Financial Strength

Credit Ratings Summary

NextEra Energy remains focused on maintaining its strong credit ratings.

	S&P	Moody's	Fitch
NextEra Energy
Corporate credit rating	A-	Baa1	A-
Outlook	Stable	Stable	Stable
Florida Power & Light
Corporate credit rating	A	A1	A
First mortgage bonds	A+	Aa2	AA-
Senior unsecured	A	A1	A+
Tax-exempt bonds⁽¹⁾	A-1	VMIG-1/P-1	F1
Commercial paper	A-1	P-1	F1
Outlook	Stable	Stable	Stable
Capital Holdings
Corporate credit rating	A-	Baa1	A-
Debentures	BBB+	Baa1	A-
Junior subordinated debentures (hybrids)	BBB	Baa2	BBB
Commercial paper	A-2	P-2	F2
Outlook	Stable	Stable	Stable

1) Although FPL’s outstanding tax-exempt bonds have long-dated maturities, the corresponding interest rates are variable and generally reset on a daily basis. As such, FPL’s short-term rating is applicable for these tax-exempt bonds. At FPL's election, a portion or all of the bonds may be adjusted to a long-term interest rate, at which time FPL’s long-term rating would be applicable.

“Credit quality is our first focus when developing NextEra’s financing plan. We match high-quality, regulated, and long-term contracted cash flows with financial discipline to drive superior ratings. NextEra Energy has the #1 ranking amongst S&P utilities for adjusted equity ratio, adjusted FFO to debt, and debt to adjusted EBITDA. Our strong balance sheet creates shareholder value.⁽¹⁾”

-Mike Dunne, Chief Financial Officer, NextEra Energy, Inc.

1) NextEra Energy, Inc. Investor Conference, December 8, 2025

"NextEra Energy's credit rating and outlook have remained consistent, no matter the many challenges we have faced over the past 15+ years. It is not the same across the industry - many of our peers have not maintained the same credit quality. This matters because the industry requires real investment to drive growth.⁽¹⁾"

- John Ketchum, Chief Executive Officer, NextEra Energy, Inc.

1) NextEra Energy, Inc. Investor Conference, December 8, 2025

NextEra Energy’s rating ranks within the top third of all S&P 500 Companies.

Constituents of the S&P 500⁽¹⁾


No. of Entities
AAA	2	#ffffff
AA+	2	#ffffff
AA	4	#ffffff
AA-	12	#ffffff
A+	16	#ffffff
A	46	#ffffff
A-	71	#0c2739
BBB+	102	#ffffff
BBB	102	#ffffff
BBB-	39	#ffffff
BB+	26	#ffffff
BB	9	#ffffff
BB-	6	#ffffff
B+	1	#ffffff
B	0	#ffffff
B-	0	#ffffff
CCC+	0	#ffffff
CCC	0	#ffffff
CCC-	0	#ffffff
Not Rated	62	#ffffff

1) Source: S&P ratings as of December 31, 2025

Of our U.S. electric utility peers, only one holding company has a higher credit rating than NextEra

U.S. Electric Utilities⁽¹⁾


Group	U.S. Publicly-Traded Electric Utility Holding Companies
AAA	0
AA+	0
AA	0
AA-	0
A+	0
A	1
A-	6
BBB+	21
BBB	11
BBB-	1
BB+	0
BB	2
BB-	0
B+	0
B	0
B-	1
CCC+	0
CCC+	0
CCC-	0
CC	0


Group	U.S. Electric Utility Operating Companies
AAA	0
AA+	0
AA	0
AA-	2
A+	3
A	16
A-	45
BBB+	49
BBB	14
BBB-	6
BB+	1
BB	1
BB-	0
B+	2
B	0
B-	0
CCC+	0
CCC+	0
CCC-	0
CC	0

1) Source: S&P ratings as of December 31, 2025

Credit Expectations

S&P-ADJUSTED FFO-TO-DEBT
MOODY’S-ADJUSTED CFO-PRE-WC-TO-DEBT
FITCH-ADJUSTED FFO ADJUSTED LEVERAGE

S&P-ADJUSTED FFO-TO-DEBT


Credit Expectations	FFO/Debt	Downgrade Threshold	Color
2020	23.0%		#007db6
2021	21.8%		#007db6
2022	19.2%		#007db6
2023	18.4%		#007db6
2024	19.3%		#007db6
2025^(1,2)	19.0%	18	#007db6

Downgrade Threshold

1) The red line above indicates NextEra Energy’s downgrade threshold of 18% at S&P

2) 2025 actual metrics based on application of each credit rating agency’s respective methodologies for financial statement adjustments and ratio calculations

MOODY’S-ADJUSTED CFO-PRE-WC-TO-DEBT


Credit Expectations	MOODY’S-ADJUSTED CFO-PRE-WC-TO-DEBT	Downgrade Threshold	Color
2020	20.0%		#007db6
2021	17.4%		#007db6
2022	18.4%		#007db6
2023	18.7%		#007db6
2024	19.4%		#007db6
2025^(1,2)	17.8%	17	#007db6

Downgrade Threshold

1) The red line above indicates NextEra Energy’s downgrade threshold of 17% at Moody's

2) 2025 actual metrics based on application of each credit rating agency’s respective methodologies for financial statement adjustments and ratio calculations

FITCH-ADJUSTED FFO ADJUSTED LEVERAGE


Credit Expectations	FITCH-ADJUSTED FFO ADJUSTED LEVERAGE	Downgrade Threshold	Color
2020	3.70		#007db6
2021	4.20		#007db6
2022	4.36		#007db6
2023	4.44		#007db6
2024	4.26		#007db6
2025^(1,2)	4.20	4.3	#007db6

Downgrade Threshold

1) The red line above indicates NextEra Energy’s downgrade threshold of 4.3x at Fitch - Fitch revised the downgrade threshold to 4.3x in 2024, with off-credit treatment of renewables non-recourse debt

2) 2025 actual metrics based on application of each credit rating agency’s respective methodologies for financial statement adjustments and ratio calculations

Through its solid balance sheet, NextEra Energy delivers credit metrics that position it well within its current credit rating categories.

S&P	A-Range	Actual 2025⁽¹⁾	2026 Target
FFO/Debt	13%-23%	19.0%	>18%
Moody's⁽²⁾	Baa Range	Actual 2025	2026 Target
CFO Pre-WC/Debt (NRD off-credit)	13%-22%	17.8%	>17%
CFO Pre-WC/Debt (consolidated)	13%-22%	14.5%	>14%
Fitch	A Midpoint	Actual 2025⁽¹⁾	2026 Target
Debt/FFO	3.5x	4.2x	<4.3x

1) Actual metrics based on application of each credit rating agency’s respective methodologies for financial statement adjustments and ratio calculations
2) Moody’s evaluates NextEra Energy under dual downgrade thresholds – 1) NRD off-credit: adjusted for the off-credit treatment of non-recourse debt financing of renewable generation and battery storage assets; and 2) Consolidated: standard adjustments consistent with Moody’s Cross-Sector Rating Methodology – Financial Statement Adjustments in the Analysis of Nonfinancial Corporations

Peer Comparison of Key Metrics

NextEra Energy is a leader amongst its peers in many Key Financial Metrics, which includes Operating Efficiency and Recurring EBITDA per Employee.

S&P-Adjusted FFO-to-Debt
Moody’s-Adjusted CFO pre-WC-to-Debt
Fitch-Adjusted FFO Adjusted Leverage
Operating Efficiency
Recurring EBITDA per Employee

S&P-Adjusted FFO-to-Debt

S&P-Adjusted FFO-to-Debt⁽¹⁾


S&P-Adjusted FFO-to-Debt		Color
NEE (A-)	19.0%	#30a310
Peer A (A-)	16.0%	#007db6
Peer B (BBB+)	15.9%	#007db6
Peer C (A-)	14.3%	#007db6
Peer D (BBB+)	14.3%	#007db6
Peer E (BBB+)	14.2%	#007db6
Peer F (BBB+)	13.3%	#007db6
Peer G (A-)	12.4%	#007db6
Peer H (BBB+)	12.3%	#007db6
Peer I (BB)	11.3%	#007db6
Peer J (BB+)	10.1%	#007db6

1) Peer data from S&P Capital IQ as of December 31, 2024; NextEra data as of December 31, 2025

Moody’s-Adjusted CFO pre-WC-to-Debt

Moody's Adjusted CFO Pre-WC/Debt⁽¹⁾


Moody's Adjusted CFO Pre-WC/Debt		Color
NEE (Baa1)	17.8%	#30a310
Peer A (Baa1)	17.4%	#007db6
Peer B (Baa3)	15.3%	#007db6
Peer C (Baa2)	15.1%	#007db6
Peer D (Baa2)	15.1%	#007db6
Peer E (Baa1)	14.6%	#007db6
Peer F (Baa2)	14.4%	#007db6
Peer G (Baa1)	14.1%	#007db6
Peer H (Baa2)	13.4%	#007db6
Peer I (Baa2)	12.7%	#007db6
Peer J (Baa2)	10.2%	#007db6

1) Peer data from Moody’s Investors Service as of December 31, 2024; NextEra data as of December 31, 2025

Fitch-Adjusted FFO Adjusted Leverage

Fitch-Adjusted FFO Adjusted Leverage⁽¹⁾


Fitch-Adjusted FFO Adjusted Leverage		Color
NEE (A-)	4.2x	#30a310
Peer A (BB+)	4.6x	#007db6
Peer B (BBB+)	5.1x	#007db6
Peer C (BBB+)	5.2x	#007db6
Peer D (BBB+)	5.3x	#007db6
Peer E (BBB)	5.6x	#007db6
Peer F (BBB+)	5.7x	#007db6
Peer G (BBB)	5.9x	#007db6

1) Peer data from Fitch Connect as of December 31, 2024; NextEra data as of December 31, 2025

Operating Efficiency

EBITDA Margin⁽¹⁾


Operating Efficiency		Color
NEE	53%	#30a310
Peer A	50%	#007db6
Peer B	48%	#007db6
Peer C	48%	#007db6
Peer D	40%	#007db6
Peer E	40%	#007db6
Peer F	39%	#007db6
Peer G	38%	#007db6
Peer H	37%	#007db6
Peer I	36%	#007db6

Data as of December 31, 2024

1) EBITDA Margin = EBITDA / Revenues

Recurring EBITDA per Employee

Recurring EBITDA per Employee⁽¹⁾


Recurring EBITDA per Employee		Color
NEE	792	#30a310
Peer A	569	#007db6
Peer B	504	#007db6
Peer C	497	#007db6
Peer D	482	#007db6
Peer E	462	#007db6
Peer F	430	#007db6
Peer G	374	#007db6
Peer H	367	#007db6
Peer I	354	#007db6
Peer J	299	#007db6

1) Data as of December 31, 2024

Off-Credit Debt Adjustments

The credit rating agencies largely ascribe comparable levels of equity content for the various financial instruments contained within NextEra Energy’s capital structure.

		S&P	Moody’s	Fitch
Hybrids	Equity units (senior debt host)	100%	0%⁽¹⁾	0%⁽¹⁾
Hybrids	Jr. subordinated debentures (hybrids)	50%	50%	50%
Non-recourse debt	Project debt - renewables (wind, solar and battery storage)	100%	100%⁽²⁾	100%
Non-recourse debt	Tax equity (differential membership interest)	not considered debt	not considered debt	not considered debt

1) Although S&P assigns 100% equity credit to equity units, Moody’s and Fitch recognize the credit positive attributes of NextEra Energy’s use of equity units as its primary means of issuing common equity. In credit committee, Moody’s and Fitch also consider alternative forward looking credit metric views that reflect the expected impact of new NEE common equity shares to be issued upon settlement of the mandatory forward equity purchase contract component of the company’s equity units offerings.

2) Moody’s evaluates NextEra Energy under dual downgrade thresholds – 1) NRD off-credit: adjusted for the off-credit treatment of non-recourse debt financing of renewable generation and battery storage assets; and 2) Consolidated: standard adjustments consistent with Moody’s Cross-Sector Rating Methodology – Financial Statement Adjustments in the Analysis of Nonfinancial Corporations