Dominion Energy, Inc.

MD&A discusses Dominion Energy’s results of operations, general financial condition and liquidity and Virginia Power’s results of operations. MD&A should be read in conjunction with the Companies’ Consolidated Financial Statements. Virginia Power meets the conditions to file under the reduced disclosure format, and therefore has omitted certain sections of MD&A.

Contents of MD&A

MD&A consists of the following information:

Forward-Looking Statements

This report contains statements concerning the Companies’ expectations, plans, objectives, future financial performance and other statements that are not historical facts. These statements are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. In most cases, the reader can identify these forward-looking statements by such words as “path”, “anticipate”, “believe”, “forecast”, “could”, “estimate”, “expect”, “intend”, “may”, “plan”, “outlook”, “predict”, “project”, “should”, “strategy”, “continue”, “target”, “will”, “potential” or other similar words.

The Companies make forward-looking statements with full knowledge that risks and uncertainties exist that may cause actual results to differ materially from predicted results. Factors that may cause actual results to differ are often presented with the forward-looking statements themselves. Additionally, other factors may cause actual results to differ materially from those indicated in any forward-looking statement. These factors include but are not limited to:

Additionally, other risks that may cause actual results to differ materially from predicted results are set forth in Part I. Item 1A. Risk Factors in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2025.

The Companies’ forward-looking statements are based on beliefs and assumptions using information available at the time the statements are made. The Companies caution the reader not to place undue reliance on their forward-looking statements because the assumptions, beliefs, expectations and projections about future events may, and often do, differ materially from actual results. The Companies undertake no obligation to update any forward-looking statement to reflect developments occurring after the statement is made.

Accounting Matters

At March 31, 2026, there have been no significant changes with regard to the critical accounting policies and estimates disclosed in MD&A in the Companies’ Annual Report on Form 10-K for the year ended December 31, 2025. The policies disclosed included the accounting for regulated operations, AROs, income taxes, accounting for derivative contracts and financial instruments at fair value, use of estimates in goodwill impairment testing, use of estimates in long-lived asset impairment testing, and employee benefit plans.

Results of Operations—Dominion Energy

Presented below is a summary of Dominion Energy’s consolidated results:

Overview

First Quarter 2026 vs. 2025

Net income attributable to Dominion Energy decreased 7%, primarily due to an increase in interest on long-term debt, increased unrealized losses on economic hedging activities and an impairment charge associated with certain nonregulated solar generation facilities. These decreases were partially offset by higher rider equity returns reflecting capital investments at Virginia Power, the impacts of the 2025 Biennial Review at Virginia Power and a reduction in costs not expected to be recovered from customers on the CVOW Commercial Project.

Analysis of Consolidated Operations

Presented below are selected amounts related to Dominion Energy’s results of operations:

An analysis of Dominion Energy’s results of operations follows:

First Quarter 2026 vs. 2025

Operating revenue increased 23%, primarily reflecting:

These increases were partially offset by:

Electric fuel and other energy-related purchases increased 67%, primarily due to higher commodity costs for electric utilities ($563 million) and an increase in the use of purchased renewable energy credits ($65 million), which are offset in operating revenue and do not impact net income.

Purchased electric capacity increased $60 million, primarily due to returning to PJM’s capacity market in June 2025 and an increase in annual capacity prices.

Other operations and maintenance increased 10%, primarily due to renewable natural gas projects placed in service in late 2025 ($30 million), an increase in salaries, wages and benefits ($22 million) and an increase in certain Virginia Power expenditures which are primarily recovered through state- and FERC-regulated rates and do not impact net income ($20 million), partially offset by a decrease in storm damage and restoration costs ($13 million).

Depreciation and amortization increased 8%, primarily due to various projects being placed into service.

Impairment of assets and other charges decreased $81 million, primarily due to a benefit in 2026 compared to a charge in 2025 for costs not expected to be recovered from customers on 100% of the CVOW Commercial Project ($162 million), partially offset by a charge associated with certain nonregulated solar generation facilities ($78 million).

Interest and related charges increased 17%, primarily due to an increase in net issuances of long-term debt ($96 million), partially offset by decreased interest expense associated with rider deferrals ($20 million), which is offset in operating revenue and does not impact net income.

Income tax expense increased 20%, primarily due to the absence of a benefit associated with the remeasurement of an uncertain tax position.

Noncontrolling interests increased $118 million, due to an increase in earnings associated with the CVOW Commercial Project, including a decrease in charges for costs not expected to be recovered.

Results of Operations—Virginia Power

Presented below is a summary of Virginia Power’s consolidated results:

Overview

First Quarter 2026 vs. 2025

Net income increased 28%, primarily due to higher rider equity returns reflecting capital investments, the impacts of the 2025 Biennial Review and a reduction in costs not expected to be recovered from customers on the CVOW Commercial Project.

Analysis of Consolidated Operations

Presented below are selected amounts related to Virginia Power’s results of operations: