EX-99.1 2 er-20250630xearningsreleas.htm EX-99.1

News Release |  |

Media Contact: Gillian Moore
24-Hour: 800.559.3853
Analyst Contact: Abby Motsinger
Office: 704.382.7624
August 5, 2025
Duke Energy reports second-quarter 2025 financial results
▪Second-quarter 2025 reported and adjusted EPS of $1.25
▪Strong first half performance puts the company on track to deliver full year results within guidance range
▪Transaction proceeds support material strengthening of company’s credit profile and higher capital deployment at Duke Energy Florida
CHARLOTTE, N.C. – Duke Energy (NYSE: DUK) today announced second-quarter 2025 reported EPS, prepared in accordance with Generally Accepted Accounting Principles (GAAP), and adjusted EPS of $1.25. This is compared to reported EPS of $1.13 and adjusted EPS of $1.18 for the second quarter of 2024. Adjusted EPS excludes the impact of certain items that are included in reported EPS.
Higher second-quarter 2025 adjusted results were driven by the implementation of new rates and riders, partially offset by higher O&M expenses and interest expense.
The company is reaffirming its 2025 adjusted EPS guidance range of $6.17 to $6.42 and long-term adjusted EPS growth rate of 5% to 7% through 2029 off the 2025 midpoint of $6.30. Management does not forecast reported GAAP EPS and related long-term growth rates.
“We’ve had a strong start to the year, executing on our strategic priorities of advancing large-scale economic development projects, securing industry-leading regulatory and legislative outcomes, and strengthening the balance sheet,” said Harry Sideris, Duke Energy president and chief executive officer. “To position the company for the significant growth ahead, we recently announced two strategic transactions – an equity investment in Duke Energy Florida and the sale of our Piedmont Tennessee business. These efficient funding sources at compelling valuations materially strengthen our credit profile and help fund the increasing investments needed to meet unprecedented growth over the next decade.”

Duke Energy News Release 2
Business segment results
In addition to the following summary of second-quarter 2025 business segment performance, comprehensive tables with detailed EPS drivers for the second quarter compared to prior year are provided at the end of this news release.
The discussion below of second-quarter results includes both GAAP segment income and adjusted segment income, which is a non-GAAP financial measure. The tables at the end of this news release present a full reconciliation of GAAP reported results to adjusted results.
Electric Utilities and Infrastructure
On a reported basis, Electric Utilities and Infrastructure recognized second-quarter 2025 segment income of $1,194 million, compared to segment income of $1,090 million in the second quarter of 2024.
On an adjusted basis, Electric Utilities and Infrastructure recognized second-quarter 2025 segment income of $1,194 million, compared to segment income of $1,115 million in the second quarter of 2024. This represents an increase of $0.10 per share, excluding share dilution of $0.01 per share. Higher quarterly results were primarily due to the implementation of new rates, partially offset by higher O&M expense and interest expense.
Gas Utilities and Infrastructure
On a reported and adjusted basis, Gas Utilities and Infrastructure recognized second-quarter 2025 segment income of $6 million, compared to reported and adjusted segment income of $6 million in the second quarter of 2024. Flat quarterly results were primarily due to growth from rate increases and riders, offset by higher O&M expenses and depreciation on a growing asset base.
Other
Other primarily includes interest expense on holding company debt, other unallocated corporate costs and results from Duke Energy’s captive insurance company.
On a reported and adjusted basis, Other recognized a second-quarter 2025 segment loss of $228 million, compared to reported and adjusted segment loss of $200 million in the second quarter of 2024. This represents a decrease of $0.02 per share. Lower quarterly results were primarily due to higher interest expense.

Duke Energy News Release 3
Effective tax rate
Duke Energy's consolidated reported effective tax rate for the second quarter of 2025 was 10.6% compared to 13.1% in the second quarter of 2024. The decrease in the effective tax rate was primarily due to an increase in the amortization of income tax credits and lower state tax expense.
Duke Energy's consolidated adjusted effective tax rate was 10.6% for the second quarter of 2025 compared to 13.4% in the second quarter of 2024. The decrease in the adjusted effective tax rate was primarily due to an increase in the amortization of income tax credits and lower state tax expense.
The tables at the end of this news release present a reconciliation of the reported effective tax rate to the adjusted effective tax rate.
Earnings conference call for analysts
An earnings conference call for analysts is scheduled at 10 a.m. ET today to discuss second-quarter 2025 financial results and other business and financial updates. The conference call will be hosted by Harry Sideris, president and chief executive officer, and Brian Savoy, executive vice president and chief financial officer.
The call can be accessed via the investors' section (duke-energy.com/investors) of Duke Energy’s websit e or by dialing 833.470.1428 in the U.S. or 929.526.1599 outside the U.S. The confirmation code is 704713. Please c all in 10 to 15 minutes prior to the scheduled start time.
Special Items and Non-GAAP Reconciliation
The following table presents a reconciliation of GAAP reported EPS to adjusted EPS for second-quarter 2025 and 2024 financial results:

(In millions, except per share amounts) | After-Tax Amount | 2Q 2025 EPS | 2Q 2024 EPS
Earnings Per Share, as reported |  | $ | 1.25 |  | $ | 1.13 |
Adjustments to reported EPS: |  |  |
Second Quarter 2025 |  |  |
Discontinued Operations | 1 |  | — |  |
Second Quarter 2024 |  |  |
Regulatory Matters | $ | 25 |  |  | $ | 0.03 |
Discontinued Operations(a) | 10 |  |  | 0.01 |
Total adjustments(b) |  | $ | — |  | $ | 0.05 |
EPS, adjusted |  | $ | 1.25 |  | $ | 1.18 |

(a) Represents the operating results related to the sale of the Commercial Renewables business disposal group.
(b) Total EPS adjustments may not foot due to rounding.

Duke Energy News Release 4
Non-GAAP financial measures
Management evaluates financial performance in part based on non-GAAP financial measures, including adjusted earnings, adjusted EPS and adjusted effective tax rate. Adjusted earnings and adjusted EPS represent income (loss) from continuing operations available to Duke Energy Corporation common stockholders in dollar and basic per share amounts, adjusted for the dollar and per share impact of special items. The adjusted effective tax rate is calculated using pretax earnings and income tax expense, both adjusted to include the impact of noncontrolling interests and preferred dividends and to exclude the impact of special items. Special items represent certain charges and credits, which management believes are not indicative of Duke Energy's ongoing performance.
Special items included within the financial statement periods presented, which management does not believe are reflective of ongoing costs, are described below:
•Regulatory matters primarily represents impairment charges related to the 2024 Duke Energy Carolinas' South Carolina rate case order.
Management uses these non-GAAP financial measures for planning, forecasting, and to report financial results to the Board of Directors, employees, and stockholders, as well as analysts and investors. The most directly comparable GAAP measures for adjusted earnings, adjusted EPS and the adjusted effective tax rate are Net Income (Loss) Available to Duke Energy Corporation common stockholders (GAAP reported earnings (loss)), Basic earnings (loss) per share Available to Duke Energy Corporation common stockholders (GAAP reported earnings (loss) per share), and the reported effective tax rate, respectively.
Due to the forward-looking nature of forecasted adjusted EPS and related growth rates, the information to reconcile those amounts to the most directly comparable GAAP financial measure is not available, as management is unable to project special items, such as legal settlements, impacts of regulatory orders or asset impairments, for future periods.
Management evaluates segment performance based on segment income and other net loss. Segment income and other net loss are defined as income (loss) from continuing operations net of income attributable to noncontrolling interests and preferred stock dividends. Segment income and other net loss include intercompany revenues and expenses that are eliminated in the Condensed Consolidated Financial Statements. Management also uses adjusted segment income and adjusted other net loss as measures of historical and anticipated future segment performance. Adjusted segment income and adjusted other net loss are non-GAAP financial measures, as they represent segment income and other net loss adjusted for special items, as discussed above. Management believes the presentation of adjusted segment income and adjusted other net loss provide useful information to investors, as they provide additional relevant comparison of a segment’s or Other's performance across periods. The most directly comparable GAAP measures for adjusted segment income and adjusted other net loss are segment income and other net loss.

Duke Energy News Release 5
Due to the forward-looking nature of forecasted adjusted segment income and forecasted adjusted other net loss and related growth rates, the information to reconcile these amounts to the most directly comparable GAAP financial measures are not available, as management is unable to project special items, as discussed above.
Duke Energy’s adjusted earnings, adjusted EPS, adjusted effective tax rate, adjusted segment income, and adjusted other net loss may not be comparable to similarly titled measures of another company because other companies may not calculate the measures in the same manner.
Duke Energy
Duke Energy (NYSE: DUK), a Fortune 150 company headquartered in Charlotte, N.C., is one of America’s largest energy holding companies. The company's electric utilities serve 8.6 million customers in North Carolina, South Carolina, Florida, Indiana, Ohio and Kentucky, and collectively own 55,100 megawatts of energy capacity. Its natural gas utilities serve 1.7 million customers in North Carolina, South Carolina, Tennessee, Ohio and Kentucky.
Duke Energy is executing an ambitious energy transition, keeping customer reliability and value at the forefront as it builds a smarter energy future. The company is investing in major electric grid upgrades and cleaner generation, including natural gas, nuclear, renewables and energy storage.
More information is available at duke-energy.com and the Duke Energy News Center. Follow Duke Energy on X, LinkedIn, Instagram and Facebook, and visit illumination for stories about the people and innovations powering our energy transition.
Forward-Looking Information
This document includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are based on management’s beliefs and assumptions and can often be identified by terms and phrases that include “anticipate,” “believe,” “intend,” “estimate,” “expect,” “continue,” “should,” “could,” “may,” “plan,” “project,” “predict,” “will,” “potential,” “forecast,” “target,” “guidance,” “outlook” or other similar terminology. Various factors may cause actual results to be materially different than the suggested outcomes within forward-looking statements; accordingly, there is no assurance that such results will be realized. These factors include, but are not limited to:
◦The ability to implement our business strategy, including meeting forecasted load growth demand, grid and fleet modernization objectives, and our carbon emission reduction goals, while balancing customer reliability and affordability;
◦State, federal and foreign legislative and regulatory initiatives, including costs of compliance with existing and future environmental requirements and/or uncertainty of applicability or changes to such legislative and regulatory initiatives, including those related to climate change, as well as rulings that affect cost and investment recovery or have an impact on rate structures or market prices;
◦The extent and timing of costs and liabilities to comply with federal and state laws, regulations and legal requirements related to coal ash remediation, including amounts for required closure of certain ash impoundments, are uncertain and difficult to estimate;
◦The ability to timely recover eligible costs, including amounts associated with coal ash impoundment retirement obligations, asset retirement and construction costs related to carbon emissions reductions, and costs related to significant weather events, and to earn an adequate return on investment through rate case proceedings and the regulatory process;
◦The costs of decommissioning nuclear facilities could prove to be more extensive than amounts estimated and all costs may not be fully recoverable through the regulatory process;

Duke Energy News Release 6
◦The impact of extraordinary external events, such as a global pandemic or military conflict, and their collateral consequences, including the disruption of global supply chains or the economic activity in our service territories;
◦Costs and effects of legal and administrative proceedings, settlements, investigations and claims;
◦Industrial, commercial and residential decline in service territories or customer bases resulting from sustained downturns of the economy, storm damage, reduced customer usage due to cost pressures from inflation, tariffs, or fuel costs, worsening economic health of our service territories, reductions in customer usage patterns, or lower than anticipated load growth, particularly if usage of electricity by data centers is less than currently projected, energy efficiency efforts, natural gas building and appliance electrification, and use of alternative energy sources, such as self-generation and distributed generation technologies;
◦Federal and state regulations, laws and other efforts designed to promote and expand the use of energy efficiency measures, natural gas electrification, and distributed generation technologies, such as private solar and battery storage, in Duke Energy service territories could result in a reduced number of customers, excess generation resources as well as stranded costs;
◦Advancements in technology, including artificial intelligence;
◦Additional competition in electric and natural gas markets and continued industry consolidation;
◦The influence of weather and other natural phenomena on operations, financial position, and cash flows, including the economic, operational and other effects of severe storms, hurricanes, droughts, earthquakes and tornadoes, including extreme weather associated with climate change;
◦Changing or conflicting investor, customer and other stakeholder expectations and demands, particularly regarding environmental, social and governance matters and costs related thereto;
◦The ability to successfully operate electric generating facilities and deliver electricity to customers including direct or indirect effects to the company resulting from an incident that affects the United States electric grid or generating resources;
◦Operational interruptions to our natural gas distribution and transmission activities;
◦The availability of adequate interstate pipeline transportation capacity and natural gas supply;
◦The impact on facilities and business from a terrorist or other attack, war, vandalism, cybersecurity threats, data security breaches, operational events, information technology failures or other catastrophic events, such as severe storms, fires, explosions, pandemic health events or other similar occurrences;
◦The inherent risks associated with the operation of nuclear facilities, including environmental, health, safety, regulatory and financial risks, including the financial stability of third-party service providers;
◦The timing and extent of changes in commodity prices, including any impact from increased tariffs and interest rates, and the ability to timely recover such costs through the regulatory process, where appropriate, and their impact on liquidity positions and the value of underlying assets;
◦The results of financing efforts, including the ability to obtain financing on favorable terms, which can be affected by various factors, including credit ratings, interest rate fluctuations, compliance with debt covenants and conditions, an individual utility’s generation portfolio, and general market and economic conditions;
◦Credit ratings of the Duke Energy Registrants may be different from what is expected;
◦Declines in the market prices of equity and fixed-income securities and resultant cash funding requirements for defined benefit pension plans, other post-retirement benefit plans and nuclear decommissioning trust funds;
◦Construction and development risks associated with the completion of the Duke Energy Registrants’ capital investment projects, including risks related to financing, timing and receipt of necessary regulatory approvals, obtaining and complying with terms of permits, meeting construction budgets and schedules and satisfying operating and environmental performance standards, as well as the ability to recover costs from customers in a timely manner, or at all;
◦Changes in rules for regional transmission organizations, including changes in rate designs and new and evolving capacity markets, and risks related to obligations created by the default of other participants;
◦The ability to control operation and maintenance costs;

Duke Energy News Release 7
◦The level of creditworthiness of counterparties to transactions;
◦The ability to obtain adequate insurance at acceptable costs and recover on claims made;
◦Employee workforce factors, including the potential inability to attract and retain key personnel;
◦The ability of subsidiaries to pay dividends or distributions to Duke Energy Corporation holding company (the Parent);
◦The performance of projects undertaken by our businesses and the success of efforts to invest in and develop new opportunities;
◦The effect of accounting and reporting pronouncements issued periodically by accounting standard-setting bodies and the SEC;
◦The impact of United States tax legislation to our financial condition, results of operations or cash flows and our credit ratings;
◦The impacts from potential impairments of goodwill or investment carrying values;
◦Asset or business acquisitions and dispositions may not be consummated or yield the anticipated benefits, which could adversely affect our financial condition, credit metrics or ability to execute strategic and capital plans; and
◦The actions of activist shareholders could disrupt our operations, impact our ability to execute on our business strategy, or cause fluctuations in the trading price of our common stock.
Additional risks and uncertainties are identified and discussed in the Duke Energy Registrants' reports filed with the SEC and available at the SEC's website at sec.gov. In light of these risks, uncertainties and assumptions, the events described in the forward-looking statements might not occur or might occur to a different extent or at a different time than described. Forward-looking statements speak only as of the date they are made and the Duke Energy Registrants expressly disclaim an obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

DUKE ENERGY CORPORATION
REPORTED TO ADJUSTED EARNINGS RECONCILIATION
Three Months Ended June 30, 2025
(Dollars in millions, except per share amounts)

|  | Reported Earnings |  |  |  |  |  |  |  |  |  |  |  | Discontinued Operations |  | Total Adjustments |  | Adjusted Earnings
SEGMENT INCOME (LOSS) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Electric Utilities and Infrastructure |  | $ | 1,194 |  |  |  |  |  |  |  |  |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | 1,194 |
Gas Utilities and Infrastructure |  | 6 |  |  |  |  |  |  |  |  |  |  |  |  | — |  |  | — |  |  | 6 |
Total Reportable Segment Income |  | 1,200 |  |  |  |  |  |  |  |  |  |  |  |  | — |  |  | — |  |  | 1,200 |
Other |  | (228) |  |  |  |  |  |  |  |  |  |  |  |  | — |  |  | — |  |  | (228) |
Discontinued Operations |  | (1) |  |  |  |  |  |  |  |  |  |  |  |  | 1 |  | A | 1 |  |  | — |
Net Income Available to Duke Energy Corporation Common Stockholders |  | $ | 971 |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | 972 |
EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS |  | $ | 1.25 |  |  |  |  |  |  |  |  |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | 1.25 |

A – Recorded in Loss from Discontinued Operations, net of tax, on the Condensed Consolidated Statements of Operations.
Weighted Average Shares, basic (reported and adjusted) – 777 million
8

DUKE ENERGY CORPORATION
REPORTED TO ADJUSTED EARNINGS RECONCILIATION
Six Months Ended June 30, 2025
(Dollars in millions, except per share amounts)

|  | Reported Earnings |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Discontinued Operations |  | Total Adjustments |  | Adjusted Earnings
SEGMENT INCOME (LOSS) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Electric Utilities and Infrastructure |  | $ | 2,470 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | 2,470 |
Gas Utilities and Infrastructure |  | 355 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | — |  |  | — |  |  | 355 |
Total Reportable Segment Income |  | 2,825 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | — |  |  | — |  |  | 2,825 |
Other |  | (488) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | — |  |  | — |  |  | (488) |
Discontinued Operations |  | (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1 |  | A | 1 |  |  | — |
Net Income Available to Duke Energy Corporation Common Stockholders |  | $ | 2,336 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | 2,337 |
EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS |  | $ | 3.00 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | 3.00 |

A – Recorded in Loss from Discontinued Operations, net of tax, on the Condensed Consolidated Statements of Operations.
Weighted Average Shares, basic (reported and adjusted) – 777 million
9

DUKE ENERGY CORPORATION
REPORTED TO ADJUSTED EARNINGS RECONCILIATION
Three Months Ended June 30, 2024
(Dollars in millions, except per share amounts)

|  |  | Special Item |  |  |  |  |  |  |  |  |  |  |  |
| Reported Earnings |  | Regulatory Matters |  |  |  |  |  |  |  |  |  | Discontinued Operations |  | Total Adjustments |  | Adjusted Earnings
SEGMENT INCOME (LOSS) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Electric Utilities and Infrastructure | $ | 1,090 |  |  | $ | 25 |  | A |  |  |  |  |  |  |  |  | $ | — |  |  | $ | 25 |  |  | $ | 1,115 |
Gas Utilities and Infrastructure | 6 |  |  | — |  |  |  |  |  |  |  |  |  |  | — |  |  | — |  |  | 6 |
Total Reportable Segment Income | 1,096 |  |  | 25 |  |  |  |  |  |  |  |  |  |  | — |  |  | 25 |  |  | 1,121 |
Other | (200) |  |  | — |  |  |  |  |  |  |  |  |  |  | — |  |  | — |  |  | (200) |
Discontinued Operations | (10) |  |  | — |  |  |  |  |  |  |  |  |  |  | 10 |  | B | 10 |  |  | — |
Net Income Available to Duke Energy Corporation Common Stockholders | $ | 886 |  |  | $ | 25 |  |  |  |  |  |  |  |  |  |  | $ | 10 |  |  | $ | 35 |  |  | $ | 921 |
EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS | $ | 1.13 |  |  | $ | 0.03 |  |  |  |  |  |  |  |  |  |  | $ | 0.01 |  |  | $ | 0.05 |  |  | $ | 1.18 |

Note: Earnings Per Share amounts are adjusted for accumulated dividends for Series B Preferred Stock of $(0.02). Total EPS adjustments do not cross-foot due to rounding.
A – Net of $6 million tax benefit at Duke Energy Carolinas and $2 million tax benefit at Duke Energy Progress.
• $33 million recorded within Impairment of assets and other charges, $2 million recorded within Operations, maintenance and other, and an $11 million reduction recorded within Interest Expense on the Duke Energy Carolinas' Condensed Consolidated Statement of Operations related to the 2024 South Carolina rate case order.
• $9 million recorded within Impairment of assets and other charges on the Duke Energy Progress' Condensed Consolidated Statement of Operations related to the 2024 South Carolina rate case order.
B – Recorded in Loss from Discontinued Operations, net of tax, on the Condensed Consolidated Statements of Operations.
Weighted Average Shares, basic (reported and adjusted) – 772 million
10

DUKE ENERGY CORPORATION
REPORTED TO ADJUSTED EARNINGS RECONCILIATION
Six Months Ended June 30, 2024
(Dollars in millions, except per share amounts)

|  |  |  |  |  |  |  |  |  |  |  |  |  | Special Item |  |  |  |  |
|  | Reported Earnings |  |  |  |  |  |  |  |  |  |  |  | Regulatory Matters |  | Discontinued Operations |  | Total Adjustments |  | Adjusted Earnings
SEGMENT INCOME (LOSS) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Electric Utilities and Infrastructure |  | $ | 2,111 |  |  |  |  |  |  |  |  |  |  |  |  | $ | 25 |  | A | $ | — |  |  | $ | 25 |  |  | $ | 2,136 |
Gas Utilities and Infrastructure |  | 290 |  |  |  |  |  |  |  |  |  |  |  |  | — |  |  | — |  |  | — |  |  | 290 |
Total Reportable Segment Income |  | 2,401 |  |  |  |  |  |  |  |  |  |  |  |  | 25 |  |  | — |  |  | 25 |  |  | 2,426 |
Other |  | (403) |  |  |  |  |  |  |  |  |  |  |  |  | — |  |  | — |  |  | — |  |  | (403) |
Discontinued Operations |  | (13) |  |  |  |  |  |  |  |  |  |  |  |  | — |  |  | 13 |  | B | 13 |  |  | — |
Net Income Available to Duke Energy Corporation Common Stockholders |  | $ | 1,985 |  |  |  |  |  |  |  |  |  |  |  |  | $ | 25 |  |  | $ | 13 |  |  | $ | 38 |  |  | $ | 2,023 |
EPS AVAILABLE TO DUKE ENERGY CORPORATION COMMON STOCKHOLDERS |  | $ | 2.57 |  |  |  |  |  |  |  |  |  |  |  |  | $ | 0.03 |  |  | $ | 0.02 |  |  | $ | 0.05 |  |  | $ | 2.62 |

A – Net of $6 million tax benefit at Duke Energy Carolinas and $2 million tax benefit at Duke Energy Progress.
• $33 million recorded within Impairment of assets and other charges, $2 million recorded within Operations, maintenance and other, and an $11 million reduction recorded within Interest
Expense on the Duke Energy Carolinas' Condensed Consolidated Statement of Operations related to the 2024 South Carolina rate case order.
• $9 million recorded within Impairment of assets and other charges on the Duke Energy Progress' Condensed Consolidated Statement of Operations related to the 2024 South Carolina rate case order.
B – Recorded in Loss from Discontinued Operations, net of tax, on the Condensed Consolidated Statements of Operations.
Weighted Average Shares, basic (reported and adjusted) – 771 million
11

DUKE ENERGY CORPORATION
EFFECTIVE TAX RECONCILIATION
June 2025
(Dollars in millions)

| Three Months Ended June 30, 2025 |  | Six Months Ended June 30, 2025 |
| Balance |  | Effective Tax Rate |  | Balance |  | Effective Tax Rate |
Reported Income From Continuing Operations Before Income Taxes | $ | 1,127 |  |  |  |  | $ | 2,724 |  |  |  |
Noncontrolling Interests | (27) |  |  |  |  | (55) |  |  |  |
Preferred Dividends | (13) |  |  |  |  | (27) |  |  |  |
Adjusted Pretax Income | $ | 1,087 |  |  |  |  | $ | 2,642 |  |  |  |
Reported Income Tax Expense From Continuing Operations | $ | 119 |  |  | 10.6 | % |  | $ | 312 |  |  | 11.5 | % |
Noncontrolling Interest Portion of Income Taxes(a) | (4) |  |  |  |  | (7) |  |  |  |
Adjusted Tax Expense | $ | 115 |  |  | 10.6 | % |  | $ | 305 |  |  | 11.5 | % |

| Three Months Ended June 30, 2024 |  | Six Months Ended June 30, 2024 |
| Balance |  | Effective Tax Rate |  | Balance |  | Effective Tax Rate |
Reported Income From Continuing Operations Before Income Taxes | $ | 1,071 |  |  |  |  | $ | 2,403 |  |  |  |
Regulatory Matters | 33 |  |  |  |  | 33 |  |  |  |
Noncontrolling Interests | (26) |  |  |  |  | (42) |  |  |  |
Preferred Dividends | (14) |  |  |  |  | (53) |  |  |  |
Adjusted Pretax Income | $ | 1,064 |  |  |  |  | $ | 2,341 |  |  |  |
Reported Income Tax Expense From Continuing Operations | $ | 140 |  |  | 13.1 | % |  | $ | 318 |  |  | 13.2 | % |
Regulatory Matters | 8 |  |  |  |  | 8 |  |  |  |
Noncontrolling Interest Portion of Income Taxes(a) | (5) |  |  |  |  | (8) |  |  |  |
Adjusted Tax Expense | $ | 143 |  |  | 13.4 | % |  | $ | 318 |  |  | 13.6 | % |

(a) Income tax related to non-pass-through entities for tax purposes.
12

DUKE ENERGY CORPORATION
EARNINGS VARIANCES
June 2025 QTD vs. Prior Year

(Dollars per share) | Electric Utilities and Infrastructure |  | Gas Utilities and Infrastructure |  |  |  | Other |  | Discontinued Operations |  | Consolidated
2024 QTD Reported Earnings Per Share | $ | 1.42 |  |  |  | $ | 0.01 |  |  |  |  |  |  | $ | (0.28) |  |  |  | $ | (0.01) |  |  |  | $ | 1.13 |  |
Regulatory Matters | 0.03 |  |  |  | — |  |  |  |  |  |  | — |  |  |  | — |  |  |  | 0.03 |  |
Discontinued Operations | — |  |  |  | — |  |  |  |  |  |  | — |  |  |  | 0.01 |  |  |  | 0.01 |  |
2024 QTD Adjusted Earnings Per Share | $ | 1.45 |  |  |  | $ | 0.01 |  |  |  |  |  |  | $ | (0.28) |  |  |  | $ | — |  |  |  | $ | 1.18 |  |
Weather | 0.01 |  |  |  | — |  |  |  |  |  |  | — |  |  |  | — |  |  |  | 0.01 |  |
Volume(a) | 0.03 |  |  |  | — |  |  |  |  |  |  | — |  |  |  | — |  |  |  | 0.03 |  |
Riders and Other Retail Margin | 0.01 |  |  |  | 0.01 |  |  |  |  |  |  | — |  |  |  | — |  |  |  | 0.02 |  |
Rate case impacts, net(b) | 0.19 |  |  |  | 0.01 |  |  |  |  |  |  | — |  |  |  | — |  |  |  | 0.20 |  |
Wholesale | (0.01) |  |  |  | — |  |  |  |  |  |  | — |  |  |  | — |  |  |  | (0.01) |  |
Operations and maintenance, net of recoverables(c) | (0.08) |  |  |  | (0.01) |  |  |  |  |  |  | — |  |  |  | — |  |  |  | (0.09) |  |
Interest Expense(d) | (0.04) |  |  |  | — |  |  |  |  |  |  | (0.04) |  |  |  | — |  |  |  | (0.08) |  |
AFUDC Equity | 0.02 |  |  |  | — |  |  |  |  |  |  | — |  |  |  | — |  |  |  | 0.02 |  |
Depreciation and amortization(d) | (0.03) |  |  |  | (0.01) |  |  |  |  |  |  | — |  |  |  | — |  |  |  | (0.04) |  |
Other | — |  |  |  | — |  |  |  |  |  |  | 0.02 |  |  |  | — |  |  |  | 0.02 |  |
Total variance | $ | 0.10 |  |  |  | $ | — |  |  |  |  |  |  | $ | (0.02) |  |  |  | $ | — |  |  |  | $ | 0.08 |  |
Change in share count | (0.01) |  |  |  | — |  |  |  |  |  |  | — |  |  |  | — |  |  |  | (0.01) |  |
2025 QTD Reported and Adjusted Earnings Per Share | $ | 1.54 |  |  |  | $ | 0.01 |  |  |  |  |  |  | $ | (0.30) |  |  |  | $ | — |  |  |  | $ | 1.25 |  |
Note: Earnings Per Share amounts are calculated using the consolidated statutory income tax rate for all drivers. Basic weighted average shares outstanding increased from 772 million to 777 million. Totals may not foot or cross-foot due to rounding.

(a) Includes block and seasonal pricing.
(b) Electric Utilities and Infrastructure includes impacts from DEC North Carolina Year 2 rates, effective January 2025, and DEC South Carolina rates, effective August 2024 (+$0.08), DEF multiyear rate plan revenue increases, effective January 2025 (+$0.05), DEI rates, effective February 2025 (+0.04) and DEP North Carolina Year 2 rates, effective October 2024 (+$0.02). Gas Utilities and Infrastructure includes impacts from Piedmont rates, effective November 2024.
(c) Electric Utilities and Infrastructure includes higher grid maintenance and generation outage costs, as well as other corporate costs in the current year.
(d) Electric Utilities and Infrastructure excludes rate case impacts.
13

DUKE ENERGY CORPORATION
EARNINGS VARIANCES
June 2025 YTD vs. Prior Year

(Dollars per share) | Electric Utilities and Infrastructure |  | Gas Utilities and Infrastructure |  |  |  | Other |  | Discontinued Operations |  | Consolidated
2024 YTD Reported Earnings Per Share | $ | 2.74 |  |  |  | $ | 0.37 |  |  |  |  |  |  | $ | (0.52) |  |  |  | $ | (0.02) |  |  |  | $ | 2.57 |  |
Regulatory Matters | 0.03 |  |  |  | — |  |  |  |  |  |  | — |  |  |  | — |  |  |  | 0.03 |  |
Discontinued Operations | — |  |  |  | — |  |  |  |  |  |  | — |  |  |  | 0.02 |  |  |  | 0.02 |  |
2024 YTD Adjusted Earnings Per Share | $ | 2.77 |  |  |  | $ | 0.37 |  |  |  |  |  |  | $ | (0.52) |  |  |  | $ | — |  |  |  | $ | 2.62 |  |
Weather | 0.08 |  |  |  | — |  |  |  |  |  |  | — |  |  |  | — |  |  |  | 0.08 |  |
Volume | 0.15 |  |  |  | — |  |  |  |  |  |  | — |  |  |  | — |  |  |  | 0.15 |  |
Riders and Other Retail Margin(a) | 0.10 |  |  |  | 0.04 |  |  |  |  |  |  | — |  |  |  | — |  |  |  | 0.14 |  |
Rate case impacts, net(b) | 0.33 |  |  |  | 0.08 |  |  |  |  |  |  | — |  |  |  | — |  |  |  | 0.41 |  |
Wholesale | 0.02 |  |  |  | — |  |  |  |  |  |  | — |  |  |  | — |  |  |  | 0.02 |  |
Operations and maintenance, net of recoverables(c) | (0.12) |  |  |  | (0.01) |  |  |  |  |  |  | — |  |  |  | — |  |  |  | (0.13) |  |
Interest Expense(d) | (0.08) |  |  |  | (0.01) |  |  |  |  |  |  | (0.08) |  |  |  | — |  |  |  | (0.17) |  |
AFUDC Equity | 0.04 |  |  |  | — |  |  |  |  |  |  | — |  |  |  | — |  |  |  | 0.04 |  |
Depreciation and amortization(d) | (0.05) |  |  |  | (0.02) |  |  |  |  |  |  | — |  |  |  | — |  |  |  | (0.07) |  |
Other | (0.04) |  |  |  | — |  |  |  |  |  |  | (0.03) |  |  |  | — |  |  |  | (0.07) |  |
Total variance | $ | 0.43 |  |  |  | $ | 0.08 |  |  |  |  |  |  | $ | (0.11) |  |  |  | $ | — |  |  |  | $ | 0.40 |  |
Change in share count | (0.02) |  |  |  | — |  |  |  |  |  |  | — |  |  |  | — |  |  |  | (0.02) |  |
2025 YTD Reported and Adjusted Earnings Per Share | $ | 3.18 |  |  |  | $ | 0.45 |  |  |  |  |  |  | $ | (0.63) |  |  |  | $ | — |  |  |  | $ | 3.00 |  |
Note: Earnings Per Share amounts are calculated using the consolidated statutory income tax rate for all drivers. Basic weighted average shares outstanding increased from 771 million to 777 million.

(a) Electric Utilities and Infrastructure includes higher grid modernization riders and transmission revenues. Gas Utilities and Infrastructure includes higher construction and pipeline integrity riders in Ohio and Kentucky, as well as higher revenues from the Tennessee Annual Review Mechanism and the South Carolina Rate Stabilization Act mechanism.
(b) Electric Utilities and Infrastructure includes impacts from DEC North Carolina Year 2 rates, effective January 2025, and DEC South Carolina rates, effective August 2024 (+$0.15), DEF multiyear rate plan revenue increases, effective January 2025 (+$0.09), DEP North Carolina Year 2 rates, effective October 2024 (+$0.04) and DEI rates, effective February 2025 (+0.04). Gas Utilities and Infrastructure includes impacts from Piedmont rates, effective November 2024.
(c) Electric Utilities and Infrastructure includes higher grid maintenance and generation outage costs, as well as other corporate costs in the current year.
(d) Electric Utilities and Infrastructure excludes rate case impacts.
14

DUKE ENERGY CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In millions, except per share amounts)
| Three Months Ended |  | Six Months Ended
| June 30, |  | June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024 |  |
Operating Revenues |  |  |  |  |  |  |  |  |
Regulated electric | $ | 6,968 |  |  | $ | 6,746 |  |  | $ | 14,032 |  |  | $ | 13,478 |  |  |
Regulated natural gas | 462 |  |  | 347 |  |  | 1,567 |  |  | 1,213 |  |  |
Nonregulated electric and other | 78 |  |  | 79 |  |  | 158 |  |  | 152 |  |  |
Total operating revenues | 7,508 |  |  | 7,172 |  |  | 15,757 |  |  | 14,843 |  |  |
Operating Expenses |  |  |  |  |  |  |  |  |
Fuel used in electric generation and purchased power | 1,878 |  |  | 2,228 |  |  | 3,977 |  |  | 4,563 |  |  |
Cost of natural gas | 158 |  |  | 78 |  |  | 532 |  |  | 310 |  |  |
Operation, maintenance and other | 1,655 |  |  | 1,320 |  |  | 3,154 |  |  | 2,699 |  |  |
Depreciation and amortization | 1,583 |  |  | 1,409 |  |  | 3,095 |  |  | 2,796 |  |  |
Property and other taxes | 415 |  |  | 393 |  |  | 843 |  |  | 779 |  |  |
Impairment of assets and other charges | 3 |  |  | 43 |  |  | 3 |  |  | 44 |  |  |
Total operating expenses | 5,692 |  |  | 5,471 |  |  | 11,604 |  |  | 11,191 |  |  |
Gains on Sales of Other Assets and Other, net | 14 |  |  | 6 |  |  | 20 |  |  | 18 |  |  |
Operating Income | 1,830 |  |  | 1,707 |  |  | 4,173 |  |  | 3,670 |  |  |
Other Income and Expenses |  |  |  |  |  |  |  |  |
Equity in earnings of unconsolidated affiliates | 11 |  |  | 21 |  |  | 22 |  |  | 38 |  |  |
Other income and expenses, net | 183 |  |  | 167 |  |  | 315 |  |  | 336 |  |  |
Total other income and expenses | 194 |  |  | 188 |  |  | 337 |  |  | 374 |  |  |
Interest Expense | 897 |  |  | 824 |  |  | 1,786 |  |  | 1,641 |  |  |
Income From Continuing Operations Before Income Taxes | 1,127 |  |  | 1,071 |  |  | 2,724 |  |  | 2,403 |  |  |
Income Tax Expense From Continuing Operations | 119 |  |  | 140 |  |  | 312 |  |  | 318 |  |  |
Income From Continuing Operations | 1,008 |  |  | 931 |  |  | 2,412 |  |  | 2,085 |  |  |
Loss From Discontinued Operations, net of tax | (1) |  |  | (10) |  |  | (1) |  |  | (13) |  |  |
Net Income | 1,007 |  |  | 921 |  |  | 2,411 |  |  | 2,072 |  |  |
Less: Net Income Attributable to Noncontrolling Interests | 23 |  |  | 21 |  |  | 48 |  |  | 34 |  |  |
Net Income Attributable to Duke Energy Corporation | 984 |  |  | 900 |  |  | 2,363 |  |  | 2,038 |  |  |
Less: Preferred Dividends | 13 |  |  | 14 |  |  | 27 |  |  | 53 |  |  |
Net Income Available to Duke Energy Corporation Common Stockholders | $ | 971 |  |  | $ | 886 |  |  | $ | 2,336 |  |  | $ | 1,985 |  |  |
Earnings Per Share – Basic and Diluted |  |  |  |  |  |  |  |  |
Income from continuing operations available to Duke Energy Corporation common stockholders |  |  |  |  |  |  |  |  |
Basic and Diluted | $ | 1.25 |  |  | $ | 1.14 |  |  | $ | 3.00 |  |  | $ | 2.59 |  |  |
Loss from discontinued operations attributable to Duke Energy Corporation common stockholders |  |  |  |  |  |  |  |  |
Basic and Diluted | $ | — |  |  | $ | (0.01) |  |  | $ | — |  |  | $ | (0.02) |  |  |
Net income available to Duke Energy Corporation common stockholders |  |  |  |  |  |  |  |  |
Basic and Diluted | $ | 1.25 |  |  | $ | 1.13 |  |  | $ | 3.00 |  |  | $ | 2.57 |  |  |
Weighted average shares outstanding |  |  |  |  |  |  |  |  |
Basic and Diluted | 777 |  |  | 772 |  |  | 777 |  |  | 771 |  |  |

15

DUKE ENERGY CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)

(In millions) | June 30, 2025 |  | December 31, 2024
ASSETS |  |  |
Current Assets |  |  |
Cash and cash equivalents | $ | 344 |  |  | $ | 314 |
Receivables (net of allowance for doubtful accounts of $199 at 2025 and $124 at 2024) | 4,089 |  |  | 2,232 |
Receivables of VIEs (net of allowance for doubtful accounts of $85 at 2024) | 11 |  |  | 1,889 |
Receivable from sales of Commercial Renewables Disposal Groups | — |  |  | 551 |
Inventory (includes $548 at 2025 and $494 at 2024 related to VIEs) | 4,434 |  |  | 4,509 |
Regulatory assets (includes $120 at 2025 and 2024 related to VIEs) | 2,269 |  |  | 2,756 |
Assets held for sale | — |  |  | 4 |
Other (includes $81 at 2025 and $90 at 2024 related to VIEs) | 1,001 |  |  | 695 |
Total current assets | 12,148 |  |  | 12,950 |
Property, Plant and Equipment |  |  |
Cost | 186,261 |  |  | 180,806 |
Accumulated depreciation and amortization | (59,613) |  |  | (57,503) |
Net property, plant and equipment | 126,648 |  |  | 123,303 |
Other Noncurrent Assets |  |  |
Goodwill | 19,303 |  |  | 19,303 |
Regulatory assets (includes $1,651 at 2025 and $1,705 at 2024 related to VIEs) | 14,172 |  |  | 14,254 |
Nuclear decommissioning trust funds | 12,109 |  |  | 11,434 |
Operating lease right-of-use assets, net | 1,209 |  |  | 1,148 |
Investments in equity method unconsolidated affiliates | 332 |  |  | 353 |
Assets held for sale | — |  |  | $ | 89 |
Other | 3,792 |  |  | 3,509 |
Total other noncurrent assets | 50,917 |  |  | 50,090 |
Total Assets | $ | 189,713 |  |  | $ | 186,343 |
LIABILITIES AND EQUITY |  |  |
Current Liabilities |  |  |
Accounts payable (includes $247 at 2025 and $214 at 2024 related to VIEs) | $ | 4,373 |  |  | $ | 5,479 |
Notes payable and commercial paper | 3,473 |  |  | 3,584 |
Taxes accrued | 837 |  |  | 851 |
Interest accrued | 881 |  |  | 855 |
Current maturities of long-term debt (includes $110 at 2025 and $1,012 at 2024 related to VIEs) | 5,046 |  |  | 4,349 |
Asset retirement obligations | 636 |  |  | 650 |
Regulatory liabilities | 1,257 |  |  | 1,425 |
Liabilities associated with assets held for sale | 18 |  |  | 80 |
Other | 1,887 |  |  | 2,084 |
Total current liabilities | 18,408 |  |  | 19,357 |
Long-Term Debt (includes $1,782 at 2025 and $1,842 at 2024 related to VIEs) | 78,914 |  |  | 76,340 |
Other Noncurrent Liabilities |  |  |
Deferred income taxes | 11,990 |  |  | 11,424 |
Asset retirement obligations | 9,316 |  |  | 9,342 |
Regulatory liabilities | 15,047 |  |  | 14,694 |
Operating lease liabilities | 1,020 |  |  | 957 |
Accrued pension and other post-retirement benefit costs | 410 |  |  | 434 |
Investment tax credits | 882 |  |  | 894 |
Liabilities associated with assets held for sale | — |  |  | $ | 89 |
Other (includes $27 at 2024 related to VIEs) | 1,696 |  |  | 1,556 |
Total other noncurrent liabilities | 40,361 |  |  | 39,390 |
Commitments and Contingencies |  |  |
Equity |  |  |
Preferred stock, Series A, $0.001 par value, 40 million depositary shares authorized and outstanding at 2025 and 2024 | 973 |  |  | 973 |
Common stock, $0.001 par value, 2 billion shares authorized; 778 million and 776 million shares outstanding at 2025 and 2024 | 1 |  |  | 1 |
Additional paid-in capital | 45,573 |  |  | 45,494 |
Retained earnings | 4,141 |  |  | 3,431 |
Accumulated other comprehensive income | 203 |  |  | 228 |
Total Duke Energy Corporation stockholders' equity | 50,891 |  |  | 50,127 |
Noncontrolling interests | 1,139 |  |  | 1,129 |
Total equity | 52,030 |  |  | 51,256 |
Total Liabilities and Equity | $ | 189,713 |  |  | $ | 186,343 |

16

DUKE ENERGY CORPORATION |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
(Unaudited) |
(In millions) |
|  | Six Months Ended June 30, |
|  | 2025 |  | 2024 |  |  |
CASH FLOWS FROM OPERATING ACTIVITIES |  |  |  |  |  |  |
Net Income |  | $ | 2,411 |  |  | $ | 2,072 |  |  |  |
Adjustments to reconcile net income to net cash provided by operating activities |  | 2,629 |  |  | 3,355 |  |  |  |
Net cash provided by operating activities |  | 5,040 |  |  | 5,427 |  |  |  |
CASH FLOWS FROM INVESTING ACTIVITIES |  |  |  |  |  |  |
Net cash used in investing activities |  | (6,264) |  |  | (6,575) |  |  |  |
CASH FLOWS FROM FINANCING ACTIVITIES |  |  |  |  |  |  |
Net cash provided by financing activities |  | 1,245 |  |  | 1,274 |  |  |  |
Net increase in cash, cash equivalents and restricted cash |  | 21 |  |  | 126 |  |  |  |
Cash, cash equivalents and restricted cash at beginning of period |  | 421 |  |  | 357 |  |  |  |
Cash, cash equivalents and restricted cash at end of period |  | $ | 442 |  |  | $ | 483 |  |  |  |

17

DUKE ENERGY CORPORATION
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
(Unaudited)

| Three Months Ended June 30, 2025
(In millions) | Electric Utilities and Infrastructure | Gas Utilities and Infrastructure |  | Other | Eliminations/Adjustments | Duke Energy
Operating Revenues |  |  |  |  |  |
Regulated electric | $ | 6,982 |  | $ | — |  |  | $ | — |  | $ | (14) |  | $ | 6,968 |
Regulated natural gas | — |  | 483 |  |  | — |  | (21) |  | 462 |
Nonregulated electric and other | 63 |  | 10 |  |  | 40 |  | (35) |  | 78 |
Total operating revenues | 7,045 |  | 493 |  |  | 40 |  | (70) |  | 7,508 |
Operating Expenses |  |  |  |  |  |
Fuel used in electric generation and purchased power | 1,898 |  | — |  |  | — |  | (20) |  | 1,878 |
Cost of natural gas | — |  | 158 |  |  | — |  | — |  | 158 |
Operation, maintenance and other | 1,594 |  | 129 |  |  | (23) |  | (45) |  | 1,655 |
Depreciation and amortization | 1,402 |  | 112 |  |  | 77 |  | (8) |  | 1,583 |
Property and other taxes | 371 |  | 41 |  |  | 3 |  | — |  | 415 |
Impairment of assets and other charges | (1) |  | — |  |  | 5 |  | (1) |  | 3 |
Total operating expenses | 5,264 |  | 440 |  |  | 62 |  | (74) |  | 5,692 |
Gains on Sales of Other Assets and Other, net | 8 |  | — |  |  | 6 |  | — |  | 14 |
Operating Income | 1,789 |  | 53 |  |  | (16) |  | 4 |  | 1,830 |
Other Income and Expenses |  |  |  |  |  |
Equity in earnings of unconsolidated affiliates | — |  | 1 |  |  | 9 |  | 1 |  | 11 |
Other income and expenses, net | 163 |  | 13 |  |  | 33 |  | (26) |  | 183 |
Total Other Income and Expenses | 163 |  | 14 |  |  | 42 |  | (25) |  | 194 |
Interest Expense | 535 |  | 65 |  |  | 318 |  | (21) |  | 897 |
Income (Loss) from Continuing Operations before Income Taxes | 1,417 |  | 2 |  |  | (292) |  | — |  | 1,127 |
Income Tax Expense (Benefit) from Continuing Operations | 200 |  | (4) |  |  | (77) |  | — |  | 119 |
Income (Loss) from Continuing Operations | 1,217 |  | 6 |  |  | (215) |  | — |  | 1,008 |
Less: Net Income Attributable to Noncontrolling Interest | 23 |  | — |  |  | — |  | — |  | 23 |
Net Income (Loss) Attributable to Duke Energy Corporation | 1,194 |  | 6 |  |  | (215) |  | — |  | 985 |
Less: Preferred Dividends | — |  | — |  |  | 13 |  | — |  | 13 |
Segment Income/Other Net Loss | $ | 1,194 |  | $ | 6 |  |  | $ | (228) |  | $ | — |  | $ | 972 |
Discontinued Operations |  |  |  |  |  | (1) |
Net Income Available to Duke Energy Corporation Common Stockholders |  |  |  |  |  | $ | 971 |

18

DUKE ENERGY CORPORATION
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
(Unaudited)

| Six Months Ended June 30, 2025
(In millions) | Electric Utilities and Infrastructure | Gas Utilities and Infrastructure |  | Other | Eliminations/Adjustments | Duke Energy
Operating Revenues |  |  |  |  |  |
Regulated electric | $ | 14,061 |  | $ | — |  |  | $ | — |  | $ | (29) |  | $ | 14,032 |
Regulated natural gas | — |  | 1,612 |  |  | — |  | (45) |  | 1,567 |
Nonregulated electric and other | 124 |  | 21 |  |  | 82 |  | (69) |  | 158 |
Total operating revenues | 14,185 |  | 1,633 |  |  | 82 |  | (143) |  | 15,757 |
Operating Expenses |  |  |  |  |  |
Fuel used in electric generation and purchased power | 4,017 |  | — |  |  | — |  | (40) |  | 3,977 |
Cost of natural gas | — |  | 532 |  |  | — |  | — |  | 532 |
Operation, maintenance and other | 3,018 |  | 254 |  |  | (21) |  | (97) |  | 3,154 |
Depreciation and amortization | 2,736 |  | 219 |  |  | 154 |  | (14) |  | 3,095 |
Property and other taxes | 749 |  | 88 |  |  | 6 |  | — |  | 843 |
Impairment of assets and other charges | (1) |  | — |  |  | 5 |  | (1) |  | 3 |
Total operating expenses | 10,519 |  | 1,093 |  |  | 144 |  | (152) |  | 11,604 |
Gains on Sales of Other Assets and Other, net | 9 |  | — |  |  | 11 |  | — |  | 20 |
Operating Income (Loss) | 3,675 |  | 540 |  |  | (51) |  | 9 |  | 4,173 |
Other Income and Expenses |  |  |  |  |  |
Equity in earnings of unconsolidated affiliates | — |  | 6 |  |  | 15 |  | 1 |  | 22 |
Other income and expenses, net | 297 |  | 26 |  |  | 47 |  | (55) |  | 315 |
Total Other Income and Expenses | 297 |  | 32 |  |  | 62 |  | (54) |  | 337 |
Interest Expense | 1,065 |  | 130 |  |  | 636 |  | (45) |  | 1,786 |
Income (Loss) from Continuing Operations before Income Taxes | 2,907 |  | 442 |  |  | (625) |  | — |  | 2,724 |
Income Tax Expense (Benefit) from Continuing Operations | 389 |  | 87 |  |  | (164) |  | — |  | 312 |
Income (Loss) from Continuing Operations | 2,518 |  | 355 |  |  | (461) |  | — |  | 2,412 |
Less: Net Income Attributable to Noncontrolling Interest | 48 |  | — |  |  | — |  | — |  | 48 |
Net Income (Loss) Attributable to Duke Energy Corporation | 2,470 |  | 355 |  |  | (461) |  | — |  | 2,364 |
Less: Preferred Dividends | — |  | — |  |  | 27 |  | — |  | 27 |
Segment Income/Other Net Loss | $ | 2,470 |  | $ | 355 |  |  | $ | (488) |  | $ | — |  | $ | 2,337 |
Discontinued Operations |  |  |  |  |  | (1) |
Net Income Available to Duke Energy Corporation Common Stockholders |  |  |  |  |  | $ | 2,336 |

19

DUKE ENERGY CORPORATION
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
(Unaudited)

| Three Months Ended June 30, 2024
(In millions) | Electric Utilities and Infrastructure | Gas Utilities and Infrastructure |  | Other | Eliminations/Adjustments | Duke Energy
Operating Revenues |  |  |  |  |  |
Regulated electric | $ | 6,763 |  | $ | — |  |  | $ | — |  | $ | (17) |  | $ | 6,746 |
Regulated natural gas | — |  | 369 |  |  | — |  | (22) |  | 347 |
Nonregulated electric and other | 57 |  | 12 |  |  | 40 |  | (30) |  | 79 |
Total operating revenues | 6,820 |  | 381 |  |  | 40 |  | (69) |  | 7,172 |
Operating Expenses |  |  |  |  |  |
Fuel used in electric generation and purchased power | 2,247 |  | — |  |  | — |  | (19) |  | 2,228 |
Cost of natural gas | — |  | 78 |  |  | — |  | — |  | 78 |
Operation, maintenance and other | 1,262 |  | 117 |  |  | (8) |  | (51) |  | 1,320 |
Depreciation and amortization | 1,246 |  | 96 |  |  | 73 |  | (6) |  | 1,409 |
Property and other taxes | 351 |  | 38 |  |  | 4 |  | — |  | 393 |
Impairment of assets and other charges | 42 |  | — |  |  | 1 |  | — |  | 43 |
Total operating expenses | 5,148 |  | 329 |  |  | 70 |  | (76) |  | 5,471 |
Gains on Sales of Other Assets and Other, net | 1 |  | — |  |  | 6 |  | (1) |  | 6 |
Operating Income | 1,673 |  | 52 |  |  | (24) |  | 6 |  | 1,707 |
Other Income and Expenses |  |  |  |  |  |
Equity in earnings of unconsolidated affiliates | 1 |  | — |  |  | 19 |  | 1 |  | 21 |
Other income and expenses, net | 140 |  | 17 |  |  | 48 |  | (38) |  | 167 |
Total Other Income and Expenses | 141 |  | 17 |  |  | 67 |  | (37) |  | 188 |
Interest Expense | 488 |  | 61 |  |  | 306 |  | (31) |  | 824 |
Income (Loss) from Continuing Operations before Income Taxes | 1,326 |  | 8 |  |  | (263) |  | — |  | 1,071 |
Income Tax Expense (Benefit) from Continuing Operations | 214 |  | 2 |  |  | (77) |  | 1 |  | 140 |
Income (Loss) from Continuing Operations | 1,112 |  | 6 |  |  | (186) |  | (1) |  | 931 |
Less: Net Income Attributable to Noncontrolling Interest | 22 |  | — |  |  | — |  | (1) |  | 21 |
Net Income (Loss) Attributable to Duke Energy Corporation | 1,090 |  | 6 |  |  | (186) |  | — |  | 910 |
Less: Preferred Dividends | — |  | — |  |  | 14 |  | — |  | 14 |
Segment Income/Other Net Loss | $ | 1,090 |  | $ | 6 |  |  | $ | (200) |  | $ | — |  | $ | 896 |
Discontinued Operations |  |  |  |  |  | (10) |
Net Income Available to Duke Energy Corporation Common Stockholders |  |  |  |  |  | $ | 886 |
Segment Income/Other Net Loss | $ | 1,090 |  | $ | 6 |  |  | $ | (200) |  | $ | — |  | $ | 896 |
Special Item | 25 |  | — |  |  | — |  | — |  | 25 |
Adjusted Earnings(a) | $ | 1,115 |  | $ | 6 |  |  | $ | (200) |  | $ | — |  | $ | 921 |

(a) See Reported to Adjusted Earnings Reconciliation for a detailed reconciliation of Segment Income/Other New Loss to Adjusted Earnings.
20

DUKE ENERGY CORPORATION
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
(Unaudited)

| Six Months Ended June 30, 2024
(In millions) | Electric Utilities and Infrastructure | Gas Utilities and Infrastructure |  | Other | Eliminations/Adjustments | Duke Energy
Operating Revenues |  |  |  |  |  |
Regulated electric | $ | 13,513 |  | $ | — |  |  | $ | — |  | $ | (35) |  | $ | 13,478 |
Regulated natural gas | — |  | 1,258 |  |  | — |  | (45) |  | 1,213 |
Nonregulated electric and other | 110 |  | 25 |  |  | 78 |  | (61) |  | 152 |
Total operating revenues | 13,623 |  | 1,283 |  |  | 78 |  | (141) |  | 14,843 |
Operating Expenses |  |  |  |  |  |
Fuel used in electric generation and purchased power | 4,602 |  | — |  |  | — |  | (39) |  | 4,563 |
Cost of natural gas | — |  | 310 |  |  | — |  | — |  | 310 |
Operation, maintenance and other | 2,578 |  | 246 |  |  | (26) |  | (99) |  | 2,699 |
Depreciation and amortization | 2,471 |  | 194 |  |  | 144 |  | (13) |  | 2,796 |
Property and other taxes | 688 |  | 84 |  |  | 7 |  | — |  | 779 |
Impairment of assets and other charges | 43 |  | — |  |  | 1 |  | — |  | 44 |
Total operating expenses | 10,382 |  | 834 |  |  | 126 |  | (151) |  | 11,191 |
Gains on Sales of Other Assets and Other, net | 7 |  | — |  |  | 11 |  | — |  | 18 |
Operating Income (Loss) | 3,248 |  | 449 |  |  | (37) |  | 10 |  | 3,670 |
Other Income and Expenses |  |  |  |  |  |
Equity in earnings of unconsolidated affiliates | 2 |  | — |  |  | 36 |  | — |  | 38 |
Other income and expenses, net | 270 |  | 34 |  |  | 110 |  | (78) |  | 336 |
Total Other Income and Expenses | 272 |  | 34 |  |  | 146 |  | (78) |  | 374 |
Interest Expense | 987 |  | 122 |  |  | 600 |  | (68) |  | 1,641 |
Income (Loss) From Continuing Operations Before Income Taxes | 2,533 |  | 361 |  |  | (491) |  | — |  | 2,403 |
Income Tax Expense (Benefit) from Continuing Operations | 387 |  | 71 |  |  | (141) |  | 1 |  | 318 |
Income (Loss) from Continuing Operations | 2,146 |  | 290 |  |  | (350) |  | (1) |  | 2,085 |
Less: Net Income Attributable to Noncontrolling Interest | 35 |  | — |  |  | — |  | (1) |  | 34 |
Net Income (Loss) Attributable to Duke Energy Corporation | 2,111 |  | 290 |  |  | (350) |  | — |  | 2,051 |
Less: Preferred Dividends | — |  | — |  |  | 53 |  | — |  | 53 |
Segment Income/Other Net Loss | $ | 2,111 |  | $ | 290 |  |  | $ | (403) |  | $ | — |  | $ | 1,998 |
Discontinued Operations |  |  |  |  |  | (13) |
Net Income Available to Duke Energy Corporation Common Stockholders |  |  |  |  |  | $ | 1,985 |
Segment Income/Other Net Loss | $ | 2,111 |  | $ | 290 |  |  | $ | (403) |  | $ | — |  | $ | 1,998 |
Special Item | 25 |  | — |  |  | — |  | — |  | 25 |
Adjusted Earnings(a) | $ | 2,136 |  | $ | 290 |  |  | $ | (403) |  | $ | — |  | $ | 2,023 |

(a) See Reported to Adjusted Earnings Reconciliation for a detailed reconciliation of Segment Income/Other New Loss to Adjusted Earnings.
21

DUKE ENERGY CORPORATION
CONDENSED CONSOLIDATING BALANCE SHEETS – ASSETS
(Unaudited)

| June 30, 2025
(In millions) | Electric Utilities and Infrastructure | Gas Utilities and Infrastructure | Other(a) | Eliminations/ Adjustments | Duke Energy
Current Assets |  |  |  |  |
Cash and cash equivalents | $ | 63 |  | $ | 10 |  | $ | 270 |  | $ | 1 |  | $ | 344 |
Receivables, net | 3,829 |  | 256 |  | 4 |  | — |  | 4,089 |
Receivables of variable interest entities, net | 11 |  | — |  | — |  | — |  | 11 |
Receivables from affiliated companies | 195 |  | 152 |  | 895 |  | (1,242) |  | — |
Notes receivable from affiliated companies | 1,069 |  | 2 |  | 7 |  | (1,078) |  | — |
Inventory | 4,331 |  | 66 |  | 37 |  | — |  | 4,434 |
Regulatory assets | 2,044 |  | 136 |  | 89 |  | — |  | 2,269 |
Other | 674 |  | 99 |  | 295 |  | (67) |  | 1,001 |
Total current assets | 12,216 |  | 721 |  | 1,597 |  | (2,386) |  | 12,148 |
Property, Plant and Equipment |  |  |  |  |
Cost | 164,779 |  | 18,245 |  | 3,313 |  | (76) |  | 186,261 |
Accumulated depreciation and amortization | (53,818) |  | (3,756) |  | (2,038) |  | (1) |  | (59,613) |
Net property, plant and equipment | 110,961 |  | 14,489 |  | 1,275 |  | (77) |  | 126,648 |
Other Noncurrent Assets |  |  |  |  |
Goodwill | 17,379 |  | 1,924 |  | — |  | — |  | 19,303 |
Regulatory assets | 12,828 |  | 831 |  | 513 |  | — |  | 14,172 |
Nuclear decommissioning trust funds | 12,109 |  | — |  | — |  | — |  | 12,109 |
Operating lease right-of-use assets, net | 782 |  | 3 |  | 424 |  | — |  | 1,209 |
Investments in equity method unconsolidated affiliates | 1 |  | 179 |  | 152 |  | — |  | 332 |
Investment in consolidated subsidiaries | 515 |  | 6 |  | 77,127 |  | (77,648) |  | — |
Other | 2,548 |  | 315 |  | 1,554 |  | (625) |  | 3,792 |
Total other noncurrent assets | 46,162 |  | 3,258 |  | 79,770 |  | (78,273) |  | 50,917 |
Total Assets | 169,339 |  | 18,468 |  | 82,642 |  | (80,736) |  | 189,713 |
Segment reclassifications, intercompany balances and other | (1,919) |  | (163) |  | (78,654) |  | 80,736 |  | — |
Segment Assets | $ | 167,420 |  | $ | 18,305 |  | $ | 3,988 |  | $ | — |  | $ | 189,713 |

(a) Includes amounts in held for sale accounts related to the Commercial Renewables Disposal Groups.
22

DUKE ENERGY CORPORATION
CONDENSED CONSOLIDATING BALANCE SHEETS – LIABILITIES AND EQUITY
(Unaudited)

| June 30, 2025
(In millions) | Electric Utilities and Infrastructure | Gas Utilities and Infrastructure |  | Other(a) | Eliminations/ Adjustments | Duke Energy
Current Liabilities |  |  |  |  |  |
Accounts payable | $ | 3,501 |  | $ | 241 |  |  | $ | 632 |  | $ | (1) |  | $ | 4,373 |
Accounts payable to affiliated companies | 864 |  | 47 |  |  | 207 |  | (1,118) |  | — |
Notes payable to affiliated companies | 2 |  | 727 |  |  | 349 |  | (1,078) |  | — |
Notes payable and commercial paper | — |  | — |  |  | 3,473 |  | — |  | 3,473 |
Taxes accrued | 1,057 |  | 49 |  |  | (269) |  | — |  | 837 |
Interest accrued | 574 |  | 53 |  |  | 254 |  | — |  | 881 |
Current maturities of long-term debt | 1,927 |  | 255 |  |  | 2,871 |  | (7) |  | 5,046 |
Asset retirement obligations | 636 |  | — |  |  | — |  | — |  | 636 |
Regulatory liabilities | 1,234 |  | 23 |  |  | — |  | — |  | 1,257 |
Liabilities associated with assets held for sale | — |  | — |  |  | 18 |  | — |  | 18 |
Other | 1,413 |  | 86 |  |  | 577 |  | (189) |  | 1,887 |
Total current liabilities | 11,208 |  | 1,481 |  |  | 8,112 |  | (2,393) |  | 18,408 |
Long-Term Debt | 49,997 |  | 4,765 |  |  | 24,222 |  | (70) |  | 78,914 |
Long-Term Debt Payable to Affiliated Companies | 618 |  | 7 |  |  | — |  | (625) |  | — |
Other Noncurrent Liabilities |  |  |  |  |  |
Deferred income taxes | 12,149 |  | 1,555 |  |  | (1,714) |  | — |  | 11,990 |
Asset retirement obligations | 9,224 |  | 93 |  |  | — |  | (1) |  | 9,316 |
Regulatory liabilities | 13,817 |  | 1,201 |  |  | 30 |  | (1) |  | 15,047 |
Operating lease liabilities | 714 |  | 2 |  |  | 303 |  | 1 |  | 1,020 |
Accrued pension and other post-retirement benefit costs | 181 |  | 29 |  |  | 200 |  | — |  | 410 |
Investment tax credits | 881 |  | 1 |  |  | — |  | — |  | 882 |
Other | 1,169 |  | 165 |  |  | 549 |  | (187) |  | 1,696 |
Total other noncurrent liabilities | 38,135 |  | 3,046 |  |  | (632) |  | (188) |  | 40,361 |
Equity |  |  |  |  |  |
Total Duke Energy Corporation stockholders' equity | 68,245 |  | 9,166 |  |  | 50,940 |  | (77,460) |  | 50,891 |
Noncontrolling interests | 1,136 |  | 3 |  |  | — |  | — |  | 1,139 |
Total equity | 69,381 |  | 9,169 |  |  | 50,940 |  | (77,460) |  | 52,030 |
Total Liabilities and Equity | 169,339 |  | 18,468 |  |  | 82,642 |  | (80,736) |  | 189,713 |
Segment reclassifications, intercompany balances and other | (1,919) |  | (163) |  |  | (78,654) |  | 80,736 |  | — |
Segment Liabilities and Equity | $ | 167,420 |  | $ | 18,305 |  |  | $ | 3,988 |  | $ | — |  | $ | 189,713 |

(a) Includes amounts in held for sale accounts related to the Commercial Renewables Disposal Groups.
23

ELECTRIC UTILITIES AND INFRASTRUCTURE
CONDENSED CONSOLIDATING SEGMENT INCOME
(Unaudited)

| Three Months Ended June 30, 2025
(In millions) | Duke Energy Carolinas | Duke Energy Progress | Duke Energy Florida | Duke Energy Ohio(a) | Duke Energy Indiana | Eliminations/ Other | Electric Utilities and Infrastructure
Operating Revenues | $ | 2,231 |  | $ | 1,681 |  | $ | 1,885 |  | $ | 498 |  | $ | 821 |  | $ | (71) |  | $ | 7,045 |
Operating Expenses |  |  |  |  |  |  |
Fuel used in electric generation and purchased power | 571 |  | 574 |  | 451 |  | 161 |  | 219 |  | (78) |  | 1,898 |
Operation, maintenance and other | 488 |  | 333 |  | 495 |  | 87 |  | 189 |  | 2 |  | 1,594 |
Depreciation and amortization | 482 |  | 319 |  | 290 |  | 83 |  | 222 |  | 6 |  | 1,402 |
Property and other taxes | 85 |  | 45 |  | 130 |  | 80 |  | 17 |  | 14 |  | 371 |
Impairment of assets and other charges | (1) |  | — |  | — |  | — |  | — |  | — |  | (1) |
Total operating expenses | 1,625 |  | 1,271 |  | 1,366 |  | 411 |  | 647 |  | (56) |  | 5,264 |
Gains on Sales of Other Assets and Other, net | 6 |  | — |  | — |  | — |  | — |  | 2 |  | 8 |
Operating Income | 612 |  | 410 |  | 519 |  | 87 |  | 174 |  | (13) |  | 1,789 |
Other Income and Expenses, net(b) | 62 |  | 50 |  | 26 |  | 4 |  | 22 |  | (1) |  | 163 |
Interest Expense | 200 |  | 139 |  | 116 |  | 32 |  | 56 |  | (8) |  | 535 |
Income Before Income Taxes | 474 |  | 321 |  | 429 |  | 59 |  | 140 |  | (6) |  | 1,417 |
Income Tax Expense | 39 |  | 40 |  | 81 |  | 9 |  | 20 |  | 11 |  | 200 |
Less: Net Income Attributable to Noncontrolling Interest(c) | — |  | — |  | — |  | — |  | — |  | 23 |  | 23 |
Segment Income | $ | 435 |  | $ | 281 |  | $ | 348 |  | $ | 50 |  | $ | 120 |  | $ | (40) |  | $ | 1,194 |

(a) Includes results of the wholly owned subsidiary, Duke Energy Kentucky.
(b) Includes an equity component of allowance for funds used during construction of $34 million for Duke Energy Carolinas, $22 million for Duke Energy Progress, $6 million for Duke Energy Florida, $2 million for Duke Energy Ohio and $8 million for Duke Energy Indiana.
(c) Includes a noncontrolling interest in Duke Energy Indiana.
24

ELECTRIC UTILITIES AND INFRASTRUCTURE
CONDENSED CONSOLIDATING SEGMENT INCOME
(Unaudited)

| Six Months Ended June 30, 2025
(In millions) | Duke Energy Carolinas | Duke Energy Progress | Duke Energy Florida | Duke Energy Ohio(a) | Duke Energy Indiana | Eliminations/ Other | Electric Utilities and Infrastructure
Operating Revenues | $ | 4,755 |  | $ | 3,699 |  | $ | 3,329 |  | $ | 985 |  | $ | 1,679 |  | $ | (262) |  | $ | 14,185 |
Operating Expenses |  |  |  |  |  |  |
Fuel used in electric generation and purchased power | 1,374 |  | 1,299 |  | 832 |  | 310 |  | 479 |  | (277) |  | 4,017 |
Operation, maintenance and other | 962 |  | 724 |  | 777 |  | 179 |  | 382 |  | (6) |  | 3,018 |
Depreciation and amortization | 914 |  | 676 |  | 564 |  | 159 |  | 414 |  | 9 |  | 2,736 |
Property and other taxes | 187 |  | 105 |  | 242 |  | 166 |  | 35 |  | 14 |  | 749 |
Impairment of assets and other charges | (1) |  | — |  | — |  | — |  | — |  | — |  | (1) |
Total operating expenses | 3,436 |  | 2,804 |  | 2,415 |  | 814 |  | 1,310 |  | (260) |  | 10,519 |
Gains on Sales of Other Assets and Other, net | 6 |  | — |  | 1 |  | — |  | — |  | 2 |  | 9 |
Operating Income | 1,325 |  | 895 |  | 915 |  | 171 |  | 369 |  | — |  | 3,675 |
Other Income and Expenses, net(b) | 123 |  | 89 |  | 47 |  | 8 |  | 32 |  | (2) |  | 297 |
Interest Expense | 400 |  | 267 |  | 234 |  | 63 |  | 116 |  | (15) |  | 1,065 |
Income Before Income Taxes | 1,048 |  | 717 |  | 728 |  | 116 |  | 285 |  | 13 |  | 2,907 |
Income Tax Expense | 92 |  | 98 |  | 141 |  | 18 |  | 38 |  | 2 |  | 389 |
Less: Net Income Attributable to Noncontrolling Interest(c) | — |  | — |  | — |  | — |  | — |  | 48 |  | 48 |
Segment Income | $ | 956 |  | $ | 619 |  | $ | 587 |  | $ | 98 |  | $ | 247 |  | $ | (37) |  | $ | 2,470 |

(a) Includes results of the wholly owned subsidiary, Duke Energy Kentucky.
(b) Includes an equity component of allowance for funds used during construction of $66 million for Duke Energy Carolinas, $41 million for Duke Energy Progress, $11 million for Duke Energy Florida, $5 million for Duke Energy Ohio and $15 million for Duke Energy Indiana.
(c) Includes a noncontrolling interest in Duke Energy Indiana.
25

ELECTRIC UTILITIES AND INFRASTRUCTURE
CONDENSED CONSOLIDATING BALANCE SHEETS – ASSETS
(Unaudited)

| June 30, 2025
(In millions) | Duke Energy Carolinas | Duke Energy Progress | Duke Energy Florida | Duke Energy Ohio(a) | Duke Energy Indiana | Eliminations/ Adjustments(b) | Electric Utilities and Infrastructure
Current Assets |  |  |  |  |  |  |
Cash and cash equivalents | $ | 7 |  | $ | 24 |  | $ | 16 |  | $ | 7 |  | $ | 9 |  | $ | — |  | $ | 63 |
Receivables, net | 1,241 |  | 934 |  | 801 |  | 380 |  | 463 |  | 10 |  | 3,829 |
Receivables of variable interest entities, net | 1 |  | 5 |  | 4 |  | — |  | — |  | 1 |  | 11 |
Receivables from affiliated companies | 210 |  | 31 |  | 72 |  | 23 |  | — |  | (141) |  | 195 |
Notes receivable from affiliated companies | 27 |  | 949 |  | — |  | 7 |  | 235 |  | (149) |  | 1,069 |
Inventory | 1,524 |  | 1,323 |  | 767 |  | 166 |  | 550 |  | 1 |  | 4,331 |
Regulatory assets | 656 |  | 614 |  | 562 |  | 38 |  | 176 |  | (2) |  | 2,044 |
Other | 354 |  | 157 |  | 85 |  | 2 |  | 84 |  | (8) |  | 674 |
Total current assets | 4,020 |  | 4,037 |  | 2,307 |  | 623 |  | 1,517 |  | (288) |  | 12,216 |
Property, Plant and Equipment |  |  |  |  |  |  |
Cost | 60,065 |  | 43,320 |  | 31,665 |  | 9,183 |  | 20,492 |  | 54 |  | 164,779 |
Accumulated depreciation and amortization | (19,637) |  | (16,550) |  | (8,034) |  | (2,459) |  | (7,174) |  | 36 |  | (53,818) |
Net property, plant and equipment | 40,428 |  | 26,770 |  | 23,631 |  | 6,724 |  | 13,318 |  | 90 |  | 110,961 |
Other Noncurrent Assets |  |  |  |  |  |  |
Goodwill | — |  | — |  | — |  | 596 |  | — |  | 16,783 |  | 17,379 |
Regulatory assets | 3,985 |  | 4,654 |  | 2,105 |  | 398 |  | 1,050 |  | 636 |  | 12,828 |
Nuclear decommissioning trust funds | 6,880 |  | 4,922 |  | 308 |  | — |  | — |  | (1) |  | 12,109 |
Operating lease right-of-use assets, net | 88 |  | 403 |  | 250 |  | 6 |  | 35 |  | — |  | 782 |
Investments in equity method unconsolidated affiliates | — |  | — |  | 1 |  | — |  | — |  | — |  | 1 |
Investment in consolidated subsidiaries | 56 |  | 10 |  | 4 |  | 444 |  | 1 |  | — |  | 515 |
Other | 1,198 |  | 770 |  | 490 |  | 64 |  | 260 |  | (234) |  | 2,548 |
Total other noncurrent assets | 12,207 |  | 10,759 |  | 3,158 |  | 1,508 |  | 1,346 |  | 17,184 |  | 46,162 |
Total Assets | 56,655 |  | 41,566 |  | 29,096 |  | 8,855 |  | 16,181 |  | 16,986 |  | 169,339 |
Segment reclassifications, intercompany balances and other | (320) |  | (1,080) |  | (93) |  | (477) |  | (241) |  | 292 |  | (1,919) |
Reportable Segment Assets | $ | 56,335 |  | $ | 40,486 |  | $ | 29,003 |  | $ | 8,378 |  | $ | 15,940 |  | $ | 17,278 |  | $ | 167,420 |

(a) Includes balances of the wholly owned subsidiary Duke Energy Kentucky.
(b) Includes the elimination of intercompany balances, purchase accounting adjustments and Commercial Transmission and Duke Energy Indiana Holdco, LLC balances.
26

ELECTRIC UTILITIES AND INFRASTRUCTURE
CONDENSED CONSOLIDATING BALANCE SHEETS – LIABILITIES AND EQUITY
(Unaudited)

| June 30, 2025
(In millions) | Duke Energy Carolinas | Duke Energy Progress | Duke Energy Florida | Duke Energy Ohio(a) | Duke Energy Indiana | Eliminations/ Adjustments(b) | Electric Utilities and Infrastructure
Current Liabilities |  |  |  |  |  |  |
Accounts payable | $ | 1,346 |  | $ | 581 |  | $ | 977 |  | $ | 230 |  | $ | 365 |  | $ | 2 |  | $ | 3,501 |
Accounts payable to affiliated companies | 492 |  | 391 |  | 63 |  | 18 |  | 67 |  | (167) |  | 864 |
Notes payable to affiliated companies | — |  | — |  | 67 |  | 83 |  | — |  | (148) |  | 2 |
Taxes accrued | 278 |  | 107 |  | 340 |  | 229 |  | 83 |  | 20 |  | 1,057 |
Interest accrued | 228 |  | 156 |  | 86 |  | 41 |  | 63 |  | — |  | 574 |
Current maturities of long-term debt | 23 |  | 582 |  | 1,235 |  | 91 |  | 4 |  | (8) |  | 1,927 |
Asset retirement obligations | 259 |  | 222 |  | 1 |  | 7 |  | 148 |  | (1) |  | 636 |
Regulatory liabilities | 571 |  | 272 |  | 83 |  | 37 |  | 270 |  | 1 |  | 1,234 |
Other | 477 |  | 310 |  | 352 |  | 66 |  | 209 |  | (1) |  | 1,413 |
Total current liabilities | 3,674 |  | 2,621 |  | 3,204 |  | 802 |  | 1,209 |  | (302) |  | 11,208 |
Long-Term Debt | 18,022 |  | 13,483 |  | 9,785 |  | 3,341 |  | 4,941 |  | 425 |  | 49,997 |
Long-Term Debt Payable to Affiliated Companies | 300 |  | 150 |  | — |  | 18 |  | 150 |  | — |  | 618 |
Other Noncurrent Liabilities |  |  |  |  |  |  |
Deferred income taxes | 4,199 |  | 2,510 |  | 3,013 |  | 873 |  | 1,503 |  | 51 |  | 12,149 |
Asset retirement obligations | 3,716 |  | 4,123 |  | 196 |  | 69 |  | 1,105 |  | 15 |  | 9,224 |
Regulatory liabilities | 6,893 |  | 4,799 |  | 660 |  | 237 |  | 1,254 |  | (26) |  | 13,817 |
Operating lease liabilities | 78 |  | 404 |  | 197 |  | 5 |  | 31 |  | (1) |  | 714 |
Accrued pension and other post-retirement benefit costs | 21 |  | 137 |  | 88 |  | 69 |  | 82 |  | (216) |  | 181 |
Investment tax credits | 309 |  | 142 |  | 241 |  | 5 |  | 185 |  | (1) |  | 881 |
Other | 672 |  | 264 |  | 155 |  | 69 |  | 21 |  | (12) |  | 1,169 |
Total other noncurrent liabilities | 15,888 |  | 12,379 |  | 4,550 |  | 1,327 |  | 4,181 |  | (190) |  | 38,135 |
Equity |  |  |  |  |  |  |
Total Duke Energy Corporation stockholders equity | 18,771 |  | 12,933 |  | 11,557 |  | 3,367 |  | 5,700 |  | 15,917 |  | 68,245 |
Noncontrolling interests(c) | — |  | — |  | — |  | — |  | — |  | 1,136 |  | 1,136 |
Total equity | 18,771 |  | 12,933 |  | 11,557 |  | 3,367 |  | 5,700 |  | 17,053 |  | 69,381 |
Total Liabilities and Equity | 56,655 |  | 41,566 |  | 29,096 |  | 8,855 |  | 16,181 |  | 16,986 |  | 169,339 |
Segment reclassifications, intercompany balances and other | (320) |  | (1,080) |  | (93) |  | (477) |  | (241) |  | 292 |  | (1,919) |
Reportable Segment Liabilities and Equity | $ | 56,335 |  | $ | 40,486 |  | $ | 29,003 |  | $ | 8,378 |  | $ | 15,940 |  | $ | 17,278 |  | $ | 167,420 |

(a) Includes balances of the wholly owned subsidiary Duke Energy Kentucky.
(b) Includes the elimination of intercompany balances, purchase accounting adjustments and Commercial Transmission and Duke Energy Indiana Holdco, LLC balances.
(c) Includes a noncontrolling interest in Duke Energy Indiana.
27

GAS UTILITIES AND INFRASTRUCTURE
CONDENSED CONSOLIDATING SEGMENT INCOME
(Unaudited)

| Three Months Ended June 30, 2025
(In millions) | Duke Energy Ohio(a) | Piedmont Natural Gas LDC | Midstream Pipelines and Storage(b) | Eliminations/ Adjustments | Gas Utilities and Infrastructure
Operating Revenues | $ | 156 |  | $ | 335 |  | $ | 3 |  | $ | (1) |  | $ | 493 |
Operating Expenses |  |  |  |  |
Cost of natural gas | 35 |  | 124 |  | — |  | (1) |  | 158 |
Operation, maintenance and other | 27 |  | 101 |  | — |  | 1 |  | 129 |
Depreciation and amortization | 39 |  | 71 |  | 2 |  | — |  | 112 |
Property and other taxes | 21 |  | 19 |  | 2 |  | (1) |  | 41 |
Total operating expenses | 122 |  | 315 |  | 4 |  | (1) |  | 440 |
Operating Income (Loss) | 34 |  | 20 |  | (1) |  | — |  | 53 |
Other Income and Expenses |  |  |  |  |
Equity in earnings of unconsolidated affiliates | — |  | — |  | 1 |  | — |  | 1 |
Other income and expenses, net | 2 |  | 11 |  | — |  | — |  | 13 |
Total other income and expenses | 2 |  | 11 |  | 1 |  | — |  | 14 |
Interest Expense | 18 |  | 47 |  | 1 |  | (1) |  | 65 |
Income (Loss) Before Income Taxes | 18 |  | (16) |  | (1) |  | 1 |  | 2 |
Income Tax Expense (Benefit) | 3 |  | (7) |  | — |  | — |  | (4) |
Segment Income (Loss) | $ | 15 |  | $ | (9) |  | $ | (1) |  | $ | 1 |  | $ | 6 |

(a) Includes results of the wholly owned subsidiary Duke Energy Kentucky.
(b) Primarily earnings from investments in Sabal Trail and Cardinal pipelines, as well as Hardy and Pine Needle storage facilities.
28

GAS UTILITIES AND INFRASTRUCTURE
CONDENSED CONSOLIDATING SEGMENT INCOME
(Unaudited)

| Six Months Ended June 30, 2025
(In millions) | Duke Energy Ohio(a) | Piedmont Natural Gas LDC | Midstream Pipelines and Storage(b) | Eliminations/ Adjustments | Gas Utilities and Infrastructure
Operating Revenues | $ | 435 |  | $ | 1,192 |  | $ | 7 |  | $ | (1) |  | $ | 1,633 |
Operating Expenses |  |  |  |  |
Cost of natural gas | 136 |  | 396 |  | — |  | — |  | 532 |
Operation, maintenance and other | 56 |  | 195 |  | — |  | 3 |  | 254 |
Depreciation and amortization | 75 |  | 141 |  | 4 |  | (1) |  | 219 |
Property and other taxes | 51 |  | 37 |  | 3 |  | (3) |  | 88 |
Total operating expenses | 318 |  | 769 |  | 7 |  | (1) |  | 1,093 |
Operating Income | 117 |  | 423 |  | — |  | — |  | 540 |
Other Income and Expenses, net |  |  |  |  |
Equity in earnings of unconsolidated affiliates | — |  | — |  | 6 |  | — |  | 6 |
Other income and expenses, net | 4 |  | 22 |  | — |  | — |  | 26 |
Other Income and Expenses, net | 4 |  | 22 |  | 6 |  | — |  | 32 |
Interest Expense | 34 |  | 94 |  | 2 |  | — |  | 130 |
Income Before Income Taxes | 87 |  | 351 |  | 4 |  | — |  | 442 |
Income Tax Expense | 17 |  | 69 |  | 1 |  | — |  | 87 |
Segment Income | $ | 70 |  | $ | 282 |  | $ | 3 |  | $ | — |  | $ | 355 |

(a) Includes results of the wholly owned subsidiary Duke Energy Kentucky.
(b) Includes earnings from investments in Sabal Trail and Cardinal pipelines, as well as Hardy and Pine Needle storage facilities.
29

GAS UTILITIES AND INFRASTRUCTURE
CONDENSED CONSOLIDATING BALANCE SHEETS – ASSETS
(Unaudited)

| June 30, 2025
(In millions) | Duke Energy Ohio(a) | Piedmont Natural Gas LDC | Midstream Pipelines and Storage | Eliminations/ Adjustments(b) | Gas Utilities and Infrastructure
Current Assets |  |  |  |  |
Cash and cash equivalents | $ | 3 |  | $ | 2 |  | $ | 5 |  | $ | — |  | $ | 10 |
Receivables, net | 62 |  | 195 |  | — |  | (1) |  | 256 |
Receivables from affiliated companies | — |  | 88 |  | 135 |  | (71) |  | 152 |
Notes receivable from affiliated companies | 4 |  | — |  | — |  | (2) |  | 2 |
Inventory | 15 |  | 51 |  | — |  | — |  | 66 |
Regulatory assets | 5 |  | 131 |  | — |  | — |  | 136 |
Other | 17 |  | 79 |  | 3 |  | — |  | 99 |
Total current assets | 106 |  | 546 |  | 143 |  | (74) |  | 721 |
Property, Plant and Equipment |  |  |  |  |
Cost | 5,043 |  | 13,129 |  | 73 |  | — |  | 18,245 |
Accumulated depreciation and amortization | (1,233) |  | (2,512) |  | (11) |  | — |  | (3,756) |
Net property, plant and equipment | 3,810 |  | 10,617 |  | 62 |  | — |  | 14,489 |
Other Noncurrent Assets |  |  |  |  |
Goodwill | 324 |  | 49 |  | — |  | 1,551 |  | 1,924 |
Regulatory assets | 324 |  | 446 |  | — |  | 61 |  | 831 |
Operating lease right-of-use assets, net | — |  | 3 |  | — |  | — |  | 3 |
Investments in equity method unconsolidated affiliates | — |  | — |  | 174 |  | 5 |  | 179 |
Investment in consolidated subsidiaries | — |  | — |  | — |  | 6 |  | 6 |
Other | 23 |  | 273 |  | 18 |  | 1 |  | 315 |
Total other noncurrent assets | 671 |  | 771 |  | 192 |  | 1,624 |  | 3,258 |
Total Assets | 4,587 |  | 11,934 |  | 397 |  | 1,550 |  | 18,468 |
Segment reclassifications, intercompany balances and other | (5) |  | (90) |  | (135) |  | 67 |  | (163) |
Reportable Segment Assets | $ | 4,582 |  | $ | 11,844 |  | $ | 262 |  | $ | 1,617 |  | $ | 18,305 |

(a) Includes balances of the wholly owned subsidiary Duke Energy Kentucky.
(b) Includes the elimination of intercompany balances and purchase accounting adjustments.
30

GAS UTILITIES AND INFRASTRUCTURE
CONDENSED CONSOLIDATING BALANCE SHEETS – LIABILITIES AND EQUITY
(Unaudited)

| June 30, 2025
(In millions) | Duke Energy Ohio(a) | Piedmont Natural Gas LDC | Midstream Pipelines and Storage | Eliminations/ Adjustments(b) | Gas Utilities and Infrastructure
Current Liabilities |  |  |  |  |
Accounts payable | $ | 40 |  | $ | 195 |  | $ | 6 |  | $ | — |  | $ | 241 |
Accounts payable to affiliated companies | 4 |  | 96 |  | 18 |  | (71) |  | 47 |
Notes payable to affiliated companies | 47 |  | 682 |  | — |  | (2) |  | 727 |
Taxes accrued | 11 |  | 42 |  | (3) |  | (1) |  | 49 |
Interest accrued | 8 |  | 45 |  | — |  | — |  | 53 |
Current maturities of long-term debt | 49 |  | 205 |  | — |  | 1 |  | 255 |
Regulatory liabilities | 16 |  | 7 |  | — |  | — |  | 23 |
Other | 4 |  | 81 |  | — |  | 1 |  | 86 |
Total current liabilities | 179 |  | 1,353 |  | 21 |  | (72) |  | 1,481 |
Long-Term Debt | 858 |  | 3,799 |  | 59 |  | 49 |  | 4,765 |
Long-Term Debt Payable to Affiliated Companies | 7 |  | — |  | — |  | — |  | 7 |
Other Noncurrent Liabilities |  |  |  |  |
Deferred income taxes | 448 |  | 1,037 |  | 68 |  | 2 |  | 1,555 |
Asset retirement obligations | 63 |  | 29 |  | — |  | 1 |  | 93 |
Regulatory liabilities | 230 |  | 959 |  | — |  | 12 |  | 1,201 |
Operating lease liabilities | — |  | 2 |  | — |  | — |  | 2 |
Accrued pension and other post-retirement benefit costs | 23 |  | 6 |  | — |  | — |  | 29 |
Investment tax credits | — |  | 1 |  | — |  | — |  | 1 |
Other | 21 |  | 146 |  | — |  | (2) |  | 165 |
Total other noncurrent liabilities | 785 |  | 2,180 |  | 68 |  | 13 |  | 3,046 |
Equity |  |  |  |  |
Total Duke Energy Corporation stockholders' equity | 2,758 |  | 4,602 |  | 246 |  | 1,560 |  | 9,166 |
Noncontrolling interests | — |  | — |  | 3 |  | — |  | 3 |
Total equity | 2,758 |  | 4,602 |  | 249 |  | 1,560 |  | 9,169 |
Total Liabilities and Equity | 4,587 |  | 11,934 |  | 397 |  | 1,550 |  | 18,468 |
Segment reclassifications, intercompany balances and other | (5) |  | (90) |  | (135) |  | 67 |  | (163) |
Reportable Segment Liabilities and Equity | $ | 4,582 |  | $ | 11,844 |  | $ | 262 |  | $ | 1,617 |  | $ | 18,305 |

(a) Includes balances of the wholly owned subsidiary Duke Energy Kentucky.
(b) Includes the elimination of intercompany balances and purchase accounting adjustments.
31

Electric Utilities and Infrastructure
Quarterly Highlights
June 2025
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2025 |  | 2024 |  | % Inc. (Dec.) |  | % Inc. (Dec.) Weather Normal(b) |  | 2025 |  | 2024 |  | % Inc. (Dec.) |  | % Inc. (Dec.) Weather Normal(b)
Gigawatt-hour (GWh) Sales(a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Residential | 19,328 |  |  | 19,564 |  |  | (1.2 | %) |  | (0.5 | %) |  | 44,553 |  |  | 42,268 |  |  | 5.4 | % |  | 1.6 | %
| Commercial | 19,267 |  |  | 19,423 |  |  | (0.8 | %) |  | 0.4 | % |  | 38,169 |  |  | 37,592 |  |  | 1.5 | % |  | 1.0 | %
| Industrial | 11,751 |  |  | 11,835 |  |  | (0.7 | %) |  | (2.2 | %) |  | 22,715 |  |  | 23,284 |  |  | (2.4 | %) |  | (1.6 | %)
| Other Energy Sales | 138 |  |  | 129 |  |  | 7.0 | % |  | n/a |  | 254 |  |  | 265 |  |  | (4.2 | %) |  | n/a
| Unbilled Sales | 2,811 |  |  | 2,734 |  |  | 2.8 | % |  | n/a |  | 995 |  |  | 940 |  |  | 5.9 | % |  | n/a
| Total Retail Sales | 53,295 |  |  | 53,685 |  |  | (0.7 | %) |  | (0.6 | %) |  | 106,686 |  |  | 104,349 |  |  | 2.2 | % |  | 0.7 | %
| Wholesale and Other | 10,866 |  |  | 11,301 |  |  | (3.8 | %) |  |  |  | 22,717 |  |  | 21,247 |  |  | 6.9 | % |  |
| Total Consolidated Electric Sales – Electric Utilities and Infrastructure | 64,161 |  |  | 64,986 |  |  | (1.3 | %) |  |  |  | 129,403 |  |  | 125,596 |  |  | 3.0 | % |  |
Average Number of Customers (Electric) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Residential | 7,520,099 |  |  | 7,391,580 |  |  | 1.7 | % |  |  |  | 7,509,110 |  |  | 7,373,551 |  |  | 1.8 | % |  |
| Commercial | 1,047,601 |  |  | 1,043,945 |  |  | 0.4 | % |  |  |  | 1,046,413 |  |  | 1,042,841 |  |  | 0.3 | % |  |
| Industrial | 15,125 |  |  | 15,708 |  |  | (3.7 | %) |  |  |  | 15,215 |  |  | 15,756 |  |  | (3.4 | %) |  |
| Other Energy Sales | 23,054 |  |  | 23,723 |  |  | (2.8 | %) |  |  |  | 23,129 |  |  | 23,781 |  |  | (2.7 | %) |  |
| Total Retail Customers | 8,605,879 |  |  | 8,474,956 |  |  | 1.5 | % |  |  |  | 8,593,867 |  |  | 8,455,929 |  |  | 1.6 | % |  |
| Wholesale and Other | 52 |  |  | 51 |  |  | 2.0 | % |  |  |  | 52 |  |  | 51 |  |  | 2.0 | % |  |
| Total Average Number of Customers – Electric Utilities and Infrastructure | 8,605,931 |  |  | 8,475,007 |  |  | 1.5 | % |  |  |  | 8,593,919 |  |  | 8,455,980 |  |  | 1.6 | % |  |
Sources of Electric Energy (GWh) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Generated – Net Output(c) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Coal | 7,785 |  |  | 9,985 |  |  | (22.0 | %) |  |  |  | 19,132 |  |  | 19,374 |  |  | (1.2 | %) |  |
| Nuclear | 19,250 |  |  | 17,950 |  |  | 7.2 | % |  |  |  | 38,176 |  |  | 37,032 |  |  | 3.1 | % |  |
| Hydro | 452 |  |  | 447 |  |  | 1.1 | % |  |  |  | 898 |  |  | 1,428 |  |  | (37.1 | %) |  |
| Natural Gas and Oil | 22,372 |  |  | 22,921 |  |  | (2.4 | %) |  |  |  | 43,925 |  |  | 42,802 |  |  | 2.6 | % |  |
| Renewable Energy | 1,171 |  |  | 1,038 |  |  | 12.8 | % |  |  |  | 2,012 |  |  | 1,706 |  |  | 17.9 | % |  |
| Total Generation(d) | 51,030 |  |  | 52,341 |  |  | (2.5 | %) |  |  |  | 104,143 |  |  | 102,342 |  |  | 1.8 | % |  |
| Purchased Power and Net Interchange(e) | 16,214 |  |  | 15,355 |  |  | 5.6 | % |  |  |  | 31,166 |  |  | 29,483 |  |  | 5.7 | % |  |
| Total Sources of Energy | 67,244 |  |  | 67,696 |  |  | (0.7 | %) |  |  |  | 135,309 |  |  | 131,825 |  |  | 2.6 | % |  |
| Less: Line Loss and Other | 3,083 |  |  | 2,710 |  |  | 13.8 | % |  |  |  | 5,906 |  |  | 6,229 |  |  | (5.2 | %) |  |
| Total GWh Sources | 64,161 |  |  | 64,986 |  |  | (1.3 | %) |  |  |  | 129,403 |  |  | 125,596 |  |  | 3.0 | % |  |
Owned Megawatt (MW) Capacity(c) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Summer |  |  |  |  |  |  |  |  | 50,569 |  |  | 50,430 |  |  |  |  |
| Winter |  |  |  |  |  |  |  |  | 55,216 |  |  | 54,944 |  |  |  |  |
Nuclear Capacity Factor (%)(f) |  |  |  |  |  |  |  |  | 99 |  |  | 95 |  |  |  |  |

(a) Except as indicated in footnote (b), represents non-weather-normalized billed sales, with energy delivered but not yet billed (i.e., unbilled sales) reflected as a single amount and not allocated to the respective retail classes.
(b) Represents weather-normal total retail calendar sales (i.e., billed and unbilled sales).
(c) Statistics reflect Duke Energy's ownership share of jointly owned stations.
(d) Generation by source is reported net of auxiliary power.
(e) Purchased power includes renewable energy purchases.
(f) Statistics reflect 100% of jointly owned stations.
32

Duke Energy Carolinas
Quarterly Highlights
Supplemental Electric Utilities and Infrastructure Information
June 2025
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2025 |  | 2024 |  | % Inc. (Dec.) |  | % Inc. (Dec.) Weather Normal(b) |  | 2025 |  | 2024 |  | % Inc. (Dec.) |  | % Inc. (Dec.) Weather Normal(b)
GWh Sales(a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Residential | 6,165 |  | 6,256 |  |  | (1.5 | %) |  |  |  | 15,303 |  | 14,497 |  | 5.6 | % |  |
| Commercial | 7,265 |  | 7,432 |  |  | (2.2 | %) |  |  |  | 14,655 |  | 14,664 |  | (0.1 | %) |  |
| Industrial | 4,977 |  | 4,985 |  |  | (0.2 | %) |  |  |  | 9,531 |  | 9,671 |  | (1.4 | %) |  |
| Other Energy Sales | 77 |  | 68 |  |  | 13.2 | % |  |  |  | 133 |  | 136 |  | (2.2 | %) |  |
| Unbilled Sales | 1,080 |  | 1,151 |  |  | (6.2 | %) |  |  |  | 350 |  | 475 |  | (26.3 | %) |  |
| Total Retail Sales | 19,564 |  | 19,892 |  |  | (1.6 | %) |  | (1.1 | %) |  | 39,972 |  | 39,443 |  | 1.3 | % |  | 0.1 | %
| Wholesale and Other | 2,604 |  | 2,592 |  |  | 0.5 | % |  |  |  | 5,754 |  | 5,429 |  | 6.0 | % |  |
| Total Consolidated Electric Sales – Duke Energy Carolinas | 22,168 |  | 22,484 |  |  | (1.4 | %) |  |  |  | 45,726 |  | 44,872 |  | 1.9 | % |  |
Average Number of Customers |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Residential | 2,536,178 |  | 2,480,757 |  | 2.2 | % |  |  |  | 2,530,372 |  | 2,473,067 |  | 2.3 | % |  |
| Commercial | 402,816 |  | 402,323 |  | 0.1 | % |  |  |  | 402,377 |  | 402,055 |  | 0.1 | % |  |
| Industrial | 5,845 |  | 5,959 |  | (1.9 | %) |  |  |  | 5,870 |  | 5,964 |  | (1.6 | %) |  |
| Other Energy Sales | 10,803 |  | 11,064 |  | (2.4 | %) |  |  |  | 10,819 |  | 11,092 |  | (2.5 | %) |  |
| Total Retail Customers | 2,955,642 |  | 2,900,103 |  | 1.9 | % |  |  |  | 2,949,438 |  | 2,892,178 |  | 2.0 | % |  |
| Wholesale and Other | 27 |  | 24 |  | 12.5 | % |  |  |  | 26 |  | 25 |  | 4.0 | % |  |
| Total Average Number of Customers – Duke Energy Carolinas | 2,955,669 |  | 2,900,127 |  | 1.9 | % |  |  |  | 2,949,464 |  | 2,892,203 |  | 2.0 | % |  |
Sources of Electric Energy (GWh) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Generated – Net Output(c) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Coal | 1,538 |  |  | 2,696 |  |  | (43.0 | %) |  |  |  | 4,823 |  | 5,611 |  | (14.0 | %) |  |
| Nuclear | 11,363 |  |  | 10,894 |  |  | 4.3 | % |  |  |  | 23,152 |  | 22,729 |  | 1.9 | % |  |
| Hydro | 216 |  |  | 209 |  |  | 3.3 | % |  |  |  | 467 |  | 861 |  | (45.8 | %) |  |
| Natural Gas and Oil | 6,590 |  |  | 6,158 |  |  | 7.0 | % |  |  |  | 12,470 |  | 12,060 |  | 3.4 | % |  |
| Renewable Energy | 87 |  |  | 99 |  |  | (12.1 | %) |  |  |  | 144 |  | 172 |  | (16.3 | %) |  |
| Total Generation(d) | 19,794 |  |  | 20,056 |  |  | (1.3 | %) |  |  |  | 41,056 |  | 41,433 |  | (0.9 | %) |  |
| Purchased Power and Net Interchange(e) | 3,432 |  |  | 3,273 |  |  | 4.9 | % |  |  |  | 6,670 |  | 5,480 |  | 21.7 | % |  |
| Total Sources of Energy | 23,226 |  |  | 23,329 |  |  | (0.4 | %) |  |  |  | 47,726 |  | 46,913 |  | 1.7 | % |  |
| Less: Line Loss and Other | 1,058 |  |  | 845 |  |  | 25.2 | % |  |  |  | 2,000 |  | 2,041 |  | (2.0 | %) |  |
| Total GWh Sources | 22,168 |  |  | 22,484 |  |  | (1.4 | %) |  |  |  | 45,726 |  | 44,872 |  | 1.9 | % |  |
Owned MW Capacity(c) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Summer |  |  |  |  |  |  |  |  | 19,745 |  | 19,688 |  |  |  |
| Winter |  |  |  |  |  |  |  |  | 20,842 |  | 20,735 |  |  |  |
Nuclear Capacity Factor (%)(f) |  |  |  |  |  |  |  |  | 100 |  | 97 |  |  |  |
Heating and Cooling Degree Days |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Actual |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Heating Degree Days | 127 |  |  | 124 |  |  | 2.4 | % |  |  |  | 1,770 |  | 1,599 |  | 10.7 | % |  |
| Cooling Degree Days | 596 |  |  | 624 |  |  | (4.5 | %) |  |  |  | 604 |  | 627 |  | (3.7 | %) |  |
| Variance from Normal |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Heating Degree Days | (38.7 | %) |  | (40.8 | %) |  |  |  |  |  | (7.1 | %) |  | (17.6 | %) |  |  |  |
| Cooling Degree Days | 18.5 | % |  | 22.6 | % |  |  |  |  |  | 18.2 | % |  | 21.5 | % |  |  |  |

(a) Except as indicated in footnote (b), represents non-weather-normalized billed sales, with energy delivered but not yet billed (i.e., unbilled sales) reflected as a single amount and not allocated to the respective retail classes.
(b) Represents weather-normal total retail calendar sales (i.e., billed and unbilled sales).
(c) Statistics reflect Duke Energy's ownership share of jointly owned stations.
(d) Generation by source is reported net of auxiliary power.
(e) Purchased power includes renewable energy purchases.
(f) Statistics reflect 100% of jointly owned stations.
33

Duke Energy Progress
Quarterly Highlights
Supplemental Electric Utilities and Infrastructure Information
June 2025
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2025 |  | 2024 |  | % Inc. (Dec.) |  | % Inc. (Dec.) Weather Normal(b) |  | 2025 |  | 2024 |  | % Inc. (Dec.) |  | % Inc. (Dec.) Weather Normal(b)
GWh Sales(a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Residential | 3,886 |  |  | 3,912 |  |  | (0.7 | %) |  |  |  | 9,766 |  | 9,044 |  | 8.0 | % |  |
| Commercial | 3,695 |  |  | 3,619 |  |  | 2.1 | % |  |  |  | 7,435 |  | 7,251 |  | 2.5 | % |  |
| Industrial | 2,375 |  |  | 2,328 |  |  | 2.0 | % |  |  |  | 4,832 |  | 4,551 |  | 6.2 | % |  |
| Other Energy Sales | 21 |  |  | 21 |  |  | — | % |  |  |  | 42 |  | 43 |  | (2.3 | %) |  |
| Unbilled Sales | 669 |  |  | 704 |  |  | (5.0 | %) |  |  |  | (78) |  | 183 |  | (142.6 | %) |  |
| Total Retail Sales | 10,646 |  |  | 10,584 |  |  | 0.6 | % |  | 0.4 | % |  | 21,997 |  | 21,072 |  | 4.4 | % |  | 1.3 | %
| Wholesale and Other | 6,412 |  |  | 6,630 |  |  | (3.3 | %) |  |  |  | 13,246 |  | 12,270 |  | 8.0 | % |  |
| Total Consolidated Electric Sales – Duke Energy Progress | 17,058 |  |  | 17,214 |  |  | (0.9 | %) |  |  |  | 35,243 |  | 33,342 |  | 5.7 | % |  |
Average Number of Customers |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Residential | 1,523,129 |  | 1,495,566 |  | 1.8 | % |  |  |  | 1,520,911 |  | 1,491,114 |  | 2.0 | % |  |
| Commercial | 249,001 |  | 248,278 |  | 0.3 | % |  |  |  | 248,667 |  | 247,992 |  | 0.3 | % |  |
| Industrial | 3,043 |  | 3,213 |  | (5.3 | %) |  |  |  | 3,057 |  | 3,226 |  | (5.2 | %) |  |
| Other Energy Sales | 2,391 |  | 2,440 |  | (2.0 | %) |  |  |  | 2,399 |  | 2,446 |  | (1.9 | %) |  |
| Total Retail Customers | 1,777,564 |  |  | 1,749,497 |  |  | 1.6 | % |  |  |  | 1,775,034 |  | 1,744,778 |  | 1.7 | % |  |
| Wholesale and Other | 8 |  |  | 9 |  |  | (11.1 | %) |  |  |  | 8 |  | 8 |  | — | % |  |
| Total Average Number of Customers – Duke Energy Progress | 1,777,572 |  |  | 1,749,506 |  |  | 1.6 | % |  |  |  | 1,775,042 |  | 1,744,786 |  | 1.7 | % |  |
Sources of Electric Energy (GWh) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Generated – Net Output(c) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Coal | 1,773 |  |  | 2,116 |  |  | (16.2 | %) |  |  |  | 4,049 |  | 3,918 |  | 3.3 | % |  |
| Nuclear | 7,887 |  |  | 7,056 |  |  | 11.8 | % |  |  |  | 15,024 |  | 14,303 |  | 5.0 | % |  |
| Hydro | 179 |  |  | 168 |  |  | 6.5 | % |  |  |  | 317 |  | 429 |  | (26.1 | %) |  |
| Natural Gas and Oil | 4,996 |  |  | 5,656 |  |  | (11.7 | %) |  |  |  | 11,515 |  | 10,773 |  | 6.9 | % |  |
| Renewable Energy | 68 |  |  | 56 |  |  | 21.4 | % |  |  |  | 118 |  | 115 |  | 2.6 | % |  |
| Total Generation(d) | 14,903 |  |  | 15,052 |  |  | (1.0 | %) |  |  |  | 31,023 |  | 29,538 |  | 5.0 | % |  |
| Purchased Power and Net Interchange(e) | 2,761 |  |  | 2,708 |  |  | 2.0 | % |  |  |  | 5,253 |  | 4,845 |  | 8.4 | % |  |
| Total Sources of Energy | 17,664 |  |  | 17,760 |  |  | (0.5 | %) |  |  |  | 36,276 |  | 34,383 |  | 5.5 | % |  |
| Less: Line Loss and Other | 606 |  |  | 546 |  |  | 11.0 | % |  |  |  | 1,033 |  | 1,041 |  | (0.8 | %) |  |
| Total GWh Sources | 17,058 |  |  | 17,214 |  |  | (0.9 | %) |  |  |  | 35,243 |  | 33,342 |  | 5.7 | % |  |
Owned MW Capacity(c) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Summer |  |  |  |  |  |  |  |  | 12,585 |  | 12,567 |  |  |  |
| Winter |  |  |  |  |  |  |  |  | 13,880 |  | 13,770 |  |  |  |
Nuclear Capacity Factor (%)(f) |  |  |  |  |  |  |  |  | 96 |  | 91 |  |  |  |
Heating and Cooling Degree Days |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Actual |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Heating Degree Days | 83 |  |  | 96 |  |  | (13.5 | %) |  |  |  | 1,606 |  | 1,369 |  | 17.3 | % |  |
| Cooling Degree Days | 754 |  |  | 729 |  |  | 3.4 | % |  |  |  | 769 |  | 738 |  | 4.2 | % |  |
| Variance from Normal |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Heating Degree Days | (51.7 | %) |  | (45.0 | %) |  |  |  |  |  | (7.5 | %) |  | (22.7 | %) |  |  |  |
| Cooling Degree Days | 34.2 | % |  | 29.6 | % |  |  |  |  |  | 33.7 | % |  | 28.4 | % |  |  |  |

(a) Except as indicated in footnote (b), represents non-weather-normalized billed sales, with energy delivered but not yet billed (i.e., unbilled sales) reflected as a single amount and not allocated to the respective retail classes.
(b) Represents weather-normal total retail calendar sales (i.e., billed and unbilled sales).
(c) Statistics reflect Duke Energy's ownership share of jointly owned stations.
(d) Generation by source is reported net of auxiliary power.
(e) Purchased power includes renewable energy purchases.
(f) Statistics reflect 100% of jointly owned stations.
34

Duke Energy Florida
Quarterly Highlights
Supplemental Electric Utilities and Infrastructure Information
June 2025
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2025 |  | 2024 |  | % Inc. (Dec.) |  | % Inc. (Dec.) Weather Normal(b) |  | 2025 |  | 2024 |  | % Inc. (Dec.) |  | % Inc. (Dec.) Weather Normal(b)
GWh Sales(a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Residential | 5,622 |  | 5,539 |  | 1.5 | % |  |  |  | 10,240 |  | 9,910 |  | 3.3 | % |  |
| Commercial | 3,964 |  | 4,019 |  | (1.4 | %) |  |  |  | 7,366 |  | 7,344 |  | 0.3 | % |  |
| Industrial | 851 |  | 848 |  | 0.4 | % |  |  |  | 1,634 |  | 1,680 |  | (2.7 | %) |  |
| Other Energy Sales | 7 |  | 7 |  | — | % |  |  |  | 14 |  | 15 |  | (6.7 | %) |  |
| Unbilled Sales | 640 |  | 620 |  | — | % |  |  |  | 515 |  | 547 |  | (5.9 | %) |  |
| Total Retail Sales | 11,084 |  | 11,033 |  | 0.5 | % |  | (1.4 | %) |  | 19,769 |  | 19,496 |  | 1.4 | % |  | (0.3 | %)
| Wholesale and Other | 642 |  | 829 |  | (22.6 | %) |  |  |  | 1,025 |  | 1,205 |  | (14.9 | %) |  |
| Total Electric Sales – Duke Energy Florida | 11,726 |  | 11,862 |  | (1.1 | %) |  |  |  | 20,794 |  | 20,701 |  | 0.4 | % |  |
Average Number of Customers |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Residential | 1,815,652 |  | 1,789,071 |  | 1.5 | % |  |  |  | 1,813,649 |  | 1,785,483 |  | 1.6 | % |  |
| Commercial | 212,623 |  | 211,119 |  | 0.7 | % |  |  |  | 212,229 |  | 210,708 |  | 0.7 | % |  |
| Industrial | 1,580 |  | 1,682 |  | (6.1 | %) |  |  |  | 1,598 |  | 1,699 |  | (5.9 | %) |  |
| Other Energy Sales | 3,538 |  | 3,616 |  | (2.2 | %) |  |  |  | 3,550 |  | 3,624 |  | (2.0 | %) |  |
| Total Retail Customers | 2,033,393 |  | 2,005,488 |  | 1.4 | % |  |  |  | 2,031,026 |  | 2,001,514 |  | 1.5 | % |  |
| Wholesale and Other | 12 |  | 13 |  | (7.7 | %) |  |  |  | 13 |  | 13 |  | — | % |  |
| Total Average Number of Customers – Duke Energy Florida | 2,033,405 |  | 2,005,501 |  | 1.4 | % |  |  |  | 2,031,039 |  | 2,001,527 |  | 1.5 | % |  |
Sources of Electric Energy (GWh) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Generated – Net Output(c) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Coal | 1,239 |  | 1,029 |  | 20.4 | % |  |  |  | 1,693 |  | 1,622 |  | 4.4 | % |  |
| Natural Gas and Oil | 9,621 |  | 9,657 |  | (0.4 | %) |  |  |  | 17,625 |  | 17,392 |  | 1.3 | % |  |
| Renewable Energy | 1,007 |  | 874 |  | 15.2 | % |  |  |  | 1,736 |  | 1,404 |  | 23.6 | % |  |
| Total Generation(d) | 11,867 |  | 11,560 |  | 2.7 | % |  |  |  | 21,054 |  | 20,418 |  | 3.1 | % |  |
| Purchased Power and Net Interchange(e) | 343 |  | 645 |  | (46.8 | %) |  |  |  | 451 |  | 898 |  | (49.8 | %) |  |
| Total Sources of Energy | 12,210 |  | 12,205 |  | — | % |  |  |  | 21,505 |  | 21,316 |  | 0.9 | % |  |
| Less: Line Loss and Other | 484 |  | 343 |  | 41.1 | % |  |  |  | 711 |  | 615 |  | 15.6 | % |  |
| Total GWh Sources | 11,726 |  | 11,862 |  | (1.1 | %) |  |  |  | 20,794 |  | 20,701 |  | 0.4 | % |  |
Owned MW Capacity(c) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Summer |  |  |  |  |  |  |  |  | 10,855 |  | 10,791 |  |  |  |
| Winter |  |  |  |  |  |  |  |  | 12,515 |  | 12,483 |  |  |  |
Heating and Cooling Degree Days |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Actual |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Heating Degree Days | — |  |  | — |  |  | — | % |  |  |  | 359 |  | 294 |  | 22.1 | % |  |
| Cooling Degree Days | 1,261 |  |  | 1,207 |  |  | 4.5 | % |  |  |  | 1,476 |  | 1,436 |  | 2.8 | % |  |
| Variance from Normal |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Heating Degree Days | (100.0 | %) |  | (100.0 | %) |  |  |  |  |  | (3.8 | %) |  | (22.4 | %) |  |  |  |
| Cooling Degree Days | 17.8 | % |  | 13.8 | % |  |  |  |  |  | 15.2 | % |  | 13.3 | % |  |  |  |

(a) Except as indicated in footnote (b), represents non-weather-normalized billed sales, with energy delivered but not yet billed (i.e., unbilled sales) reflected as a single amount and not allocated to the respective retail classes.
(b) Represents weather-normal total retail calendar sales (i.e., billed and unbilled sales).
(c) Statistics reflect Duke Energy's ownership share of jointly owned stations.
(d) Generation by source is reported net of auxiliary power.
(e) Purchased power includes renewable energy purchases.
35

Duke Energy Ohio
Quarterly Highlights
Supplemental Electric Utilities and Infrastructure Information
June 2025
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2025 |  | 2024 |  | % Inc. (Dec.) |  | % Inc. (Dec.) Weather Normal(b) |  | 2025 |  | 2024 |  | % Inc. (Dec.) |  | % Inc. (Dec.) Weather Normal(b)
GWh Sales(a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Residential | 1,813 |  | 1,937 |  | (6.4 | %) |  |  |  | 4,485 |  | 4,319 |  | 3.8 | % |  |
| Commercial | 2,317 |  | 2,386 |  | (2.9 | %) |  |  |  | 4,646 |  | 4,458 |  | 4.2 | % |  |
| Industrial | 1,126 |  | 1,333 |  | (15.5 | %) |  |  |  | 2,222 |  | 2,591 |  | (14.2 | %) |  |
| Other Energy Sales | 21 |  | 18 |  | 16.7 | % |  |  |  | 40 |  | 41 |  | (2.4 | %) |  |
| Unbilled Sales | 259 |  | 109 |  | 137.6 | % |  |  |  | 138 |  | 24 |  | 475.0 | % |  |
| Total Retail Sales | 5,536 |  | 5,783 |  | (4.3 | %) |  | (2.2 | %) |  | 11,531 |  | 11,433 |  | 0.9 | % |  | 0.2 | %
| Wholesale and Other | 135 |  | 127 |  | 6.3 | % |  |  |  | 247 |  | 257 |  | (3.9 | %) |  |
| Total Electric Sales – Duke Energy Ohio | 5,671 |  | 5,910 |  | (4.0 | %) |  |  |  | 11,778 |  | 11,690 |  | 0.8 | % |  |
Average Number of Customers |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Residential | 837,594 |  | 831,819 |  | 0.7 | % |  |  |  | 837,735 |  | 830,951 |  | 0.8 | % |  |
| Commercial | 76,391 |  | 75,968 |  | 0.6 | % |  |  |  | 76,453 |  | 75,871 |  | 0.8 | % |  |
| Industrial | 2,051 |  | 2,220 |  | (7.6 | %) |  |  |  | 2,076 |  | 2,234 |  | (7.1 | %) |  |
| Other Energy Sales | 2,605 |  | 2,792 |  | (6.7 | %) |  |  |  | 2,629 |  | 2,796 |  | (6.0 | %) |  |
| Total Retail Customers | 918,641 |  | 912,799 |  | 0.6 | % |  |  |  | 918,893 |  | 911,852 |  | 0.8 | % |  |
| Wholesale and Other | 1 |  | 1 |  | — | % |  |  |  | 1 |  | 1 |  | — | % |  |
| Total Average Number of Customers – Duke Energy Ohio | 918,642 |  | 912,800 |  | 0.6 | % |  |  |  | 918,894 |  | 911,853 |  | 0.8 | % |  |
Sources of Electric Energy (GWh) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Generated – Net Output(c) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Coal | 576 |  | 482 |  | 19.5 | % |  |  |  | 1,355 |  | 1,247 |  | 8.7 | % |  |
| Natural Gas and Oil | 98 |  | 107 |  | (8.4 | %) |  |  |  | 135 |  | 145 |  | (6.9 | %) |  |
| Total Generation(d) | 674 |  | 589 |  | 14.4 | % |  |  |  | 1,490 |  | 1,392 |  | 7.0 | % |  |
| Purchased Power and Net Interchange(e) | 5,602 |  | 5,788 |  | (3.2 | %) |  |  |  | 11,648 |  | 11,485 |  | 1.4 | % |  |
| Total Sources of Energy | 6,276 |  | 6,377 |  | (1.6 | %) |  |  |  | 13,138 |  | 12,877 |  | 2.0 | % |  |
| Less: Line Loss and Other | 605 |  | 467 |  | 29.6 | % |  |  |  | 1,360 |  | 1,187 |  | 14.6 | % |  |
| Total GWh Sources | 5,671 |  | 5,910 |  | (4.0 | %) |  |  |  | 11,778 |  | 11,690 |  | 0.8 | % |  |
Owned MW Capacity(c) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Summer |  |  |  |  |  |  |  |  | 1,080 |  | 1,080 |  |  |  |
| Winter |  |  |  |  |  |  |  |  | 1,173 |  | 1,173 |  |  |  |
Heating and Cooling Degree Days |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Actual |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Heating Degree Days | 408 |  | 285 |  | 43.2 | % |  |  |  | 2,971 |  | 2,513 |  | 18.2 | % |  |
| Cooling Degree Days | 344 |  | 453 |  | (24.1 | %) |  |  |  | 351 |  |  | 453 |  |  | (22.5 | %) |  |
| Variance from Normal |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Heating Degree Days | (8.0 | %) |  | (36.2 | %) |  |  |  |  |  | (0.7 | %) |  | (17.2 | %) |  |  |  |
| Cooling Degree Days | 1.8 | % |  | 33.8 | % |  |  |  |  |  | 3.1 | % |  | 32.7 | % |  |  |  |

(a) Except as indicated in footnote (b), represents non-weather-normalized billed sales, with energy delivered but not yet billed (i.e., unbilled sales) reflected as a single amount and not allocated to the respective retail classes.
(b) Represents weather-normal total retail calendar sales (i.e., billed and unbilled sales).
(c) Statistics reflect Duke Energy's ownership share of jointly owned stations.
(d) Generation by source is reported net of auxiliary power.
(e) Purchased power includes renewable energy purchases.
36

Duke Energy Indiana
Quarterly Highlights
Supplemental Electric Utilities and Infrastructure Information
June 2025
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2025 |  | 2024 |  | % Inc. (Dec.) |  | % Inc. (Dec.) Weather Normal(b) |  | 2025 |  | 2024 |  | % Inc. (Dec.) |  | % Inc. (Dec.) Weather Normal(b)
GWh Sales(a) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Residential | 1,842 |  | 1,920 |  | (4.1 | %) |  |  |  | 4,759 |  | 4,498 |  | 5.8 | % |  |
| Commercial | 2,026 |  | 1,967 |  | 3.0 | % |  |  |  | 4,067 |  | 3,875 |  | 5.0 | % |  |
| Industrial | 2,422 |  | 2,341 |  | 3.5 | % |  |  |  | 4,496 |  | 4,791 |  | (6.2 | %) |  |
| Other Energy Sales | 12 |  | 15 |  | (20.0 | %) |  |  |  | 25 |  | 30 |  | (16.7 | %) |  |
| Unbilled Sales | 163 |  | 150 |  | 8.7 | % |  |  |  | 70 |  | (289) |  | 124.2 | % |  |
| Total Retail Sales | 6,465 |  | 6,393 |  | 1.1 | % |  | 2.7 | % |  | 13,417 |  | 12,905 |  | 4.0 | % |  | 3.1 | %
| Wholesale and Other | 1,073 |  | 1,123 |  | (4.5 | %) |  |  |  | 2,445 |  | 2,086 |  | 17.2 | % |  |
| Total Electric Sales – Duke Energy Indiana | 7,538 |  | 7,516 |  | 0.3 | % |  |  |  | 15,862 |  | 14,991 |  | 5.8 | % |  |
Average Number of Customers |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Residential | 807,546 |  | 794,366 |  | 1.7 | % |  |  |  | 806,443 |  | 792,936 |  | 1.7 | % |  |
| Commercial | 106,770 |  | 106,256 |  | 0.5 | % |  |  |  | 106,687 |  | 106,215 |  | 0.4 | % |  |
| Industrial | 2,606 |  | 2,633 |  | (1.0 | %) |  |  |  | 2,614 |  | 2,633 |  | (0.7 | %) |  |
| Other Energy Sales | 3,717 |  | 3,811 |  | (2.5 | %) |  |  |  | 3,732 |  | 3,823 |  | (2.4 | %) |  |
| Total Retail Customers | 920,639 |  | 907,066 |  | 1.5 | % |  |  |  | 919,476 |  | 905,607 |  | 1.5 | % |  |
| Wholesale and Other | 4 |  | 4 |  | — | % |  |  |  | 4 |  | 4 |  | — | % |  |
| Total Average Number of Customers – Duke Energy Indiana | 920,643 |  | 907,070 |  | 1.5 | % |  |  |  | 919,480 |  | 905,611 |  | 1.5 | % |  |
Sources of Electric Energy (GWh) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Generated – Net Output(c) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Coal | 2,659 |  | 3,662 |  | (27.4 | %) |  |  |  | 7,212 |  | 6,976 |  | 3.4 | % |  |
| Hydro | 57 |  | 70 |  | (18.6 | %) |  |  |  | 114 |  | 138 |  | (17.4 | %) |  |
| Natural Gas and Oil | 1,067 |  | 1,343 |  | (20.6 | %) |  |  |  | 2,180 |  | 2,432 |  | (10.4 | %) |  |
| Renewable Energy | 9 |  | 9 |  | — | % |  |  |  | 14 |  | 15 |  | (6.7 | %) |  |
| Total Generation(d) | 3,792 |  | 5,084 |  | (25.4 | %) |  |  |  | 9,520 |  | 9,561 |  | (0.4 | %) |  |
| Purchased Power and Net Interchange(e) | 4,076 |  | 2,941 |  | 38.6 | % |  |  |  | 7,144 |  | 6,775 |  | 5.4 | % |  |
| Total Sources of Energy | 7,868 |  | 8,025 |  | (2.0 | %) |  |  |  | 16,664 |  | 16,336 |  | 2.0 | % |  |
| Less: Line Loss and Other | 330 |  | 509 |  | (35.2 | %) |  |  |  | 802 |  | 1,345 |  | (40.4 | %) |  |
| Total GWh Sources | 7,538 |  | 7,516 |  | 0.3 | % |  |  |  | 15,862 |  | 14,991 |  | 5.8 | % |  |
Owned MW Capacity(c) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Summer |  |  |  |  |  |  |  |  | 6,304 |  | 6,304 |  |  |  |
| Winter |  |  |  |  |  |  |  |  | 6,806 |  | 6,783 |  |  |  |
Heating and Cooling Degree Days |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Actual |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Heating Degree Days | 430 |  | 316 |  | 36.1 | % |  |  |  | 3,161 |  | 2,677 |  | 18.1 | % |  |
| Cooling Degree Days | 352 |  | 437 |  | (19.5 | %) |  |  |  | 354 |  | 437 |  | (19.0 | %) |  |
| Variance from Normal |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Heating Degree Days | (12.3 | %) |  | (36.5 | %) |  |  |  |  |  | (2.2 | %) |  | (18.3 | %) |  |  |  |
| Cooling Degree Days | 2.4 | % |  | 30.5 | % |  |  |  |  |  | 2.3 | % |  | 29.5 | % |  |  |  |

(a) Except as indicated in footnote (b), represents non-weather-normalized billed sales, with energy delivered but not yet billed (i.e., unbilled sales) reflected as a single amount and not allocated to the respective retail classes.
(b) Represents weather-normal total retail calendar sales (i.e., billed and unbilled sales).
(c) Statistics reflect Duke Energy's ownership share of jointly owned stations.
(d) Generation by source is reported net of auxiliary power.
(e) Purchased power includes renewable energy purchases.
37

Gas Utilities and Infrastructure
Quarterly Highlights
June 2025
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2025 |  | 2024 |  | % Inc. (Dec.) |  | 2025 |  | 2024 |  | % Inc. (Dec.)
Total Sales |  |  |  |  |  |  |  |  |  |  |
| Piedmont Natural Gas Local Distribution Company (LDC) throughput (dekatherms)(a) | 125,745,045 |  |  | 128,266,775 |  |  | (2.0 | %) |  | 307,204,892 |  |  | 291,531,790 |  |  | 5.4 | %
| Duke Energy Midwest LDC throughput (Mcf)(a) | 13,882,749 |  |  | 12,969,694 |  |  | 7.0 | % |  | 54,338,433 |  |  | 46,167,345 |  |  | 17.7 | %
Average Number of Customers – Piedmont Natural Gas |  |  |  |  |  |  |  |  |  |  |
| Residential | 1,090,225 |  |  | 1,072,502 |  |  | 1.7 | % |  | 1,091,561 |  |  | 1,072,450 |  |  | 1.8 | %
| Commercial | 109,004 |  |  | 108,106 |  |  | 0.8 | % |  | 109,426 |  |  | 108,330 |  |  | 1.0 | %
| Industrial | 940 |  |  | 942 |  |  | (0.2 | %) |  | 943 |  |  | 943 |  |  | — | %
| Power Generation | 19 |  |  | 19 |  |  | — | % |  | 19 |  |  | 19 |  |  | — | %
| Total Average Number of Gas Customers – Piedmont Natural Gas | 1,200,188 |  |  | 1,181,569 |  |  | 1.6 | % |  | 1,201,949 |  |  | 1,181,742 |  |  | 1.7 | %
Average Number of Customers – Duke Energy Midwest |  |  |  |  |  |  |  |  |  |  |
| Residential | 523,704 |  |  | 521,839 |  |  | 0.4 | % |  | 525,151 |  |  | 523,086 |  |  | 0.4 | %
| Commercial | 34,119 |  |  | 34,112 |  |  | — | % |  | 34,702 |  |  | 34,741 |  |  | (0.1 | %)
| Industrial | 2,200 |  |  | 2,193 |  |  | 0.3 | % |  | 2,267 |  |  | 2,221 |  |  | 2.1 | %
| Other | 117 |  |  | 116 |  |  | 0.9 | % |  | 117 |  |  | 117 |  |  | — | %
| Total Average Number of Gas Customers – Duke Energy Midwest | 560,140 |  |  | 558,260 |  |  | 0.3 | % |  | 562,237 |  |  | 560,165 |  |  | 0.4 | %

(a) Piedmont has a margin decoupling mechanism in North Carolina, weather normalization mechanisms in South Carolina and Tennessee and fixed-price contracts with most power generation customers that significantly eliminate the impact of throughput changes on earnings. Duke Energy Ohio's rate design also serves to offset this impact.
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