Financial Data and Key Metrics Changes - The company narrowed its 2025 ongoing earnings guidance range to $3.17-$3.23 per share, trending towards the upper half of this range [7][16] - The ongoing earnings for Q3 were reported at $1.12 per share, achieving over 80% of the midpoint of the 2025 earnings guidance [13] - The 2026 earnings guidance is set at $3.36-$3.46 per share, representing a 6.6% increase over the 2025 midpoint [7][16] - The annual common stock dividend target for 2026 is $2.14 per share, a 5.4% increase from the 2025 target of $2.03 per share [8][16] Business Line Data and Key Metrics Changes - The company completed construction of energy storage projects totaling 175 megawatts and advanced gas path projects to enhance efficiency [6] - The projected peak demand growth by 2030 has increased to 50% due to new agreements with data centers, including a significant contract with Google [5][9] Market Data and Key Metrics Changes - The company is focusing on plug-and-ready sites to minimize transmission investments and accelerate customer service [5] - The Iowa retail construct stabilizes electric-based rates for customers through the end of the decade, benefiting existing customers [10] Company Strategy and Development Direction - The company is committed to customer-focused investments and maintaining affordability while driving growth [4][12] - The capital expenditure plan has been increased by 17% to $13.4 billion, with a projected compound annual growth rate of 12% from 2025 to 2029 [8][17] - The strategy includes proactive community engagement and a focus on renewable energy and energy storage projects [10][18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving long-term growth objectives and highlighted the importance of regulatory support for future projects [11][12] - The company anticipates continued earnings growth driven by data center expansions and load growth plans [9][12] Other Important Information - The company has updated its financing plans through 2029, with a focus on maintaining a balanced capital structure [19][20] - Regulatory initiatives are in progress, including requests for investments in renewable energy and natural gas facilities [22][23] Q&A Session Summary Question: Can you provide color on the ramp in demand and its impact on earnings trajectory? - Management indicated that the 7-8% growth is conservative and that timing is crucial for realizing load growth [27][28] Question: What are the assumptions regarding earned returns in Iowa? - The company confirmed that it expects to earn its authorized return, with potential upside for exceeding it [30] Question: Can you elaborate on the 2-4 gigawatts of additional load negotiations? - Management stated that these negotiations involve both expansions of existing facilities and new customers, with updates expected in the next 12 months [32][56] Question: What is the expected FFO to debt ratio by the end of 2025? - The company aims for a cushion of 50-100 basis points in its FFO to debt metrics to support growth [36] Question: How will the load growth impact the 2026 guidance? - The starting point for 2026 is modest, with data centers expected to ramp up load in the second half of 2026 [38] Question: What is the probability of conversion for the remaining gigawatts in the pipeline? - Management expressed high confidence in the pipeline, emphasizing the strategic advantages of their locations in Iowa and Wisconsin [42][44]

Financial Data and Key Metrics Changes - For Q3 2025, the company reported GAAP EPS of $0.34, including $0.10 of merger-related costs, resulting in an adjusted EPS of $0.45 compared to $0.35 for Q3 2024, reflecting a year-over-year increase [10][11] - Year-to-date EPS was reported at $2.58, including $0.11 of merger-related costs, leading to an adjusted EPS of $2.68, a 6.3% increase from $2.52 in the same period last year [12][14] - The company reaffirmed its 2025 earnings guidance with an adjusted EPS range of $4-$4.20, indicating a 5% growth rate at the midpoint over 2024 EPS [6][15] Business Line Data and Key Metrics Changes - Regulatory efforts contributed $0.21 per share of new rates and rider recovery margin for Q3 2025, offsetting unfavorable weather and increased operating costs [10][11] - Customer growth, particularly from large load customers like data centers, is positively impacting earnings, with ongoing negotiations for over 3 gigawatts of demand [6][18] Market Data and Key Metrics Changes - The company is experiencing strong economic conditions in its service territories, with no significant indicators of weakness noted [32] - The merger with Northwestern Energy is expected to enhance competitive positioning and create additional value for customers and shareholders [9] Company Strategy and Development Direction - The company is executing a $1 billion capital plan to support key projects and has made significant progress on regulatory and growth initiatives [4][5] - The merger with Northwestern Energy is anticipated to be finalized in the second half of next year, which will provide increased scale and new opportunities [9][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving long-term growth targets, supported by a $4.7 billion capital plan and strong customer demand [7][15] - The company is on track to complete major projects, including the Ready Wyoming transmission expansion and the Lang 2 generation project, which are expected to enhance service reliability and support growth [20][21] Other Important Information - The company has maintained a healthy balance sheet with a net debt to total capitalization target of 55% and a strong liquidity position [14] - The company has a long-standing commitment to dividends, targeting a payout ratio of 55%-65% [16] Q&A Session Summary Question: Data center resource requirements and equipment reservations - Management confirmed they have reservations in place and are utilizing a flexible service model to meet growing demand [26][27] Question: Concerns about the approval process in Montana - Management is closely monitoring the situation and remains optimistic about the approval process [29] Question: Fourth-quarter issues that might impact guidance - Management indicated no significant operational or financial issues, with weather being the primary concern [30][31] Question: Indicators of economic weakness in service areas - Management reported no signs of weakness in their service territories, with conditions remaining strong [32] Question: EPS upside from data center projects - Management acknowledged the potential for significant EPS growth from data centers, but emphasized the variability in contractual agreements [40][41] Question: Strategic considerations for coal mine assets - Management is keeping options open regarding the coal mine, aware of potential rare earth minerals but not expecting significant monetization in the near term [45]

Financial Data and Key Metrics Changes - The company reported third-quarter adjusted earnings of $2.03 per share, a slight increase from $2.02 per share a year ago, driven by a recovery of regulated investments and growth in weather-normalized demand [5][26] - Year-to-date adjusted earnings are $3.41 per share compared to $3.46 per share a year ago, leading to a narrowed 2025 adjusted EPS guidance range of $3.92-$4.02 per share from the previous range of $3.92-$4.12 per share [5][28] - The lower midpoint of guidance is primarily due to weather headwinds impacting results by $0.13 per share [5] Business Line Data and Key Metrics Changes - Weather-normalized demand increased by 2% in the third quarter compared to the previous year, following a 1.4% increase in the second quarter, supported by strong residential and commercial usage [27] - The recovery of regulated investments contributed an additional $0.11 to EPS, while higher depreciation and interest expenses led to a $0.07 decrease in EPS [26] Market Data and Key Metrics Changes - The unemployment rates in Missouri, Kansas, and the Kansas City metro area remain below the national average of 4.3%, supporting robust customer demand in service areas [27] - The company has a strong economic development pipeline with opportunities exceeding 15 gigawatts, indicating a robust backlog relative to its size [9][10] Company Strategy and Development Direction - The company is focused on a five-year capital investment plan that includes expected generation investments to serve load and meet increasing reserve margin requirements [9][32] - The strategic focus includes maintaining affordability while investing in infrastructure to support new large customers, with a designed large load power service tariff to ensure new customers pay a fair share [23][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term outlook, bolstered by economic development opportunities and necessary investments [6][30] - The company anticipates a comprehensive financial outlook update in February, including refreshed views on load forecasts and capital investment plans [8][34] Other Important Information - A 4% increase in the quarterly dividend to $2.78 per share was announced, aligning with the updated growth outlook [8] - The company is committed to delivering safe, affordable, and reliable service to its 1.7 million customers, emphasizing the benefits of new large customers for broader cost-sharing [20][24] Q&A Session Summary Question: What are the priorities for the 2026 Missouri legislative session? - Management indicated that the focus will be on implementing elements of SB4-related rulemakings, with a lighter calendar anticipated for 2026 [40][41] Question: How will the growth rate profile look moving towards the end of the decade? - Management refrained from providing specifics but highlighted multiple tailwinds that could positively impact growth [42][43] Question: How much competition exists at the local level for attracting large loads? - Management noted strong collaboration between Kansas and Missouri, with legislative truces to mitigate competition across state lines [50][51] Question: How much of the $17.5 billion CapEx is subject to typical rate case filings? - Management explained that all investments are subject to reviews, with mechanisms in place to mitigate regulatory lag [52][53] Question: Can you elaborate on the third data center's impact on sales growth? - Management confirmed that the third data center would be additive to the load growth potential, with specifics to be provided in future updates [60][61]

Core Insights - Lexicon Pharmaceuticals has made significant progress in its R&D initiatives and operational strategies, positioning itself for a pivotal year in 2026 [3][4]. R&D and Pipeline Highlights - Pilavapadin (LX9211) is being developed for Diabetic Peripheral Neuropathic Pain (DPNP) and has shown a two-point reduction in average daily pain scores in a Phase 2b study [7]. - All IND-enabling studies for LX9851, a drug for obesity, have been completed and submitted to Novo Nordisk, with potential milestone payments of up to $1 billion [5][7]. - The SONATA-HCM Phase 3 study of sotagliflozin is on track for enrollment completion by 2026, with 130 sites initiated across 20 countries [14]. Financial Performance - Total revenues for Q3 2025 increased to $14.2 million from $1.8 million in Q3 2024, primarily driven by licensing revenue from Novo Nordisk [9]. - R&D expenses decreased to $18.8 million in Q3 2025 from $25.8 million in Q3 2024, reflecting lower external research costs [10]. - SG&A expenses significantly decreased to $7.6 million in Q3 2025 from $39.6 million in Q3 2024 due to strategic repositioning [11]. Net Loss and Cash Position - The net loss for Q3 2025 was $12.8 million, or $0.04 per share, a reduction from a net loss of $64.8 million, or $0.18 per share, in Q3 2024 [12]. - As of September 30, 2025, Lexicon had $145.0 million in cash and investments, down from $238.0 million at the end of 2024 [13].

Financial Data and Key Metrics Changes - The trailing 12-month return on equity (ROE) improved to 8.3%, reflecting a commitment to consistent ROE improvement over the years [4] - Consolidated earnings per share (EPS) for the quarter was $3.74 per diluted share, with a year-over-year increase of $13.4 million or $0.19 per diluted share [23] - Full-year net income is now expected toward the top end of the $265 to $275 million range [5][32] Business Line Data and Key Metrics Changes - Utility operating margin increased by $26.8 million, primarily driven by $22.3 million of combined rate relief across all jurisdictions and $1.6 million from customer growth [24] - Operating and maintenance (O&M) expenses increased by $4.1 million, mainly due to variable labor and benefit costs, including a $4 million increase in incentive compensation [24] - Year-to-date O&M expense is up approximately 2.5%, which is below the rate of inflation, indicating a focus on cost discipline [24] Market Data and Key Metrics Changes - The company reported a significant increase in cash balance to nearly $780 million, with over $1.5 billion in liquidity across the business [9] - The S&P upgraded the issuer and senior unsecured long-term debt credit ratings to BBB+ with stable outlooks, reflecting an improved corporate risk profile [9][30] Company Strategy and Development Direction - The company has fully deconsolidated and separated from Centuri, allowing for a stronger focus on its natural gas-regulated business [4] - Future rate-making opportunities are anticipated in California, Arizona, and Nevada, with plans for new rates in California by 2026 and alternative rate-making requests in Arizona and Nevada [5][18] - The company aims to enhance transparency and align with long-term value creation as a fully regulated natural gas business [8] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding future regulatory environments across all jurisdictions and highlighted significant regional energy demand driving potential growth [5][10] - The company is confident in its trajectory as a leading pure-play natural gas business, focusing on robust organic rate-based growth driven by strong regional demand [32] Other Important Information - The company completed four follow-on offerings and three concurrent private placements, generating nearly $1.4 billion of net sale proceeds, which were primarily used to repay outstanding debt [7][29] - The board has initiated a search for a new CFO following Rob Stefani's departure, with internal and external candidates being considered [10][58] Q&A Session Summary Question: Update on Great Basin project timelines and capital costs - Management discussed the finalization of precedent agreements and the potential for a supplemental open season to clarify capacity needs, with updates expected in the fourth quarter [37][39] Question: Clarification on margin increase components - The margin increase was attributed to rate relief, customer growth, and recovery mechanics on interest recovery mechanisms [45] Question: Timeline for FERC filing and potential obstacles - The company remains on track for a November 2028 in-service date and plans to file with FERC in the fourth quarter of 2026 [47][74] Question: Cash position and construction timeline for Great Basin - Cash will remain in short-term investments until construction begins, with assessments ongoing regarding the project scope [60][62] Question: EPS guidance for the fourth quarter - The company expects to provide longer-term EPS guidance in the fourth quarter, incorporating potential opportunities [63]

Financial Performance - PPL reported Q3 2025 GAAP earnings of $0.43 per share and ongoing earnings of $0.48 per share[8] - The company narrowed its 2025 ongoing EPS forecast range to $1.78 - $1.84 per share, maintaining a midpoint of $1.81 per share[8] - Year-to-date, PPL has agreed to issue approximately $1.4 billion of its total projected $2.5 billion equity needs through 2028 via ATM, utilizing forward sales contract features[37] Capital Investments and Growth - PPL is on track to complete approximately $4.3 billion of capital investments and achieve at least $150 million of cumulative O&M savings in 2025[8] - The company continues to project $20 billion of capital investment needs through 2028, resulting in an average annual rate base growth of 9.8% over the period[8] - PPL anticipates 6%-8% annual EPS and dividend growth through at least 2028[8, 44] Regulatory Updates - A Kentucky rate case stipulation proposes an aggregate increase in annual electricity and gas revenues of approximately $235 million[14] - LG&E would receive a $58 million increase for electric service and a $45 million increase for natural gas service[14] - KU would receive a $132 million increase for electric service[14] - PPL Electric Utilities filed its first distribution base rate change in a decade in Pennsylvania, requesting an annual distribution base rate revenue increase of approximately $356 million, with over $50 million already reflected in customer bills through riders, resulting in a net increase of approximately 8.6% in PPL Electric's total annual revenue[16, 18] Economic Development - Data centers in advanced stages in Pennsylvania increased to 20.5GW (up from 14.4GW in Q2), representing potential transmission capital investment of at least $1 billion with only $0.4 billion reflected in plan[23] - Economic development queue in Kentucky shows total potential load growth of 9.7GW through 2032, including 8.7GW from data center requests[26, 28]

Core Viewpoint - Denison Mines Corp acknowledges a judicial review application filed by the Peter Ballantyne Cree Nation against the Government of Saskatchewan and the Company regarding the environmental assessment approval for the Wheeler River Project, which seeks to set aside the approval and require further consultation with PBCN [1][5]. Group 1: Judicial Review Application - The Peter Ballantyne Cree Nation (PBCN) claims that the Government of Saskatchewan failed to consult adequately with them regarding the Wheeler River Project, which involves constructing a new uranium mine and processing plant [1]. - Denison intends to refute the claims made in the application and defend against the requested orders [5]. Group 2: Indigenous Engagement - Denison has engaged in extensive Indigenous consultation efforts related to the Wheeler River Project, believing that the Government of Saskatchewan conducted a thorough consultation process prior to the project's approval [2]. - PBCN was given the opportunity to review the draft Environmental Impact Statement starting in November 2022, and Denison has been in direct communication with PBCN since March 2023 [3]. Group 3: Project Overview - The Wheeler River Project is the largest undeveloped uranium project in the eastern Athabasca Basin, hosting high-grade uranium deposits discovered by Denison in 2008 and 2014 [6]. - Denison holds a 90% interest in the project, which is nearing completion of permitting efforts for the planned in-situ recovery (ISR) operation, with environmental assessment approval received from the Province of Saskatchewan [7]. Group 4: Company Background - Denison Mines Corp is focused on uranium mining, exploration, and development in the Athabasca Basin, with a 95% interest in the Wheeler River Project and additional interests in various uranium joint ventures [8][9].

For a decade, it's been clear that, you know, getting permission to fly beyond visual line of sight in the US is really the holy grail from a regulatory perspective. And Zipline in 2023 became the first company in US history to be awarded like full approval to fly beyond visual line of sight in all 50 states in the United States. And it was a it was a milestone 10 years in the making because, you know, we had we had started building Zipline in 2013 thinking, you know, that ultimately like will this ever be ...

Regulatory Approval - Replimune shares surged following US regulators' acceptance of its resubmitted application for a skin cancer treatment [1] - The acceptance suggests a potential reversal of a previous denial [1] Company Focus - Replimune is developing a treatment for skin cancer [1]

Group 1 - RBC Capital Markets reiterated its Outperform rating and $250 price target on Boeing, citing progress on regulatory approvals for key aircraft programs [1] - The Federal Aviation Administration has permitted Boeing to resume issuing airworthiness certificates for the 737 MAX and 787 models, which is seen as a positive signal for investor confidence [1] - Although production ramp-up to 42 per month for the MAX has not yet been authorized, the update is viewed positively by RBC [1] Group 2 - RBC adjusted its model to account for an anticipated charge on the 777X program and its impact on free cash flow in 2026–2027 [2] - Despite the adjustments, Boeing's fundamentals are considered strong, justifying the Outperform rating and $250 price target [2]