Fourth Quarter 2023 Earnings Review and Business Update

Credit ratings and 2023 credit metrics (1) Current Ratings Moody's S&P INDUSTRY OUTLOOK Stable Stable DUKE ENERGY CORPORATION Stable Stable Senior Unsecured Debt Baa2 BBB Commercial Paper P-2 A-2 PROGRESS ENERGY, INC Stable Stable Senior Unsecured Debt Baa1 BBB Duke Energy Corporation DUKE ENERGY CAROLINAS Stable Stable Senior Secured Debt Aa3 A Holdco Debt/Total Debt 33% Senior Unsecured Debt A2 BBB+ FFO/Debt(2) 12.5% DUKE ENERGY PROGRESS Stable Stable Senior Secured Debt Aa3 A Senior Unsecured Debt A2 BBB+ DUKE ENERGY FLORIDA Stable Stable FFO/Debt(2) Duke Energy Carolinas 19% Duke Energy Progress 18% Duke Energy Florida 21% Senior Secured Debt A1 A Senior Unsecured Debt A3 BBB+ DUKE ENERGY INDIANA Stable Stable Senior Secured Debt Aa3 A FFO/Debt(2) Duke Energy Indiana 24% Duke Energy Ohio Cons. Piedmont 17% 15% Senior Unsecured Debt A2 BBB+ DUKE ENERGY OHIO Stable Stable Senior Secured Debt A2 A Senior Unsecured Debt Baa1 BBB+ DUKE ENERGY KENTUCKY Negative Stable Senior Unsecured Debt Baa1 BBB+ PIEDMONT NATURAL GAS Stable Stable Senior Unsecured Debt A3 BBB+ (1) Amounts do not include all adjustments that may be made by the rating agencies (2) Key adjustments within the computation include the removal of coal ash remediation spending from FFO, FFO adjustment for long-term portion of deferred fuel, and the adjusted debt balance excludes purchase accounting adjustments. Assumes securitization treated as off credit DUKE ENERGY FOURTH QUARTER 2023 EARNINGS REVIEW AND BUSINESS UPDATE // 38

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