Financial Data and Key Metrics Changes - The company achieved GAAP EPS of $3.98 for 2025, including $0.12 of merger-related transaction costs, and adjusted EPS of $4.10, a 5% increase from $3.91 in 2024 [11][12] - Operating and financing expenses increased, with O&M expenses rising by $0.36 per share, primarily due to higher employee costs and unplanned outages [12][13] - The company maintained a healthy balance sheet with a net debt to total capitalization of 55% and FFO to debt of 14%-15%, above the downgrade threshold [14] Business Line Data and Key Metrics Changes - The company successfully executed its regulatory strategy, delivering $0.95 per share of new rates and rider recovery margin, which offset higher operating costs [12] - The data center pipeline was tripled to over 3 gigawatts, with significant demand from large customers like Microsoft and Meta [4][7] Market Data and Key Metrics Changes - The company anticipates delivering 6% year-over-year earnings growth in 2026, driven by ongoing customer growth and increasing data center demand [6][15] - The company is actively pursuing additional data center pipeline demand that would contribute upside to earnings over time [16] Company Strategy and Development Direction - The company is committed to a customer-centric strategy, focusing on innovative investments and regulatory progress [6][9] - The merger with NorthWestern Energy is expected to create a stronger utility company, enhancing capabilities and growth opportunities [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving financial commitments and maintaining a strong investment-grade credit rating [11] - The company is preparing for a rate review in South Dakota to recover customer-focused investments after holding base rates unchanged for over a decade [24] Other Important Information - The company increased its dividend for the 56th consecutive year in 2025, targeting a payout ratio of 55%-65% [17] - The company completed the 260-mile Ready Wyoming transmission project, enhancing service reliability and cost-effectiveness [20] Q&A Session Summary Question: Proportion of the 3-gigawatt pipeline within the five-year window - Management indicated that 600 MW is expected by 2030, with additional demand anticipated beyond that timeframe [36][37] Question: Filing CPCNs in advance of resource specificity - Management noted the importance of having facts present for CPCN filings and is navigating the process to ensure timely approvals [38][39] Question: Scale of data centers in the pipeline - Management confirmed that Microsoft and Meta are the primary customers, with ongoing negotiations for additional large-scale data centers [41][42] Question: Crusoe Tallgrass project and regulatory filings - Management discussed the unique setup for customer-funded construction to alleviate risks and costs for other customers [49][50] Question: Additional investments for data center customers - Management acknowledged the need for further investment beyond the current plan to accommodate growing demand [58]

Group 1 - Constellation Energy's stock price decreased by 3.23% on August 13, raising investor concerns about its future performance amid changing energy market dynamics [1] - The company has signed a significant agreement with Meta Platforms to meet the energy demands of large-scale data centers, highlighting the substantial energy needs of data centers and Constellation Energy's important role in the industry [1] - Despite the potential growth opportunities from the partnership, market sentiment has pressured the stock price in the short term, with investors expressing concerns about short-term profitability due to economic data potentially impacting overall industry performance [1][2] Group 2 - Investors should monitor key factors such as changes in economic data, company financial performance, and the potential impact of global events on the energy sector [2] - The collaboration with Meta Platforms provides a positive industry outlook for Constellation Energy, but investors need to remain cautious of market volatility, especially in the face of global economic challenges [2] - The fluctuations in Constellation Energy's stock price reflect not only company-specific factors but also the broader economic environment and industry trends, necessitating careful consideration by investors when making decisions [2]