NextEra Energy Inc. (NEE) Updating estimates for 2Q results with focus on data center growth, regulatory items

Equity Research 27 July 2026 | 5:22PM EDT

NextEra Energy Inc. (NEE) Updating estimates for 2Q results with focus on data center growth, regulatory items

NEE Price Target: -- Price: $88.83 Upside: -- NOT RATED Carly Davenport We update our estimates for NextEra Energy (NEE, Not Rated) | Goldman Sachs & Co. LLC following 2Q26 results. The company provided quarterly updates on Beatriz Abreu, CFA its backlog additions at NEER which grew 3.6 GW with the backlog | Goldman Sachs & Co. LLC now standing at ~35.1 GW, its large load forecast at FPL of 8 GW by 2032, and the progress on its merger with Dominion Energy (D, Not Jaya Patel | Goldman Sachs & Co. LLC Rated) where the regulatory filings process has commenced. We make adjustments to our forecasts where we expect EPS to grow at a 10.5% CAGR through 2030 relative to company guidance of 8%+ Key Data _____________________________________ Market cap: $182.8bn through 2032 as a standalone entity and 9%+ when combined with Enterprise value: $294.6bn 3m ADTV: $1.0bn D. We discuss key takeaways from the 2Q2026 update and more in United States depth changes to our model in this report. Americas Utilities

GS Forecast __________________________________ Progress on nuclear development opportunities and strategic 12/25 12/26E 12/27E 12/28E Revenue ($ mn) New 27,413.0 29,972.7 34,206.2 37,522.6 partnerships. Management commented that NEER remains on Revenue ($ mn) Old 27,413.0 30,942.7 34,742.5 37,829.0 track to bring the Duane Arnold nuclear power plant back online no EBITDA ($ mn) 16,097.0 17,991.6 22,456.2 25,337.6 EBIT ($ mn) 7,934.0 9,456.1 13,135.4 15,368.5 later than the first quarter of 2029, following the Iowa Utilities EPS ($) New

Commission’s approval of a generating certificate. Additionally, the EPS ($) Old P/E (X) company successfully closed on the acquisition of the final 30% Dividend yield (%) 3.0 2.8 3.0 3.1

minority interest in the plant, making NEER the sole owner. Beyond Net debt/EBITDA (X) 5.8 6.2 5.4 5.4

Duane Arnold, management is evaluating advanced nuclear 6/26 9/26E 12/26E 3/27E EPS ($) capabilities, where it has identified 6 GW of SMR co-location Source: Company data, Goldman Sachs Research estimates. opportunities at its existing nuclear sites and is working to develop See disclosures for details.

new greenfield sites. On gas-fired generation projects, NEE continues to advance up to 9.5 GW of projects in Texas and Pennsylvania, progressing discussions on definitive agreements with the U.S. and Japanese governments.

Large load expectations grow to 8 GW with ~12 GW in advanced discussions at FPL. FPL updated its large load expectations to 8 GW by 2032, supported by ~21 GW of total large load interest, of which 12 GW is currently in advanced discussions. Management expects to announce at least one large load transaction under FPL’s approved tariff by the end of the year, with a portion of the load under advanced discussions to potentially come online by 2028. Under

Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to Analysts employed by non-US affiliates are not registered/qualified as research analysts with FINRA in the U.S.

Goldman Sachs NextEra Energy Inc. (NEE)

NextEra Energy Inc. (NEE) Balance Sheet ($ mn) _______________________________________ NR Rating since May 18, 2026 12/25 12/26E 12/27E 12/28E Cash & cash equivalents 2, ,407.8 1,151.6 Accounts receivable 5,751.0 6,889.0 6,889.0 6,889.0 Inventory 2,420.0 2,616.0 2,616.0 2,616.0 Ratios & Valuation __________________________________________ Other current assets 2,601.0 3,096.0 3,096.0 3,096.0 12/25 12/26E 12/27E 12/28E Total current assets 13,584.0 13,321.9 14,008.8 13,752.6 P/E (X) Net PP&E 156,197.0 181,548.4 203,841.2 232,355.0 EV/EBITDA (X) Net intangibles -- -- -- -- EV/sales (X) 9.0 9.9 9.0 8.7 Total investments 0.0 0.0 0.0 0.0 FCF yield (%) ( )…