XPLR Infrastructure (XIFR) Investor Presentation summary

Strategic positioning and industry trends

• NextEra Energy leverages unmatched scale, experience, and technology to deliver long-term value and industry differentiation, focusing on both regulated utility and renewables businesses.

• The U.S. power sector is experiencing a significant inflection point, with a projected 38% increase in power demand over the next two decades and a fourfold acceleration in growth compared to the previous 20 years.

• Renewables and storage are positioned for rapid growth due to their lower costs, speed to market, and regulatory advantages, with renewables expected to represent about 90% of active interconnection queue positions.

• NextEra Energy's investments are designed to expand its strategic distance from competitors, creating value for both customers and shareholders.

Operational and financial performance

• NextEra Energy operates through Florida Power & Light (FPL), the largest U.S. electric utility, and NextEra Energy Resources, a world leader in renewables and storage, with a combined enterprise value of ~$253 billion and ~69 GW in operations.

• FPL serves ~5.9 million customer accounts and operates ~35 GW, maintaining customer bills 37% below the national average while deploying nearly $62 billion in capital over the past decade.

• NextEra Energy Resources has ~34 GW of generation and storage in operation, a ~21.5 GW backlog, and a ~300 GW pipeline, with a diverse, long-term contracted portfolio and 15 years average remaining PPA term.

• The company has delivered a 15.7% 20-year total shareholder return CAGR, outperforming S&P Utilities and S&P 500, and maintains a strong balance of predictability and growth.

• Record safety and cost-saving achievements have been realized, with a 90% improvement in safety performance and over $2.8 billion in cumulative O&M savings.

Investment plans and growth outlook

• FPL plans $34–$37 billion in capital expenditures from 2024–2027, including ~$12 billion in solar, aiming for a generation mix of 73% solar by 2033 and significant clean energy milestones.

• NextEra Energy Resources expects to develop 36.5–46.5 GW of new renewables and storage through 2027, with $65–$70 billion in capital expenditures planned over the next four years.

• Adjusted earnings are projected to grow at a ~13% CAGR from 2023 to 2027, supported by strong cash flow and a diversified funding plan centered on stable operations and access to capital markets.

• Regulated and long-term contracted assets are expected to represent ~90% of adjusted EBITDA by 2027, providing strong and stable cash flows and long-term visibility.

• NextEra Energy Partners targets $1.9–$2.1 billion in adjusted EBITDA and $730–$820 million in CAFD for 2024, with 5–8% annual distribution growth through at least 2026.