Offering will initially be in the form of a Corporate Unit consisting of a contract to purchase Duke Energy common stock in the future, a 1/40 undivided beneficial ownership interest in Duke Energy's 4.85% Remarketable Senior Notes due 2032 having a principal amount of $1,000 and a 1/40 undivided beneficial ownership interest in Duke Energy's 4.85% Remarketable Senior Notes due 2036 having a principal amount of $1,000. Each series of Remarketable Senior Notes is subject to remarketing, subject to certain conditions and during certain periods. The offering is expected to close on August 13, 2026, subject to customary closing conditions.

Duke Energy intends to apply to list the Corporate Units on The New York Stock Exchange and expects trading to commence within 30 days of the date of initial issuance (subject to listing approval).

Total distributions on the Corporate Units will be at the rate of 7.75% per year, consisting of interest payments on the Remarketable Senior Notes due 2032, interest payments on the Remarketable Senior Notes due 2036 and contract adjustment payments under the related stock purchase contracts. Under the purchase contracts, holders are required to purchase a variable number of shares of Duke Energy common stock no later than August 1, 2029. The reference price for the purchase contracts is $121.1827 per share, which is approximately equal to the closing price of Duke Energy common stock on The New York Stock Exchange on August 10, 2026. The minimum settlement rate under the purchase contracts is 0.3301 shares of Duke Energy common stock, which is approximately equal to the $50 stated amount per Equity Unit divided by the threshold appreciation price of $151.4693 per share, which represents a premium of approximately 25.00% over the reference price. The maximum settlement rate under the purchase contracts is 0.4126 shares of Duke Energy common stock, which is approximately equal to the $50 stated amount per Equity Unit divided by the reference price. Each of the settlement rates is subject to adjustment in certain circumstances.

Duke Energy has granted the underwriters an option to purchase within the 13-day period beginning on, and including, the initial issuance date of the Equity Units up to 5 million additional Corporate Units (an additional $250 million aggregate stated amount), solely for the purpose of covering over-allotments.

Duke Energy expects to use the net proceeds from the offering, which are expected to be approximately $1,719 million (or $1,965 million if the over-allotment option is exercised in full), after deducting the underwriting discounts and commissions but before deducting estimated offering expenses, (i) to redeem the outstanding $500 million aggregate principal amount of its 3.25% Junior Subordinated Debentures due 2082 (the "Junior Subordinated Debentures"), (ii) to repay a portion of its outstanding commercial paper and (iii) for general corporate purposes. This press release shall not constitute a notice of redemption of the Junior Subordinated Debentures or an obligation to issue a notice of redemption.