May 5th, 2026

The call reflected strong operational and financial momentum: double-digit reported EPS growth year-over-year, reaffirmed full-year guidance, large tax-credit monetization and regulatory approvals providing multi-billion-dollar customer benefits, sizable late-stage economic development pipeline and active generation build execution. Management also highlighted balance sheet actions to fund a $103 billion capital plan and maintained a long record of dividend payments. The main challenges are near-term cost pressures from higher O&M and depreciation (including storm response), regulatory/affordability scrutiny in the Carolinas, unresolved execution and financing risks for new nuclear builds, and the long lead times and concentration risk associated with large data center loads. On balance, the positive operational wins, strong cash proceeds and constructive regulatory achievements materially outweigh the near-term headwinds.

Company Guidance

Duke reaffirmed 2026 adjusted EPS guidance of $6.55–$6.80 and a 5%–7% long‑term EPS growth rate through 2030 (with confidence to earn in the top half of that range beginning in 2028); Q1 reported and adjusted EPS were $1.97 and $1.93 (vs. $1.76 a year ago), with Electric Utilities & Infrastructure up $0.16 and Gas up $0.01. Management expects new large customers to begin taking energy as early as H2 2027 into 2028 and ramp to full contracted load into the early–mid 2030s, having signed ~7.6 GW of ESAs (2.7 GW this quarter, nearly two‑thirds under construction) and holding a late‑stage pipeline of 15.4 GW. The company plans to add 14 GW of generation over five years (5 GW gas under construction, 2.5 GW in development), is executing a $103 billion capital plan, and has strengthened liquidity with >$5 billion of proceeds received (a $2.8B Brookfield tranche and $2.5B Piedmont sale), a monetization agreement for up to $3.1B of clean energy tax credits through 2028, estimated $2.3B of customer savings from the Carolina utility combination (effective Jan 1, 2027), $1.5B of 3% convertible notes issued, $300M priced on the ATM (settling Dec 2027), a 2026 FFO/debt target of 14.5% (15% long term), and a continued focus on flat O&M for the year.