides certain indemnifications to the purchasers regarding the existence and qualifications of such credits. NEE has not recorded any material liability related to these indemnifications after considering the nature of the indemnifications and NEE’s experience in generating and utilizing clean energy tax credits. NEE's exposure to refund credits sold generally terminates based on the individual purchaser’s tax return statute of limitations which cannot be estimated.

million and $ million, respectively, of noncontrolling interests on NEE's condensed consolidated balance sheets relates to differential membership interests. For the three months ended June 30, 2025 and 2024, NEE recorded earnings of approximately $ million and $ million, respectively, and for the six months ended June 30, 2025 and 2024 approximately $ million and $ million, respectively, associated with differential membership interests, which is reflected as net loss attributable to noncontrolling interests on NEE's condensed consolidated statements of income.

% equity interest in a joint venture, consisting of a rate-regulated transmission asset located in California. NEER expects to close the sale in the first quarter of 2026, subject to the satisfaction of customary closing conditions and the receipt of regulatory approvals, for cash proceeds of approximately $ million, subject to closing adjustments. Upon closing, the transmission assets and liabilities will be removed from NEE's balance sheet and NEE's remaining % interest will be reflected as an equity method investment.

$ $ $ Nuclear fuel Construction work in progress Property, plant and equipment, gross Accumulated depreciation and amortization()()()()Property, plant and equipment – net$ $ $ $

During the three months ended June 30, 2025 and 2024, FPL recorded AFUDC of approximately $ million and $ million, respectively, including AFUDC – equity of $ million and $ million, respectively. During the six months ended June 30, 2025 and 2024, FPL recorded AFUDC of approximately $ million and $ million, respectively, including AFUDC – equity of $ million and $ million, respectively. During the three months ended June 30, 2025 and 2024, NEER capitalized interest on construction projects of approximately $ million and $ million, respectively. During the six months ended June 30, 2025 and 2024, NEER capitalized interest on construction projects of approximately $ million and $ million, respectively.

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

11.

$ $ $ $ $ Existing

Transmission and distribution(c)

Nuclear fuel General and other Total$ $ $ $ $ $

NEER:(d)

Wind(e)

$ $ $ $ $ $

Solar(f)

Other clean energy(g)

Nuclear, including nuclear fuel

Rate-regulated transmission

Other

Total$ $ $ $ $ $ ———————————————

(a)Includes AFUDC of approximately $ million, $ million, $ million, $ million and $ million for the remainder of 2025 through 2029, respectively.

(b)Includes land, generation structures, transmission interconnection and integration and licensing.

(c)Includes AFUDC of approximately $ million, $ million, $ million, $ million and $ million for the remainder of 2025 through 2029, respectively.

(d)Represents capital expenditures for which applicable internal approvals and also, if required, regulatory approvals have been received.

(e)Consists of capital expenditures for new wind projects and repowering of existing wind projects totaling approximately MW, and related transmission.

(f)Includes capital expenditures for new solar projects (including solar plus battery storage projects) totaling approximately MW and related transmission.

(g)Includes capital expenditures primarily for battery storage projects totaling approximately MW and related transmission, as well as renewable fuels projects.

The above estimates are subject to continuing review and adjustment and actual capital expenditures may vary significantly from these estimates.

In addition to guarantees noted in Note 5 with regards to XPLR, NEECH has guaranteed or provided indemnifications or letters of credit related to third parties, including certain obligations of investments in joint ventures accounted for under the equity method, totaling approximately $ million at June 30, 2025. These obligations primarily related to guaranteeing the residual value of certain financing leases and obligations under purchased power agreements. Payment guarantees and related contracts with respect to unconsolidated entities for which NEE or one of its subsidiaries are the guarantor are recorded at fair value and are included in noncurrent other liabilities on NEE’s condensed consolidated balance sheets. Management believes that the exposure associated with these guarantees is not material.

Contracts – In addition to the commitments made in connection with the estimated capital expenditures included in the table in Commitments above, FPL has firm commitments under long-term contracts primarily for the transportation of natural gas with expiration dates through 2042.

At June 30, 2025, NEER has entered into contracts primarily for the purchase of wind turbines, wind towers, solar modules and batteries and related construction and development activities, as well as for the supply of uranium, and the conversion, enrichment and fabrication of nuclear fuel with expiration dates through 2033. Approximately $ billion of related commitments are included in the estimated capital expenditures table in Commitments above. In addition, NEER has contracts primarily for the transportation and storage of natural gas with expiration dates through 2041.

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

$ $ $ $ $

NEER(b)(c)

$ $ $ $ $ $ ———————————————

(a)Includes approximately $ million, $ million, $ million, $ million, $ million and $ million for the remainder of 2025 through 2029 and thereafter, respectively, of firm commitments related to natural gas transportation agreements with affiliates. The charges associated with these agreements are recoverable through the fuel clause. For the three and six months ended June 30, 2025, the charges associated with these agreements totaled approximately $ million and $ million, respectively. For the three and six months ended June 30, 2024, the charges associated with these agreements totaled approximately $ million and $ million, respectively, of which $ million and $ million, respectively, were eliminated in consolidation at NEE.

(b)Includes approximately $ million of commitments to invest in technology and other investments through 2032. See Note 6 – Other.

(c)Includes approximately $ million and $ million for the remainder of 2025 and 2026, respectively, of joint obligations of NEECH and NEER.

Insurance – Liability for accidents at nuclear power plants is governed by the Price-Anderson Act, which limits the liability of nuclear reactor owners to the amount of insurance available from both private sources and an industry retrospective payment plan. In accordance with this Act, NEE maintains $ million of private liability insurance per site, which is the maximum obtainable, except at Duane Arnold which obtained an exemption from the NRC and maintains a $ million private liability insurance limit. Each site, except Duane Arnold, participates in a secondary financial protection system, which provides up to $ billion of liability insurance coverage per incident at any nuclear reactor in the U.S. Under the secondary financial protection system, NEE is subject to retrospective assessments of up to $ million ($ million for FPL), plus any applicable taxes, per incident at any nuclear reactor in the U.S., payable at a rate not to exceed $ million ($ million for FPL) per incident per year. NextEra Energy Resources and FPL are contractually entitled to recover a proportionate share of such assessments from the owners of minority interests in Seabrook and St. Lucie Unit No. 2, which approximates $ million and $ million, plus any applicable taxes, per incident, respectively.

NEE participates in a nuclear insurance mutual company, Nuclear Electric Insurance Limited (NEIL), which provides property damage, nuclear accident decontamination and premature decommissioning insurance for each plant for losses resulting from damage to its nuclear facilities, either due to accidents or acts of terrorism. Additionally, NEIL provides accidental outage coverage for losses in the event of a major accidental outage at an insured nuclear plant. Pursuant to regulations of the NRC, each company’s property damage insurance policies provide that all proceeds from such insurance be applied first to place the plant in a safe and stable condition after a qualifying accident, and second, to decontaminate the plant before any proceeds can be used for decommissioning, plant repair or restoration.

NEE and FPL nuclear facilities each have accident property damage, nuclear accident decontamination and premature decommissioning liability insurance from NEIL with limits of $ billion, except for Duane Arnold which has a limit of $ million due to being in a deferred decommissioning. All the nuclear facilities, except for Duane Arnold, also share an additional $ billion nuclear accident insurance limit above their dedicated underlying limit. This shared additional excess limit is not subject to reinstatement in the event of a loss. All coverages are subject to sublimits and deductibles.

NEE also participates in an insurance program that provides limited coverage for replacement power costs if a nuclear plant is out of service for an extended period of time because of an accident. In the event of an accident at one of NEE's or another participating insured's nuclear plants, NEE could be assessed up to $ million ($ million for FPL), plus any applicable taxes, in retrospective premiums in a policy year. NextEra Energy Resources and FPL are contractually entitled to recover a proportionate share of such assessments from the owners of minority interests in Seabrook, Duane Arnold and St. Lucie Unit No. 2, which approximates $ million, $ million and $ million, plus any applicable taxes, respectively.

Due to the high cost and limited coverage available from third-party insurers, NEE does not have property insurance coverage for a substantial portion of either its transmission and distribution property or natural gas pipeline assets. If FPL's storm restoration costs exceed the storm reserve, such storm restoration costs may be recovered, subject to prudence review by the FPSC, through surcharges approved by the FPSC or through securitization provisions pursuant to Florida law. See Note 10 – Storm Cost Recovery.

In the event of a loss, the amount of insurance available might not be adequate to cover property damage and other expenses incurred. Uninsured losses and other expenses, to the extent not recovered from customers in the case of FPL, would be borne by NEE and FPL and could have a material adverse effect on NEE's and FPL's financial condition, results of operations and liquidity.

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

million, which are tripled in the event of a finding of monopolization under the Sherman Act, from the defendants for alleged violations of federal and state antitrust laws, as well as Massachusetts state laws. NEE's motion to dismiss the lawsuit remains pending. NEE is vigorously defending against the claims in this proceeding.

XPLR, NEE and certain NEE executives are the named defendants in a purported federal securities class action lawsuit filed in the U.S. District Court for the Southern District of California in July 2025 that seeks unspecified damages alleging that the defendants made false and misleading statements regarding XPLR's business model, XPLR distributions, and its arrangements relating to noncontrolling Class B members' interests under certain limited liability company agreements to which XPLR and certain of its subsidiaries are or were a party. The alleged class includes all persons or entities other than the defendants who purchased or otherwise acquired XPLR securities between September 27, 2023 and January 27, 2025. NEE plans to vigorously defend against the claims in this proceeding.

12.

reportable segments, FPL, a rate-regulated utility business, and NEER, which is comprised of competitive energy and rate-regulated transmission businesses. Corporate and Other represents other business activities, includes eliminating entries, and may include the net effect of rounding. FPL has a single reportable segment. See Note 1 for information regarding NEE's and FPL's operating revenues.

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(unaudited)

$ $ $ $ $

Corporate and Other

Total consolidated revenues

$ $ Less:Fuel, purchased power and interchangeOther operations and maintenanceDepreciation and amortizationTaxes other than income taxes and other – netInterest expense

(a)

Income tax expense (benefit)(b)

()()

Other segment items(c)

Net income attributable to NEE for reportable segments$ $

Reconciliation of segment profit/(loss)

Corporate and Other()()Net income attributable to NEE$ $ $ $ $ $

_________________________

(a)Interest expense allocated from NEECH to NextEra Energy Resources is based on a deemed capital structure of % debt and differential membership interests sold by NextEra Energy Resources' subsidiaries. Residual NEECH corporate interest expense is included in Corporate and Other.

(b)Includes amounts that were recognized based on the tax sharing agreement with NEE. See Note 4.

(c)Other segment items for each reportable segment include:

FPL – Allowance for equity funds used during construction and other – net

NEER – Gains on disposal of businesses/assets – net, equity in earnings (losses) of equity method investees, allowance for equity funds used during construction, gains on disposal of investments and other property – net, change in unrealized gains (losses) on equity securities held in NEER's nuclear decommissioning funds – net, other – net and net loss attributable to noncontrolling interests

Six Months Ended June 30, 2025

Six Months Ended June 30, 2024

FPL

NEER

Total

FPL

NEER

Total

(millions)

Operating revenues

Corporate and Other

Total consolidated revenues

Less:

Fuel, purchased power and interchange

Other operations and maintenance

Depreciation and amortization

Taxes other than income taxes and other – net

Interest expense

(a)

Income tax expense (benefit)(b)

()

Other segment items(c)

Net income attributable to NEE for reportable segments

Reconciliation of segment profit/(loss)

Corporate and Other

()

Net income attributable to NEE

_________________________

(b)Includes amounts that were recognized based on the tax sharing agreement with NEE. See Note 4.

(c)Other segment items for each reportable segment include:

FPL – Allowance for equity funds used during construction and other – net

NEXTERA ENERGY, INC. AND FLORIDA POWER & LIGHT COMPANY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Concluded)

(unaudited)

$ $ $ $ Net loss attributable to noncontrolling interests$ $ $ $ $ Six Months Ended June 30, 2025

Equity in losses of equity method investees

$ $()$()$ $()

Net loss attributable to noncontrolling interests

$ $ $ $ $ Capital expenditures, independent power and other investments and nuclear fuel purchases$ $ $ $ $ June 30, 2025Property, plant and equipment – net$ $ $ $ $ Total assets$ $ $ $ $ Investment in equity method investees$ $ $ $ $

FPL

NEER

Total Reportable Segments

Corporate and

Other

Total

Consolidated

(millions)

Three Months Ended June 30, 2024

Equity in earnings of equity method investees

Net loss attributable to noncontrolling interests

Six Months Ended June 30, 2024

Equity in earnings of equity method investees

Net loss attributable to noncontrolling interests

Capital expenditures, independent power and other investments and nuclear fuel purchases

December 31, 2024

Property, plant and equipment – net

Total assets

Investment in equity method investees

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

OVERVIEW

NEE’s operating performance is driven primarily by the operations of its two principal businesses, FPL, which serves more than six million customer accounts in Florida and is one of the largest electric utilities in the U.S., and NEER, which together with affiliated entities is the world's largest generator of renewable energy from the wind and sun based on 2024 MWh produced on a net generation basis, as well as a world leader in battery storage capacity. The table below presents net income (loss) attributable to NEE and earnings (loss) per share attributable to NEE, assuming dilution, by reportable segment, FPL and NEER. Corporate and Other is primarily comprised of the operating results of other business activities, as well as other income and expense items, including interest expense, and eliminating entries, and may include the net effect of rounding. See Note 12 for additional segment information. The following discussions should be read in conjunction with the Notes to Condensed Consolidated Financial Statements contained herein and Management's Discussion and Analysis of Financial Condition and Results of Operations appearing in the 2024 Form 10‑K. The results of operations for an interim period generally will not give a true indication of results for the year. In the following discussions, all comparisons are with the corresponding items in the prior year periods.


	Net Income (Loss) Attributable to NEE				Earnings (Loss) Per Share Attributable to NEE, Assuming Dilution				Net Income (Loss) Attributable to NEE				Earnings (Loss) Per Share Attributable to NEE, Assuming Dilution
	Three Months Ended June 30,				Three Months Ended June 30,				Six Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024		2025		2024		2025		2024
	(millions)								(millions)
FPL	$	1,275	$	1,232	$	0.62	$	0.60	$	2,591	$	2,404	$	1.26	$	1.17
NEER(a)	983		552		0.48		0.27		1,155		1,518		0.56		0.74
Corporate and Other	(230)		(162)		(0.12)		(0.08)		(884)		(32)		(0.43)		(0.02)
NEE	$	2,028	$	1,622	$	0.98	$	0.79	$	2,862	$	3,890	$	1.39	$	1.89

———————————————

(a) NEER’s results reflect an allocation of interest expense from NEECH to NextEra Energy Resources based on a deemed capital structure of 70% debt and differential membership interests sold by NextEra Energy Resources' subsidiaries.

Adjusted Earnings

NEE prepares its financial statements under GAAP. However, management also uses earnings adjusted for certain items (adjusted earnings), 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 NEE’s employee incentive compensation plans. NEE also uses adjusted earnings when communicating its financial results and earnings outlook to analysts and investors. NEE’s management believes that adjusted earnings provide a more meaningful representation of NEE's fundamental earnings power. Although these amounts are properly reflected in the determination of net income under GAAP, management believes that the amount and/or nature of such items make period to period comparisons of operations difficult and potentially confusing. Adjusted earnings do not represent a substitute for net income, as prepared under GAAP.

The following table provides details of the after-tax adjustments to net income considered in computing NEE's adjusted earnings discussed above.


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(millions)
Net gains (losses) associated with non-qualifying hedge activity(a)	$	(189)	$	(254)	$	(701)	$	77
Differential membership interests-related – NEER	$	—	$	—	$	—	$	(5)
XPLR investment gains, net – NEER(b)	$	(1)	$	(24)	$	(643)	$	(47)
Change in unrealized gains (losses) on equity securities held in NEER's nuclear decommissioning funds and OTTI, net – NEER	$	54	$	(68)	$	5	$	24

———————————————

(a) For the three months ended June 30, 2025 and 2024, approximately $161 million and $221 million of losses, respectively, and for the six months ended June 30, 2025 and 2024, approximately $206 million and $147 million of losses, respectively, are included in NEER's net income; the balance is included in Corporate and Other. The change in non-qualifying hedge activity is primarily attributable to changes in forward power and natural gas prices, interest rates and foreign currency exchange rates, as well as the reversal of previously recognized unrealized mark-to-market gains or losses as the underlying transactions were realized.

(b) The six months ended June 30, 2025 includes an impairment charge related to the investment in XPLR. See Note 3 – Nonrecurring Fair Value Measurements.

NEE segregates into two categories unrealized mark-to-market gains and losses and timing impacts related to derivative transactions. The first category, referred to as non-qualifying hedges, represents certain energy derivative, interest rate derivative and foreign currency transactions entered into as economic hedges, which do not meet the requirements for hedge accounting, or for which hedge accounting treatment is not elected or has been discontinued. Changes in the fair value of those transactions are marked to market and reported in the condensed consolidated statements of income, resulting in earnings volatility because the economic offset to certain of the positions are generally not marked to market. As a consequence, NEE's net income reflects only the movement in one part of economically-linked transactions. For example, a gain (loss) in the non-qualifying hedge category for certain energy derivatives is offset by decreases (increases) in the fair value of related physical asset positions in the portfolio or contracts, which are not marked to market under GAAP. For this reason, NEE's management views results expressed excluding the impact of the non-qualifying hedges as a meaningful measure of current period performance. The second category, referred to as trading activities, which is included in adjusted earnings, represents the net unrealized effect of actively traded positions entered into to take advantage of expected market price movements and all other commodity hedging activities. At FPL, substantially all changes in the fair value of energy derivative transactions are deferred as a regulatory asset or liability until the contracts are settled, and, upon settlement, any gains or losses are passed through the fuel clause. See Note 2.

RESULTS OF OPERATIONS

Summary

Net income attributable to NEE increased by $406 million for the three months ended June 30, 2025 reflecting higher results at FPL and NEER, partly offset by lower results at Corporate and Other. Net income attributable to NEE decreased by $1,028 million for the six months ended June 30, 2025 reflecting lower results at NEER and Corporate and Other, partly offset by higher results at FPL.

FPL's increase in net income for the three and six months ended June 30, 2025 was primarily driven by continued investments in plant in service and other property.

NEER's results increased for the three months ended June 30, 2025 primarily reflecting higher earnings from new investments and customer supply as well as favorable changes in the fair value of equity securities in NEER's nuclear decommissioning funds, partly offset by higher interest expense. NEER's results decreased for the six months ended June 30, 2025 primarily reflecting an impairment charge related to the investment in XPLR as well as higher interest expense, partly offset by higher earnings from new investments.

Corporate and Other's results decreased for the three months ended June 30, 2025 primarily due to higher average interest rates and higher average debt balances. Corporate and Other's results decreased for the six months ended June 30, 2025 primarily due to unfavorable non-qualifying hedge activity compared to 2024 as well as higher average interest rates and higher average debt balances.

NEE's effective income tax rates for the three months ended June 30, 2025 and 2024 were approximately (19)% and (5)%, respectively. NEE's effective income tax rates for the six months ended June 30, 2025 and 2024 were approximately (59)% and 5%, respectively. See Note 4 for a discussion of NEE's and FPL's effective income tax rates.

A number of legislative and administrative activities have occurred in 2025 that affect NEE and FPL including the enactment of the OBBBA, the issuance of a number of federal executive orders and presidential actions, the imposition of tariffs on a variety of imports, and the issuance of guidance by various federal agencies. A number of regulatory actions were issued or remain pending, such as Treasury Department guidance regarding clean energy tax credits, trade investigations that may lead to additional tariffs, ordered reviews of, and process changes for, federal permitting and approvals for wind and solar projects and FERC approval of proposals by regional transmission operators regarding the process for interconnecting new generation projects to certain regional transmission grids.

On July 4, 2025, the OBBBA was signed into law. The legislation modifies several pre-existing provisions, including the phase-out of clean energy tax credits, of the Inflation Reduction Act and other laws that are pertinent to NEE including:

•Wind and solar facilities are required to meet two primary requirements to be eligible for technology neutral PTCs and ITCs:

◦First, wind and solar facilities must be placed in service by December 31, 2027. However, the December 31, 2027 placed in service requirement does not have to be satisfied for wind and solar facilities that begin construction before July 4, 2026.

◦Second, wind and solar facilities must satisfy the prohibited foreign entity material assistance requirements. However, facilities that begin construction by December 31, 2025 would be exempt from these requirements.

•Nuclear and battery storage facilities are required to meet two primary requirements to be eligible for clean energy tax credits:

◦First, in order to receive the full clean energy tax credits, nuclear and battery storage facilities must begin construction by December 31, 2033 (no eligibility for facilities that begin construction after 2035).

◦Second, nuclear and battery storage facilities must satisfy the prohibited foreign entity material assistance requirements. However, facilities that begin construction by December 31, 2025 would be exempt from these requirements.

NEE and the wind and solar industries have relied on the settled understanding of the term "begin construction" as informed by longstanding Treasury Department guidance regarding what constitutes the "beginning of construction" for purposes of claiming clean energy tax credits. NEE believes that the text of the OBBBA and applicable law are consistent with that, such that the financial commitments NEE has made over time prior to the enactment of the OBBBA based on guidance in effect at the time should allow for the wind and solar facilities that NEE plans to place in service through 2029 to qualify for clean energy tax credits.

On July 7, 2025, a federal executive order was issued directing the Secretary of the Treasury to issue new and revised guidance that could potentially seek to limit the interpretation of "begin construction" requirements for wind and solar facilities. NEE will assess any guidance under the executive order when it is issued.

NEE continues to assess the implications of the OBBBA, as well as the foregoing and other federal executive orders, investigations and other pending or anticipated regulatory actions on its business and has taken and expects to continue to take actions that are intended to reduce the impacts of these developments on its project development, capital improvement and maintenance activities. There has been no material impact on NEE's or FPL's operations or financial performance as a result of these developments to date in 2025, but NEE will continue to assess these and further developments for potential impacts in future periods. In expressing its opinions and beliefs on the matters above, NEE cannot guarantee the outcomes expressed herein.

FPL: Results of Operations

Investments in plant in service and other property grew FPL's average rate base by approximately $5.3 billion for both the three and six months ended June 30, 2025 when compared to the same periods in the prior year, reflecting, among other things, solar generation additions and ongoing transmission and distribution additions.

The use of reserve amortization is permitted by FPL's 2021 rate agreement. In order to earn a targeted regulatory ROE, subject to limitations associated with the 2021 rate agreement, reserve amortization is calculated using a trailing thirteen-month average of retail rate base and capital structure in conjunction with the trailing twelve months regulatory retail base net operating income, which primarily includes the retail base portion of base and other revenues, net of O&M, depreciation and amortization, interest and tax expenses. In general, the net impact of these income statement line items must be adjusted, in part, by reserve amortization to earn the targeted regulatory ROE. In certain periods, reserve amortization is reversed so as not to exceed the targeted regulatory ROE. The drivers of FPL's net income not reflected in the reserve amortization calculation typically include wholesale and transmission service revenues and expenses, cost recovery clause revenues and expenses, AFUDC – equity and revenue and costs not recoverable from retail customers. During the three and six months ended June 30, 2025, FPL recorded reserve amortization of $19 million and $641 million, respectively. During the three and six months ended June 30, 2024, FPL recorded reserve amortization of $66 million and $637 million, respectively. See Depreciation and Amortization Expense below. FPL earned an approximately 11.60% and 11.80% regulatory ROE on its retail rate base, based on a trailing thirteen-month average retail rate base as of June 30, 2025 and June 30, 2024, respectively.

In January 2025, FPL began recovering eligible storm costs and replenishment of the storm reserve through a storm surcharge totaling approximately $1.2 billion, related to Hurricanes Debby, Helene and Milton which impacted FPL's service area in 2024. The amount is being collected over a 12-month period and is subject to refund based on an FPSC prudence review. See Note 10 – Storm Cost Recovery.

On February 28, 2025, FPL filed a petition with the FPSC requesting, among other things, approval of a four-year base rate plan that would begin in January 2026 replacing the 2021 rate agreement. See Note 10 – FPL 2025 Base Rate Proceeding.

In July 2025, the Florida Supreme Court affirmed the FPSC's final and supplemental final order regarding FPL’s 2021 rate agreement. See Note 10 – FPL 2021 Rate Agreement.

Operating Revenues

During the three and six months ended June 30, 2025, operating revenues increased $319 million and $481 million, respectively, primarily reflecting an increase in storm cost recovery revenues of approximately $308 million and $426 million, respectively, primarily associated with Hurricanes Debby, Helene and Milton, as discussed above. Additionally, retail base revenues increased approximately $73 million and $159 million during the three and six months ended June 30, 2025, respectively, which was primarily related to an increase of 1.7% in the average number of customer accounts for both periods. The increases in operating revenues for the three and six months ended June 30, 2025 also reflect increases of approximately $63 million and $120 million, respectively, in revenues from the storm protection plan cost recovery clause as a result of increased investments. The increases in operating revenues for the three and six months ended June 30, 2025 were partly offset by decreases in fuel revenues of approximately $145 million and $262 million, respectively, primarily related to lower fuel rates.

Fuel, Purchased Power and Interchange Expense

Fuel, purchased power and interchange expense decreased $135 million and $234 million for the three and six months ended June 30, 2025, respectively, primarily reflecting lower amortization of deferred fuel costs as compared to the prior year periods.

Depreciation and Amortization Expense

Depreciation and amortization expense increased $386 million and $491 million during the three and six months ended June 30, 2025, respectively, primarily reflecting approximately $308 million and $426 million of higher amortization of deferred storm cost expenses primarily associated with Hurricanes Debby, Helene and Milton, as discussed above. During the three months ended June 30, 2025 and 2024, FPL recorded reserve amortization of approximately $19 million and $66 million, respectively. During the six months ended June 30, 2025 and 2024, FPL recorded reserve amortization of approximately $641 million and $637 million, respectively. Reserve amortization, or reversal of such amortization, reflects adjustments to accrued asset removal costs provided under the 2021 rate agreement in order to achieve the targeted regulatory ROE. Reserve amortization is recorded as either an increase or decrease to accrued asset removal costs which is reflected in noncurrent regulatory assets on the condensed consolidated balance sheets. At June 30, 2025, approximately $254 million of reserve amortization remains available under the 2021 rate agreement.

Income Taxes

During the three and six months ended June 30, 2025, FPL’s income taxes decreased $93 million and $157 million, respectively, primarily related to higher clean energy tax credits as compared to the prior year periods.

NEER: Results of Operations

NEER’s results increased $431 million and decreased $363 million for the three and six months ended June 30, 2025, respectively. The primary drivers, on an after-tax basis, of the changes are in the following table.


	Increase (Decrease) From Prior Year Period
	Three Months Ended June 30, 2025		Six Months Ended June 30, 2025
	(millions)
New investments(a)	$	298	$	536
Existing clean energy(a)	(48)		(108)
Customer supply(b)	133		114
NEET(a)	8		24
Other, including interest expense, corporate general and administrative expenses and other investment income	(165)		(255)
Change in non-qualifying hedge activity(c)	60		(59)
Change in unrealized gains/losses on equity securities held in nuclear decommissioning funds and OTTI, net(c)	122		(19)
XPLR investment gains, net(c)	23		(596)
Change in net income less net loss attributable to noncontrolling interests	$	431	$	(363)

———————————————

(a) Reflects after-tax project contributions, including the net effect of deferred income taxes and other benefits associated with clean energy tax credits for wind, solar and storage projects, as applicable, but excludes allocation of interest expense and corporate general and administrative expenses, except for an allocated credit support charge related to guarantees issued to conduct business activities. Results from projects, pipelines and rate-regulated transmission facilities and transmission lines are included in new investments during the first twelve months of operation or ownership. Project results, including repowered wind projects, and pipeline results are included in existing clean energy and rate-regulated transmission facilities and transmission lines are included in NEET beginning with the thirteenth month of operation or ownership.

(b) Excludes allocation of interest expense and corporate general and administrative expenses, except for an allocated credit support charge related to guarantees issued to conduct business activities, and includes natural gas, natural gas liquids and oil production results.

New Investments

Results from new investments for the three and six months ended June 30, 2025 increased primarily due to higher earnings related to new wind and solar generation and battery storage facilities that entered service during or after the three and six months ended June 30, 2024.

Customer Supply

Results from customer supply increased for the three and six months ended June 30, 2025 primarily reflecting the absence of higher depletion from natural gas and oil production assets in the comparable prior year periods.

Other Factors

Supplemental to the primary drivers of the changes in NEER's results discussed above, the discussion below describes changes in certain line items set forth in NEE's condensed consolidated statements of income as they relate to NEER.

Operating Revenues

Operating revenues for the three months ended June 30, 2025 increased $269 million primarily due to:

•revenues from new investments of $115 million; and

•the impact of non-qualifying commodity hedges due primarily to changes in energy prices (approximately $175 million of losses for the three months ended June 30, 2025 compared to $284 million of losses for the comparable period in 2024).

Operating revenues for the six months ended June 30, 2025 increased $567 million primarily due to:

•the impact of non-qualifying commodity hedges due primarily to changes in energy prices (approximately $13 million of gains for the six months ended June 30, 2025 compared to $232 million of losses for the comparable period in 2024);

•revenues from new investments of $225 million;

•net increases in revenues of $177 million from the customer supply business;

partly offset by,

•net decreases in revenues of $102 million from the existing clean energy business.

Operating Expenses – net

Operating expenses – net for the six months ended June 30, 2025 increased $129 million primarily due to an increase of $67 million in depreciation and amortization.

Interest Expense

NEER’s interest expense for the three months ended June 30, 2025 increased $115 million primarily reflecting higher average debt balances. NEER's interest expense for the six months ended June 30, 2025 increased $491 million primarily reflecting approximately $351 million of unfavorable impacts related to changes in the fair value of interest rate derivative instruments as well as higher average debt balances.

Equity in Earnings (Losses) of Equity Method Investees

NEER recognized $469 million of equity in losses of equity method investees for the six months ended June 30, 2025, compared to $341 million of equity in earnings of equity method investees for the six months ended June 30, 2024. The change for the six months ended June 30, 2025 primarily reflects losses related to the investment in XPLR including an impairment charge of approximately $0.7 billion ($0.5 billion after tax) (see Note 3 – Nonrecurring Fair Value Measurements), partly offset by higher net earnings of $134 million related to NEER's other equity method investments.

Change in Unrealized Gains (Losses) on Equity Securities Held in NEER's Nuclear Decommissioning Funds – net

For the three months ended June 30, 2025, changes in the fair value of equity securities in NEER's nuclear decommissioning funds related to favorable market conditions in 2025 compared to the prior year period.

Income Taxes

PTCs from wind and solar projects and ITCs from solar, battery storage and certain wind projects are included in NEER’s earnings. PTCs are recognized as wind and solar energy is generated and sold based on a per kWh rate prescribed in applicable federal and state statutes. NEER's effective income tax rate is primarily based on the composition of pretax income (loss) in the periods presented, as well as the amount of clean energy tax credits in the periods presented. During the three and six months ended June 30, 2025, clean energy tax credits increased by approximately $164 million and $363 million, respectively, reflecting growth in NEER's business. See Note 4.

Corporate and Other: Results of Operations

Corporate and Other is primarily comprised of the operating results of other business activities, as well as corporate interest income and expenses. Corporate and Other allocates a portion of NEECH's corporate interest expense to NextEra Energy Resources. Interest expense is allocated based on a deemed capital structure of 70% debt and differential membership interests sold by NextEra Energy Resources' subsidiaries.

Corporate and Other's results decreased $68 million during the three months ended June 30, 2025 primarily due to higher average interest rates and higher average debt balances. Corporate and Other's results decreased $852 million during the six months ended June 30, 2025 primarily due to unfavorable after-tax impacts of approximately $719 million, as compared to the prior year period, related to non-qualifying hedge activity as a result of changes in the fair value of interest rate derivative instruments as well as higher average interest rates and higher average debt balances.

LIQUIDITY AND CAPITAL RESOURCES

NEE and its subsidiaries require funds to support and grow their businesses. These funds are used for, among other things, working capital (see Note 10 – Storm Cost Recovery), capital expenditures (see Note 11 – Commitments), investments in or acquisitions of assets and businesses, payment of maturing debt and related derivative obligations (see Note 8 and Note 2) and, from time to time, redemption or repurchase of outstanding debt or equity securities. It is anticipated that these requirements will be satisfied through a combination of cash flows from operations, short- and long-term borrowings, the issuance of short- and long-term debt (see Note 8) and, from time to time, equity securities, proceeds from differential membership investors, sales of clean energy tax credits (see Note 10 – Income Taxes) and sales of ownership interests in assets/businesses (see Note 10 – Disposal of a Business), consistent with NEE’s and FPL’s objective of maintaining, on a long-term basis, a capital structure that will support a strong investment grade credit rating. NEE, FPL and NEECH rely on access to credit and capital markets as significant sources of liquidity for capital requirements and other operations that are not satisfied by operating cash flows. The inability of NEE, FPL and NEECH to maintain their current credit ratings could affect their ability to raise short- and long-term capital, their cost of capital and the execution of their respective financing strategies, and could require the posting of additional collateral under certain agreements.

Cash Flows

NEE's sources and uses of cash for the six months ended June 30, 2025 and 2024 were as follows:


	Six Months Ended June 30,
	2025		2024
	(millions)
Sources of cash:
Cash flows from operating activities	$	5,958	$	7,010
Issuances of long-term debt, including premiums and discounts	12,996		14,111
Sale of independent power and other investments of NEER	309		951
Issuances of common stock/equity units	22		20
Net increase in commercial paper and other short-term debt	2,907		1,931
Other sources – net	22		—
Total sources of cash	22,214		24,023
Uses of cash:
Capital expenditures, independent power and other investments and nuclear fuel purchases	(13,626)		(14,634)
Retirements of long-term debt	(5,160)		(6,499)
Repayments of cash swept to related parties – net	(129)		(830)
Dividends on common stock	(2,332)		(2,115)
Other uses – net	(394)		(1,261)
Total uses of cash	(21,641)		(25,339)
Effects of currency translation on cash, cash equivalents and restricted cash	7		(2)
Net increase (decrease) in cash, cash equivalents and restricted cash	$	580	$	(1,318)

NEE's primary capital requirements are for expanding and enhancing FPL's electric system and generation facilities to continue to provide reliable service to meet customer electricity demands and for funding NEER's investments in independent power and other projects. See Note 11 – Commitments for estimated capital expenditures for the remainder of 2025 through 2029.

The following table provides a summary of capital investments for the six months ended June 30, 2025 and 2024.


	Six Months Ended June 30,
	2025		2024
	(millions)
FPL:
Generation:
New	$	1,152	$	1,324
Existing	518		554
Transmission and distribution	2,202		2,258
Nuclear fuel	98		148
General and other	311		226
Other, primarily change in accrued property additions and the exclusion of AFUDC – equity	102		(102)
Total	4,383		4,408
NEER:
Wind	2,501		2,998
Solar (includes solar plus battery storage projects)	3,480		4,317
Other clean energy	2,231		1,375
Nuclear (includes nuclear fuel)	260		153

(318)

NEE's total mark-to-market energy contract net assets (liabilities) at June 30, 2025 shown above are included on the condensed consolidated balance sheets as follows:


	June 30, 2025
	(millions)
Current derivative assets	$	803
Noncurrent derivative assets	1,527
Current derivative liabilities	(873)
Noncurrent derivative liabilities	(1,775)
NEE's total mark-to-market energy contract net liabilities	$	(318)

The sources of fair value estimates and maturity of energy contract derivative instruments at June 30, 2025 were as follows:


	Maturity
	2025		2026		2027		2028		2029		Thereafter		Total
	(millions)
Trading:
Quoted prices in active markets for identical assets	$	(216)	$	25	$	(68)	$	(21)	$	(34)	$	9	$	(305)
Significant other observable inputs	248		311		173		53		41		67		893
Significant unobservable inputs	165		55		52		26		31		265		594
Total	197		391		157		58		38		341		1,182
Owned Assets – Non-Qualifying:
Quoted prices in active markets for identical assets	(31)		(57)		(19)		10		15		5		(77)
Significant other observable inputs	(182)		(368)		(250)		(133)		(119)		(313)		(1,365)
Significant unobservable inputs	30		(53)		(56)		(10)		13		75		(1)
Total	(183)		(478)		(325)		(133)		(91)		(233)		(1,443)
Owned Assets – FPL Cost Recovery Clauses:
Quoted prices in active markets for identical assets	—		—		—		—		—		—		—
Significant other observable inputs	(7)		(1)		—		—		—		—		(8)
Significant unobservable inputs	(37)		—		1		—		—		—		(36)
Total	(44)		(1)		1		—		—		—		(44)





108

———————————————

(a) The VaR figures for the trading portfolio include positions that are marked to market. Taking into consideration offsetting unmarked non-derivative positions, such as physical inventory, the trading VaR figures were approximately $3 million and $6 million at June 30, 2025 and December 31, 2024, respectively.

(b) Non-qualifying hedges are employed to reduce the market risk exposure to physical assets or contracts which are not marked to market. The VaR figures for the non-qualifying hedges and hedges in FPL cost recovery clauses category do not represent the economic exposure to commodity price movements.

Interest Rate Risk

NEE's and FPL's financial results are exposed to risk resulting from changes in interest rates as a result of their respective outstanding and expected future issuances of debt, investments in special use funds and other investments. NEE and FPL manage their respective interest rate exposure by monitoring current interest rates, entering into interest rate contracts and using a combination of fixed rate and variable rate debt. Interest rate contracts are used to mitigate and adjust interest rate exposure when deemed appropriate based upon market conditions or when required by financing agreements.

The following are estimates of the fair value of NEE's and FPL's financial instruments that are exposed to interest rate risk:


	June 30, 2025				December 31, 2024
	Carrying Amount		Estimated Fair Value(a)		Carrying Amount		Estimated Fair Value(a)
	(millions)
NEE:
Special use funds	$	2,335	$	2,335	$	2,294	$	2,294
Other investments, primarily debt securities	$	2,215	$	2,215	$	2,007	$	2,007
Long-term debt, including current portion	$	88,395	$	85,699	$	80,446	$	76,428
Interest rate contracts – net unrealized gains (losses)	$	(670)	$	(670)	$	293	$	293
FPL:
Special use funds	$	1,795	$	1,795	$	1,741	$	1,741
Long-term debt, including current portion	$	27,602	$	26,081	$	26,745	$	24,718

———————————————

(a)See Notes 2 and 3.

The special use funds of NEE and FPL consist of restricted funds set aside to cover the cost of storm damage for FPL and for the decommissioning of NEE's and FPL's nuclear power plants. A portion of these funds is invested in fixed income debt securities primarily carried at estimated fair value. At FPL, changes in fair value, including any credit losses, result in a corresponding adjustment to the related regulatory asset or liability accounts based on current regulatory treatment. The changes in fair value for NEE's non-rate regulated operations result in a corresponding adjustment to OCI, except for credit losses and unrealized losses on available for sale securities intended or required to be sold prior to recovery of the amortized cost basis, which are reported in current period earnings. Because the funds set aside by FPL for storm damage could be needed at any time, the related investments are generally more liquid and, therefore, are less sensitive to changes in interest rates. The nuclear decommissioning funds, in contrast, are generally invested in longer-term securities.

At June 30, 2025, NEE had interest rate contracts with a net notional amount of approximately $45.2 billion to manage exposure to the variability of cash flows primarily associated with expected future and outstanding debt issuances at NEECH and NEER. See Note 2.

Based upon a hypothetical 10% decrease in interest rates, the fair value of NEE's net liabilities would increase by approximately $3,732 million ($1,268 million for FPL) at June 30, 2025.

Equity Price Risk

NEE and FPL are exposed to risk resulting from changes in prices for equity securities. For example, NEE’s nuclear decommissioning reserve funds include marketable equity securities carried at their market value of approximately $6,473 million and $6,164 million ($4,457 million and $4,219 million for FPL) at June 30, 2025 and December 31, 2024, respectively. NEE's and FPL’s investment strategy for equity securities in their nuclear decommissioning reserve funds emphasizes marketable securities which are broadly diversified. At June 30, 2025, a hypothetical 10% decrease in the prices quoted on stock exchanges would result in an approximately $598 million ($406 million for FPL) reduction in fair value. For FPL, a corresponding adjustment would be made to the related regulatory asset or liability accounts based on current regulatory treatment, and for NEE’s non-rate regulated operations, a corresponding amount would be recorded in change in unrealized gains (losses) on equity securities held in NEER's nuclear decommissioning funds – net in NEE's condensed consolidated statements of income. See Note 3.

Credit Risk

NEE and its subsidiaries, including FPL, are also exposed to credit risk through their energy marketing and trading operations. Credit risk is the risk that a financial loss will be incurred if a counterparty to a transaction does not fulfill its financial obligation. NEE manages counterparty credit risk for its subsidiaries with energy marketing and trading operations through established policies, including counterparty credit limits, and in some cases credit enhancements, such as cash prepayments, letters of credit, cash and other collateral and guarantees.

Credit risk is also managed through the use of master netting agreements. NEE’s credit department monitors current and forward credit exposure to counterparties and their affiliates, both on an individual and an aggregate basis. For all derivative and contractual transactions, NEE’s energy marketing and trading operations, which include FPL’s energy marketing and trading division, are exposed to losses in the event of nonperformance by counterparties to these transactions. Some relevant considerations when assessing NEE’s energy marketing and trading operations’ credit risk exposure include the following:

•Operations are primarily concentrated in the energy industry.

•Trade receivables and other financial instruments are predominately with energy, utility and financial services related companies, as well as municipalities, cooperatives and other trading companies in the U.S.

•Overall credit risk is managed through established credit policies and is overseen by the EMC.

•Prospective and existing customers are reviewed for creditworthiness based upon established standards, with customers not meeting minimum standards providing various credit enhancements or secured payment terms, such as letters of credit or the posting of margin cash collateral.

•Master netting agreements are used to offset cash and noncash gains and losses arising from derivative instruments with the same counterparty. NEE’s policy is to have master netting agreements in place with significant counterparties.

Based on NEE’s policies and risk exposures related to credit, NEE and FPL do not anticipate a material adverse effect on their financial statements as a result of counterparty nonperformance. At June 30, 2025, NEE's credit risk exposure associated with its energy marketing and trading operations, taking into account collateral and contractual netting rights, totaled approximately $2.9 billion ($92 million for FPL), of which approximately 92% (99% for FPL) was with companies that have investment grade credit ratings. See Note 2.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

See Management's Discussion – Energy Marketing and Trading and Market Risk Sensitivity.

Item 4. Controls and Procedures

(a) Evaluation of Disclosure Controls and Procedures

As of June 30, 2025, each of NEE and FPL had performed an evaluation, under the supervision and with the participation of its management, including NEE's and FPL's chief executive officer and chief financial officer, of the effectiveness of the design and operation of each company's disclosure controls and procedures (as defined in the Securities Exchange Act of 1934 Rules 13a-15(e) and 15d-15(e)). Based upon that evaluation, the chief executive officer and the chief financial officer of each of NEE and FPL concluded that the company's disclosure controls and procedures were effective as of June 30, 2025.

(b) Changes in Internal Control Over Financial Reporting

NEE and FPL are continuously seeking to improve the efficiency and effectiveness of their operations and of their internal controls. This results in refinements to processes throughout NEE and FPL. However, there has been no change in NEE's or FPL's internal control over financial reporting (as defined in the Securities Exchange Act of 1934 Rules 13a-15(f) and 15d-15(f)) that occurred during NEE's and FPL's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, NEE's or FPL's internal control over financial reporting.

PART II – OTHER INFORMATION

Item 1. Legal Proceedings

See Note 11 – Legal Proceedings.

With regard to environmental proceedings to which a governmental authority is a party, NEE's and FPL's policy is to disclose any such proceeding if it is reasonably expected to result in monetary sanctions of greater than or equal to $1 million.

Item 1A. Risk Factors

There have been no material changes from the risk factors disclosed in the 2024 Form 10-K. The factors discussed in Part I, Item 1A. Risk Factors in the 2024 Form 10-K, as well as other information set forth in this report, which could materially adversely affect NEE's and FPL's business, financial condition, results of operations and prospects should be carefully considered. The risks described in the 2024 Form 10-K are not the only risks facing NEE and FPL. Additional risks and uncertainties not currently known to NEE or FPL, or that are currently deemed to be immaterial, also may materially adversely affect NEE's or FPL's business, financial condition, results of operations and prospects.

Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities

(a)Information regarding purchases made by NEE of its common stock during the three months ended June 30, 2025 is as follows:


Period	Total Number of Shares Purchased(a)	Average Price Paid Per Share		Total Number of Shares Purchased as Part of a Publicly Announced Program	Maximum Number of Shares that May Yet be Purchased Under the Program(b)
4/1/25 – 4/30/25	—	$	—	—	180,000,000
5/1/25 – 5/31/25	13,037	$	73.81	—	180,000,000
6/1/25 – 6/30/25	—	$	—	—	180,000,000
Total	13,037	$	73.81	—

————————————

(a)Includes shares of common stock withheld from employees to pay certain withholding taxes upon the vesting of stock awards granted to such employees under the NextEra Energy, Inc. 2021 Long Term Incentive Plan or the NextEra Energy, Inc. Amended and Restated 2011 Long Term Incentive Plan.

(b)In May 2017, NEE's Board of Directors authorized repurchases of up to 45 million shares of common stock (180 million shares after giving effect to the four-for-one stock split of NEE common stock effective October 26, 2020) over an unspecified period.

Item 5. Other Information

•On , , a Rule 10b5-1 trading arrangement that is intended to satisfy the affirmative defense of Rule 10b5-1(c) for the sale of shares of NEE's common stock until .

•On , , , a Rule 10b5-1 trading arrangement that is intended to satisfy the affirmative defense of Rule 10b5-1(c) for the sale of shares of NEE's common stock until .

Item 6. Exhibits

Exhibit Number

Description

NEE

FPL

4(a)

Officer's Certificate of NextEra Energy Capital Holdings, Inc. and NextEra Energy, Inc., dated May 15, 2025, creating the Series U Junior Subordinated Debentures due June 1, 2085

4(b)

Officer's Certificate of NextEra Energy Capital Holdings, Inc., dated June 12, 2025, creating the 3.83% Debentures, Series due June 12, 2030

4(c)

Officer's Certificate of NextEra Energy Capital Holdings, Inc., dated June 12, 2025, creating the 4 .67 % Debentures, Series due June 12, 2 035

Executive Retention Employment Agreement between NextEra Energy, Inc. and Michael Dunne dated as of March 17, 2025

Guaranteed Securities

31(a)

Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer of NextEra Energy, Inc.

31(b)

Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer of NextEra Energy, Inc.

31(c)

Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer of Florida Power & Light Company

31(d)

Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer of Florida Power & Light Company

32(a)

Section 1350 Certification of NextEra Energy, Inc.

32(b)

Section 1350 Certification of Florida Power & Light Company

101.INS

XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document

101.SCH

Inline XBRL Schema Document

101.PRE

Inline XBRL Presentation Linkbase Document

101.CAL

Inline XBRL Calculation Linkbase Document

101.LAB

Inline XBRL Label Linkbase Document

101.DEF

Inline XBRL Definition Linkbase Document

104

Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

NEE and FPL agree to furnish to the SEC upon request any instrument with respect to long-term debt that NEE and FPL have not filed as an exhibit pursuant to the exemption provided by Item 601(b)(4)(iii)(A) of Regulation S-K.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned thereunto duly authorized.

Date: July 23, 2025


NEXTERA ENERGY, INC. (Registrant)


WILLIAM J. GOUGH
William J. Gough Vice President, Controller and Chief Accounting Officer (Principal Accounting Officer)




FLORIDA POWER & LIGHT COMPANY (Registrant)


KEITH FERGUSON
Keith Ferguson Vice President, Accounting, Financial Planning and Controller (Principal Accounting Officer)

NEXTERA ENERGY INC - Quarter Report: 2025 June (Form 10-Q)

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