D — Dominion Energy, Inc.

Summary of Dominion Energy, Inc. Q4 2025 Earnings Call

1. Key Financial Results and Metrics

• Operating Earnings: $3.42 per share for 2025, exceeding guidance. Excluding RNG 45Z credits, earnings were $3.33 per share.
• GAAP Earnings: Reported at $3.45 per share, which is higher than operating EPS.
• Credit Metrics: Strong performance with CFO pre-working-capital to debt nearly 100 basis points above downgrade threshold, the highest since 2012.
• 2026 Guidance: Expected operating earnings per share (excluding RNG 45Z credits) between $3.40 and $3.60, with a midpoint of $3.50, reflecting a 6.1% increase from 2025 guidance.

2. Strategic Updates and Business Highlights

• Capital Investment: Five-year capital plan increased from $50 billion to approximately $65 billion, primarily driven by Dominion Energy Virginia. Over 90% of the increase will be eligible for recovery through regulatory mechanisms.
• Coastal Virginia Offshore Wind (CVOW) Project: Over 70% complete, with first power expected by March 2026. Installation of monopiles and transition pieces ahead of schedule.
• Data Center Demand: Continued growth with over 48 gigawatts in various stages of contracting, reflecting a 3% increase since September 2025.
• Safety Performance: Achieved record-setting safety metrics, including an OSHA recordable rate of 0.26.

3. Forward Guidance and Outlook

• Long-term Earnings Growth: Reaffirmed guidance of 5% to 7% annual growth in operating earnings per share, with a bias towards the upper half of this range starting in 2028.
• Dividend Guidance: Will revisit dividend growth when achieving a peer-aligned payout ratio, with no immediate changes planned.
• Regulatory and Construction Execution: Emphasis on the importance of successful execution to achieve financial targets.

4. Challenges and Points of Concern

• RNG 45Z Credits: Anticipated reduction in future credits due to changes in CI scoring, impacting earnings guidance.
• Millstone Nuclear Plant: Potential headwinds from double outages expected in 2026, which could reduce operating EPS by 8¢ to 10¢.
• Financing Costs: Increased parent-level interest-related expenses due to higher capital plans and interest rate outlook.
• Legislative Risks: Ongoing discussions in Virginia regarding potential elimination of data center tax benefits, which could impact load growth.

5. Notable Q&A Insights

• EPS Growth Drivers: Management highlighted that the 6% growth in 2026 is supported by the full impact of biennial rate increases and catch-up from prior under-earning.
• Data Center Contracts: Management reassured that demand forecasts are based on signed contracts, not speculative inquiries, ensuring a stable growth outlook.
• Turbine Installation Timeline: Installation cadence is critical, with expectations set for the majority of turbines to be installed in 2026, with some potential delays factored into the budget.
• Financing Strategy: Plans to issue common equity and hybrid securities to fund capital investments while maintaining strong credit ratings.

This summary encapsulates the key points from Dominion Energy's Q4 2025 earnings call, providing a balanced view of the company's performance, strategic initiatives, and outlook while addressing potential challenges and risks.