Financial Data and Key Metrics Changes - For Q4 2025, the company reported adjusted earnings of $0.51 per share, an increase from $0.49 in the same period last year [14] - Full-year adjusted EPS for 2025 was $1.90, up from $1.75 in 2024, reflecting strong regulatory execution and cost management [14][15] - The FFO to debt ratio improved to 16.1%, exceeding the targeted range of 14%-16% [21] Business Line Data and Key Metrics Changes - The base utility investment plan includes $21 billion over the next five years, focusing on grid modernization and safety [15] - The Amazon project at GenCo represents a capital investment of $6-$7 billion through 2032, with most falling within the five-year planning window [15] Market Data and Key Metrics Changes - The company is actively engaged in approximately 24 data center projects, reflecting strong demand in Virginia, the data center capital of the world [10] - In Indiana, the Economic Development Team managed over 140 active projects, indicating robust economic development across the service territory [10] Company Strategy and Development Direction - The company aims to deliver safe, reliable, and competitive energy while focusing on disciplined capital deployment and operational excellence [4] - A commitment to customer affordability is highlighted through regulatory and rate design tools that mitigate bill impacts [6] - The company is advancing its data center initiative, with key milestones achieved in zoning approvals and ongoing negotiations for new capacity [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strategic direction and highlighted the potential for significant upside in developing projects supporting data center growth [8][22] - The company anticipates continued growth in adjusted EPS, reaffirming guidance for 2026 at $2.02-$2.07 per share, representing an 8% year-over-year growth [18][22] Other Important Information - The company has maintained ISO 55001 and API 1173 certifications, emphasizing its commitment to safety management [8] - A 7.1% increase in dividends for 2026 was approved, reflecting alignment with earnings growth [20] Q&A Session Summary Question: Update on strategic negotiations for GenCo - Management indicated that the organization is focused on executing data center opportunities, expecting faster execution compared to previous deals like Amazon [26][27] Question: Pennsylvania strategy and rate case considerations - Management confirmed no current plans for a rate case in Pennsylvania, following a recent successful rate case that increased revenue [29] Question: Timing for NIPSCO gas rate case filing - Management stated that no determination has been made regarding a rate case filing for NIPSCO at this time [32] Question: Scale of future GenCo opportunities - Management noted that they are in strategic negotiations for 1-3 GW, with various sizes and shapes of contracts being considered [33] Question: Impact of Senate Bill 103 on large load customer opportunities in Ohio - Management is working on optimizing regulatory strategies based on recent legislative changes, but no upside from economic development has been incorporated into current forecasts [35] Question: Update on Schahfer coal plant operations - Management confirmed that they will comply with federal orders regarding the Schahfer plant and are prepared to operate it reliably [39] Question: Coordination between electric and gas operations - Management highlighted ongoing efforts to improve coordination between gas and electric operations across the U.S. for better reliability [41] Question: Future reporting for GenCo - Management anticipates breaking out GenCo as its own segment in future financial reports, likely starting in 2026 [43]

Financial Data and Key Metrics Changes - For the fourth quarter of 2025, the company reported adjusted earnings of $0.51 per share, compared to $0.49 for the same period last year, bringing the full-year adjusted EPS to $1.90, up from $1.75 in 2024 [15][19] - The company achieved a full-year FFO to debt ratio of 16.1%, an increase of 150 basis points, exceeding the targeted guidance range [22] Business Line Data and Key Metrics Changes - The base business continues to deliver strong results, with adjusted EPS surpassing guidance and a focus on disciplined capital deployment and operational excellence [6][15] - The capital plan includes $21 billion of base utility investment over the next five years, focusing on grid modernization and gas infrastructure replacement [16] Market Data and Key Metrics Changes - The company is actively engaged in supporting over 140 active projects across its service territory in Indiana, reflecting strong economic development [12] - In Virginia, the company has fielded more than 40 data center inquiries in 2025, with approximately 24 active data center projects [12] Company Strategy and Development Direction - The company aims to deliver safe, reliable, and competitive energy while focusing on customer affordability and stakeholder value [5][7] - A significant agreement with Amazon is expected to return approximately $1 billion in value to Indiana customers over 15 years, demonstrating the company's commitment to affordability [8][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strategic direction and highlighted the importance of regulatory support in achieving financial goals [21][23] - The company anticipates continued growth in adjusted EPS, with a guidance range of $2.02-$2.07 for 2026, representing approximately 8% year-over-year growth [19][20] Other Important Information - The company has maintained ISO 55001 and API 1173 certifications, underscoring its commitment to safety management [10] - The company is focused on keeping O&M costs flat over the planned horizon to support sustainable operations [20] Q&A Session Summary Question: What should investors look for regarding the strategic negotiator for GenCo? - Management indicated that the organization focused on executing data center opportunities is now better structured, which should lead to faster execution of future transactions [29][30] Question: Can you provide an update on Pennsylvania's strategy? - Management confirmed that there are currently no plans for a new rate case in Pennsylvania, following a recent successful rate case [32] Question: What is the timing for the NIPSCO gas rate case filing this year? - Management stated that no determination has been made regarding a rate case filing at this time [40] Question: Can you discuss the scale of opportunities for future contracts? - Management noted that they are in strategic negotiations for 1-3 GW of new capacity, which could involve multiple sizes and shapes of contracts [44] Question: What is the significance of Senate Bill 103 for large load customer opportunities in Ohio? - Management explained that they are currently optimizing their regulatory strategy based on the new law, but no upside from economic development has been incorporated into the current forecasts [48]

Financial Data and Key Metrics Changes - For Q4 2025, the company reported adjusted earnings of $0.51 per share, an increase from $0.49 in the same period last year [14] - Full-year adjusted earnings were $1.90 per share compared to $1.75 in 2024, reflecting strong financial management and regulatory execution [14] - The company achieved a Funds From Operations (FFO) to Debt ratio of 16.1%, exceeding the targeted guidance range and up 150 basis points from the previous year [21] Business Line Data and Key Metrics Changes - The base business continues to perform well, with a full-year adjusted EPS of $1.90 and FFO to debt of 16.1%, both surpassing guidance [5][14] - The capital plan includes $21 billion of base utility investment over the next five years, focusing on grid modernization and safety [15] - The Amazon project at GenCo represents a significant capital investment of $6-$7 billion through 2032, aligning cash inflows with customer ramp rates [15] Market Data and Key Metrics Changes - The company is actively engaged in approximately 24 data center projects, reflecting strong demand in Virginia, which is noted as the data center capital of the world [10] - In Indiana, the Economic Development Team managed over 140 active projects, indicating robust economic development across the service territory [10] Company Strategy and Development Direction - The company aims to deliver safe, reliable, and competitive energy while focusing on disciplined capital deployment and operational excellence [4] - A commitment to customer affordability is highlighted through regulatory and rate design tools that mitigate bill impacts [6] - The company is advancing its data center initiative, with key milestones achieved, including zoning approvals for the Amazon project [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strategic direction and highlighted the importance of regulatory support in achieving financial commitments [20] - The company anticipates continued growth in adjusted EPS, reaffirming guidance for 2026 at $2.02-$2.07 per share, representing approximately 8% year-over-year growth [18] - Management noted that significant upside remains in developing projects supporting data center growth and economic development [8] Other Important Information - The company has maintained ISO 55001 and API 1173 certifications, underscoring its commitment to safety management [8] - A 7.1% increase in dividends for 2026 was approved, reflecting the company's commitment to aligning dividend growth with earnings growth [20] Q&A Session Summary Question: What should investors look for regarding GenCo's progress? - Management indicated that a dedicated team is focused on executing data center opportunities, suggesting faster execution for future transactions compared to the Amazon deal [25][27] Question: How is the Pennsylvania strategy being considered? - Management stated that there are no current plans for a rate case in Pennsylvania, following a recent successful rate case that increased revenue [29] Question: What is the status of the NIPSCO gas rate case filing? - Management confirmed that no determination has been made to file for a rate case at this time, considering various factors [32] Question: What is the significance of Senate Bill 103 for large load customer opportunities in Ohio? - Management noted that they are working on optimizing regulatory strategies based on recent legislative changes, but no upside from economic development has been incorporated into the current forecasts [36] Question: What is the plan for the Schahfer coal plant? - Management confirmed that they will comply with federal orders to operate the Schahfer plant beyond its planned retirement, with flexibility in the capital plan to accommodate this [40]