Core Viewpoint - The Board of Directors of Eramet has terminated the mandate of CEO Paulo Castellari due to operational method divergences, effective immediately, and appointed Chairwoman Christel Bories as interim CEO while searching for a new CEO [1][2]. Group Management Changes - Paulo Castellari's termination as CEO is attributed to differences in operational methods [1]. - Christel Bories has been appointed as interim CEO, with the intention to separate the roles of Chair and CEO once a new CEO is selected [2]. Company Performance and Strategy - The Board expresses gratitude to Paulo Castellari for his contributions and emphasizes ongoing commitments to safety, operational performance, and cost reduction in a challenging environment [3]. - Eramet's portfolio includes world-class assets that are well-positioned to support the energy transition, with a successful lithium site ramp-up in Argentina serving as a new growth pillar [3]. Upcoming Financial Reporting - The publication of the Group's annual results is scheduled for February 18, 2026 [4]. Company Overview - Eramet focuses on transforming Earth's mineral resources to provide sustainable solutions for industrial growth and energy transition challenges, with a commitment to responsible practices across its operations [5]. - The company recovers and develops essential metals such as manganese, nickel, lithium, and cobalt, contributing to sustainable infrastructure and technology [6].

Company Overview - Duke Energy is a Fortune 150 company headquartered in Charlotte, N.C., and is one of America's largest energy holding companies, serving 8.4 million customers across multiple states [3] - The company owns 54,800 megawatts of energy capacity and its natural gas utilities serve 1.7 million customers in North Carolina, South Carolina, Tennessee, Ohio, and Kentucky [3] Current Situation - Duke Energy is requesting customers to voluntarily reduce their energy use from 5 to 9 a.m. EST on February 2, 2026, due to extremely cold temperatures leading to high electricity demand [1] - The initiative aims to protect the grid and ensure electricity availability for as many customers as possible during this cold spell [1] Customer Engagement - The company acknowledges the challenge of reducing electricity usage and appreciates customer cooperation during this period [2] - Duke Energy Florida serves over 2 million customers across a 13,000-square-mile service area and owns 12,300 megawatts of energy capacity [2] Energy Transition Strategy - Duke Energy is focused on an ambitious energy transition, investing in electric grid upgrades and cleaner generation methods, including natural gas, nuclear, renewables, and energy storage [4]

Core Insights - Extremely cold temperatures are causing high energy demand across the East Coast, prompting Duke Energy to request customers to voluntarily reduce energy use during peak hours [1] - Duke Energy is one of America's largest energy holding companies, serving 8.6 million electric customers and 1.7 million natural gas customers across multiple states [2] - The company is focused on an ambitious energy transition, investing in electric grid upgrades and cleaner energy sources such as natural gas, nuclear, renewables, and energy storage [3] Company Overview - Duke Energy is headquartered in Charlotte, N.C., and is a Fortune 150 company [2] - The company collectively owns 55,100 megawatts of energy capacity [2] - Its electric utilities operate in North Carolina, South Carolina, Florida, Indiana, Ohio, and Kentucky [2] Energy Demand Management - Duke Energy is taking steps to manage energy demand, including maximizing generation and purchasing power [1] - The company is collaborating with large commercial and industrial customers through demand response programs [1] - Customers are encouraged to reduce energy use by adjusting thermostats, avoiding major appliances, and turning off unnecessary devices during peak hours [4]

Core Viewpoint - Duke Energy is preparing for a winter storm that is expected to bring significant snowfall and strong winds to the Carolinas, urging customers to take safety precautions as conditions worsen [1][2]. Customer Safety Measures - Customers are advised to prepare an emergency kit, charge phones, gather flashlights and batteries, and review critical actions [6]. - The company encourages customers to download or update the Duke Energy app and confirm their account login information to receive outage alerts and updates [6]. - It is recommended that customers avoid driving until conditions improve and stay away from downed power lines and storm debris [6]. Storm Impact on Operations - High winds and heavy snowfall may create hazardous travel conditions, potentially delaying power restoration efforts as crews cannot perform elevated work in bucket trucks when winds exceed 30 mph [6]. - The storm poses a risk to the power grid, especially in areas where trees may have been weakened by a recent ice storm [2]. - Despite grid improvements, severe weather can still lead to extended outages, and restoration may take time due to blocked roads and hazardous conditions [6]. Company Overview - Duke Energy is one of America's largest energy holding companies, serving 8.6 million customers across several states and owning 55,100 megawatts of energy capacity [6][7]. - The company is actively investing in electric grid upgrades and cleaner energy generation, including natural gas, nuclear, renewables, and energy storage [8].

Financial Data and Key Metrics Changes - The company delivered $2.01 of FFO per unit, up 10% year-over-year, aligning with long-term growth targets [3][15] - In Q4, FFO was $346 million, up 14% year-over-year, or $0.51 per unit [15] - The company ended 2025 with $4.6 billion in available liquidity, maintaining a BBB+ investment-grade credit rating [17][18] Business Line Data and Key Metrics Changes - The hydroelectric segment generated FFO of $607 million, up 19% from the prior year, benefiting from solid generation in Canada and Colombia [16] - The wind and solar segments combined generated $648 million of FFO, supported by acquisitions and investments, though offset by prior year gains [16] - Distributed energy storage and sustainable solutions segments achieved record results of $614 million, up almost 90% from the prior year, driven by development growth and the acquisition of Neoen [17] Market Data and Key Metrics Changes - The energy demand is rising significantly, driven by electrification and industrial activity, with a shift from energy transition to energy addition [6][7] - The company is positioned to capitalize on the growing demand for power, particularly in solar and onshore wind, aiming for a run rate of delivering roughly 10 GW of new capacity per year by 2027 [8][12] Company Strategy and Development Direction - The company is focusing on scaling development of low-cost, fast-to-market solar and onshore wind to meet accelerating power demand [8] - Investments in hydro and nuclear are emphasized for their baseload and scale capabilities, with significant contracts signed with major corporates [9][10] - The company aims to expand its battery storage capacity to over 10 GW in the next three years, leveraging partnerships and technological advancements [12] Management's Comments on Operating Environment and Future Outlook - Management highlighted the strategic priority of power globally, indicating that energy demand growth is at a pace not seen in decades [5][6] - The company sees a constructive environment for M&A and growth deployment, with expectations of significant opportunities in the coming years [53] - The scarcity value of hydroelectric power is at an all-time high, with long-term contracts expected to drive higher contracted power prices [42] Other Important Information - The company announced a 5% increase in annual distribution to $1.468 per unit, marking 15 consecutive years of annual distribution growth of at least 5% [25] - A fully discretionary $400 million at-the-market equity issuance program was announced to repurchase BEP LP units [24] Q&A Session Summary Question: Update on Microsoft Framework Agreement and capacity cadence - Management noted that demand from corporates, especially hyperscalers, is at an all-time high, with expected growth in capacity from 2026 onwards [27][29] Question: Commentary on balance sheet and liquidity - Management expressed comfort with maintaining liquidity around the $4 billion mark, emphasizing the importance of capital recycling to support growth [30][32] Question: Headwinds in U.S. project development - Management indicated no slowdown in solar projects, while acknowledging some permitting slowdowns for onshore wind, but overall projects are progressing [39][40] Question: Realized hydro prices and future expectations - Management expects an increase in realized hydro prices due to high demand and new long-term contracts being layered in [42][43] Question: Capital recycling and repeat customers - Management confirmed that capital recycling activities have become a consistent source of funding, with frameworks established for future sales [44][45] Question: Battery storage development and M&A opportunities - Management highlighted a strong organic development pipeline for batteries, with ongoing evaluations of M&A opportunities in the sector [65][66] Question: Offshore wind opportunities - Management is open to evaluating offshore wind opportunities, particularly in Europe, while ensuring appropriate risk-return profiles [68][70]

Financial Data and Key Metrics Changes - The company delivered $2.01 of FFO per unit, up 10% year-over-year, aligning with long-term growth targets [3][13] - In Q4, FFO was $346 million, up 14% year-over-year, or $0.51 per unit [13] - For the full year, FFO totaled $1,334 million, reflecting a 10% increase year-on-year [14] Business Line Data and Key Metrics Changes - The hydroelectric segment reported FFO of $607 million, a 19% increase from the prior year, driven by solid generation in Canada and Colombia [15] - The wind and solar segments generated a combined FFO of $648 million, supported by acquisitions and investments, though offset by previous gains from asset sales [15] - Distributed energy storage and sustainable solutions achieved record results of $614 million, up almost 90% from the prior year, driven by growth from development and acquisitions [16] Market Data and Key Metrics Changes - The company signed contracts for over 9 GW of generation capacity, with over 8 GW of new capacity brought online globally, marking a record for the business [4] - The energy demand environment is shifting from energy transition to energy addition, with significant growth driven by electrification and industrial activity [5][6] Company Strategy and Development Direction - The company is focusing on scaling development of low-cost, fast-to-market solar and onshore wind to meet rising power demand, targeting a run rate of roughly 10 GW of new capacity per year by 2027 [7] - Investments in hydro and nuclear are emphasized, with a strategic focus on large-scale baseload generation and flexibility [8][9] - The company aims to capitalize on the growing demand for battery storage, expecting to quadruple its capacity to over 10 GW in the next three years [11] Management's Comments on Operating Environment and Future Outlook - Management highlighted the strategic priority of power globally, with rising energy demand creating a need for substantial new generation capacity [5][6] - The company is well-positioned to deliver comprehensive energy solutions across markets, anticipating outsized earnings growth and significant value creation for unitholders [12] - Management expressed confidence in maintaining a strong balance sheet and liquidity, with $4.6 billion available at year-end [16][17] Other Important Information - The company announced a 5% increase in annual distribution to $1.468 per unit, marking 15 consecutive years of annual distribution growth of at least 5% [24] - A record $8.9 billion was deployed or committed in growth, with significant asset recycling generating $4.5 billion in proceeds [4][20] Q&A Session Summary Question: Update on Microsoft Framework Agreement and capacity cadence - Management noted that demand from corporates, including Microsoft, is at an all-time high, with expected growth in capacity from 2026 onwards [26][27] Question: Commentary on liquidity position and ratios - Management expressed comfort with maintaining liquidity around the $4 billion mark, emphasizing the importance of capital recycling to support growth [28][30] Question: Headwinds in U.S. project development - Management indicated no slowdown in solar development, while acknowledging some permitting delays for onshore wind projects [36][38] Question: Realized hydro prices and future expectations - Management expects an increase in hydro power prices due to high demand and new long-term contracts being layered in [39][41] Question: Capital recycling and repeat customers - Management confirmed that capital recycling activities have become a consistent source of funding, with frameworks established for future asset sales [42][44] Question: Battery storage development and M&A opportunities - Management highlighted a strong organic development pipeline for batteries, with a focus on long-term contracts rather than merchant arbitrage [62][66] Question: Offshore wind opportunities - Management is evaluating offshore wind opportunities, particularly in Europe, while ensuring appropriate risk-return profiles [67][68]

Core Insights - Duke Energy is preparing for an extreme cold weather event in Florida, with temperatures expected to be 20-25 degrees below average, marking the coldest air in nearly a decade [1][2] - The company emphasizes the importance of energy conservation during this period and encourages customers to utilize available resources to manage their energy usage and save on bills [2][8] Company Overview - Duke Energy Florida, a subsidiary of Duke Energy, has an energy capacity of 12,300 megawatts and serves 2 million customers across a 13,000-square-mile area in Florida [5] - Duke Energy, a Fortune 150 company, serves 8.4 million customers across multiple states and has a total energy capacity of 54,800 megawatts [6] Energy Management Programs - Duke Energy offers various programs to help customers save on their energy bills, including the EnergyWise® Home Program, which provides up to $141 in annual bill credits for enrolling qualified appliances [9] - The company also promotes the Time-of-use Rate Program, which encourages customers to shift energy use to off-peak hours [9] - Additional energy-saving tips include setting thermostats to lower settings, changing air filters regularly, sealing air leaks, and utilizing natural sunlight for heating [9] Infrastructure and Transition - Duke Energy is focused on an ambitious energy transition, investing in electric grid upgrades and cleaner energy sources such as natural gas, nuclear, renewables, and energy storage [7]

Core Insights - The demand for clean electricity is accelerating globally, driven by structural trends and technological advancements, benefiting companies like GE Vernova (GEV) and Public Service Enterprise Group (PEG) from different perspectives [1][2][10] Group 1: Company Profiles - GE Vernova is positioned as a growth-oriented infrastructure provider focused on electrification and transmission modernization, with a recent acquisition enhancing its market leadership [4][5] - Public Service Enterprise has a balanced portfolio of regulated and non-regulated utility assets, providing stable earnings and growth opportunities, supported by favorable wholesale electricity prices [6][7][18] Group 2: Financial Performance - The Zacks Consensus Estimate for GE Vernova's 2026 earnings per share (EPS) is $13, indicating a year-over-year growth of 76.6%, with a long-term earnings growth rate of 18% [9] - The Zacks Consensus Estimate for Public Service Enterprise's 2026 EPS is $4.36, indicating a year-over-year growth of 8.09%, with a long-term earnings growth rate of 7.05% [11] Group 3: Investment and Valuation Metrics - GE Vernova has a total debt to capital ratio of nil, while Public Service Enterprise has a ratio of 57.88% [13] - GE Vernova shares trade at a forward Price/Earnings (P/E) ratio of 51.89X, compared to Public Service Enterprise's P/E of 18.57X [14] - GE Vernova's return on equity (ROE) is 46.91%, significantly higher than Public Service Enterprise's ROE of 12.62% [15] Group 4: Stock Performance - Over the past three months, GE Vernova's shares have increased by 23.7%, while Public Service Enterprise's shares have risen by 1.4% [16] Group 5: Investment Recommendation - Currently, GE Vernova is favored due to its superior earnings growth, price performance, ROE, and better debt position, although both companies hold a Zacks Rank of 3 (Hold) [18]

Core Insights - Prolonged below-normal temperatures are leading to increased home energy use and higher bills in the Carolinas [1][6] - Duke Energy is providing practical steps and flexible options to help customers manage their energy costs during this cold weather [2][6] Weather Impact - The Carolinas are experiencing an unusually long cold stretch, with temperatures 10 to 20 degrees below normal for this time of year [1][7] - This cold weather is expected to be the longest since January 2018, with potential snow accumulation [7] Energy Use and Savings Tips - Heating systems are running longer due to low temperatures, which is the primary driver of increased energy use [2][6] - Duke Energy offers various energy-saving tips, such as setting thermostats to lower settings, sealing leaks, and utilizing natural sunlight for heating [8] - Customers can benefit from smart thermostat rewards and flexible billing options to manage their energy costs [8] Payment Options and Assistance - Duke Energy provides several payment options, including choosing due dates, requesting extensions, and installment plans for past-due balances [8] - The company also offers a Payment Assistance Finder to connect customers with local organizations that provide utility bill assistance [8] - The Share the Light Fund helps qualifying customers pay their energy bills through community and company contributions [8] Company Overview - Duke Energy is a Fortune 150 company serving 8.6 million customers across multiple states and has a total energy capacity of 55,100 megawatts [5] - The company is focused on an ambitious energy transition, investing in electric grid upgrades and cleaner energy sources, including natural gas, nuclear, renewables, and energy storage [9]

Core Insights - GE Vernova anticipates reaching approximately 100 GW under contract by 2026, with expectations of "high teens" GW of shipments and over 30 GW of new contracts [1] Group 1: Financial Performance - Fourth-quarter revenue increased by 2% year-over-year, with services growing across all segments, while equipment revenue remained flat [3] - For the full year, GE Vernova reported $59 billion in orders, a 34% increase year-over-year, and $38 billion in revenue, up 9% [4] - Adjusted EBITDA rose by 6% to $1.2 billion in the fourth quarter, with free cash flow reaching $1.8 billion [3] Group 2: Order Growth and Backlog - GE Vernova's total backlog increased by over 25% to $150 billion, with fourth-quarter orders totaling $22.2 billion, a 65% year-over-year increase [5][6] - Gas power equipment backlog rose from 62 GW to 83 GW, with new gas contracts totaling 24 GW in the fourth quarter [2] Group 3: Electrification Segment - Electrification segment saw over 25% revenue growth in 2025, with fourth-quarter orders increasing by 50% year-over-year to about $7.4 billion [9][11] - Segment EBITDA margins expanded by 560 basis points to 14.9% for the year, driven by volume, price, and productivity [10] Group 4: Wind Segment Challenges - GE Vernova faced approximately $600 million in wind losses for 2025 due to a U.S. government stop-work order affecting the Vineyard Wind project [13][15] - Fourth-quarter wind revenue declined by 25% year-over-year, with a $225 million EBITDA loss [16] Group 5: Future Guidance and Capital Allocation - Management raised 2026 guidance, expecting organic revenue growth of 16% to 18% in power and $13.5 billion to $14 billion in electrification revenue [18][19] - The company plans to return $3.6 billion to shareholders in 2025 and is doubling its dividend in 2026 [18]