VANCOUVER, British Columbia, March 17, 2026 (GLOBE NEWSWIRE) -- Xali Gold Corp. (TSXV:XGC) (“Xali Gold” or the “Company”) is pleased to announce the appointment of Ms. Chafika Eddine to the Company’s Board of Directors, effective today. Ms. Eddine is a governance and risk specialist with extensive international experience in the natural resources sector, including significant leadership experience in Peru and across Latin America. She currently serves as a Director of Solis Minerals, a role she has held si ...

Core Insights - Algonquin Power & Utilities reported significant year-over-year improvements in profitability, with full-year GAAP net earnings of $208 million compared to $54.8 million in 2024, and adjusted net earnings rising to $258.8 million from $221.6 million, marking a roughly 17% increase [1] - The company described 2025 as a "turning point," highlighting improvements in cost discipline, regulatory execution, and earned returns, with adjusted net EPS of $0.34, exceeding the high end of its guidance range [3][4] Financial Performance - Full-year net earnings per share were reported at $0.27, with adjusted net EPS of $0.34, which was $0.02 above the high end of guidance [3] - Operating expenses as a percentage of gross revenue improved to approximately 36% in 2025 from about 38% in 2024, while earned return on equity (ROE) increased to about 6.8% from 5.5% a year earlier [2] - In Q4, GAAP net earnings were $29.4 million compared to a net loss of $110.2 million in the prior-year quarter [1] Capital and Guidance - Algonquin updated its three-year regulated capital expenditure outlook to approximately $3.2 billion from 2026 through 2028, with a projected rate base growth to about $9.7 billion by 2028 [4][12] - The company reaffirmed 2026 adjusted EPS guidance of $0.35–$0.37 but revised 2027 guidance to $0.38–$0.42 due to a higher assumed effective tax rate [4][16] Regulatory Progress - Management secured multiple rate settlements, including a Missouri approval for a $97 million revenue increase and a proposed California decision for roughly $48.6 million [5][14] - The company emphasized a proactive regulatory strategy, benefiting from earlier stakeholder engagement and pragmatic filings [10] Debt Management - Proceeds from the renewables sale were used to retire about $1.6 billion of debt, significantly lowering interest expenses [2][6] - Total debt stood at approximately $6.5 billion, with the company maintaining investment-grade credit ratings [15] Operational Highlights - The company reported a $41.6 million benefit from new utility rates implemented across several systems and a $17.9 million reduction in interest expense tied to debt paydowns [8][6] - Several offsetting items were noted, including the removal of $10.9 million in Atlantica dividend income and a $7.3 million write-off related to a discontinued solar project [7][9]

Thursday, February 26, 2026 Q4 & Full-Year 2025 Earnings Call Presentation Safe Harbor for Forward-Looking Statements Safe Harbor Statement Some of the statements in this presentation are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and other applicable law. Such forward-looking statements may be identified by the use of words, such as "project," "believe," "expect," "anticipate," "intend," "plan," "estimate," "continue," "potential," "forecast" or ...

Financial Data and Key Metrics Changes - In 2025, the company achieved an adjusted net income of $283.9 million, an increase of 8.7% from $261.2 million in 2024, exceeding guidance by nearly $9 million [26][27] - Adjusted earnings per diluted share from continuing operations rose nearly 19% from $3.07 in 2024 to $3.65 in 2025 [25] - The adjusted return on equity for the year was 8.3%, supported by utility optimization efforts and effective cost management [6] Business Line Data and Key Metrics Changes - The utility's substantial net income growth was primarily driven by positive regulatory outcomes and strong economic activity in the service area [11] - Rate relief and continued customer growth contributed approximately $0.30 per share to EPS, while increased depreciation and amortization, along with higher interest expenses, partially offset these gains [25][27] Market Data and Key Metrics Changes - The company anticipates significant earnings per share growth of 12%-14% from 2025 to 2030, driven by improvements in the regulatory environment and the Great Basin project [8][41] - The expected revenue increase in the Arizona rate case is over $100 million, with a proposed rate base of $3.9 billion [17] Company Strategy and Development Direction - The company has transitioned to a fully regulated natural gas business following the successful disposition of Centuri, allowing for a stronger balance sheet and focus on core operations [4] - The strategic priorities for 2026 include improving returns, advancing customer-focused investments, and strengthening regulatory frameworks [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about future growth opportunities, particularly with the anticipated improvements in regulatory frameworks in Arizona and Nevada [8][41] - The company plans to maintain a disciplined strategy focused on investing in capital plans while sustaining responsible annual dividend growth [9][39] Other Important Information - The board approved a 4% increase in the annual dividend, bringing it to an annualized $2.58 per share for 2026 [39] - The company has a cash balance of nearly $600 million, expected to fund current year dividend payments and be redeployed into utility business investments [11][33] Q&A Session Summary Question: Discussion on equity timing and engagement with rating agencies - Management indicated that they do not anticipate equity needs in 2026 and plan to utilize holding company leverage capacity to minimize equity requirements [50][53] Question: Inquiry about the Great Basin project capacity and customer interest - Management confirmed strong demand for the Great Basin project, with nearly 800 MCF subscribed, and indicated potential for future open seasons to capture additional interest [56][58] Question: Clarification on earnings uplift cadence and regulatory lag reduction - Management highlighted that upcoming rate cases in Arizona and Nevada are expected to be catalysts for reducing regulatory lag and improving earnings visibility [60][62] Question: Earnings contribution from Great Basin post-in-service - Management projected that the Great Basin project would contribute an incremental margin of approximately $215 million-$245 million once in service [70] Question: Progress in Nevada workshops and ROE considerations - Management reported positive progress in Nevada workshops and indicated that recent regulatory decisions could provide a constructive framework for future rate cases [76][79]

Financial Data and Key Metrics Changes - In 2025, the company reported GAAP earnings of $1.77 per share, an increase from $1.70 per share in 2024. Core earnings were $2.55 per share, reflecting a 7.6% increase compared to 2024 and at the top end of the revised guidance range [6][17] - The return on equity for 2025 was 9.8% on a rate base of $27.8 billion, compared to 9.4% on $25.6 billion in 2024 [17] - The company declared quarterly dividends totaling $1.78 per share, a 5% increase from 2024 [7] Business Line Data and Key Metrics Changes - The company deployed $5.6 billion in customer-focused capital investments in 2025, a nearly 25% increase from the previous year and approximately 12% higher than the original plan [6][18] - Distribution reliability metrics improved by 10% across the system compared to 2024, with significant improvements in New Jersey and Pennsylvania service territories [7] Market Data and Key Metrics Changes - The company expects its updated investment plan to translate into a 10% rate base growth over the planning period [8] - The average customer electric bill controlled by the company is approximately 32% of the total bill in deregulated states, with bills remaining about 20% below the in-state peer average [12] Company Strategy and Development Direction - The company announced a $36 billion, 5-year capital investment program aimed at improving customer reliability and grid resiliency, representing a nearly 30% increase from the previous five-year plan [5][22] - The strategy includes significant investments in transmission and distribution, with $19 billion allocated for transmission investments, a 35% increase from the previous plan [8][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver on its commitments and maintain affordability for customers while making critical investments [14][27] - The company plans to file traditional base rate cases in Maryland and West Virginia to reflect increased rate bases and investments made since 2022 [19][20] Other Important Information - The company has been awarded approximately $5 billion in competitive transmission projects since 2022, positioning it well for future growth [11] - The financing plan includes cash from operations of $3.7 billion, subsidiary debt issuances of $3.4 billion, and a $2.5 billion convertible debt transaction [18] Q&A Session Questions and Answers Question: Incremental financing associated with West Virginia investment - Management indicated that cash recovery will help significantly, targeting 15% of the total investment, with 50% expected from a Department of Energy loan and the remainder likely from new equity [32] Question: Impact of increased CapEx on earned returns in Pennsylvania - Management noted that the focus in Pennsylvania has been on incremental investment in the distribution system to drive reliability improvements, with plans to file for rate increases when necessary [35][36] Question: Approval process for West Virginia project - Management clarified that the approval needed includes a certificate of need and public necessity, with expectations for a procedural schedule within the next month [75] Question: Execution capabilities for the $36 billion CapEx plan - Management expressed confidence in their ability to deliver on the plan, citing strong relationships with contractors and suppliers, and a disciplined project management approach [62] Question: Assessment of potential impacts from Maryland Lower Bills Act - Management is actively engaging with stakeholders to ensure affordability for customers and is supportive of initiatives that could lower costs [67][68]

Analyst Call to Review Fiscal 2026 First Quarter Financial Results February 4, 2026 9:00 a.m. Eastern Fiscal Q1 2026 Review As of February 3, 2026 Page 2 Q1 Fiscal 2026 Financial Performance Fiscal 2026 Highlights • Financial Performance • Executed Our Regulatory Strategy • Strong Balance Sheet Consolidated Financial Highlights | | | | Three Months Ended December 31 | | | --- | --- | --- | --- | --- | | Segment Net Income ($millions, except EPS) | | | | | | | 2025 | | | 2024 | | Distribution | $ | 269 | $ | ...

Financial Data and Key Metrics Changes - The company reported adjusted earnings per share (EPS) of $0.82 for Q3 2025, and $4.06 year-to-date, representing an 8% increase compared to the same period last year [7] - Year-to-date, the company achieved double-digit growth in adjusted gross margin, operating income, and adjusted net income relative to the same period in 2024 [8] - Adjusted gross margin for Q3 2025 was approximately $137 million, up 12%, while adjusted net income was approximately $20 million, up 8% from Q3 2024 [25][28] Business Line Data and Key Metrics Changes - The regulated segment's adjusted gross margin was approximately $115 million in Q3 2025, up 12% from the same quarter last year, driven by organic natural gas transmission expansions and increased rates [27] - The unregulated energy segment saw adjusted gross margin increase by 13% to approximately $22.5 million, supported by growth in the Marlin Gas Services business [28] Market Data and Key Metrics Changes - Both core service areas experienced above-average residential customer growth: 4.3% in Delmarva, 3.9% for Florida Public Utilities, and 2.1% for Florida City Gas [10] - The company is expanding natural gas distribution in southern Delaware, targeting 2,000 new homes, and has become the natural gas provider for a new community development in Port St. Lucie, Florida [10][11] Company Strategy and Development Direction - The company is focused on three pillars of growth: prudently deploying capital, proactively managing regulatory agendas, and transforming business operations to enhance safety and customer service [12] - The capital investment program is on track, with over 400 gas distribution projects placed in service in the first nine months of the year, generating significant gross margin [12][13] Management's Comments on Operating Environment and Future Outlook - Management reaffirmed full-year 2025 EPS guidance of $6.15-$6.35 per share, contingent on a successful outcome from the Florida City Gas depreciation study [9] - The company is committed to increasing shareholder value and maintaining top quartile growth and total shareholder return [12][33] Other Important Information - The company has increased its 2025 full-year capital expenditure guidance to $425-$450 million, reflecting a $25 million increase over the previous range [10][13] - The company has received several recognitions, including being named a champion of board diversity and employer champion of the year for Kent County [22][23] Q&A Session Summary Question: Clarification on the outcome of the depreciation study - Management indicated that achieving the guidance range assumes a successful outcome from the depreciation study, with the timing of the decision impacting the final results [35][36] Question: Inquiry about the number of distribution projects - Management confirmed that 400 new distribution projects were completed in the last nine months, reflecting significant growth in both residential and transmission projects [46][47] Question: Discussion on Ohio data center growth - Management elaborated on a project with American Electric Power to build a pipeline for a data center, highlighting the favorable regulatory climate and in-state gas supplies [50][51] Question: Clarification on retroactive treatment of depreciation reserve - Management confirmed that an order received by early February could allow for retroactive treatment of the depreciation reserve, impacting 2025 earnings [54][55] Question: Future capital expenditure plans - Management stated that the long-term capital expenditure target of $1.5 billion-$1.8 billion through 2028 is expected to be maintained, with updates provided in February [58][59] Question: Growth trajectory in Delmarva vs. Florida - Management expressed optimism about continued strong growth in Delmarva, noting it is currently outpacing Florida, while also acknowledging robust growth in Florida [60][62]

Core Insights - Canal Row Advisors is positioned to assist life science leaders in navigating the complexities of FDA regulations and policies, leveraging the extensive experience of its founding team [1][4] - The company offers a multidisciplinary approach to support drug and biologics sponsors across various therapeutic areas and technologies, emphasizing a commitment to public health [1][4] Company Overview - Canal Row was founded by four former FDA and industry leaders, each bringing significant expertise in regulatory affairs, compliance, and public health [1][3] - The team includes Michael Rogers, Hilary Marston, Brian Corrigan, and Maura Norden, who collectively have decades of experience in FDA operations and regulatory strategy [3] Services Offered - Regulatory & Clinical Strategy: Canal Row shapes strategies for product advancement from pre-filing through approval and post-market, focusing on regulatory strategy and clinical trial design [3] - Quality & Compliance: The firm identifies opportunities to enhance compliance and quality practices, including inspection readiness and corrective action plans [3] - Regulatory Policy: Canal Row provides clients with up-to-date regulatory intelligence and assists in shaping FDA policies to promote public health [3] - Advisory Services: The company offers specialized regulatory insight and analysis to companies, investors, and law firms, including regulatory diligence and competitive landscape analysis [3]

Financial Data and Key Metrics Changes - Net income for the second quarter was $32 million or $0.53 per diluted share, compared to $27.2 million or $0.48 in the same period last year, reflecting a year-over-year increase [4][8] - The company raised its full-year 2025 financial guidance, now expecting net income between $261 million and $267 million and earnings per diluted share between $4.32 and $4.42, both 2.5% above the respective midpoints of the initial guidance ranges [5][7] - Operating and maintenance expenses increased by 7.5% year over year in the second quarter, primarily due to higher labor-related expenses [8] Business Line Data and Key Metrics Changes - Revenues for the second quarter increased by approximately $21.1 million from new rates and $1.5 million from continued customer growth [8] - The company installed nearly 11,400 new meters through the first half of the year, sustaining a momentum of over 9% year-over-year increase in new customer additions [16] Market Data and Key Metrics Changes - The Oklahoma Corporation Commission approved a $41.1 million revenue increase effective in June, and Texas Gas Service filed a rate case requesting a $41.1 million increase [11][12] - The Kansas Corporation Commission approved a $7.2 million increase under the gas system reliability surcharge statute, with new rates taking effect this month [13] Company Strategy and Development Direction - The company is focused on disciplined execution and long-term growth, with a commitment to system integrity and responding to community needs [18][39] - The Austin system reinforcement project is highlighted as a significant capital investment aimed at expanding system capacity to support growing demand [14][40] - The company is pursuing opportunities in data centers, advanced manufacturing, and utility-scale generation, aiming to enhance system resiliency and align with customer needs [17][50] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong operational and financial results for the first half of the year and the positive impact of Texas House Bill 4,384 on financials [4][5] - The company remains optimistic about growth opportunities in Texas and other jurisdictions, driven by positive migration trends and job creation [39][40] Other Important Information - The company declared a dividend of $0.67 per share, unchanged from the previous quarter [10] - The company completed $190 million in capital projects during the second quarter, in line with the same period last year [14] Q&A Session Summary Question: Impact of House Bill 4,384 on financials - Management explained that the bill extends deferrals and accruals to all capital expenditures in Texas, potentially adding $4 million to $5 million of annual pretax earnings [24][28] Question: Long-term growth rate considerations - Management confirmed that the updated midpoint of guidance for 2025 will be used as the base for the new five-year range [34] Question: Texas capital plans and growth - Management stated that there will be no significant changes to the capital plans due to the bill, but growth in Texas jurisdictions is expected to continue [38] Question: Texas rate case and consolidation benefits - Management highlighted that consolidation will lead to efficiency, reducing administrative costs and benefiting customers [47] Question: Opportunities in power load growth and data centers - Management indicated that there are significant inbound inquiries for data center opportunities, and they are pursuing projects that enhance system resiliency [50]

Financial Data and Key Metrics Changes - The company reported a trailing twelve-month return on equity (ROE) of 8.3%, an increase from 8% in the previous two years [8] - Full year net income guidance remains between $265 million to $275 million [9] - The utility reported record net income for 2025 with modest increases in operating and maintenance (O&M) expenses compared to the previous year [9][30] Business Line Data and Key Metrics Changes - The utility segment saw higher margins supported by rate relief and continued customer growth, with utility operating margin increasing by $26.6 million [29][31] - O&M expenses increased by $7 million year-over-year, primarily due to higher labor and benefit costs [32] - Other income increased by $3.6 million, driven by gains from COLI policies and a one-time nonoperating gain from an asset sale [33] Market Data and Key Metrics Changes - The company added approximately 40,000 new meter sets over the last twelve months, indicating robust growth driven by strong economic activity in its service area [14][27] - The Great Basin expansion project received significant interest, with potential shippers requesting approximately 1.76 billion cubic feet of capacity per day [16][18] Company Strategy and Development Direction - The company aims to position itself as a premier pure play, fully regulated natural gas business, focusing on operational and financial performance improvements [7] - The regulatory strategy includes pursuing alternative ratemaking in Nevada, which is expected to reduce regulatory lag and support price stability [8][11] - The company plans to invest approximately $4.3 billion over the next five years to support safety, reliability, and economic development across its service territories [27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the regulatory strategy and the completion of the Arizona rate case, which is expected to positively impact future earnings [41] - The company anticipates that the regulatory cycle will result in nonlinear net income growth, with a focus on maintaining flat O&M per customer trends [41][42] - Management highlighted the importance of customer service and executing strategic priorities while delivering strong financial results [43] Other Important Information - The company successfully executed two secondary public offerings of Century shares, generating over $470 million in net proceeds, which were used to repay debt [10][34] - The company has no plans to issue new equity in 2025 following the Century sell-downs [13][36] Q&A Session Summary Question: Can you provide more granularity on the Great Basin expansion? - Management confirmed that the increase in the project cost range is purely volume-driven due to additional shippers requesting incremental capacity [46][47] Question: How should we think about the return profile of the Great Basin investment? - Management indicated that the return profile would be based on the FERC authorized rate of return and that AFUDC would apply to the project [48][51] Question: Will you consider delaying a traditional rate case filing in Nevada to help accelerate formula rates? - Management stated that they do not see an advantage in delaying the next rate case, as both processes can work complementarily [52][53] Question: How long do you think the Nevada Commission will take to sort out the SB 417 process? - Management anticipates that the rulemaking process could be completed within the next twelve months [58][60] Question: What are your thoughts on the cadence and duration of the Arizona rate case? - Management is evaluating whether to accelerate the timing of the next Arizona rate case, considering the preference for formula rates expressed by the commission [61][62] Question: Can we infer that you feel comfortable with the level of agreements signed for the Great Basin project if you make the CPCN filing? - Management confirmed that the CPCN filing would indicate confidence in the agreements signed to date [69][73]