FLORIDA POWER & LIGHT CO

Previous wording

(a) For the three months ended June 30, 2025 and 2024, approximately $161 million and $221 million of losses, respectively, and for the six months ended June 30, 2025 and 2024, approximately $206 million and $147 million of losses, respectively, are included in NEER's net income; the balance is included in Corporate and Other. The change in non-qualifying hedge activity is primarily attributable to changes in forward power and natural gas prices, interest rates and foreign currency exchange rates, as well as the reversal of previously recognized unrealized mark-to-market gains or losses as the underlying transactions were realized.

Current wording

(a) For the three months ended September 30, 2025 and 2024, approximately $135 million and $191 million of gains, respectively, and for the nine months ended September 30, 2025 and 2024, approximately $71 million of losses and $44 million of gains, respectively, are included in NEER's net income; the remaining balance is included in Corporate and Other. The change in non-qualifying hedge activity is primarily attributable to changes in forward power and natural gas prices, interest rates and foreign currency exchange rates, as well as the reversal of previously recognized unrealized mark-to-market gains or losses as the underlying transactions were realized.

Previous wording

(b) The six months ended June 30, 2025 includes an impairment charge related to the investment in XPLR. See Note 3 – Nonrecurring Fair Value Measurements.

Current wording

(b) The nine months ended September 30, 2025 includes an impairment charge related to the investment in XPLR. See Note 3 – Nonrecurring Fair Value Measurements.

Previous wording

Net income attributable to NEE increased by $406 million for the three months ended June 30, 2025 reflecting higher results at FPL and NEER, partly offset by lower results at Corporate and Other. Net income attributable to NEE decreased by $1,028 million for the six months ended June 30, 2025 reflecting lower results at NEER and Corporate and Other, partly offset by higher results at FPL.

Current wording

Net income attributable to NEE increased by $586 million for the three months ended September 30, 2025 reflecting higher results at FPL, NEER and Corporate and Other. Net income attributable to NEE decreased by $443 million for the nine months ended September 30, 2025 reflecting lower results at NEER and Corporate and Other, partly offset by higher results at FPL.

Previous wording

FPL's increase in net income for the three and six months ended June 30, 2025 was primarily driven by continued investments in plant in service and other property.

Current wording

FPL's increase in net income for the three and nine months ended September 30, 2025 was primarily driven by continued investments in plant in service and other property.

Previous wording

NEER's results increased for the three months ended June 30, 2025 primarily reflecting higher earnings from new investments and customer supply as well as favorable changes in the fair value of equity securities in NEER's nuclear decommissioning funds, partly offset by higher interest expense. NEER's results decreased for the six months ended June 30, 2025 primarily reflecting an impairment charge related to the investment in XPLR as well as higher interest expense, partly offset by higher earnings from new investments.

Current wording

NEER's results increased for the three months ended September 30, 2025 primarily reflecting higher earnings from new investments and customer supply, partly offset by lower gains related to asset recycling and higher financing costs. NEER's results decreased for the nine months ended September 30, 2025 primarily reflecting an impairment charge related to the investment in XPLR as well as higher financing costs, partly offset by higher earnings from new investments and the customer supply business.

Previous wording

Corporate and Other's results decreased for the three months ended June 30, 2025 primarily due to higher average interest rates and higher average debt balances. Corporate and Other's results decreased for the six months ended June 30, 2025 primarily due to unfavorable non-qualifying hedge activity compared to 2024 as well as higher average interest rates and higher average debt balances.

Current wording

Corporate and Other's results increased for the three months ended September 30, 2025 primarily due to favorable non-qualifying hedge activity compared to 2024, partly offset by higher average debt balances and higher average interest rates. Corporate and Other's results decreased for the nine months ended September 30, 2025 primarily due to unfavorable non-qualifying hedge activity compared to 2024 as well as higher average debt balances and higher average interest rates.

Previous wording

NEE's effective income tax rates for the three months ended June 30, 2025 and 2024 were approximately (19)% and (5)%, respectively. NEE's effective income tax rates for the six months ended June 30, 2025 and 2024 were approximately (59)% and 5%, respectively. See Note 4 for a discussion of NEE's and FPL's effective income tax rates.

Current wording

NEE's effective income tax rates for the three months ended September 30, 2025 and 2024 were approximately (13)% and 0%, respectively. NEE's effective income tax rates for the nine months ended September 30, 2025 and 2024 were approximately (32)% and 3%, respectively. See Note 4 for a discussion of NEE's and FPL's effective income tax rates.

Previous wording

A number of legislative and administrative activities have occurred in 2025 that affect NEE and FPL including the enactment of the OBBBA, the issuance of a number of federal executive orders and presidential actions, the imposition of tariffs on a variety of imports, and the issuance of guidance by various federal agencies. A number of regulatory actions were issued or remain pending, such as Treasury Department guidance regarding clean energy tax credits, trade investigations that may lead to additional tariffs, ordered reviews of, and process changes for, federal permitting and approvals for wind and solar projects and FERC approval of proposals by regional transmission operators regarding the process for interconnecting new generation projects to certain regional transmission grids.

Current wording

A number of legislative, executive and administrative activities have occurred in 2025 that affect NEE and FPL including 1) the enactment of the OBBBA which, among other things, modified tax legislation affecting clean energy tax credits, 2) the issuance of a number of federal executive orders and presidential actions, 3) the imposition of tariffs on a variety of imports and 4) the issuance of guidance by various federal agencies. A number of similar activities remain pending or are in various phases of implementation, such as Treasury Department rulemaking authorized by the OBBBA, trade investigations that may lead to additional tariffs or place limitations on imports of certain materials, ordered reviews of, or process or policy changes with respect to, federal permitting and approvals for wind and solar projects and proposals by regional transmission operators regarding the process for interconnecting new generation projects to certain regional transmission grids that have been approved by FERC. There has been no material impact on NEE's or FPL's operations or financial performance as a result of these developments and NEE believes that its current pipeline of wind and solar facilities to be placed in service through 2030 will qualify for clean energy tax credits. NEE will assess any further developments for potential impacts in future periods.

Previous wording

Investments in plant in service and other property grew FPL's average rate base by approximately $5.3 billion for both the three and six months ended June 30, 2025 when compared to the same periods in the prior year, reflecting, among other things, solar generation additions and ongoing transmission and distribution additions.

Current wording

FPL's net income increased $170 million and $356 million for the three and nine months ended September 30, 2025, respectively. Investments in plant in service and other property grew FPL's average rate base by approximately $5.4 billion for both the three and nine months ended September 30, 2025 when compared to the same periods in the prior year, reflecting, among other things, solar generation additions and ongoing transmission and distribution additions.

Previous wording

The use of reserve amortization is permitted by FPL's 2021 rate agreement. In order to earn a targeted regulatory ROE, subject to limitations associated with the 2021 rate agreement, reserve amortization is calculated using a trailing thirteen-month average of retail rate base and capital structure in conjunction with the trailing twelve months regulatory retail base net operating income, which primarily includes the retail base portion of base and other revenues, net of O&M, depreciation and amortization, interest and tax expenses. In general, the net impact of these income statement line items must be adjusted, in part, by reserve amortization to earn the targeted regulatory ROE. In certain periods, reserve amortization is reversed so as not to exceed the targeted regulatory ROE. The drivers of FPL's net income not reflected in the reserve amortization calculation typically include wholesale and transmission service revenues and expenses, cost recovery clause revenues and expenses, AFUDC – equity and revenue and costs not recoverable from retail customers. During the three and six months ended June 30, 2025, FPL recorded reserve amortization of $19 million and $641 million, respectively. During the three and six months ended June 30, 2024, FPL recorded reserve amortization of $66 million and $637 million, respectively. See Depreciation and Amortization Expense below. FPL earned an approximately 11.60% and 11.80% regulatory ROE on its retail rate base, based on a trailing thirteen-month average retail rate base as of June 30, 2025 and June 30, 2024, respectively.

Current wording

The use of reserve amortization is permitted by FPL's 2021 rate agreement. In order to earn a targeted regulatory ROE, subject to limitations associated with the 2021 rate agreement, reserve amortization is calculated using a trailing thirteen-month average of retail rate base and capital structure in conjunction with the trailing twelve months regulatory retail base net operating income, which primarily includes the retail base portion of base and other revenues, net of O&M, depreciation and amortization, interest and tax expenses. In general, the net impact of these income statement line items must be adjusted, in part, by reserve amortization to earn the targeted regulatory ROE. In certain periods, reserve amortization is reversed so as not to exceed the targeted regulatory ROE. The drivers of FPL's net income not reflected in the reserve amortization calculation typically include wholesale and transmission service revenues and expenses, cost recovery clause revenues and expenses, AFUDC – equity and revenue and costs not recoverable from retail customers. During the three and nine months ended September 30, 2025, FPL recorded the reversal of reserve amortization of approximately $218 million and reserve amortization of $423 million, respectively. During the three and nine months ended September 30, 2024, FPL recorded the reversal of reserve amortization of approximately $231 million and reserve amortization of $406 million, respectively. See Depreciation and Amortization Expense below. FPL earned an approximately 11.70% and 11.80% regulatory ROE on its retail rate base, based on a trailing thirteen-month average retail rate base as of September 30, 2025 and September 30, 2024, respectively.

Previous wording

On February 28, 2025, FPL filed a petition with the FPSC requesting, among other things, approval of a four-year base rate plan that would begin in January 2026 replacing the 2021 rate agreement. See Note 10 – FPL 2025 Base Rate Proceeding.

Current wording

In February 2025, FPL filed a petition with the FPSC requesting, among other things, approval of a four-year base rate plan that would begin in January 2026 replacing the 2021 rate agreement. On August 20, 2025, FPL and 10 of the 13 intervenor groups in FPL’s base rate proceeding filed with the FPSC a joint motion requesting that the FPSC approve a stipulation and settlement agreement that would resolve all matters in FPL's pending base rate proceeding. Hearings on the proposed four-year rate plan and on the proposed 2025 rate agreement were held in October 2025 and the FPSC is expected to rule on the proposed 2025 rate agreement on November 20, 2025. See Note 10 – FPL 2025 Base Rate Proceeding.

Previous wording

During the three and six months ended June 30, 2025, operating revenues increased $319 million and $481 million, respectively, primarily reflecting an increase in storm cost recovery revenues of approximately $308 million and $426 million, respectively, primarily associated with Hurricanes Debby, Helene and Milton, as discussed above. Additionally, retail base revenues increased approximately $73 million and $159 million during the three and six months ended June 30, 2025, respectively, which was primarily related to an increase of 1.7% in the average number of customer accounts for both periods. The increases in operating revenues for the three and six months ended June 30, 2025 also reflect increases of approximately $63 million and $120 million, respectively, in revenues from the storm protection plan cost recovery clause as a result of increased investments. The increases in operating revenues for the three and six months ended June 30, 2025 were partly offset by decreases in fuel revenues of approximately $145 million and $262 million, respectively, primarily related to lower fuel rates.

Current wording

During the three and nine months ended September 30, 2025, operating revenues increased $346 million and $826 million, respectively, primarily reflecting an increase in storm cost recovery revenues of approximately $386 million and $813 million, respectively, primarily associated with Hurricanes Debby, Helene and Milton, as discussed above. The increases in operating revenues for the three and nine months ended September 30, 2025 also reflect increases of approximately $45 million and $164 million, respectively, in revenues from the storm protection plan cost recovery clause as a result of increased investments. The increases in operating revenues for the three and nine months ended September 30, 2025 were partly offset by decreases in fuel revenues of approximately $85 million and $346 million, respectively, primarily related to lower fuel rates.

Previous wording

Fuel, purchased power and interchange expense decreased $135 million and $234 million for the three and six months ended June 30, 2025, respectively, primarily reflecting lower amortization of deferred fuel costs as compared to the prior year periods.

Current wording

Fuel, purchased power and interchange expense decreased $84 million and $316 million for the three and nine months ended September 30, 2025, respectively, primarily reflecting lower amortization of deferred fuel costs as compared to the prior year periods.

Previous wording

Depreciation and amortization expense increased $386 million and $491 million during the three and six months ended June 30, 2025, respectively, primarily reflecting approximately $308 million and $426 million of higher amortization of deferred storm cost expenses primarily associated with Hurricanes Debby, Helene and Milton, as discussed above. During the three months ended June 30, 2025 and 2024, FPL recorded reserve amortization of approximately $19 million and $66 million, respectively. During the six months ended June 30, 2025 and 2024, FPL recorded reserve amortization of approximately $641 million and $637 million, respectively. Reserve amortization, or reversal of such amortization, reflects adjustments to accrued asset removal costs provided under the 2021 rate agreement in order to achieve the targeted regulatory ROE. Reserve amortization is recorded as either an increase or decrease to accrued asset removal costs which is reflected in noncurrent regulatory assets on the condensed consolidated balance sheets. At June 30, 2025, approximately $254 million of reserve amortization remains available under the 2021 rate agreement.

Current wording

Depreciation and amortization expense increased $411 million and $902 million during the three and nine months ended September 30, 2025, respectively, primarily reflecting approximately $386 million and $813 million of higher amortization of deferred storm cost expenses primarily associated with Hurricanes Debby, Helene and Milton, as discussed above. During the three months ended September 30, 2025 and 2024, FPL recorded the reversal of reserve amortization of approximately $218 million and $231 million, respectively. During the nine months ended September 30, 2025 and 2024, FPL recorded reserve amortization of approximately $423 million and $406 million, respectively. Reserve amortization, or reversal of such amortization, reflects adjustments to accrued asset removal costs provided under the 2021 rate agreement in order to achieve the targeted regulatory ROE. Reserve amortization is recorded as either an increase or decrease to accrued asset removal costs which is reflected in noncurrent regulatory assets on the condensed consolidated balance sheets. At September 30, 2025, approximately $473 million of reserve amortization remains available under the 2021 rate agreement.

Previous wording

During the three and six months ended June 30, 2025, FPL’s income taxes decreased $93 million and $157 million, respectively, primarily related to higher clean energy tax credits as compared to the prior year periods.

Current wording

During the three and nine months ended September 30, 2025, FPL’s income taxes decreased $225 million and $382 million, respectively, primarily related to higher clean energy tax credits as compared to the prior year periods.

Previous wording

NEER’s results increased $431 million and decreased $363 million for the three and six months ended June 30, 2025, respectively. The primary drivers, on an after-tax basis, of the changes are in the following table.

Current wording

NEER’s results increased $52 million and decreased $311 million for the three and nine months ended September 30, 2025, respectively. The primary drivers, on an after-tax basis, of the changes are in the following table.

Previous wording

(a) Reflects after-tax project contributions, including the net effect of deferred income taxes and other benefits associated with clean energy tax credits for wind, solar and storage projects, as applicable, but excludes allocation of interest expense and corporate general and administrative expenses, except for an allocated credit support charge related to guarantees issued to conduct business activities. Results from projects, pipelines and rate-regulated transmission facilities and transmission lines are included in new investments during the first twelve months of operation or ownership. Project results, including repowered wind projects, and pipeline results are included in existing clean energy and rate-regulated transmission facilities and transmission lines are included in NEET beginning with the thirteenth month of operation or ownership.

Current wording

(a) Reflects after-tax project contributions, including the net effect of deferred income taxes and other benefits associated with clean energy tax credits for wind, solar and storage projects, as applicable, but excludes allocation of financing costs and corporate general and administrative expenses, except for an allocated credit support charge related to guarantees issued to conduct business activities. Results from projects, pipelines and rate-regulated transmission facilities and transmission lines are included in new investments during the first twelve months of operation or ownership. Project results, including repowered wind projects, and pipeline results are included in existing clean energy and rate-regulated transmission facilities and transmission lines are included in NEET beginning with the thirteenth month of operation or ownership.

Previous wording

(b) Excludes allocation of interest expense and corporate general and administrative expenses, except for an allocated credit support charge related to guarantees issued to conduct business activities, and includes natural gas, natural gas liquids and oil production results.

Current wording

(b) Excludes allocation of financing costs and corporate general and administrative expenses, except for an allocated credit support charge related to guarantees issued to conduct business activities, and includes natural gas, natural gas liquids and oil production results.

Previous wording

Results from new investments for the three and six months ended June 30, 2025 increased primarily due to higher earnings related to new wind and solar generation and battery storage facilities that entered service during or after the three and six months ended June 30, 2024.

Current wording

Results from new investments for the three and nine months ended September 30, 2025 increased primarily due to higher earnings related to new solar generation and battery storage facilities that entered service during or after the three and nine months ended September 30, 2024.

Previous wording

Results from customer supply increased for the three and six months ended June 30, 2025 primarily reflecting the absence of higher depletion from natural gas and oil production assets in the comparable prior year periods.

Current wording

Results from the customer supply business increased for the three and nine months ended September 30, 2025 primarily reflecting higher origination activity and margins than in the comparable prior year periods.

Previous wording

•the impact of non-qualifying commodity hedges due primarily to changes in energy prices (approximately $175 million of losses for the three months ended June 30, 2025 compared to $284 million of losses for the comparable period in 2024).

Current wording

•the impact of non-qualifying commodity hedges due primarily to changes in energy prices (approximately $259 million of gains for the three months ended September 30, 2025 compared to $574 million of gains for the comparable period in 2024);

Previous wording

•net increases in revenues of $177 million from the customer supply business;

Current wording

•net increases in revenues of $209 million from the customer supply business; and

Previous wording

•revenues from new investments of $225 million;

Current wording

•revenues from new investments of $136 million.

Previous wording

•revenues from new investments of $115 million; and

Current wording

•revenues from new investments of $361 million;

Previous wording

•net decreases in revenues of $102 million from the existing clean energy business.

Current wording

•net decreases in revenues of $124 million from the existing clean energy business.

Previous wording

NEER’s interest expense for the three months ended June 30, 2025 increased $115 million primarily reflecting higher average debt balances. NEER's interest expense for the six months ended June 30, 2025 increased $491 million primarily reflecting approximately $351 million of unfavorable impacts related to changes in the fair value of interest rate derivative instruments as well as higher average debt balances.

Current wording

NEER’s interest expense for the three months ended September 30, 2025 decreased $192 million primarily reflecting approximately $184 million of favorable impacts related to changes in the fair value of interest rate derivative instruments. NEER's interest expense for the nine months ended September 30, 2025 increased $300 million primarily reflecting approximately $167 million of unfavorable impacts related to changes in the fair value of interest rate derivative instruments as well as higher average debt balances.

Previous wording

NEER recognized $469 million of equity in losses of equity method investees for the six months ended June 30, 2025, compared to $341 million of equity in earnings of equity method investees for the six months ended June 30, 2024. The change for the six months ended June 30, 2025 primarily reflects losses related to the investment in XPLR including an impairment charge of approximately $0.7 billion ($0.5 billion after tax) (see Note 3 – Nonrecurring Fair Value Measurements), partly offset by higher net earnings of $134 million related to NEER's other equity method investments.

Current wording

NEER recognized $275 million of equity in losses of equity method investees for the nine months ended September 30, 2025, compared to $578 million of equity in earnings of equity method investees for the nine months ended September 30, 2024. The change for the nine months ended September 30, 2025 primarily reflects losses related to the investment in XPLR including an impairment charge of approximately $0.7 billion ($0.5 billion after tax) (see Note 3 – Nonrecurring Fair Value Measurements).

Previous wording

PTCs from wind and solar projects and ITCs from solar, battery storage and certain wind projects are included in NEER’s earnings. PTCs are recognized as wind and solar energy is generated and sold based on a per kWh rate prescribed in applicable federal and state statutes. NEER's effective income tax rate is primarily based on the composition of pretax income (loss) in the periods presented, as well as the amount of clean energy tax credits in the periods presented. During the three and six months ended June 30, 2025, clean energy tax credits increased by approximately $164 million and $363 million, respectively, reflecting growth in NEER's business. See Note 4.

Current wording

PTCs from wind and solar projects and ITCs from solar, battery storage and certain wind projects are included in NEER’s earnings. PTCs are recognized as wind and solar energy is generated and sold based on a per kWh rate prescribed in applicable federal and state statutes. NEER's effective income tax rate is primarily based on the composition of pretax income (loss) in the periods presented, as well as the amount of clean energy tax credits in the periods presented. During the three and nine months ended September 30, 2025, clean energy tax credits increased by approximately $142 million and $505 million, respectively, reflecting growth in NEER's business. See Note 4.

Previous wording

Corporate and Other's results decreased $68 million during the three months ended June 30, 2025 primarily due to higher average interest rates and higher average debt balances. Corporate and Other's results decreased $852 million during the six months ended June 30, 2025 primarily due to unfavorable after-tax impacts of approximately $719 million, as compared to the prior year period, related to non-qualifying hedge activity as a result of changes in the fair value of interest rate derivative instruments as well as higher average interest rates and higher average debt balances.

Current wording

Corporate and Other's results increased $364 million during the three months ended September 30, 2025 primarily due to favorable after-tax impacts of approximately $436 million, as compared to the prior year period, related to non-qualifying hedge activity as a result of changes in the fair value of interest rate derivative instruments, partly offset by higher average debt balances and higher average interest rates. Corporate and Other's results decreased $488 million during the nine months ended September 30, 2025 primarily due to unfavorable after-tax impacts of approximately $284 million, as compared to the prior year period, related to non-qualifying hedge activity as a result of changes in the fair value of interest rate derivative instruments as well as higher average debt balances and higher average interest rates.

Previous wording

NEE and its subsidiaries require funds to support and grow their businesses. These funds are used for, among other things, working capital (see Note 10 – Storm Cost Recovery), capital expenditures (see Note 11 – Commitments), investments in or acquisitions of assets and businesses, payment of maturing debt and related derivative obligations (see Note 8 and Note 2) and, from time to time, redemption or repurchase of outstanding debt or equity securities. It is anticipated that these requirements will be satisfied through a combination of cash flows from operations, short- and long-term borrowings, the issuance of short- and long-term debt (see Note 8) and, from time to time, equity securities, proceeds from differential membership investors, sales of clean energy tax credits (see Note 10 – Income Taxes) and sales of ownership interests in assets/businesses (see Note 10 – Disposal of a Business), consistent with NEE’s and FPL’s objective of maintaining, on a long-term basis, a capital structure that will support a strong investment grade credit rating. NEE, FPL and NEECH rely on access to credit and capital markets as significant sources of liquidity for capital requirements and other operations that are not satisfied by operating cash flows. The inabilityof NEE, FPL and NEECH to maintain their current credit ratings could affect their ability to raise short- and long-term capital, their cost of capital and the execution of their respective financing strategies, and could require the posting of additional collateral under certain agreements.

Current wording

NEE and its subsidiaries require funds to support and grow their businesses. These funds are used for, among other things, working capital (see Note 10 – Storm Cost Recovery), capital expenditures (see Note 11 – Commitments), investments in or acquisitions of assets and businesses, payment of maturing debt and related derivative obligations (see Note 8 and Note 2) and, from time to time, redemption or repurchase of outstanding debt or equity securities. It is anticipated that these requirements will be satisfied through a combination of cash flows from operations, short- and long-term borrowings, the issuance of short- and long-term debt (see Note 8) and, from time to time, equity securities, proceeds from differential membership investors, sales of clean energy tax credits (see Note 10 – Income Taxes) and sales of ownership interests in assets/businesses (see Note 10 – Disposal of Businesses), consistent with NEE’s and FPL’s objective of maintaining, on a long-term basis, a capital structure that will support a strong investment grade credit rating. NEE, FPL and NEECH rely on access to credit and capital markets as significant sources of liquidity for capital requirements and other operations that are not satisfied by operating cash flows. The inabilityof NEE, FPL and NEECH to maintain their current credit ratings could affect their ability to raise short- and long-term capital, their cost of capital and the execution of their respective financing strategies, and could require the posting of additional collateral under certain agreements.

Previous wording

NEE's sources and uses of cash for the six months ended June 30, 2025 and 2024 were as follows:

Current wording

NEE's sources and uses of cash for the nine months ended September 30, 2025 and 2024 were as follows:

Previous wording

The following table provides a summary of capital investments for the six months ended June 30, 2025 and 2024.

Current wording

The following table provides a summary of capital investments for the nine months ended September 30, 2025 and 2024.

Previous wording

At June 30, 2025, NEE's total net available liquidity was approximately $17.1 billion. The table below provides the components of FPL's and NEECH's net available liquidity at June 30, 2025.

Current wording

At September 30, 2025, NEE's total net available liquidity was approximately $16.0 billion. The table below provides the components of FPL's and NEECH's net available liquidity at September 30, 2025.

Previous wording

(a) Provide for the funding of loans up to the amount of the credit facility and the issuance of letters of credit up to $3,200 million ($450 million for FPL and $2,750 million for NEECH). The entire amount of the credit facilities is available for general corporate purposes and to provide additional liquidity in the event of a loss to the companies’ or their subsidiaries’ operating facilities (including, in the case of FPL, a transmission and distribution property loss). FPL’s syndicated revolving credit facilities are also available to support the purchase of $1,663 million of pollution control, solid waste disposal and industrial development revenue bonds in the event they are tendered by individual bondholders and not remarketed prior to maturity, as well as the repayment of approximately $1,976 million of floating rate notes in the event an individual noteholder requires repayment at specified dates prior to maturity. As of June 30, 2025, approximately $5,239 million of NEECH's syndicated revolving credit facilities expire over the next 12 months.

Current wording

(a) Provide for the funding of loans up to the amount of the credit facility and the issuance of letters of credit up to $3,200 million ($450 million for FPL and $2,750 million for NEECH). The entire amount of the credit facilities is available for general corporate purposes and to provide additional liquidity in the event of a loss to the companies’ or their subsidiaries’ operating facilities (including, in the case of FPL, a transmission and distribution property loss). FPL’s syndicated revolving credit facilities are also available to support the purchase of $1,566 million of pollution control, solid waste disposal and industrial development revenue bonds in the event they are tendered by individual bondholders and not remarketed prior to maturity, as well as the repayment of approximately $1,976 million of floating rate notes in the event an individual noteholder requires repayment at specified dates prior to maturity. As of September 30, 2025, approximately $5,239 million of NEECH's syndicated revolving credit facilities expire over the next 12 months.

Previous wording

(b) Only available for the funding of loans. As of June 30, 2025, approximately $1,875 million of FPL's and $2,300 million of NEECH's bilateral revolving credit facilities expire over the next 12 months.

Current wording

(b) Only available for the funding of loans. As of September 30, 2025, approximately $2,000 million of FPL's and $2,400 million of NEECH's bilateral revolving credit facilities expire over the next 12 months.

Previous wording

(c) Only available for the issuance of letters of credit. As of June 30, 2025, approximately $766 million of the letter of credit facilities expire over the next 12 months.

Current wording

(c) Only available for the issuance of letters of credit. As of September 30, 2025, approximately $139 million of the letter of credit facilities expire over the next 12 months.

Previous wording

(d) Excludes short-term borrowings under NEECH's bilateral revolving credit facilities of $550 million, which are included in borrowings above.

Current wording

(d) Excludes short-term borrowings under NEECH's bilateral revolving credit facilities of $1,000 million, which are included in borrowings above.

Previous wording

In addition, at June 30, 2025, NEE subsidiaries had approximately $6.5 billion in guarantees related to obligations under purchased power and acquisition agreements, nuclear-related activities, payment obligations related to PTCs, support for NEER's retail electricity provider activities, as well as other types of contractual obligations (see Note 11 – Commitments).

Current wording

In addition, at September 30, 2025, NEE subsidiaries had approximately $6.2 billion in guarantees related to obligations under purchased power and acquisition agreements, nuclear-related activities, payment obligations related to PTCs, support for NEER's retail electricity provider activities, as well as other types of contractual obligations (see Note 11 – Commitments).

Previous wording

In some instances, subsidiaries of NEE elect to issue guarantees instead of posting other forms of collateral required under certain financing arrangements, as well as for other project-level cash management activities. At June 30, 2025, these guarantees totaled approximately $2.0 billion and support, among other things, cash management activities, including those related to debt service and operations and maintenance service agreements, as well as other specific project financing requirements.

Current wording

In some instances, subsidiaries of NEE elect to issue guarantees instead of posting other forms of collateral required under certain financing arrangements, as well as for other project-level cash management activities. At September 30, 2025, these guarantees totaled approximately $2.1 billion and support, among other things, cash management activities, including those related to debt service and operations and maintenance service agreements, as well as other specific project financing requirements.

Previous wording

Subsidiaries of NEE also issue guarantees to support customer supply and proprietary power and gas trading activities, including the buying and selling of wholesale energy commodities. At June 30, 2025, the estimated mark-to-market exposure (the total amount that these subsidiaries of NEE could be required to fund based on energy commodity market prices at June 30, 2025) plus contract settlement net payables, net of collateral posted for obligations under these guarantees, totaled approximately $1.6 billion.

Current wording

Subsidiaries of NEE also issue guarantees to support customer supply and proprietary power and gas trading activities, including the buying and selling of wholesale energy commodities. At September 30, 2025, the estimated mark-to-market exposure (the total amount that these subsidiaries of NEE could be required to fund based on energy commodity market prices at September 30, 2025) plus contract settlement net payables, net of collateral posted for obligations under these guarantees, totaled approximately $1.4 billion.