Core Viewpoint - Alliant Energy's stock has increased by 12.4% since the beginning of the year, significantly outperforming the S&P 500, which has decreased by 1.9% year to date. The utility has reached an all-time high due to several positive developments driving its growth. Group 1: Growth Drivers - The influx of data centers in the U.S. Midwest, particularly in Wisconsin and Iowa, is a primary growth driver for Alliant Energy. The company's capability to manage large-scale power demand is attractive to data center developers [2] - Alliant Energy has executed four Electric Service Agreements (ESA) totaling 3 gigawatts (GW) with hyperscaler customers, which are expected to lead to a 50% increase in peak demand by 2030. Three of these projects are already under construction [3] - The company is actively negotiating for an additional 2 to 4 GW of large load growth opportunities, which could further enhance its growth potential [3] Group 2: Regulatory Environment - Alliant Energy benefits from a favorable regulatory environment in Iowa and Wisconsin, which is described as "utility-friendly." This stability helps mitigate risks and provides visibility into future growth [6] - In Wisconsin, electricity prices are set two years in advance, while in Iowa, base rates are frozen until 2029, unless certain conditions are met, ensuring predictable profit margins [6] - Both states utilize Individual Customer Rates (ICRs) for data centers, requiring hyperscalers to cover infrastructure upgrade costs, allowing Alliant to respond quickly to the needs of data center developers [7]

Core Insights - Clean energy investing remains a durable and rewarding theme for investors despite a decline in popularity in the U.S. [1] - The Fidelity Clean Energy ETF (FRNW) has achieved a 71% return over the past twelve months and a 10.6% year-to-date return as of February 3 [1] Performance Metrics - FRNW has outperformed its ETF Database Category average over the last month [1] - The fund charges a fee of 39 basis points and tracks the Fidelity Clean Energy Index, which focuses on global energy stocks [1] Market Drivers - The demand for energy, particularly driven by data center construction, is propelling clean energy stocks [1] - Companies included in FRNW derive at least 50% of their revenue from clean energy-related business lines [1] Future Outlook - The ongoing demand for electricity from data centers suggests a continued opportunity for clean energy investments [1] - FRNW is set to celebrate its fifth year of operation in 2026, indicating potential for sustained performance [1]

Core Insights - DTE Energy reported strong operating earnings across its segments, with notable contributions from renewable energy initiatives and improved reliability metrics Financial Performance - DTE Vantage generated $162 million in operating earnings, primarily driven by renewable natural gas production tax credits and new project developments, despite lower investment tax credits and steel-related earnings [1] - DTE Gas operating earnings reached $295 million, an increase year over year, attributed to colder winter weather and new base rates, although offset by higher operational and maintenance costs [2] - DTE Electric reported approximately $1.2 billion in operating earnings, up year over year, due to base rate implementation, favorable weather, and increased earnings from clean energy projects, despite higher operational costs [3] - The company’s 2025 operating earnings were projected at $1.5 billion, translating to an operating earnings per share (EPS) of $7.36, exceeding the high end of guidance [4] Growth and Capital Plans - DTE Energy highlighted an expanded capital plan of $36.5 billion, increased by $6.5 billion, to support continued earnings growth through 2026 and beyond, driven by data center agreements and renewable investments [5][7] - The company plans to fund its expansion with targeted annual equity issuance of $500–$600 million while maintaining a funds from operations (FFO)-to-debt target near 15% [6][20] - DTE expects to achieve a compound annual growth rate (CAGR) of operating EPS above 8% from 2027 to 2030, driven by incremental data center load and investments in renewable energy [15] Reliability and Clean Energy Initiatives - DTE achieved its best all-weather System Average Interruption Duration Index (SAIDI) performance in nearly 20 years, with a nearly 90% reduction in average outage duration compared to 2023 [10] - The company placed 330 MW of solar in service last year and has plans for an additional 900 MW of renewable generation annually over the next five years [13] - DTE is developing new energy storage solutions, driving nearly $2 billion in incremental storage investment to support data center load growth [15] Affordability and Customer Support - DTE emphasized affordability, with average residential electric bills 18% below the national average, and has helped customers access $125 million in energy assistance [18] - The company’s existing data center deal is expected to provide $300 million in annual affordability benefits to existing customers once fully ramped [16] Regulatory and Operational Insights - DTE is engaging with Michigan's regulatory environment, seeking support for its electric rate case and infrastructure recovery mechanisms [21] - The company is preparing for combined-cycle gas turbine developments capable of carbon capture and storage, supporting future load requirements [17]

Earnings Presentation צבע טקסט כותרת 1 Legal disclaimer This presentation contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements as contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements contained in this presentatio ...

Core Viewpoint - Energy stocks are experiencing a strong start to 2026 due to various factors such as increased data center energy demand and deregulation, making them appealing for investment [1] Group 1: Performance of Active ETFs - The T. Rowe Price Natural Resources ETF (TURF) has achieved a 13% return in early 2026 and a 23.2% return over the last three months, indicating strong performance [1] - TURF employs a fundamental research strategy to identify and invest in stocks related to natural resources, despite being a relatively new ETF launched in June of the previous year [1] Group 2: Investment Strategy - TURF actively invests in companies involved in the upstream extraction of minerals, agriculture, and energy products, focusing primarily on firms within the MSCI GICS natural resources sector [1] - The ETF's bottom-up approach allows for investment in companies of any market cap based on growth or value perspectives, adhering to expected sector and fundamental standards [1] Group 3: Market Risks - Geopolitical factors, particularly the U.S. attack on Venezuela, pose risks to energy prices and may introduce volatility in the market, although they could also unlock future potential for the sector [1] - Active management in TURF may provide an advantage over passive rivals in navigating these geopolitical events [1]

Financial Data and Key Metrics Changes - The company reported 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 generation 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 achieved strong earnings through new base rates and rider recovery, with $0.95 per share from new rates and ongoing customer growth [12][13] - 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 customer growth and data center demand [6][15] - The company is actively pursuing additional data center pipeline demand that could contribute to earnings over time [16][25] Company Strategy and Development Direction - The company is committed to a customer-centric strategy, focusing on regulatory progress and capital investments to meet growing customer demand [6][9] - The strategic merger with NorthWestern Energy is expected to enhance capabilities and create long-term value through increased scale and improved customer diversity [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, with expectations for continued growth in customer demand and regulatory approvals [11][16] - The company is preparing for a rate review in South Dakota to recover investments and increased costs, marking the first change in base rates in 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 reliability and access to market energy [20][21] 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 [35][36] Question: Interface with the Montana Commission regarding the merger - Management stated they are in the discovery phase with the Montana Commission, receiving expected questions and information requests [40] 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: Regulatory filings for the Crusoe Tallgrass project - Management explained that the customer would pay for construction to alleviate risk and costs, and they are evaluating how to serve the load with various resources [50][56] Question: Timing for signing agreements for the Crusoe project - Management noted that the customer intends to begin taking service in Q1 2027, and they are working to align timelines [61]

Financial Data and Key Metrics Changes - The company reported third quarter 2025 adjusted earnings of $2.17 per share, an increase from $1.87 per share in the third quarter of 2024, reflecting a $0.30 increase in adjusted earnings per share [5][25][26] - The GAAP earnings for the third quarter 2025 were $2.35 per share, which included a tax benefit of $0.18 per share due to IRS guidance [25][26] - The company expects adjusted diluted earnings per share for 2025 to be in the range of $4.90-$5.10, up from the original guidance of $4.85-$5.05 [10][27] Business Line Data and Key Metrics Changes - Ameren invested over $3 billion in critical infrastructure upgrades during the first three quarters of 2025, including the replacement of 11,300 electric distribution poles and installation of 300 smart switches [7][8] - The company has invested more than $825 million in new or existing generation resources through September 2025, with plans to add approximately 10 GW of generation capacity by 2035 [8][9] Market Data and Key Metrics Changes - Total normalized Ameren Missouri retail sales increased by approximately 1.5% across all customer classes over the trailing 12 months through September [26] - The executed construction agreements with data center developers in Missouri expanded to 3 GW, up from 2.3 GW, indicating strong demand in the region [12][58] Company Strategy and Development Direction - The company is focused on investing in electric and natural gas infrastructure to enhance reliability and safety, while also optimizing operations to keep customer rates affordable [4][5] - Ameren's long-term earnings growth guidance is set at a 6%-8% compound annual growth rate from 2025 through 2029, driven by strategic infrastructure investments [10][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the economic growth of the regions served, highlighting opportunities for investment and job creation [4][5] - The company anticipates significant growth in data center demand, with expectations of 1 GW of new load from data center customers by the end of 2029 [12][14] Other Important Information - A leadership transition is set for January 1, with Michael Moehn becoming Group President of Ameren's Utilities and Lenny Singh taking over as CFO [23][24] - The company plans to provide updates on its five-year sales growth expectations and capital investments in February 2026 [12][22] Q&A Session Summary Question: Will the increase in data center construction agreements necessitate revisions to generation plans? - Management confirmed that the increase to 3 GW of construction agreements enhances confidence in sales projections and current generation plans can accommodate this growth [34][36] Question: What factors contribute to the current earnings guidance being at the lower end of the growth range? - Management indicated that while they are currently projecting growth within the 6%-8% range, they are open to revising this based on economic development opportunities and regulatory approvals [44][46] Question: Can you elaborate on the implications of the recent Omnibus Energy bill in Illinois? - Management highlighted that the bill introduces integrated resource planning and increased investment in energy efficiency, which could benefit the company in the long run [60][62] Question: How does the company view the potential for incremental investments from the Clean Grid Reliability Act? - Management noted that the biggest opportunity lies in energy efficiency investments, which are expected to double, providing regulatory asset treatment [68][70] Question: What is the breakdown of the 2 GW in advanced discussions for data centers? - Management clarified that the 2 GW in advanced discussions is specific to Missouri, with ongoing interest from developers in both states [91][92]

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]

Market Overview - U.S. stocks have shown volatility recently, with a sell-off on October 10 following President Trump's announcement of 100% tariffs on China, but a recovery occurred as the president softened his stance [1] - Stocks are trading lower again after China retaliated by imposing sanctions on five U.S. subsidiaries of South Korean shipbuilder Hanwha Ocean [1][2] Enbridge Investment Insights - Enbridge is considered an attractive dividend stock due to several factors, including the potential resurgence of high-yield dividend stocks as the Federal Reserve begins rate cuts [4] - The company is positioned to benefit from increasing energy demand from data centers, with 29 new data centers located within 50 miles of its natural gas systems [5] Financial Stability and Growth - Enbridge generates 80% of its EBITDA from assets with revenue inflators or regulatory mechanisms, providing stable and predictable earnings, having met financial guidance for 19 consecutive years [6] - The company has a high payout ratio, having paid dividends for 70 consecutive years and increased them for the last 30 years at a CAGR of 10%, with a current dividend yield of 5.7% [6] - Enbridge anticipates average annual earnings and DCF growth of 5% until the end of the decade, expecting to return between $40 billion and $45 billion to shareholders over the next five years, compared to $35 billion in the previous five years [6]

Financial Data and Key Metrics Changes - The company reported a record second quarter EBITDA, with adjusted EBITDA up 7% compared to 2024, and earnings per share increased by 12% [25][9] - The debt to EBITDA ratio improved to 4.7 times as of June 30, primarily due to earnings from US gas utility acquisitions [9][30] - The company expects to finish the year in the upper end of its EBITDA guidance range and is well on track to meet its DCF per share midpoint [9][28] Business Line Data and Key Metrics Changes - In the Liquids segment, mainline volumes averaged 3,000,000 barrels per day, although there were weaker results at FSP and Spearhead, leading to a slight decrease compared to 2024 [25][26] - Gas transmission saw strong operational performance, with contributions from the Whistler JV and DBR system acquisitions, alongside revised rates on U.S. GT assets [26][27] - The gas distribution segment benefited from the acquisition of US gas utilities, higher rates, and colder weather, contributing to strong results [27][22] - Renewable power saw lower contributions from European offshore assets, partially offset by stronger wind resources in North America [27] Market Data and Key Metrics Changes - The company is well-positioned to capitalize on growing energy demand in North America, with its natural gas systems located near significant power generation facilities and data centers [15][14] - The company has a significant footprint in the Gulf Coast, connected to 100% of operating LNG export capacity, enhancing its market position [14][15] Company Strategy and Development Direction - The company is focused on disciplined capital allocation, with a target of $9 to $10 billion in annual investment capacity, prioritizing low multiple brownfield and utility-like projects [30][33] - The company is advancing a $32 billion secured capital program, adding visibility to its expected 5% growth through the end of the decade [35] - The company is actively pursuing opportunities across all business units, with a focus on renewable energy and gas transmission to meet rising power demand [16][12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about ongoing conversations with policymakers to advance projects that meet growing energy demand [7][8] - The company highlighted its stable business model, which has protected it from commodity price volatility, with over 98% of EBITDA generated by regulated returns or long-term contracts [13][12] - Management remains confident in achieving near-term and medium-term growth outlooks despite challenges such as higher U.S. interest rates [29][28] Other Important Information - The company has sanctioned several projects, including the $900 million Clear Fork project in Texas, which is fully contracted under a long-term off-take agreement with Meta [11][12] - The company is also advancing multiple gas transmission projects to serve growing industrial power and LNG demand across North America [19][20] Q&A Session Summary Question: Opportunities for natural gas expansion - Management discussed various opportunities across their footprint, particularly in gas transmission and renewable sectors, highlighting 35+ opportunities for gas transmission [39][42] Question: Wood fiber project cost expectations - Management acknowledged higher capital costs for the wood fiber project but emphasized their ability to earn a low double-digit return [45][48] Question: Energy policy evolution in Canada - Management noted that current energy policies in Canada are not conducive to new pipeline investments, focusing instead on incremental projects to serve customer needs [53][56] Question: Ohio rate case impact - Management expressed confidence in the Ohio utility's growth despite disappointment in the recent rate case, highlighting strong ROE and capital riders [59][62] Question: Data center contractual frameworks - Management emphasized the importance of credit quality in customer contracts, favoring long-term agreements with established utilities and large tech companies [99][100]