CenterPoint Energy(CNP) - 2025 Q2 - Quarterly Results

Q2 2025 Investor Update Overview This section provides an overview of Q2 2025 performance, strategic objectives, and key financial highlights, including non-GAAP metrics and cautionary statements Cautionary Statement and Disclaimers This report contains forward-looking statements with inherent risks and uncertainties that may cause actual results to differ materially from expectations, with no obligation for updates - Forward-looking statements in this report involve predictions of future events and financial performance, carrying inherent risks and uncertainties that may cause actual results to differ materially from expectations[3][4] - The company undertakes no obligation to update these statements[4] Use of Non-GAAP Financial Measures The company uses non-GAAP financial measures to supplement GAAP reporting, offering additional insight into core operational performance and facilitating comparisons, but not as substitutes - The company uses non-GAAP financial measures, such as non-GAAP EPS and non-GAAP FFO/Debt, to supplement GAAP financial reporting, providing additional insight into core operational performance[5] - Non-GAAP financial measures facilitate comparisons with historical and expected future performance but should not be considered substitutes for GAAP metrics[5] Q2 2025 Highlights and Strategic Objectives The company achieved $0.29 non-GAAP EPS in Q2 2025, reaffirmed its 2025 EPS guidance, maintained a strong balance sheet with 14.1% FFO/Debt, and announced an Ohio gas LDC sale to fund capital investments Q2 2025 Key Updates | Strategic Objective | Q2'25 Update | | :--- | :--- | | 8% non-GAAP EPS annual growth in 2025 | Achieved non-GAAP EPS of $0.29 | | 6-8% non-GAAP EPS and dividend growth through 2030 | Reaffirmed 2025 non-GAAP EPS guidance of $1.74-$1.76 (8% midpoint growth) | | FFO/Debt target of 14%-15% through 2030 | Achieved TTM 2Q 2025 FFO/Debt of 14.1% | | Efficiently fund capital plan through asset recycling and other means | Announced sale of Ohio Gas LDC; reduced 2026 and 2027 equity needs through forward common stock sales | | Invest for growth to benefit customers and communities | 10-year capital investment plan increased by $5.5 billion since FY2024 end | | Complete Phase II of Greater Houston Resiliency Plan | Achieved full settlement agreement for System Resiliency Plan filing | Capital Investment and Resiliency Plan This section details the company's increased capital investment plan, focusing on enhanced grid resiliency, modernization efforts, and strategic project timelines Key Resiliency Actions The company significantly reduced customer outage time by 50% in H1 2024 through robust infrastructure upgrades, automation, vegetation management, and undergrounding efforts - Customer outage time decreased by approximately 50% compared to H1 2024[9] Resiliency Action Progress (as of May 22, 2025) | Resiliency Action (July 2024 - June 2025) | Completed as of May 22, 2025 | June 1, 2025 Target | | :--- | :--- | :--- | | Install stronger, storm-hardened poles | 26,470 poles | 26,000 poles | | Install self-healing automation devices | 5,159 devices | 5,150 devices | | Clear hazardous vegetation near power lines | 6,018 miles | 6,000 miles | | Underground power lines | 417 miles | 400 miles | System Resiliency Plan The System Resiliency Plan aims to improve customer experience by accelerating investments, projecting $25 million in annual storm-related savings, over 900 million minutes of outage reduction, and a 30% overall resiliency enhancement by 2029 - Annual storm-related distribution costs are projected to save approximately $25 million[12] - Over 900 million minutes of outage time are projected to be reduced by 2029[12] - Over 500,000 outages are projected to be avoided in events similar to Hurricane Beryl[12] - Overall resiliency is projected to be enhanced by 30%[14] System Resiliency Plan Key Components | Component | Description | | :--- | :--- | | Automation Devices | 100% of circuits serving the most customers will include self-healing devices to reduce outage impact | | Undergrounding | Over 50% of the electric system will be undergrounded to enhance resiliency | | Stronger Distribution Poles | 130,000 stronger, storm-hardened poles will be installed or replaced, or existing poles reinforced | | Vegetation Management | 100% of hazardous vegetation near power lines will be cleared every three years to reduce storm-related outages | | Modernized Cables | 20,150 spans of underground cable will be modernized to reduce outage frequency and impact | Increased Capital Plan The company increased its 10-year capital investment plan by $5.5 billion to $53 billion since FY2024, primarily for electric transmission, grid modernization, and Texas gas infrastructure - The 10-year capital investment plan increased by $5.5 billion since the end of FY2024[15][17] - The revised total capital plan amounts to $53.0 billion[16] - Key investment categories include electric transmission (increased and accelerated 345kV upgrades), resiliency and grid modernization (automation implementation, hardening/resiliency, accelerated pole replacement, feeder undergrounding), Houston downtown revitalization, and Texas gas transmission/high-pressure distribution investments[16] Capital Expenditures by Segment Total capital expenditures for FY2025 are projected at $5.3 billion, up from $4.8 billion, with the 10-year plan reaching $53 billion, driven by electric transmission, resiliency, and Texas gas investments Capital Expenditure Plan by Segment | Segment | FY2024 | Q1 2025 | Q2 2025 | FY2025 Projected | 5-Year Plan ('21-'25) | 10-Year Plan ('21-'30) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Electric | ~$2.2B | ~$1.0B | ~$0.7B | ~$3.7B | ~$14.1B | ~$37.3B | | Natural Gas | ~$1.5B | ~$0.3B | ~$0.4B | ~$1.7B | ~$7.7B | ~$15.5B | | Corporate & Other | ~$36MM | ~$12MM | ~$1MM | ~$20MM | ~$0.1B | ~$0.2B | | Total Capital Expenditures | ~$3.8B | ~$1.3B | ~$1.1B | ~$5.3B ↑ (Prev. $4.8B) | ~$21.8B (Prev. $21.3B) | ~$53.0B (Prev. $48.5B) | - The 10-year plan (2021-2030) increased by $5.5 billion for growth investments[26] Financial Performance and Outlook This section analyzes Q2 2025 non-GAAP EPS drivers and outlines the company's unique 2025 earnings profile influenced by Texas rate case recovery timing Q2 2025 Non-GAAP EPS Primary Drivers Q2 2025 non-GAAP EPS was $0.29, down from $0.36 in Q2 2024, primarily due to increased depreciation, equity dilution, and interest expense, partially offset by rate recovery and usage growth Q2 2025 vs Q2 2024 Non-GAAP EPS Comparison | Metric | Q2 2024 Non-GAAP EPS | Change Drivers | Q2 2025 Non-GAAP EPS | | :--- | :--- | :--- | :--- | | Non-GAAP EPS | $0.36 | | $0.29 | | | Growth & Rate Recovery | | | | | Electric | ▲ $0.01 | | | | Natural Gas | ▲ $0.02 | | | | Weather/Usage | | | | | Electric | ▲ $0.01 | | | | Other | | | | | Depreciation & Other Taxes | ▼ $0.04 | | | | Equity Dilution | ▼ $0.01 | | | | Interest Expense | ▼ $0.03 | | | | Other | ▼ $0.01 | | 2025 Non-GAAP Earnings Profile The 2025 earnings profile differs from prior years due to the timing of Texas investment recovery post-rate case, with H1 earnings representing approximately 46% of the full-year forecast - The 2025 earnings profile will differ from previous years, primarily influenced by the timing of Texas investment recovery following rate cases[21] 2025 Non-GAAP Earnings Profile Comparison | Metric | Non-Rate Case Profile | 2025 Projection | | :--- | :--- | :--- | | 1H Earnings Percentage | 40% - 50% | ~46% | | 2H Earnings Percentage | 50% - 60% | 50% - 60% | | 2025 Midpoint Non-GAAP EPS | $1.75 | $1.75 | | 1H 2025 Cumulative Non-GAAP EPS | ~$0.70 | $0.81 | Credit and Balance Sheet Strength This section assesses the company's credit profile, FFO to debt ratios, upcoming debt maturities, and liquidity position, emphasizing commitment to investment-grade ratings Consolidated FFO To Debt The company maintains a strong credit profile with a Moody's-adjusted FFO/Debt ratio of 14.1% as of Q2 2025, aligning with its 14%-15% long-term target Consolidated FFO to Debt Ratio | Metric | FY2024 | Q2 2025 TTM | | :--- | :--- | :--- | | Moody's | 9.7% | 9.8% | | Adjusted for One-Time Items - Moody's Methodology | 13.6% | 14.1% | | S&P | 12.0% | 11.6% | | Adjusted for One-Time Items - S&P Methodology | 12.9% | 12.5% | - The company targets a long-term FFO/Debt ratio of 14%-15% by 2030, calculated using Moody's methodology[33] Upcoming Maturities & Debt Ratings The company faces $541 million in debt maturities in 2025, $1.877 billion in 2026, and $326 million in 2027, while maintaining investment-grade credit ratings for key entities Upcoming Debt Maturities (Millions of USD) | Company | 2025 | 2026 | 2027 | | :--- | :--- | :--- | :--- | | CNP (Parent) | | $517MM (Senior Notes) | | | | | $1,000MM (Convertible Senior Notes) | | | CEHE | | $300MM (General Mortgage Bonds) | $300MM (General Mortgage Bonds) | | | $500MM (Floating Rate Term Loan) | | | | CERC | | $60MM (Private Notes) | | | IGC | | | $26MM (Senior Notes) | | SIGECO | $41MM (First Mortgage Bonds) | | | | Total | $541MM | $1,877MM | $326MM | Company Debt Ratings | Entity | Moody's | S&P | Fitch | | :--- | :--- | :--- | :--- | | CenterPoint Energy, Inc. | Baa2 (Neg) | BBB (Neg) | BBB (Stable) | | Houston Electric | A2 | A | A (neg) | | CERC | A3 | BBB+ | A- | | SIGECO | A1 | A | - | Consolidated Liquidity The company possesses approximately $2.5 billion in total available liquidity, including credit facilities and term loans, and is pursuing securitization to enhance equity content and maintain credit ratings Consolidated Liquidity (Billions of USD) | Item | Amount | | :--- | :--- | | Credit Facility Capacity | $4.0B | | CEHE Term Loan (18-month) | $0.5B | | Less: Outstanding Borrowings | ~($2.0B) | | Total Available Liquidity | ~$2.5B | - The company is committed to maintaining current credit ratings and plans to introduce credit-supportive, higher equity content instruments[32] - The company is advancing securitization, expecting to receive approximately $1.7 billion from two filings in Q3 and Q4 2025[32][33] Regulatory Landscape This section provides an overview of the company's rate case outcomes, capital recovery mechanisms, and regulatory filing updates across various jurisdictions Rate Case Snapshot Final orders have been issued for rate cases in Indiana Electric, Houston Electric, Minnesota Gas, and Texas Gas, with a proposed settlement in Ohio Gas, reflecting varied rate adjustments and approved ROE/equity layers Rate Case Snapshot | Jurisdiction | Regulatory Outcome | Revenue Request or Impact | Equity Layer / ROE | Debt Layer / Cost of Debt | Key Dates | | :--- | :--- | :--- | :--- | :--- | :--- | | Indiana Electric | Final Order Issued | $80MM | 48.3% / 9.8% | 39.5% / 5.1% | Updated Feb 13, 2025, further update Mar 1, 2026 | | Houston Electric | Final Order Issued | ($47MM) | 43.25% / 9.65% | 56.75% / 4.3% | Updated Apr 28, 2025 | | Minnesota Gas | Final Order Issued | 2024: $60.8MM, 2025: $42.7MM | Settled ROR: 7.07% | Settled ROR: 7.07% | Issued Jun 27, 2025, updated Sep 1, 2025 | | Texas Gas | Final Order Issued | $5MM | 60.6% / 9.8% | 39.4% / 4.8% | Updated Dec 1, 2024 | | Ohio Gas | Proposed Settlement | Settled: $59.6MM, Requested: $99.5MM | Settled: 52.9% / 9.85%, Requested: 54.1% / 10.4% | Settled: 47.1% / 4.0%, Requested: 45.9% / 4.1% | | Capital Plan & Regulatory Mechanisms Over 80% of the 10-year capital plan is recoverable through interim mechanisms, minimizing customer impact and earnings volatility, with most storm costs already recovered - Over 80% of the 10-year capital plan is expected to be recovered through interim mechanisms[44] - Prudent cost recovery helps minimize customer impact and earnings volatility[44] - Winter storm natural gas costs are almost fully recovered, with Minnesota being the only remaining state[44][45] Capital Recovery Mechanisms | Mechanism Type | Percentage | | :--- | :--- | | Traditional Rate Cases (incl. forward test year) | ~5% | | Interim Mechanisms (incl. CPCN required) | ~10% | | Other Interim Mechanisms | ~80% | Regulatory Schedule & Activity The company has multiple regulatory filings and rate adjustment plans across jurisdictions, with an estimated total rate base of $28 billion by year-end 2025, featuring diverse authorized ROE and capital structures 2025 Rate Base and Authorized ROE/Equity Ratio | Jurisdiction | ROE / Equity Ratio | 2025 Rate Base (Estimated) | | :--- | :--- | :--- | | TX (E) | 9.65% / 43.25% | $15.4B | | IN (E) | 9.8% / 48.3% | $2.6B | | TX (G) | 9.8% / 60.6% | $3.1B | | MN (G) | N/A / N/A | $2.4B | | N. IN (G) | 9.80% / 46.8% | $2.3B | | OH (G) | N/A / 51.1% | $1.5B | | S. IN (G) | 9.70% / 46.2% | $0.7B | | Total | | $28.0B | - The regulatory schedule covers various filings from March to November, including TCOS, DCRF, ECA, TDSIC, GRIP, CSIA, GRC, CEP, and DRR mechanisms[49] Regulatory Filing Updates The company has submitted multiple regulatory filings, projecting a total annual revenue increase of $486 million from various distribution cost recovery, system improvement, and general rate cases Regulatory Filing Updates and Annual Revenue Impact (Millions of USD) | Company | Mechanism | Filing Date | Rate Update Date | Annual Revenue Request Increase / (Decrease) | | :--- | :--- | :--- | :--- | :--- | | CEHE | Distribution Cost Recovery Factor (DCRF) | Feb 2025 | Jul 2025 | $123MM | | | Transmission Cost of Service (TCOS) | Feb 2025 | Apr 2025 | $64MM | | | General Rate Case | Mar 2024 | Apr 2025 | ($47MM) | | IN | General Rate Case | Dec 2023 | Feb 2025 & Mar 2026 | $80MM | | TX Gas | Gas Reliability Infrastructure Program (GRIP) | Feb 2025 | Jun 2025 | $70MM | | | Tax Surcharge | Aug 2024 | Jun 2025 | $15MM | | MN | General Rate Case | Nov 2023 | Sep 2025 | $104MM | | SBR | Compliance & System Improvement Adjustment (CSIA) | Apr 2025 | TBD | N. IN: $9MM, S. IN: $2MM | | OH Gas | Distribution Replacement Rider (DRR) | May 2025 | TBD | $6MM | | | General Rate Case | Oct 2024 | TBD | $60MM | | Total | | | | $486MM | Operational Insights and Growth Drivers This section explores the diverse drivers of Houston Electric's load growth and presents key weather and throughput data for electricity and natural gas operations Diverse Houston Electric Load Growth Drivers Houston Electric's load growth is driven by 2% annual residential customer growth, commercial expansion, and electrification in energy, logistics, data centers, and the Port of Houston, projecting peak load from 31GW to 74GW by 2031 - Houston's residential customer growth is approximately 2% annually[40] Houston Electric Load Growth Drivers and Forecast | Load Type | 2024 Peak Load | 2031 Projected Peak Load | Growth Drivers | | :--- | :--- | :--- | :--- | | Commercial & Energy Refining | ~31GW | ~74GW | Continued petrochemical complex expansion and electrification, refining activity, and energy exports | | Logistics & Transportation | | | Large and medium fleet conversions | | Data Centers | | | Continued expansion of the Texas Medical Center | | Port Electrification | | | Electrification of the Port of Houston | | Total | ~31GW | ~74GW | | Weather and Throughput Data Q2 2025 saw increased electricity and natural gas throughput and customer counts, with electricity up 4% and natural gas up 3% year-over-year, and Houston experiencing above-normal heating and cooling degree days Q2 2025 Throughput and Metered Customer Data | Metric | Category | Q2 2025 | Q2 2024 | 2025 vs 2024 | | :--- | :--- | :--- | :--- | :--- | | Electric Throughput (GWh) | Residential | 9,588 | 9,450 | 1% | | | Total | 30,313 | 29,034 | 4% | | Electric Metered Customers | Residential | 2,663,365 | 2,620,284 | 2% | | | Total | 2,996,732 | 2,950,593 | 2% | | Natural Gas Throughput | Residential | 25 | 24 | 5% | | | Commercial & Industrial | 86 | 84 | 2% | | | Total | 111 | 108 | 3% | | Natural Gas Metered Customers | Residential | 3,714,672 | 3,670,751 | 1% | | | Commercial & Industrial | 279,526 | 272,168 | 3% | | | Total | 3,994,198 | 3,942,919 | 1% | | Weather vs Normal | Houston Heating Degree Days | 1,358 | 1,342 | 16 | | | Houston Cooling Degree Days | 22 | 4 | 18 | Margin Sensitivity | Company | Per HDD / CDD | | :--- | :--- | | CEHE IE | $50k - $70k | | TX Gas | $30k - $40k | Generation Transition Plan This section outlines the company's strategic generation transition plan, including the retirement of coal units and the addition of solar and wind projects to replace 730MW of coal capacity Planned Generation Project Timeline The company's generation transition plan includes retiring coal units by 2030 and adding solar and wind projects from 2025-2031, aiming to replace 730MW of coal-fired capacity - Phase 1 of the generation transition will replace 730MW of coal-fired capacity[54] Generation Transition Project Timeline | Year | Retirement/Exit | New Generation Projects | | :--- | :--- | :--- | | 2025 | Retire Culley 2 Coal Unit (~90 MW) | Submit 2025 IRP, add 2 Gas Turbines (~460 MW) | | 2026 | Exit Brown 1 & 2 Coal Unit Joint Operations (~490 MW) | Add Posey Solar (~191 MW - BTA) | | 2027 | | Add Salt Creek Wind (~147 MW - PPA) | | 2030 | Retire Warrick 4 Coal Unit (~150 MW) | Add Galesburg Wind (~150 MW - PPA) | | 2031 | | Add Wheatland Solar (~200 MW - BTA) | | 203X | | Add Wind (~200 MW), Add Solar (~200 MW), Add Wind (~170 MW - PPA) | - The plan to convert FB Culley Unit 3 from coal to natural gas has been paused and will be re-evaluated during the 2025 resource planning process[54] Appendix: Non-GAAP Reconciliations This appendix provides detailed reconciliations of GAAP to non-GAAP financial measures, including EPS, FFO, and adjusted debt, along with supplementary information and net-zero disclaimers Non-GAAP EPS Reconciliation This section provides detailed reconciliations of GAAP net income and diluted EPS to non-GAAP equivalents for Q2 2025, H1 2025, and FY2024, adjusting for market-to-market, M&A, and TEEEF impacts Q2 2025 Non-GAAP EPS Reconciliation | Item | Amount (Millions of USD) | Diluted EPS | | :--- | :--- | :--- | | GAAP Consolidated Net Income (Loss) and Diluted EPS | $198 | $0.30 | | ZENS Related Mark-to-Market (Gains) Losses: | | | | Equity Securities (After-Tax) | (35) | (0.05) | | Indexed Debt Securities (After-Tax) | 34 | 0.05 | | M&A and Divestiture Related Impacts (After-Tax) | (21) | (0.03) | | Impact of TEEEF Units Removed from Rate Base (After-Tax) | 12 | 0.02 | | Non-GAAP Consolidated Income and Diluted EPS | $188 | $0.29 | Q2 2024 Non-GAAP EPS Reconciliation | Item | Amount (Millions of USD) | Diluted EPS | | :--- | :--- | :--- | | GAAP Consolidated Net Income (Loss) and Diluted EPS | $228 | $0.36 | | ZENS Related Mark-to-Market (Gains) Losses: | | | | Equity Securities (After-Tax) | (15) | (0.02) | | Indexed Debt Securities (After-Tax) | 8 | 0.02 | | M&A and Divestiture Related Impacts (After-Tax) | 6 | 0.01 | | Non-GAAP Consolidated Income and Diluted EPS | $234 | $0.36 | H1 2025 Non-GAAP EPS Reconciliation | Item | Amount (Millions of USD) | Diluted EPS | | :--- | :--- | :--- | | GAAP Consolidated Net Income (Loss) and Diluted EPS | $495 | $0.76 | | ZENS Related Mark-to-Market (Gains) Losses: | | | | Equity Securities (After-Tax) | (98) | (0.15) | | Indexed Debt Securities (After-Tax) | 96 | 0.15 | | M&A and Divestiture Related Impacts (After-Tax) | 27 | 0.04 | | Impact of TEEEF Units Removed from Rate Base (After-Tax) | 12 | 0.02 | | Non-GAAP Consolidated Income and Diluted EPS | $532 | $0.81 | H1 2024 and Full Year 2024 Non-GAAP EPS Reconciliation | Item | H1 2024 (Millions of USD) | H1 2024 (Diluted EPS) | FY2024 (Millions of USD) | FY2024 (Diluted EPS) | | :--- | :--- | :--- | :--- | :--- | | GAAP Consolidated Net Income (Loss) and Diluted EPS | $578 | $0.91 | $1,019 | $1.58 | | ZENS Related Mark-to-Market (Gains) Losses: | | | | | | Equity Securities (After-Tax) | 21 | 0.08 | (15) | (0.02) | | Indexed Debt Securities (After-Tax) | (53) | (0.09) | 11 | 0.01 | | M&A and Divestiture Related Impacts (After-Tax) | 8 | 0.01 | 26 | 0.04 | | Non-GAAP Consolidated Income and Diluted EPS | $584 | $0.91 | $1,041 | $1.62 | Non-GAAP FFO and Adjusted Debt Reconciliation (Moody's Methodology) This section reconciles net cash flow from operations and total debt to non-GAAP FFO and adjusted debt using Moody's methodology, showing an adjusted FFO/Debt ratio of 14.1% as of Q2 2025 Non-GAAP FFO and Adjusted Debt Reconciliation (Moody's Methodology) (Millions of USD) | Item | FY2024 End | Q1 2025 | Q2 2025 | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities (A) | $2,139 | $2,011 | $1,995 | | Adjusted Operating Cash Flow | 1,983 | 1,890 | 1,954 | | Add: Rating Agency Adjustments | 27 | 99 | 133 | | Non-GAAP Funds From Operations (FFO) (B) | $2,010 | $1,989 | $2,087 | | Net Total Debt (C) | 20,963 | 22,187 | 21,618 | | Add: Rating Agency Adjustments | (277) | (1,588) | (416) | | Non-GAAP Rating Agency Adjusted Debt (D) | $20,686 | $20,599 | $21,202 | | Net Cash Flow from Operating Activities / Net Total Debt (A/C) | 10.2% | 9.1% | 9.2% | | CFO Pre-Tax Working Capital / Debt - Moody's (B/D) | 9.7% | 9.7% | 9.8% | | CNP One-Time Item Adjustments to FFO (E) | 563 | 635 | 666 | | CNP One-Time Item Adjustments to Debt (F) | (1,707) | (1,728) | (1,714) | | Non-GAAP FFO / Non-GAAP Adjusted Debt (B+E / D+F) | 13.6% | 13.9% | 14.1% | Non-GAAP FFO and Adjusted Debt Reconciliation (S&P Methodology) This section reconciles gross margin and total debt to non-GAAP FFO and adjusted debt using S&P's methodology, showing an adjusted FFO/Debt ratio of 12.5% as of Q2 2025 Non-GAAP FFO and Adjusted Debt Reconciliation (S&P Methodology) (Millions of USD) | Item | FY2024 End | Q1 2025 | Q2 2025 | | :--- | :--- | :--- | :--- | | Unadjusted EBITDA | | | | | Gross Margin | 6,925 | 7,006 | 6,976 | | Operations & Maintenance (O&M) | (2,949) | (2,987) | (3,024) | | Taxes & Other | (547) | (557) | (556) | | Unadjusted EBITDA | 3,429 | 3,462 | 3,396 | | Less: Cash Interest Paid | 805 | 867 | 888 | | Less: Cash Taxes Paid | (9) | | (10) | | Add: Rating Agency Adjustments | (161) | (163) | (62) | | Non-GAAP Funds From Operations (FFO) | 2,472 | 2,432 | 2,456 | | Net Total Debt | 20,963 | 22,187 | 21,618 | | Add: Rating Agency Adjustments | (284) | (1,507) | (377) | | Non-GAAP Rating Agency Adjusted Debt | 20,679 | 20,680 | 21,241 | | Unadjusted EBITDA / Net Total Debt | 16.4% | 15.6% | 15.7% | | FFO/Debt (S&P) | 12.0% | 11.8% | 11.6% | | FFO/Debt (S&P) - Adjusted for One-Time Items | 12.9% | 12.8% | 12.5% | Additional Information on Non-GAAP Measures Management utilizes non-GAAP financial metrics to assess performance, believing they offer meaningful comparisons and accurately reflect functional business, but these are not GAAP substitutes - Management uses non-GAAP metrics to evaluate company financial performance, believing they provide additional meaningful comparisons of operational performance[70] - Non-GAAP metrics more accurately reflect the company's functional business performance but should not replace GAAP reported results[70] Net Zero Disclaimer The company targets a 70% reduction in Scope 1 and 2 GHG emissions by 2035 from 2020 levels and net-zero by 2050, acknowledging inherent risks and uncertainties in achieving these goals - The company aims to reduce Scope 1 and 2 greenhouse gas (GHG) emissions by 70% by 2035 from 2020 levels[71] - The company plans to achieve net-zero emissions (Scope 1 and 2) by 2050[71] - Achieving net-zero targets faces various risks and uncertainties, including regulatory changes, technological innovation, supply chain disruptions, and energy price volatility[71] Contacts This section provides contact information for investor relations, including specific personnel and general inquiry channels Investor Relations Contact Investors can contact Ben Vallejo, Director of Investor Relations and Corporate Planning, or use general contact channels for company information - Investor Relations contact: Ben Vallejo, Director of Investor Relations & Corporate Planning, Phone: (713) 207 - 5461, Email: ben.vallejo@centerpointenergy.com[36] - General contact information: Phone: (713) 207 - 6500, Website: https://investors.centerpointenergy.com/contact-us[36](index=36&type=chunk)