Duke Energy posts higher earnings for June 2026

Duke Energy Corporation reported stronger results for the three and six months ended June 30, 2026.

Rhea-AI Filing Summary

Duke Energy Corporation reported stronger results for the three and six months ended June 30, 2026. For the June quarter, total operating revenues were $7,592 million versus $7,508 million a year earlier, and net income available to common stockholders was $1,077 million, up from $971 million. Basic and diluted EPS from continuing operations were $1.38 compared with $1.25. For the first half of 2026, revenues were $16,770 million versus $15,757 million, with EPS of $3.35 versus $3.00.

Operating income for the first half increased to $4,774 million from $4,173 million despite higher depreciation, amortization and interest expense. Net cash provided by operating activities declined to $4,272 million from $5,040 million, while capital expenditures rose to $8,240 million. Duke Energy received $2,501 million of proceeds and recorded a $368 million gain from the sale of Piedmont's Tennessee business. Long-term debt increased to $82,242 million, and total equity rose to $56,863 million, reflecting higher retained earnings and the sale of a noncontrolling interest in Florida Progress.

Positive

• Net income available to common stockholders increased to $1,077 million for the June 2026 quarter and $2,613 million for the first half, both above 2025 levels.
• EPS improved, with basic and diluted EPS from continuing operations at $1.38 for the quarter and $3.33 year-to-date, compared with $1.25 and $3.00 in 2025.
• Sale of Piedmont's Tennessee business strengthened liquidity, generating $2,501 million of cash proceeds and a $368 million gain.
• Total equity expanded to $56,863 million from $53,019 at year-end 2025, supported by higher retained earnings and the sale of a noncontrolling interest in Florida Progress.

Negative

• Operating cash flow declined to $4,272 million for the first half of 2026 from $5,040 million in the prior-year period.
• Capital expenditures increased significantly to $8,240 million in the first half, outpacing operating cash generation.
• Interest expense rose to $957 million for the quarter and $1,925 million year-to-date, above 2025 levels, reflecting a higher debt burden.
• Impairment charges and other asset-related costs increased to $49 million year-to-date from $3 million, pressuring earnings quality.

Filing Explained

At June 30, Duke reported cash and equivalents alongside long-term debt.

Duke Energy filed an unaudited Form 10-Q for the quarter ended June 30, 2026, providing interim financial statements and updates on liquidity and risks; it is a reported quarterly position, not a transaction-completion filing.

The filing reports $4,272 million of operating cash flow and $8,240 million of capital expenditures for the six months ended June 30, 2026; these are historical cash movements rather than a disclosed financing capacity.

It also reports 779,702,193 Duke Energy common shares outstanding as of July 31, 2026, alongside 2 billion authorized shares; the disclosed count identifies outstanding shares, not an amount offered or sold.

Key Figures

Quarterly revenue: $7,592 million Quarterly net income to common: $1,077 million Quarterly EPS: $1.38 +5 more

8 metrics

Quarterly revenue $7,592 million Total operating revenues for the three months ended June 30, 2026

Quarterly net income to common $1,077 million Net income available to Duke Energy Corporation common stockholders, quarter ended June 30, 2026

Quarterly EPS $1.38 Basic and diluted EPS from continuing operations for the three months ended June 30, 2026

Operating cash flow $4,272 million Net cash provided by operating activities for the six months ended June 30, 2026

Capital expenditures $8,240 million Capital expenditures for the six months ended June 30, 2026

Piedmont Tennessee sale proceeds $2,501 million Proceeds from the sale of Piedmont's Tennessee business in the first half of 2026

Long-term debt $82,242 million Long-term debt outstanding at June 30, 2026

Common shares outstanding 780 million Duke Energy common shares outstanding at June 30, 2026

Key Terms

Allowance for funds used during construction, Coal Combustion Residuals, Variable Interest Entity, Multiyear rate plan, +2 more

6 terms

Allowance for funds used during construction financial

"Equity component of AFUDC | ( 182 ) | ( 147 )"

Allowance for funds used during construction (AFUDC) is the accounting practice of adding the cost of borrowing money and using company funds while building long-term assets to the value of that asset instead of treating it as an immediate expense. For investors, AFUDC matters because it boosts reported profits and increases the company’s asset base today while deferring financing costs to future periods, similar to adding construction loan interest to the price of a house under renovation.

Coal Combustion Residuals regulatory

"CCR | Coal Combustion Residuals"

Variable Interest Entity financial

"includes $ 1,013 at 2026 and $ 669 at 2025 related to VIEs"

A variable interest entity (VIE) is a company structure where one party controls another company’s operations and economic outcomes through contracts or special arrangements instead of owning a majority of its voting shares. For investors, VIEs matter because the controlling party’s financial results, debts and risks can appear in the controller’s reports even though ownership looks separate, so understanding VIEs helps assess true exposure, governance limits and transparency—like spotting a puppet controlled by strings rather than direct ownership.

Multiyear rate plan regulatory

"MYRP | Multiyear rate plan"

Production Tax Credit financial

"PTC | Production Tax Credit"

A production tax credit is a government benefit that pays producers a fixed amount for each unit they make or sell — for example a set payment per megawatt-hour of electricity or per barrel of a commodity. It matters to investors because it directly raises a project’s cash flow and lowers the effective cost of production, much like a per‑unit coupon, which can change profitability, valuation and the attractiveness of financing or new investment.

Asset retirement obligations financial

"Asset retirement obligations | 9,202 | 9,046"

Asset retirement obligations are a company’s recorded promise to pay for dismantling, cleaning up, or restoring property when a long-lived asset is retired — for example decommissioning a plant or removing equipment. Companies estimate the future cleanup cost today and book it as a liability (and add the cost to the asset), so it affects the balance sheet, reported profits over time, and future cash needs; investors watch it like a planned bill that can reduce cash available for returns.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How did Duke Energy (DUK) perform financially in the quarter ended June 30, 2026?

Duke Energy reported quarterly revenues of $7,592 million and net income available to common stockholders of $1,077 million. Basic and diluted EPS from continuing operations were $1.38, higher than $1.25 in the prior-year quarter.

What were Duke Energy (DUK)’s results for the first half of 2026?

For the six months ended June 30, 2026, Duke Energy generated revenues of $16,770 million and net income available to common stockholders of $2,613 million. Basic and diluted EPS were $3.35, compared with $3.00 for the same period in 2025.

How did operating cash flow and capital spending trend for Duke Energy (DUK) in early 2026?

Net cash provided by operating activities was $4,272 million for the first half of 2026, below $5,040 million a year earlier. Capital expenditures increased to $8,240 million, reflecting substantial ongoing investment in utility assets.

What major asset sale did Duke Energy (DUK) complete in the first half of 2026?

Duke Energy completed the sale of Piedmont's Tennessee business, receiving $2,501 million in cash proceeds. The transaction produced a $368 million gain, boosting net income and liquidity during the period.

How has Duke Energy (DUK)’s balance sheet changed by June 30, 2026?

At June 30, 2026, Duke Energy reported total assets of $201,091 million and long-term debt of $82,242 million. Total equity increased to $56,863 million, up from $53,019 million at December 31, 2025.

What were Duke Energy (DUK)’s common shares outstanding and EPS metrics?

Weighted average common shares outstanding were 779 million for the quarter, with EPS from continuing operations of $1.38 and total EPS of $1.38. Year-to-date EPS available to common stockholders was $3.35.

Did Duke Energy (DUK) experience higher interest costs in 2026?

Yes. Interest expense rose to $957 million for the quarter and $1,925 million for the first half of 2026, compared with $897 million and $1,786 million, respectively, in the same 2025 periods.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 08/04/2026 - 10:50 AM Learn about SEC filing dates

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2026

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _________to_________

Commission File Number			Registrant, State of Incorporation or Organization, Address of Principal Executive Offices, Zip Code and Telephone Number						IRS Employer Identification No.
1-32853			DUKE ENERGY CORPORATION						20-2777218

(a Delaware corporation)

525 South Tryon Street

Charlotte, North Carolina 28202

800-488-3853

1-4928 DUKE ENERGY CAROLINAS, LLC 56-0205520

(a North Carolina limited liability company)

525 South Tryon Street

Charlotte, North Carolina 28202

800-488-3853

1-15929 PROGRESS ENERGY, INC. 56-2155481

(a North Carolina corporation)

411 Fayetteville Street

Raleigh, North Carolina 27601

800-488-3853

1-3382 DUKE ENERGY PROGRESS, LLC 56-0165465

(a North Carolina limited liability company)

411 Fayetteville Street

Raleigh, North Carolina 27601

800-488-3853

1-3274 DUKE ENERGY FLORIDA, LLC 59-0247770

(a Florida limited liability company)

299 First Avenue North

St. Petersburg, Florida 33701

800-488-3853

1-1232 DUKE ENERGY OHIO, INC. 31-0240030

(an Ohio corporation)

139 East Fourth Street

Cincinnati, Ohio 45202

800-488-3853

1-3543 DUKE ENERGY INDIANA, LLC 35-0594457

(an Indiana limited liability company)

1000 East Main Street

Plainfield, Indiana 46168

800-488-3853

1-6196 PIEDMONT NATURAL GAS COMPANY, INC. 56-0556998

(a North Carolina corporation)

525 South Tryon Street

Charlotte, North Carolina 28202

800-488-3853

SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:

Name of each exchange on

Registrant    Title of each class    Trading symbols        which registered

Duke Energy    Common Stock, $0.001 par value    DUK    New York Stock Exchange LLC

Duke Energy    5.625% Junior Subordinated Debentures due    DUKB    New York Stock Exchange LLC

September 15, 2078

Duke Energy    Depositary Shares, each representing a 1/1,000th    DUK PR A    New York Stock Exchange LLC

interest in a share of 5.75% Series A Cumulative

Redeemable Perpetual Preferred Stock, par value

$0.001 per share

Duke Energy    3.10% Senior Notes due 2028    DUK 28A    New York Stock Exchange LLC        

Duke Energy    3.85% Senior Notes due 2034    DUK 34    New York Stock Exchange LLC

Duke Energy    3.75% Senior Notes due 2031    DUK 31A    New York Stock Exchange LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Duke Energy Corporation (Duke Energy)

Yes

☒

No

☐

Duke Energy Florida, LLC (Duke Energy Florida)

Yes

☒

No

☐

Duke Energy Carolinas, LLC (Duke Energy Carolinas)

Yes

☒

No

☐

Duke Energy Ohio, Inc. (Duke Energy Ohio)

Yes

☒

No

☐

Progress Energy, Inc. (Progress Energy)

Yes

☒

No

☐

Duke Energy Indiana, LLC (Duke Energy Indiana)

Yes

☒

No

☐

Duke Energy Progress, LLC (Duke Energy Progress)

Yes

☒

No

☐

Piedmont Natural Gas Company, Inc. (Piedmont)

Yes

☒

No

☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Duke Energy

Yes

☒

No

☐

Duke Energy Florida

Yes

☒

No

☐

Duke Energy Carolinas

Yes

☒

No

☐

Duke Energy Ohio

Yes

☒

No

☐

Progress Energy

Yes

☒

No

☐

Duke Energy Indiana

Yes

☒

No

☐

Duke Energy Progress

Yes

☒

No

☐

Piedmont

Yes

☒

No

☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Duke Energy

Large Accelerated Filer

☒

Accelerated filer

☐

Non-accelerated Filer

☐

Smaller reporting company

☐

Emerging growth company

☐

Duke Energy Carolinas

Large Accelerated Filer

☐

Accelerated filer

☐

Non-accelerated Filer

☒

Smaller reporting company

☐

Emerging growth company

☐

Progress Energy

Large Accelerated Filer

☐

Accelerated filer

☐

Non-accelerated Filer

☒

Smaller reporting company

☐

Emerging growth company

☐

Duke Energy Progress

Large Accelerated Filer

☐

Accelerated filer

☐

Non-accelerated Filer

☒

Smaller reporting company

☐

Emerging growth company

☐

Duke Energy Florida

Large Accelerated Filer

☐

Accelerated filer

☐

Non-accelerated Filer

☒

Smaller reporting company

☐

Emerging growth company

☐

Duke Energy Ohio

Large Accelerated Filer

☐

Accelerated filer

☐

Non-accelerated Filer

☒

Smaller reporting company

☐

Emerging growth company

☐

Duke Energy Indiana

Large Accelerated Filer

☐

Accelerated filer

☐

Non-accelerated Filer

☒

Smaller reporting company

☐

Emerging growth company

☐

Piedmont

Large Accelerated Filer

☐

Accelerated filer

☐

Non-accelerated Filer

☒

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Duke Energy

Yes

☐

No

☒

Duke Energy Florida

Yes

☐

No

☒

Duke Energy Carolinas

Yes

☐

No

☒

Duke Energy Ohio

Yes

☐

No

☒

Progress Energy

Yes

☐

No

☒

Duke Energy Indiana

Yes

☐

No

☒

Duke Energy Progress

Yes

☐

No

☒

Piedmont

Yes

☐

No

☒

Number of shares of common stock outstanding at July 31, 2026:

Registrant			Description			Shares
Duke Energy			Common stock, $0.001 par value			779,702,193
Duke Energy Carolinas			All of the registrant's limited liability company member interests are directly owned by Duke Energy.			N/A
Progress Energy			All of the registrant's common stock is directly owned by Duke Energy.			100
Duke Energy Progress			All of the registrant's limited liability company member interests are indirectly owned by Duke Energy.			N/A
Duke Energy Florida			All of the registrant's limited liability company member interests are owned by a Progress Energy subsidiary that is 90.81% indirectly owned by Duke Energy.			N/A
Duke Energy Ohio			All of the registrant's common stock is indirectly owned by Duke Energy.			89,663,086
Duke Energy Indiana			All of the registrant's limited liability company member interests are owned by a Duke Energy subsidiary that is 80.1% indirectly owned by Duke Energy.			N/A
Piedmont			All of the registrant's common stock is directly owned by Duke Energy.			100

This combined Form 10-Q is filed separately by eight registrants: Duke Energy, Duke Energy Carolinas, Progress Energy, Duke Energy Progress, Duke Energy Florida, Duke Energy Ohio, Duke Energy Indiana and Piedmont (collectively the Duke Energy Registrants). Information contained herein relating to any individual registrant is filed by such registrant solely on its own behalf. Each registrant makes no representation as to information relating exclusively to the other registrants.

Duke Energy Carolinas, Progress Energy, Duke Energy Progress, Duke Energy Florida, Duke Energy Ohio, Duke Energy Indiana and Piedmont meet the conditions set forth in General Instructions H(1)(a) and (b) of Form 10-Q and are therefore filing this form with the reduced disclosure format specified in General Instructions H(2) of Form 10-Q.

TABLE OF CONTENTS

			Cautionary Statement Regarding Forward-Looking Information
PART I. FINANCIAL INFORMATION
Item 1.			Financial Statements
			Duke Energy Corporation Financial Statements			9
			Duke Energy Carolinas, LLC Financial Statements			15
			Progress Energy, Inc. Financial Statements			19
			Duke Energy Progress, LLC Financial Statements			23
			Duke Energy Florida, LLC Financial Statements			27
			Duke Energy Ohio, Inc. Financial Statements			31
			Duke Energy Indiana, LLC Financial Statements			35
			Piedmont Natural Gas Company, Inc. Financial Statements			39
			Combined Notes to Condensed Consolidated Financial Statements
			Note 1 – Organization and Basis of Presentation			43
			Note 2 – Dispositions			45
			Note 3 – Business Segments			47
			Note 4 – Regulatory Matters			59
			Note 5 – Commitments and Contingencies			66
			Note 6 – Debt and Credit Facilities			69
			Note 7 – Goodwill			71
			Note 8 – Related Party Transactions			72
			Note 9 – Derivatives and Hedging			73
			Note 10 – Investments in Debt and Equity Securities			79
			Note 11 – Fair Value Measurements			83
			Note 12 – Variable Interest Entities			88
			Note 13 – Revenue			90
			Note 14 – Stockholders' Equity			95
			Note 15 – Employee Benefit Plans			96
			Note 16 – Income Taxes			98
Item 2.			Management's Discussion and Analysis of Financial Condition and Results of Operations			99
Item 3.			Quantitative and Qualitative Disclosures About Market Risk			117
Item 4.			Controls and Procedures			117
PART II. OTHER INFORMATION
Item 1.			Legal Proceedings			118
Item 1A.			Risk Factors			118
Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds			118
Item 5.			Other Information			118
Item 6.			Exhibits			119
			Signatures			122

GLOSSARY OF TERMS

Glossary of Terms 

The following terms or acronyms used in this Form 10-Q are defined below:

Term or Acronym			Definition
2015 CCR Rule			A 2015 EPA rule establishing national regulations to provide a comprehensive set of requirements for the management and disposal of CCR from coal-fired power plants
2024 CCR Rule			The EPA's Legacy CCR Surface Impoundments rule issued in April 2024 under the Resource Conservation and Recovery Act, which significantly expands the scope of the 2015 CCR Rule
AFUDC			Allowance for funds used during construction
Bison			Bison Insurance Company Limited
CC			Combined Cycle
CCR			Coal Combustion Residuals
CECPCN			Certificate of Environmental Compatibility and Public Convenience and Necessity
CEP			Capital Expenditure Program
CPCN			Certificate of Public Convenience and Necessity
the Company			Duke Energy Corporation and its subsidiaries
Commercial Renewables Disposal Groups			Commercial Renewables business segment, excluding the offshore wind contract for Carolina Long Bay, separated into the utility-scale solar and wind group, the distributed generation group and the remaining assets
COVID			Coronavirus Disease 2019
Crystal River Unit 3			Crystal River Unit 3 Nuclear Plant
CT			Combustion Turbine
Duke Energy			Duke Energy Corporation (collectively with its subsidiaries)
Duke Energy Ohio			Duke Energy Ohio, Inc.
Duke Energy Progress			Duke Energy Progress, LLC
Duke Energy Carolinas			Duke Energy Carolinas, LLC
Duke Energy Florida			Duke Energy Florida, LLC
Duke Energy Indiana			Duke Energy Indiana, LLC
Duke Energy Kentucky			Duke Energy Kentucky, Inc.
Duke Energy Registrants			Duke Energy, Duke Energy Carolinas, Progress Energy, Duke Energy Progress, Duke Energy Florida, Duke Energy Ohio, Duke Energy Indiana and Piedmont
EDIT			Excess deferred income tax
EPA			United States Environmental Protection Agency
EPS			Earnings (Loss) Per Share
ETR			Effective tax rate
EU&I			Electric Utilities and Infrastructure
Exchange Act			Securities Exchange Act of 1934
FERC			Federal Energy Regulatory Commission
Florida Progress			Florida Progress, LLC
FPSC			Florida Public Service Commission
FTRs			Financial transmission rights
GAAP			Generally accepted accounting principles in the U.S.
GAAP Reported Earnings			Net Income Available to Duke Energy Corporation Common Stockholders
GAAP Reported EPS			Basic Earnings Per Share Available to Duke Energy Corporation common stockholders
GHG			Greenhouse Gas
GU&I			Gas Utilities and Infrastructure
GWh			Gigawatt-hours

GLOSSARY OF TERMS

HB951			The Energy Solutions for North Carolina, or House Bill 951, passed in October 2021
IRA			Inflation Reduction Act
IRS			Internal Revenue Service
IURC			Indiana Utility Regulatory Commission
JDA			Joint Dispatch Agreement
KPSC			Kentucky Public Service Commission
LLC			Limited Liability Company
MTBE			Methyl tertiary butyl ether
MW			Megawatt
MWh			Megawatt-hour
MYRP			Multiyear rate plan
NCI			Noncontrolling interests
NCUC			North Carolina Utilities Commission
NMC			National Methanol Company
NPNS			Normal purchase/normal sale
NRC			U.S. Nuclear Regulatory Commission
OPEB			Other Post-Retirement Benefit Obligations
the Parent			Duke Energy Corporation holding company
Piedmont			Piedmont Natural Gas Company, Inc.
Piedmont Tennessee Disposal Group			Piedmont's Tennessee business, a natural gas local distribution company included in a purchase agreement with Spire Inc.
Progress Energy			Progress Energy, Inc.
PSCSC			Public Service Commission of South Carolina
PTC			Production Tax Credit
PUCO			Public Utilities Commission of Ohio
Robinson			Robinson Nuclear Plant
RTO			Regional Transmission Organization
SPP			Storm Protection Plan
Subsidiary Registrants			Duke Energy Carolinas, Progress Energy, Duke Energy Progress, Duke Energy Florida, Duke Energy Ohio, Duke Energy Indiana and Piedmont
TPUC			Tennessee Public Utility Commission
U.S.			United States
U.S. Supreme Court			Supreme Court of the United States
VIE			Variable Interest Entity

FORWARD-LOOKING STATEMENTS

CAUTIONARY STATEMENT REGARDING 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 reducing carbon emissions, while balancing customer reliability and keeping costs as low as possible for our customers;

◦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, particularly in periods of heightened customer affordability concerns, bill volatility or public and political scrutiny, 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;

◦The impact of extraordinary external events, such as a global pandemic, trade wars 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, municipalization 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, export controls 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;

FORWARD-LOOKING STATEMENTS

◦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, obtaining sufficient skilled labor 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;

◦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;

◦The (i) failure to realize the anticipated benefits, synergies and value creation expected from the utility combination by which Duke Energy Progress will merge into Duke Energy Carolinas (the Combination), including as a result of difficulties or delays in integrating the contributed assets and operations and/or the incurring of significant costs in connection with the Combination; and (ii) the risk that the combined entity may not perform as expected following the consummation of the Combination due to unforeseen liabilities, its level of indebtedness, integration challenges, market conditions, ratings downgrades or other factors beyond the control of the parties; 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.

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS

DUKE ENERGY CORPORATION

Condensed Consolidated Statements of Operations

(Unaudited)

			Three Months Ended												Six Months Ended
			June 30,												June 30,
(in millions, except per share amounts)			2026						2025						2026						2025
Operating Revenues
Regulated electric			$	7,103					$	6,968					$	14,906					$	14,032
Regulated natural gas			418						462						1,715						1,567
Nonregulated electric and other			71						78						149						158
Total operating revenues			7,592						7,508						16,770						15,757
Operating Expenses
Fuel used in electric generation and purchased power			1,915						1,878						4,334						3,977
Cost of natural gas			130						158						655						532
Operation, maintenance and other			1,385						1,655						3,137						3,154
Depreciation and amortization			1,700						1,583						3,389						3,095
Property and other taxes			374						415						826						843
Impairment of assets and other charges			49						3						49						3
Total operating expenses			5,553						5,692						12,390						11,604
Gains (Losses) on Sales of Other Assets and Other, net			10						14						394						20
Operating Income			2,049						1,830						4,774						4,173
Other Income and Expenses
Equity in earnings (losses) of unconsolidated affiliates			10						11						17						22
Other income and expenses, net			203						183						336						315
Total other income and expenses			213						194						353						337
Interest Expense			957						897						1,925						1,786
Income From Continuing Operations Before Income Taxes			1,305						1,127						3,202						2,724
Income Tax Expense From Continuing Operations			160						119						493						312
Income From Continuing Operations			1,145						1,008						2,709						2,412
Income (Loss) From Discontinued Operations, net of tax			—						(1)						13						(1)
Net Income			1,145						1,007						2,722						2,411
Less: Net Income Attributable to NCI			53						23						80						48
Net Income Attributable to Duke Energy Corporation			1,092						984						2,642						2,363
Less: Preferred Dividends			15						13						29						27
Net Income Available to Duke Energy Corporation Common Stockholders			$	1,077					$	971					$	2,613					$	2,336
Earnings Per Share – Basic and Diluted
Income from continuing operations available to Duke Energy Corporation common stockholders
Basic and Diluted			$	1.38					$	1.25					$	3.33					$	3.00
Income (loss) from discontinued operations attributable to Duke Energy Corporation common stockholders
Basic and Diluted			$	—					$	—					$	0.02					$	—
Net income available to Duke Energy Corporation common stockholders
Basic and Diluted			$	1.38					$	1.25					$	3.35					$	3.00
Weighted Average Shares Outstanding
Basic and Diluted			779						777						779						777

See Notes to Condensed Consolidated Financial Statements

9

FINANCIAL STATEMENTS

DUKE ENERGY CORPORATION

Condensed Consolidated Statements of Comprehensive Income

(Unaudited)

			Three Months Ended												Six Months Ended
			June 30,												June 30,
(in millions)			2026						2025						2026						2025
Net Income			$	1,145					$	1,007					$	2,722					$	2,411
Other Comprehensive Income (Loss), net of tax(a)
Pension and OPEB adjustments			5						—						(12)						—
Net unrealized gains (losses) on cash flow hedges			9						6						8						(4)
Reclassification into earnings from cash flow hedges			(2)						(2)						(4)						12
Net unrealized gains (losses) on fair value hedges			26						6						20						(35)
Unrealized gains (losses) on available-for-sale securities			—						(1)						(1)						2
Other Comprehensive Income (Loss), net of tax			38						9						11						(25)
Comprehensive Income			1,183						1,016						2,733						2,386
Less: Comprehensive Income Attributable to NCI			53						23						80						48
Comprehensive Income Attributable to Duke Energy			1,130						993						2,653						2,338
Less: Preferred Dividends			15						13						29						27
Comprehensive Income Available to Duke Energy Corporation Common Stockholders			$	1,115					$	980					$	2,624					$	2,311

(a)Net of income tax expense of $11 million and $3 million for the three months ended June 30, 2026, and 2025 and income tax expense of $3 million and income tax benefit of $7 million for the six months ended June 30, 2026, and 2025, respectively.

See Notes to Condensed Consolidated Financial Statements

10

FINANCIAL STATEMENTS

DUKE ENERGY CORPORATION

Condensed Consolidated Balance Sheets

(Unaudited)

(in millions)			June 30, 2026						December 31, 2025
ASSETS
Current Assets
Cash and cash equivalents			$	673					$	245
Receivables (net of allowance for doubtful accounts of $214 at 2026 and $194 at 2025)			4,482						4,230
Inventory (includes $1,013 at 2026 and $669 at 2025 related to VIEs)			4,665						4,569
Regulatory assets (includes $205 at 2026 and $204 at 2025 related to VIEs)			2,645						1,934
Assets held for sale			—						109
Other (includes $145 at 2026 and $88 at 2025 related to VIEs)			684						526
Total current assets			13,149						11,613
Property, Plant and Equipment
Cost (includes $3,610 at 2026 and $2,913 at 2025 related to VIEs)			197,562						190,409
Accumulated depreciation and amortization (includes ($138) at 2026 and ($89) at 2025 related to VIEs)			(62,326)						(60,450)
Net property, plant and equipment			135,236						129,959
Other Noncurrent Assets
Goodwill			19,010						19,010
Regulatory assets (includes $3,027 at 2026 and $3,108 at 2025 related to VIEs)			14,411						14,379
Nuclear decommissioning trust funds			13,590						12,889
Operating lease right-of-use assets, net			1,166						1,241
Investments in equity method unconsolidated affiliates			332						330
Assets held for sale			—						2,148
Other			4,197						4,167
Total other noncurrent assets			52,706						54,164
Total Assets			$	201,091					$	195,736
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable (includes $452 at 2026 and $296 at 2025 related to VIEs)			$	4,940					$	5,223
Notes payable and commercial paper			2,330						2,624
Taxes accrued			1,035						975
Interest accrued			899						922
Current maturities of long-term debt (includes $147 at 2026 and $118 at 2025 related to VIEs)			6,666						7,104
Asset retirement obligations			570						579
Regulatory liabilities			1,422						1,271
Liabilities associated with assets held for sale			—						84
Other			2,026						2,265
Total current liabilities			19,888						21,047
Long-Term Debt (includes $3,221 at 2026 and $3,308 at 2025 related to VIEs)			82,242						80,108
Other Noncurrent Liabilities
Deferred income taxes			13,344						12,377
Asset retirement obligations			9,202						9,046
Regulatory liabilities			15,359						15,682
Operating lease liabilities			968						1,033
Accrued pension and other post-retirement benefit costs			348						396
Investment tax credits			976						969
Liabilities associated with assets held for sale			—						170
Other			1,901						1,889
Total other noncurrent liabilities			42,098						41,562
Commitments and Contingencies
Equity
Preferred stock, Series A, $0.001 par value, 40 million depositary shares authorized and outstanding at 2026 and 2025			973						973
Common stock, $0.001 par value, 2 billion shares authorized; 780 million and 778 million shares outstanding at 2026 and 2025			1						1
Additional paid-in capital			47,563						45,614
Retained earnings			6,005						5,056
Accumulated other comprehensive income (loss)			209						198
Total Duke Energy Corporation stockholders' equity			54,751						51,842
Noncontrolling Interests			2,112						1,177
Total equity			56,863						53,019
Total Liabilities and Equity			$	201,091					$	195,736

See Notes to Condensed Consolidated Financial Statements

11

FINANCIAL STATEMENTS

DUKE ENERGY CORPORATION

Condensed Consolidated Statements of Cash Flows

(Unaudited)

			Six Months Ended
			June 30,
(in millions)			2026						2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net income			$	2,722					$	2,411
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion (including amortization of nuclear fuel)			3,702						3,659
Equity component of AFUDC			(182)						(147)
Gain on sale of Piedmont's Tennessee business			(368)						—
(Gains) losses on sales of other assets			(26)						(20)
Impairment of assets and other charges			49						3
Deferred income taxes			949						611
Equity in (earnings) losses of unconsolidated affiliates			(17)						(22)
Payments for asset retirement obligations			(249)						(241)
(Increase) decrease in
Net realized and unrealized mark-to-market and hedging transactions			—						266
Receivables			(208)						53
Inventory			(92)						85
Other current assets			(233)						(243)
Increase (decrease) in
Accounts payable			(383)						(987)
Taxes accrued			53						(7)
Other current liabilities			(457)						(374)
Other assets			(1,046)						(78)
Other liabilities			58						71
Net cash provided by operating activities			4,272						5,040
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures			(8,240)						(6,428)
Purchases of debt and equity securities			(10,187)						(3,446)
Proceeds from sales and maturities of debt and equity securities			10,206						3,535
Proceeds from the sale of Piedmont's Tennessee business			2,501						—
Proceeds from the sale of Commercial Renewables Disposal Groups, net of cash divested			—						559
Other			(489)						(484)
Net cash used in investing activities			(6,209)						(6,264)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the:
Issuance of long-term debt			6,464						4,848
Issuance of common stock			—						14
Payments for the redemption of long-term debt			(4,831)						(1,815)
Proceeds from the issuance of short-term debt with original maturities greater than 90 days			262						—
Payments for the redemption of short-term debt with original maturities greater than 90 days			(390)						(5)
Notes payable and commercial paper			(237)						(185)
Contributions from NCI			2,827						—
Dividends paid			(1,693)						(1,610)
Other			22						(2)
Net cash provided by financing activities			2,424						1,245
Net increase (decrease) in cash, cash equivalents and restricted cash			487						21
Cash, cash equivalents and restricted cash at beginning of period			363						421
Cash, cash equivalents and restricted cash at end of period			$	850					$	442
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures			$	2,574					$	1,929

See Notes to Condensed Consolidated Financial Statements

12

FINANCIAL STATEMENTS

DUKE ENERGY CORPORATION

Condensed Consolidated Statements of Changes in Equity

(Unaudited)

						Three Months Ended June 30, 2025 and 2026
																								Accumulated Other Comprehensive
																								Income (Loss)
																								Net			Net Unrealized						Total
																								Gains			Gains (Losses)						Duke Energy
									Common						Additional									(Losses)			on Available-			Pension and			Corporation
						Preferred			Stock			Common			Paid-in			Retained						on			for-Sale-			OPEB			Stockholders'			Noncontrolling			Total
(in millions)						Stock			Shares			Stock			Capital			Earnings						Hedges(a)			Securities			Adjustments			Equity			Interests			Equity
Balance at March 31, 2025						$	973		777			$	1		$	45,516		$	3,986					$	289		$	(14)		$	(81)		$	50,670		$	1,124		$	51,794
Net income(b)						—			—			—			—			971						—			—			—			971			23			994
Other comprehensive income (loss)						—			—			—			—			—						10			(1)			—			9			—			9
Common stock issuances, including dividend reinvestment and employee benefits						—			1			—			56			—						—			—			—			56			—			56
Common stock dividends						—			—			—			—			(815)						—			—			—			(815)			—			(815)
Distributions to NCI in subsidiaries						—			—			—			—			—						—			—			—			—			(8)			(8)
Other						—			—			—			1			(1)						—			—			—			—			—			—
Balance at June 30, 2025						$	973		778			$	1		$	45,573		$	4,141					$	299		$	(15)		$	(81)		$	50,891		$	1,139		$	52,030
Balance at March 31, 2026						$	973		778			$	1		$	47,551		$	5,761					$	269		$	(13)		$	(85)		$	54,457		$	2,021		$	56,478
Net income(b)						—			—			—			—			1,077						—			—			—			1,077			53			1,130
Other comprehensive income (loss)						—			—			—			—			—						33			—			5			38			—			38
Common stock issuances, including employee benefits						—			2			—			25			—						—			—			—			25			—			25
Common stock dividends						—			—			—			—			(832)						—			—			—			(832)			—			(832)
Contributions from NCI in subsidiaries						—			—			—			—			—						—			—			—			—			62			62
Distributions to NCI in subsidiaries						—			—			—			—			—						—			—			—			—			(23)			(23)
Other						—			—			—			(13)			(1)						—			—			—			(14)			(1)			(15)
Balance at June 30, 2026						$	973		780			$	1		$	47,563		$	6,005					$	302		$	(13)		$	(80)		$	54,751		$	2,112		$	56,863

See Notes to Condensed Consolidated Financial Statements

13

DUKE ENERGY CORPORATION

Condensed Consolidated Statements of Changes in Equity

(Unaudited)

						Six Months Ended June 30, 2025 and 2026
																								Accumulated Other Comprehensive
																								Income (Loss)
																								Net						Net Unrealized						Total
																								Gains						Gains (Losses)						Duke Energy
									Common						Additional									(Losses)						on Available-			Pension and			Corporation
						Preferred			Stock			Common			Paid-in			Retained						on						for-Sale-			OPEB			Stockholders'			Noncontrolling			Total
(in millions)						Stock			Shares			Stock			Capital			Earnings						Hedges(a)						Securities			Adjustments			Equity			Interests			Equity
Balance at December 31, 2024						$	973		776			$	1		$	45,494		$	3,431					$	326					$	(17)		$	(81)		$	50,127		$	1,129		$	51,256
Net income(b)						—			—			—			—			2,336						—						—			—			2,336			48			2,384
Other comprehensive income (loss)						—			—			—			—			—						(27)						2			—			(25)			—			(25)
Common stock issuances, including dividend reinvestment and employee benefits						—			2			—			78			—						—						—			—			78			—			78
Common stock dividends						—			—			—			—			(1,629)						—						—			—			(1,629)			—			(1,629)
Sale of Commercial Renewables Disposal Groups(c)						—			—			—			—			—						—						—			—			—			(18)			(18)
Distributions to NCI in subsidiaries						—			—			—			—			—						—						—			—			—			(14)			(14)
Other						—			—			—			1			3						—						—			—			4			(6)			(2)
Balance at June 30, 2025						$	973		778			$	1		$	45,573		$	4,141					$	299					$	(15)		$	(81)		$	50,891		$	1,139		$	52,030
Balance at December 31, 2025						$	973		778			$	1		$	45,614		$	5,056					$	278					$	(12)		$	(68)		$	51,842		$	1,177		$	53,019
Net income(b)						—			—			—			—			2,613						—						—			—			2,613			80			2,693
Other comprehensive income (loss)						—			—			—			—			—						24						(1)			(12)			11			—			11
Common stock issuances, including employee benefits						—			2			—			8			—						—						—			—			8			—			8
Common stock dividends						—			—			—			—			(1,664)						—						—			—			(1,664)			—			(1,664)
Sale of NCI, net of transaction costs(c)						—			—			—			1,941			—						—						—			—			1,941			824			2,765
Contributions from NCI in subsidiaries						—			—			—			—			—						—						—			—			—			62			62
Distributions to NCI in subsidiaries						—			—			—			—			—						—						—			—			—			(30)			(30)
Other						—			—			—			—			—						—						—			—			—			(1)			(1)
Balance at June 30, 2026						$	973		780			$	1		$	47,563		$	6,005					$	302					$	(13)		$	(80)		$	54,751		$	2,112		$	56,863

(a)    See Duke Energy Condensed Consolidated Statements of Comprehensive Income for detailed activity related to Cash Flow and Fair Value hedges.

(b)    Net income available to Duke Energy Corporation Common Stockholders reflects preferred dividends.

(c)    See Note 2 for additional information.

See Notes to Condensed Consolidated Financial Statements

14

FINANCIAL STATEMENTS

DUKE ENERGY CAROLINAS, LLC

Condensed Consolidated Statements of Operations and Comprehensive Income

(Unaudited)

			Three Months Ended												Six Months Ended
			June 30,												June 30,
(in millions)			2026						2025						2026						2025
Operating Revenues			$	2,416					$	2,231					$	5,182					$	4,755
Operating Expenses
Fuel used in electric generation and purchased power			632						571						1,563						1,374
Operation, maintenance and other			465						500						1,078						984
Depreciation and amortization			531						482						1,057						914
Property and other taxes			91						85						197						187
Impairment of assets and other charges			27						(1)						27						(1)
Total operating expenses			1,746						1,637						3,922						3,458
Gains (Losses) on Sales of Other Assets and Other, net			—						6						2						6
Operating Income			670						600						1,262						1,303
Other Income and Expenses, net			70						61						133						122
Interest Expense			231						200						449						400
Income Before Income Taxes			509						461						946						1,025
Income Tax Expense			33						36						44						87
Net Income			$	476					$	425					$	902					$	938
Other Comprehensive Income (Loss), net of tax
Net gains (losses) on cash flow hedges			(1)						—						—						—
Comprehensive Income			$	475					$	425					$	902					$	938

See Notes to Condensed Consolidated Financial Statements

15

FINANCIAL STATEMENTS

DUKE ENERGY CAROLINAS, LLC

Condensed Consolidated Balance Sheets

(Unaudited)

(in millions)			June 30, 2026						December 31, 2025
ASSETS
Current Assets
Cash and cash equivalents			$	38					$	3
Receivables (net of allowance for doubtful accounts of $63 at 2026 and $55 at 2025)			1,616						1,347
Receivables from affiliated companies			246						331
Notes receivable from affiliated companies			1,122						69
Inventory			1,528						1,530
Regulatory assets (includes $72 at 2026 and 2025 related to VIEs)			1,141						730
Other (includes $54 at 2026 and $12 at 2025 related to VIEs)			115						75
Total current assets			5,806						4,085
Property, Plant and Equipment
Cost			64,963						62,513
Accumulated depreciation and amortization			(21,125)						(20,658)
Net property, plant and equipment			43,838						41,855
Other Noncurrent Assets
Regulatory assets (includes $1,235 at 2026 and $1,257 at 2025 related to VIEs)			4,765						4,502
Nuclear decommissioning trust funds			7,765						7,338
Operating lease right-of-use assets, net			87						91
Other			1,383						1,304
Total other noncurrent assets			14,000						13,235
Total Assets			$	63,644					$	59,175
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable			$	1,382					$	1,670
Accounts payable to affiliated companies			292						386
Taxes accrued			244						306
Interest accrued			227						214
Current maturities of long-term debt (includes $36 at 2026 and $16 at 2025 related to VIEs)			1,650						629
Asset retirement obligations			239						245
Regulatory liabilities			611						569
Other (includes $40 at 2026 and $12 at 2025 related to VIEs)			615						621
Total current liabilities			5,260						4,640
Long-Term Debt (includes $1,291 at 2026 and $1,316 at 2025 related to VIEs)			20,235						17,848
Long-Term Debt Payable to Affiliated Companies			300						300
Other Noncurrent Liabilities
Deferred income taxes			4,549						4,191
Asset retirement obligations			3,585						3,597
Regulatory liabilities			7,914						7,609
Operating lease liabilities			75						79
Accrued pension and other post-retirement benefit costs			10						24
Investment tax credits			347						345
Other			727						802
Total other noncurrent liabilities			17,207						16,647
Commitments and Contingencies
Equity
Member's equity			20,647						19,745
Accumulated other comprehensive income (loss)			(5)						(5)
Total equity			20,642						19,740
Total Liabilities and Equity			$	63,644					$	59,175

See Notes to Condensed Consolidated Financial Statements

16

FINANCIAL STATEMENTS

DUKE ENERGY CAROLINAS, LLC

Condensed Consolidated Statements of Cash Flows

(Unaudited)

			Six Months Ended
			June 30,
(in millions)			2026						2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net income			$	902					$	938
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization (including amortization of nuclear fuel)			1,185						1,048
Equity component of AFUDC			(85)						(66)
(Gains) losses on sales of other assets			(2)						(6)
Impairment of assets and other charges			27						(1)
Deferred income taxes			443						209
Payments for asset retirement obligations			(100)						(95)
(Increase) decrease in
Receivables			(288)						96
Receivables from affiliated companies			85						(53)
Inventory			(4)						12
Other current assets			(39)						(319)
Increase (decrease) in
Accounts payable			(234)						(281)
Accounts payable to affiliated companies			(94)						251
Taxes accrued			(62)						(352)
Other current liabilities			(161)						(16)
Other assets			(757)						(70)
Other liabilities			13						33
Net cash provided by operating activities			829						1,328
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures			(2,904)						(2,145)
Purchases of debt and equity securities			(6,033)						(1,725)
Proceeds from sales and maturities of debt and equity securities			6,033						1,725
Notes receivable from affiliated companies			(1,053)						38
Other			(234)						(152)
Net cash used in investing activities			(4,191)						(2,259)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt			3,910						1,343
Payments for the redemption of long-term debt			(512)						(503)
Other			41						92
Net cash provided by financing activities			3,439						932
Net increase (decrease) in cash, cash equivalents and restricted cash			77						1
Cash, cash equivalents and restricted cash at beginning of period			22						16
Cash, cash equivalents and restricted cash at end of period			$	99					$	17
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures			$	883					$	698

See Notes to Condensed Consolidated Financial Statements

17

FINANCIAL STATEMENTS

DUKE ENERGY CAROLINAS, LLC

Condensed Consolidated Statements of Changes in Equity

(Unaudited)

			Three Months Ended June 30, 2025 and 2026
									Accumulated Other
									Comprehensive
									Income (Loss)
			Member's						Net Gains (Losses) on						Total
(in millions)			Equity						Cash Flow Hedges						Equity
Balance at March 31, 2025			$	18,359					$	(6)					$	18,353
Net income			425						—						425
Other			(8)						—						(8)
Balance at June 30, 2025			$	18,776					$	(6)					$	18,770
Balance at March 31, 2026			$	20,171					$	(4)					$	20,167
Net income			476						—						476
Other comprehensive income (loss)			—						(1)						(1)
Balance at June 30, 2026			$	20,647					$	(5)					$	20,642
			Six Months Ended June 30, 2025 and 2026
									Accumulated Other
									Comprehensive
									Income (Loss)
			Member's						Net Gains (Losses) on						Total
(in millions)			Equity						Cash Flow Hedges						Equity
Balance at December 31, 2024			$	17,846					$	(6)					$	17,840
Net income			938						—						938
Other			(8)						—						(8)
Balance at June 30, 2025			$	18,776					$	(6)					$	18,770
Balance at December 31, 2025			$	19,745					$	(5)					$	19,740
Net income			902						—						902
Balance at June 30, 2026			$	20,647					$	(5)					$	20,642

See Notes to Condensed Consolidated Financial Statements

18

FINANCIAL STATEMENTS

PROGRESS ENERGY, INC.

Condensed Consolidated Statements of Operations and Comprehensive Income

(Unaudited)

			Three Months Ended												Six Months Ended
			June 30,												June 30,
(in millions)			2026						2025						2026						2025
Operating Revenues			$	3,470					$	3,569					$	7,395					$	7,036
Operating Expenses
Fuel used in electric generation and purchased power			994						1,025						2,305						2,131
Operation, maintenance and other			602						843						1,438						1,531
Depreciation and amortization			703						609						1,385						1,240
Property and other taxes			150						175						331						347
Impairment of assets and other charges			22						—						22						—
Total operating expenses			2,471						2,652						5,481						5,249
Gains (Losses) on Sales of Other Assets and Other, net			7						6						15						12
Operating Income			1,006						923						1,929						1,799
Other Income and Expenses, net			69						75						133						130
Interest Expense			299						283						590						558
Income Before Income Taxes			776						715						1,472						1,371
Income Tax Expense			133						108						231						218
Net Income			643						607						1,241						1,153
Less: Net Income Attributable to NCI			29						—						34						—
Net Income Attributable to Progress Energy, Inc.			$	614					$	607					$	1,207					$	1,153
Net Income			$	643					$	607					$	1,241					$	1,153
Other Comprehensive Income (Loss), net of tax
Unrealized gains (losses) on available-for-sale securities			—						(1)						—						(1)
Other Comprehensive Income (Loss), net of tax			—						(1)						—						(1)
Comprehensive Income			643						606						1,241						1,152
Less: Comprehensive Income Attributable to NCI			29						—						33						—
Comprehensive Income Attributable to Progress Energy, Inc.			$	614					$	606					$	1,208					$	1,152

See Notes to Condensed Consolidated Financial Statements

19

FINANCIAL STATEMENTS

PROGRESS ENERGY, INC.

Condensed Consolidated Balance Sheets

(Unaudited)

(in millions)			June 30, 2026						December 31, 2025
ASSETS
Current Assets
Cash and cash equivalents			$	288					$	54
Receivables (net of allowance for doubtful accounts of $73 at 2026 and $65 at 2025)			1,830						1,550
Receivables from affiliated companies			187						81
Notes receivable from affiliated companies			—						251
Inventory (includes $631 at 2026 and $669 at 2025 related to VIEs)			2,247						2,210
Regulatory assets (includes $133 at 2026 and $132 at 2025 related to VIEs)			1,017						753
Other (includes $87 at 2026 and $72 at 2025 related to VIEs)			194						150
Total current assets			5,763						5,049
Property, Plant and Equipment
Cost (includes $3,473 at 2026 and $2,839 at 2025 related to VIEs)			81,384						78,347
Accumulated depreciation and amortization (includes ($121) at 2026 and ($75) at 2025 related to VIEs)			(26,389)						(25,425)
Net property, plant and equipment			54,995						52,922
Other Noncurrent Assets
Goodwill			3,655						3,655
Regulatory assets (includes $1,792 at 2026 and $1,851 at 2025 related to VIEs)			6,378						6,650
Nuclear decommissioning trust funds			5,825						5,550
Operating lease right-of-use assets, net			549						607
Other			1,376						1,405
Total other noncurrent assets			17,783						17,867
Total Assets			$	78,541					$	75,838
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable (includes $251 at 2026 and $289 at 2025 related to VIEs)			$	1,592					$	1,679
Accounts payable to affiliated companies			481						571
Notes payable to affiliated companies			1,019						—
Taxes accrued			350						222
Interest accrued			258						256
Current maturities of long-term debt (includes $111 at 2026 and $102 at 2025 related to VIEs)			2,452						722
Asset retirement obligations			180						196
Regulatory liabilities			438						350
Other			730						758
Total current liabilities			7,500						4,754
Long-Term Debt (includes $1,876 at 2026 and $1,936 at 2025 related to VIEs)			24,750						25,976
Long-Term Debt Payable to Affiliated Companies			150						150
Other Noncurrent Liabilities
Deferred income taxes			6,028						5,576
Asset retirement obligations			4,291						4,290
Regulatory liabilities			5,065						5,601
Operating lease liabilities			504						552
Accrued pension and other post-retirement benefit costs			233						247
Investment tax credits			443						434
Other			601						491
Total other noncurrent liabilities			17,165						17,191
Commitments and Contingencies
Equity
Common Stock, $0.01 par value, 100 shares authorized and outstanding at 2026 and 2025			—						—
Additional paid-in capital			14,219						12,278
Retained earnings			13,909						15,499
Accumulated other comprehensive income (loss)			(9)						(10)
Total Progress Energy, Inc. stockholders' equity			28,119						27,767
Noncontrolling Interests			857						—
Total equity			28,976						27,767
Total Liabilities and Equity			$	78,541					$	75,838

See Notes to Condensed Consolidated Financial Statements

20

FINANCIAL STATEMENTS

PROGRESS ENERGY, INC.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

			Six Months Ended
			June 30,
(in millions)			2026						2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net income			$	1,241					$	1,153
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion (including amortization of nuclear fuel)			1,576						1,675
Equity component of AFUDC			(64)						(51)
(Gains) losses on sales of other assets			(15)						(12)
Impairment of assets and other charges			22						—
Deferred income taxes			428						122
Payments for asset retirement obligations			(113)						(101)
(Increase) decrease in
Receivables			(247)						(176)
Receivables from affiliated companies			(106)						(76)
Inventory			(31)						7
Other current assets			(84)						51
Increase (decrease) in
Accounts payable			7						(624)
Accounts payable to affiliated companies			(90)						198
Taxes accrued			126						109
Other current liabilities			(110)						(128)
Other assets			(398)						(60)
Other liabilities			(80)						78
Net cash provided by operating activities			2,062						2,165
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures			(3,468)						(2,742)
Purchases of debt and equity securities			(4,029)						(1,638)
Proceeds from sales and maturities of debt and equity securities			4,050						1,660
Notes receivable from affiliated companies			251						(897)
Other			(153)						(211)
Net cash used in investing activities			(3,349)						(3,828)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt			573						2,860
Payments for the redemption of long-term debt			(99)						(459)
Notes payable to affiliated companies			1,019						(1,062)
Contributions from NCI			2,782						—
Contributions from parent			—						300
Dividends to parent			(2,797)						—
Other			59						(1)
Net cash provided by financing activities			1,537						1,638
Net increase (decrease) in cash, cash equivalents and restricted cash			250						(25)
Cash, cash equivalents and restricted cash at beginning of period			139						160
Cash, cash equivalents and restricted cash at end of period			$	389					$	135
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures			$	1,009					$	827

See Notes to Condensed Consolidated Financial Statements

21

FINANCIAL STATEMENTS

PROGRESS ENERGY, INC.

Condensed Consolidated Statements of Changes in Equity

(Unaudited)

			Three Months Ended June 30, 2025 and 2026
															Accumulated Other Comprehensive Income (Loss)
															Net Gains						Net Unrealized												Total Progress
			Additional												(Losses) on						Gains (Losses) on						Pension and						Energy, Inc.
			Paid-in						Retained						Cash Flow						Available-for-						OPEB						Stockholders'						Noncontrolling						Total
(in millions)			Capital						Earnings						Hedges						Sale Securities						Adjustments						Equity						Interests						Equity
Balance at March 31, 2025			$	12,130					$	13,630					$	(1)					$	(5)					$	(4)					$	25,750					$	—					$	25,750
Net income			—						607						—						—						—						607						—						607
Other comprehensive income (loss)			—						—						—						(1)						—						(1)						—						(1)
Equitization of certain intercompany balances with affiliates			57						—						—						—						—						57						—						57
Balance at June 30, 2025			$	12,187					$	14,237					$	(1)					$	(6)					$	(4)					$	26,413					$	—					$	26,413
Balance at March 31, 2026			$	14,232					$	13,295					$	(1)					$	(4)					$	(4)					$	27,518					$	828					$	28,346
Net income			—						614						—						—						—						614						29						643
Contributions from NCI in subsidiaries			—						—						—						—						—						—						17						17
Distributions to NCI in subsidiaries			—						—						—						—						—						—						(17)						(17)
Other			(13)						—						—						—						—						(13)						—						(13)
Balance at June 30, 2026			$	14,219					$	13,909					$	(1)					$	(4)					$	(4)					$	28,119					$	857					$	28,976
			Six Months Ended June 30, 2025 and 2026
															Accumulated Other Comprehensive Income (Loss)
															Net Gains						Net Unrealized												Total Progress
			Additional												(Losses) on						Gains (Losses) on						Pension and						Energy, Inc.
			Paid-in						Retained						Cash Flow						Available-for-						OPEB						Stockholders'						Noncontrolling						Total
(in millions)			Capital						Earnings						Hedges						Sale Securities						Adjustments						Equity						Interest						Equity
Balance at December 31, 2024			$	11,830					$	13,086					$	(1)					$	(5)					$	(4)					$	24,906					$	—					$	24,906
Net income			—						1,153						—						—						—						1,153						—						1,153
Other comprehensive income (loss)			—						—						—						(1)						—						(1)						—						(1)
Contributions from parent			300						—						—						—						—						300						—						300
Equitization of certain intercompany balances with affiliates			57						(2)						—						—						—						55						—						55
Balance at June 30, 2025			$	12,187					$	14,237					$	(1)					$	(6)					$	(4)					$	26,413					$	—					$	26,413
Balance at December 31, 2025			$	12,278					$	15,499					$	(1)					$	(5)					$	(4)					$	27,767					$	—					$	27,767
Net income			—						1,207						—						—						—						1,207						34						1,241
Other comprehensive income (loss)			—						—						—						1						—						1						(1)						—
Dividends to parent			—						(2,797)						—						—						—						(2,797)						—						(2,797)
Sale of noncontrolling interest(a)			1,941						—						—						—						—						1,941						824						2,765
Contributions from NCI in subsidiaries			—						—						—						—						—						—						17						17
Distributions to NCI in subsidiaries			—						—						—						—						—						—						(17)						(17)
Balance at June 30, 2026			$	14,219					$	13,909					$	(1)					$	(4)					$	(4)					$	28,119					$	857					$	28,976

(a) Relates to the sale of a noncontrolling interest in Florida Progress, LLC, net of transaction costs. See Note 2 for additional discussion of the transaction.

See Notes to Condensed Consolidated Financial Statements

22

FINANCIAL STATEMENTS

DUKE ENERGY PROGRESS, LLC

Condensed Consolidated Statements of Operations and Comprehensive Income

(Unaudited)

			Three Months Ended												Six Months Ended
			June 30,												June 30,
(in millions)			2026						2025						2026						2025
Operating Revenues			$	1,800					$	1,681					$	4,101					$	3,699
Operating Expenses
Fuel used in electric generation and purchased power			547						574						1,410						1,299
Operation, maintenance and other			364						340						872						738
Depreciation and amortization			396						319						782						676
Property and other taxes			22						45						81						105
Impairment of assets and other charges			22						—						22						—
Total operating expenses			1,351						1,278						3,167						2,818
Gains (Losses) on Sales of Other Assets and Other, net			—						—						1						—
Operating Income			449						403						935						881
Other Income and Expenses, net			55						50						98						87
Interest Expense			144						139						279						267
Income Before Income Taxes			360						314						754						701
Income Tax Expense			53						39						93						95
Net Income and Comprehensive Income			$	307					$	275					$	661					$	606

See Notes to Condensed Consolidated Financial Statements

23

FINANCIAL STATEMENTS

DUKE ENERGY PROGRESS, LLC

Condensed Consolidated Balance Sheets

(Unaudited)

(in millions)			June 30, 2026						December 31, 2025
ASSETS
Current Assets
Cash and cash equivalents			$	244					$	16
Receivables (net of allowance for doubtful accounts of $46 at 2026 and $38 at 2025)			1,106						952
Receivables from affiliated companies			106						104
Notes receivable from affiliated companies			—						186
Inventory			1,374						1,363
Regulatory assets (includes $70 at 2026 and 2025 related to VIEs)			847						652
Other (includes $59 at 2026 and $38 at 2025 related to VIEs)			136						95
Total current assets			3,813						3,368
Property, Plant and Equipment
Cost			46,816						45,175
Accumulated depreciation and amortization			(17,446)						(16,980)
Net property, plant and equipment			29,370						28,195
Other Noncurrent Assets
Regulatory assets (includes $1,138 at 2026 and $1,169 at 2025 related to VIEs)			4,246						4,543
Nuclear decommissioning trust funds			5,541						5,254
Operating lease right-of-use assets, net			357						386
Other			776						781
Total other noncurrent assets			10,920						10,964
Total Assets			$	44,103					$	42,527
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable			$	909					$	886
Accounts payable to affiliated companies			316						398
Notes payable to affiliated companies			823						—
Taxes accrued			105						167
Interest accrued			146						145
Current maturities of long-term debt (includes $49 at 2026 and $41 at 2025 related to VIEs)			1,094						285
Asset retirement obligations			179						194
Regulatory liabilities			374						274
Other (includes $27 at 2026 and $16 at 2025 related to VIEs)			372						370
Total current liabilities			4,318						2,719
Long-Term Debt (includes $1,197 at 2026 and $1,224 at 2025 related to VIEs)			12,909						13,461
Long-Term Debt Payable to Affiliated Companies			150						150
Other Noncurrent Liabilities
Deferred income taxes			2,916						2,642
Asset retirement obligations			4,121						4,095
Regulatory liabilities			4,293						4,807
Operating lease liabilities			360						384
Accrued pension and other post-retirement benefit costs			131						139
Investment tax credits			195						194
Other			439						326
Total other noncurrent liabilities			12,455						12,587
Commitments and Contingencies
Equity
Member's Equity			14,271						13,610
Total Liabilities and Equity			$	44,103					$	42,527

See Notes to Condensed Consolidated Financial Statements

24

FINANCIAL STATEMENTS

DUKE ENERGY PROGRESS, LLC

Condensed Consolidated Statements of Cash Flows

(Unaudited)

			Six Months Ended
			June 30,
(in millions)			2026						2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net income			$	661					$	606
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization (including amortization of nuclear fuel)			880						773
Equity component of AFUDC			(58)						(41)
Impairment of assets and other charges			22						—
Deferred income taxes			245						132
Payments for asset retirement obligations			(86)						(81)
(Increase) decrease in
Receivables			(141)						43
Receivables from affiliated companies			(2)						(21)
Inventory			(11)						18
Other current assets			(11)						(89)
Increase (decrease) in
Accounts payable			10						(60)
Accounts payable to affiliated companies			(82)						142
Taxes accrued			(62)						(287)
Other current liabilities			19						(41)
Other assets			(366)						(49)
Other liabilities			(50)						90
Net cash provided by operating activities			968						1,135
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures			(1,984)						(1,524)
Purchases of debt and equity securities			(3,901)						(1,527)
Proceeds from sales and maturities of debt and equity securities			3,901						1,526
Notes receivable from affiliated companies			186						(949)
Other			(71)						(85)
Net cash used in investing activities			(1,869)						(2,559)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt			300						2,156
Payments for the redemption of long-term debt			(48)						(423)
Notes payable to affiliated companies			823						(611)
Contributions from parent			—						300
Other			76						(1)
Net cash provided by financing activities			1,151						1,421
Net increase (decrease) in cash, cash equivalents and restricted cash			250						(3)
Cash, cash equivalents and restricted cash at beginning of period			61						69
Cash, cash equivalents and restricted cash at end of period			$	311					$	66
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures			$	571					$	306

See Notes to Condensed Consolidated Financial Statements

25

FINANCIAL STATEMENTS

DUKE ENERGY PROGRESS, LLC

Condensed Consolidated Statements of Changes in Equity

(Unaudited)

			Three Months Ended
			June 30, 2025 and 2026
(in millions)			Member's Equity
Balance at March 31, 2025			$	12,601
Net income			275
Equitization of certain intercompany balances with affiliates			57
Other			1
Balance at June 30, 2025			$	12,934
Balance at March 31, 2026			$	13,964
Net income			307
Balance at June 30, 2026			$	14,271
			Six Months Ended
			June 30, 2025 and 2026
(in millions)			Member's Equity
Balance at December 31, 2024			$	11,971
Net income			606
Contribution from parent			300
Equitization of certain intercompany balances with affiliates			57
Balance at June 30, 2025			$	12,934
Balance at December 31, 2025			$	13,610
Net income			661
Balance at June 30, 2026			$	14,271

See Notes to Condensed Consolidated Financial Statements

26

FINANCIAL STATEMENTS

DUKE ENERGY FLORIDA, LLC

Condensed Consolidated Statements of Operations and Comprehensive Income

(Unaudited)

			Three Months Ended												Six Months Ended
			June 30,												June 30,
(in millions)			2026						2025						2026						2025
Operating Revenues			$	1,666					$	1,885					$	3,287					$	3,329
Operating Expenses
Fuel used in electric generation and purchased power			447						451						895						832
Operation, maintenance and other			236						500						560						786
Depreciation and amortization			306						290						602						564
Property and other taxes			127						130						250						242
Total operating expenses			1,116						1,371						2,307						2,424
Gains (Losses) on Sales of Other Assets and Other, net			1						—						3						1
Operating Income			551						514						983						906
Other Income and Expenses, net			16						27						32						45
Interest Expense			126						116						254						234
Income Before Income Taxes			441						425						761						717
Income Tax Expense			90						81						153						139
Net Income and Comprehensive Income			$	351					$	344					$	608					$	578
Other Comprehensive Income (Loss), net of tax
Unrealized gains (losses) on available-for-sale securities			—						(1)						—						(1)
Other Comprehensive Income (Loss), net of tax			$	—					$	(1)					$	—					$	(1)
Comprehensive Income			$	351					$	343					$	608					$	577

See Notes to Condensed Consolidated Financial Statements

27

FINANCIAL STATEMENTS

DUKE ENERGY FLORIDA, LLC

Condensed Consolidated Balance Sheets

(Unaudited)

(in millions)			June 30, 2026						December 31, 2025
ASSETS
Current Assets
Cash and cash equivalents			$	22					$	21
Receivables (net of allowance for doubtful accounts of $27 at 2026 and 2025)			723						594
Receivables from affiliated companies			136						68
Notes receivable from affiliated companies			—						65
Inventory (includes $631 at 2026 and $669 at 2025 related to VIEs)			873						847
Regulatory assets (includes $63 at 2026 and $62 at 2025 related to VIEs)			170						102
Other (includes $28 at 2026 and $34 at 2025 related to VIEs)			70						52
Total current assets			1,994						1,749
Property, Plant and Equipment
Cost (includes $3,473 at 2026 and $2,839 at 2025 related to VIEs)			34,555						33,160
Accumulated depreciation and amortization (includes ($121) at 2026 and ($75) at 2025 related to VIEs)			(8,936)						(8,437)
Net property, plant and equipment			25,619						24,723
Other Noncurrent Assets
Regulatory assets (includes $654 at 2026 and $682 at 2025 related to VIEs)			2,132						2,106
Nuclear decommissioning trust funds			283						296
Operating lease right-of-use assets, net			192						221
Other			547						561
Total other noncurrent assets			3,154						3,184
Total Assets			$	30,767					$	29,656
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable (includes $251 at 2026 and $289 at 2025 related to VIEs)			$	683					$	792
Accounts payable to affiliated companies			239						171
Notes payable to affiliated companies			196						—
Taxes accrued			251						69
Interest accrued			87						87
Current maturities of long-term debt (includes $62 at 2026 and $61 at 2025 related to VIEs)			1,357						437
Asset retirement obligations			1						2
Regulatory liabilities			64						76
Other			346						375
Total current liabilities			3,224						2,009
Long-Term Debt (includes $679 at 2026 and $712 at 2025 related to VIEs)			10,195						10,870
Other Noncurrent Liabilities
Deferred income taxes			3,179						3,005
Asset retirement obligations			170						195
Regulatory liabilities			772						794
Operating lease liabilities			144						168
Accrued pension and other post-retirement benefit costs			82						88
Investment tax credits			248						240
Other			160						165
Total other noncurrent liabilities			4,755						4,655
Commitments and Contingencies
Equity
Member's equity			12,598						12,127
Accumulated other comprehensive income (loss)			(5)						(5)
Total equity			12,593						12,122
Total Liabilities and Equity			$	30,767					$	29,656

See Notes to Condensed Consolidated Financial Statements

28

FINANCIAL STATEMENTS

DUKE ENERGY FLORIDA, LLC

Condensed Consolidated Statements of Cash Flows

(Unaudited)

			Six Months Ended
			June 30,
(in millions)			2026						2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net income			$	608					$	578
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion			695						902
Equity component of AFUDC			(6)						(11)
(Gains) losses on sales of other assets			(3)						(1)
Deferred income taxes			178						(26)
Payments for asset retirement obligations			(27)						(19)
(Increase) decrease in
Receivables			(108)						(220)
Receivables from affiliated companies			(68)						(51)
Inventory			(20)						(12)
Other current assets			(91)						277
Increase (decrease) in
Accounts payable			(3)						(563)
Accounts payable to affiliated companies			68						(4)
Taxes accrued			180						288
Other current liabilities			(128)						(86)
Other assets			(50)						(21)
Other liabilities			(29)						(3)
Net cash provided by operating activities			1,196						1,028
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures			(1,484)						(1,218)
Purchases of debt and equity securities			(128)						(111)
Proceeds from sales and maturities of debt and equity securities			149						134
Notes receivable from affiliated companies			65						—
Other			(83)						(126)
Net cash used in investing activities			(1,481)						(1,321)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt			272						704
Payments for the redemption of long-term debt			(51)						(35)
Notes payable to affiliated companies			196						(399)
Contributions from parent			229						—
Distributions to parent			(366)						—
Other			(1)						(1)
Net cash provided by financing activities			279						269
Net increase (decrease) in cash, cash equivalents and restricted cash			(6)						(24)
Cash, cash equivalents and restricted cash at beginning of period			62						75
Cash, cash equivalents and restricted cash at end of period			$	56					$	51
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures			$	439					$	521

See Notes to Condensed Consolidated Financial Statements

29

FINANCIAL STATEMENTS

DUKE ENERGY FLORIDA, LLC

Condensed Consolidated Statements of Changes in Equity

(Unaudited)

			Three Months Ended June 30, 2025 and 2026
									Accumulated
									Other
									Comprehensive
									Income (Loss)
									Net Unrealized
									Gains (Losses) on
			Member's						Available-for-Sale						Total
(in millions)			Equity						Securities						Equity
Balance at March 31, 2025			$	11,218					$	(5)					$	11,213
Net income			344						—						344
Other comprehensive income (loss)			—						(1)						(1)
Balance at June 30, 2025			$	11,562					$	(6)					$	11,556
Balance at March 31, 2026			$	12,247					$	(5)					$	12,242
Net income			351						—						351
Distributions to parent			(183)						—						(183)
Contributions from parent			183						—						183
Balance at June 30, 2026			$	12,598					$	(5)					$	12,593
			Six Months Ended June 30, 2025 and 2026
									Accumulated
									Other
									Comprehensive
									Income (Loss)
									Net Unrealized
									Gains (Losses) on
			Member's						Available-for-Sale						Total
(in millions)			Equity						Securities						Equity
Balance at December 31, 2024			$	10,986					$	(5)					$	10,981
Net income			578						—						578
Other comprehensive income (loss)			—						(1)						(1)
Other			(2)						—						(2)
Balance at June 30, 2025			$	11,562					$	(6)					$	11,556
Balance at December 31, 2025			$	12,127					$	(5)					$	12,122
Net income			608						—						608
Distributions to parent			(366)						—						(366)
Contributions from parent			229						—						229
Balance at June 30, 2026			$	12,598					$	(5)					$	12,593

See Notes to Condensed Consolidated Financial Statements

30

FINANCIAL STATEMENTS

DUKE ENERGY OHIO, INC.

Condensed Consolidated Statements of Operations and Comprehensive Income

(Unaudited)

			Three Months Ended												Six Months Ended
			June 30,												June 30,
(in millions)			2026						2025						2026						2025
Operating Revenues
Regulated electric			$	508					$	498					$	1,070					$	985
Regulated natural gas			157						156						474						435
Total operating revenues			665						654						1,544						1,420
Operating Expenses
Fuel used in electric generation and purchased power			145						161						318						310
Cost of natural gas			33						35						154						136
Operation, maintenance and other			135						115						274						239
Depreciation and amortization			114						121						235						233
Property and other taxes			108						101						225						217
Total operating expenses			535						533						1,206						1,135
Operating Income			130						121						338						285
Other Income and Expenses, net			5						6						10						11
Interest Expense			53						51						105						98
Income Before Income Taxes			82						76						243						198
Income Tax Expense			15						12						46						34
Net Income and Comprehensive Income			$	67					$	64					$	197					$	164

See Notes to Condensed Consolidated Financial Statements

31

FINANCIAL STATEMENTS

DUKE ENERGY OHIO, INC.

Condensed Consolidated Balance Sheets

(Unaudited)

(in millions)			June 30, 2026						December 31, 2025
ASSETS
Current Assets
Cash and cash equivalents			$	15					$	18
Receivables (net of allowance for doubtful accounts of $47 at 2026 and $51 at 2025)			421						473
Receivables from affiliated companies			92						12
Notes receivable from affiliated companies			86						111
Inventory			229						187
Regulatory assets			122						86
Other			22						37
Total current assets			987						924
Property, Plant and Equipment
Cost			14,981						14,627
Accumulated depreciation and amortization			(3,945)						(3,812)
Net property, plant and equipment			11,036						10,815
Other Noncurrent Assets
Goodwill			920						920
Regulatory assets			689						686
Operating lease right-of-use assets, net			5						5
Other			102						96
Total other noncurrent assets			1,716						1,707
Total Assets			$	13,739					$	13,446
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable			$	297					$	333
Accounts payable to affiliated companies			144						91
Notes payable to affiliated companies			68						13
Taxes accrued			396						377
Interest accrued			50						51
Current maturities of long-term debt			—						45
Asset retirement obligations			6						6
Regulatory liabilities			95						57
Other			81						77
Total current liabilities			1,137						1,050
Long-Term Debt			4,352						4,350
Long-Term Debt Payable to Affiliated Companies			25						25
Other Noncurrent Liabilities
Deferred income taxes			1,370						1,341
Asset retirement obligations			130						129
Regulatory liabilities			444						470
Operating lease liabilities			4						5
Accrued pension and other post-retirement benefit costs			88						88
Other			94						90
Total other noncurrent liabilities			2,130						2,123
Commitments and Contingencies
Equity
Common Stock, $8.50 par value, 120 million shares authorized; 90 million shares outstanding at 2026 and 2025			762						762
Additional paid-in capital			3,219						3,219
Retained earnings			2,114						1,917
Total equity			6,095						5,898
Total Liabilities and Equity			$	13,739					$	13,446

See Notes to Condensed Consolidated Financial Statements

32

FINANCIAL STATEMENTS

DUKE ENERGY OHIO, INC.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

			Six Months Ended
			June 30,
(in millions)			2026						2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net income			$	197					$	164
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			237						235
Equity component of AFUDC			(8)						(7)
Deferred income taxes			15						(10)
Payments for asset retirement obligations			(2)						(3)
(Increase) decrease in
Receivables			53						5
Receivables from affiliated companies			(80)						1
Inventory			(42)						2
Other current assets			(24)						44
Increase (decrease) in
Accounts payable			(36)						(24)
Accounts payable to affiliated companies			53						18
Taxes accrued			19						(113)
Other current liabilities			39						22
Other assets			(9)						(28)
Other liabilities			(8)						15
Net cash provided by operating activities			404						321
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures			(404)						(471)
Notes receivable from affiliated companies			25						17
Other			(37)						(45)
Net cash used in investing activities			(416)						(499)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt			—						347
Payments for the redemption of long-term debt			(45)						(150)
Notes payable to affiliated companies			55						(32)
Other			(1)						(1)
Net cash provided by financing activities			9						164
Net increase (decrease) in cash and cash equivalents			(3)						(14)
Cash and cash equivalents at beginning of period			18						24
Cash and cash equivalents at end of period			$	15					$	10
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures			$	94					$	92

See Notes to Condensed Consolidated Financial Statements

33

FINANCIAL STATEMENTS

DUKE ENERGY OHIO, INC.

Condensed Consolidated Statements of Changes in Equity

(Unaudited)

			Three Months Ended June 30, 2025 and 2026
									Additional
			Common						Paid-in						Retained												Total
(in millions)			Stock						Capital						Earnings												Equity
Balance at March 31, 2025			$	762					$	3,119					$	1,679											$	5,560
Net income			—						—						64												64
Balance at June 30, 2025			$	762					$	3,119					$	1,743											$	5,624
Balance at March 31, 2026			$	762					$	3,219					$	2,047											$	6,028
Net income			—						—						67												67
Balance at June 30, 2026			$	762					$	3,219					$	2,114											$	6,095
			Six Months Ended June 30, 2025 and 2026
									Additional
			Common						Paid-in						Retained												Total
(in millions)			Stock						Capital						Earnings												Equity
Balance at December 31, 2024			$	762					$	3,118					$	1,579											$	5,459
Net income			—						—						164												164
Other			—						1						—												1
Balance at June 30, 2025			$	762					$	3,119					$	1,743											$	5,624
Balance at December 31, 2025			$	762					$	3,219					$	1,917											$	5,898
Net income			—						—						197												197
Balance at June 30, 2026			$	762					$	3,219					$	2,114											$	6,095

See Notes to Condensed Consolidated Financial Statements

34

FINANCIAL STATEMENTS

DUKE ENERGY INDIANA, LLC

Condensed Consolidated Statements of Operations and Comprehensive Income

(Unaudited)

			Three Months Ended												Six Months Ended
			June 30,												June 30,
(in millions)			2026						2025						2026						2025
Operating Revenues			$	861					$	821					$	1,827					$	1,679
Operating Expenses
Fuel used in electric generation and purchased power			250						219						620						479
Operation, maintenance and other			189						192						379						387
Depreciation and amortization			202						222						407						414
Property and other taxes			19						17						38						35
Total operating expenses			660						650						1,444						1,315
Operating Income			201						171						383						364
Other Income and Expenses, net			12						21						23						31
Interest Expense			75						57						139						116
Income Before Income Taxes			138						135						267						279
Income Tax Expense			19						18						37						36
Net Income and Comprehensive Income			$	119					$	117					$	230					$	243

See Notes to Condensed Consolidated Financial Statements

35

FINANCIAL STATEMENTS

DUKE ENERGY INDIANA, LLC

Condensed Consolidated Balance Sheets

(Unaudited)

(in millions)			June 30, 2026						December 31, 2025
ASSETS
Current Assets
Cash and cash equivalents			$	16					$	12
Receivables (net of allowance for doubtful accounts of $16 at 2026 and $15 at 2025)			445						458
Receivables from affiliated companies			30						25
Notes receivable from affiliated companies			184						—
Inventory (includes $382 at 2026 related to VIEs)			590						531
Regulatory assets			215						193
Other			117						36
Total current assets			1,597						1,255
Property, Plant and Equipment
Cost (includes $61 at 2026 related to VIEs)			22,039						21,241
Accumulated depreciation and amortization			(7,739)						(7,492)
Net property, plant and equipment			14,300						13,749
Other Noncurrent Assets
Regulatory assets			975						1,032
Operating lease right-of-use assets, net			30						32
Other			245						278
Total other noncurrent assets			1,250						1,342
Total Assets			$	17,147					$	16,346
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable (includes $191 at 2026 related to VIEs)			$	458					$	360
Accounts payable to affiliated companies			75						38
Notes payable to affiliated companies			—						175
Taxes accrued			98						101
Interest accrued			71						62
Current maturities of long-term debt			27						4
Asset retirement obligations			144						133
Regulatory liabilities			226						275
Other			125						216
Total current liabilities			1,224						1,364
Long-Term Debt			5,523						4,939
Long-Term Debt Payable to Affiliated Companies			150						150
Other Noncurrent Liabilities
Deferred income taxes			1,546						1,525
Asset retirement obligations			973						992
Regulatory liabilities			1,141						1,185
Operating lease liabilities			25						28
Accrued pension and other post-retirement benefit costs			78						75
Investment tax credits			180						183
Other			28						14
Total other noncurrent liabilities			3,971						4,002
Commitments and Contingencies
Equity
Member's equity			6,279						5,891
Total equity			6,279						5,891
Total Liabilities and Equity			$	17,147					$	16,346

See Notes to Condensed Consolidated Financial Statements

36

FINANCIAL STATEMENTS

DUKE ENERGY INDIANA, LLC

Condensed Consolidated Statements of Cash Flows

(Unaudited)

			Six Months Ended
			June 30,
(in millions)			2026						2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net income			$	230					$	243
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and accretion			408						416
Equity component of AFUDC			(16)						(15)
Deferred income taxes			(28)						(31)
Payments for asset retirement obligations			(34)						(42)
(Increase) decrease in
Receivables			19						(45)
Receivables from affiliated companies			(5)						1
Inventory			(59)						36
Other current assets			(83)						(81)
Increase (decrease) in
Accounts payable			(4)						65
Accounts payable to affiliated companies			37						10
Taxes accrued			(8)						(86)
Other current liabilities			15						53
Other assets			75						78
Other liabilities			(13)						(17)
Net cash provided by operating activities			534						585
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures			(767)						(526)
Purchases of debt and equity securities			(15)						(49)
Proceeds from sales and maturities of debt and equity securities			15						121
Notes receivable from affiliated companies			(184)						(235)
Other			(57)						(116)
Net cash used in investing activities			(1,008)						(805)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of long-term debt			496						297
Notes payable to affiliated companies			(175)						(10)
Contributions from parent			225						—
Distributions to parent			(67)						(70)
Other			(1)						(1)
Net cash provided by financing activities			478						216
Net increase (decrease) in cash and cash equivalents			4						(4)
Cash and cash equivalents at beginning of period			12						13
Cash and cash equivalents at end of period			$	16					$	9
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures			$	340					$	170

See Notes to Condensed Consolidated Financial Statements

37

FINANCIAL STATEMENTS

DUKE ENERGY INDIANA, LLC

Condensed Consolidated Statements of Changes in Equity

(Unaudited)

			Three Months Ended
			June 30, 2025 and 2026
(in millions)			Member's Equity
Balance at March 31, 2025			$	5,619
Net income			117
Distributions to parent			(37)
Balance at June 30, 2025			$	5,699
Balance at March 31, 2026			$	5,969
Net income			119
Contributions from parent			225
Distributions to parent			(34)
Balance at June 30, 2026			$	6,279
			Six Months Ended
			June 30, 2025 and 2026
(in millions)			Member's Equity
Balance at December 31, 2024			$	5,526
Net income			243
Distributions to parent			(70)
Balance at June 30, 2025			$	5,699
Balance at December 31, 2025			$	5,891
Net income			230
Contributions from parent			225
Distributions to parent			(67)
Balance at June 30, 2026			$	6,279

See Notes to Condensed Consolidated Financial Statements

38

FINANCIAL STATEMENTS

PIEDMONT NATURAL GAS COMPANY, INC.

Condensed Consolidated Statements of Operations and Comprehensive Income

(Unaudited)

			Three Months Ended												Six Months Ended
			June 30,												June 30,
(in millions)			2026						2025						2026						2025
Operating Revenues
Regulated natural gas			$	281					$	328					$	1,285					$	1,178
Nonregulated natural gas and other			7						7						14						14
Operating Revenues			$	288					$	335					$	1,299					$	1,192
Operating Expenses
Cost of natural gas			97						124						501						396
Operation, maintenance and other			88						103						183						199
Depreciation and amortization			69						71						143						141
Property and other taxes			4						19						30						37
Total operating expenses			258						317						857						773
Gains (Losses) on Sales of Other Assets and Other, net			—						—						652						—
Operating Income			30						18						1,094						419
Other Income and Expenses
Equity in earnings (losses) of unconsolidated affiliates			—						1						2						3
Other income and expenses, net			14						11						24						22
Total other income and expenses			14						12						26						25
Interest Expense			41						48						89						95
Income (Loss) Before Income Taxes			3						(18)						1,031						349
Income Tax Expense (Benefit)			—						(8)						258						68
Net Income (Loss)			$	3					$	(10)					$	773					$	281
Other Comprehensive Income (Loss), net of tax
Pension and OPEB adjustments			4						—						(14)						—
Comprehensive Income (Loss)			$	7					$	(10)					$	759					$	281

See Notes to Condensed Consolidated Financial Statements

39

FINANCIAL STATEMENTS

PIEDMONT NATURAL GAS COMPANY, INC.

Condensed Consolidated Balance Sheets

(Unaudited)

(in millions)			June 30, 2026						December 31, 2025
ASSETS
Current Assets
Cash and cash equivalents			$	—					$	1
Receivables (net of allowance for doubtful accounts of $12 at 2026 and $6 at 2025)			149						390
Receivables from affiliated companies			20						8
Inventory			35						77
Assets held for sale			—						109
Regulatory assets			84						106
Other			26						8
Total current assets			314						699
Property, Plant and Equipment
Cost			11,694						11,325
Accumulated depreciation and amortization			(2,216)						(2,168)
Net property, plant and equipment			9,478						9,157
Other Noncurrent Assets
Goodwill			39						39
Regulatory assets			296						350
Operating lease right-of-use assets, net			1						2
Investments in equity method unconsolidated affiliates			74						76
Assets held for sale			—						1,864
Other			287						283
Total other noncurrent assets			697						2,614
Total Assets			$	10,489					$	12,470
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable			$	223					$	286
Accounts payable to affiliated companies			59						90
Notes payable to affiliated companies			281						609
Taxes accrued			67						106
Interest accrued			40						41
Current maturities of long-term debt			40						490
Liabilities associated with assets held for sale			—						66
Regulatory liabilities			53						20
Other			65						81
Total current liabilities			828						1,789
Long-Term Debt			3,762						3,761
Other Noncurrent Liabilities
Deferred income taxes			888						1,071
Asset retirement obligations			26						25
Regulatory liabilities			783						802
Operating lease liabilities			1						2
Accrued pension and other post-retirement benefit costs			6						7
Liabilities associated with assets held for sale			—						170
Other			82						89
Total other noncurrent liabilities			1,786						2,166
Commitments and Contingencies
Equity
Common stock, no par value: 100 shares authorized and outstanding at 2026 and 2025			1,635						1,635
Retained earnings			2,491						3,118
Accumulated other comprehensive income (loss)			(14)						—
Total Piedmont Natural Gas Company, Inc. stockholder's equity			4,112						4,753
Noncontrolling Interests			1						1
Total equity			4,113						4,754
Total Liabilities and Equity			$	10,489					$	12,470

See Notes to Condensed Consolidated Financial Statements

40

FINANCIAL STATEMENTS

PIEDMONT NATURAL GAS COMPANY, INC.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

			Six Months Ended
			June 30,
(in millions)			2026						2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)			$	773					$	281
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			145						143
Equity component of AFUDC			(9)						(8)
Gain on sale of Piedmont's Tennessee business			(652)						—
Deferred income taxes			(208)						18
Equity in (earnings) losses of unconsolidated affiliates			(2)						(3)
(Increase) decrease in
Receivables			259						169
Receivables from affiliated companies			(12)						5
Inventory			46						27
Other current assets			(20)						(33)
Increase (decrease) in
Accounts payable			(137)						(55)
Accounts payable to affiliated companies			(31)						22
Taxes accrued			(39)						(42)
Other current liabilities			20						(61)
Other assets			35						(7)
Other liabilities			(14)						(3)
Net cash provided by operating activities			154						453
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures			(460)						(380)
Proceeds from the sale of Piedmont's Tennessee business			2,501						—
Other			(17)						(15)
Net cash provided by (used in) investing activities			2,024						(395)
CASH FLOWS FROM FINANCING ACTIVITIES
Payments for the redemption of long-term debt			(450)						—
Notes payable to affiliated companies			(328)						(57)
Dividends to parent			(1,400)						—
Other			(1)						(1)
Net cash used in financing activities			(2,179)						(58)
Net increase (decrease) in cash and cash equivalents			(1)						—
Cash and cash equivalents at beginning of period			1						2
Cash and cash equivalents at end of period			$	—					$	2
Supplemental Disclosures:
Significant non-cash transactions:
Accrued capital expenditures			$	164					$	127

See Notes to Condensed Consolidated Financial Statements

41

FINANCIAL STATEMENTS

PIEDMONT NATURAL GAS COMPANY, INC.

Condensed Consolidated Statements of Changes in Equity

(Unaudited)

			Three Months Ended June 30, 2025 and 2026
																					Accumulated
																					Other
																					Comprehensive						Total
																					Income (Loss)						Piedmont
																					Pension and						Natural Gas
			Common												Retained						OPEB						Company, Inc.						Noncontrolling						Total
(in millions)			Stock												Earnings						Adjustments						Equity						Interests						Equity
Balance at March 31, 2025			$	1,635											$	3,009					$	—					$	4,644					$	1					$	4,645
Net income (loss)			—												(10)						—						(10)						—						(10)
Other			—												1						—						1						—						1
Balance at June 30, 2025			$	1,635											$	3,000					$	—					$	4,635					$	1					$	4,636
Balance at March 31, 2026			$	1,635											$	2,488					$	(18)					$	4,105					$	1					$	4,106
Net income (loss)			—												3						—						3						—						3
Other comprehensive income (loss)			—												—						4						4						—						4
Balance at June 30, 2026			$	1,635											$	2,491					$	(14)					$	4,112					$	1					$	4,113
			Six Months Ended June 30, 2025 and 2026
																					Accumulated
																					Other
																					Comprehensive						Total
																					Income (Loss)						Piedmont
																					Pension and						Natural Gas
			Common												Retained						OPEB						Company, Inc.						Noncontrolling						Total
(in millions)			Stock												Earnings						Adjustments						Equity						Interests						Equity
Balance at December 31, 2024			$	1,635											$	2,718					$	—					$	4,353					$	1					$	4,354
Net income (loss)			—												281						—						281						—						281
Other			—												1						—						1						—						1
Balance at June 30, 2025			$	1,635											$	3,000					$	—					$	4,635					$	1					$	4,636
Balance at December 31, 2025			$	1,635											$	3,118					$	—					$	4,753					$	1					$	4,754
Net income (loss)			—												773						—						773						—						773
Other comprehensive income (loss)			—												—						(14)						(14)						—						(14)
Dividends to parent			—												(1,400)						—						(1,400)						—						(1,400)
Balance at June 30, 2026			$	1,635											$	2,491					$	(14)					$	4,112					$	1					$	4,113

See Notes to Condensed Consolidated Financial Statements

42

FINANCIAL STATEMENTS ORGANIZATION AND BASIS OF PRESENTATION

Index to Combined Notes to Condensed Consolidated Financial Statements

The unaudited notes to the Condensed Consolidated Financial Statements that follow are a combined presentation. The following list indicates the registrants to which the footnotes apply.

Applicable Notes

Registrant

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

Duke Energy

•

•

•

•

•

•

•

•

•

•

•

•

•

•

•

Duke Energy Carolinas

•

•

•

•

•

•

•

•

•

•

•

•

•

Progress Energy

•

•

•

•

•

•

•

•

•

•

•

•

•

•

•

Duke Energy Progress

•

•

•

•

•

•

•

•

•

•

•

•

•

Duke Energy Florida

•

•

•

•

•

•

•

•

•

•

•

•

•

•

Duke Energy Ohio

•

•

•

•

•

•

•

•

•

•

•

•

•

Duke Energy Indiana

•

•

•

•

•

•

•

•

•

•

•

•

•

Piedmont

•

•

•

•

•

•

•

•

•

•

•

•

•

Tables within the notes may not sum across due to (i) Progress Energy's consolidation of Duke Energy Progress, Duke Energy Florida and other subsidiaries that are not registrants and (ii) subsidiaries that are not registrants but included in the consolidated Duke Energy balances.

1. ORGANIZATION AND BASIS OF PRESENTATION

BASIS OF PRESENTATION

These Condensed Consolidated Financial Statements have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, these Condensed Consolidated Financial Statements do not include all information and notes required by GAAP for annual financial statements and should be read in conjunction with the Consolidated Financial Statements in Duke Energy's Annual Report on Form 10-K for the year ended December 31, 2025.

The information in these combined notes relates to each of the Duke Energy Registrants as noted in the Index to Combined Notes to Condensed Consolidated Financial Statements. However, none of the registrants make any representations as to information related solely to Duke Energy or the subsidiaries of Duke Energy other than itself.

These Condensed Consolidated Financial Statements, in the opinion of the respective companies’ management, reflect all normal recurring adjustments necessary to fairly present the financial position and results of operations of each of the Duke Energy Registrants. Amounts reported in Duke Energy’s interim Condensed Consolidated Statements of Operations and each of the Subsidiary Registrants’ interim Condensed Consolidated Statements of Operations and Comprehensive Income are not necessarily indicative of amounts expected for the respective annual periods due to effects of seasonal temperature variations on energy consumption, regulatory rulings, timing of maintenance on electric generating units, changes in mark-to-market valuations, changing commodity prices and other factors.

In preparing financial statements that conform to GAAP, management must make estimates and assumptions that affect the reported amounts of assets and liabilities, the reported amounts of revenues and expenses and the disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates.

BASIS OF CONSOLIDATION

These Condensed Consolidated Financial Statements include, after eliminating intercompany transactions and balances, the accounts of the Duke Energy Registrants and subsidiaries or VIEs where the respective Duke Energy Registrants have control. See Note 12 for additional information on VIEs. These Condensed Consolidated Financial Statements also reflect the Duke Energy Registrants’ proportionate share of certain jointly owned generation and transmission facilities.

Discontinued Operations

Duke Energy has elected to present cash flows of discontinued operations combined with cash flows of continuing operations. For all periods presented, unless otherwise noted, disclosures related to balance sheet activity exclude amounts presented as held for sale and disclosures related to income statement activity exclude amounts related to discontinued operations. See Note 2 for discussion of discontinued operations related to the Commercial Renewables Disposal Groups.

43

FINANCIAL STATEMENTS ORGANIZATION AND BASIS OF PRESENTATION

CASH, CASH EQUIVALENTS AND RESTRICTED CASH

Duke Energy, Duke Energy Carolinas, Progress Energy, Duke Energy Progress and Duke Energy Florida have restricted cash balances related primarily to collateral assets, escrow deposits and VIEs. See Notes 10 and 12 for additional information. Restricted cash amounts are included in Other within Current Assets and Other within Noncurrent Assets on the Condensed Consolidated Balance Sheets. The following table presents the components of cash, cash equivalents and restricted cash included on the Condensed Consolidated Balance Sheets.

			June 30, 2026																		December 31, 2025
						Duke						Duke			Duke									Duke						Duke			Duke
			Duke			Energy			Progress			Energy			Energy						Duke			Energy			Progress			Energy			Energy
			Energy			Carolinas			Energy			Progress			Florida						Energy			Carolinas			Energy			Progress			Florida
Current Assets
Cash and cash equivalents			$	673		$	38		$	288		$	244		$	22					$	245		$	3		$	54		$	16		$	21
Other			142			54			88			60			28						84			12			71			38			34
Other Noncurrent Assets
Other			35			7			13			7			6						34			7			14			7			7
Total cash, cash equivalents and restricted cash			$	850		$	99		$	389		$	311		$	56					$	363		$	22		$	139		$	61		$	62

INVENTORY

Provisions for inventory write-offs were not material at June 30, 2026, and December 31, 2025. The components of inventory are presented in the tables below.

			June 30, 2026
									Duke												Duke						Duke						Duke						Duke
			Duke						Energy						Progress						Energy						Energy						Energy						Energy
(in millions)			Energy						Carolinas						Energy						Progress						Florida						Ohio						Indiana						Piedmont
Materials and supplies			$	3,604					$	1,174					$	1,822					$	1,101					$	721					$	169					$	393					$	9
Coal			754						311						231						166						65						18						194						—
Natural gas, oil and other fuel			307						43						194						107						87						42						3						26
Total inventory			$	4,665					$	1,528					$	2,247					$	1,374					$	873					$	229					$	590					$	35

			December 31, 2025
									Duke												Duke						Duke						Duke						Duke
			Duke						Energy						Progress						Energy						Energy						Energy						Energy
(in millions)			Energy						Carolinas						Energy						Progress						Florida						Ohio						Indiana						Piedmont
Materials and supplies			$	3,542					$	1,157					$	1,789					$	1,109					$	680					$	155					$	398					$	10
Coal			715						328						235						155						80						21						131						—
Natural gas, oil and other fuel			312						45						186						99						87						11						2						67
Total inventory			$	4,569					$	1,530					$	2,210					$	1,363					$	847					$	187					$	531					$	77

OTHER NONCURRENT ASSETS

Duke Energy, through a nonregulated subsidiary, was the winning bidder in the Carolina Long Bay offshore wind auction in May 2022. The rights acquired through the auction are recorded in Other within Other noncurrent assets on Duke Energy's Condensed Consolidated Balance Sheets and had a carrying value of approximately $150 million as of June 30, 2026, and December 31, 2025. The auction consideration consisted of approximately $129 million of cash payments, as well as bid credits associated with commitments made by Duke Energy to support development of the U.S. offshore wind industry. The carrying value of the offshore wind rights includes $21 million attributable to these bid credits, with corresponding obligations recorded in Other within Other noncurrent liabilities on Duke Energy's Condensed Consolidated Balance Sheets.

In June 2026, Duke Energy entered into a settlement agreement with the United States Department of the Interior to accept cancellation of its rights to develop offshore wind projects in Carolina Long Bay and related commitments associated with those rights. Under the settlement agreement, Duke Energy will receive $129 million upon satisfaction of specified conditions, including reinvestment in certain dispatchable generating resources and grid infrastructure projects that would enhance the reliability and resiliency of the electric grid, as well as completion of an independent third-party audit of related project costs. The investment in qualifying infrastructure projects is expected to be completed by the end of 2026.

As of June 30, 2026, the conditions required to receive the settlement proceeds had not been satisfied. Accordingly, the offshore wind rights and related bid credits have not been derecognized and no receivable has been recognized. Management evaluated the carrying value of the offshore wind rights and concluded that no impairment charge was required as of June 30, 2026. In performing this assessment, management considered the expected settlement proceeds together with the anticipated extinguishment of the related obligations associated with the bid-credit commitments. Upon satisfaction of the conditions and receipt of the settlement proceeds, Duke Energy expects to derecognize the offshore wind rights and the related bid-credit obligations.

44

FINANCIAL STATEMENTS ORGANIZATION AND BASIS OF PRESENTATION

ACCOUNTS PAYABLE

Duke Energy has a voluntary supply chain finance program (the “program”) that allows Duke Energy suppliers, at their sole discretion, to sell their receivables from Duke Energy to a global financial institution at a rate that leverages Duke Energy’s credit rating and which may result in favorable terms compared to the rate available to the supplier on their own credit rating. Suppliers participating in the program determine at their sole discretion which invoices they will sell to the financial institution. Suppliers’ decisions on which invoices are sold do not impact Duke Energy’s payment terms, which are based on commercial terms negotiated between Duke Energy and the supplier regardless of program participation. The commercial terms negotiated between Duke Energy and its suppliers are consistent regardless of whether the supplier elects to participate in the program. Duke Energy does not issue any guarantees with respect to the program and does not participate in negotiations between suppliers and the financial institution. Duke Energy does not have an economic interest in the supplier’s decision to participate in the program and receives no interest, fees or other benefit from the financial institution based on supplier participation in the program.

Outstanding obligations that have been confirmed to the financial institution are as follows:

(in millions)			June 30, 2026			December 31, 2025
Duke Energy Corporation			9			23
Piedmont			8			23

NEW ACCOUNTING STANDARDS

The following new accounting standards have been issued but not yet adopted by the Duke Energy Registrants as of June 30, 2026.

Disaggregation of Income Statement Expenses. In November 2024, the Financial Accounting Standards Board (FASB) issued accounting guidance that requires additional disclosures regarding certain income statement expense captions. The guidance does not change the expense captions presented on the Condensed Consolidated Statements of Operations but requires disclosure in the notes to the financial statements of specified expense categories included within certain expense captions. For the Duke Energy Registrants, the amendments are effective for fiscal years beginning after December 15, 2026, and interim reporting periods within fiscal years beginning after December 15, 2027, with early adoption permitted. Duke Energy is currently evaluating the impact of this guidance on its financial statement disclosures and does not expect adoption of the guidance to have an impact on results of operations, cash flows or financial condition.

Environmental Credits and Environmental Credit Obligations. In May 2026, the FASB issued accounting guidance that establishes recognition, measurement, presentation and disclosure requirements for environmental credits and environmental credit obligations. For the Duke Energy Registrants, the amendments are effective for fiscal years beginning after December 15, 2027, including interim periods within those fiscal years, with early adoption permitted. Duke Energy is currently evaluating the impact of the new guidance, including the transition provisions, and has not yet determined the effect adoption will have on its consolidated financial statements and related disclosures.

2. DISPOSITIONS

Minority Interest in Florida Progress

On August 4, 2025, Duke Energy, Progress Energy and Florida Progress LLC (Florida Progress), the holding company of Duke Energy Florida, entered into an investment agreement with an affiliate of Brookfield Super-Core Infrastructure Partners (Investor), pursuant to which Florida Progress agreed to issue membership interests to Investor for up to a 19.7% membership interest in Florida Progress following a series of closings, for an aggregate investment of $6 billion, subject to certain adjustments.

On March 3, 2026, Duke Energy, Progress Energy and Florida Progress consummated the first closing (First Closing) of a minority investment in Florida Progress by Investor. The First Closing resulted in Florida Progress issuing 9.19% of its membership interests in exchange for approximately $2.8 billion in cash proceeds. Duke Energy and Progress Energy retained indirect control of these assets, and, therefore, no gain or loss was recognized on their respective Condensed Consolidated Statements of Operations. The difference between the cash consideration received, net of transaction costs of approximately $30 million, and the carrying value of the noncontrolling interest was $1,941 million and was recorded as an increase to equity.

The first closing will be followed by additional closings with investments occurring no later than on the following timeline: (i) Investor will invest an additional $200 million in Florida Progress no later than December 31, 2026; (ii) Investor will invest an additional $500 million in Florida Progress no later than June 30, 2027; (iii) Investor will invest an additional $1.5 billion in Florida Progress no later than December 31, 2027; and (iv) Investor will invest an additional $1 billion in Florida Progress no later than June 30, 2028. The ownership interest of Florida Progress will transfer proportionally with each closing. The Investor has the option to fund its total $6 billion investment sooner.

Proceeds from the minority interest investment are expected to be used to efficiently fund Duke Energy’s growing capital and investment expenditures plan, primarily by displacing certain previously planned issuances of long-term debt and common equity through 2029.

In connection with the First Closing, Investor, Florida Progress, and Progress Energy entered in to an Amended and Restated Limited Liability Company Operating Agreement of Florida Progress (LLC Agreement). The LLC Agreement, among other things, establishes the general framework governing the relationship between Investor and Florida Progress and their respective successors and transferees, as members of Florida Progress. The LLC Agreement also provides Investor with limited governance rights commensurate with its ownership interest in Florida Progress. Under the LLC Agreement, following the First Closing, the board of managers of Florida Progress will consist of 11 managers, two nominated by Investor and nine nominated by Progress Energy. The LLC Agreement contains certain investor protections, including (1) requiring investor approval or the affirmative vote of a manager nominated by the Investor for Florida Progress to make certain major decisions, and (2) providing Investor with the rights to require Progress Energy to acquire Investor's membership interest in Florida Progress under certain specified circumstances (in each case, subject to certain minimum ownership thresholds). Certain transfer restrictions and other transfer rights apply to Investor and Progress Energy under the LLC Agreement.

45

FINANCIAL STATEMENTS DISPOSITIONS

Sale of Piedmont's Tennessee Business

In July 2025, Piedmont entered into a purchase agreement with Spire Inc., a Missouri corporation, for the sale of Piedmont's Tennessee business. Piedmont’s Tennessee business was included within the GU&I segment of Duke Energy and Piedmont prior to its sale. In the third quarter of 2025, Duke Energy and Piedmont reclassified the Piedmont Tennessee Disposal Group to assets held for sale. Piedmont ceased recording depreciation and amortization on long-lived assets of the Piedmont Tennessee Disposal Group upon meeting the held for sale criteria in August 2025.

On March 16, 2026, the TPUC approved the transaction and Piedmont closed on the sale on March 31, 2026. Piedmont received proceeds of approximately $2.5 billion from the sale, subject to post-closing adjustments, which were partially used for debt reduction at Piedmont, as well as to efficiently fund Duke Energy's capital plan, primarily by displacing the issuance of common equity in the near term. For the six months ended June 30, 2026, Duke Energy and Piedmont recorded pretax gains on the sale of $368 million and $652 million, respectively, in Gains on Sales of Other Assets and Other, net, in the Condensed Consolidated Statements of Operations. See Note 6 for further information on the repayment of Piedmont's term loan facility in March 2026.

Sale of Commercial Renewables Disposal Groups

The Commercial Renewables Disposal Groups were classified as held for sale and as discontinued operations in the fourth quarter of 2022.

In 2023, Duke Energy completed the sale of substantially all the assets in the Commercial Renewables business segment. Duke Energy closed on the transaction with an affiliate of Brookfield Renewable Partners L.P. on October 25, 2023, for proceeds of $1.1 billion, with approximately half of the proceeds received at closing and the remainder due 18 months after closing. On April 28, 2025, Duke Energy received the remaining sale proceeds from Brookfield Renewable Partners L.P. In January 2025, a sale of the remaining Commercial Renewables business assets was completed and proceeds from that disposition were not material.

During the six months ended June 30, 2025, Income From Discontinued Operations, net of tax in Duke Energy's Condensed Consolidated Statements of Operations related to the Commercial Renewables Disposal Groups was not material.

During the three months ended March 31, 2026, Duke Energy resolved an outstanding liability related to the Commercial Renewables Disposal Groups. As a result of this resolution, Duke Energy recognized $18 million of pretax earnings included in Income From Discontinued Operations, net of tax on Duke Energy's Condensed Consolidated Statements of Operations.

Duke Energy has elected not to separately disclose discontinued operations on Duke Energy's Condensed Consolidated Statements of Cash Flows. The cash flows from discontinued operations related to the Commercial Renewables Disposal Groups were not material for the six months ended June 30, 2026, and 2025.

46

FINANCIAL STATEMENTS DISPOSITIONS

Assets Held For Sale

The following table presents the carrying values of the major classes of Assets held for sale and Liabilities associated with assets held for sale included in Duke Energy's and Piedmont's Condensed Consolidated Balance Sheets.

			December 31, 2025
			Piedmont						Duke Energy
(in millions)			Piedmont Tennessee Disposal Group						Piedmont Tennessee Disposal Group			Commercial Renewables Disposal Groups			Total
Current Assets Held for Sale
Receivables, net			$	82					$	82		$	—		$	82
Inventory			12						12			—			12
Other			15						15			—			15
Total current assets held for sale			109						109			—			109
Noncurrent Assets Held for Sale
Property, Plant and Equipment
Cost			2,219						2,219			—			2,219
Accumulated depreciation and amortization			(406)						(406)			—			(406)
Net property, plant and equipment			1,813						1,813			—			1,813
Goodwill			10						294			—			294
Regulatory assets			41						41			—			41
Total noncurrent assets held for sale			1,864						2,148			—			2,148
Total Assets Held for Sale			$	1,973					$	2,257		$	—		$	2,257
Current Liabilities Associated with Assets Held for Sale
Accounts payable			$	58					$	58		$	18		$	76
Other			8						8			—			8
Total current liabilities associated with assets held for sale			66						66			18			84
Noncurrent Liabilities Associated with Assets Held for Sale
Asset retirement obligations			4						4			—			4
Regulatory liabilities			161						161			—			161
Other			5						5			—			5
Total noncurrent liabilities associated with assets held for sale			170						170			—			170
Total Liabilities Associated with Assets Held for Sale			$	236					$	236		$	18		$	254

3. BUSINESS SEGMENTS

Duke Energy

Duke Energy's segment structure includes the following two segments: EU&I and GU&I.

The EU&I segment primarily includes Duke Energy's regulated electric utilities in the Carolinas, Florida and the Midwest.

The GU&I segment includes Piedmont, Duke Energy's natural gas local distribution companies in Ohio and Kentucky and Duke Energy's natural gas storage and midstream pipeline investments.

The remainder of Duke Energy’s operations is presented as Other, which is primarily comprised of interest expense on holding company debt, unallocated corporate costs, Duke Energy’s wholly owned captive insurance company, Bison, and Duke Energy's ownership interest in NMC.

47

FINANCIAL STATEMENTS BUSINESS SEGMENTS

Business segment information is presented in the following tables. Segment assets presented exclude intercompany assets.

			Three Months Ended June 30, 2026
			Electric						Gas												Total
			Utilities and						Utilities and												Reportable
(in millions)			Infrastructure						Infrastructure												Segments						Other						Eliminations						Total
Unaffiliated revenues			$	7,159					$	428											$	7,587					$	5					$	—					$	7,592
Intersegment revenues			16						21												37						35						(72)						—
Total operating revenues			$	7,175					$	449											$	7,624					$	40					$	(72)					$	7,592
Less:
Fuel used in electric generation and purchased power			$	1,933					$	—											$	1,933					$	—					$	(18)					$	1,915
Cost of natural gas			—						130												130						—						—						130
Operation, maintenance and other			1,339						127												1,466						(29)						(52)						1,385
Depreciation and amortization			1,514						110												1,624						83						(7)						1,700
Property and other taxes			343						28												371						3						—						374
Impairment of assets and other charges			49						—												49						—						—						49
Interest expense			602						61												663						313						(19)						957
Income tax expense (benefit)			229						3												232						(72)						—						160
Other Segment Items
NCI			53						—												53						—						—						53
Preferred dividends			—						—												—						15						—						15
Add: Equity in earnings (losses) of unconsolidated affiliates			—						4												4						6						—						10
Add: Other(a)			158						16												174						63						(24)						213
Segment income (loss)(b)			$	1,271					$	10											$	1,281					$	(204)					$	—					$	1,077
Add back: Net income attributable to NCI																																							53
Add back: Preferred dividends																																							15
Net Income																																							$	1,145

(a)    Other for EU&I and GU&I includes Gains (losses) on sales of other assets and other, net, and Other income and expenses, net.

(b)    EU&I includes an after tax amount of $39 million, net of $12 million tax benefit, recorded at Duke Energy Carolinas and Duke Energy Progress within Impairment of assets and other charges on the Condensed Consolidated Statements of Operations as a result of Duke Energy Carolinas' North Carolina rate case settlements. Refer to Note 4 for further information.

48

FINANCIAL STATEMENTS BUSINESS SEGMENTS

			Three Months Ended June 30, 2025
			Electric						Gas												Total
			Utilities and						Utilities and												Reportable
(in millions)			Infrastructure						Infrastructure												Segments						Other						Eliminations						Total
Unaffiliated revenues			$	7,030					$	471											$	7,501					$	7					$	—					$	7,508
Intersegment revenues			15						22												37						33						(70)						—
Total operating revenues			$	7,045					$	493											$	7,538					$	40					$	(70)					$	7,508
Less:
Fuel used in electric generation and purchased power			$	1,898					$	—											$	1,898					$	—					$	(20)					$	1,878
Cost of natural gas			—						158												158						—						—						158
Operation, maintenance and other			1,594						129												1,723						(23)						(45)						1,655
Depreciation and amortization			1,402						112												1,514						77						(8)						1,583
Property and other taxes			371						41												412						3						—						415
Impairment of assets and other charges			(1)						—												(1)						5						(1)						3
Interest expense			535						65												600						318						(21)						897
Income tax expense (benefit)			200						(4)												196						(77)						—						119
Other Segment Items
NCI			23						—												23						—						—						23
Preferred dividends			—						—												—						13						—						13
Add: Equity in earnings (losses) of unconsolidated affiliates			—						1												1						9						1						11
Add: Other(a)			171						13												184						39						(26)						197
Segment income (loss)			$	1,194					$	6											$	1,200					$	(228)					$	—					$	972
Discontinued Operations																																							(1)
Net income available to Duke Energy Corporation Common Stockholders																																							$	971
Add back: Net Income available to NCI																																							23
Add back: Preferred dividends																																							13
Net Income																																							$	1,007

(a)    Other for EU&I and GU&I includes Gains (losses) on sales of other assets and other, net, and Other income and expenses, net.

49

FINANCIAL STATEMENTS BUSINESS SEGMENTS

			Six Months Ended June 30, 2026
			Electric						Gas												Total
			Utilities and						Utilities and												Reportable
(in millions)			Infrastructure						Infrastructure												Segments						Other						Eliminations						Total
Unaffiliated revenues			$	15,023					$	1,737											$	16,760					$	10					$	—					$	16,770
Intersegment revenues			30						45												75						72						(147)						—
Total operating revenues			$	15,053					$	1,782											$	16,835					$	82					$	(147)					$	16,770
Less:
Fuel used in electric generation and purchased power			$	4,373					$	—											$	4,373					$	—					$	(39)					$	4,334
Cost of natural gas			—						655												655						—						—						655
Operation, maintenance and other			3,048						262												3,310						(70)						(103)						3,137
Depreciation and amortization			3,012						225												3,237						166						(14)						3,389
Property and other taxes			736						85												821						5						—						826
Impairment of assets and other charges			49						—												49						—						—						49
Interest expense			1,173						128												1,301						662						(38)						1,925
Income tax expense (benefit)			356						297												653						(160)						—						493
Other Segment Items
NCI			80						—												80						—						—						80
Preferred dividends			—						—												—						29						—						29
Add: Equity in earnings (losses) of unconsolidated affiliates			—						10												10						7						—						17
Add: Other(a)			299						402												701						76						(47)						730
Segment income (loss)(b)(c)			$	2,525					$	542											$	3,067					$	(467)					$	—					$	2,600
Discontinued Operations																																							13
Net income available to Duke Energy Corporation Common Stockholders																																							$	2,613
Add back: Net income attributable to NCI																																							80
Add back: Preferred dividends																																							29
Net Income																																							$	2,722
Capital expenditures			$	7,463					$	561											$	8,024					$	216					$	—					$	8,240
Segment assets as of June 30, 2026			179,671						16,793												196,464						4,627						—						201,091

(a)    Other for EU&I and GU&I includes Gains (losses) on sales of other assets and other, net, and Other income and expenses, net.

(b)    EU&I segment income includes an after-tax total amount of $189 million, net of $59 million tax benefit, recorded at Duke Energy Carolinas and Duke Energy Progress within Operations, maintenance and other, Impairment of assets of other charges, and Operating Revenues on the Condensed Consolidated Statements of Operations due to legal settlements, as well as regulatory matters related to Duke Energy Carolinas' North Carolina rate case and the establishment of a regulatory liability associated with an energy efficiency program. Refer to Note 4 for further information.

(c)    GU&I includes $368 million pretax recorded within Gains on Sales of Other Assets and Other, net, and $7 million pretax recorded within Property and other taxes on the Condensed Consolidated Statements of Operations related to the sale of Piedmont's Tennessee business. GU&I also includes $6 million pretax recorded within Gains on Sales of Other Assets and Other, net, on the Condensed Consolidated Statements of Operations related to the sale of certain renewable natural gas investments. GU&I segment income includes $196 million of tax expense related to these asset sales, which includes the impact of nondeductible goodwill related to the sale of Piedmont's Tennessee business. Refer to Note 2 for further information.

50

FINANCIAL STATEMENTS BUSINESS SEGMENTS

			Six Months Ended June 30, 2025
			Electric						Gas												Total
			Utilities and						Utilities and												Reportable
(in millions)			Infrastructure						Infrastructure												Segments						Other						Eliminations						Total
Unaffiliated revenues			$	14,155					$	1,587											$	15,742					$	15					$	—					$	15,757
Intersegment revenues			30						46												76						67						(143)						—
Total operating revenues			$	14,185					$	1,633											$	15,818					$	82					$	(143)					$	15,757
Less:
Fuel used in electric generation and purchased power			$	4,017					$	—											$	4,017					$	—					$	(40)					$	3,977
Cost of natural gas			—						532												532						—						—						532
Operation, maintenance and other			3,018						254												3,272						(21)						(97)						3,154
Depreciation and amortization			2,736						219												2,955						154						(14)						3,095
Property and other taxes			749						88												837						6						—						843
Impairment of assets and other charges			(1)						—												(1)						5						(1)						3
Interest expense			1,065						130												1,195						636						(45)						1,786
Income tax expense (benefit)			389						87												476						(164)						—						312
Other Segment Items
NCI			48						—												48						—						—						48
Preferred dividends			—						—												—						27						—						27
Add: Equity in earnings (losses) of unconsolidated affiliates			—						6												6						15						1						22
Add: Other(a)			306						26												332						58						(55)						335
Segment income (loss)			$	2,470					$	355											$	2,825					$	(488)					$	—					$	2,337
Discontinued Operations																																							(1)
Net income available to Duke Energy Corporation Common Stockholders																																							$	2,336
Add back: Net Income available to NCI																																							48
Add back: Preferred dividends																																							27
Net Income																																							$	2,411
Capital expenditures			$	5,724					$	548											$	6,272					$	156					$	—					$	6,428
Segment assets as of December 31, 2025(b)			172,427						18,989												191,416						4,320						—						195,736

(a)    Other for EU&I and GU&I includes Gains (losses) on sales of other assets and other, net, and Other income and expenses, net.

(b)    GU&I includes Assets held for sale balances related to the Piedmont Tennessee Disposal Group. Refer to Note 2 for further information.

51

FINANCIAL STATEMENTS BUSINESS SEGMENTS

Duke Energy Carolinas

Duke Energy Carolinas has one reportable segment, EU&I. The remainder of Duke Energy Carolinas' operations is presented as Other.

						Three Months Ended June 30, 2026												Six Months Ended June 30, 2026
						Electric												Electric
						Utilities and			Eliminations/									Utilities and			Eliminations/
(in millions)						Infrastructure			Other			Total						Infrastructure			Other			Total
Total operating revenues						$	2,416		$	—		$	2,416					$	5,182		$	—		$	5,182
Less:
Fuel used in electric generation and purchased power						$	632		$	—		$	632					$	1,563		$	—		$	1,563
Operation, maintenance and other						451			14			465						1,052			26			1,078
Depreciation and amortization						531			—			531						1,057			—			1,057
Property and other taxes						91			—			91						197			—			197
Impairment of assets and other charges						27			—			27						27			—			27
Interest expense						233			(2)			231						450			(1)			449
Income tax expense (benefit)						36			(3)			33						50			(6)			44
Add: Other segment items(a)						72			(2)			70						137			(2)			135
Segment income (loss) / Net income						$	487		$	(11)		$	476					$	923		$	(21)		$	902
Capital expenditures																		$	2,904		$	—		$	2,904
Segment assets as of June 30, 2026																		62,252			1,392			63,644

						Three Months Ended June 30, 2025												Six Months Ended June 30, 2025
						Electric												Electric
						Utilities and			Eliminations/									Utilities and			Eliminations/
(in millions)						Infrastructure			Other			Total						Infrastructure			Other			Total
Total operating revenues						$	2,231		$	—		$	2,231					$	4,755		$	—		$	4,755
Less:
Fuel used in electric generation and purchased power						$	571		$	—		$	571					$	1,374		$	—		$	1,374
Operation, maintenance and other						488			12			500						962			22			984
Depreciation and amortization						482			—			482						914			—			914
Property and other taxes						85			—			85						187			—			187
Impairment of assets and other charges						(1)			—			(1)						(1)			—			(1)
Interest expense						200			—			200						400			—			400
Income tax expense (benefit)						39			(3)			36						92			(5)			87
Add: Other segment items(a)						68			(1)			67						129			(1)			128
Segment income (loss) / Net income						$	435		$	(10)		$	425					$	956		$	(18)		$	938
Capital expenditures																		$	2,145		$	—		$	2,145
Segment assets as of December 31, 2025																		58,775			400			59,175

(a)    Other segment items include Gains (losses) on sales of other assets and other, net, and Other income and expenses, net.

52

FINANCIAL STATEMENTS BUSINESS SEGMENTS

Progress Energy

Progress Energy has one reportable segment, EU&I. The remainder of Progress Energy's operations is presented as Other.

						Three Months Ended June 30, 2026												Six Months Ended June 30, 2026
						Electric												Electric
						Utilities and			Eliminations/									Utilities and			Eliminations/
(in millions)						Infrastructure			Other			Total						Infrastructure			Other			Total
Total operating revenues						$	3,466		$	4		$	3,470					$	7,388		$	7		$	7,395
Less:
Fuel used in electric generation and purchased power						$	994		$	—		$	994					$	2,305		$	—		$	2,305
Operation, maintenance and other						587			15			602						1,407			31			1,438
Depreciation and amortization						702			1			703						1,384			1			1,385
Property and other taxes						149			1			150						331			—			331
Impairment of assets and other charges						22			—			22						22			—			22
Interest expense						271			28			299						533			57			590
Income tax expense (benefit)						145			(12)			133						252			(21)			231
Other Segment Items
NCI						29			—			29						34			—			34
Add: Other segment items(a)						73			3			76						134			14			148
Segment income (loss) / Net income Attributable to Progress Energy, Inc.						$	640		$	(26)		$	614					$	1,254		$	(47)		$	1,207
Add back: Net Income available to NCI												29												34
Net Income												$	643											$	1,241
Capital expenditures																		$	3,468		$	—		$	3,468
Segment assets as of June 30, 2026																		74,520			4,021			78,541

						Three Months Ended June 30, 2025												Six Months Ended June 30, 2025
						Electric												Electric
						Utilities and			Eliminations/									Utilities and			Eliminations/
(in millions)						Infrastructure			Other			Total						Infrastructure			Other			Total
Total operating revenues						$	3,566		$	3		$	3,569					$	7,028		$	8		$	7,036
Less:
Fuel used in electric generation and purchased power						$	1,025		$	—		$	1,025					$	2,131		$	—		$	2,131
Operation, maintenance and other						828			15			843						1,501			30			1,531
Depreciation and amortization						609			—			609						1,240			—			1,240
Property and other taxes						175			—			175						347			—			347
Interest expense						255			28			283						501			57			558
Income tax expense (benefit)						121			(13)			108						239			(21)			218
Add: Other segment items(a)						76			5			81						137			5			142
Segment income (loss) / Net income						$	629		$	(22)		$	607					$	1,206		$	(53)		$	1,153
Capital expenditures																		$	2,742		$	—		$	2,742
Segment assets as of December 31, 2025																		71,685			4,153			75,838

(a)    Other segment items include Gains (losses) on sales of other assets and other, net, and Other income and expenses, net.

53

FINANCIAL STATEMENTS BUSINESS SEGMENTS

Duke Energy Progress

Duke Energy Progress has one reportable segment, EU&I. The remainder of Duke Energy Progress' operations is presented as Other.

						Three Months Ended June 30, 2026												Six Months Ended June 30, 2026
						Electric												Electric
						Utilities and			Eliminations/									Utilities and			Eliminations/
(in millions)						Infrastructure			Other			Total						Infrastructure			Other			Total
Total operating revenues						$	1,800		$	—		$	1,800					$	4,101		$	—		$	4,101
Less:
Fuel used in electric generation and purchased power						$	547		$	—		$	547					$	1,410		$	—		$	1,410
Operation, maintenance and other						356			8			364						857			15			872
Depreciation and amortization						396			—			396						782			—			782
Property and other taxes						22			—			22						81			—			81
Impairment of assets and other charges						22			—			22						22			—			22
Interest expense						144			—			144						279			—			279
Income tax expense (benefit)						54			(1)			53						96			(3)			93
Add: Other segment items(a)						54			1			55						98			1			99
Segment income (loss) / Net income						$	313		$	(6)		$	307					$	672		$	(11)		$	661
Capital expenditures																		$	1,984		$	—		$	1,984
Segment assets as of June 30, 2026																		43,909			194			44,103

						Three Months Ended June 30, 2025												Six Months Ended June 30, 2025
						Electric												Electric
						Utilities and			Eliminations/									Utilities and			Eliminations/
(in millions)						Infrastructure			Other			Total						Infrastructure			Other			Total
Total operating revenues						$	1,681		$	—		$	1,681					$	3,699		$	—		$	3,699
Less:
Fuel used in electric generation and purchased power						$	574		$	—		$	574					$	1,299		$	—		$	1,299
Operation, maintenance and other						333			7			340						724			14			738
Depreciation and amortization						319			—			319						676			—			676
Property and other taxes						45			—			45						105			—			105
Interest expense						139			—			139						267			—			267
Income tax expense (benefit)						40			(1)			39						98			(3)			95
Add: Other segment items(a)						50			—			50						89			(2)			87
Segment income (loss) / Net income						$	281		$	(6)		$	275					$	619		$	(13)		$	606
Capital expenditures																		$	1,524		$	—		$	1,524
Segment assets as of December 31, 2025																		42,163			364			42,527

(a)    Other segment items include Gains (losses) on sales of other assets and other, net, and Other income and expenses, net.

54

FINANCIAL STATEMENTS BUSINESS SEGMENTS

Duke Energy Florida

Duke Energy Florida has one reportable segment, EU&I. The remainder of Duke Energy Florida's operations is presented as Other.

						Three Months Ended June 30, 2026												Six Months Ended June 30, 2026
						Electric												Electric
						Utilities and			Eliminations/									Utilities and			Eliminations/
(in millions)						Infrastructure			Other			Total						Infrastructure			Other			Total
Total operating revenues						$	1,666		$	—		$	1,666					$	3,287		$	—		$	3,287
Less:
Fuel used in electric generation and purchased power						$	447		$	—		$	447					$	895		$	—		$	895
Operation, maintenance and other						231			5			236						550			10			560
Depreciation and amortization						306			—			306						602			—			602
Property and other taxes						127			—			127						250			—			250
Interest expense						127			(1)			126						254			—			254
Income tax expense (benefit)						91			(1)			90						156			(3)			153
Add: Other segment items(a)						19			(2)			17						36			(1)			35
Segment income (loss) / Net income						$	356		$	(5)		$	351					$	616		$	(8)		$	608
Capital expenditures																		$	1,484		$	—		$	1,484
Segment assets as of June 30, 2026																		30,611			156			30,767

						Three Months Ended June 30, 2025												Six Months Ended June 30, 2025
						Electric												Electric
						Utilities and			Eliminations/									Utilities and			Eliminations/
(in millions)						Infrastructure			Other			Total						Infrastructure			Other			Total
Total operating revenues						$	1,885		$	—		$	1,885					$	3,329		$	—		$	3,329
Less:
Fuel used in electric generation and purchased power						$	451		$	—		$	451					$	832		$	—		$	832
Operation, maintenance and other						495			5			500						777			9			786
Depreciation and amortization						290			—			290						564			—			564
Property and other taxes						130			—			130						242			—			242
Interest expense						116			—			116						234			—			234
Income tax expense (benefit)						81			—			81						141			(2)			139
Add: Other segment items(a)						26			1			27						48			(2)			46
Segment income (loss) / Net income						$	348		$	(4)		$	344					$	587		$	(9)		$	578
Capital expenditures																		$	1,218		$	—		$	1,218
Segment assets as of December 31, 2025																		29,522			134			29,656

(a)    Other segment items include Gains (losses) on sales of other assets and other, net, and Other income and expenses, net.

55

FINANCIAL STATEMENTS BUSINESS SEGMENTS

Duke Energy Ohio

Duke Energy Ohio has two reportable segments, EU&I and GU&I. The remainder of Duke Energy Ohio's operations is presented as Other.

			Three Months Ended June 30, 2026
			Electric						Gas						Total
			Utilities and						Utilities and						Reportable						Eliminations/
(in millions)			Infrastructure						Infrastructure						Segments						Other						Total
Total operating revenues			$	508					$	157					$	665					$	—					$	665
Less:
Fuel used in electric generation and purchased power			$	145					$	—					$	145					$	—					$	145
Cost of natural gas			—						33						33						—						33
Operation, maintenance and other			96						36						132						3						135
Depreciation and amortization			74						40						114						—						114
Property and other taxes			83						25						108						—						108
Interest expense			33						19						52						1						53
Income tax expense (benefit)			15						2						17						(2)						15
Add: Other segment items(a)			4						2						6						(1)						5
Segment income (loss) / Net income			$	66					$	4					$	70					$	(3)					$	67

			Three Months Ended June 30, 2025
			Electric						Gas						Total
			Utilities and						Utilities and						Reportable						Eliminations/
(in millions)			Infrastructure						Infrastructure						Segments						Other												Total
Total operating revenues			$	498					$	156					$	654					$	—											$	654
Less:
Fuel used in electric generation and purchased power			$	161					$	—					$	161					$	—											$	161
Cost of natural gas			—						35						35						—												35
Operation, maintenance and other			87						27						114						1												115
Depreciation and amortization			83						39						122						(1)												121
Property and other taxes			80						21						101						—												101
Interest expense			32						18						50						1												51
Income tax expense (benefit)			9						3						12						—												12
Add: Other segment items(a)			4						2						6						—												6
Segment income (loss) / Net income			$	50					$	15					$	65					$	(1)											$	64

(a)    Other segment items for EU&I and GU&I include Gains (losses) on sales of other assets and other, net, and Other income and expenses, net.

			Six Months Ended June 30, 2026
			Electric						Gas						Total
			Utilities and						Utilities and						Reportable						Eliminations/
(in millions)			Infrastructure						Infrastructure						Segments						Other						Total
Total operating revenues			$	1,070					$	474					$	1,544					$	—					$	1,544
Less:
Fuel used in electric generation and purchased power			$	318					$	—					$	318					$	—					$	318
Cost of natural gas			—						154						154						—						154
Operation, maintenance and other			193						76						269						5						274
Depreciation and amortization			156						79						235						—						235
Property and other taxes			170						55						225						—						225
Interest expense			67						37						104						1						105
Income tax expense (benefit)			31						17						48						(2)						46
Add: Other segment items(a)			8						3						11						(1)						10
Segment income (loss) / Net income			$	143					$	59					$	202					$	(5)					$	197
Capital expenditures			$	303					$	101					$	404					$	—					$	404
Segment assets as of June 30, 2026			8,726						4,819						13,545						194						13,739

56

FINANCIAL STATEMENTS BUSINESS SEGMENTS

			Six Months Ended June 30, 2025
			Electric						Gas						Total
			Utilities and						Utilities and						Reportable						Eliminations/
(in millions)			Infrastructure						Infrastructure						Segments						Other												Total
Total operating revenues			$	985					$	435					$	1,420					$	—											$	1,420
Less:
Fuel used in electric generation and purchased power			$	310					$	—					$	310					—												$	310
Cost of natural gas			—						136						136						—												136
Operation, maintenance and other			179						56						235						4												239
Depreciation and amortization			159						75						234						(1)												233
Property and other taxes			166						51						217						—												217
Interest expense			63						34						97						1												98
Income tax expense (benefit)			18						17						35						(1)												34
Add: Other segment items(a)			8						4						12						(1)												11
Segment income (loss) / Net income			$	98					$	70					$	168					$	(4)											$	164
Capital expenditures			$	303					$	168					$	471					$	—											$	471
Segment assets as of December 31, 2025			8,575						4,736						13,311						135												13,446

(a)    Other segment items for EU&I and GU&I include Gains (losses) on sales of other assets and other, net, and Other income and expenses, net.

Duke Energy Indiana

Duke Energy Indiana has one reportable segment, EU&I. The remainder of Duke Energy Indiana's operations is presented as Other.

						Three Months Ended June 30, 2026												Six Months Ended June 30, 2026
						Electric												Electric
						Utilities and			Eliminations/									Utilities and			Eliminations/
(in millions)						Infrastructure			Other			Total						Infrastructure			Other			Total
Total operating revenues						$	861		$	—		$	861					$	1,827		$	—		$	1,827
Less:
Fuel used in electric generation and purchased power						$	250		$	—		$	250					$	620		$	—		$	620
Operation, maintenance and other						187			2			189						374			5			379
Depreciation and amortization						202			—			202						407			—			407
Property and other taxes						19			—			19						38			—			38
Interest expense						75			—			75						139			—			139
Income tax expense (benefit)						20			(1)			19						39			(2)			37
Add: Other segment items(a)						13			(1)			12						24			(1)			23
Segment income (loss) / Net income						$	121		$	(2)		$	119					$	234		$	(4)		$	230
Capital expenditures																		$	767		$	—		$	767
Segment assets as of June 30, 2026																		16,926			221			17,147

57

FINANCIAL STATEMENTS BUSINESS SEGMENTS

						Three Months Ended June 30, 2025												Six Months Ended June 30, 2025
						Electric												Electric
						Utilities and			Eliminations/									Utilities and			Eliminations/
(in millions)						Infrastructure			Other			Total						Infrastructure			Other			Total
Total operating revenues						$	821		$	—		$	821					$	1,679		$	—		$	1,679
Less:
Fuel used in electric generation and purchased power						$	219		$	—		$	219					$	479		$	—		$	479
Operation, maintenance and other						189			3			192						382			5			387
Depreciation and amortization						222			—			222						414			—			414
Property and other taxes						17			—			17						35			—			35
Interest expense						56			1			57						116			—			116
Income tax expense (benefit)						20			(2)			18						38			(2)			36
Add: Other segment items(a)						22			(1)			21						32			(1)			31
Segment income (loss) / Net income						$	120		$	(3)		$	117					$	247		$	(4)		$	243
Capital expenditures																		$	526		$	—		$	526
Segment assets as of December 31, 2025																		16,321			25			16,346

(a)    Other segment items include Gains (losses) on sales of other assets and other, net, and Other income and expenses, net.

Piedmont

Piedmont has one reportable segment, GU&I. The remainder of Piedmont's operations is presented as Other.

						Three Months Ended June 30, 2026												Six Months Ended June 30, 2026
						Gas												Gas
						Utilities and			Eliminations/									Utilities and			Eliminations/
(in millions)						Infrastructure			Other			Total						Infrastructure			Other			Total
Total operating revenues						$	288		$	—		$	288					$	1,299		$	—		$	1,299
Less:
Cost of natural gas						$	97		$	—		$	97					$	501		$	—		$	501
Operation, maintenance and other						87			1			88						180			3			183
Depreciation and amortization						69			—			69						143			—			143
Property and other taxes						4			—			4						30			—			30
Interest expense						41			—			41						89			—			89
Income tax expense (benefit)						1			(1)			—						259			(1)			258
Other Segment Items
Add: Equity in earnings (losses) of unconsolidated affiliates						—			—			—						—			2			2
Add: Other(a)						15			(1)			14						677			(1)			676
Segment income (loss) / Net income (loss)						$	4		$	(1)		$	3					$	774		$	(1)		$	773
Capital expenditures																		$	460		$	—		$	460
Segment assets as of June 30, 2026																		10,392			97			10,489

58

FINANCIAL STATEMENTS BUSINESS SEGMENTS

						Three Months Ended June 30, 2025												Six Months Ended June 30, 2025
						Gas												Gas
						Utilities and			Eliminations/									Utilities and			Eliminations/
(in millions)						Infrastructure			Other			Total						Infrastructure			Other			Total
Total operating revenues						$	335		$	—		$	335					$	1,192		$	—		$	1,192
Less:
Cost of natural gas						$	124		$	—		$	124					$	396		$	—		$	396
Operation, maintenance and other						101			2			103						195			4			199
Depreciation and amortization						71			—			71						141			—			141
Property and other taxes						19			—			19						37			—			37
Interest expense						47			1			48						94			1			95
Income tax expense (benefit)						(7)			(1)			(8)						69			(1)			68
Other Segment Items
Add: Equity in earnings (losses) of unconsolidated affiliates						—			1			1						—			3			3
Add: Other(a)						11			—			11						22			—			22
Segment income (loss) / Net income (loss)						$	(9)		$	(1)		$	(10)					$	282		$	(1)		$	281
Capital expenditures																		$	380		$	—		$	380
Segment assets as of December 31, 2025(b)																		12,384			86			12,470

(a)    Other includes Gains (losses) on sales of other assets and other, net, and Other income and expenses, net.

(b)    GU&I includes Assets held for sale balances related to the Piedmont Tennessee Disposal Group. Refer to Note 2 for further information.

4. REGULATORY MATTERS

RATE-RELATED INFORMATION

The NCUC, PSCSC, FPSC, IURC, PUCO and KPSC approve rates for retail electric and natural gas services within their states. The FERC regulates and approves rates for wholesale electric sales and interstate transmission rates. The FERC also regulates certification and siting of new interstate natural gas pipeline projects. For open regulatory matters, unless otherwise noted, the Subsidiary Registrants cannot predict the outcome or ultimate resolution of their respective matters.

Winter Storm Fern

In late January 2026, severe weather associated with Winter Storm Fern moved across the eastern U.S. and impacted all of Duke Energy's service territories, with damage primarily occurring in the Duke Energy Carolinas and Duke Energy Progress territories in North Carolina and South Carolina. Approximately 200,000 customers were impacted across Duke Energy's system. Total storm restoration costs, including capital expenditures, for Duke Energy are estimated to be $268 million, which includes $177 million for Duke Energy Carolinas and $91 million for Duke Energy Progress. Incremental storm restoration costs related to operation and maintenance activities in excess of amounts in base rates were charged to storm reserves or deferred as regulatory assets, where applicable, and will be reviewed for recovery in future regulatory proceedings. As of June 30, 2026, the operations and maintenance expense amounts deferred in Regulatory assets within Other Noncurrent Assets on the Condensed Consolidated Balance Sheets were $146 million and $63 million for Duke Energy Carolinas and Duke Energy Progress, respectively. On July 6, 2026, Duke Energy Carolinas and the North Carolina Public Staff entered into a stipulation in the ongoing 2025 Duke Energy Carolinas' North Carolina rate case resolving certain issues regarding storm restoration cost recovery. Under the stipulation, the parties agreed that eligible Winter Storm Fern operation and maintenance restoration costs, without carrying costs, shall be included in the revenue requirement and netted against the Hurricane Helene over-securitization amount, subject to audit by the North Carolina Public Staff and a final true up in the next general rate case. The stipulation is subject to approval by the NCUC as part of ongoing proceedings in the 2025 Duke Energy Carolinas' North Carolina rate case. See below for additional information regarding the 2025 North Carolina rate cases.

On April 14, 2026, Duke Energy Carolinas and Duke Energy Progress filed interim requests with the NCUC related to fuel and purchased power costs incurred during severe winter weather and record customer energy demand experienced in the first quarter of 2026. The interim filings requested recovery of underrecovered fuel and purchased power costs of $500 million for Duke Energy Carolinas and $309 million for Duke Energy Progress, over a period of 19 months. These pass-through costs represent actual expenses, without markup, necessary to supply power, as allowed under the North Carolina Power Bill Reduction Act (SB266). SB266 implemented actions designed to reduce electricity costs for customers including enhanced cost recovery mechanisms and more timely recovery of fuel costs, among other actions. The NCUC approved the proposed 19 month recovery period in May 2026, and new fuel rider rates went into effect June 1, 2026.

Duke Energy Carolinas and Duke Energy Progress

Applications to Combine Utilities

On August 14, 2025, Duke Energy Carolinas and Duke Energy Progress (together, the Companies) filed a joint application with the NCUC and PSCSC for approval to combine utilities by which Duke Energy Progress will merge into Duke Energy Carolinas, resulting in a single electric utility serving the Companies' North Carolina and South Carolina service territories. Duke Energy Corporation, together with the Companies, also filed an application with the FERC on the same day. The single utility’s ability to plan, execute and operate resources more efficiently is expected to result in substantial cost savings, benefiting customers by reducing the overall costs to serve. The targeted effective date is January 1, 2027. On January 30, 2026, FERC issued an order authorizing the combination as consistent with the public interest.

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The North Carolina Public Staff and intervenors in the NCUC proceeding filed testimony advocating, in part, that the NCUC impose certain conditions for the combination to go forward, including conditions related to treatment of costs to achieve and future rate consolidation. In the South Carolina proceeding, the South Carolina Office of Regulatory Staff and intervenors filed testimony recommending that the PSCSC condition approval of the combination on additional requirements, including addressing the identification, allocation and recovery of cost impacts and costs to achieve, as well as the treatment of benefits.

On February 24, 2026, the Companies reached a comprehensive settlement with the North Carolina Public Staff and certain other intervenors (stipulating parties) in the case, which was filed with NCUC. Subject to approval by the NCUC, the agreement resolved all issues among the North Carolina stipulating parties regarding the combination of Duke Energy Carolinas and Duke Energy Progress. Among other terms, the agreement requires the Companies to guarantee that savings from the combination over a 14-year period will be sufficient to offset the identified impacts to North Carolina retail customers to achieve the combination. The guaranteed savings are calculated based on a combination of capital-related savings associated with Duke Energy Carolinas and Duke Energy Progress' most recent resource planning assumptions, as well as operational savings enabled by the combination expected to accrue following the effective date of the combination. The agreement also permits deferral of costs to achieve, with recovery subject to prudency review, and provides that North Carolina retail customers will make annual Share the Benefits contributions to South Carolina retail customers for a six-year period beginning in 2030. On May 1, 2026, the NCUC issued an order approving the combination consistent with the comprehensive settlement.

On March 6, 2026, the Companies reached a comprehensive settlement with the South Carolina Office of Regulatory Staff and certain other intervenors in the case, which was filed with PSCSC. Subject to approval by the PSCSC, the agreement, which has the same core components as the comprehensive settlement reached in North Carolina, resolved all issues among the South Carolina stipulating parties, regarding the combination of Duke Energy Carolinas and Duke Energy Progress. Among other terms, the agreement requires the Companies to guarantee that savings from the combination over a 14-year period will be sufficient to offset the identified impacts to South Carolina retail customers, including through the receipt of Share the Benefits contributions from North Carolina retail and wholesale customers. On June 3, 2026, the PSCSC issued its final written order approving the combination consistent with the terms of the comprehensive settlement.

Duke Energy Carolinas

2023 North Carolina Rate Case

In January 2023, Duke Energy Carolinas filed a performance-based regulation (PBR) application with the NCUC to request an increase in base rate retail revenues. The PBR application included an MYRP to recover projected capital investments during the three-year MYRP period. In addition to the MYRP, the PBR application included an Earnings Sharing Mechanism, Residential Decoupling Mechanism and Performance Incentive Mechanisms (PIMs) as required by HB951.

In August 2023, Duke Energy Carolinas filed with the NCUC a partial settlement with the North Carolina Public Staff in connection with its PBR application. The partial settlement included, among other things, agreement on a substantial portion of the North Carolina retail rate base for the historic base case of approximately $19.5 billion and all of the capital projects and related costs to be included in the three-year MYRP, including $4.6 billion (North Carolina retail allocation) projected to go in service over the MYRP period. Additionally, the partial settlement included agreement, with certain adjustments, on depreciation rates, the recovery of grid improvement plan costs and PIMs, Tracking Metrics and the Residential Decoupling Mechanism under the PBR application. On August 28, 2023, Duke Energy Carolinas filed with the NCUC a second partial settlement with the North Carolina Public Staff resolving additional issues, including the future treatment of nuclear PTCs related to the IRA, through a stand-alone rider that would provide the benefits to customers. This stand-alone rider was effective in rates beginning January 1, 2025.

On December 15, 2023, the NCUC issued an order approving Duke Energy Carolinas' PBR application, as modified by the partial settlements and the order, including an overall retail revenue increase of $436 million in Year 1, $174 million in Year 2 and $158 million in Year 3, for a combined total of $768 million. The order established an ROE of 10.1% based upon an equity ratio of 53% and approved, with certain adjustments, depreciation rates and the recovery of grid improvement plan costs and certain deferred COVID-related costs. Additionally, the Residential Decoupling Mechanism and PIMs were approved as requested under the PBR application and revised by the partial settlements. Duke Energy Carolinas implemented interim rates on September 1, 2023. New revised Year 1 rates and the residential decoupling were implemented on January 15, 2024.

In February 2024, a number of parties filed Notices of Appeal of the December 15, 2023, NCUC order. Notices of Appeal were filed by the Carolina Industrial Group for Fair Utility Rates (CIGFUR) III, a collection of electric membership cooperatives (collectively, the EMCs), and the North Carolina Attorney General’s Office (the AGO). CIGFUR III and the EMCs appealed the interclass subsidy reduction percentage and the Transmission Cost Allocation stipulation. In addition, CIGFUR III appealed the NCUC’s elimination of the equal percentage fuel cost allocation methodology. The AGO appealed several issues, including the authorized ROE and certain rate design and accounting matters. On March 1, 2024, Carolina Utility Customers Association, Inc. appealed several issues, including the authorized ROE and certain rate design and accounting matters. In July 2024, the Supreme Court of North Carolina consolidated these appeals with the parallel appeals of the NCUC's order regarding the Duke Energy Progress PBR application. On May 22, 2026, the Supreme Court of North Carolina affirmed the NCUC order in its entirety. This matter is now fully resolved.

2025 North Carolina Rate Case

On November 20, 2025, Duke Energy Carolinas filed a PBR application with the NCUC to request an increase in base rate retail revenues. The PBR application included an MYRP to recover projected capital investments during a two-year MYRP period. In addition to the MYRP, the PBR application included an Earnings Sharing Mechanism, Residential Decoupling Mechanism and PIMs. As filed, the overall net retail revenue increase was $727 million in Year 1 and $275 million in Year 2, for a combined total of $1.0 billion or 15.0%. The application also requested an ROE of 10.95% with an equity ratio of 53%. The rate increase is driven primarily by major transmission and distribution investments made since the last rate case and projected capital investments in the MYRP, as well as investments in energy storage and solar assets.

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On June 19, 2026, Duke Energy Carolinas filed rebuttal testimony incorporating six adjustments to its application, including a reduction in the requested ROE, which reduced the requested increase to approximately $622 million over the two-year period. On July 2, 2026, Duke Energy Carolinas and the North Carolina Public Staff entered into a partial stipulation resolving certain issues in the proceeding while leaving key issues for litigation, including ROE, capital structure and performance-based regulation matters. On July 6, 2026, the parties entered into a separate storm cost stipulation resolving issues related to Hurricane Helene and Winter Storm Fern cost recovery. See the Winter Storm Fern discussion above for additional information regarding the storm cost stipulation.

On July 17, 2026, Duke Energy Carolinas, the North Carolina Public Staff and other intervening parties filed a comprehensive settlement with the NCUC resolving all remaining revenue requirement issues in the proceeding, including an ROE of 9.8% and an equity ratio of 53%. The settlement includes an overall net retail revenue increase of $286 million in Year 1 and $210 million in Year 2, representing a cumulative increase of $496 million, or 7.4%. The intervening parties also agreed to pursue good faith settlement discussions to reach a substantially similar settlement framework in the ongoing Duke Energy Progress rate case proceeding. Consistent with the settlement framework, Duke Energy Carolinas recorded a $29 million impairment charge within Impairment of assets and other charges in the Condensed Consolidated Statements of Operations and Comprehensive Income for the three and six months ended June 30, 2026. On July 24, 2026, Duke Energy Carolinas and the North Carolina Public Staff filed a separate settlement agreement with the NCUC regarding PIMs.

The stipulations are subject to the review and approval of the NCUC and an order is expected by November 2026. Duke Energy Carolinas has requested implementation of Year 1 rates no later than January 1, 2027.

2025 South Carolina Rate Case

On July 1, 2025, Duke Energy Carolinas filed a base rate case with the PSCSC requesting an increase in electric base rates. The request for the rate increase was driven by significant capital investments, including generation plant additions, as well as transmission, distribution and grid improvements. On November 11, 2025, Duke Energy Carolinas filed a comprehensive settlement with the South Carolina Office of Regulatory Staff and other intervenors in the case resolving all revenue requirement issues in the base rate proceeding. The settlement included an annual net increase in electric rates of approximately $19 million, including the flow back of PTC benefits to customers, an ROE of 9.99% and an equity ratio of 53%. On December 31, 2025, the PSCSC issued an order approving the settlement agreement without modification. Revised customer rates went into effect on March 1, 2026. This matter is now fully resolved.

Bad Creek License Extension

On July 14, 2025, Duke Energy Carolinas filed its final license application with the FERC for the Bad Creek Pumped Storage Hydroelectric Station. The application, if approved, would extend plant operations for an additional 50 years. The current license expires in July 2027 and the renewal would extend the operating license of the facility to 2077. A FERC ruling is expected in 2027.

Anderson County Combined Cycle CECPCN

On October 30, 2025, Duke Energy Carolinas filed with the PSCSC an application for a CECPCN to construct and operate a new 1,365-MW natural gas CC generating facility with hydrogen capability in Anderson County, South Carolina. The preliminary estimate of the total project cost was approximately $3.2 billion, inclusive of financing costs. Subject to negotiation of final contractual terms, which began in April 2026, the new CC will be co-owned with North Carolina Electric Membership Corporation (NCEMC) and Central Electric Power Cooperative (CEPC), with Duke Energy Carolinas owning approximately 1,170 MW, NCEMC owning 100 MW and CEPC owning the remaining 95 MW. On April 24, 2026, the PSCSC issued a final order approving the CECPCN and authorizing construction of the facility. Construction is anticipated to begin in 2027 and the facility is expected to be in service by the end of 2030. In addition, Duke Energy Carolinas submitted its application for an air permit on March 11, 2026, to the South Carolina Department of Environmental Services.

On March 18, 2026, Duke Energy Carolinas filed an out-of-state application for the Anderson facilities with the NCUC requesting the NCUC to determine the need for and approve an estimate of construction costs and construction schedule for the facilities intended to serve North Carolina retail customers. On July 24, 2026, Duke Energy Carolinas and the North Carolina Public Staff filed a settlement agreement recommending that the NCUC approve the requested determination of need and the estimated construction cost and schedule. A decision from the NCUC is anticipated in the fourth quarter of 2026.

Buck Combustion Turbines CPCN

On November 21, 2025, Duke Energy Carolinas filed with the NCUC an application to construct and operate two hydrogen-capable advanced-class simple-cycle CTs at the site of the existing Buck CC Station. The two new CTs, totaling approximately 850 MW, will provide incremental peaking generation to serve Duke Energy Carolinas' customers growing energy needs. Pending regulatory approvals, construction of the CTs is planned to start in 2027 with the units targeted to be placed in service by the end of 2029. As part of the application, Duke Energy Carolinas noted that the recovery of Construction Work in Progress (CWIP) during the construction period for the proposed facility will not be included in rate base and will instead accrue AFUDC. The 2030 North Carolina retail revenue requirement for the proposed facility is estimated to be $154 million, representing an approximate average North Carolina retail rate increase of 2.3% across all classes. On February 27, 2026, Duke Energy Carolinas filed an air permit application with the NCDEQ for the CTs. An evidentiary hearing related to the CPCN is scheduled to begin on September 9, 2026. A decision on the CPCN application is anticipated by the fourth quarter of 2026.

Marshall Combustion Turbines CPCN

In March 2024, Duke Energy Carolinas filed with the NCUC an application to construct and operate two hydrogen-capable advanced-class simple-cycle CTs at the site of the existing Marshall Steam Station. The two new CTs, totaling approximately 850 MW, will enable the retirement of Marshall coal units 1 and 2 and provide incremental capacity to support system capacity needs and expanded flexibility to support integration of renewables. Pending regulatory approvals, the CTs are targeted to be placed in service by the end of 2028. In December 2024, the NCUC issued its order granting the CPCN authorizing construction and the NCDEQ issued final air permits for the two CTs.

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On December 1, 2025, Duke Energy Carolinas filed an application requesting the NCUC's ongoing review of the construction of the two CTs that are planned to operate at the Marshall Steam Station, covering costs incurred from the initiation of development of the facility through September 30, 2025. The application requested that the NCUC find that Duke Energy Carolinas’ construction costs incurred for the CTs during the review period are prudent and reasonable. These activities included actions related to site preparation and the ordering of certain long-lead-time equipment. The application also requested that the NCUC modify the existing CPCN for the CTs to reflect a revision to the cost estimate for the units. On May 29, 2026, the NCUC issued an order, concluding that the costs incurred by Duke Energy Carolinas during the review period were reasonable and prudently incurred and modifying the CPCN to incorporate the updated construction cost estimate.

On January 30, 2026, Duke Energy Carolinas filed an application for an out-of-state certificate with the PSCSC requesting that it find that the North Carolina-sited facility comprised of two new advanced class CTs at the existing Marshall Steam Station is in the public convenience and necessity for South Carolina retail customers. On July 23, 2026, the PSCSC issued its order granting the CPCN.

Duke Energy Progress

2022 North Carolina Rate Case

In October 2022, Duke Energy Progress filed a PBR application with the NCUC to request an increase in base rate retail revenues. The rate request before the NCUC included an MYRP to recover projected capital investments during the three-year MYRP period. In addition to the MYRP, the PBR application included an Earnings Sharing Mechanism, Residential Decoupling Mechanism and PIMs as required by HB951.

In April 2023, Duke Energy Progress filed with the NCUC a partial settlement with North Carolina Public Staff, which included agreement on many aspects of Duke Energy Progress' three-year MYRP proposal. In May 2023, CIGFUR II joined this partial settlement and the North Carolina Public Staff and CIGFUR II filed a separate settlement reaching agreement on PIMs, Tracking Metrics and the Residential Decoupling Mechanism under the PBR application.

On August 18, 2023, the NCUC issued an order approving Duke Energy Progress' PBR application, as modified by the partial settlements and the order, including an overall retail revenue increase of $233 million in Year 1, $126 million in Year 2 and $135 million in Year 3, for a combined total of $494 million. Key aspects of the order include the approval of North Carolina retail rate base for the historic base case of approximately $12.2 billion and capital projects and related costs to be included in the three-year MYRP, including $3.5 billion (North Carolina retail allocation) projected to go in service over the MYRP period. The order established an ROE of 9.8% based upon an equity ratio of 53% and approved, with certain adjustments, depreciation rates and the recovery of grid improvement plan costs and certain deferred COVID-related costs. Additionally, the Residential Decoupling Mechanism and PIMs were approved as requested under the PBR application and revised by the partial settlements. Duke Energy Progress implemented interim rates on June 1, 2023, and implemented revised Year 1 rates and the residential decoupling on October 1, 2023.

In October 2023, CIGFUR II and Haywood Electric Membership Corporation each filed a Notice of Appeal of the August 18, 2023 NCUC order. Both parties appealed certain matters that do not impact the overall revenue requirement in the rate case. Specifically, they appealed the interclass subsidy reduction percentage, and CIGFUR II also appealed the Customer Assistance Program and the equal percentage fuel cost allocation methodology. In November 2023, the AGO filed a Notice of Cross Appeal of the NCUC's determination regarding the exclusion of electric vehicle revenue from the residential decoupling mechanism. In November 2023, Duke Energy Progress, the North Carolina Public Staff, CIGFUR II, and a number of other parties reached a settlement pursuant to which CIGFUR II agreed not to pursue its appeal of the Customer Assistance Program. In July 2024, the Supreme Court of North Carolina consolidated these appeals with the parallel appeals of the NCUC's order regarding the Duke Energy Carolinas PBR application. On May 22, 2026, the Supreme Court of North Carolina affirmed the NCUC order in its entirety. This matter is now fully resolved.

2025 North Carolina Rate Case

On November 20, 2025, Duke Energy Progress filed a PBR application with the NCUC to request an increase in base rate retail revenues. The PBR application included an MYRP to recover projected capital investments during a two-year MYRP period. In addition to the MYRP, the PBR application included an Earnings Sharing Mechanism, Residential Decoupling Mechanism and PIMs. The overall net retail revenue increase originally requested was $529 million in Year 1 and $200 million in Year 2, for a combined total of $729 million or 15.1%, including the flow back of PTC benefits to customers through a proposed PTC rider similar to Duke Energy Carolinas. The application also requested an ROE of 10.95% and an equity ratio of 53%. The requested rate increase is driven primarily by major transmission and distribution investments made since the last rate case, projected capital investments included in the MYRP and investments in energy storage and solar assets.

On July 17, 2026, Duke Energy Carolinas, the North Carolina Public Staff, and other intervening parties filed a comprehensive settlement agreement with the NCUC resolving all remaining revenue requirement issues in the Duke Energy Carolinas rate case proceeding and agreed to pursue good faith settlement discussions using a substantially similar framework in the ongoing Duke Energy Progress rate case proceeding. Consistent with the settlement framework, Duke Energy Progress recorded a $22 million charge within Impairment of assets and other charges in the Condensed Consolidated Statements of Operations and Comprehensive Income for the three and six months ended June 30, 2026. On July 24, 2026, Duke Energy Progress filed rebuttal testimony incorporating six adjustments to its application, including a reduction in the requested ROE, which reduced the requested increase to approximately $610 million over the two-year period, for a cumulative increase of 12.3%.

Duke Energy Progress has requested that Year 1 rates become effective no later than January 1, 2027. The evidentiary hearing is scheduled to commence on August 11, 2026 and an order is expected by November 2026.

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South Carolina Electric Rate Stabilization Adjustment Filing

On March 13, 2026, Duke Energy Progress filed a request with the PSCSC to adjust electric rates under the new electric Rate Stabilization Adjustment (eRSA) framework, aimed at supporting investments and improving reliability. This filing represents the first electric utility proceeding under the eRSA in South Carolina. Established by South Carolina’s 2025 Energy Security Act, the eRSA allows electric utilities to seek annual rate adjustments using standardized historical data, with continued oversight based on prior base rate case outcomes. Duke Energy Progress' request stems from investments made in 2025 for grid and reliability improvements not covered in its base rate case, with the law permitting adjustments when calendar-year earned returns deviate by more than 0.50% from authorized returns. The filing requested an annual revenue increase of $37 million, reflecting an overall rate increase of 5.5% across customer classes and resulting in a projected ROE of 9.99%, consistent with the ROE authorized in the 2025 South Carolina Rate Case.

On June 15, 2026, Duke Energy Progress and the South Carolina Office of Regulatory Staff (ORS) filed a stipulation resolving audit adjustments and agreeing to a revenue requirement increase of $24 million. On June 29, 2026, the PSCSC issued a directive indicating its intent to deny the stipulation and Duke Energy Progress' election under the eRSA framework, citing Duke Energy Progress' failure to file a quarterly monitoring report by June 15, 2026, for the 12-month period ending March 31, 2026. Duke Energy Progress filed a request for reconsideration of that directive on July 2, 2026. On July 13, 2026, the PSCSC issued a further directive concluding that electric utilities electing into the eRSA are not eligible to implement rate adjustments until the year following their election. On July 14, 2026, Duke Energy Progress filed an objection and request that the PSCSC rescind or amend this directive prior to issuing a final order, asserting that the directive is inconsistent with the eRSA statute and prior PSCSC precedent in natural gas rate stabilization proceedings, and was based on legal arguments not previously raised in the proceeding. On July 15, 2026, the PSCSC issued an order denying the stipulation and rejecting Duke Energy Progress' proposed rate adjustment in 2026.

On July 23, 2026, Duke Energy Progress filed a petition for reconsideration of the PSCSC's order and is pursuing additional legal and regulatory remedies, including filing an appeal with the South Carolina Supreme Court on July 24, 2026. The ultimate outcome of the proceeding, including the timing and amount of any authorized rate adjustment, remains uncertain.

Person County Combined Cycle CPCNs

On February 7, 2025, Duke Energy Progress filed with the NCUC its application to construct and operate a second 1,360-MW hydrogen-capable, advanced-class CC unit in Person County at the Roxboro Plant. NCEMC has the right to co-own the facilities under its existing supply agreement with Duke Energy Progress. Duke Energy Progress and NCEMC executed the contractual agreements for both units in April 2026, which allows NCEMC to own approximately 225 MW of each unit, for a total of approximately 450 MW. The joint ownership agreement was finalized and executed in June 2026.

Pending regulatory approvals, the unit is targeted to be placed in service by the end of 2029. As part of the application, Duke Energy Progress noted that the recovery of CWIP during the construction period for the proposed facility may be pursued in the future. The 2030 North Carolina retail revenue requirement for the second unit is estimated to be $113 million, representing an approximate average retail rate increase of 2.6% across all classes. The air permit was issued by the NCDEQ in December 2024. On October 16, 2025, the NCUC issued its order granting the CPCN. Construction activities are ongoing at both Person County CC units.

On January 30, 2026, Duke Energy Progress filed an application for out-of-state certificates with the PSCSC requesting that it find that the two new CC units, totaling approximately 2,720 MW, sited at the Person County facilities in North Carolina are in the public convenience and necessity for South Carolina retail customers. On July 23, 2026, the PSCSC issued its order granting the CPCN.

Robinson Subsequent License Renewal

In April 2025, Duke Energy Progress filed an SLR application with the NRC to renew the Robinson facility operating license for an additional 20 years. The current license would have expired in 2030. In March 2026, the NRC approved a final environmental impact statement. On April 23, 2026, the NRC issued the subsequent renewed license for Robinson to continue operations until 2050. This matter is fully resolved.

Duke Energy Florida

Hurricanes Debby, Helene and Milton

In 2024, Hurricane Debby (Category 1 storm), Hurricane Helene (Category 4 storm) and Hurricane Milton (Category 3 storm) made landfall in Florida and caused significant damage. Duke Energy Florida has certain existing storm reserve regulatory liability amounts, which are applied to the recovery of storm costs. The storm reserve amount was approximately $63 million as of July 31, 2024, prior to the damage resulting from hurricanes Debby, Helene and Milton. Duke Energy Florida is permitted to petition the FPSC for recovery of incremental operation and maintenance costs resulting from the storms and to replenish the retail customer storm reserve to approximately $132 million.

In December 2024, Duke Energy Florida filed its petition to recover the estimated costs incurred to respond to all three storms, including replenishment of the storm reserve, seeking recovery of approximately $1.1 billion over 12 months beginning with the first billing cycle in March 2025. On February 4, 2025, the FPSC voted to approve Duke Energy Florida's request for recovery of these estimated storm costs as filed, subject to true up after the actual costs are filed. New rates were effective March 1, 2025. Approximately $75 million of capital related to these storms will be sought for recovery in future base rate case filings.

On January 5, 2026, Duke Energy Florida filed a notice with the FPSC to stop recovery of the storm cost charge because the costs were fully recovered and the storm reserve was fully replenished earlier than anticipated, primarily due to lower actual incurred storm costs as compared to preliminary estimates. The notice was administratively approved and revised rates with the storm charge removed were effective with the first billing cycle in February 2026. Duke Energy Florida filed documentation evidencing its total Debby, Helene and Milton actual storm costs of $903 million on February 27, 2026. In March 2026, Duke Energy Florida filed a petition to refund approximately $91 million of storm costs that were over-collected. On May 21, 2026, the FPSC issued its order approving the petition. The FPSC is expected to vote at its September 10, 2026 Agenda Conference on Duke Energy Florida's February 27, 2026 filing.

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Duke Energy Ohio

Duke Energy Ohio 2022 Natural Gas Base Rate Case

In June 2022, Duke Energy Ohio filed a natural gas base rate case application with the PUCO seeking recovery of capital investments made since Duke Energy Ohio's last natural gas base rate case in 2012. Duke Energy Ohio also sought to adjust the caps on its CEP rider. In April 2023, Duke Energy Ohio filed a stipulation with all parties to the case except the Ohio Consumers' Counsel (OCC). In the stipulation, the parties agreed to an annual revenue increase of approximately $32 million with an equity ratio of 52.32% and an ROE of 9.6%, and adjustments to the CEP rider caps. The stipulation was opposed by the OCC at an evidentiary hearing that concluded in May 2023. On November 1, 2023, PUCO issued an order approving the stipulation as filed and new rates went into effect November 1, 2023. In October 2024, the OCC filed a Notice of Appeal with the Supreme Court of Ohio. On June 5, 2026, the Supreme Court of Ohio affirmed the PUCO order. This matter is now fully resolved.

Duke Energy Ohio 2026 Electric Rate Case

On March 30, 2026, Duke Energy Ohio filed an electric distribution base rate case with the PUCO, requesting an annualized increase in electric distribution base rates of approximately $90 million. Duke Energy Ohio requested an ROE of 10.5% with an equity ratio of 52.66%. The rate increase is driven by significant infrastructure upgrade investments since the last general rate case. An evidentiary hearing is scheduled to commence on January 20, 2027. New rates are anticipated to go into effect in May 2027.

Duke Energy Ohio 2026 Natural Gas Rate Case

On June 29, 2026, Duke Energy Ohio filed a natural gas base rate case application with the PUCO requesting an annualized increase in natural gas base rates of approximately $102 million, based on a proposed ROE of 10.5% and an equity ratio of 53.14%. The filing would result in an overall average customer rate increase of approximately 9.9%, primarily driven by capital investments to strengthen the natural gas delivery system. An evidentiary hearing is expected in the second quarter of 2027, with new rates anticipated to go into effect in September 2027.

Duke Energy Ohio RTO Adder

On February 24, 2022, the OCC filed a complaint asserting that FERC should reduce the ROE utilized in transmission formula rates for Duke Energy Ohio and certain other transmission providers by eliminating the 50-basis-point adder associated with RTO membership. The OCC contended that the adder was inappropriate because Ohio law requires transmission-owning utilities to participate in the RTO and the adder is only available when RTO membership is voluntary. On December 15, 2022, FERC denied the complaint as it related to Duke Energy Ohio but granted relief with respect to certain other transmission providers.

Following appeals by certain transmission providers, the U.S. Court of Appeals for the Sixth Circuit (Sixth Circuit) reversed FERC's decision on January 17, 2025. The Sixth Circuit held that the 50-basis-point-adder is available only when RTO membership is voluntary. The court further concluded that because Ohio law requires transmission-owning utilities to participate in an RTO, FERC could not lawfully remove the adder from certain Ohio transmission providers while continuing to permit Duke Energy Ohio to recover the adder. The matter was remanded to FERC for further proceedings consistent with the court's decision. As a result of the ruling, Duke Energy Ohio recognized a pretax charge during 2025 that was not material.

On March 26, 2025, the Sixth Circuit denied requests for rehearing. On April 16, 2025, the Sixth Circuit stayed its mandate pending further appeal to the U.S. Supreme Court. On July 17, 2025, Duke Energy Ohio filed a respondent brief with the U.S. Supreme Court seeking review of the Sixth Circuit's decision. On November 10, 2025, the U.S. Supreme Court denied review, and on November 13, 2025, the Sixth Circuit remanded the matter to FERC.

On June 25, 2026, FERC issued an order on remand directing the removal of the ROE adder from Duke Energy Ohio's transmission formula rate and requiring Duke Energy Ohio to provide refunds for the period beginning February 24, 2022. As a result of this order, Duke Energy Ohio recorded a $15 million reduction in Operating Revenues during the three months ended June 30, 2026. As of June 30, 2026, Duke Energy Ohio had recorded a regulatory liability of $20 million related to this matter. Refunds are expected to be issued by the first quarter of 2027. On July 24, 2026, Duke Energy Ohio filed a request for rehearing of FERC's June 25, 2026 order, including whether the order complies with the Federal Power Act's requirements governing changes to existing rates. FERC must act upon the request for rehearing by August 24, 2026, but could issue a further substantive order after that date.

Transmission Cost Allocation Proceedings

Duke Energy Ohio is a member of PJM Interconnection, LLC, the Independent System Operator (ISO) and FERC-approved RTO for the region in which Duke Energy Ohio operates. Duke Energy Ohio and other transmission owners in PJM have turned over control of their transmission facilities and their transmission systems are currently under the RTO dispatch control of PJM. Transmission service is provided on a regionwide, open-access basis using the transmission facilities of the PJM members at rates based on the costs of transmission service.

RTOs like PJM engage in long-term regional planning to ensure the transparent evaluation of transmission facilities and to assist in determining how such projects should be designed and built to meet broader regional needs. Costs are typically recovered from customers who benefit from the upgrades or, for certain larger projects, costs may be shared across the PJM region. Shared costs are determined according to a formula approved by FERC, and the formula relies on a Solution-Based Distribution Factor (DFAX) methodology. PJM has historically used a de minimis threshold in its DFAX methodology that exempts zones from paying a portion of transmission costs if the zone's calculated use of the transmission facility is below 1%. Duke Energy Ohio has historically been below the de minimis threshold for certain transmission projects and, as such, was not allocated respective costs for those projects.

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From time to time, various parties have challenged cost allocations for specific RTO-area transmission projects, including PJM, at the FERC and other appellate courts. On March 6, 2026, FERC issued a ruling related to these cost challenges that is expected to impact the historical transmission cost allocations of PJM. Specifically, the FERC found that the de minimis threshold used in the DFAX cost allocation methodology is unjust, unreasonable and inconsistent with cost causation. Among other considerations, FERC noted that larger RTO zones typically have higher peak loads and the same DFAX usage value could place a smaller zone above the 1% de minimis threshold – which is based on peak load –resulting in a cost allocation to the smaller zone, while a larger zone with comparable usage would not receive a cost allocation. In conjunction with this ruling, PJM was ordered to file tariff revisions within 90 days, which update the DFAX cost allocation percentages in the tariff based on the elimination of the 1% de minimis threshold. Based on those updated cost allocation percentages, PJM will then need to recalculate costs and issue refunds/surcharges (with interest) going back to June 18, 2015. On April 6, 2026, Duke Energy Ohio, jointly with several other PJM transmission owners, filed for rehearing of the March 6, 2026 order. On May 12, 2026, Duke Energy Ohio, jointly with several of the PJM transmission owners, filed a petition for review of the March 6, 2026 order in the U.S. Court of Appeals for the District of Columbia Circuit. On June 4, 2026, PJM submitted a compliance filing to remove the de minimis threshold from the tariff prospectively, effective June 1, 2026.

Duke Energy Ohio is evaluating the potential impacts of this ruling, including any potential amounts owed to PJM, and required financial statement adjustments and is unable to reasonably estimate the ultimate financial statement impact.

Duke Energy Kentucky 2022 Electric Base Rate Case

In December 2022, Duke Energy Kentucky filed a base rate case with the KPSC driven by capital investments to strengthen the electricity generation and delivery systems along with adjusted depreciation rates for the East Bend and Woodsdale Combustion Turbine generation stations. Duke Energy Kentucky also requested approval for new programs and tariff updates, including a voluntary community-based renewable subscription program and two electric vehicle charging programs. The KPSC issued an order on October 12, 2023, including a $48 million increase in base revenues, an ROE of 9.75% for electric base rates and 9.65% for electric riders and an equity ratio of 52.145%. New rates went into effect October 13, 2023. Duke Energy Kentucky's request to adjust the depreciation rates of East Bend was denied and the KPSC ordered depreciation rates with a 2041 retirement date for the unit. The KPSC approved the request to align depreciation rates of Woodsdale CT with a 2040 retirement date and denied the voluntary community-based renewable subscription program and electric vehicle charging programs.

Revised rates were implemented in August 2024 after a rehearing request. On December 14, 2023, Duke Energy Kentucky filed an appeal with the Franklin County Circuit Court on certain matters for which the KPSC denied rehearing, specifically as it relates to the inclusion of decommissioning costs in depreciation rates for East Bend and Woodsdale. The case is fully briefed and Duke Energy Kentucky is awaiting the scheduling of oral arguments and the outcome of the appeal.

Duke Energy Indiana

Indiana Coal Ash Recovery

In Duke Energy Indiana’s 2019 rate case, the IURC opened a subdocket for post-2018 coal ash related expenditures. In April 2020, Duke Energy Indiana filed testimony in the coal ash subdocket requesting recovery for post-2018 coal ash basin closure costs associated with closure plans that were approved by the Indiana Department of Environmental Management (IDEM) at that time as well as continued deferral approval and carrying costs on the balance of such coal ash basin closure costs. On November 3, 2021, the IURC issued an order allowing recovery of the post-2018 coal ash basin closure costs, as well as continuing deferral, with carrying costs on the balance. The OUCC and the Duke Industrial Group appealed. The Indiana Court of Appeals issued its opinion on February 21, 2023, reversing the IURC's order to the extent that it allowed Duke Energy Indiana to recover federally mandated costs incurred prior to the IURC's November 3, 2021 order. In addition, the court found that any costs incurred pre-petition to determine federally mandated compliance options were not specifically authorized by the statute and should also be disallowed.

In 2023, Duke Energy Indiana filed its proposal to remove from rates certain costs incurred prior to the IURC's November 3, 2021 order date. On September 20, 2023, the IURC approved Duke Energy Indiana's proposal to remove the costs from its rates and assessed simple interest on the refunds at a rate of 4.71%, beginning from when the costs were initially recovered from customers. In the 2024 Indiana Rate Case, Duke Energy Indiana included a request to recover the pre-order costs denied by the Indiana Court of Appeals and certain future coal ash closure costs as part of depreciation costs. The IURC's January 29, 2025 order in the 2024 Indiana Rate Case denied recovery of the pre-order costs previously denied by the Indiana Court of Appeals but approved the recovery of certain future coal ash closure costs as part of depreciation costs.

In 2023, Duke Energy Indiana filed a petition under the amended version of the federal mandate statute for additional post-2018 coal ash closure costs for the remaining basins not included in the Indiana coal ash recovery case from 2020. On May 8, 2024, the IURC issued a CPCN and approved these coal ash related compliance projects as federally mandated compliance projects. In June 2024, the Citizens Action Coalition of Indiana (CAC) filed a notice of appeal of the IURC's order. On August 26, 2025, the Indiana Court of Appeals reversed the decision by the IURC concluding that the IURC incorrectly allowed Duke Energy Indiana to collect certain of those coal ash costs from customers. In October 2025, Duke Energy Indiana and the Indiana Office of Attorney General filed separate petitions requesting the Indiana Supreme Court to review the case. On January 26, 2026, the Indiana Supreme Court denied Duke Energy Indiana's and the Indiana Office of Attorney General's petitions. There were no material impacts on the results of operations, cash flows or financial position as a result of this ruling. On March 30, 2026, Duke Energy Indiana filed its Petition and Case-in-Chief for Environmental Cost Rider (ECR) 45, implementing changes directed by the Indiana Court of Appeals decision. Duke Energy Indiana anticipates the IURC will issue an ECR 45 order in the coming months.

2024 Indiana Rate Case

In April 2024, Duke Energy Indiana filed an application with the IURC for a rate increase for retail customers. The request for the rate increase was driven by $1.6 billion in investments made since the last general rate case filed in 2019 in order to reliably serve customers, improve resiliency of the system and advance energy solutions.

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FINANCIAL STATEMENTS REGULATORY MATTERS

In connection with this rate case, a $29 million increase in a regulatory liability associated with certain employee post-retirement benefits was recorded in December 2024. An order for the rate case was issued by the IURC on January 29, 2025, and revised February 3, 2025, which authorized an ROE of 9.75%, an equity ratio of 53% and an annual revenue increase of $296 million. Based on review of these orders, Duke Energy Indiana identified an inconsistency in the calculation of operating revenues before the effect of trackers. On February 7, 2025, Duke Energy Indiana made a compliance filing in accordance with the IURC's findings in its order and addressed the identified inconsistencies. The compliance filing also clarified the annual revenue increase was approximately $385 million. On February 18, 2025, one industrial customer submitted a filing requesting the IURC to clarify its revenue allocation in these proceedings, which was denied by the commission on April 16, 2025. On February 25, 2025, the IURC approved Duke Energy Indiana’s compliance filing and new rates were implemented February 27, 2025. The industrial customer filed a notice of appeal on February 28, 2025, regarding cost of service allocation. On April 9, 2025, the IURC issued an order clarifying the intent of its January 29, 2025 order regarding the rate migration adjustment, resulting in revised rates that were effective on May 19, 2025. On May 14, 2025, the industrial customer filed a motion to dismiss its appeal, and on May 20, 2025, the Indiana Court of Appeals granted the industrial customer's motion to dismiss.

On February 18, 2026, Duke Energy Indiana submitted a second compliance filing in accordance with the IURC’s findings in its order, and the IURC approved the compliance filing on February 25, 2026. On March 20, 2026, the Industrial Group and Indiana Office of Consumer Counselor (OUCC) filed an objection to the Company’s Step 2 compliance filing. On May 27, 2026, the presiding officers denied the objection. On June 4, 2026, the OUCC, the Industrial Group and other intervenors appealed this decision to all of the IURC commissioners.

Cayuga Combined Cycle CPCN

On February 13, 2025, Duke Energy Indiana filed for a CPCN seeking approval to construct two 1x1 CC natural gas-fired units with a combined winter rating of 1,476 MW. The Cayuga CC Project is being constructed on the same site as the retiring Cayuga coal-fired steam units with a winter rating of 1,005 MW. The Cayuga CC Project will result in an incremental 471 MW for the Duke Energy Indiana system and will allow Duke Energy Indiana to avoid expected maintenance and environmental compliance costs needed for the coal units to continue operating. The estimated cost of the Cayuga CC Project is approximately $3.3 billion, plus actual AFUDC. Duke Energy Indiana proposed recovery of certain facility costs during construction, including AFUDC, through CWIP ratemaking via a proposed Generation Cost Tracker (GCT). Duke Energy Indiana expects CC 1 to be placed in service in 2029 and CC 2 to be placed in service in 2030. A final air permit was issued by IDEM on March 5, 2025.

On June 17, 2025, Duke Energy Indiana entered into a settlement agreement with one of the parties in this proceeding to conduct a study evaluating the feasibility of third-party operation of the Cayuga coal units. On July 11, 2025, Duke Energy Indiana entered into a settlement agreement with an additional party in this proceeding agreeing to the need of the units and addressing accounting and ratemaking components. Neither agreement altered the underlying plans in the pending CPCN application. On October 29, 2025, the IURC issued its order approving the settlement agreements, granting the CPCN and approving cost recovery through the proposed GCT. On November 26, 2025, CAC filed a notice of appeal of the IURC's order. Duke Energy Indiana filed a petition to transfer the case to the Indiana Supreme Court. The petition was granted in April 2026, with oral arguments scheduled for September 2026.

In April 2026, Duke Energy Indiana's first GCT tariff factors to recover Cayuga CC CPCN-related costs were effective. These factors will remain in place for approximately six months or until superseded by IURC-approved factors in a subsequent filing. On May 15, 2026, Duke Energy Indiana filed its second GCT tariff for approval to recover Cayuga CC CPCN-related costs. These factors are expected to be effective in the first October 2026 billing cycle and will remain in place for approximately six months or until superseded by IURC-approved factors in a subsequent filing. The estimated average cumulative retail rate impact during construction and initial in-service periods from April 2026 through May 2031 is approximately 5.6%.

Piedmont

2026 South Carolina Rate Case

On April 1, 2026, Piedmont filed an application with the PSCSC for a rate increase for retail customers of approximately $16 million, which represents a 6.3% increase in retail revenues. Piedmont requested an ROE of 10.8% with an equity ratio of 55.09%. The rate increase is driven by significant infrastructure upgrade investments and higher cost of capital since the last general rate case. In its application, Piedmont expressed its intent to resume operating under the South Carolina Rate Stabilization Act prospectively after completion of the rate case. The evidentiary hearing is scheduled to commence on August 20, 2026, with a final decision on or before October 1, 2026. New rates are expected to become effective October 1, 2026.

5. COMMITMENTS AND CONTINGENCIES

ENVIRONMENTAL

The Duke Energy Registrants are subject to federal, state and local regulations regarding air and water quality, hazardous and solid waste disposal, coal ash and other environmental matters. These regulations can be changed from time to time, imposing new obligations on the Duke Energy Registrants. The following environmental matters impact all Duke Energy Registrants.

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FINANCIAL STATEMENTS COMMITMENTS AND CONTINGENCIES

Remediation Activities

In addition to Asset Retirement Obligations recorded as a result of various environmental regulations, the Duke Energy Registrants are responsible for environmental remediation at various sites. These include certain properties that are part of ongoing operations and sites formerly owned or used by Duke Energy entities. These sites are in various stages of investigation, remediation and monitoring. Managed in conjunction with relevant federal, state and local agencies, remediation activities vary based on site conditions and location, remediation requirements, complexity and sharing of responsibility. If remediation activities involve joint and several liability provisions, strict liability, or cost recovery or contribution actions, the Duke Energy Registrants could potentially be held responsible for environmental impacts caused by other potentially responsible parties and may also benefit from insurance policies or contractual indemnities that cover some or all cleanup costs. Liabilities are recorded when losses become probable and are reasonably estimable. The total costs that may be incurred cannot be estimated because the extent of environmental impact, allocation among potentially responsible parties, remediation alternatives and/or regulatory decisions have not yet been determined at all sites. Additional costs associated with remediation activities are likely to be incurred in the future and could be significant. Costs are typically expensed as Operation, maintenance and other on the Condensed Consolidated Statements of Operations unless regulatory recovery of the costs is deemed probable.

The following table contains information regarding reserves for probable and estimable costs related to the various environmental sites. These reserves are recorded in Accounts Payable within Other Current Liabilities and Other within Other Noncurrent Liabilities on the Condensed Consolidated Balance Sheets.

(in millions)			June 30, 2026						December 31, 2025
Reserves for Environmental Remediation
Duke Energy			$	95					$	72
Duke Energy Carolinas			32						36
Progress Energy			29						20
Duke Energy Progress			10						10
Duke Energy Florida			19						10
Duke Energy Ohio			29						12
Duke Energy Indiana			2						2
Piedmont			3						2

Additional losses in excess of recorded reserves that could be incurred for the stages of investigation, remediation and monitoring for environmental sites that have been evaluated at this time are not material.

LITIGATION

For open litigation, unless otherwise noted, Duke Energy and the Subsidiary Registrants cannot predict the outcome or ultimate resolution of their respective matters.

Duke Energy

NTE Carolinas II, LLC Litigation

In November 2017, Duke Energy Carolinas entered into a standard FERC large generator interconnection agreement (LGIA) with NTE Carolinas II, LLC (NTE), a company that proposed to build a combined-cycle natural gas plant in Rockingham County, North Carolina. In September 2019, Duke Energy Carolinas filed a lawsuit in Mecklenburg County Superior Court against NTE for breach of contract, alleging that NTE's failure to pay benchmark payments for Duke Energy Carolinas' transmission system upgrades required under the interconnection agreement constituted a termination of the interconnection agreement. Duke Energy Carolinas sought a monetary judgment against NTE because NTE failed to make multiple milestone payments. The lawsuit was moved to federal court in North Carolina. NTE filed a motion to dismiss Duke Energy Carolinas’ complaint and brought counterclaims alleging anti-competitive conduct and violations of state and federal statutes. Duke Energy Carolinas filed a motion to dismiss NTE's counterclaims. Both NTE's and Duke Energy Carolinas' motions to dismiss were subsequently denied by the court. In addition to Duke Energy Carolinas, NTE subsequently amended the complaint to include Duke Energy Progress and Duke Energy Corporation as defendants in the antitrust claims (collectively, the Defendants).

On May 21, 2020, in response to a NTE petition challenging Duke Energy Carolinas' termination of the LGIA, FERC issued a ruling that 1) it has exclusive jurisdiction to determine whether a transmission provider may terminate an LGIA; 2) FERC approval is required to terminate a conforming LGIA if objected to by the interconnection customer; and 3) Duke Energy may not announce the termination of a conforming LGIA unless FERC has approved the termination. FERC's Office of Enforcement also initiated an investigation of Duke Energy Carolinas into matters pertaining to the LGIA. In April 2023, Duke Energy Carolinas received notice from the FERC Office of Enforcement that they have closed their non-public investigation with no further action recommended.

Following completion of discovery, the Defendants filed a motion for summary judgment seeking a ruling in their favor as to some of its affirmative claims against NTE and to all of NTE’s counterclaims. On June 24, 2022, the court issued an order partially granting the Defendants' motion by dismissing NTE's counterclaims that Duke Energy Carolinas and Duke Energy Progress engaged in anti-competitive behavior in violation of state and federal statutes. In October 2022, the parties executed a settlement agreement with respect to the remaining breach of contract claims in the litigation and a Stipulation of Dismissal was filed with the court.

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FINANCIAL STATEMENTS COMMITMENTS AND CONTINGENCIES

In November 2022, NTE filed its Notice of Appeal to the U.S. Court of Appeals for the Fourth Circuit as to the district court's summary judgment ruling on NTE's antitrust and unfair competition claims. On August 5, 2024, the U.S. Court of Appeals for the Fourth Circuit reversed the district court's grant of summary judgment and remanded the case back to the district court for further proceedings. In August 2024, the Defendants filed a petition for rehearing, which was denied on November 26, 2024. On February 21, 2025, the Defendants filed a petition seeking review by the U.S. Supreme Court. On January 12, 2026, the U.S. Supreme Court denied the petition seeking review. In March 2026, the parties executed a settlement agreement resolving the entire case and a Stipulation of Dismissal was filed with the court. The amount of the settlement was not material in 2026. This matter is now fully resolved.

Mooresville Coal Ash Class Action Litigation

On December 20, 2024, 15 plaintiffs filed a lawsuit in Iredell County, North Carolina, against Duke Energy (Parent), Duke Energy Carolinas and Duke Energy Progress (collectively “Duke Energy”) on behalf of a putative class related to alleged past and ongoing environmental contamination in the Mooresville, North Carolina, area. The lawsuit alleges that Duke Energy disposed of and sold coal ash for use as structural fill, resulting in contamination of soil, groundwater and Lake Norman. The plaintiffs further allege that Duke Energy failed to adequately remediate the contamination, continues to pollute and has negatively impacted property values. The plaintiffs seek unspecified compensatory and punitive damages, injunctive relief to prevent further contamination, remediation of contaminated areas and recovery of attorneys' fees and costs.

On July 28, 2025, the plaintiffs filed an amended complaint, which asserts claims for negligence, negligence per se, gross negligence, private nuisance, strict liability for ultra-hazardous activities and trespass. On September 11, 2025, Duke Energy filed its answer to the plaintiffs' amended complaint and a motion for judgment on the pleadings. Following a hearing on December 29, 2025, the court entered an interim order dismissing the plaintiffs' strict liability claim. On February 4, 2026, the court denied the remainder of Duke Energy's motion for judgment on the pleadings. A scheduling order has been entered in this matter, and the parties are evaluating the possibility of an early mediation.

Nuclear Compensation Class Action Litigation

On July 11, 2025, plaintiffs Leo Dorrell and John Dunn filed a putative class action lawsuit in the U.S. District Court for the District of Maryland against all U.S. commercial nuclear power operators, including Duke Energy Corporation (Parent) and Progress Energy. The plaintiffs allege that the nuclear power industry engaged in a conspiracy to suppress compensation by exchanging salary information since 2003, in violation of Section 1 of the Sherman Act. The lawsuit seeks unspecified monetary damages, including treble damages, on behalf of current and former employees in the nuclear power industry, as well as injunctive relief.

On October 15, 2025, all defendants jointly filed an omnibus motion to dismiss all claims in the complaint and Duke Energy also joined a motion filed by several defendants to dismiss for lack of personal jurisdiction. On November 5, 2025, the plaintiffs filed an amended complaint adding Duke Energy Carolinas and Duke Energy Business Services as defendants and including more factual allegations to support their complaint. Although not named as a defendant, Duke Energy Progress is accused of having participated in the alleged conspiracy. In response to the amended complaint, defendants filed an omnibus motion to dismiss on December 19, 2025. The court held oral argument on May 13, 2026, and no ruling has been issued to date.

Duke Energy Carolinas

Asbestos-related Injuries and Damages Claims

Duke Energy Carolinas has experienced numerous claims for indemnification and medical cost reimbursement related to asbestos exposure. These claims relate to damages for bodily injuries alleged to have arisen from exposure to or use of asbestos in connection with construction and maintenance activities conducted on its electric generation plants prior to 1985.

Duke Energy Carolinas has recognized asbestos-related reserves of $377 million at June 30, 2026, and $395 million at December 31, 2025. These reserves are classified in Other within Other Noncurrent Liabilities and Other within Current Liabilities on the Condensed Consolidated Balance Sheets. These reserves are based on Duke Energy Carolinas' best estimate for current and future asbestos claims through 2045 and are recorded on an undiscounted basis. In light of the uncertainties inherent in a longer-term forecast, management does not believe they can reasonably estimate the indemnity and medical costs that might be incurred after 2045 related to such potential claims. It is possible Duke Energy Carolinas may incur asbestos liabilities in excess of the recorded reserves.

Duke Energy Carolinas has third-party insurance to cover certain losses related to asbestos-related injuries and damages above an aggregate self-insured retention. Receivables for insurance recoveries were $556 million at June 30, 2026, and $555 million at December 31, 2025. These amounts are classified in Other within Other Noncurrent Assets and Receivables within Current Assets on the Condensed Consolidated Balance Sheets. Any future payments up to the policy limit will be reimbursed by the third-party insurance carrier. Duke Energy Carolinas is not aware of any uncertainties regarding the legal sufficiency of insurance claims. Duke Energy Carolinas believes the insurance recovery asset is probable of recovery as the insurance carrier continues to have a strong financial strength rating.

The reserve for credit losses for insurance receivables for the asbestos-related injuries and damages is $9 million as of June 30, 2026, and December 31, 2025, for both Duke Energy and Duke Energy Carolinas. The insurance receivable is evaluated based on the risk of default and the historical losses, current conditions and expected conditions around collectability. Management evaluates the risk of default annually based on payment history, credit rating and changes in the risk of default from credit agencies.

Other Litigation and Legal Proceedings

The Duke Energy Registrants are involved in other legal, tax and regulatory proceedings arising in the ordinary course of business, some of which involve significant amounts. The Duke Energy Registrants believe the final disposition of these proceedings will not have a material effect on their results of operations, cash flows or financial position. Reserves are classified on the Condensed Consolidated Balance Sheets in Other within Other Noncurrent Liabilities and Other within Current Liabilities.

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FINANCIAL STATEMENTS COMMITMENTS AND CONTINGENCIES

OTHER COMMITMENTS AND CONTINGENCIES

General

As part of their normal business, the Duke Energy Registrants are party to various financial guarantees, performance guarantees and other contractual commitments to extend guarantees of credit and other assistance to various subsidiaries, investees and other third parties. These guarantees involve elements of performance and credit risk, which are not fully recognized on the Condensed Consolidated Balance Sheets and have uncapped maximum potential payments. However, the Duke Energy Registrants do not believe these guarantees will have a material effect on their results of operations, cash flows or financial position.

In addition, the Duke Energy Registrants enter into various fixed-price, non-cancelable commitments to purchase or sell power or natural gas, take-or-pay arrangements, transportation, or throughput agreements and other contracts that may or may not be recognized on their respective Condensed Consolidated Balance Sheets. Some of these arrangements may be recognized at fair value on their respective Condensed Consolidated Balance Sheets if such contracts meet the definition of a derivative and the NPNS exception does not apply. In most cases, the Duke Energy Registrants’ purchase obligation contracts contain provisions for price adjustments, minimum purchase levels and other financial commitments.

6. DEBT AND CREDIT FACILITIES

SUMMARY OF SIGNIFICANT DEBT ISSUANCES

The following table summarizes significant debt issuances (in millions).

															Six Months Ended June 30, 2026
																					Duke						Duke												Duke												Duke
			Maturity						Interest						Duke						Energy						Energy												Energy												Energy
Issuance Date			Date						Rate						Energy						(Parent)						Carolinas												Florida												Indiana
Unsecured Debt
March 2026(a)			March 2029						3.000		%				1,500						1,500						—												—												—
First Mortgage Bonds
March 2026(b)			March 2036						4.950		%				500						—						—												—												500
March 2026(c)			April 2076						3.300		%				275						—						—												275												—
June 2026(d)			June 2031						4.650		%				400						—						400												—												—
June 2026(d)			June 2036						5.150		%				1,000						—						1,000												—												—
June 2026(d)			June 2056						5.750		%				1,000						—						1,000												—												—
Total issuances															$	4,675					$	1,500					$	2,400											$	275											$	500

(a)See "Duke Energy (Parent) Convertible Senior Notes" below for additional information.

(b)Proceeds were used to pay down short-term debt and for general company purposes.

(c)Floating interest rate debt. Proceeds were used to pay down short-term debt and for general company purposes.

(d)Proceeds were used to repay $500 million of Duke Energy Carolinas' 364-day term loan facility, pay down short-term debt and for general company purposes and are expected to be used to repay $600 million of maturities due December 2026.

In June 2026, Duke Energy Kentucky priced an aggregate principal amount of $100 million senior unsecured debentures through a private placement offering. The debentures are expected to be issued on September 9, 2026, and will consist of two tranches, $50 million with a coupon of 5.79% maturing September 2033 and $50 million with a coupon of 6.13% maturing September 2038. Proceeds are expected to be used to pay down short-term debt and for general corporate purposes.

Duke Energy (Parent) Convertible Senior Notes

On April 15, 2026, Duke Energy (Parent) settled all of its outstanding 4.125% Convertible Senior Notes due April 2026 (the “Notes due 2026”) upon conversion. In accordance with the terms of the indenture and at the Company's election, Duke Energy paid approximately $1.7 billion in cash equal to the aggregate principal amount of the Notes due 2026 and issued 1.4 million shares of its common stock to settle the conversion premium, as the conversion value exceeded the principal amount of the Notes due 2026.

In March 2026, Duke Energy (Parent) completed the sale of $1.5 billion 3.000% Convertible Senior Notes due March 2029 (convertible notes). The convertible notes are senior unsecured obligations of Duke Energy, and will mature on March 15, 2029, unless earlier converted or repurchased in accordance with their terms. The convertible notes bear interest at a fixed rate of 3.000% per year, payable semiannually in arrears on March 15 and September 15 of each year, beginning on September 15, 2026. Proceeds were used to repay a portion of $1.7 billion of outstanding convertible senior notes due April 2026 and for general corporate purposes.

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FINANCIAL STATEMENTS DEBT AND CREDIT FACILITIES

Prior to the close of business on the business day immediately preceding December 15, 2028, the convertible notes will be convertible at the option of the holders when the following conditions are met:

•during any calendar quarter commencing after the calendar quarter ending on June 30, 2026 (and only during such calendar quarter), if the last reported sale price of Duke Energy common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day;

•during the five consecutive business day period after any 10 consecutive trading day period (the measurement period) in which the trading price, as defined, per $1,000 principal amount of notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of Duke Energy common stock and the conversion rate on each such trading day; or

•upon the occurrence of specified corporate events described in the indenture agreement.

On or after December 15, 2028, until the close of business on the second scheduled trading day immediately preceding the maturity date, holders of the convertible notes may convert all or any portion of their convertible notes at their option at any time at the conversion rate then in effect, irrespective of these conditions. Duke Energy will settle conversions of the convertible notes by paying cash up to the aggregate principal amount of the convertible notes to be converted and paying or delivering, as the case may be, cash, shares of Duke Energy's common stock, $0.001 par value per share, or a combination of cash and shares of its common stock, at its election, in respect of the remainder, if any, of its conversion obligation in excess of the aggregate principal amount of the convertible notes being converted.

The conversion rate for the convertible notes is initially 6.2277 shares of Duke Energy's common stock per $1,000 principal amount of convertible notes. The initial conversion price of the convertible notes represents a premium of approximately 22.5% over the last reported sale price of Duke Energy’s common stock on the NYSE on March 9, 2026. The conversion rate and the corresponding conversion price will not be adjusted for any accrued and unpaid interest but will be subject to adjustment in some instances, such as stock splits or share combinations, certain distributions to common stockholders, or tender offers at off-market rates. The changes in the conversion rates are intended to make convertible note holders whole for changes in the fair value of Duke Energy common stock resulting from such events. Duke Energy may not redeem the convertible notes prior to the maturity date.

Duke Energy issued the convertible notes pursuant to an indenture, dated as of March 12, 2026, by and between Duke Energy and The Bank of New York Mellon Trust Company, N.A., as trustee. The terms of the convertible notes include customary fundamental change provisions that require repayment of the notes with interest upon certain events, such as a stockholder-approved plan of liquidation or if Duke Energy's common stock ceases to be listed on the NYSE.

CURRENT MATURITIES OF LONG-TERM DEBT

The following table shows the significant components of Current maturities of long-term debt on the Condensed Consolidated Balance Sheets. The Duke Energy Registrants currently anticipate satisfying these obligations with cash on hand and proceeds from additional borrowings.

(in millions)			Maturity Date						Interest Rate						June 30, 2026
Unsecured Debt
Duke Energy (Parent)			September 2026						2.650		%				1,500
Duke Energy (Parent)			January 2027						4.850		%				600
Duke Energy (Parent)(c)			September 2030						4.000		%				168
Duke Energy (Parent)(c)			November 2039						4.250		%				234
Duke Energy Carolinas Term Loan Facility(a)			March 2027						4.475		%				1,000
Duke Energy Progress Term Loan Facility(a)			March 2027						4.475		%				300
First Mortgage Bonds
Duke Energy Carolinas			December 2026						2.950		%				600
Duke Energy Florida			January 2027						3.200		%				650
Duke Energy Progress			March 2027						4.350		%				500
Duke Energy Florida(a)(b)			October 2073						3.318		%				200
Duke Energy Florida(a)(b)			April 2074						3.318		%				173
Duke Energy Florida(a)(b)			April 2076						3.300		%				275
Duke Energy Progress(c)			October 2046						3.300		%				200
Other(d)															266
Current maturities of long-term debt															$	6,666

(a)Floating interest rate debt.

(b)These first mortgage bonds are classified as Current maturities of long-term debt on the Condensed Consolidated Balance Sheets based on terms of the indentures, which could require repayment in less than 12 months if exercised by the bondholders.

(c)These tax-exempt bonds are classified as Current maturities of long-term debt on the Consolidated Balance Sheets as of June 30, 2026, due to mandatory put options expiring within 12 months. Duke Energy (Parent) and Duke Energy Progress anticipate remarketing the bonds and the securities are expected to be reclassified to Long-Term Debt once successfully remarketed.

(d)Includes finance lease obligations, amortizing debt, tax-exempt bonds with mandatory put options and small bullet maturities.

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FINANCIAL STATEMENTS DEBT AND CREDIT FACILITIES

AVAILABLE CREDIT FACILITIES

Master Credit Facility

In March 2026, Duke Energy extended the termination date of its existing $10 billion Master Credit Facility to March 2031. The Duke Energy Registrants, excluding Progress Energy, have borrowing capacity under the Master Credit Facility up to a specified sublimit for each borrower. Duke Energy has the unilateral ability at any time to increase or decrease the borrowing sublimits of each borrower, subject to a maximum sublimit for each borrower. The amount available under the Master Credit Facility has been reduced to backstop issuances of commercial paper, certain letters of credit and variable-rate demand tax-exempt bonds that may be put to the Duke Energy Registrants at the option of the holder.

The table below includes the current borrowing sublimits and available capacity under these credit facilities.

			June 30, 2026
									Duke						Duke						Duke						Duke						Duke						Duke
			Duke						Energy						Energy						Energy						Energy						Energy						Energy
(in millions)			Energy						(Parent)						Carolinas						Progress						Florida						Ohio						Indiana						Piedmont
Facility size(a)			$	10,000					$	3,150					$	1,650					$	1,775					$	800					$	1,075					$	750					$	800
Reduction to backstop issuances
Commercial paper(b)			(1,900)						(1,060)						(300)						(279)						(31)						(36)						(150)						(44)
Outstanding letters of credit			(7)						(2)						(4)						(1)						—						—						—						—
Tax-exempt bonds			(81)						—						—						—						—						—						(81)						—
Available capacity under the Master Credit Facility			$	8,012					$	2,088					$	1,346					$	1,495					$	769					$	1,039					$	519					$	756

(a)Represents the sublimit of each borrower.

(b)Duke Energy issued $625 million of commercial paper and loaned the proceeds through the money pool to Duke Energy Carolinas, Duke Energy Progress, Duke Energy Ohio and Duke Energy Indiana. The balances are classified as Long-Term Debt Payable to Affiliated Companies on the Condensed Consolidated Balance Sheets.

Term Loan Facilities

Duke Energy (Parent)

In September 2025, Duke Energy (Parent) entered into a 364-day term loan facility with commitments totaling $2 billion. As of December 31, 2025, $2.0 billion was drawn under the term loan facility, which was classified as Current maturities of long-term debt on the Condensed Consolidated Balance Sheets. Borrowings were used to pay down short-term debt and for general corporate purposes. In March 2026, Duke Energy (Parent) repaid the term loan facility.

Duke Energy Carolinas and Duke Energy Progress

In March 2026, Duke Energy Carolinas and Duke Energy Progress entered into 364-day term loan facilities with commitments totaling $1.5 billion and $300 million, respectively. During the second quarter of 2026, Duke Energy Carolinas repaid $500 million of borrowings under its facility. As of June 30, 2026, outstanding borrowings of $1 billion and $300 million under the Duke Energy Carolinas and Duke Energy Progress term loan facilities, respectively, were classified as Current maturities of long-term debt on the Condensed Consolidated Balance Sheets. The borrowings were used primarily to fund incurred fuel and storm costs, to pay down short-term debt and for general company purposes.

Piedmont

In August 2025, Piedmont entered into a 364-day term loan facility with commitments totaling $450 million. In September 2025, $450 million was drawn under the term loan facility, which was classified as Current maturities of long-term debt on the Condensed Consolidated Balance Sheets as of December 31, 2025. Proceeds were used to repay $150 million of maturities due September 2025, to pay down short-term debt and for general corporate purposes. In March 2026, Piedmont repaid the term loan facility.

7. GOODWILL

Duke Energy

Duke Energy's Goodwill balance of $19.0 billion is allocated $17.4 billion to EU&I and $1.6 billion to GU&I on Duke Energy's Condensed Consolidated Balance Sheets at June 30, 2026, and December 31, 2025. There are no accumulated impairment charges.

On July 27, 2025, Piedmont entered into a purchase agreement for the sale of Piedmont's Tennessee business. In the third quarter of 2025, $294 million of Duke Energy’s Goodwill balance that was allocated to the Piedmont Tennessee Disposal Group was reclassified to noncurrent assets held for sale on Duke Energy's Condensed Consolidated Balance Sheets. Piedmont closed on the sale on March 31, 2026. See Note 2 for additional information.

Duke Energy Ohio

Duke Energy Ohio's Goodwill balance of $920 million, allocated $596 million to EU&I and $324 million to GU&I, is presented net of accumulated impairment charges of $216 million on the Condensed Consolidated Balance Sheets at June 30, 2026, and December 31, 2025.

Progress Energy

Progress Energy's Goodwill is included in the EU&I segment and there are no accumulated impairment charges.

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FINANCIAL STATEMENTS GOODWILL

Piedmont

Piedmont's Goodwill is included in the GU&I segment and there are no accumulated impairment charges.

On July 27, 2025, Piedmont entered into a purchase agreement for the sale of Piedmont's Tennessee business. In the third quarter of 2025, $10 million of Piedmont’s Goodwill balance that was allocated to the Piedmont Tennessee Disposal Group was reclassified to noncurrent assets held for sale on Piedmont's Condensed Consolidated Balance Sheets. Piedmont closed on the sale on March 31, 2026. See Note 2 for additional information.

8. RELATED PARTY TRANSACTIONS

The Subsidiary Registrants engage in related party transactions in accordance with applicable state and federal commission regulations. Refer to the Condensed Consolidated Balance Sheets of the Subsidiary Registrants for balances due to or due from related parties. Transactions with related parties included on the Condensed Consolidated Statements of Operations and Comprehensive Income are presented in the following table.

			Three Months Ended June 30,												Six Months Ended June 30,
(in millions)			2026						2025						2026						2025
Duke Energy Carolinas
Corporate governance and shared service expenses(a)			$	152					$	157					$	327					$	335
Indemnification coverages(b)			13						14						25						27
JDA revenue(c)			16						8						195						90
JDA expense(c)			72						71						238						187
Intercompany natural gas purchases(d)			2						2						4						4
Progress Energy
Corporate governance and shared service expenses(a)			$	166					$	141					$	325					$	291
Indemnification coverages(b)			19						16						38						32
JDA revenue(c)			72						71						238						187
JDA expense(c)			16						8						195						90
Intercompany natural gas purchases(d)			17						19						36						38
Duke Energy Progress
Corporate governance and shared service expenses(a)			$	102					$	81					$	194					$	167
Indemnification coverages(b)			8						6						16						13
JDA revenue(c)			72						71						238						187
JDA expense(c)			16						8						195						90
Intercompany natural gas purchases(d)			17						19						36						38
Duke Energy Florida
Corporate governance and shared service expenses(a)			$	64					$	60					$	131					$	124
Indemnification coverages(b)			11						10						22						19
Duke Energy Ohio
Corporate governance and shared service expenses(a)			$	70					$	70					$	141					$	134
Indemnification coverages(b)			2						2						3						3
Duke Energy Indiana
Corporate governance and shared service expenses(a)			$	83					$	73					$	174					$	144
Indemnification coverages(b)			3						3						6						5
Piedmont
Corporate governance and shared service expenses(a)			$	31					$	36					$	63					$	67
Indemnification coverages(b)			2						2						3						3
Intercompany natural gas sales(d)			19						21						40						42
Natural gas storage and transportation costs(e)			6						5						11						11

(a)The Subsidiary Registrants are charged their proportionate share of corporate governance and other shared services costs, primarily related to human resources, employee benefits, information technology, legal and accounting fees, as well as other third-party costs. These amounts are primarily recorded in Operation, maintenance and other and Impairment of assets and other charges on the Condensed Consolidated Statements of Operations and Comprehensive Income.

(b)The Subsidiary Registrants incur expenses related to certain indemnification coverages through Bison, Duke Energy’s wholly owned captive insurance subsidiary. These expenses are recorded in Operation, maintenance and other on the Condensed Consolidated Statements of Operations and Comprehensive Income.

(c)Duke Energy Carolinas and Duke Energy Progress participate in a JDA, which allows the collective dispatch of power plants between the service territories to reduce customer rates. Revenues from the sale of power and expenses from the purchase of power pursuant to the JDA are recorded in Operating Revenues and Fuel used in electric generation and purchased power, respectively, on the Condensed Consolidated Statements of Operations and Comprehensive Income.

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FINANCIAL STATEMENTS RELATED PARTY TRANSACTIONS

(d)Piedmont provides long-term natural gas delivery service to certain Duke Energy Carolinas and Duke Energy Progress natural gas-fired generation facilities. Piedmont records the sales in Operating Revenues, and Duke Energy Carolinas and Duke Energy Progress record the related purchases as a component of Fuel used in electric generation and purchased power on their respective Condensed Consolidated Statements of Operations and Comprehensive Income.

(e)Piedmont has related party transactions as a customer of its equity method investments in Pine Needle LNG Company, LLC, Hardy Storage Company, LLC and Cardinal Pipeline Company, LLC natural gas storage and transportation facilities. These expenses are included in Cost of natural gas on Piedmont's Condensed Consolidated Statements of Operations and Comprehensive Income.

In addition to the amounts presented above, the Subsidiary Registrants have other affiliate transactions, including rental of office space, participation in a money pool arrangement, other operational transactions and their proportionate share of certain charged expenses. These transactions of the Subsidiary Registrants are incurred in the ordinary course of business and are eliminated in consolidation.

Intercompany Income Taxes

Duke Energy and the Subsidiary Registrants file a consolidated federal income tax return and other state and jurisdictional returns. The Subsidiary Registrants have a tax sharing agreement with Duke Energy for the allocation of consolidated tax liabilities and benefits. Income taxes recorded represent amounts the Subsidiary Registrants would incur as separate C-Corporations. The following table includes the balance of intercompany income tax receivables and payables for the Subsidiary Registrants.

			Duke						Duke			Duke			Duke			Duke
			Energy			Progress			Energy			Energy			Energy			Energy
(in millions)			Carolinas			Energy			Progress			Florida			Ohio			Indiana			Piedmont
June 30, 2026
Intercompany income tax receivable			$	—		$	—		$	15		$	—		$	—		$	—		$	—
Intercompany income tax payable			24			76			—			81			21			38			21
December 31, 2025
Intercompany income tax payable			$	81		$	72		$	77		$	12		$	10		$	39		$	59

9. DERIVATIVES AND HEDGING

The Duke Energy Registrants use commodity, interest rate and foreign currency contracts to manage commodity price risk, interest rate risk and foreign currency exchange rate risk. The primary use of commodity derivatives is to hedge the generation portfolio against changes in the prices of electricity and natural gas. Piedmont enters into natural gas supply contracts to provide diversification, reliability and natural gas cost benefits to its customers. Interest rate derivatives are used to manage interest rate risk associated with borrowings. Foreign currency derivatives are used to manage risk related to foreign currency exchange rates on certain issuances of debt.

All derivative instruments not identified as NPNS are recorded at fair value as assets or liabilities on the Condensed Consolidated Balance Sheets. Cash collateral related to derivative instruments executed under master netting arrangements is offset against the collateralized derivatives on the Condensed Consolidated Balance Sheets. The cash impacts of settled derivatives are recorded as operating activities on the Condensed Consolidated Statements of Cash Flows.

INTEREST RATE RISK

The Duke Energy Registrants are exposed to changes in interest rates as a result of their issuance or anticipated issuance of variable-rate and fixed-rate debt and commercial paper. Interest rate risk is managed by limiting variable-rate exposures to a percentage of total debt and by monitoring changes in interest rates. To manage risk associated with changes in interest rates, the Duke Energy Registrants may enter into interest rate swaps, U.S. Treasury lock agreements and other financial contracts. In anticipation of certain fixed-rate debt issuances, a series of forward-starting interest rate swaps or Treasury locks may be executed to lock in components of current market interest rates. These instruments are later terminated prior to or upon the issuance of the corresponding debt.

Cash Flow Hedges

For a derivative designated as hedging the exposure to variable cash flows of a future transaction, referred to as a cash flow hedge, the effective portion of the derivative's gain or loss is initially reported as a component of other comprehensive income and subsequently reclassified into earnings once the future transaction impacts earnings. Amounts for interest rate contracts are reclassified to earnings as interest expense over the term of the related debt. Gains and losses reclassified out of accumulated other comprehensive income (loss) for the three and six months ended June 30, 2026, and 2025, were not material. Duke Energy's interest rate derivatives designated as hedges include forward-starting interest rate swaps not accounted for under regulatory accounting.

Undesignated Contracts

Undesignated contracts primarily include contracts not designated as a hedge because they are accounted for under regulatory accounting or contracts that do not qualify for hedge accounting.

Duke Energy’s interest rate swaps for its regulated operations employ regulatory accounting. With regulatory accounting, the mark-to-market gains or losses on the swaps are deferred as regulatory liabilities or regulatory assets, respectively. Regulatory assets and liabilities are amortized consistent with the treatment of the related costs in the ratemaking process. The accrual of interest on the swaps is recorded as Interest Expense on the Duke Energy Registrant's Condensed Consolidated Statements of Operations and Comprehensive Income.

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FINANCIAL STATEMENTS DERIVATIVES AND HEDGING

The following tables show notional amounts of outstanding derivatives related to interest rate risk.

			June 30, 2026
									Duke												Duke						Duke						Duke						Duke
			Duke						Energy						Progress						Energy						Energy						Energy						Energy
(in millions)			Energy						Carolinas						Energy						Progress						Florida						Indiana						Ohio
Cash flow hedges			$	2,025					$	—					$	—					$	—					$	—					$	—					$	—
Undesignated contracts			5,327						2,850						2,075						650						1,425						375						27
Total notional amount			$	7,352					$	2,850					$	2,075					$	650					$	1,425					$	375					$	27

			December 31, 2025
									Duke												Duke						Duke						Duke						Duke
			Duke						Energy						Progress						Energy						Energy						Energy						Energy
(in millions)			Energy						Carolinas						Energy						Progress						Florida						Indiana						Ohio
Cash flow hedges			$	1,725					$	—					$	—					$	—					$	—					$	—					$	—
Undesignated contracts			3,852						2,175						1,325						650						675						325						27
Total notional amount			$	5,577					$	2,175					$	1,325					$	650					$	675					$	325					$	27

COMMODITY PRICE RISK

The Duke Energy Registrants are exposed to the impact of changes in the prices of electricity purchased and sold in bulk power markets and natural gas purchases, including Piedmont's natural gas supply contracts. Exposure to commodity price risk is influenced by a number of factors, including the term of contracts, the liquidity of markets and delivery locations. To manage risk associated with commodity prices, the Duke Energy Registrants may enter into long-term power purchase or sales contracts and long-term natural gas supply agreements.

Cash Flow Hedges

For derivatives designated as hedging the exposure to variable cash flows of a future transaction, referred to as a cash flow hedge, the derivative's gain or loss is initially reported as a component of other comprehensive income and subsequently reclassified into earnings once the future transaction impacts earnings. Gains and losses reclassified out of accumulated other comprehensive income (loss) for the three and six months ended June 30, 2026, and 2025, were not material. Duke Energy’s commodity derivatives designated as hedges include fixed-price energy futures at Duke Energy Ohio.

Undesignated Contracts

For the Subsidiary Registrants, bulk power electricity and natural gas purchases flow through fuel adjustment clauses, formula-based contracts or other cost-sharing mechanisms. Differences between the costs included in rates and the incurred costs, including undesignated derivative contracts, are largely deferred as regulatory assets or regulatory liabilities. Piedmont policies allow for the use of financial instruments to hedge commodity price risks. The strategy and objective of these hedging programs are to use the financial instruments to reduce natural gas cost volatility for customers.

Volumes

The tables below include volumes of outstanding commodity derivatives. Amounts disclosed represent the absolute value of notional volumes of commodity contracts excluding NPNS. The Duke Energy Registrants have netted contractual amounts where offsetting purchase and sale contracts exist with identical delivery locations and times of delivery. Where all commodity positions are perfectly offset, no quantities are shown.

			June 30, 2026
									Duke												Duke												Duke						Duke
			Duke						Energy						Progress						Energy												Energy						Energy
			Energy						Carolinas						Energy						Progress												Ohio						Indiana						Piedmont
Electricity (GWh)			28,842						—						—						—												3,768						25,074						—
Natural gas (millions of dekatherms)			792						304						285						285												—						33						170

			December 31, 2025
									Duke												Duke												Duke						Duke
			Duke						Energy						Progress						Energy												Energy						Energy
			Energy						Carolinas						Energy						Progress												Ohio						Indiana						Piedmont
Electricity (GWh)			10,615						—						—						—												1,349						9,266						—
Natural gas (millions of dekatherms)			814						307						286						286												—						33						188

FOREIGN CURRENCY RISK

Duke Energy may enter into foreign currency derivatives to hedge exposure to changes in foreign currency exchange rates, such as that arising from the issuance of debt denominated in a currency other than U.S. dollars.

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FINANCIAL STATEMENTS DERIVATIVES AND HEDGING

Fair Value Hedges

Derivatives related to existing fixed-rate securities are accounted for as fair value hedges, where the derivatives’ fair value gains or losses and hedged items’ fair value gains or losses are both recorded directly to earnings on the same income statement line item, including foreign currency gains or losses arising from changes in the U.S. currency exchange rates. Duke Energy has elected to exclude the cross-currency basis spread from the assessment of effectiveness in the fair value hedges of its foreign currency risk and record any difference between the change in the fair value of the excluded components and the amounts recognized in earnings as a component of other comprehensive income or loss.

The following table shows Duke Energy's outstanding derivatives related to foreign currency risk at June 30, 2026.

																					Fair Value Gain (Loss)(a)
																					(in millions)
			Pay Notional						Receive Notional						Receive			Hedge			Three Months Ended June 30,									Six Months Ended June 30,
			(in millions)			Pay Rate			(in millions)						Rate			Maturity Date			2026			2025						2026			2025
Fair value hedges
			$	645		4.75		%	600			euros			3.10		%	June 2028			$	(7)		$	58					$	(19)		$	86
			537			5.31		%	500			euros			3.85		%	June 2034			(6)			49						(16)			72
			815			5.65		%	750			euros			3.75		%	April 2031			(10)			73						(24)			108
Total notional amount			$	1,997					1,850			euros									$	(23)		$	180					$	(59)		$	266

(a)    Amounts are recorded in Other Income and expenses, net on the Condensed Consolidated Statement of Operations, which offsets an equal translation adjustment of the foreign denominated debt. See the Condensed Consolidated Statements of Comprehensive Income for amounts excluded from the assessment of effectiveness for which the difference between changes in fair value and periodic amortization is recorded.

LOCATION AND FAIR VALUE OF DERIVATIVE ASSETS AND LIABILITIES RECOGNIZED ON THE CONDENSED CONSOLIDATED BALANCE SHEETS

The following tables show the fair value and balance sheet location of derivative instruments. Although derivatives subject to master netting arrangements are netted on the Condensed Consolidated Balance Sheets, the fair values presented below are shown gross and cash collateral on the derivatives have not been netted against the fair values shown.

Derivative Assets						June 30, 2026
												Duke												Duke						Duke						Duke						Duke
						Duke						Energy						Progress						Energy						Energy						Energy						Energy
(in millions)						Energy						Carolinas						Energy						Progress						Florida						Ohio						Indiana						Piedmont
Commodity Contracts
Not Designated as Hedging Instruments
Current						$	49					$	2					$	4					$	4					$	—					$	5					$	38					$	1
Noncurrent						12						4						7						7						—						—						—						—
Total Derivative Assets – Commodity Contracts						$	61					$	6					$	11					$	11					$	—					$	5					$	38					$	1
Interest Rate Contracts
Designated as Hedging Instruments
Current						$	36					$	—					$	—					$	—					$	—					$	—					$	—					$	—
Noncurrent						24						—						—						—						—						—						—						—
Not Designated as Hedging Instruments
Current						38						—						38						33						5						—						—						—
Noncurrent						88						62						23						—						23						—						3						—
Total Derivative Assets – Interest Rate Contracts						$	186					$	62					$	61					$	33					$	28					$	—					$	3					$	—
Foreign Currency Contracts
Designated as Hedging Instruments
Noncurrent						136						—						—						—						—						—						—						—
Total Derivative Assets – Foreign Currency Contracts						$	136					$	—					$	—					$	—					$	—					$	—					$	—					$	—
Total Derivative Assets						$	383					$	68					$	72					$	44					$	28					$	5					$	41					$	1

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FINANCIAL STATEMENTS DERIVATIVES AND HEDGING

Derivative Liabilities						June 30, 2026
												Duke												Duke						Duke						Duke						Duke
						Duke						Energy						Progress						Energy						Energy						Energy						Energy
(in millions)						Energy						Carolinas						Energy						Progress						Florida						Ohio						Indiana						Piedmont
Commodity Contracts
Designated as Hedging Instruments
Current						$	1					$	—					$	—					$	—					$	—					$	1					$	—					—
Not Designated as Hedging Instruments
Current						$	148					$	72					$	49					$	49					$	—