Financial Data and Key Metrics Changes - The company's net asset value (NAV) increased by $567 million in Q3 2025, with CVI contributing $547 million net of refining hedges, and funds excluding refining hedges up approximately 5% [4] - Consolidated EBITDA for the energy segment was $625 million for Q3 2025, compared to a loss of $35 million in Q3 2024 [10] Business Line Data and Key Metrics Changes - Automotive service revenues increased by $11 million compared to the prior year quarter, with same-store sales performance up by $21 million, or 6% [10] - Real estate adjusted EBITDA decreased by $12 million compared to the prior year quarter, primarily due to the sale of a country club [11] - Food packaging's adjusted EBITDA decreased by $8 million due to lower volume and higher manufacturing inefficiencies [12] - Home fashion's adjusted EBITDA decreased by $4 million due to softening demand in the U.S. retail and hospitality business [12] - Pharma's adjusted EBITDA decreased by $7 million due to reduced sales from generic competition in the anti-obesity market [12] Market Data and Key Metrics Changes - Southwest Gas (SWX) is expected to grow net income at a 14% CAGR between 2025 and 2029, outperforming many peers in the 6%-8% range [8] Company Strategy and Development Direction - The company is focused on its activism strategy, leveraging the Icahn brand name and a history of proxy contests to drive shareholder value [15] - The company aims to maintain liquidity to capitalize on opportunities within and outside existing operating segments [14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the potential for continued exemptions for small refineries, which could positively impact CVI [4] - The company is excited about a developmental drug for pulmonary arterial hypertension (PAH) and has finalized a partner for the clinical trial [12] Other Important Information - The company closed on certain properties for a pre-tax gain of $223 million during the quarter [11] - The holding company had cash and investments in funds totaling $3.4 billion, with subsidiaries having cash and revolver availability of $1.2 billion as of quarter end [14] Q&A Session Summary - No specific questions or answers were documented in the provided content.

Financial Data and Key Metrics Changes - The company's net asset value (NAV) increased by $567 million in Q3 2025, with CVI contributing $547 million net of refining hedges [4] - Consolidated EBITDA for the energy segment was $625 million for Q3 2025, a significant improvement from a loss of $35 million in Q3 2024 [9] Business Line Data and Key Metrics Changes - Automotive service revenues increased by $11 million compared to the prior year quarter, with same-store sales performance up by $21 million, or 6% [9] - Real estate segment adjusted EBITDA decreased by $12 million compared to the prior year quarter, primarily due to the sale of a country club [10] - Food packaging's adjusted EBITDA decreased by $8 million due to lower volume and higher manufacturing inefficiencies [11] - Home fashion's adjusted EBITDA decreased by $4 million, attributed to softening demand in the U.S. retail and hospitality business [11] - Pharma's adjusted EBITDA decreased by $7 million due to reduced sales from generic competition in the anti-obesity market [11] Market Data and Key Metrics Changes - The investment in EchoStar saw significant appreciation, with the stock price increasing from the teens in June to approximately $75 per share by quarter end [7] Company Strategy and Development Direction - The company is focused on its activism strategy, leveraging its brand name and history to drive shareholder value through proxy contests and board participation [15][16] - The company aims to capitalize on opportunities within and outside its existing operating segments while maintaining liquidity [12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the potential for continued exemptions for small refineries, which could positively impact future performance [4] - The company anticipates enhanced profitability in the automotive segment as it fine-tunes its strategies [9] - There is excitement about a developmental drug for pulmonary arterial hypertension (PAH), with a trial set to begin in Q1 2026 [11] Other Important Information - The company maintains liquidity of $3.4 billion at the holding company level and $1.2 billion at its subsidiaries as of quarter end [12] Q&A Session Summary - No specific questions or answers were documented in the provided content.

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]

Financial Performance - Q3 2025 earnings per diluted share were $0.36, compared to $0.23 in Q3 2024[8] - Year-to-date 2025 earnings per diluted share were $1.51, compared to $1.44 year-to-date 2024[8] - Avista Utilities contributed $0.38 earnings per diluted share in Q3 2025, compared to $0.25 in Q3 2024[8] - AEL&P reported a loss of $0.01 per diluted share in Q3 2025[8] - The company expects Avista Utilities to contribute toward the upper end of the 2025 guidance range of $2.43-$2.61 due to strong performance[23, 24] - The company expects to be at the low end of the consolidated guidance range of $2.52-$2.72 due to $0.16 per diluted share of losses at other businesses[23, 24] Regulatory Outcomes - Washington saw base electric revenue increase of $11.9 million (2%) in year 1 and $68.9 million (11.6%) in year 2, and base gas revenue increase of $14.2 million (11.2%) in year 1 and $4.0 million (2.8%) in year 2[12] - Idaho saw base electric revenue increase of $19.5 million (6.3%) in year 1 and $14.7 million (4.5%) in year 2, and base gas revenue increase of $4.6 million (9.2%) in year 1 and $0.2 million (0.4%) in year 2[12] - Oregon saw base revenue increase of $4.2 million (2% net of tax customer credits)[14] Capital Investments - The company anticipates base capital expenditure between 2025 and 2030, ranging from $525 million in 2025 to $705 million in 2030[16] - Transmission and distribution account for 46% of Avista Utilities' expected capital spend from 2025-2030[17] - Generation accounts for 17% of Avista Utilities' expected capital spend from 2025-2030[17] Balance Sheet and Liquidity - $45 million in common stock was issued through 9/30/2025[22] - $120 million in long-term debt was issued in July 2025[22] - The company has $253 million in available liquidity as of September 30, 2025[22]

Financial Data and Key Metrics Changes - The company recognized a net after-tax non-recurring charge of $75 million, or $0.20 per share, related to offshore wind liability, which increased the estimated liability for future payments to GIP by approximately $285 million, offset by $210 million of tax benefits [16][17] - GAAP earnings for Q3 were $0.99 per share, compared to a loss of $0.33 per share in the same quarter last year, while non-GAAP recurring earnings were $1.19 per share, up from $1.13 per share year-over-year [17][18] Business Line Data and Key Metrics Changes - Electric transmission earnings increased by $0.01 per share due to higher revenues from continued investment in the transmission system [18] - Electric distribution earnings rose by $0.03 per share, reflecting distribution rate increases in New Hampshire and Massachusetts [18] - Natural gas segment earnings improved by $0.04 per share, primarily due to base distribution rate increases in Massachusetts [18] - Water distribution earnings decreased by $0.02 per share due to higher O&M and depreciation expenses [19] Market Data and Key Metrics Changes - Year-to-date weather-normalized load growth was reported at 2%, with a peak of over 12 gigawatts experienced this summer, the highest since 2013 [11] - The company is on track to invest nearly $5 billion in transmission and distribution infrastructure this year [9] Company Strategy and Development Direction - The company is focused on executing key strategic initiatives to drive sustainable growth and strengthen its balance sheet [4] - There is a strong emphasis on infrastructure investments to maintain a reliable and resilient grid, accommodating new sources of generation to meet increasing electric demand [6][10] - The company is pursuing numerous transmission projects to address evolving electric demand and improve regional reliability [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the constructive shift in Connecticut's regulatory landscape, which is expected to facilitate collaboration on regulatory initiatives [5][7] - The company aims to deliver reliable, sustainable energy while keeping costs manageable and partnering with customers to ensure affordability [14] - The company reaffirmed its 2025 recurring earnings per share guidance to a range of $4.72-$4.80, with a longer-term EPS growth rate of 5%-7% [25] Other Important Information - The company has made significant progress on the Revolution Wind project, with Ørsted reporting that 52 of the 65 turbines are installed [67] - The company is actively working on storm cost recovery, with 98% of deferred storm costs either under review or already in rates [24] Q&A Session Summary Question: Update on Yankee Gas and alternative resolution - Management indicated that the decision from PURA was better than the draft decision, and they will provide more information later [32][33] Question: NSTAR Gas PBR proposal denial - Management explained that the denial was due to a roll-in of GSEP and indicated plans to file a general rate case if necessary [36] Question: Regulatory updates and credit agency views - Management noted that credit agencies are in a wait-and-see mode regarding regulatory outcomes [42] Question: Land acquisition strategy - Management clarified that land acquisitions are for their own regulated business and strategic energy injection [60] Question: Timing for storm cost securitization resolution - Management expects a decision on storm cost securitization in the second or third quarter of the following year [71] Question: Tax rate expectations - Management anticipates the tax rate to be in the low 20% for the current year, moving towards a more normal level in 2026 [91] Question: Completion of Revolution Wind project - Management reported significant progress and expects to improve the project schedule [67] Question: End of the Revolution Wind project agreement with Ørsted - Management stated that the end of the agreement will be at the Commercial Operation Date (COD) [100]

EVERSOURCE ENERGY Q3 2025 EARNINGS REPORT November 5, 2025 EVERSOURCE ENERGY Q3 2025 EARNINGS REPORT EVERSOURCE ENERGY Q3 2025 EARNINGS REPORT Safe Harbor Statement All per-share amounts in this presentation are reported on a diluted basis. The only common equity securities that are publicly traded are common shares of Eversource Energy. The third quarter and first nine months of 2025 and 2024 earnings discussion includes financial measures that are not recognized under generally accepted accounting princip ...

Core Insights - Oncor Electric Delivery Company reported a net income of $380 million for Q3 2025, an increase of $56 million from $324 million in Q3 2024, driven by higher revenues from updated interim rates, regulated revenues from the System Resiliency Plan (SRP), and customer growth [1][2] - For the nine months ended September 30, 2025, Oncor's net income was $820 million, up from $800 million in the same period in 2024, reflecting similar revenue drivers [2] - The company is finalizing a new five-year capital plan for 2026-2030, expected to be at least 30% higher than the previous plan of $36.1 billion [3] Financial Performance - Operating revenues for Q3 2025 were $1.845 billion, compared to $1.660 billion in Q3 2024, marking an increase of $185 million [21] - For the nine months ended September 30, 2025, operating revenues reached $5.047 billion, up from $4.610 billion in the same period in 2024, an increase of $437 million [21] - Distribution base revenues from residential customers increased by 7.1% in Q3 2025 compared to Q3 2024, and by 8.5% for the nine-month period [25] Operational Highlights - Oncor is executing its portion of the Permian Basin Reliability Plan (PBRP) and has secured critical equipment with initial deliveries expected in Q1 2027 [6] - The company filed two new Certificate of Convenience and Necessity (CCN) amendment applications in Q3 2025, building on eleven filings from earlier in the year [6] - As of September 30, 2025, Oncor had over 600 active large commercial and industrial interconnection requests, a 60% increase from the previous year [10] Management Updates - Jim Greer, Executive Vice President and COO, will retire on December 31, 2025, with Ellen Buck appointed as his successor [4][5] - Don Clevenger has been promoted to Executive Vice President and CFO, effective January 1, 2026 [5] Regulatory and Liquidity Updates - Oncor's base rate review is progressing, with a settlement agreement approved that allows for surcharges or refunds of final approved rates if the proceeding is still pending on January 1, 2026 [11] - As of November 4, 2025, Oncor's available liquidity totaled approximately $3.6 billion, sufficient to meet capital expenditures and operational needs for at least the next twelve months [12]

Core Insights - Edison International reported a 61% year-over-year increase in net income, largely due to a true-up from Southern California Edison's 2025 general rate case [1] - The California Public Utilities Commission approved an increase of $1.1 billion in revenue for Southern California Edison in the 2025 general rate case [2] - Expected annual sales growth for the company is projected to be between 1% to 3% through 2028 [3] Wildfire Recovery - Southern California Edison announced new wildfire-related legal settlements, including an agreement to pay insurance companies 52 cents on the dollar for claims related to the Eaton Wildfire [4] - The company has not yet estimated total potential losses from the Eaton fire, with ongoing investigations into its cause [5] - Edison International plans to launch a wildfire recovery program for victims of the Eaton fire soon [5] Legislative and Financial Developments - The expansion of California's wildfire fund is seen as a positive development, potentially reimbursing Southern California Edison for liabilities related to the Eaton fire [6] - The recent downgrade of Edison International's credit rating by S&P Global was acknowledged, but the CFO believes the rating agency did not fully consider the benefits of state legislative reforms [7] Growth Outlook - Edison International's leadership noted that while demand from data centers has not been as high as other utilities, moderate load growth could be beneficial for investors [8] - Sales growth is expected to be driven by strong electric vehicle adoption, residential growth, and increased demand from commercial sectors such as manufacturing, logistics, and defense [8]

Core Insights - Exelon reported a year-to-date income of $2.2 billion, reflecting a 17% increase from the previous year, primarily due to rate increases at PECO Energy [3] - The company is actively pursuing a role in power supply within deregulated states like Maryland and Pennsylvania, where utilities are restricted from owning power plants [4][5] - Exelon has an advanced data center pipeline of 18 GW, which has increased by 13% from the previous quarter, with potential future additions totaling 47 GW [1][8] Financial Overview - Exelon's capital expenditure program is projected at $38 billion over four years, with an additional potential transmission spending estimated between $10 billion to $15 billion [2] - The company is focusing on investments in energy efficiency, distributed solar, and storage to ensure adequate power supplies [5] Market Developments - A recent solicitation for dispatchable generation in Maryland did not meet its goals, with bids submitted by Constellation Energy and others falling short of the required effective load carrying capability [6][7] - Exelon utilities have 6 GW of potential data center customers nearing transmission service agreements, indicating strong demand for energy solutions [8][9]

Core Insights - Eversource Energy exceeded Wall Street profit expectations for the third quarter, driven by increased service rates [1] Financial Performance - The company reported higher profits compared to analysts' forecasts, indicating strong financial performance in the third quarter [1]