DOMINION ENERGY, INC Q1 FY2025 earnings call

Priorities - Consistently achieving financial commitments, continued on-time achievement of major construction milestones for the Coastal Virginia Offshore Wind project, and achieving constructive regulatory outcomes. - First quarter operating earnings strong, with $0.93 per share reported. - Coastal Virginia Offshore Wind project 55% complete, 100% of transition pieces rolled, 86% steel welded, 50% complete; monopiles over 80% completed; offshore substation installed; Siemens Gamesa making progress on turbines; Charybdis vessel to enter service. - Regulatory updates: Virginia biennial review filed, Chesterfield Energy Reliability Center filing, South Carolina energy legislation under evaluation, Millstone performing well. - Safety: Tragedy at Wateree Station, commitment to zero injuries. - Data centers: ~40GW capacity contracted, no slowing demand. - Diane Leopold retiring, praised for her 36 years of utility work.

First quarter operating earnings were $0.93 per share, which included $0.03 of better-than-normal weather, $0.02 of RNG 45Z income, $0.02 of better-than-expected sales, strong rider investment growth and a combination of O&M and tax timing helps. GAAP results for the first quarter were $0.75 per share. The company is affirming 2025 operating earnings per share of $3.28 to $3.52 per share, inclusive of RNG 45Z income with a midpoint of $3.40.

- Affirmed 2025 operating earnings per share guidance of $3.28 to $3.52 per share, midpoint $3.40. - Sold approximately $1 billion of forward-settled common equity under existing ATM program at weighted average price of ~$57 and expect to complete $200 million of DRIP-related equity issuance by year-end. - View steady equity issuance as appropriate for sizable growth capital spending to keep consolidated credit metrics within strong credit ratings guidelines.

- Uncertainty in tariff impacts on Coastal Virginia Offshore Wind project costs, as actual costs depend on tariff requirements at component delivery. - Weather dependence affecting project construction timelines. - Regulatory changes potentially impacting costs and outcomes for projects like Coastal Virginia Offshore Wind.

Q: Nick Campanella asked about CVOW turbine suppliers and monopile installation; A: Bob Blue and Diane Leopold responded that suppliers are performing well, Siemens Gamesa is on track, and monopile installation started on the first day of the season with a pace of about 25 per month achievable.

Q: James Kennedy asked about CVOW permitting and tariff impacts on solar/storage; A: Bob Blue discussed ongoing permitting interactions with agencies and manageable tariff impacts across the business through supply chain diversification and proactive ordering.

Q: Steve Fleishman asked about tariff contracts and electric topics in governor election; A: Bob Blue stated that contracts shift most tariff impact to Dominion, and there has been no discussion of electric topics like CVOW in the gubernatorial race.

Q: David Arcaro asked about data center demand and Millstone progress; A: Bob Blue discussed continued strong data center demand and no new updates on Millstone's contracting opportunities.

Q: Carly Davenport asked about biennial filing and data center customer appetite; A: Bob Blue explained the new rate class for high-energy users and continued data center customer appetite.

Q: Anthony Crowdell asked about Q1 EPS and guidance conservatism; A: Steven Ridge discussed Q1 earnings drivers including weather, sales, regulatory riders, interest expense, and tax helps, and stated they are sticking to the original guidance.

Q: Jeremy Tonet asked about PJM network upgrades and transferability; A: Bob Blue and Steven Ridge provided updates on PJM network upgrades timeline and transferability mitigants and monitoring.