On taxes, management said 2025 results included about $40 million of additional tax credit amortization, compared with “almost $30 million ” in 2024. Buckham said Idaho Power amortized $40.3 million under Idaho’s mechanism to reach a 9.12% lower level of Idaho return on year-end equity. He also cited a $20.4 million decrease in income tax expense (excluding additional ADITC amortization), driven primarily by state tax return adjustments and standard plant-related flow-through items.Non-operating expense ros ...

Financial Data and Key Metrics Changes - IDACORP's diluted earnings per share (EPS) increased to $5.90 in 2025 from $5.50 in 2024, marking the 18th consecutive year of EPS growth [4][6] - The company ended up $0.15 per share above the midpoint of its original EPS guidance for 2025 [4] - Full-year 2026 earnings guidance is estimated to be in the range of $6.25-$6.45 diluted EPS, reflecting an expected growth rate of 8% over 2025 [34][35] Business Line Data and Key Metrics Changes - Idaho Power's customer base grew by 2.3% in 2025, with residential customers increasing by 2.5%, totaling over 660,000 metered customers [8] - The company recorded a significant increase in operating income due to a January rate increase and customer growth, contributing approximately $75 million [20] - Operating expenses increased less than $10 million, primarily due to labor-related costs [20] Market Data and Key Metrics Changes - The company is experiencing robust growth across its service area, outperforming national trends, with significant industrial projects such as Micron's semiconductor facility and Meta's data center contributing to this growth [8][9] - Idaho Power is seeing increased inquiries from energy-intensive customers, indicating strong demand for energy in the region [9][10] Company Strategy and Development Direction - IDACORP is focused on maintaining affordability for customers while managing significant capital expenditures, with a forecast of $1.4 billion in average annual CapEx from 2026 to 2030 [25][26] - The company is actively working on major infrastructure projects, including the B2H transmission project and the SWIP-North Transmission Project, expected to be completed by 2028 [13][14] - A definitive asset purchase agreement has been made to sell its distribution system in Oregon for $154 million, allowing the company to concentrate on growth in Idaho [18][19] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's growth trajectory, citing strong cash flows and the potential for large load revenues to support future earnings [32][35] - The company anticipates that the completion of large load projects will help mitigate the need for future rate cases and reduce reliance on investment tax credit amortization [35][75] - Management noted that hydropower generation is expected to be within the range of 5.5 million-7.5 million MWh for the year, with current hydrological conditions being favorable [36][78] Other Important Information - The company has a strong balance sheet with a target 50/50 debt-equity capital ratio and no significant upcoming maturities [29][57] - Cash flows from operations exceeded $600 million for the first time in company history, contributing to a strong cash position [32] Q&A Session Summary Question: Update on customer and load pipeline - Management noted strong inquiries from diverse industries, including data centers and manufacturing, with several customers moving into construction studies [40][41][42] Question: Equity needs and funding split for incremental CapEx - Management indicated that any incremental CapEx would likely be financed on a 50/50 debt-equity basis, with large load customers potentially impacting cash flow needs [44][46][47] Question: Size of investment opportunity for Micron fab 2 - Management is currently working with Micron to determine the size of the investment opportunity but has no specifics to share at this time [52][53] Question: FFO to debt ratio and credit rating outlook - Management indicated that the FFO to debt ratio was approximately 14.3% at the end of 2025, with expectations for improvement due to large load revenues [55][57] Question: Standardized large load tariff vs. special contracts - Management stated that there are currently no plans for a standardized large load tariff, as each customer has unique needs [66][67] Question: Hydropower forecast and drought conditions - Management expressed optimism about hydropower generation, noting that current conditions are normal and that they are prepared for summer operations [78][79]

CenterPoint Energy (NYSE:CNP) Q4 2025 Earnings call February 19, 2026 08:00 AM ET Company ParticipantsAndrew Weisel - Managing DirectorAnthony Crowdell - Managing DirectorBen Vallejo - VP of Investor RelationsDavid Arcaro - Executive Director, Equity ResearchJason P. Wells - Chair​, President, and CEONicholas Campanella - DirectorShar Pourreza - Managing Director and Head of North American Power, Infrastructure and Utilities​Christopher Foster - EVP and CFOConference Call ParticipantsJeremy Tonet - Research ...

FOURTH-QUARTER 2025 FINANCIAL RESULTS FEBRUARY 18, 2026 Forward-Looking Statements Statements contained in this presentation about future performance, including, without limitation, operating results, capital expenditures, rate base growth, dividend policy, financial outlook, and other statements that are not purely historical, are forward-looking statements. These forward-looking statements reflect our current expectations; however, such statements involve risks and uncertainties. Actual results could diff ...

Financial Data and Key Metrics Changes - Consolidated earnings for 2025 were reported at $2.32 per share, an increase from $2.19 per share in 2024, reflecting a strong year [11][12] - Net income at the electric company rose to approximately $500 million, or $2.47 per share, up from $470 million, or $2.33 per share in the previous year [12] - The holding company reported a loss of $29 million, or $0.15 per share, slightly higher year-over-year due to increased interest expense [12] Business Line Data and Key Metrics Changes - The electric company experienced strong load growth, with weather-normalized load increasing approximately 7% [12] - Customer growth was just under 1%, indicating a stable service area performance [12] Market Data and Key Metrics Changes - The service area continues to attract investment, supported by low rates and reliable service [12] - The company expects customer count to increase about 1% and weather-normalized load to grow 4%-6% in 2026 [14] Company Strategy and Development Direction - The company is focused on long-term growth through generation and transmission opportunities, with plans to advance its transmission strategy and secure approvals for new projects [4][5] - A draft Integrated Resource Plan (IRP) was issued, outlining a long-term resource strategy and identifying approximately 1.9 GW of capacity needs by 2031 [17] - The company aims to maintain affordability while investing in reliability and growth, with a commitment to keeping rates among the lowest in the nation [8][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the financial plan, anticipating continued earnings growth in the top half of the 5%-7% EPS growth range through 2028 [18] - The company highlighted the importance of balancing affordability and execution in its investment strategy [18] Other Important Information - The company executed a well-subscribed equity offering and filed for generation pre-approval for the 300 MW Frontier Energy Storage Project [4][5] - A rate review is planned for mid-year in Oklahoma, with potential evaluations in Arkansas later in the year [14] Q&A Session Summary Question: Rate base growth versus investment plan - Management indicated that the current plan suggests a rate-based growth of about 9%, with opportunities for incremental growth [22][23] Question: Large load customer updates - Management confirmed ongoing negotiations with six to seven large load customers, with a significant agreement nearing conclusion [24] Question: Weather-normalized load growth moderation - Management explained that the moderation in load growth is typical and reflects broader trends, with expectations of continued growth [30][31] Question: Black Kettle Energy Storage capacity purchase agreement - Management affirmed a preference for owning and operating generation assets, which supports their strategy for low-cost, reliable service [34] Question: Capital prioritization and generation capacity - Management emphasized flexibility in capital allocation, focusing on affordability while planning for additional generation [35][36] Question: 765 kV transmission line project - Management provided preliminary estimates indicating that the company's portion of the project could be around 20% of the current capital plan [40][41] Question: Data center contract and customer protections - Management confirmed that the contract with Customer X is included in the IRP and highlighted customer protections being built into the tariff framework [43][44]

Financial Data and Key Metrics Changes - In 2025, the company reported GAAP earnings of $1.77 per share, an increase from $1.70 per share in 2024 [6] - Core earnings were $2.55 per share, representing a 7.6% increase compared to 2024 and at the top end of the revised guidance range [6][17] - The return on equity for 2025 was 9.8% on a rate base of $27.8 billion, compared to 9.4% on $25.6 billion in 2024 [17] Business Line Data and Key Metrics Changes - The company deployed $5.6 billion in customer-focused capital investments in 2025, a nearly 25% increase from the previous year [6][18] - Distribution reliability metrics improved by 10% across the system compared to 2024, with notable improvements in New Jersey and Pennsylvania [7] Market Data and Key Metrics Changes - The company anticipates a compounded annual growth rate (CAGR) of core earnings near the top end of 6%-8% from 2026 to 2030 [5][22] - The updated capital investment plan includes $19 billion in total transmission investments, a 35% increase from the previous plan [8][22] Company Strategy and Development Direction - The company announced a $36 billion, 5-year capital investment program aimed at improving customer reliability and grid resiliency [5][8] - The strategy focuses on prioritizing investments for customers while maintaining affordability and meeting regulatory requirements [8][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver on its commitments and maintain affordability for customers [14][27] - The company is actively addressing affordability concerns, with customer bills expected to remain below the current rates of in-state peers by 2030 [12][14] Other Important Information - The company has a financing plan that includes $16 billion in new long-term debt issuances and up to $2 billion in equity needs over the next five years [26] - The company is exploring various options to fund its equity needs, including hybrid instruments [26] Q&A Session Summary Question: Incremental financing associated with West Virginia investment - Management indicated that cash recovery will help significantly, targeting 15% of the total investment, with 50% funded by a Department of Energy loan and the remainder likely being new equity [32] Question: Impact of increased CapEx on earned returns in Pennsylvania - Management noted that the focus in Pennsylvania has been on incremental investment in the distribution system to drive reliability improvements, with plans to file for rate increases as needed [35] Question: Approval process for West Virginia project - Management clarified that the approval needed includes a certificate of need and public necessity, with expectations for a procedural schedule within the next month [73] Question: Execution capabilities for the $36 billion CapEx plan - Management expressed confidence in their ability to deliver on the plan, citing strong relationships with contractors and suppliers [61][62] Question: Affordability-driven legislation impacts - Management is actively engaging with jurisdictions to address affordability concerns and is well-positioned relative to peers [66][67]

Financial Data and Key Metrics Changes - Consolidated earnings for 2025 were reported at $2.32 per share, an increase from $2.19 per share in 2024, reflecting a solid year of performance [10][11] - Net income at the electric company rose to approximately $500 million, or $2.47 per share, up from $470 million, or $2.33 per share in the previous year [11] - The holding company reported a loss of $29 million, or $0.15 per share, slightly higher year-over-year due to increased interest expenses [11] Business Line Data and Key Metrics Changes - The electric company experienced strong load growth, with weather-normalized load increasing approximately 7% [11] - Customer growth was just under 1%, indicating a stable service area performance [11] Market Data and Key Metrics Changes - The service area continues to attract investment, supported by low rates and reliable service, contributing to the overall growth in customer base and load [11] - The company expects customer count to increase about 1% and weather-normalized load to grow 4%-6% in 2026 [12] Company Strategy and Development Direction - The company is focused on long-term growth through generation and transmission opportunities, with plans to advance its transmission strategy and secure approvals for new projects [4][5] - A significant portion of the capital plan is allocated to new generation capacity, with a target of adding 1.3 gigawatts of generation by the end of the decade [6][10] - The company aims to maintain affordability while investing in reliability and growth, with a commitment to keeping rates among the lowest in the nation [7][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the financial plan, projecting earnings per share growth of 5%-7% through 2028, with a solid foundation for future growth [16] - The company highlighted the importance of balancing affordability and execution in its investment strategy, ensuring that customer needs are met while pursuing growth opportunities [16] Other Important Information - The company plans to file a rate review in Oklahoma mid-year and evaluate a potential filing in Arkansas later in the year [12] - A draft Integrated Resource Plan (IRP) was issued, outlining long-term resource strategies and identifying approximately 1.9 gigawatts of capacity needs by 2031 [15][54] Q&A Session Summary Question: How to think about rate base growth versus the investment plan? - Management indicated that the current plan equates to a rate-based growth of about 9%, with opportunities for incremental growth [20][21] Question: What has changed within the large load panel since the last update? - Management confirmed active negotiations with 6-7 large load customers, with progress on agreements for Customer X [21][22] Question: Insights on moderating weather-normalized load growth in 2026? - Management noted that load growth can fluctuate, but overall trends remain positive, with a strong average since 2021 [28][30] Question: Clarification on the Black Kettle Energy Storage capacity purchase agreement? - Management affirmed their commitment to owning and operating generation assets, validating their strategy for future projects [32] Question: Details on the $7.3 billion base capital plan and potential capital prioritization? - Management emphasized flexibility in capital allocation, focusing on affordability while planning for additional generation capacity [34][35] Question: Update on the 765 kV transmission line and OGE's portion of the project? - Management indicated that OGE's portion of the project is estimated to be around 20% of the current capital plan, with further details to be refined [39][40] Question: Timeline for updating on potential other customers beyond Customer X? - Management stated that they are actively engaging with various potential customers and will announce developments as they materialize [72][75]

Focused on Our Future 4Q 2025 Strategic & Financial Highlights Published February 17, 2026 Forward-Looking Statements Forward-Looking Statements: This presentation includes forward-looking statements based on information currently available to management and unless the context requires otherwise, references to "we," "us," "our" and "FirstEnergy" refers to FirstEnergy Corp. and its subsidiaries. Such statements are subject to certain risks and uncertainties and readers are cautioned not to place undue relian ...

Cautionary Statements Use of Non-GAAP Financial Measures 2025 Results and Guidance | Feb. 12, 2026 2 In this presentation, Ameren has presented adjusted earnings per share, which is a non-GAAP measure and may not be comparable to those of other companies. A reconciliation of GAAP to non-GAAP information is included in this presentation. Generally, adjusted earnings or losses include earnings or losses attributable to Ameren common shareholders and exclude income or loss from significant discrete items that ...

Financial Data and Key Metrics Changes - In 2025, reported earnings per common share were CAD 3.40, an increase of CAD 0.16 compared to 2024, while adjusted EPS was CAD 3.53, up CAD 0.25 from the previous year [13][17] - The company achieved a one-year total shareholder return of nearly 24%, with average annual total shareholder returns of approximately 10% over the past 20 years [6][11] - The company maintained a strong liquidity position with CAD 2.7 billion of long-term debt issued in 2025 and nearly CAD 4 billion available on credit facilities at year-end [17][18] Business Line Data and Key Metrics Changes - Western Canadian utilities contributed a CAD 0.10 increase in EPS, driven by rate-based growth, including earnings from FortisBC's investment in the Eagle Mountain Pipeline Project [13][14] - U.S. electric and gas utilities delivered an eight-cent increase in EPS, with Central Hudson's growth attributed to rate-based growth and cost rebasing [14][15] - ITC's continued capital investments and related rate-based growth increased EPS by CAD 0.04, moderated by higher stock-based compensation and finance costs [16] Market Data and Key Metrics Changes - The Arizona Corporation Commission approved an energy supply agreement for approximately 300 MW to support a planned data center, with a 10-year contract including a 75% minimum billing requirement [9][24] - The company is negotiating for an additional 300 MW of capacity for the data center and exploring further capacity at a second site in the range of 500-700 MW [10][24] - The company is also focused on energy efficiency programs to help customers lower their bills and provide assistance to low-income customers [6][11] Company Strategy and Development Direction - The company rolled out a CAD 28.8 billion five-year capital plan, primarily focused on transmission and distribution assets, expecting a rate base increase of CAD 16 billion and average annual rate base growth of 7% [7][8] - The company aims to support 4%-6% annual dividend growth through 2030, continuing its commitment to increasing dividends for 52 consecutive years [11][21] - The company is actively pursuing incremental growth opportunities, including customer connections and MISO LRTP projects, while evaluating competitive bidding opportunities [8][10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the regulatory environment, noting that the new chair of FERC is focused on improving the commission's operations and providing regulatory certainty [30][31] - The company is committed to addressing affordability concerns and ensuring that growth is achieved in a responsible manner for customers [25][62] - Management highlighted the importance of maintaining a strong focus on safety and reliability, with 2025 being one of the best years on record for these metrics [5][21] Other Important Information - The company was recognized for its governance practices, ranking number one in governance out of 206 companies in the S&P/TSX Composite Index [4] - The company has not utilized its CAD 500 million ATM program to date, which remains available for funding flexibility [17][18] Q&A Session Summary Question: Data center opportunity in Arizona - Management explained that the energy supply agreement is structured to ensure affordability and stability for customers, with the data center covering costs without requiring additional investments [24][25] Question: Updates from FERC - Management noted that while there has been chatter about potential updates, no specific information has been received, but there is optimism for movement on ongoing matters [29][30] Question: UNS Gas rate case - Management indicated that the upcoming ACC open meeting could provide clarity on the formulaic rate structure, but it is advisable to wait for the meeting for more information [69][70]