Financial Data and Key Metrics Changes - The company reported a GAAP EPS of $1.60 for the full year 2025 and $0.40 for the fourth quarter 2025 [2][14] - Non-GAAP EPS was $1.76 for the full year and $0.45 for the fourth quarter, reflecting a 9% growth compared to 2024 [7][15] - The company also delivered a 9% dividend per share growth last year [7] Business Line Data and Key Metrics Changes - The Houston Electric business is forecasted to see a peak load demand increase of 50% by 2029, two years earlier than previously planned [5][8] - The company is adding $500 million to its 10-year capital investment plan to fund an additional 765 kV import line [6][12] Market Data and Key Metrics Changes - The company expects to grow non-GAAP EPS at the mid to high end of the 7%-9% long-term annual guidance range through 2028, and 7%-9% annually thereafter through 2035 [8][25] - The company anticipates a return to a more typical and timely filing cadence for rate recovery in 2026, which should support stronger recovery throughout the year [16] Company Strategy and Development Direction - The company is focused on executing a $65 billion capital investment plan over the next 10 years, with an emphasis on supporting economic development in the Greater Houston region [6][12] - The company is committed to maintaining customer affordability while driving economic growth through the connection of large loads [26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to meet future demand due to existing system capacity and manageable upgrades [10][51] - The company highlighted the positive impact of large load growth on customer bills, projecting rates to remain flat through 2028 [53] Other Important Information - The company is experiencing a favorable regulatory environment, with limited regulatory activity anticipated over the next few years [17][18] - Recent updates from ERCOT indicate a need for additional infrastructure to support growth, leading to the filing for an additional 765 kV transmission line [11][12] Q&A Session Summary Question: Update on transmission planning study and timing - Management clarified that the $500 million for the 765 kV line is separate from the incremental transmission work needed due to accelerated large loads, with updates expected in the second half of the year [30][32] Question: Impact of repairs adjustment on equity needs - Management indicated that the recent changes could unlock an additional $1 billion of CapEx without requiring incremental equity, improving balance sheet metrics [33][34] Question: Growth implications and CapEx timing - Management noted that existing capacity allows for accelerated interconnections, with more intra-regional transmission capacity needed in the first five years of the plan [71][72] Question: Customer pricing and long-term growth - Management confirmed that the growth from large loads will help keep customer bills flat, projecting rates to remain stable through 2028 [52][53] Question: Update on data center opportunities - Management remains optimistic about securing large data center opportunities, particularly in Texas, due to available capacity [55] Question: Balance sheet impacts from recent regulatory changes - Management expects a 15% FFO-to-debt ratio by the end of 2026 or 2027, benefiting from recent regulatory changes and asset sales [57]

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 - In 2025, the company reported GAAP earnings of $1.77 per share, an increase from $1.70 per share in 2024. Core earnings were $2.55 per share, reflecting 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] - The company declared quarterly dividends totaling $1.78 per share, a 5% increase from 2024 [7] 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 and approximately 12% higher than the original plan [6][18] - Distribution reliability metrics improved by 10% across the system compared to 2024, with significant improvements in New Jersey and Pennsylvania service territories [7] Market Data and Key Metrics Changes - The company expects its updated investment plan to translate into a 10% rate base growth over the planning period [8] - The average customer electric bill controlled by the company is approximately 32% of the total bill in deregulated states, with bills remaining about 20% below the in-state peer average [12] Company Strategy and Development Direction - The company announced a $36 billion, 5-year capital investment program aimed at improving customer reliability and grid resiliency, representing a nearly 30% increase from the previous five-year plan [5][22] - The strategy includes significant investments in transmission and distribution, with $19 billion allocated for transmission investments, a 35% increase from the previous plan [8][22] 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 while making critical investments [14][27] - The company plans to file traditional base rate cases in Maryland and West Virginia to reflect increased rate bases and investments made since 2022 [19][20] Other Important Information - The company has been awarded approximately $5 billion in competitive transmission projects since 2022, positioning it well for future growth [11] - The financing plan includes cash from operations of $3.7 billion, subsidiary debt issuances of $3.4 billion, and a $2.5 billion convertible debt transaction [18] Q&A Session Questions and Answers Question: Incremental financing associated with West Virginia investment - Management indicated that cash recovery will help significantly, targeting 15% of the total investment, with 50% expected from a Department of Energy loan and the remainder likely from 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 when necessary [35][36] 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 [75] 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, and a disciplined project management approach [62] Question: Assessment of potential impacts from Maryland Lower Bills Act - Management is actively engaging with stakeholders to ensure affordability for customers and is supportive of initiatives that could lower costs [67][68]

Core Insights - Berkshire Hathaway's growth is closely linked to its ownership and expansion of capital-intensive, infrastructure-driven businesses, particularly BNSF Railway and Berkshire Hathaway Energy, which provide durable competitive advantages and predictable returns [1][3] Capital Expenditures - In the first nine months of 2025, Berkshire Hathaway's consolidated capital expenditures reached $14.1 billion, with $10.7 billion allocated to its railroad, utilities, and energy businesses [2][7] - BNSF's capital expenditure is noted to be the highest among railroads in a single year, indicating significant investment compared to revenues and earnings [2] Infrastructure and Cash Flow - Railroads, utilities, and energy transmission systems are characterized by significant barriers to entry, generating consistent cash flows that are less affected by market fluctuations, thus enhancing Berkshire Hathaway's earnings stability [3] - The resilience and scale of these assets are crucial for the company's long-term growth and value creation [3] Peer Comparison - Union Pacific is actively investing in upgrading its rail network and technology, which strengthens its competitive position through a multibillion-dollar annual investment plan [4] - NextEra Energy is also committing substantial funds to regulated utility assets and renewable energy projects, supporting steady growth in its rate base [5] Stock Performance and Valuation - Berkshire Hathaway's shares have declined by 1% year to date, underperforming the industry average [6] - The company trades at a price-to-book value ratio of 1.54, which is above the industry average of 1.47, indicating a relatively expensive valuation [9] - Consensus estimates for Berkshire Hathaway's 2026 EPS show no movement, with expectations of a decline despite revenue growth projections [11][12]

Financial Data and Key Metrics Changes - The company reported adjusted earnings per share (EPS) of $1.14 for Q4 2025, an 8% increase from $1.06 in the prior year [4] - For the full year 2025, adjusted EPS was $3.85, a 9% increase compared to $3.53 in 2024 [5] - The effective tax rate increased, which negatively impacted EPS growth by $0.06 for the year [5][6] Business Line Data and Key Metrics Changes - Comparable funeral revenues increased by $3 million, or less than 1%, in Q4 2025, with core funeral revenue up by $6 million, or just over 1% [6][7] - Non-funeral home revenue increased by over $2 million, primarily due to an 11% increase in average revenue per service [8] - Comparable cemetery revenue increased by $5 million, or about 1%, driven by an $8 million increase in other revenue [11] Market Data and Key Metrics Changes - The company experienced a decline in core funeral services performed by 1.9% in Q4 2025 [6] - For the full year 2025, comparable funeral volume declined less than 1% [7] - Pre-need cemetery sales production increased by about 2% in Q4 2025, with core sales accounting for a $13 million increase [12] Company Strategy and Development Direction - The company aims to grow pre-need cemetery sales production in the low to mid-single-digit percentage range for 2026, resulting in cemetery revenue growth of about 2%-5% [15] - The focus is on managing inflationary costs and leveraging scale to drive profit growth [15] - The company plans to continue returning capital to shareholders through dividends and share repurchase programs [28] Management's Comments on Operating Environment and Future Outlook - Management expects flat to slightly down funeral volume in 2026, with average revenue per case growing at inflationary rates [14] - The company anticipates a normalized EPS range of $4.05-$4.35 for 2026, reflecting 5%-13% growth [13] - Management expressed confidence in the momentum carried into 2026, particularly in pre-need sales and core customer engagement [14][38] Other Important Information - The company generated strong adjusted operating cash flow of $213 million in Q4 2025, exceeding guidance [18] - Capital investments for Q4 2025 totaled $174 million, with a full-year total of $508 million [20] - The company returned $107 million to shareholders in Q4 2025 through share repurchases and dividends [23] Q&A Session Summary Question: Can you break down your assumptions for cemetery pre-sales production growth for 2026? - Management indicated a slight increase of 2%-3% for large sales and a more robust increase for core sales, expressing confidence in momentum [33][34] Question: How are sales tracking so far this year, particularly in the Rose Hills location? - Management reported positive trends in pre-need cemetery and funeral sales, with a focus on improving lead conversion rates [35][38] Question: What are the plans for developing and selling premium cemetery inventory? - The company plans to invest in tiered inventory offerings to cater to different customer segments, leveraging existing cemetery capacity [67][69] Question: Can you discuss the drivers of lower than inflation expense growth? - Management attributed this to effective cost management strategies, including labor efficiency and supply chain improvements [56][58] Question: What is the outlook for perpetual care trust revenue in 2026? - The company expects continued strong performance in trust funds, with a typical market return model of about 7% [85][86]

Financial Data and Key Metrics Changes - For Q4 2025, the company reported adjusted earnings per share (EPS) of $1.14, an 8% increase from $1.06 in the prior year [4] - For the full year 2025, adjusted EPS was $3.85, a 9% increase compared to $3.53 in 2024 [5] - The company experienced solid increases in revenue, gross profit, and comparable margin percentages in both funeral and cemetery segments [5][6] Business Line Data and Key Metrics Changes - Comparable funeral revenues increased by $3 million, or less than 1%, with core funeral revenue up by $6 million, or just over 1% [6] - Non-funeral home revenue increased by $3 million, primarily due to an 11% increase in average revenue per service [7] - Comparable cemetery revenue increased by $5 million, or about 1%, driven by an $8 million increase in other revenue [12] Market Data and Key Metrics Changes - The company noted a decline in core funeral services performed by 1.9% for Q4 2025, while comparable funeral volume for the full year declined less than 1% [7] - The average revenue per service in the funeral segment grew by 3.2%, despite a modest increase in the cremation rate [6] - Pre-need cemetery sales production increased by $8 million, or about 2%, with core sales accounting for a $13 million increase [13] Company Strategy and Development Direction - The company anticipates a normalized EPS range of $4.05-$4.35 for 2026, indicating a growth of 5%-13% [14] - The strategy includes managing fixed costs below inflationary levels while focusing on productivity to drive profit growth [15] - The company plans to continue returning capital to shareholders through dividends and share repurchase programs [29] Management's Comments on Operating Environment and Future Outlook - Management expects flat to slightly down funeral volume in 2026, with average revenue per case growing at inflationary rates [15] - The company is optimistic about pre-need sales production growth in both core and SCI Direct businesses [16] - Management highlighted a strong financial position and liquidity, allowing for opportunistic investments in 2026 [30] Other Important Information - The company generated strong adjusted operating cash flow of $213 million in Q4 2025, exceeding guidance [20] - Capital investments for the quarter totaled $174 million, with a full-year total of $508 million [22] - The company returned $107 million to shareholders in Q4 2025 through share repurchases and dividends [24] Q&A Session Summary Question: Can you break down your assumptions for cemetery pre-sales production growth? - Management indicated a slight increase of 2%-3% for large sales and a more robust increase for core sales, expressing confidence in momentum heading into 2026 [34] Question: How are sales tracking in your Rose Hills location? - Management reported positive trends in pre-need cemetery and funeral sales, with a focus on improving lead conversion rates [36] Question: What are the opportunities for growing cemetery sales for cremation customers? - The company is piloting initiatives to enhance visibility and awareness for cremation customers, with plans to roll out these efforts across more markets [41] Question: Can you discuss the drivers of lower than inflation expense growth? - Management attributed this to effective supply chain management and labor efficiency initiatives, allowing for better cost control [56] Question: What is the outlook for perpetual care trust revenue? - The company expects continued strong performance in trust funds, with a typical market return modeled at around 7% [84]

Financial Data and Key Metrics Changes - The company reported full-year adjusted earnings of $53.3 million, or $3.16 per share, representing an increase of $0.19 per share, or 6.4% over 2024 adjusted earnings per share [4] - Adjusted net income increased by $5.5 million compared to 2024, supported by Maine acquisitions, higher distribution rates, and customer growth [9] - The company anticipates 2026 earnings to be in the range of $3.20-$3.36 per share, with a midpoint of $3.28 per share, indicating a 6.1% increase compared to the midpoint of 2025 guidance [5][17] Business Line Data and Key Metrics Changes - Electric adjusted gross margin for 2025 was $114.6 million, an increase of $7.3 million compared to 2024, driven by higher distribution rates and customer growth [10] - Gas adjusted gross margin for the year was $199.1 million, an increase of $32.2 million compared to 2024, including $16.6 million from the acquisitions of Bangor Natural Gas and Maine Natural Gas [11] - The company added approximately 15,900 new gas customers in 2025, including 8,900 from Bangor Natural Gas and 6,500 from Maine Natural Gas [11] Market Data and Key Metrics Changes - Maine has the highest percentage of homes heated with fuel oil in the nation, with two-thirds of homes using oil, propane, or kerosene, presenting a significant opportunity for natural gas conversions [6] - The company’s electric service reliability ranked in the top quartile of industry peers, with customers experiencing 16% less interruption time than New England peers [8] Company Strategy and Development Direction - The company expanded its gas operations in Maine by acquiring two distribution companies, positioning itself as the largest gas utility in the state [4] - A five-year capital investment plan through 2030 totals approximately $1.2 billion, reflecting a 20% increase compared to the previous plan [15] - The company remains committed to delivering predictable and sustainable returns while maintaining financial flexibility for capital investments [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to continue delivering value for stakeholders, emphasizing investments in low-risk regulated assets [19] - The company highlighted the affordability benefits of natural gas for home heating in northern New England, reinforcing its commitment to customer service and operational excellence [7][8] Other Important Information - The company plans to file a base rate case for Bangor Natural Gas and Maine Natural Gas in 2027, with final rate decisions expected in 2028 [7] - The board approved a quarterly dividend increase to $1.90 per share for 2026, marking a 5.6% increase compared to 2025 [17] Q&A Session Summary - The Q&A session was not detailed in the provided content, and no specific questions or answers were recorded [21]

Financial Data and Key Metrics Changes - The company reported earnings per share (EPS) of $6.31 for 2025, reflecting a 7% increase from 2024 and exceeding the midpoint of the guidance range [4][14] - The 2026 EPS guidance is set between $6.55 and $6.80, with a long-term EPS growth rate of 5%-7% extended through 2030 [4][5] - The company achieved a 14.8% funds from operations (FFO) to debt ratio in 2025, with a forecast of approximately 14.5% for 2026 [19][20] Business Line Data and Key Metrics Changes - The electric segment is expected to drive most of the growth in 2026, supported by multi-year rate plans in North Carolina and Florida [14] - The gas segment will see growth from Piedmont Integrity Management riders and new rates at Duke Energy Kentucky [15] Market Data and Key Metrics Changes - The company signed electric service agreements (ESAs) for an additional 1.5 GW of new data centers, bringing the total to approximately 4.5 GW secured under ESAs [16][17] - Data centers are projected to comprise about 75% of the economic development profile by the end of 2030, indicating a significant shift in load growth dynamics [89] Company Strategy and Development Direction - The capital plan has increased to $103 billion, representing an 18% rise, and is focused on critical energy infrastructure investments [5][18] - The company aims to add approximately 14 GW of incremental generation over the next five years, including battery and solar projects [10][11] - A disciplined approach to nuclear development is being maintained, with an early site permit submitted for a potential small modular reactor [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the top half of the EPS growth range starting in 2028, driven by load growth from data centers [4][22] - The focus remains on delivering reliable and affordable energy while managing costs and leveraging tax credits [8][19] - The company is committed to maintaining a flat operating and maintenance cost structure despite inflationary pressures [9] Other Important Information - The company is transitioning its investor relations leadership, with Abby Motsinger moving to Chief Accounting Officer and Mike Switzer taking over as Head of Investor Relations [22][23] - The company has mechanisms in place for storm cost recovery, which will not impact guidance for 2026 [30][33] Q&A Session Summary Question: Costs or impacts from recent storms - Management is still compiling costs but does not anticipate any impact on guidance for 2026 due to effective recovery mechanisms [30][33] Question: North Carolina rate case strategy - Management is focused on delivering reliable and affordable energy and is prepared to settle portions of the rate case constructively [35][36] Question: CapEx outlook and data center opportunities - Management expressed confidence in the growth outlook, with all signed ESAs under construction and a robust pipeline [45][46] Question: Long-term growth rate outlook - The delta between earnings base CAGR and EPS CAGR is influenced by funding through equity and debt, with a robust revenue acceleration expected by 2028 [47][56] Question: FFO to debt targets - Management indicated that achieving the 15% FFO to debt target relies on executing the current plan without needing changes in regulatory policy [55][57] Question: Generation build cycle constraints - Management has planned for supply chain needs and is using a programmatic approach with EPC vendors to ensure timely project delivery [62] Question: Data center pipeline and interruptibility - Contracts with data centers include provisions for interruptibility, which helps speed up interconnection and maintain reliability [83] Question: Rate-based CAGR and minority investments - The rate-based growth of 9.6% includes minority investments, and management clarified that this is not a new practice [92]

Financial Data and Key Metrics Changes - In 2025, the company reported earnings of $190.4 million, or $0.93 per share, which was in the middle of the earnings per share guidance range [3] - Compared to 2024, earnings decreased from $281.1 million, or $1.37 per share [15] - Income from continuing operations was $191.4 million, or $0.93 per diluted share, compared to $181.1 million, or $0.88 per diluted share in 2024 [15] Business Line Data and Key Metrics Changes - The electric utility segment reported earnings of $64.9 million, down from $74.8 million in 2024, primarily due to higher operation and maintenance expenses [15][16] - The natural gas utility reported earnings of $56.1 million, a 19.6% increase from $46.9 million in 2024, driven by higher retail sales revenue [15][16] - The pipeline business achieved record earnings of $68.2 million, slightly up from $68 million in the previous year, supported by expansion projects and customer demand [15][17] Market Data and Key Metrics Changes - The utility experienced combined retail customer growth of 1.5% compared to 2024, aligning with the targeted annual growth rate of 1%-2% [3] - The company has 580 MW of data center load under signed electric service agreements, with various phases of load coming online through 2027 [9] Company Strategy and Development Direction - The company is focused on executing its capital investment plans, with a revised 2026 through 2030 capital investment plan totaling $3.1 billion [4] - The acquisition of Badger Wind Farm is a key strategic move, enhancing the company's diversified generation portfolio [4] - The company anticipates a long-term EPS growth rate of 6%-8% and targets a 60%-70% annual dividend payout ratio [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to execute long-term growth strategies and emphasized operational focus and financial discipline [13] - The company is initiating earnings per share guidance for 2026 in the range of $0.93-$1.00 per share, reflecting strong performance across segments [12] Other Important Information - The company completed a follow-on public offering of over 10.15 million shares at a price of $19.70 per share, which is expected to meet equity issuance needs for 2026 and a significant portion of 2027 [19] - The consolidated debt-to-capitalization ratio increased slightly to 49.1% due to the Badger Wind Farm acquisition [19] Q&A Session Summary Question: Can you elaborate on the 2026 guidance and year-over-year headwinds? - Management indicated that while 2025 showed strong growth, 2026 guidance reflects a range of 6%-8% EPS growth, with some headwinds expected from rate case activities and equity issuance [25][26] Question: What are the next steps for the Bakken East Pipeline project? - Management outlined that the binding open season is ongoing until mid-March, and discussions with customers are progressing, with plans to finalize project design and customer agreements before making a final investment decision [27][28]

Financial Data and Key Metrics Changes - In 2025, the company reported earnings of $190.4 million, or $0.93 per share, compared to $281.1 million, or $1.37 per share in 2024, reflecting a decrease in overall earnings [3][15] - Income from continuing operations was $191.4 million, or $0.93 per diluted share, compared to $181.1 million, or $0.88 per diluted share in 2024, indicating an increase in continuing operations [15] - The consolidated debt-to-capitalization ratio increased slightly to 49.1% due to the acquisition of Badger Wind Farm [19] Business Line Data and Key Metrics Changes - The electric utility segment reported earnings of $64.9 million in 2025, down from $74.8 million in 2024, primarily due to higher operation and maintenance expenses [15][16] - The natural gas utility segment saw earnings rise to $56.1 million, a 19.6% increase from $46.9 million in 2024, driven by higher retail sales revenue [15][16] - The pipeline business achieved record earnings of $68.2 million in 2025, slightly up from $68 million in 2024, supported by expansion projects and customer demand [15][17] Market Data and Key Metrics Changes - The utility experienced a combined retail customer growth of 1.5% compared to 2024, aligning with the targeted annual growth rate of 1%-2% [3] - The company has 580 MW of data center load under signed electric service agreements, with various phases of load ramping online through 2027 [9] Company Strategy and Development Direction - The company is focused on executing its capital investment plans, with a revised capital investment plan of $3.1 billion for 2026 through 2030 [4] - The acquisition of Badger Wind Farm is a strategic move to enhance the company's diversified generation portfolio [4] - The company anticipates a long-term EPS growth rate of 6%-8% and targets a 60%-70% annual dividend payout ratio [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to execute long-term growth strategies and emphasized the importance of operational focus and financial discipline [13] - The company initiated earnings per share guidance for 2026 in the range of $0.93-$1.00, reflecting strong performance across segments while accounting for equity financing [12] Other Important Information - The company completed a follow-on public offering of over 10.15 million shares at a price of $19.70 per share, which is expected to meet equity issuance needs for 2026 and a significant portion of 2027 [19] - The company filed for recovery of the Badger Wind Farm investment in North Dakota, which was approved by the North Dakota Public Service Commission [5] Q&A Session Summary Question: Can you elaborate on the 2026 guidance and year-over-year headwinds? - Management indicated that while 2025 showed strong growth, 2026 guidance reflects various rate case activities and the impact of equity issuance, with expectations for growth despite potential headwinds [25][26] Question: What are the next steps for the Bakken East Pipeline project? - Management outlined that the binding open season is currently ongoing, with discussions with customers and a timeline for final investment decision following customer agreements [27][28]