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T H E P OW E R O F YO U R M E M B E R S H I P

2025 ANNUAL REPORT

TABLE OF CONTENTS EnergyUnited-0626 AR INSERT.indd 2

Letter From the CEO and Board President

Leadership and Service Area

Safety and Reliability

Financial Report

Sustainability

Community

Economic Development

IT & Member Support

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OUR CORE VALUES SAFETY To keep our employees, members and communities safe we operate with safety protocols to protect the good of all involved. It’s first on our list because it’s the foundation of our co-op and our community.

INTEGRITY We trust each other, and through a collaborative effort with stakeholders, decisions affecting all aspects of our business are considered and executed. It’s a different approach to business, but that’s what makes us great.

COMMITMENT We are dedicated to our members, employees, communities and to ourselves. We do what we say we will do and maintain our tradition of citizenship and service with actions that demonstrate care for the people we serve.

EXCELLENCE We continually strive to improve our products and services so that we all can prosper both as individuals and as a corporation.

OUR MISSION EnergyUnited is a member-owned business committed to delivering reliable energy services at competitive prices.

OUR VISION Our vision is to empower our people to serve our members and communities, to enhance their lives by providing safe, affordable, reliable and sustainable energy services.

OUR PURPOSE To improve the quality of life for our members, customers and communities.

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A LETTER FROM

THE CEO & BOARD PRESIDENT

THOMAS GOLDEN

BRIAN SISSON

Dear Members, Each year, the annual report provides an opportunity to reflect on who we are and what we stand for. This year is no different.

The theme of the 2025 Annual Report is: The Power of Your Membership. This core belief serves as a reminder that the whole is greater than the sum of its parts—or put simply: we’re stronger, more powerful and better when we work together.

That idea is not just a theme; it’s how we operate every day as your local electric cooperative. Every decision we make reflects the priorities of the members who own and depend on our cooperative—members like you. Your voice is represented through a nine-member Board of Directors, each elected from within our communities. These directors are not removed from the realities you face. They are your neighbors, colleagues and fellow members, helping guide the direction of your cooperative with your best interests at heart. That is the true power behind your membership: local leadership, shared responsibility and decisions made for the good of all.

That shared responsibility is especially important as we navigate changes in the energy industry, including the rapid growth of new technologies and their impact on the grid. As we continue to respond to challenges like rising transmission costs and fuel prices, one thing is clear: we must work together to ensure a balanced and fair path forward. That commitment is reflected in our new rate structure, which offers you direct control of your bill. By spreading out the use of large appliances to reduce peak demand, you can save on your monthly bill while helping your cooperative maintain reliable, sustainable energy service for the long term.

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This cooperative spirit also drives our community impact, including the EnergyUnited Foundation, which surpassed $10 million in giving in 2025. Powered by member participation in Operation RoundUp, the Foundation reflects how voluntary contributions create significant and lasting impact. Through its support of local needs and community initiatives, it helps strengthen the communities we call home. This is the Power of Your Membership in its purest form— neighbors helping neighbors, and collective action driving real change.

The same member-driven focus guides everything we do. Throughout the year, we remained focused on what matters most: delivering reliable service, planning for the future and supporting our communities. Every investment we make, every challenge we face and every milestone we reach is shaped by the same guiding principle—this cooperative belongs to you.

As our communities continue to grow and adapt, that distinction matters. When we work together—as members, employees and leadership—we are not just responding to change; we are shaping what comes next. As the largest cooperative in the state, EnergyUnited is a signifiant part of the energy landscape. When we work together, we have the power to do great things.

Thank you for your continued trust and engagement with EnergyUnited.

Sincerely, Thomas Golden Chief Executive Officer

Brian Sisson Board President

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EXECUTIVE LEADERSHIP TEAM

THOMAS GOLDEN Chief Executive Officer

Chief Human Resources Officer

Chief Financial Officer

D O

RYAN GARDNER

STEVEN MCCACHERN

D T

PAM BRITT

Vice President Information Technology

LAQUISHA PARKS

Vice President Energy Services & Corporate Communications

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BRETT ALKINS

Chief Operating Officer

ALEC NATT

Vice President Energy Delivery

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ROY MCDONALD General Counsel

2025 ANNUAL REPORT

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THE PO

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OUR SERVICE AREA & BOARD OF DIRECTORS

DISTRICT ONE BRAD BLACKWELDER

EDGAR CARTNER

LISA CAMPBELL PULLIS

RONNIE HARRISON Secretary

JILL DOSS-RAINES

ZOLEE RIGGS

CRAIG BLACK

BRIAN SISSON

CHERYL WRIGHT

DISTRICT TWO

DISTRICT THREE Treasurer

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President

Vice President

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SAFETY & RELIABILITY EnergyUnited is committed to delivering safe, reliable, affordable, and sustainable power to our members. Our team prioritizes safety at every level, and 2025 was no exception—from maintaining and upgrading infrastructure, including rebuilding nearly 70 miles of primary line, to ensuring our crews follow the highest industry standards in the field. Through proactive system monitoring, routine maintenance and rapid response to outages, we work to minimize disruptions and keep our members, employees and communities safe. By investing in modern technology and ongoing employee training, our cooperative continues to strengthen the reliability of our electric service while upholding a culture where safety always comes first.

2,100,000 MILES DRIVEN

221,900 TRIPS

61,700

HOURS ON THE ROAD

493,819

HOURS WORKED

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GOOD CATCHES

144 20+

RESAP * PARTICIPATION

EHS * TRAINING

YEARS

100

%

*RESAP: Rural Electric Safety Achievement Program *EHS: Environmental Health and Safety training

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99.9

RELIABILITY

NUMBER OF MEMBER CONNECTIONS

145,028

MILES OF PRIMARY LINE

7,739

MILES OF SECONDARY LINES

4,276

12,015

MILES OF TRANSMISSION

TOTAL MILES OF LINES

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200 12,015

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%

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FINANCIAL REPORT

CONSOLIDATED BALANCE SHEETS 2025

2024

UTILITY PLANT Property and equipment – subsidiaries Construction work in process Subtotal Less accumulated depreciation Total Utility Plant

$

821,814,839 468,119 25,321,130 847,604,088 303,742,700 543,861,388

OTHER PROPERTY AND INVESTMENTS Restricted property and investments Investments in associated organizations Other assets Notes receivable

1,742,270 32,739,904 2,412,977 2,924,833

1,676,510 32,238,859 12,520,085 1,690,000

Total Other Property and Investments

39,819,984

48,125,454

1,398,081

2,954,581

CURRENT ASSETS Cash and cash equivalents Consumer accounts receivable, less allowance for doubtful accounts of $361,175 and $423,912 for 2025 and 2024, respectively

$

778,644,485 468,119 23,097,561 802,210,165 295,668,419 506,541,746

13,190,988

10,047,179

Other accounts receivable Unbilled accounts receivable Inventories and supplies Current maturities of notes receivable Other current assets Total Current Assets

1,168,913 15,517,866 17,085,320 586,000 10,186,373 59,133,541

2,823,695 17,836,619 18,618,917 486,000 8,496,552 61,263,543

DEFERRED CHARGES

3,742,066

4,933,282

TOTAL ASSETS

$

646,556,979

$

ASSETS

Electric plant in service

620,864,025

HOW YOUR DOLLAR IS SPENT: 68.9% cost of power 16.8% operations and maintenance 8.8% depreciation 3.3% debt interest 2.2% margins

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CONSOLIDATED STATEMENTS OF REVENUES, EXPENSES AND PATRONAGE CAPITAL

EQUITIES & LIABILITIES

2025 EQUITIES Member shares Patronage capital Other equities Accumulated comprehensive gain/(loss) Total Equities

$

2024

599,800 8,532,746 260,583,608 10,672,850 280,389,004

591,220 12,068,208 254,367,008 19,163,444 286,189,880

282,655,846

256,042,497

5,607,036 3,543,228 291,806,110

5,873,358 3,742,489 265,658,344

CURRENT LIABILITIES Current maturities of long-term debt Accounts payable Consumer deposits Other current liabilities Total Current Liabilities

15,180,465 26,235,946 3,486,996 5,342,424 50,245,831

14,924,752 22,900,228 3,206,431 3,519,268 44,550,679

DEFERRED CREDITS

24,116,034

24,465,122

646,556,979

620,864,025

2025 310,221,808 $ 239,997,595 70,224,213

2024 296,270,183 225,703,372 70,566,811

964,956 7,244,634 20,240,888 27,247,376 10,291,018 420,336 66,409,208

1,241,885 6,553,129 17,866,385 27,109,043 8,909,472 447,385 62,127,299

NET OPERATING MARGINS

3,815,005

8,439,512

NONOPERATING MARGINS Interest income Other income Gain (Loss) on disposal of property Total Nonoperating Margins

805,444 2,028,231 105,772 2,939,447

1,123,698 2,013,547 1,690,016 4,827,261

$

6,754,452

13,266,773

$

6,754,452

13,266,773

NON-CURRENT LIABILITIES Long-term debt, less current maturities Accumulated obligation for pensions and benefits, less current amount Other non-current accrued liabilities Total Non-Current Liabilities

TOTAL EQUITIES and LIABILITIES

$

OPERATING REVENUE COST OF SALES GROSS PROFIT ON SALES

$

OTHER EXPENSES Advertising, marketing and sales Product services and labor Other G&A expenses Depreciation and amortization Interest Other Total Expenses

MARGINS Before Income Taxes Provision for Income Taxes Net Margins

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DELIVERING SUSTAINABLE SERVICE In 2025, EnergyUnited remained focused on sustainability not only as an environmental priority but as a commitment to long-term reliability, affordability and responsible stewardship of the energy grid. As the energy landscape continues to evolve, cooperatives across the country are facing rising transmission costs, power supply costs and tightening generation capacity.

Through it all, EnergyUnited has been grounded in a simple but powerful belief: sustainability is a shared responsibility, and progress is strongest when the cooperative and its members work together.

That spirit of partnership defines EnergyUnited’s approach. Our people are the cooperative’s superpower and meaningful impact happens when members and the cooperative act as a team. In 2025, this meant staying “brilliant at the basics”—delivering reliable service, maintaining strong infrastructure and helping members better understand and manage their energy use. It also meant providing our members with the resources and tools they need to feel empowered, such as the My EnergyHub app, which shows current updates on your power use and behavioral trends so you can better understand your energy patterns. We pride ourselves on keeping the dialogue going through our email and member newsletter, Connect, which includes a “Sustainability Corner” article in every issue to help you stay efficient and energy-savvy.

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EnergyUnited’s commitment to sustainability goes beyond environmental stewardship—it extends into our strategic decisions that support the preservation of our communities and highlight our democratic governance.

This comprehensive approach supports our member initiatives, daily operations and strategic investments.

At the same time, EnergyUnited remains committed to transparency around the factors driving costs and the steps being taken to manage them responsibly.

Ultimately, our vision for sustainability is rooted in community. By working together to address challenges cooperatively, invest in efficient technologies and support a resilient grid, members are playing a direct role in shaping a brighter energy future. While challenges persist across the national energy landscape, we believe our cooperative is well positioned to meet them head-on.

OUR COOPERATIVE RESPONSIBILITY & SUSTAINABILITY

REPORT SCAN TO READ THE REPORT

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POWERING THE COMMUNITY:

CELEBRATING $10 MILLION IN GIVING

W m d m E O t m

In 2025, the EnergyUnited Foundation reached a remarkable milestone—surpassing $10 million in total charitable giving. This achievement represents more than a number: it reflects decades of compassion, partnership and a shared commitment to strengthening the communities we serve. For more than 30 years, the EnergyUnited Foundation has quietly worked behind the scenes to meet critical needs across our service area. From housing assistance and utility support to essential home repairs, the Foundation has been a steady source of help and hope for individuals, families and local nonprofit organizations.

SUPPORTING LOCAL YOUTH & EDUCATORS

A M

I m o a

EnergyUnited is proud to have spent another year fostering education and leadership through the cooperative’s community outreach programs: Sports Camp: In 2025, we selected Nyaria Day to attend the Wolfpack Women’s Basketball Camp at NC State University and Nixon Montgomery to attend the Carolina Basketball School at the University of North Carolina at Chapel Hill.

T f h a o h f s

Empowering the Future: Julia Vecchiarello and Grant Hughes were the two winners of our Empowering the Future Scholarship.

Bright Ideas Teacher Grants: We were proud to award $51,000 in Bright Ideas education grants to 41 local teachers to fund creative, engaging projects for the classroom.

B o a o

Junior Member Ambassador Program: Six students were selected in 2025 for community engagement opportunities, including Youth Tour, Junior MAC and Cooperative Leadership Camp.

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SMALL CHANGE, LASTING IMPACT What makes this milestone especially meaningful is how it was achieved. Every dollar distributed by the Foundation is made possible through the generosity of EnergyUnited members who participate in Operation Round-Up, a voluntary program that allows members to round up their monthly electric bills.

Individually, these contributions may be just pennies each month. Collectively, they have created a powerful force for good— transforming small acts of giving into lifechanging support for neighbors in need.

GUIDED BY COMMUNITY, DRIVEN BY PURPOSE The EnergyUnited Foundation is led by a dedicated nine-member volunteer board made up of individuals from within our service area. These community leaders bring diverse expertise and a shared passion for service, ensuring that every contribution is stewarded thoughtfully and responsibly.

Their work, combined with the generosity of our members, ensures that support reaches those facing the most urgent and unexpected challenges.

A YEAR OF MEANINGFUL SUPPORT In 2025 alone, the Foundation distributed more than $717,000 in assistance, including over $505,000 in direct support to individuals and families.

These funds supported a wide range of needs from emergency financial assistance to critical home modifications that improve safety, accessibility and quality of life. Partnerships with organizations like Habitat for Humanity have helped deliver tangible, lasting improvements for local families, ensuring they have safe and secure places to call home.

Behind every grant is a story—families overcoming hardship, individuals finding stability and communities coming together to care for one another.

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OUR ENERGIZED ECONOMY Recent projects and expansions within EnergyUnited’s service territory include: US FOODS

327,000 FT

2

Facility renovation in a business park served by EnergyUnited SBA HOME

500,000 FT Facility in Mocksville, the company’s first U.S. location

SPORTSFIELD SPECIALTIES

46,000 FT

2

Facility expansion in Mocksville

2

EnergyUnited remains deeply committed to powering not only homes and businesses, but also the economic vitality of the communities we serve. In 2025, that commitment was evident through continued partnerships and strategic development efforts across our service territory. Through collaboration with North Carolina’s electric cooperatives and the Cooperative Ready Sites Program, EnergyUnited is helping position key industrial locations for future investment and job creation.

One example is the Alexander Industrial Park, home to companies such as Paragon Films. The park’s recent selection for the North Carolina SelectSite Readiness Program further enhances its competitiveness, ensuring it is well prepared to attract new and expanding industries.

I d i f p l e s w p d b E t w o

EnergyUnited is also playing a key role in supporting growth in Huntersville, including North Chase at the Park on Patterson Road.

Currently under construction, the development includes three buildings totaling more than 450,000 square feet, with plans to expand to approximately 1.2 million square feet across nine buildings at full buildout. One of these facilities will support the expansion of JGA Space and Defense, further strengthening the region’s advanced manufacturing presence. These projects reflect EnergyUnited’s proactive approach to infrastructure planning and its dedication to supporting long-term economic success.

Across the broader service area, EnergyUnited has supported a number of significant projects and expansions that are driving job creation and capital investment. These include a facility renovation for US Foods in their existing 327,000-square-foot facility, the expansion of SBA Home

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into an existing 500,000-square-foot facility in Mocksville—its first U.S. location—and a $100 million expansion by Avgol. Additional growth includes a 46,000-square-foot expansion by Sportsfield Specialties, expanded operations for Special Event Services and the $65 million Davidson County Sports Complex, which is expected to open in 2027. Together, these developments represent continued confidence in the region and reinforce EnergyUnited’s role as a reliable partner in economic progress.

In addition to supporting large-scale development, EnergyUnited continues to invest in services that enhance reliability and resilience for its members. In 2025, the cooperative partnered with Canter Power Systems, the leading Generac dealer in the Southeast, to expand access to home standby generator solutions. This collaboration provides members with trusted expertise and dependable backup power options, helping them stay prepared during unexpected outages. By strengthening both infrastructure and service offerings, EnergyUnited continues to deliver on its mission to provide safe, affordable and reliable energy while supporting the growth and prosperity of the communities we serve.

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Recent projects and expansions within EnergyUnited’s service territory include: AVGOL

100 MILLION

$

Expansion at its Mocksville facility

DAVIDSON COUNTY SPORTS COMPLEX

65 MILLION

$

Project expected to open in 2027

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IT

&

SECURITY ENHANCEMENTS

EnergyUnited continued to strengthen the security and reliability of My EnergyHub in 2025 by implementing two important enhancements: two-factor authentication and card verification for stored payment methods. These upgrades reflect our ongoing commitment to protecting member information while delivering a seamless and user-friendly digital experience. Members now benefit from an extra layer of account security, requiring a secondary verification step when logging into My EnergyHub. This helps safeguard personal and financial data against unauthorized access, aligning with industry best practices and evolving cybersecurity standards.

By requiring the card verification code for these transactions, EnergyUnited reduces the risk of fraud and enhances overall payment security. Both improvements are part of a broader effort to ensure that My EnergyHub remains a trusted, secure and convenient platform for managing energy services.

LEARN EVEN MORE ABOUT OUR IT SAFETY INITIATIVES IN THE 2025 CRSR.

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M S

&

MEMBER SUPPORT LOOKING AHEAD TO 2026 As a member-owned utility, our job is always to serve you, our members, by delivering safe, reliable, affordable and sustainable power.

As we help prepare members for an evolving energy future, rising transmission costs and peak demand are impacting all of us. To offer members direct control of their bill, we implemented a new rate structure, which went into effect April 1, 2026, and was reflected on May bills.

With this new rate, members will still have access to all the electricity they need, with greater opportunity to save—approximately 35%—by using electricity during off-peak hours.

These off-peak periods total 20 hours each day, when electricity is least expensive. The remaining four peak hours reflect higher costs due to increased demand on the system.

As a not-for-profit electric cooperative, we’re committed to supporting you through this transition with clear information, practical tools and guidance every step of the way.

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EnergyUnited @EnergyUnitedEMC EnergyUnited Electric Cooperative @EnergyUnitedEMC

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ENERGYUNITED.COM MEMBER SUPPORT: 1-800-522-3793 OUTAGES & PAYMENTS: 1-800-EUNITED

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