Financial Performance - Quarterly Net Income was $4 million, or $0.25 per share, a decrease of $0.3 million, or $0.02 per share, compared to the same period in 2024[9] - Quarterly Adjusted Net Income was $4.7 million, or $0.29 per share, an increase of $0.4 million, or $0.02 per share, compared to the same period in 2024 when excluding transaction costs[9] - Year-to-Date Net Income was $31.5 million, or $1.94 per share, consistent with Net Income but $0.02 lower earnings relative to the first six months of 2024[9] - Year-to-Date Adjusted Net Income was $33.1 million, or $2.03 per share, an increase of $1.6 million, or $0.07 per share, compared to the first six months of 2024 when excluding transaction costs[9] Acquisitions and Growth - Bangor Natural Gas ("BNG") acquisition was completed in January 2025[9] - Maine Natural Gas ("MNG") and Aquarion acquisitions are expected to close by the end of 2025[9] - Acquisitions are expected to support earnings growth towards the upper-end of the guidance range over the next five years[9] - The company anticipates a long-term EPS growth rate of 5% - 7% and a long-term rate base growth of 6.5% - 8.5%[9] - The company projects a five-year capital investment of approximately $980 million, which is 46% higher than the prior five years[46] Customer Base and Regulatory Matters - The company has 86,600 natural gas customers[3, 28, 29, 55, 59, 61, 75] - A temporary electric rate award of $7.8 million was approved as-requested in New Hampshire[9]

Financial Data and Key Metrics Changes - The company reported adjusted earnings of $1.01 per share, a significant increase from a loss of $0.14 per share a year ago, reflecting growth across all business segments [7][8] - Adjusted earnings for the third quarter totaled $4.1 million, an increase of over $8 million compared to the previous year [18] Business Line Data and Key Metrics Changes - The Gas Utilities segment had an adjusted loss of $10 million in the third quarter, which was $1 million better than the prior year, driven by higher contribution margin at Spire Missouri [18] - Earnings in the Gas Marketing segment increased by over $4 million, indicating strong performance [19] - The Midstream segment saw strong earnings growth due to additional capacity and asset optimization at Spire Storage, despite higher operating costs [19] Market Data and Key Metrics Changes - Year-to-date capital expenditures totaled $700 million, with a nearly 20% increase in utility CapEx year-over-year, focusing on upgrading distribution infrastructure [20] - The capital investment target for fiscal 2025 has increased to $875 million, reflecting a $10 million increase in Midstream and a $25 million increase in Spire Missouri [21] Company Strategy and Development Direction - The company is committed to a long-term EPS growth target of 5% to 7%, supported by a ten-year $7.4 billion capital investment plan [11][22] - The recent acquisition of the Piedmont Natural Gas business in Tennessee is seen as a strategic move to enhance scale and diversify the regulated utility portfolio [12][13] - The company aims to maintain a strong balance sheet while supporting long-term adjusted EPS growth and dividend growth [14][27] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving financial and operational goals, emphasizing the importance of delivering safe and reliable natural gas service [26][28] - The company is focused on achieving constructive regulatory outcomes and strengthening recovery mechanisms to support continued investment [27] Other Important Information - A unanimous stipulation and agreement has been filed for an annual revenue increase of $210 million in Missouri, pending approval [10][15] - The company anticipates adjusted earnings at the Utility segment to be significantly higher in 2026 due to new rates and improved regulatory frameworks [24] Q&A Session Summary Question: Is the FFO to debt target of 15% to 16% still applicable? - Management confirmed that these targets remain relevant, although achieving them may be slower during the acquisition transition [34] Question: How much of the midstream results is attributable to storage expansion? - Approximately 90% of the increase in midstream results year-over-year is attributed to storage [39] Question: Will the strong marketing results continue into Q4? - Management indicated that Q4 is typically quieter, but they feel confident about the operations and targets for the marketing business [41] Question: Does the long-term 5% to 7% growth rate include impacts from the Missouri rate case? - The growth rate is primarily based on capital deployment, with potential catch-up from previous recovery delays in Missouri [57] Question: How does the company plan to manage O&M expenses going forward? - The target is to keep O&M expenses at or below the rate of inflation, with current year-to-date O&M running less than 1% higher than the prior year [61]

Financial Data and Key Metrics Changes - The company reported adjusted earnings of $0.01 per share, a significant improvement from a loss of $0.14 per share a year ago, reflecting growth across all business segments [7][18] - Year-to-date capital expenditures totaled $700 million, with a nearly 20% increase in utility CapEx year over year [20] Business Line Data and Key Metrics Changes - The Gas Utilities segment had an adjusted loss of $10 million, which was $1 million better than the prior year, driven by higher contribution margin at Spire Missouri [18] - Earnings in the Gas Marketing segment increased by over $4 million, indicating strong performance [18] - The midstream segment saw strong earnings growth, attributed to additional capacity and asset optimization at Spire Storage [18] Market Data and Key Metrics Changes - The company is focused on a long-term EPS growth target of 5% to 7%, supported by a ten-year $7.4 billion capital investment plan [11][22] - The company expects to deliver within its fiscal 2025 earnings guidance of $4.4 to $4.6 per share [11][22] Company Strategy and Development Direction - The company announced the acquisition of the Piedmont Natural Gas Tennessee business, which is expected to enhance its scale and expand its regulated utility footprint [12][13] - The acquisition is projected to add $900 million to the five-year capital plan, focusing on system modernization and infrastructure resilience [13] - The company aims to maintain a strong balance sheet while supporting long-term adjusted EPS growth and dividend growth [13][26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving strong operational performance and financial discipline, emphasizing the importance of regulatory transparency and customer affordability [25][28] - The company is actively pursuing regulatory approvals for the acquisition and advancing integration planning [28] Other Important Information - A unanimous stipulation and agreement has been filed for an annual revenue increase of $210 million, pending approval by the Missouri Public Service Commission [9][15] - The company is committed to maintaining a strong focus on customer affordability through disciplined cost management [25] Q&A Session Summary Question: Is the FFO to debt target of 15% to 16% still applicable? - Management confirmed that these targets remain the right framework, although progress may be slower during the acquisition transition [31][32] Question: How much of the midstream results is attributable to storage expansion? - Management indicated that about 90% of the increase in midstream results was due to storage, with a 75% to 25% split on net income basis [35][36] Question: Does the long-term 5% to 7% growth rate include impacts from the Missouri rate case settlement? - Management clarified that the growth rate is based on capital deployment and does not directly include the impacts of the rate case [51][52] Question: How does the company see O&M expenses evolving? - Management stated the target is to keep O&M expenses at or below the rate of inflation, with current year-to-date O&M run rate being less than 1% higher than the prior year [55]

Core Insights - Eversource Energy reported Q2 2025 GAAP earnings per share of $0.96, slightly above the $0.95 analyst estimate, with net income improving across all regulated segments [1][2] - The company reaffirmed its full-year 2025 earnings guidance and long-term growth targets, indicating a stable quarter for its core businesses [1][9] Financial Performance - Q2 2025 EPS (GAAP) increased by 1.1% year-over-year from $0.95 in Q2 2024 [2] - Revenue for Q2 2025 was reported at $2,931 million [2] - Net income from Electric Transmission rose to $208 million, a 10.1% increase from $189 million in Q2 2024 [2] - Net income from Electric Distribution increased to $161.5 million, up 7.9% from $149.7 million in Q2 2024 [2] - Net income from Natural Gas Distribution surged by 30.3% to $35.3 million compared to $27.1 million in Q2 2024 [2] Business Overview - Eversource Energy serves 4.6 million customers across Connecticut, Massachusetts, and New Hampshire, operating as a regulated utility [3] - The company focuses on regulatory approvals for infrastructure investments, grid modernization, and service reliability [4] Operational Developments - The Electric Transmission segment's earnings growth was driven by ongoing capital investments [5] - The Electric Distribution segment's earnings growth was primarily due to approved base rate hikes in New Hampshire and Massachusetts [5] - Natural Gas Distribution earnings growth was attributed to rate increases, despite rising expenses [6] - Water Distribution earnings increased by 80% due to higher revenues and lower interest costs [6] Regulatory and Capital Investments - Eversource achieved significant regulatory milestones, including a $900 million recovery for storm and cost under-recoveries in Connecticut [7] - The company has a $24.2 billion five-year capital plan, a 10% increase from the previous period, focusing on transmission upgrades and grid modernization [7] - Continued investment in Advanced Metering Infrastructure (AMI) technology supports state decarbonization plans [8] Forward Guidance - Management maintained its full-year 2025 EPS guidance of $4.67 to $4.82 and a long-term annual EPS growth goal of 5–7% [9] - The company's performance will depend on successful execution of its capital plan and positive regulatory interactions [9] Dividend and Future Considerations - The quarterly dividend remained unchanged from the prior period [10] - Future focus areas include regulatory decisions in New Hampshire and Connecticut, the ongoing Aquarion water business sale, and progress on capital projects [10]

Core Insights - CMS Energy reported strong second-quarter 2025 results, with adjusted EPS of $0.71, exceeding analyst estimates by $0.03, and GAAP revenue of $1,838 million, surpassing expectations by $100.75 million [1][5][11] - The company demonstrated healthy year-over-year growth in both revenue and adjusted EPS, with revenue increasing by 14.4% compared to Q2 2024 [2][5] - Significant storm-related expenses were incurred, yet the company maintained its full-year guidance, showcasing its ability to manage unexpected costs [1][8] Financial Performance - Adjusted EPS (Non-GAAP) for Q2 2025 was $0.71, a 7.6% increase from Q2 2024's $0.66 [2] - GAAP revenue reached $1,838 million, up 14.4% from $1,607 million in Q2 2024 [2] - Operating income rose to $317 million, a 12.0% increase year-over-year [2] Regulatory Environment - CMS Energy received approval for approximately 65% of its requested electric rate increases in March 2025, which will support future infrastructure investments [6] - The company is navigating Michigan's Clean Energy Plan and aims to retire all coal units by the end of 2025 [4][7] Operational Developments - The company is experiencing increased demand for data centers, with a new agreement potentially adding up to 1 gigawatt of electricity load [7] - Operational efficiency initiatives, such as the "CE Way" program, have led to meaningful cost savings despite facing significant storm-related expenses [8] Future Outlook - CMS Energy reaffirmed its full-year 2025 adjusted EPS guidance range of $3.54 to $3.60, with a long-term annual adjusted EPS growth target of 6-8% [11] - The company is focused on high capital investment needs to comply with updated clean energy mandates and is preparing for key regulatory decisions in the coming months [12]

Financial Data and Key Metrics Changes - The company reported adjusted earnings per share (EPS) of $0.92 for Q2 2025, which is $0.07 above the estimate and $0.18 lower than 2024 [7] - Year-to-date retail electricity sales were 1.3% higher than 2024, with a 3% increase in retail electricity sales in Q2 compared to the previous year [8][9] - Adjusted EPS estimate for Q3 is $1.50 per share [8] Business Line Data and Key Metrics Changes - Increased earnings from state-regulated utilities contributed positively, with higher usage and customer growth adding $0.06 year-over-year compared to 2024 [7] - Weather-normal residential sales increased by 2.8%, supported by over 15,000 new electric customers in the quarter [8] - Data center usage was notably up 13% compared to 2024, while industrial sales to major customer segments like transportation and primary metals grew by 6% year-over-year [9] Market Data and Key Metrics Changes - Economic development activities in the Southeast resulted in nearly $2 billion of capital investment and over 6,000 new jobs announced [10] - The large load pipeline across Alabama, Georgia, and Mississippi remains above 50 gigawatts of potential incremental load by the mid-2030s [11] Company Strategy and Development Direction - The company is focused on disciplined growth, with a commitment to customer affordability and regulatory stability [12] - Georgia Power's 2025 integrated resource plan (IRP) was approved, allowing for continued investment in existing fleet and new generation resources [13][14] - The company plans to certify approximately 10 gigawatts of new generation resources, including a mix of third-party power purchase agreements and Georgia Power-owned resources [14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the economic environment in the Southeast, with unemployment rates and population growth better than national averages [10] - The company is encouraged by the momentum in attracting large load customers and expects to reassess its long-term EPS growth rate as early as 2027 [19][20] - Management emphasized the importance of investing in people and leadership transitions to ensure sustained long-term success [21] Other Important Information - The company has increased its five-year base capital plan from $63 billion to $76 billion, with potential upside of approximately $5 billion still pending [16] - The CFO transition was highlighted, with management expressing gratitude for the retiring CFO's contributions [22] Q&A Session Summary Question: Capital plan update and rate base growth - Management confirmed that they will provide a full financial plan update in the Q4 call and are encouraged by the marketplace momentum [26][27] Question: RFP update and procurement status - Management assured that they have good relationships with OEMs and EPCs, positioning themselves efficiently for upcoming projects [28] Question: FFO to debt improvement timeline - Management expects to reach approximately 17% FFO to debt near the end of the planning horizon, with proactive measures being taken [37][40] Question: Asset sales and rumors - Management stated they are always evaluating opportunities but would not comment on specific rumors [41] Question: Load update and pipeline growth - Management indicated that the large load pipeline continues to grow, with advanced discussions ongoing with major customers [49] Question: Southern Power returns compared to regulated business - Management noted that Southern Power's returns are generally higher than state-regulated returns, but they maintain stringent risk-return parameters [64] Question: New nuclear discussions - Management emphasized the need for new nuclear energy and ongoing discussions with various stakeholders [68] Question: Large load update filing - Management confirmed that an update filing is expected in August, which may reflect higher load than previously discussed [71] Question: Gas plants and timing confidence - Management clarified that the planned new units are based on existing capacity rolling off PPAs [78] Question: Trends on generation costs - Management acknowledged rising generation costs but indicated they are prepared to react accordingly [101]

Financial Performance & Outlook - PPL reported Q2 2025 GAAP earnings of $025 per share and ongoing earnings of $032 per share[6] - The company reaffirmed its 2025 ongoing EPS forecast range of $175 - $187 per share[7] - PPL is on track to complete approximately $43 billion in capital investments and achieve at least $150 million in cumulative O&M savings in 2025[10] - PPL issued approximately $350 million of equity via the ATM year-to-date[30] Capital Investment & Growth - PPL projects $20 billion of capital investment needs through 2028, resulting in an average annual rate base growth of 98% over the period[10] - The company anticipates 6%-8% annual EPS and dividend growth through at least 2028[10,38] - The company is targeting 16%-18% FFO/CFO to debt throughout the plan[10,40] Strategic Initiatives & Regulatory Updates - A constructive agreement was reached to advance generation needs for LG&E and KU, supporting the approval for two new 645MW NGCC units[11,13] - A base rate case was filed in Kentucky on May 30, 2025, requesting an increase in annual electricity revenues of approximately $105 million and $226 million at LG&E and KU, respectively, and an increase in annual gas revenues of approximately $60 million at LG&E[14,16] - PPL Electric is enabling speed to market for data centers with $13 billion invested in Pennsylvania Grid since 2013[18] - PPL is in a joint venture with Blackstone Infrastructure, with PPL owning 51% of the interest, to build new electric generation stations to power data centers under long-term energy services agreements[19]

Financial Performance - PYRUKYND net revenues reached $12.5 million in Q2 2025, a 44% increase compared to $8.7 million in Q1 2025 and a 45% increase compared to $8.6 million in Q2 2024[10] - The company maintains a strong financial position with $1.3 billion in cash on hand[9, 10, 14] - Net loss for Q2 2025 was $112.0 million, compared to a net loss of $96.1 million for Q2 2024[14] Pipeline Development - First patient dosed in Phase 2 Sickle Cell Disease trial for AG-236 after receiving IND clearance[11] - RISE UP Phase 3 trial in sickle cell disease is expected to have topline data by the end of 2025[37] - Tebapivat Phase 2b trial for LR-MDS is ongoing, with topline results expected in early 2026[9, 45] Commercialization - 248 unique PK deficiency patients completed prescription enrollment forms since launch in the U S [21] - 142 patients are on treatment in the U S , including new prescriptions and treatment continuations, with 215 unique prescribers[22] - The company anticipates a potential U S launch of PYRUKYND for thalassemia in Q3 2025, with a PDUFA goal date of September 7, 2025[11, 23, 24] Strategic Partnerships - Announced a commercialization and distribution partnership with Avanzanite Bioscience in Europe[10] - A commercialization and distribution agreement is in place with NewBridge for the GCC region, with anticipated first regulatory approval in the coming months[30]

Core Insights - Celcuity's stock surged 3x in a single trading session due to positive results from the Phase 3 VIKTORIA-1 clinical trial for gedatolisib, a therapy for HR+/HER2- breast cancer [2][3] Clinical Results - Gedatolisib, in combination with other medications, significantly reduced the risk of disease progression or death compared to the control group, validating the company's therapeutic approach [3] Commercial Opportunity - Gedatolisib has peak sales potential exceeding $2 billion, targeting a significant patient population with limited treatment options after endocrine therapy resistance [4] - The FDA has granted Breakthrough Therapy Designation for gedatolisib, which may expedite the regulatory review process, with plans for FDA approval submission in Q4 2025 [4] Financial Position - Celcuity recorded operational cash outflows of $127 million over the last twelve months and plans to conduct public offerings totaling $225 million to fund clinical trials and R&D activities [5] - The capital raise aims to enhance financial flexibility and support ongoing oncology research [5] Investment Outlook - The positive Phase 3 results validate Celcuity's platform, positioning the company well for potential approval, but investors should consider the substantial commercial opportunity against the risks associated with biotech development [7] - The current valuation reflects optimism about regulatory success, making the investment sensitive to any setbacks in the approval timeline [8]

Product Development - Improvements for Austin must not cause regressions elsewhere [1] Regulatory Approval - Regulatory approval for Europe and China is pending, expected soon [1]