Core Viewpoint - OGE Energy Corp. reported significant growth in earnings for the first quarter of 2025, driven by increased customer demand and operational efficiencies, indicating a positive outlook for the company as it continues to expand its services in Oklahoma and Arkansas [2][4]. Financial Performance - OGE Energy Corp. achieved earnings of $0.31 per diluted share in Q1 2025, up from $0.09 per diluted share in Q1 2024 [1][3]. - The net income for OG&E was $71.0 million, or $0.35 per diluted share, compared to $25.2 million, or $0.12 per diluted share, in the same period last year [2][12]. - The overall net income for OGE Energy was $62.7 million, reflecting a substantial increase from $18.6 million in Q1 2024 [3][12]. Revenue and Expenses - Operating revenues for OGE Energy Corp. reached $747.7 million in Q1 2025, compared to $596.8 million in Q1 2024, marking a significant increase [11][12]. - Fuel, purchased power, and direct transmission expenses rose to $324.0 million from $232.2 million year-over-year [11][12]. - Operating expenses remained relatively stable at $290.4 million, slightly down from $290.6 million in the previous year [11][12]. Outlook - The company maintains its 2025 consolidated earnings guidance at $2.27 per average diluted share, with a range of $2.21 to $2.33, assuming normal weather conditions for the remainder of the year [4][5]. - OGE Energy's earnings are subject to significant seasonality due to weather variations [4]. Customer Base and Market Position - OGE Energy Corp. serves approximately 909,000 customers in Oklahoma and western Arkansas, indicating a stable and growing customer base [6].

Exhibit 99.01 2025 Outlook OGE Energy's 2025 consolidated earnings guidance remains unchanged and is projected to be $2.27 per average diluted share, within a range of $2.21 to $ 2.33 per average diluted share. The guidance assumes, among other things, approximately 202.1 million average diluted shares outstanding and normal weather for the remainder of the year. OG&E has significant seasonality in its earnings due to weather on a year over year basis. See OGE Energy's 2024 Form 10-K for other key factors a ...

[Part I - FINANCIAL INFORMATION](index=6&type=section&id=Part%20I%20-%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements (Unaudited)](index=6&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) This section presents the unaudited condensed consolidated financial statements for OGE Energy Corp. and Oklahoma Gas and Electric Company (OG&E) for the three months ended March 31, 2025, including income statements, balance sheets, cash flow statements, and statements of stockholders' equity, along with combined notes detailing significant accounting policies, revenue recognition, debt, and regulatory matters [OGE Energy Corp. Condensed Consolidated Financial Statements](index=6&type=section&id=OGE%20Energy%20Corp.%20Condensed%20Consolidated%20Financial%20Statements) For the three months ended March 31, 2025, OGE Energy Corp. reported a significant increase in net income to $62.7 million from $18.6 million in the prior year period, driven by a 25.3% rise in operating revenues, though net cash from operating activities decreased substantially from $83.0 million to $15.9 million year-over-year OGE Energy Corp. Condensed Consolidated Statement of Income (Q1 2025 vs Q1 2024) | Metric | Q1 2025 (In millions) | Q1 2024 (In millions) | Change (%) | | :--- | :--- | :--- | :--- | | **Operating Revenues** | $747.7 | $596.8 | 25.3% | | **Operating Income** | $133.3 | $74.0 | 80.1% | | **Net Income** | $62.7 | $18.6 | 237.1% | | **Diluted EPS** | $0.31 | $0.09 | 244.4% | OGE Energy Corp. Condensed Consolidated Statement of Cash Flows (Q1 2025 vs Q1 2024) | Metric | Q1 2025 (In millions) | Q1 2024 (In millions) | | :--- | :--- | :--- | | Net cash provided from operating activities | $15.9 | $83.0 | | Net cash used in investing activities | $(263.7) | $(243.5) | | Net cash provided from financing activities | $274.1 | $164.6 | OGE Energy Corp. Condensed Consolidated Balance Sheet Highlights | Metric | March 31, 2025 (In millions) | Dec 31, 2024 (In millions) | | :--- | :--- | :--- | | Total Current Assets | $1,008.8 | $895.1 | | Net Property, Plant and Equipment | $12,213.2 | $12,086.6 | | **Total Assets** | **$13,953.2** | **$13,716.0** | | Total Current Liabilities | $1,382.6 | $1,229.8 | | Long-Term Debt | $5,121.8 | $5,020.9 | | **Total Liabilities** | **$9,337.5** | **$9,075.1** | | **Total Stockholders' Equity** | **$4,615.7** | **$4,640.9** | [Oklahoma Gas and Electric Company Condensed Financial Statements](index=12&type=section&id=Oklahoma%20Gas%20and%20Electric%20Company%20Condensed%20Financial%20Statements) Oklahoma Gas and Electric Company (OG&E) saw its net income rise to $71.0 million for the first quarter of 2025, a substantial increase from $25.2 million in the same period of 2024, with operating revenues growing to $747.7 million, though net cash from operating activities declined significantly year-over-year OG&E Condensed Statement of Income (Q1 2025 vs Q1 2024) | Metric | Q1 2025 (In millions) | Q1 2024 (In millions) | Change (%) | | :--- | :--- | :--- | :--- | | **Operating Revenues** | $747.7 | $596.8 | 25.3% | | **Operating Income** | $133.3 | $74.0 | 80.1% | | **Net Income** | $71.0 | $25.2 | 181.7% | OG&E Condensed Statement of Cash Flows (Q1 2025 vs Q1 2024) | Metric | Q1 2025 (In millions) | Q1 2024 (In millions) | | :--- | :--- | :--- | | Net cash provided from operating activities | $46.7 | $124.6 | | Net cash used in investing activities | $(263.4) | $(243.1) | | Net cash provided from financing activities | $241.3 | $122.6 | [Combined Notes to Condensed Financial Statements](index=17&type=section&id=Combined%20Notes%20to%20Condensed%20Financial%20Statements) The notes detail key accounting policies, including the significant role of regulatory assets and liabilities in OG&E's financial reporting, highlight the finalization of the 2023 Oklahoma General Rate Review resulting in a $126.7 million annual revenue increase, and disclose the issuance of $350.0 million in senior notes and an ongoing lawsuit seeking over $60.0 million in damages OG&E Revenues from Contracts with Customers by Classification (Q1) | Customer Classification | Q1 2025 (In millions) | Q1 2024 (In millions) | | :--- | :--- | :--- | | Residential | $283.6 | $221.4 | | Commercial | $206.6 | $148.8 | | Industrial | $61.6 | $53.0 | | Oilfield | $59.4 | $49.7 | | Public authorities and street light | $60.5 | $51.0 | - On April 1, 2025, OG&E issued **$350.0 million** of **5.80%** senior notes due 2055 to repay short-term debt and fund its capital investment program[85](index=85&type=chunk) - OG&E is a defendant in a lawsuit seeking over **$60.0 million** in damages related to a fire at an apartment building. The company disputes the claims and believes its insurance policies will cover costs in excess of a non-material retention amount[105](index=105&type=chunk)[106](index=106&type=chunk) - The 2023 Oklahoma General Rate Review was finalized, resulting in an annual revenue requirement increase of **$126.7 million**. The settlement also approved the current **9.5%** return on equity and a capital structure with **53.50%** common equity[108](index=108&type=chunk)[109](index=109&type=chunk)[110](index=110&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=31&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes the significant increase in Q1 2025 net income to higher operating revenues at OG&E, driven by capital investment recovery and load growth, alongside lower operation and maintenance expenses, while reaffirming its 2025 consolidated earnings guidance and noting Moody's revision of its ratings outlook to negative due to capital expenditure plans and higher debt levels - OGE Energy's Q1 2025 net income increased to **$62.7 million** (**$0.31/share**) from **$18.6 million** (**$0.09/share**) in Q1 2024. The increase was primarily driven by a **$45.8 million** rise in net income at OG&E due to higher revenues from capital recovery and load growth, and lower O&M expenses[127](index=127&type=chunk) - The company's 2025 consolidated earnings guidance remains unchanged at **$447 million** to **$471 million**, or **$2.21** to **$2.33** per average diluted share[128](index=128&type=chunk) Drivers of OG&E Operating Revenue Increase (Q1 2025 vs Q1 2024) | Driver | Change (In millions) | | :--- | :--- | | Fuel, purchased power and direct transmission expense (recoverable) | $91.8 | | Price variance (includes weather) | $37.1 | | Quantity impacts (includes weather) | $11.6 | | Non-residential demand and related revenues | $5.4 | | New customer growth | $4.2 | | **Total Change in Operating Revenues** | **$150.9** | - On April 14, 2025, Moody's Investors Service revised its ratings outlook on both OGE Energy and OG&E from **stable to negative**, citing pressure from OG&E's capital expenditure plan and higher debt levels at the holding company[160](index=160&type=chunk) - OG&E estimates the cost of compliance with the EPA's Good Neighbor FIP could be approximately **$2.4 billion** to **$2.8 billion** in total, though the rule is currently stayed and subject to litigation and reconsideration by the EPA[171](index=171&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=44&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section states that there have been no significant changes in the market risks affecting the Registrants since the disclosures made in their 2024 Form 10-K - There have been no significant changes in the market risks affecting the Registrants from those discussed in the 2024 Form 10-K[194](index=194&type=chunk) [Controls and Procedures](index=44&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that the Registrants' disclosure controls and procedures were effective as of the end of the period covered by this report, with no material changes to internal control over financial reporting during the quarter - The CEO and CFO have concluded that the Registrants' disclosure controls and procedures are effective as of March 31, 2025[195](index=195&type=chunk)[196](index=196&type=chunk) - No material changes in internal control over financial reporting occurred during the most recently completed fiscal quarter[197](index=197&type=chunk) [Part II - OTHER INFORMATION](index=46&type=section&id=Part%20II%20-%20OTHER%20INFORMATION) [Legal Proceedings](index=46&type=section&id=Item%201.%20Legal%20Proceedings) This section reports no new significant legal cases against the Registrants and no material changes in previously reported proceedings, referencing the details provided in Notes 12 and 13 of the financial statements - There are no new significant legal cases to report, and no material changes have occurred in previously reported proceedings[198](index=198&type=chunk) [Risk Factors](index=46&type=section&id=Item%201A.%20Risk%20Factors) The company states that there have been no significant changes to its risk factors from those disclosed in its 2024 Form 10-K - There have been no significant changes in the Registrants' risk factors from those discussed in the 2024 Form 10-K[199](index=199&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=46&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities during the period - None reported[200](index=200&type=chunk) [Other Information](index=46&type=section&id=Item%205.%20Other%20Information) The company disclosed that no director or officer adopted or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement during the first quarter of 2025 - No director or officer of the Registrants adopted or terminated a Rule 10b5-1 trading arrangement during the three months ended March 31, 2025[201](index=201&type=chunk) [Exhibits](index=46&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including certifications by the CEO and CFO and interactive data files (XBRL) - Lists exhibits filed with the report, including Sarbanes-Oxley certifications and XBRL data files[202](index=202&type=chunk)

Core Viewpoint - The company operates primarily in Oklahoma, which provides a significant market presence and potential for growth in the energy sector [1]. Group 1 - The company aims to generate a 7%+ income yield by investing in a diversified portfolio of energy stocks while minimizing principal loss risk [1]. - Subscribers to the service gain early access to investment ideas and in-depth research that is not available to the general public [1]. - A two-week free trial is currently being offered to attract new subscribers [1].

Core Points - OGE Energy Corp. will hold its quarterly earnings and business update conference call on April 30, 2025, at 9 a.m. Eastern Time [1] - The conference call will be accessible via webcast on OGE Energy's official website [1] - OGE Energy Corp. is the parent company of OG&E, which serves approximately 907,000 customers in Oklahoma and western Arkansas [1]

Core Viewpoint - OGE Energy Corp. presents a strong investment opportunity in the Zacks Utility Electric Power industry due to rising earnings estimates, strategic investments, effective debt management, and a solid dividend history [1] OGE's Growth Projections - The Zacks Consensus Estimate for OGE Energy's 2025 earnings per share (EPS) has increased by 0.4% to $2.27 per share over the past 60 days [2] - The Zacks Consensus Estimate for OGE's 2025 revenues is projected at $3.01 billion, reflecting a growth of 0.8% from the 2024 reported figure [2] - The company's long-term earnings growth rate is estimated at 6.1% over the next three to five years [2] Debt Position of OGE - OGE's total debt to capital ratio stands at 54.34%, which is better than the industry's average of 60.82% [3] - The times interest earned (TIE) ratio for OGE at the end of Q4 2024 was 2.9, indicating the company can comfortably meet its interest payment obligations [3] Dividend History of OGE - OGE Energy has consistently increased shareholder value through dividends, currently paying a quarterly dividend of 42.125 cents per share, leading to an annualized dividend of $1.685 [4] - The current dividend yield for OGE is 3.8%, significantly higher than the Zacks S&P 500 Composite's average of 1.27% [4] OGE's Systematic Investments - OGE Energy plans to invest $6.25 billion in infrastructure from 2025 to 2029 to enhance the safety, resiliency, and reliability of its distribution and transmission grids, as well as its generation fleet [5] OGE Stock Price Performance - Over the past three months, OGE shares have increased by 7.4%, outperforming the industry's growth of 2.8% [6]

Company Overview - OGE Energy shares have increased by approximately 2.7% over the past month, outperforming the S&P 500 [1] - The consensus estimate for OGE Energy has shifted downward by 30.95% in the past month [2] Performance Metrics - OGE Energy has an average Growth Score of C, a Momentum Score of D, and a Value Score of C, placing it in the middle 20% for the value investment strategy [3] - The overall aggregate VGM Score for OGE Energy is D, indicating a need for attention across multiple investment strategies [3] Outlook - The estimates for OGE Energy have been trending downward, suggesting a negative shift in expectations [4] - Despite the downward revisions, OGE Energy holds a Zacks Rank of 2 (Buy), indicating an expectation of above-average returns in the coming months [4] Industry Comparison - OGE Energy is part of the Zacks Utility - Electric Power industry, where PG&E has gained 9.1% over the past month [5] - PG&E reported revenues of $6.63 billion for the last quarter, reflecting a year-over-year decline of 5.8% [5] - PG&E's expected earnings for the current quarter are $0.40 per share, representing a year-over-year increase of 8.1% [6]

Core Viewpoint - Momentum investing focuses on following a stock's recent price trends, aiming to buy high and sell higher, with the expectation that established trends will continue [1][2]. Company Overview: OGE Energy - OGE Energy currently holds a Momentum Style Score of B, indicating a positive momentum outlook [3]. - The company has a Zacks Rank of 2 (Buy), suggesting strong potential for outperformance in the market [4]. Performance Metrics - OGE shares have increased by 2.39% over the past week, outperforming the Zacks Utility - Electric Power industry, which rose by 1.06% [6]. - Over the last month, OGE's stock price changed by 3.62%, compared to the industry's 1.07% [6]. - In the past quarter, OGE shares rose by 4.78%, and over the last year, they gained 29.14%, while the S&P 500 saw declines of -5.43% and gains of 13.83%, respectively [7]. Trading Volume - OGE's average 20-day trading volume is 1,129,124 shares, which serves as a bullish indicator when combined with rising stock prices [8]. Earnings Outlook - In the last two months, three earnings estimates for OGE have been revised upwards, with no downward revisions, leading to an increase in the consensus estimate from $2.26 to $2.27 [10]. - For the next fiscal year, one estimate has moved upwards, with no downward revisions noted [10]. Conclusion - Considering the positive performance metrics and earnings outlook, OGE Energy is positioned as a 2 (Buy) stock with a Momentum Score of B, making it a potential candidate for near-term investment [12].

Core Viewpoint - OGE Energy Corp. reported strong fourth-quarter 2024 results, with earnings and revenues exceeding expectations, leading to a 2.7% increase in share price to $45.20 on February 21, 2024 [1]. Financial Performance - Fourth-quarter 2024 earnings were 50 cents per share, surpassing the Zacks Consensus Estimate of 48 cents and improving from 24 cents per share in the same quarter last year [1]. - Total revenues for the fourth quarter reached $761 million, a 34.2% increase from $567 million in the prior-year quarter, and also exceeded the Zacks Consensus Estimate of $673 million by 13.1% [3]. - For the full year 2024, earnings per share were $2.19, up from $2.07 in 2023 [2]. Operational Highlights - Total sales for the quarter were 7.7 million megawatt-hours (MWh), an increase from 6.9 million MWh in the prior-year quarter [4]. - The customer count rose by 1.2% to 906,952 [4]. - Operating income for 2024 was $745.3 million, a 14.6% increase from $650.2 million in the previous year [5]. Segment Performance - The net income for the fourth quarter was $101.9 million, up 111.4% from $48.2 million in the prior-year quarter [6]. - The OG&E segment's net income was $110.4 million, reflecting a 127.2% increase from $48.6 million in the year-ago period [6]. - The Other Operations unit reported a net loss of $8.5 million, widening from a loss of $0.4 million in the prior-year quarter due to higher interest expenses [7]. Financial Position - As of December 31, 2024, cash and cash equivalents were $0.6 million, up from $0.2 million a year earlier [8]. - Long-term debt increased to $5.02 billion from $4.34 billion as of December 31, 2023 [8]. - Net cash flow from operating activities was $0.81 billion in 2024, down from $1.23 billion at the end of 2023 [8]. Future Guidance - OGE Energy provided guidance for 2025, expecting earnings per share in the range of $2.21 to $2.33, with the Zacks Consensus Estimate at $2.27 per share [9]. Market Position - OGE currently holds a Zacks Rank of 2 (Buy), indicating a favorable outlook in the market [10].

Financial Data and Key Metrics Changes - Consolidated net income for 2024 was $442 million or $2.19 per diluted share, compared to $417 million or $2.07 per share in 2023, reflecting a year-over-year increase [23] - The electric company achieved net income of $470 million or $2.33 per share, up from $426 million or $2.12 per share in 2023, driven by capital investment recovery [25] - The holding company reported a loss of $28 million or $0.14 per diluted share in 2024, compared to a loss of $10 million or $0.05 in 2023, primarily due to higher interest expenses [25] Business Line Data and Key Metrics Changes - The electric company saw a weather-normalized load growth of 7.6%, the largest annual growth in nearly 25 years, with commercial load leading at 21.4% [27] - Residential load grew by 2.4% in 2024, reinforcing overall system growth [28] - The company expects continued load growth into 2025, with a forecast of 8.5% weather-normalized growth by year-end [33] Market Data and Key Metrics Changes - Oklahoma City and Fort Smith's unemployment rates were below the national average, with Oklahoma City at 2.8%, contributing to a 1.2% increase in customer growth [14] - The company experienced exceptional load growth across various industries, including multi-unit housing, defense, and manufacturing [15] Company Strategy and Development Direction - The company is focused on reliability, growth, and affordability, with a commitment to maintaining low rates while investing in grid improvements [11] - A five-year capital plan has been rolled forward to 2029, increasing by $250 million, indicating a strong commitment to infrastructure investment [35] - The company plans to file for recovery of generation needs and a general rate review in Oklahoma by midyear, and a similar filing in Arkansas by year-end [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the financial plan, projecting a 2025 earnings guidance midpoint that is 7% higher than the previous year [32] - The company anticipates continued strong load growth and operational execution, with a long-term annual EPS growth rate of 5% to 7% [37] - Management highlighted the importance of a constructive regulatory environment in supporting growth and achieving results [12] Other Important Information - The company has nearly 450 megawatts under construction at Horseshoe Lake and an additional 100 megawatts for Tinker Air Force Base, expected to come online in 2025 [9] - The company is leveraging automation and AI to enhance customer experience and operational efficiency [9] Q&A Session Summary Question: Data center opportunities and megawatt needs - Management indicated potential opportunities in the 250 to 500 megawatt range across several discussions, but specifics on the Stillwater opportunity could not be disclosed [45][46] Question: Dividend growth in relation to EPS growth - Management reiterated a consistent approach to dividend growth, aiming for a payout ratio of 65% to 70% [49] Question: 2025 expectations and load growth sensitivity - Management was hesitant to provide specific EPS sensitivity to load growth but indicated that load growth would help mitigate regulatory lag [58][59] Question: Capital requirements for new generation solutions - Management expressed confidence in their ability to deliver generation solutions for new customers, with ongoing visibility into available resources [72] Question: Updates on RFP and potential new data center contracts - Management plans to file results of the generation RFP by mid-year and will communicate any new data center contracts as they arise [78][79] Question: Long-term load growth expectations - Management confirmed expectations for long-term load growth to remain at least 2% [120]