Financial Data and Key Metrics Changes - The company generated $1.86 of diluted earnings per share in Q3, an 8% decrease from the same time last year, primarily due to declining sales prices in the plastics segment [5][18] - The midpoint of the 2025 earnings guidance was increased to $6.47 from $6.26 per share, driven by better-than-expected financial results in the plastics segment [6][22] Business Line Data and Key Metrics Changes - Electric segment earnings decreased by $0.03 per share in Q3, impacted by unfavorable weather and seasonal rate differences [18] - Manufacturing segment earnings increased by $0.04 per share, attributed to a lower cost structure and enhanced production efficiencies [19] - Plastic segment earnings decreased by $0.26 per share, driven by a 17% decline in average sales prices, partially offset by lower input material costs and a 4% increase in sales volumes [20] Market Data and Key Metrics Changes - The lawn and garden and agricultural end markets continue to face demand-related headwinds, while recreational vehicle and construction markets showed signs of improvement [14] - The cost of PVC resin decreased due to global supply and demand dynamics, benefiting the company's cost structure [16] Company Strategy and Development Direction - The updated five-year capital spending plan totals $1.9 billion, with a targeted long-term earnings per share growth rate increased to 7% to 9% [5][27] - The company aims to convert its rate-based growth into earnings per share growth at an approximate one-to-one ratio [28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to manage costs and maintain low electric rates despite ongoing economic challenges [12][13] - The company anticipates the current low-demand environment in the manufacturing segment to persist through most of 2026 [15] Other Important Information - The company filed a request for a net revenue increase of $44.8 million with the Minnesota Public Utilities Commission, driven by infrastructure investments and inflation impacts [7][8] - The company is closely monitoring developments related to a complaint filed at FERC against MISO's Tranche 2.1 projects, which may cause potential delays [11] Q&A Session Summary Question: Inquiry about the updated EPS long-term growth rate - Management expects utility earnings to grow in line with the rate base, with year-to-year fluctuations anticipated [31] Question: Update on the antitrust case and DOJ involvement - Management provided an update on ongoing civil litigation and the DOJ's intervention, indicating no specific deadline for court decisions but anticipating developments in 2026 [33] Question: Discussion on cash usage and long-term strategy - Management emphasized prioritizing investments in utility growth and potential opportunistic M&A, while maintaining a focus on shareholder returns through dividends [38][39]

Financial Performance - Q3 2025 GAAP Earnings per share (EPS) was $0.86, compared to $0.70 in Q3 2024[11] - Q3 2025 Adjusted Operating Earnings per share (EPS) was $0.86, compared to $0.71 in Q3 2024[11] - Exelon reaffirmed its 2025 EPS guidance of $2.64 - $2.74 per share, based on expected average outstanding shares of 1,013 million[11, 10] - Exelon reaffirmed its 2024-2028 EPS Compound Annual Growth Rate (CAGR) of 5-7%, with expectations to be at the midpoint or better[11] Regulatory and Operational Updates - Exelon utilities rank among the most reliable in the country, holding the 1st, 2nd, 4th, and 7th positions[11] - ACE and DPL DE Gas rate cases remain on track, while Pepco MD filed a distribution rate case[11] - The large load pipeline is increasing to over 19 GW, with potential upside, while solutions to protect all customers, such as Transmission Security Agreements, remain in focus[11] - Exelon is advocating for resource adequacy solutions that ensure reliable transmission and cost-effective supply while meeting growing demand and state policy goals[11] Capital Investment and Growth - Exelon has a 7.4% rate base growth resulting from $38 billion of capital investment, with a potential $10-15 billion of transmission opportunity beyond the plan[11] - Nearly half of equity needs through 2028 are priced for issuance[11] Financial Flexibility and Credit Metrics - Exelon maintains meaningful financial flexibility over downgrade thresholds, which is expected to strengthen over the planning horizon, with further upside from targeted operating levers[20] - Exelon established a $2.5 billion At-The-Market (ATM) program on May 2, 2025, effective through May 2, 2028[23]

Financial Data and Key Metrics Changes - The company reported earnings of $3.39 per share for Q3 2025, a modest increase of $0.02 year-over-year, primarily due to higher transmission revenues and robust sales growth across customer classes [10][11] - The updated 2025 EPS guidance was raised from a range of $4.40-$4.60 per share to $4.90-$5.10 per share, reflecting strong sales growth and increased transmission revenues [11][12] - Weather-normalized sales growth was reported at 5.4% for the quarter, with 6.6% growth in commercial and industrial (C&I) sales and 4.3% growth in residential sales [11][12] Business Line Data and Key Metrics Changes - The Palo Verde Generating Station operated at a 100% capacity factor throughout the summer, contributing to strong operational performance [5] - The company experienced a weather-normalized sales growth of 5.4%, with residential sales growth at 4.3% in Q3 2025 [5][11] Market Data and Key Metrics Changes - Arizona's population growth remains robust, driven by major employers expanding operations, which is a key factor in the demand for skilled labor [5] - Maricopa County was named the top county in the nation for economic development in 2025, highlighting the region's success in attracting high-growth industries [6] Company Strategy and Development Direction - The company is focused on long-term investments in transmission and baseload generation to secure a reliable grid and meet rising customer demand [7][8] - A new generation site near Gila Bend is planned, which could add up to 2,000 MW of natural gas generation to support existing and new customers [7] - The company is working on a subscription model to contract for phase two capacity, ensuring that growth pays for growth while maintaining affordability [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to meet rising customer demand and navigate a dynamic operating environment, emphasizing the importance of strategic investments [4][9] - The company anticipates continued robust customer and sales growth, with a forecasted long-term sales growth range raised from 4%-6% to 5%-7% through 2030 [14][16] Other Important Information - The company is actively engaged in a pending rate case, with a hearing expected in Q2 of the following year [8] - The capital plan through 2028 includes critical strategic investments in transmission and generation to support reliability and growth [14][15] Q&A Session Summary Question: Visibility on 2029 and 2030 gas build - Management confirmed that the pipeline is expected to be in service in 2029, with key milestones being monitored to ensure timely delivery [19][20] Question: Progress on the subscription model - Active dialogues are ongoing with counterparties for the 1.2 GW subscription opportunity, aligning with the timing of the Desert Sun project [23][24] Question: Clarification on equity dilution and needs - The company has substantially de-risked the equity need for 2026, with a focus on reducing regulatory lag and improving retained earnings [31][32] Question: Year-over-year change in sales growth as an EPS driver - The year-over-year variability in large load customers contributes to differences in EPS magnitude uplift from sales growth [62][63]

Financial Data and Key Metrics Changes - The company reported earnings of $3.39 per share for Q3 2025, a modest increase of $0.02 year over year, primarily due to higher transmission revenues and robust sales growth across customer classes [10][11] - The updated 2025 EPS guidance was raised from a range of $4.40-$4.60 per share to $4.90-$5.10 per share, reflecting strong sales growth and increased transmission revenues [11][12] - Weather-normalized sales growth was reported at 5.4% for the quarter, with residential sales growth at 4.3% [11][12] Business Line Data and Key Metrics Changes - The company experienced 6.6% growth in commercial and industrial (C&I) sales, supported by large load customers, while residential sales growth was 4.3% [11][12] - Year-to-date residential sales growth stands at 2%, exceeding expectations [11] Market Data and Key Metrics Changes - Arizona's population growth remains robust, driven by major employers expanding operations and increasing demand for skilled labor [5] - Maricopa County was named the top county in the nation for economic development in 2025, highlighting the region's success in attracting high-growth industries [6] Company Strategy and Development Direction - The company is focused on long-term investments in transmission and baseload generation to secure a reliable grid, with plans for a new generation site near Gila Bend that could add up to 2,000 megawatts of natural gas generation [7][8] - The Desert Sun Power Plant project is designed to serve both existing customers and rising demand from large energy users, with phase one expected to begin serving customers by late 2030 [7][8] - The company is actively working on a subscription model to contract for phase two capacity, ensuring growth pays for growth while maintaining affordability [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to meet rising customer demand and navigate operational challenges, including storms and extreme heat [4][5] - The company anticipates robust customer and sales growth, with weather-normalized sales expected to grow at 4%-6% in 2026 [12][14] - Long-term EPS growth guidance remains at 5%-7%, with a focus on reducing regulatory lag and improving recovery timing [14][16] Other Important Information - The company is engaged in a pending rate case, with a hearing expected in Q2 of the following year [8] - Significant investments in transmission are underway, with cumulative transmission CapEx projected at $2.6 billion through 2028 and over $6 billion through 2034 [33] Q&A Session Summary Question: Visibility on 2029 and 2030 gas build - The pipeline is expected to be in service in 2029, with the first phase of the Desert Sun project necessary to support committed customers expected in service by 2030 [18][19] Question: Progress on the subscription model - Active dialogues are ongoing with counterparties for the 1.2 gigawatt opportunity, aligning with the development of phase two of Desert Sun [24] Question: Clarification on equity dilution and needs - The company has substantially de-risked the equity need for 2026, with a total forecasted equity need of $1 billion-$1.2 billion for 2026-2028 [30][31] Question: Year-over-year change in sales growth as an EPS driver - The year-over-year variability in large load customers contributes to differences in EPS magnitude uplift from sales growth [57] Question: Annual transmission CapEx post-2028 - Specifics of the plan post-2028 have not been laid out, but the company anticipates ongoing investments in strategic transmission projects [33][34]

Today's Speakers Marty Kropelnicki Investing for Life Third Quarter 2025 Earnings Presentation October 30, 2025 ©2025 California Water Service Group 1 Chairman & CEO James Lynch Sr. Vice President, CFO & Treasurer Greg Milleman Vice President, Rates & Regulatory Affairs ©2025 California Water Service Group 2 Forward-Looking Statements and Other Important Information Executing Strategy in Q3 2025 Delivered strong performance through first nine months of 2025* Invested $135.2 million in Q3 in water system inf ...

Summary of Global Water Resources Conference Call Company Overview - **Company**: Global Water Resources (NasdaqGM:GWRS) - **Date of Conference**: September 17, 2025 Key Points Industry Context - The water utility industry is experiencing a transition with a focus on integrating agricultural water usage into residential supply, particularly in Arizona [doc id='30'][doc id='31']. Weather Impact - Comparison of weather conditions: 3Q 2024 had over 1.5 inches of rain, while 3Q 2025 recorded over 3 inches, indicating a wetter season [doc id='2']. - Revenue from utilities is largely stable due to fixed wastewater and water fees, minimizing weather-related revenue fluctuations [doc id='2']. Tucson Acquisition - The acquisition of the Tucson water system is projected to generate approximately $1.5 million in annualized revenue, with a 5% rate increase planned for the following year [doc id='4']. - Integration of the Tucson utility is proceeding smoothly without major surprises [doc id='4']. Rate Case Cycles - The company is considering a formula rates proposal that could lead to annual rate adjustments for some utilities, while others may remain on a two to three-year cycle [doc id='5'][doc id='6']. - Continuous capital investment is necessary to keep up with costs and maintain service quality [doc id='5']. Growth Opportunities - There are about 300 investor-owned utilities in Arizona, presenting significant acquisition opportunities [doc id='7']. - Organic customer growth remains strong at just under 4% year-to-date, despite a slowdown in new construction permits [doc id='9']. Construction Trends - A noted slowdown in single-family and multifamily construction permits, attributed to macroeconomic factors such as interest rates and affordability [doc id='9'][doc id='11']. - Anticipation of a rebound in permits due to potential Fed rate reductions and ongoing business growth in the region [doc id='14']. Economic Development - Major investments in Arizona include a $65 billion investment from Taiwan Semiconductor Manufacturing Company and a $1.9 billion expansion by Mayo Clinic, expected to create thousands of jobs [doc id='22']. - The business boom in Arizona is expected to drive organic growth for the company [doc id='17']. Agricultural to Urban Transition - Legislation has been signed to facilitate the conversion of agricultural water usage to residential use, which is expected to benefit the utility by increasing customer base while reducing overall water consumption [doc id='30']. - Agriculture currently consumes 74% of the available water supply in Arizona, indicating significant potential for urban growth [doc id='31']. Financial Outlook - The company has recently completed an equity raise to support its growth strategy, with plans to access capital markets as needed [doc id='28']. - The water utility sector may see a rebound in stock prices with potential interest rate reductions, which could enhance valuations [doc id='36']. Conclusion - The conference highlighted the strategic focus on growth through acquisitions, integration of new utilities, and adapting to macroeconomic changes while maintaining a stable revenue model through fixed fees and ongoing capital investments [doc id='36'][doc id='37'].

Second Quarter 2025 Earnings Presentation July 31, 2025 Today's Speakers Marty Kropelnicki Chairman & CEO James Lynch Sr. Vice President, CFO & Treasurer Shilen Patel Chief Business Development Officer and Vice President, TWSC, Inc. 2 Signed agreements to add up to 15,000+ new wastewater connections through a master planned community in Silverwood, California 5 Received first PFAS settlement payment for California, Washington, and New Mexico Maintained industry leading credit rating for Cal Water of A+/stab ...

Financial Performance - Q2 2025 GAAP earnings were $039 per share, compared to $045 per share in Q2 2024[10] - Adjusted Operating Earnings* for Q2 2025 were $039 per share, versus $047 per share in Q2 2024[10] - Exelon is affirming its 2025 EPS* guidance of $264 - $274 per share, based on expected average outstanding shares of 1014 million[10, 11] - The company reaffirms its 2024-2028 EPS* CAGR of 5-7%, expecting to be at the midpoint or better[10] Rate Base and Capital Investment - Exelon anticipates a 74% rate base growth resulting from $38 billion of capital investment, with a potential $10-15 billion transmission opportunity beyond the plan[10] - The company has priced all $700 million of 2025's annualized equity need and ~$157 million (~22%) of 2026's annualized equity need to support the capital investment plan through 2028[10] Regulatory and Operational Updates - Base rate cases are on track, with orders expected in the next 6-9 months[10] - Exelon has a large load pipeline of 17+ GW as of Q4 2024, with an additional 16 GW undergoing analysis and design in Q2 2025[10] - Filed base distribution rate cases for 2025 account for ~5% of Exelon's consolidated rate base[17] Balance Sheet and Credit Metrics - Exelon maintains a strong balance sheet providing strategic and financial flexibility[18] - The company's average credit metrics since separation are ~13% [20] - Exelon established a $25 billion ATM program on May 2, 2025, effective through May 2, 2028[23] Transmission Opportunities - Exelon sees $10-15 billion of identified transmission opportunity beyond the plan[35]

2015 Fourth Quarter Earnings Conference Call February 25, 2016 1 Greg Panagos Vice President of Investor Relations 2 Susan Story President and Chief Executive Officer Walter Lynch Chief Operating Officer Forward-Looking Statements Certain statements in this presentation including, without limitation, 2015 earnings guidance, the outcome of pending acquisition activity, the amount of future capital investments, and estimated revenues from rate cases and other government agency authorizations, are forward-look ...

Financial Performance & Outlook - American Water's Q4 2017 adjusted EPS was $0.69, compared to $0.57 in Q4 2016[15] - Full year 2017 adjusted EPS was $3.03, up from $2.84 in 2016[15] - The company affirms a long-term EPS compound annual growth rate (CAGR) of 7-10%[11, 26] - 2018 GAAP EPS guidance range is $3.22-$3.32[11, 41, 42] Impact of Tax Reform - Tax reform is expected to be accretive to earnings on a long-term basis[27, 34, 46] - The company anticipates a reduction in the federal tax rate from 35% to 21%[33] - Tax reform is expected to be earnings neutral due to rate base increase from lower deferred taxes[33] Capital Investment & Efficiency - The company is targeting $8.0 - $8.6 billion in five-year capital investment[11, 28, 36, 46] - The company is focused on improving O&M efficiency through technology, supply chain, and cost management[11, 28, 46] - The company is aiming for a 32% Regulated O&M Efficiency Ratio target by 2022[56, 57] Regulated Business & Acquisitions - Pennsylvania rate case settlement approved for additional annualized revenues of $62 million[53] - The company has closed 16 acquisitions in 2017, serving 39,514 customers[55, 109] - The company has pending acquisitions that will serve approximately 23,000 customers[55, 111]