Financial Performance - Adjusted EPS was $0.80, while GAAP EPS was $0.61[8] - Adjusted Recurring Net Investment Income YTD reached $269 million, a 27% year-over-year increase[8] - Managed Assets grew by 15% year-over-year to $15 billion[8] - Adjusted ROE YTD stood at 13.4%[8] Investment and Pipeline - The company closed $1.5 billion in new transactions in Q3 and is on pace for >$3.0 billion in 2025[10] - New asset yields are >10.5%[10] - The company has a pipeline of >$6 billion[10] - A $1.2 billion investment was made in a 2.6 GW utility-scale renewable project[11] Strategic Initiatives - The company is reaffirming guidance for Adjusted EPS CAGR of 8-10% into 2027[9] - The company executed $250 million of new hedges in September, bringing the total to $1.4 billion to manage interest rate risk[30] Sustainability and Impact - The company's investment is expected to avoid >900k MT of CO2e[13] - Cumulative metric tons of CO2 avoided annually reached (8.5) million tons YTD in 2025[37]

Financial Data and Key Metrics Changes - The company reported adjusted earnings per share (EPS) for Q3 2025 of CAD 0.87, an increase of CAD 0.02 compared to Q3 2024 [15] - Reported earnings for the quarter were CAD 409 million, or CAD 0.81 per common share, while year-to-date reported earnings were CAD 1.3 billion, or CAD 2.57 per common share [15] - Adjusted EPS for the year-to-date period was CAD 2.63, up CAD 0.18 compared to the same period last year [15] Business Line Data and Key Metrics Changes - U.S. Electric and Gas Utilities contributed a CAD 0.03 increase in EPS, driven by higher transmission revenue and AFUDC from major capital projects [15][16] - EPS for Western Canadian utilities increased CAD 0.01, primarily due to rate-based growth, although tempered by regulatory changes at Fortis Alberta [17] - The sale of Fortis TCI is expected to impact adjusted EPS by CAD 0.02 for the full year [17] Market Data and Key Metrics Changes - The new five-year capital plan totals CAD 28.8 billion, an increase of CAD 2.8 billion from the previous plan, supporting a rate-based growth of 7% [4][7] - The consolidated rate base is projected to grow by CAD 16 billion from approximately CAD 42 billion in 2025 to CAD 58 billion in 2030 [7] Company Strategy and Development Direction - The company emphasizes a regulated growth strategy with a focus on maintaining customer affordability and prioritizing capital investments that yield cost savings [4][6] - The capital plan is heavily directed towards transmission and distribution investments, with 77% allocated to these areas [7] - The company aims for annual dividend growth guidance of 4%-6% through 2030, supported by a disciplined capital investment strategy [4][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the execution of the capital plan and the potential for additional growth opportunities beyond the base plan [13][22] - The company remains committed to safety, reliability, affordability, and cleaner energy delivery for customers [22] - Management acknowledged the challenges in securing agreements and regulatory approvals for new projects but remains optimistic about future growth [26][35] Other Important Information - The company completed the sale of Fortis TCI and entered into an agreement to sell investments in Belize, resulting in a 100% regulated asset portfolio [3][4] - The board declared a fourth-quarter dividend increase of approximately 4%, marking 52 consecutive years of dividend increases [13] Q&A Session Summary Question: Timing and likelihood of incremental generation opportunities - Management highlighted the complexities involved in securing agreements and building necessary infrastructure, indicating that while opportunities exist, many steps remain before they can be included in the capital plan [25][26] Question: Thoughts on further asset sales - Management stated that the focus is on executing the five-year capital plan and that the recent asset sales do not indicate a strategy to divest further [29][30] Question: Timing for securing capital for new generation in Arizona - Management indicated that while customers desire immediate solutions, the timeline for securing capital and building infrastructure is longer due to permitting and construction requirements [34][35] Question: EPS CAGR initiation - Management is evaluating the potential for earnings guidance but is currently focused on rate-based growth and capital plan details [42][43] Question: Trends in buyer appetite for assets - Management noted that buyer interest fluctuates and that recent transactions do not indicate a shift in strategy regarding Caribbean assets [44] Question: Factors affecting higher spending - Management emphasized that customer affordability is a priority and that new large load customers should contribute to infrastructure costs, mitigating impacts on existing customers [49][50] Question: Funding plan and hybrid issuances - Management confirmed that while no further hybrid issuances are planned, they remain open to exploring this option depending on market conditions [56][57]

Investment Company Overview - The Bank of Lithuania approved the Company's Unsecured Fixed Rate Note Programme with a nominal value of up to EUR 50,000,000 [2] Solar Projects - The Company completed the divestment of its 2.6 MW solar project in Lithuania in September 2025 as part of its ongoing divestment process [3] - The construction of a 67.8 MW solar portfolio in Poland is nearing completion, with 49.8 MW operational and two additional projects of approximately 1.9 MW successfully connected to the grid in Q3 2025. The full portfolio is expected to be operational by March 2026 [4] - The second solar portfolio in Poland, with a total capacity of 114.0 MW, is structured in two phases. Phase I (66.6 MW) is nearing completion, with 26.47 MW energized in Q4 2024 and an additional 20 MW connected in Q2 2025. The remaining 20.2 MW is expected to be energized in the next quarter. Phase II (47.4 MW) commenced construction in October 2024 and is on track for completion by the end of 2025 [5] Wind Projects - A 112 MW wind farm project in Latvia is under construction, with all contracts finalized and long-term debt financing secured in Q4 2025. Project energization is expected in Q1 2027 [7] - The 185.5 MW wind portfolio in which the Company holds a 25% stake is operating without major disruptions, although arbitration proceedings are ongoing regarding the acquisition price calculation [8] Hybrid Projects - The Company is advancing its hybrid projects, including UAB "Pakruojo vėjas" (45 MW wind) and UAB "Ekoelektra" (70 MW solar and 100 MW wind), through final procurement stages [9] - UAB "JTPG" (70 MW solar) in Lithuania is progressing through environmental permitting to increase capacity with an additional 69 MW wind. The solar component has also made progress, with land plots secured and agreements signed [10][11]

Core Viewpoint - BP is facing significant challenges due to high debt levels, reliance on asset sales, and a declining oil price environment, raising concerns about its financial stability and future strategy [1][5][13]. Financial Position - BP's net debt has increased by $4 billion over the last three months, with a current reported net debt of approximately $41 billion, which analysts believe is understated [3][19]. - Analysts estimate BP's adjusted net debt could be as high as $82 billion when accounting for various liabilities, including $17.1 billion in hybrid bonds and $7.1 billion related to the Deepwater Horizon disaster [12][11][9]. - The company aims to reduce its net debt to between $14 billion and $18 billion by 2027, a target viewed as ambitious given the current financial landscape [4][20]. Asset Sales and Strategy - BP plans to generate $20 billion from asset disposals by 2027 to help manage its debt, but there are doubts about the feasibility of achieving this target, particularly regarding the sale of its Castrol motor oil arm [20][21]. - The company has divested valuable fossil fuel assets at low prices to invest in renewable energy projects, which have not generated expected cash flows, leading to significant value destruction [15][17]. Leadership and Market Perception - Murray Auchincloss, BP's current CEO, faces skepticism regarding his ability to turn the company around, especially after the previous leadership's aggressive pivot to renewables [6][7]. - The market is questioning Auchincloss's strategy amid pressure from activist investors, with concerns that BP's financial management has not been prudent during favorable market conditions [19][26]. Future Outlook - BP's financial strategy may require further sacrifices, including cuts to investor payouts, as the company navigates a challenging environment with falling commodity prices and high debt levels [24][25]. - The company's reliance on an oil price assumption of $70 per barrel, while current prices are around $64, suggests potential further hits to investor returns [25].

Core Insights - Statkraft's third quarter results in 2025 showed a decrease despite higher production, primarily due to low prices in Northern Norway, reduced contributions from Markets, and negative hedging effects [1][6][11] Financial Performance - Power generation in Q3 2025 was 15.8 TWh, an increase from 13.3 TWh in Q3 2024, with record-high generation of 52.7 TWh in the first nine months of 2025 [7][10] - Net operating revenues for the quarter were NOK 8.0 billion, down from NOK 9.8 billion, while underlying EBITDA decreased to NOK 3.1 billion from NOK 4.9 billion [7][11] - Net profit for the quarter was NOK -0.7 billion, compared to NOK -0.2 billion in the previous year [7][14] Strategic Developments - Statkraft executed a refocused strategy by signing agreements to divest assets worth approximately NOK 13.5 billion, including district heating, transmission lines in Peru, and renewable energy assets in multiple countries [1][3][7] - The company aims to reduce complexity and costs while freeing up capital for growth in prioritized technologies and markets [2][3] Market Operations - The average system price in the Nordic region was 36 EUR/MWh, an increase of 16.2 EUR/MWh from Q3 2024 [9] - Market activities experienced lower levels compared to a strong previous year, with underlying EBITDA from Markets dropping to NOK 20 million from NOK 1.4 billion [12][8] Future Investments - Statkraft plans for a long-term investment capacity of NOK 16-20 billion per year, focusing on solar, wind, battery storage, and grid services in Europe and South America [4][5] - Significant investments will also be allocated to hydropower refurbishments and new onshore wind developments in Norway and Sweden [5]

Financial Data and Key Metrics Changes - The company reported third quarter GAAP earnings of $0.76 per share, an increase from $0.73 in the same quarter last year [5] - Core earnings for the quarter were $0.83 per share, up from $0.76 in 2024, with year-to-date core earnings at $2.2 per share, a 15% increase from $1.76 in 2024 [6][22] - The company invested $4 billion in capital for regulated utilities, a 30% increase compared to the previous year, and announced a 10% increase in the 2025 capital investment program to $5.5 billion [6][7] Business Line Data and Key Metrics Changes - In the distribution business, earnings improved by $0.20 year-to-date due to a $225 million annual rate adjustment in Pennsylvania, higher customer demand, and lower operating expenses [22] - The integrated segment saw a 7% increase in earnings year-to-date, driven by formula rate investments in transmission systems across New Jersey, West Virginia, and Maryland [22] - Standalone transmission business earnings increased approximately 7%, supported by a strong capital investment program [22] Market Data and Key Metrics Changes - Customer demand from data centers increased by over 30%, with contracted customer demand expected to raise FirstEnergy's system peak load by 15 gigawatts, nearly 50% from the current 33.5 gigawatts to 48.5 gigawatts by 2035 [9] - The company’s total customer bills increased by 11% in deregulated states over the past year, primarily driven by the generation component [16][17] Company Strategy and Development Direction - The company is focused on enhancing system reliability and resiliency through increased capital investments, with a reaffirmed core earnings growth rate of 6% to 8% [7][20] - The integrated resource plan in West Virginia includes adding 70 megawatts of utility-scale solar and 1.2 gigawatts of dispatchable gas generation, aligning with state initiatives to boost energy capacity [11][12] - The company plans to file for new gas generation approval in 2026, representing a 35% increase in its regulated generation portfolio [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company’s ability to maintain a strong financial performance and achieve its growth targets despite rising customer bills and regulatory challenges [20][28] - The company is actively engaging with regulators to address rising consumer energy costs and is advocating for changes in capacity auction processes [82][83] Other Important Information - The company expects to see significant increases in industrial load, particularly from data centers, beginning in Q4 and into the next year [24][80] - The consolidated return on equity was reported at 10.1%, slightly above the targeted range of 9.5% to 10% [26] Q&A Session Summary Question: Discussion on West Virginia generation and capital recovery - Management explained that for the build-own-transfer model, capital recovery would occur during construction, with significant earnings expected once the assets are operational [35] Question: Rate case strategy for 2026 - Management indicated that they would follow a similar cadence as previous years, focusing on timely recovery through base rate increases [36] Question: Impact of increased CapEx on earnings growth outlook - Management believes the increased CapEx will support maintaining the 6% to 8% earnings growth range [41] Question: Data center pipeline and transmission CapEx - Management noted that there is approximately $1 billion of CapEx associated with transmission interconnection requests from data centers [44] Question: Confidence in load forecasts - Management expressed confidence in load forecasts based on contracted projects and various criteria to ensure customer commitments [58] Question: Affordability pressures in New Jersey - Management acknowledged the understanding that generation costs are driving bill increases and emphasized efforts to mitigate these impacts [66]

Group 1 - The company, UTIB UAB Atsinaujinančios energetikos investicijos, is hosting an investor webinar on 21 October 2025 to discuss bond issuance details [1][2] - The bond issue has a total program size of up to EUR 50 million, with the first series and tranche amounting to up to EUR 25 million [4] - The coupon rate for the bonds is set at 8.5%, with a maturity period of 13 months and semi-annual coupon payments [4] Group 2 - Existing bondholders can exchange their current bonds maturing on 14 December 2025 for newly issued bonds through the Nasdaq CSD securities exchange offer [3] - The subscription period for the new bonds is from 15 to 31 October 2025, with a minimum investment amount of EUR 1,000 [4] - Proceeds from the bond issuance will be used for refinancing existing bonds and financing projects in renewable solar and wind energy, as well as related infrastructure [4]

Core Viewpoint - Atsinaujinančios energetikos investicijos (AEI) has launched a public offering of new bonds with an 8.5% yield, targeting both private and institutional investors in the Baltic States [1][2] Company Overview - AEI is managed by Lords LB Asset Management and focuses on operational renewable energy projects in Lithuania and Poland [2] - The company has a total asset value of EUR 181 million and equity of EUR 96 million, with a portfolio of 280 MW of solar and wind parks [4][8] Bond Offering Details - The new bond issue offers 13-month bonds with a fixed annual interest rate of 8.5%, with a minimum investment of EUR 1,000 [1] - Existing investors can exchange their 5% coupon bonds maturing on December 15, 2024, for the new 8.5% coupon bonds on a one-to-one basis [3] Revenue Generation - AEI's main asset includes a 185.5 MW wind park in Lithuania, where AEI holds a 25% stake, generating an EBITDA of EUR 7.65 million over the past 12 months [5] - In Poland, AEI manages a 182 MW portfolio of solar parks, with over half operational and 85% of electricity sold under a fixed-tariff scheme [6] Strategic Plans - AEI is in the final stage of an asset divestment process, aiming to sell all developed and developing projects by the end of 2027 [2][7] - The company has successfully completed its first asset sale of a 65.5 MW solar portfolio in Poland [7] Market Context - There is a growing interest in bonds among private retail investors in the region, and AEI's bond issue aims to expand investment opportunities for this segment [9]

Financial Performance - As of September 2025, the net asset value (NAV) of UAB "Atsinaujinančios energetikos investicijos" (AEI) was EUR 94,367,121, down from EUR 96,476,602 at the end of June 2025 [1] - The share price decreased to EUR 1.6088 from EUR 1.6447 as of June 2025 [1] - The pro forma internal rate of return (IRR) since inception fell to 0.84%, down from 1.50% reported at the end of June 2025 [1] Solar Projects - In September 2025, AEI completed the divestment of its 2.6 MW solar project in Lithuania, UAB "Saulės Energijos Projektai" [2] - The construction of a 67.8 MW solar portfolio in Poland is nearing completion, with 49.8 MW operational and additional projects energised during Q3 [3] - The second solar portfolio in Poland, PL SUN sp. z o.o., has a total capacity of 114.0 MW, with Phase I largely finalised and expected to be fully operational by the end of 2025 [4] Wind Projects - A 112 MW wind farm project in Latvia is under construction, with long-term debt financing expected to be secured in Q4 2025 and energisation anticipated in Q1 2027 [6] - The 185.5 MW wind portfolio owned by UAB "Žaliosios investicijos," in which AEI holds a 25% stake, is operating without major disruptions, although arbitration proceedings are ongoing regarding the acquisition price [7] Hybrid Projects - UAB "Pakruojo vėjas" (45 MW wind) and UAB "Ekoelektra" (70 MW solar and 100 MW wind) are in the final stages of procurement [8] - UAB "JTPG" (70 MW solar) in Lithuania is progressing through environmental permitting to increase capacity with an additional 69 MW wind [9][10]

Core Insights - A resurgence of fund inflows into renewable energy stocks is revitalizing the sector, marking the strongest quarterly rise since the sustainability boom earlier this decade [1] - Improved U.S. power demand outlook and greater policy certainty are attracting investors back to renewable energy [1] - Despite previous bearish sentiment, the renewables industry is seeing a shift as investors refocus on fundamentals [3] Fund Flows and Market Performance - Alternative energy funds experienced their first net monthly inflow in June after 25 months of outflows totaling approximately $24 billion, with inflows nearing $800 million in September [4] - Clean energy indices, ETFs, and individual stocks have shown double-digit gains, with Bloom Energy's shares rising 300% in four months [5] Economic Environment - The Federal Reserve's dovish stance is benefiting capital-intensive renewable projects by lowering borrowing costs, although rates remain higher than during the peak of ESG investments [6] Private Equity Interest - Private equity firms are actively seeking long-term value in the renewable sector, with Global Infrastructure Partners reportedly in talks to acquire AES, indicating significant interest in Wall Street power companies [7]