Duke Energy Corporation (Holding Company)

Hello and welcome to the Duke Energy fourth quarter and year end 2024 earnings. My name is Elliot. I'll be your coordinator today. If you would like to register a question during today's events, please press star one on your telephone keypad. I'd now like to hand over to Abby Motzinger, vice president of investor relations. Please go ahead.

Thank you, Elliot. And good morning, everyone. Welcome to Duke Energy's fourth quarter 2024 earnings review and business update. Leading our call today is Lynn Good, Chair and CEO, along with Terry Sedaris, President, and Brian Tavoy, CFO. Today's discussion will include the use of non-GAAP financial measures and forward-looking information. Actual results may differ from forward-looking statements due to factors disclosed in today's materials and in Duke Energy's SEC filings. The appendix of today's presentation includes supplemental information, along with a reconciliation of non-GAAP financial measures. With that, let me turn the call over to Lynn.

Abby, thank you. And good morning, everyone. Today we announced 2024 adjusted earnings per share of $5.90, finishing within our guidance range. 2024 was a year of great accomplishment, and in many ways was defined by our response to Hurricanes Helene and Milton. We were moved by our community's outpouring of support and appreciation for our work during these historic storms. We also announced updated guidance today, including a 2025 earnings per share range of 617 to 642 with a midpoint of 630, an $83 billion capital plan, which drives 7.7% earnings-based growth. This capital represents infrastructure spending driven by growing jurisdictions, and underpinned by robust regulatory processes, such as integrated resource plans and approved grid investment spending. And finally, the continuation of our 5% to 7% EPS growth rate through 2029, with the potential to earn higher in the range as the years progress. Duke Energy enters the back part of this decade in a position of strength, and we're excited about the future. We're committed to delivering strong earnings growth and cash flows for our investors. and superior service to our customers and communities. Before we get further into 2025 guidance, let me acknowledge our key achievements in 24. Turning to slide five, we continued our track record of regulatory execution with the approval of $45 billion of rate-based investments. The regulatory work of the last two years minimizes rate case exposure in 2025 and 26. We also advanced generation and transmission through our integrated resource plans and CPCN approvals, and we continued to add solar in Florida with 1,500 megawatts now in service. And finally, I'd like to acknowledge the Piedmont Natural Gas three-peat. For the third consecutive year, the team earned the J.D. Power number one customer satisfaction ranking for natural gas service in the Southeast. And let me also just take a moment and acknowledge last month's announcement. Effective April 1, Harry will become CEO and president of Duke Energy and Ted Craver will assume the role of independent chair of the board. Therefore, today will be my last earnings call prior to retirement. It's been an honor to lead this company and I appreciate everyone who's been on the journey with me. To our employees, thank you for your commitment to our company and customers. To our shareholders, thank you for your investment in Duke Energy. The capital you provide powers our success and makes the work we do possible. And to the analysts who cover our company, you play a valuable role in the investment community, and I've appreciated your thoughtful research. And to Harry, thank you for being an incredible leader and advisor to me. As many of you know, Harry is a 29-year veteran of the company with experience in nearly every facet of our business. Harry raised his hand for every challenging assignment and has led this company to great success thanks to his commitment to our investors, our employees, and our customers. With Harry as CEO and a strong, experienced leadership team around him, Duke Energy is well positioned to execute the next phase of our business strategy, and I'm confident in all that the company will achieve. So with that, I'd like to turn the call over to Harry.