Financial Data and Key Metrics Changes - The company reported adjusted earnings per share of $1.81 for Q3 2025, an increase of over 11% compared to $1.62 in the previous year, driven by growth in electric utilities [3][11] - The full-year guidance range has been narrowed to $6.25-$6.35, indicating confidence in achieving financial targets [3][21] Business Line Data and Key Metrics Changes - Electric utilities and infrastructure segment saw an increase of $0.24 in earnings per share, attributed to higher retail sales volumes and new rate implementations [11] - Gas utilities and infrastructure results remained largely flat compared to the previous year, consistent with seasonal trends [11] - The other segment experienced a decline of $0.04 primarily due to higher interest expenses [11] Market Data and Key Metrics Changes - The company is on track to add over 13 GW of capacity in the next five years, with significant investments in new generation expected to drive earnings growth of more than 8.5% through 2030 [4][8] - The updated Carolinas resource plan anticipates annual customer bill impacts of approximately 2% over the next decade, which is below the rate of inflation [8] Company Strategy and Development Direction - The company is reaffirming its long-term EPS growth rate of 5%-7% through 2029, with confidence in earning in the top half of this range starting in 2028 [4][21] - A new five-year capital plan is projected to be between $95 billion and $105 billion, focusing on modernizing the system and addressing load growth [4][19] - The company is actively pursuing economic development opportunities, having secured approximately 3 GW of signed electric service agreements with data centers in 2025 [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strong position and momentum heading into 2026, emphasizing the durability of growth plans [10][78] - The focus remains on customer value and affordability, with efforts to keep average rate changes below inflation over the past decade [7][10] Other Important Information - The company has partnered with EY to estimate that its 10-year capital plan will generate over $370 billion in economic output and support nearly 170,000 jobs annually [10] - The company is committed to maintaining a balance sheet that supports a target of 15% FFO to debt over the long term [19] Q&A Session Summary Question: Can you speak to the incremental capital you are looking at? - Management indicated that the capital plan is designed to add capital in every year, with a focus on large load customers and energy modernization [26][27] Question: What does the incremental potential of the $10 billion capital increase comprise? - The increase encompasses investments in transmission, generation for new data centers, and LDC investments [30] Question: How does the high end of the 5%-7% growth range reflect incremental capital? - Management clarified that the top half of the growth range is included within the $95 billion-$105 billion capital range provided [62] Question: What does the pipeline for large load projects look like? - The company has a large and diverse pipeline, focusing on credible hyperscalers and third-party developers to secure energy service agreements [66] Question: What factors would determine the lower end of the equity funding range? - Faster recovery investments would require less equity, while slower recovery investments would necessitate more equity support [74]

Financial Data and Key Metrics Changes - The company reported adjusted earnings per share of $1.81 for Q3 2025, an increase of over 11% compared to $1.62 in the previous year [4][13] - The full-year guidance range has been narrowed to $6.25 to $6.35, reflecting confidence in achieving financial targets [4][15] Business Line Data and Key Metrics Changes - Electric Utilities and Infrastructure segment saw an increase of $0.24 driven by higher retail sales volumes and new rate implementations [13] - Gas Utilities and Infrastructure results remained largely flat compared to the previous year, consistent with seasonal trends [13] - The other segment experienced a decline of $0.04 primarily due to higher interest expenses [13] Market Data and Key Metrics Changes - The company is on track to add over 13 gigawatts of capacity in the next five years, with significant investments in new generation [4][5] - The updated Carolinas resource plan anticipates annual customer bill impacts of approximately 2% over the coming decade, which is below the rate of inflation [8] Company Strategy and Development Direction - The company is focused on an ambitious generation build and modernization strategy, with a five-year capital plan projected between $95 billion and $105 billion [5][23] - The strategy includes leveraging AI and technology to maintain a competitive cost structure while ensuring customer affordability [6][7] - The company aims for a long-term EPS growth rate of 5% to 7% through 2029, with confidence in achieving the top half of this range starting in 2028 [5][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strong fundamentals and the ability to meet growing energy demands [11][12] - The company is actively engaging in economic development, securing significant capital commitments from commercial and industrial customers [19][20] - Management highlighted the importance of maintaining affordability for customers while managing costs effectively [6][7] Other Important Information - The company has a ten-year capital plan that is expected to generate over $370 billion in economic output and support nearly 170,000 jobs annually [11] - The company is committed to maintaining a strong balance sheet with a target of 15% FFO to debt over the long term [22][23] Q&A Session Summary Question: Can you speak to the incremental capital you are looking at? - Management indicated that the capital plan will see investments every year, with a focus on infrastructure to serve large load customers [28][29] Question: What is the role of nuclear in your future plans? - Management emphasized the importance of nuclear energy, highlighting the need to resolve cost overrun protections before moving forward with new projects [40][42] Question: How does the high end of the EPS growth range reflect incremental capital? - Management confirmed that the top half of the growth range is supported by the capital plan, which includes significant investments [63] Question: What is the pipeline for large load projects? - Management stated that there is a large and diverse pipeline of projects, focusing on credible hyperscalers and third-party developers [66] Question: What factors determine the equity funding range for capital projects? - Management explained that faster recovery investments would require less equity, while slower recovery projects would necessitate more equity funding [72][73]