Financial Performance & Growth - Hitachi Energy's H1 2025 revenue reached $9.2 billion, a 26% increase compared to $7.3 billion in 2024[5] - Adjusted EBITA increased from 10.6% in 2024 to 12.9% in 2025[6] - ROIC accelerated from 16.7% in 2024 to 41.7% in 2025[7] - The company projects revenue to reach $33 billion+ by 2030, with a CAGR of 13-15% from 2024-2030[66] - Hitachi Energy aims for an Adjusted EBITA margin of 16-20% and ROIC of 25-30% by 2030[66, 114] Market & Strategy - Global electricity demand is projected to increase over 70% by 2035[22] - Renewables are expected to represent 50% of global installed power generation capacity by 2030, up from 28% today[31] - Hitachi Energy is the 1 market share leader in Grid Automation, Grid Integration, Transformers, and High Voltage (HVDC & Power Quality) sectors[17] - The company has a $50 billion order backlog in FY2025, reflecting strong market demand[69] - Hitachi Energy plans to invest over $1 billion in its service business between 2025 and 2030[204]

Financial Data and Key Metrics Changes - The company reported adjusted earnings per share of $2.66 for the first nine months of 2025, an increase of $0.19 compared to the same period in 2024, primarily driven by favorable regulatory outcomes and a return to normal weather conditions [12][15] - The bottom end of the earnings guidance for 2025 has been raised to a range of $3.56 to $3.60 per share from $3.54 to $3.60 per share, reflecting confidence in achieving financial objectives [13] Business Line Data and Key Metrics Changes - The company connected approximately 450 megawatts of the planned 900 megawatts of industrial growth in its five-year plan, with an additional 100 megawatts of signed contracts year to date [5][6] - The Renewable Energy Plan approved an additional 8 gigawatts of solar and 2.8 gigawatts of wind through 2035, which will be integrated into the next five-year plan [3][4] Market Data and Key Metrics Changes - The company continues to see strong economic growth in Michigan, with a robust pipeline of projects in data centers and manufacturing, contributing to a forecasted annual sales growth of 2% to 3% over the next five years [5][6] - The company is well-positioned to serve the growing demand from data centers and other industries, with a significant investment plan of $20 billion for customer investments over the next five years [9] Company Strategy and Development Direction - The company is focused on balancing customer investments with affordability, aiming to keep customer rates at or below inflation while maintaining utility bills below the national average [11] - The Integrated Resource Plan, to be filed in mid-2026, will detail additional capacity needed to replace retired plants and support future growth, emphasizing the need for more battery storage and natural gas generation [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strong pipeline of new and expanding load, which supports infrastructure investments across both gas and electric businesses [22] - The company anticipates needing more battery storage and gas capacity as part of its long-term strategy to meet growing demand and regulatory requirements [10][39] Other Important Information - The company has reaffirmed its credit ratings and is focused on maintaining a strong financial position to minimize funding costs [20] - The company has completed nearly all planned financings for 2025, with a recent settlement of approximately $500 million of forward equity contracts [20] Q&A Session Summary Question: Can you elaborate on the timing of the large load tariff? - Management expects the large load tariff to be finalized by November 7, which is crucial for advancing projects in the pipeline [25][26] Question: How quickly could the $25 billion of CapEx be folded into the plan? - Management indicated that some of the $25 billion would be incorporated into the next five-year plan, with a focus on electric reliability and renewable energy investments [39][50] Question: What is the mix between self-build and PPA for the Renewable Energy Plan? - The company plans for a mix of self-build and power purchase agreements, with an assumption of about 50% owned versus PPA for solar projects [81][87] Question: How much excess capacity is available to serve the new load? - The company has a bit of excess capacity and is actively building additional capacity in line with the clean energy law [68] Question: What is the status of the Campbell plant and its potential continuation? - Management confirmed that costs associated with operating the Campbell units are treated as a regulatory asset, with a clear path to cost recovery [73][75]

Group 1 - AES is a clean energy giant and a leader in the utility sector, currently trending within a buy zone amid takeover rumors [1] - The company operates power plants, electricity grids, and energy storage facilities, serving approximately 2.6 million customers globally [1] - AES has seen its Relative Strength (RS) Rating climb to 73, indicating improved price performance [3] Group 2 - There are rumors of a potential $38 billion buyout from BlackRock's Global Infrastructure Partners (GIP) [3] - The stock has experienced volatility due to renewable tax cuts and ongoing takeover interest [3] - The energy sector is positively impacting the S&P 500, with notable pledges from companies like Amazon and Google towards nuclear energy [3]

Core Insights - The utility sector is viewed as undervalued compared to its growth opportunities, with strong demand driven by infrastructure needs and economic growth [3][4] - Sempra Energy and Constellation Energy are highlighted as top utility stock picks, with positive growth outlooks and strategic initiatives [2][19] Sempra Energy - Sempra Energy operates in California and Texas, serving approximately 40 million customers with total assets nearing $100 billion [1] - The company has three main divisions: Sempra California, Sempra Texas, and Sempra Infrastructure, focusing on grid resiliency and renewable energy integration [7][9] - Recent strategic actions include the sale of 45% of Sempra Infrastructure Partners to KKR for $10 billion, expected to close mid-next year [10] - For Q2 2025, Sempra reported revenue of $3 billion, flat year-over-year, and a non-GAAP EPS of 89 cents, beating forecasts by 4 cents [11][12] - Analyst Pourreza rates Sempra as Overweight with a price target of $115, indicating a potential upside of 24% [14] Constellation Energy - Constellation Energy is a leader in the US carbon-free power market, with over 32,400 megawatts of capacity, 90% of which is carbon-free [15][16] - The company is expanding through strategic acquisitions, including the $16.4 billion acquisition of Calpine, expected to close by year-end [17] - Constellation reported $6.1 billion in revenue for Q2 2025, an 11.5% increase year-over-year, with earnings of $1.91 per share, exceeding expectations [19] - Analyst Pourreza gives Constellation an Overweight rating with a price target of $478, suggesting a 24% gain potential [21]

The European Bank for Reconstruction and Development (EBRD) is co-financing a solar energy and battery project in Uzbekistan by offering a financing package of €121m ($142m). This project includes two special-purpose vehicles (SPVs), ACWA Power Sazagan Solar 1 and ACWA Power Sazagan Solar 2. Together, the SPVs will set an integrated solar photovoltaic (PV) and battery energy storage system (BESS) project with a combined capacity of 1GW in Central Asia. ACWA Power holds the majority stake in the SPVs, wi ...

Rmb22,869mn/Rmb8,202mn/Rmb5,023mn/Rmb4,147mn (+21%/+47%/+62%/+57% yoy), -5%/+12%/+12%/+8% vs. GSe; GPM/OPM/NPM was 36%/22%/18% (+6pp/+6pp/+4pp yoy), +6pp/+4pp/+2pp vs. GSe. ESS was the key growth driver in 3Q25 driven by solid overseas demand, while solar inverters and the solar EPC businesses were impacted by the challenging domestic solar demand. The company's 2025E total shipment target of 40-50GWh is unchanged (vs. GSe of 45GWh). US business uncertainties persist for ESS projects that will start constru ...

Financial Data and Key Metrics Changes - The company reported adjusted earnings per share (EPS) of $1.53, raising the bottom of its guidance by $0.10 due to strong financial results and sales growth [4][21] - Weather-adjusted sales increased approximately 4.5%, with industrial sales growing more than 7% primarily from new and expansion customers [21][22] Business Line Data and Key Metrics Changes - The company achieved a first quartile net promoter score for utility residential service, maintaining this position [4] - The digital LIHEAP platform received a Silver Best Practices Award for excellence in serving vulnerable customers [7] Market Data and Key Metrics Changes - Entergy Mississippi announced a $300 million investment to improve grid reliability, expected to reduce outages by half within five years [8] - The data center pipeline has grown to 7-12 GW based on active customer conversations, indicating strong demand for energy infrastructure [9][10] Company Strategy and Development Direction - The company is focused on maintaining low rates for customers while managing fuel volatility through hedging programs [5][6] - Entergy is actively pursuing new industrial customers, including hyperscale data centers, while ensuring they contribute fairly to energy infrastructure costs [7][9] - The capital plan for 2026-2029 is set at $41 billion, with $4.4 billion in equity planned, indicating a proactive approach to funding growth [23][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving long-term growth outlooks, supported by strong customer demand and regulatory mechanisms [4][19] - The company anticipates continued significant transmission investment driven by customer needs and growth in service territories [49][50] Other Important Information - The company has secured approximately 75% of critical equipment for owned projects, with a clear line of sight for the remaining 25% [11] - Entergy Texas was awarded $200 million in grant funding for resilience projects, enhancing storm readiness without additional costs to customers [15] Q&A Session Summary Question: Updated CapEx plan and 4.5 GW of power island equipment - The $41 billion CapEx includes capital needed to support forecasted load, with the 4.5 GW supporting additional customers in the pipeline [31] Question: Long-term EPS growth outlook beyond 2030 - Management indicated good visibility through 2029, with potential for long-term growth opportunities as additional customers are secured [32] Question: Customer demand for renewable components - The company is exploring all types of resources, including gas and renewables, to meet customer needs [34] Question: Arkansas project ramp-up and local stakeholder views - The project is in early stages, with strong local support and expected to proceed as planned [46] Question: Impact of large customers on existing customers - Large new customers are expected to help existing customers by covering incremental costs during construction [106] Question: Potential for onsite power generation by data centers - While data centers could self-generate, they prefer to avoid capital investment in generation, allowing Entergy to build nearby generation facilities [103] Question: Arkansas rate case filing - The team is still working on the case, but benefits from large new customers are expected to be outlined in the filing [106] Question: Clarification on 8 GW for additional growth - The 8 GW represents growth opportunities above the forecast, with a total of 19.5 GW now identified [87] Question: Renewable commitments for hyperscalers - Additional renewables are expected to be associated with large hyperscale deployments, complementing gas commitments [88]

Financial Data and Key Metrics Changes - The company reported adjusted earnings per share (EPS) of $1.53, raising the bottom of its guidance by $0.10 due to strong financial results and sales growth [3][19] - Weather-adjusted sales increased approximately 4.5%, with industrial sales growing over 7% primarily from new and expansion customers [19][20] Business Line Data and Key Metrics Changes - The company achieved a first quartile net promoter score for utility residential service, maintaining this position [3] - The digital LIHEAP platform received a Silver Best Practices Award for excellence in serving vulnerable customers [5] Market Data and Key Metrics Changes - Entergy Mississippi announced a $300 million investment to improve grid reliability, aiming to reduce outages by half within five years [6][7] - The data center pipeline has grown to 7 to 12 gigawatts based on active customer conversations [8][9] Company Strategy and Development Direction - The company is focused on maintaining low rates for customers while managing fuel volatility through hedging programs [4] - Entergy is actively pursuing new industrial customers, including hyperscale data centers, while ensuring they contribute fairly to energy infrastructure investments [5][8] - The capital plan for 2026 through 2029 is set at $41 billion, with $4.4 billion in equity planned [21][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving long-term growth outlooks, supported by a strong customer pipeline and ongoing investments in reliability and resilience [18][24] - The company is well-positioned to respond to national security priorities through rapid energy deployment [17][18] Other Important Information - The company has secured approximately 75% of critical equipment for owned projects, with a clear line of sight for the remaining 25% [10] - Entergy Texas was awarded $200 million in grant funding for resilience projects, with no cost to customers [13] Q&A Session Summary Question: Update on CapEx plan and 4.5 gigawatts of power equipment - The $41 billion CapEx includes capital needed to support forecasted load, with the 4.5 gigawatts supporting additional customers [28] Question: Long-term EPS growth outlook beyond 2030 - The company has good visibility through 2029 and sees long-term opportunities beyond that period [29] Question: Customer resource mix preferences - The company is exploring both gas and renewable resources to meet customer needs, with an all-of-the-above approach [30][31] Question: Timeframe for 4.5 gigawatts of power equipment - The six units are expected to support commercial operations in 2031 and 2032, with ongoing discussions for additional turbine supply [46][47] Question: Potential for onsite power generation by data centers - The company is building generation close to customer locations, and customers prefer to avoid capital investment in generation [81] Question: Arkansas rate case filing - The team is still working on the case, and benefits from large new customers will be outlined in the filing [84] Question: Breakdown of the 12-gigawatt pipeline - The pipeline includes opportunities at various stages but does not include signed ESAs until certainty is achieved [63] Question: Clarification on 8 gigawatts for additional growth - The company clarified that the 8 gigawatts is part of the overall forecast, with additional growth opportunities identified [72] Question: Renewable commitments for hyperscalers - The company expects additional renewables associated with large hyperscale deployments, with ongoing discussions for solar projects [73]

Group 1: Canadian Solar - Canadian Solar's subsidiary E storage has achieved commercial operation of a 220 megawatt hour battery energy storage project in South Australia [1] - The project utilizes E storage's soul bank technology and is paired with a 46 megawatt solar farm [1] - This initiative enhances grid stability and supports South Australia's goal of reaching 100% renewable electricity by 2027 [1] Group 2: Joby Aviation - Joby Aviation has partnered with Nvidia as the exclusive aviation launch partner for the new IGX Thor platform [2] - This collaboration aims to accelerate the development of Joby's super pilot autonomous flight system for defense and civil aviation applications [2] Group 3: Hilleon and Beam Global - Hilleon's Carno power module has completed 100 days of operation without any hardware-related unplanned downtime, showcasing its reliability [3] - The module's durability and low-maintenance design position it for broader commercial deployment in 2026 [3] - Beam Global has received a new patent in China for its light tracking assembly for solar and wind power energy, optimizing solar capture in hybrid systems [3] - The patented design enhances the performance of Beam Global's EV chargers by eliminating shading from wind turbines [3]

AEP Third Quarter 2025 Earnings Presentation October 29, 2025 AEP CONFIDENTIAL Cautionary Note Regarding Forward- Looking Statements This presentation contains forward-looking statements. Words such as "expect," "anticipate," "intend," "plan," "believe," "will," "should," "could," "would," "project," "continue" and similar expressions, including statements reflecting future results or guidance and statements of outlook are intended to identify forward-looking statements but are not the exclusive means of id ...