Duke Energy Corporation

“Duke Energy was incorporated on May 3, 2005, and is an energy company headquartered in Charlotte, North Carolina, subject to regulation by the FERC and other regulatory agencies listed below.”

“Duke Energy's segment structure includes two reportable business segments: Electric Utilities and Infrastructure (EU&I) and Gas Utilities and Infrastructure (GU&I). The remainder of Duke Energy’s operations is presented as Other.”

“Duke Energy owns a 17.5% equity interest in NMC. The joint venture company has production facilities in Jubail, Saudi Arabia, where it manufactures certain petrochemicals and plastics.”

“EU&I provides retail electric service through the generation, transmission, distribution and sale of electricity to approximately 8.7 million customers within the Southeast and Midwest regions of the U.S.”

“Duke Energy has a 7.5% equity ownership interest in Sabal Trail reported within the GU&I segment.”

“As of December 31, 2025, the inventory balance for GU&I was $91 million.”

“Residential33 %27 %51 %38 %30 %”

“On December 31, 2025, Duke Energy had a total of 26,441 full-time, part-time and temporary employees, the majority of which were full-time employees. The total includes 5,027 employees who are represented by labor unions”

“In August 2025, Duke Energy entered into an investment agreement with an affiliate of Brookfield Super-Core Infrastructure Partners to receive $6 billion in exchange for an eventual anticipated 19.7% indirect investment in Duke Energy Florida.”

“EU&I owns approximately 55,713 MW of generation capacity.”

“Competition in the regulated electric distribution business is primarily from the development and deployment of alternative energy sources including on-site generation from commercial or industrial customers and distributed generation, such as private solar”

“Weather-normal sales volumes have shown growth in 2025 compared to 2024 due primarily to continued residential customer growth and strength in the commercial sector including data center usage.”

“Peak sales of electricity occur during the summer and winter months, which results in higher revenue and cash flows during these periods.”

“it is expected that the continued adoption of more efficient housing and appliances will have a negative impact on average usage per residential customer; however, decoupled rates in North Carolina and various rate design mechanisms in other jurisdictions partially mitigate”

“In July 2025, we announced the sale of Piedmont’s Tennessee business to Spire Inc. for $2.48 billion. Subject to regulatory approvals, we expect to complete the Piedmont transaction on March 31, 2026.”

“In March 2025, Duke Energy sold its indirect 50% ownership interest in DATC Path 15 Transmission LLC. In November 2024, Duke Energy sold its 50% ownership interest in Pioneer.”

“EU&I’s businesses operate as the sole supplier of electricity within their service territories, with the exception of Ohio, which has a competitive electricity supply market for generation service.”

“growth in energy demand driven by ongoing migration into our attractive service territories, continued electrification and onshoring from domestic industries, data center growth and other investments, including those related to support the broader utilization of AI”

“a $951 million increase due to higher pricing from jurisdictional rate cases primarily at Duke Energy Carolinas, Duke Energy Indiana, Duke Energy Florida and Duke Energy Progress”

“a $429 million increase in cost of natural gas revenues primarily due to higher commodity prices”

“Duke Energy has $19 billion in Goodwill at both December 31, 2025, and 2024.”

“Duke Energy does not expect to be a significant federal cash taxpayer until around 2030.”

“including storm recovery charges in Florida and the securitization of storm costs in the Carolinas so that storm costs are fully recovered across all jurisdictions by early 2026.”

“Regulations of the EPA relate to the environment including proposed air emissions regulations that would expand to include emissions of methane.”

“Duke Energy Kentucky 2025 Natural Gas Base Rate Case(a) KPSC $22 9.8 %52.649 %January 2026”

“Duke Energy anticipates that its nuclear stations in North Carolina and South Carolina will continue to qualify for significant tax incentives in the form of nuclear production tax credits as allowed under the IRA and OBBBA.”

“new technologies that are not yet commercially available or are unproven at utility scale will likely be needed, including carbon capture and sequestration and supporting infrastructure as well as new resources capable of following electric load over long durations such as advanced nuclear, hydrogen and long-duration storage”

“the Duke Energy Registrants face a heightened risk of cyberattacks from foreign, nation-state or domestic sources and have been subject, and will likely continue to be subject, to cyberattacks”

“Federal and state regulations, laws, commercialization and reduction of costs and other efforts designed to promote and expand the use of EE measures and distributed generation technologies, such as private solar and battery storage”

“as well as supply chain issues including, quality, availability, disruptions and potential tariff impacts; weather related delays; start up issues; public and regulatory support; transmission grid i”

“new EPA rules issued in April 2024 impose stringent GHG emission reduction standards, revised air toxic limits, and wastewater discharge limitations”

“Duke Energy Ohio’s and Duke Energy Indiana’s membership in an RTO presents risks that could have a material adverse effect on their results of operations, financial position and cash flows.”