Dominion Energy Inc. (D) First Take 2Q EPS Beat vs. GSe Street but CVOW timing pushed and budget raised

Equity Research 31 July 2026 | 9:51AM EDT

Dominion Energy Inc. (D): First Take: 2Q EPS Beat vs. GSe/Street but CVOW timing pushed and budget raised

Dominion Energy (D, NR) reported ongoing 2Q26 EPS of $0.79 above our estimate Carly Davenport | of $0.70 and FactSet consensus estimates of $0.67. The company reaffirmed 2026 Goldman Sachs & Co. LLC guidance of $3.45-$3.69 and its 5%-7% long-term EPS CAGR through 2030 while Beatriz Abreu, CFA noting it continues to monitor catalysts that could present upside to this range. The | company also provided an update on data center developments where it added an Goldman Sachs & Co. LLC

incremental ~1.6 GWs of ESAs during the quarter. On CVOW, the project is now 81% Jaya Patel | complete but D raised its capital budget from $11.4 bn to $11.65 bn and pushed the Goldman Sachs & Co. LLC timing to final turbine installation to the end of 2027. On the regulatory front, D Ananya Jaison received approval of its rate case settlement at DESC with new rates going into effect | in the beginning of this month and provided an update on Millstone where it still Goldman Sachs India SPL

expects solicitation decisions in the near term. Lastly, the company provided an update on its merger with NEE where it expects to receive all regulatory approvals by 4Q 2027.

We expect the focus of the conference call to be around 1) progress on CVOW project 2) update on the large load pipeline, which currently sits at ~53.8 GW with 12 GW under ESAs, and 3) merger with NEE and other regulatory updates.

Analysis What were the key drivers of the quarterly variance?

Relative to our forecasts at the consolidated level, D’s earnings beat was driven by higher other income, lower income taxes, and more favorable non-controlling interest. These drivers offset higher fuel and purchased power costs as well as higher O&M expenses. At the subsidiary level, DEV, Contracted Assets, and Corporate & Other came in above our forecast, while earnings at DESC were lower than our numbers.

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Goldman Sachs Dominion Energy Inc. (D)

Exhibit 1: Higher earnings at DEV, Contracted Assets, and Exhibit 2: D beat our estimates where higher fuel and Corporate & Other were offset by lower earnings at DESC purchased power and O&M expenses were offset by higher EPS and Net Income by segment ($mn except per share data) other income Income Statement Variance ($mn)

Dominion (D) 2Q26 Income Statement Variance $0.70 $0.79 $0.09 Income Statement GS est Actual Variance

GS est. Actual Variance Total Revenues $4,497 $4,480 ($17)

Fuel and purchased power $1,010 $1,448 $438 Operating EPS Gross Margin $3,487 $3,032 ($455) DEV $0.68 $0.76 $0.08 Operating and Maintenance $1,311 $1,516 $205 Contracted Assets ($0.01) $0.03 $0.04 Depreciation and Amortization $719 $615 ($104) DESC $0.16 $0.12 ($0.04) Taxes Other Than Income $213 $210 ($3) Operating Expense $2,243 $2,341 $98 Corporate & Other ($0.14) ($0.12) $0.02 D $0.70 $0.79 $0.09 Operating Income $1,244 $691 ($553)

Operating Net Income Other Income (including AFUDC - Equity) $122 $678 $556

EBIT $1,365 $1,369 $4 DEV $607 $670 10% EBITDA $2,677 $2,885 $208 Contracted Assets ($8) $31 513% DESC $147 $105 -29% Interest Expense $511 $555 $44 Total Interest Expense $511 $555 $44 Corporate & Other ($121) ($94) 22% D $625 $712 14% EBT $855 $814 ($41)

Operating Net Income $698 $701 $3

Noncontrolling interests ($73) $11 $84 Preferred Convertible Payments $0 $0 $0

Net Income Attributable to Dominion $625 $712 $87

Income (loss) from discontinued operations - $0 $0 Other - $0 $0

Adjusted Net Income $625 $712 $87

Source: Company data, Goldman Sachs Global Investment Research Source: Company data, Goldman Sachs Global Investment…