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]

Financial Data and Key Metrics Changes - Brookfield Infrastructure Partners generated funds from operations (FFO) of $638 million or $0.81 per unit in Q2 2025, representing a 5% increase year-over-year, which improves to a 9% increase when excluding foreign exchange effects [5] - The increase in FFO was primarily driven by strong organic growth and contributions from tuck-in acquisitions completed in the prior year [5] Business Line Data and Key Metrics Changes - Utilities segment generated FFO of $187 million, slightly ahead of the prior year, benefiting from inflation indexation and approximately $450 million of capital added to the rate base [6] - Transport segment's FFO was $304 million, slightly ahead of the prior year, supported by high asset utilization in global intermodal logistics and increased traffic levels on toll roads [6] - Midstream segment generated FFO of $157 million, a 10% increase year-over-year, driven by strong organic growth, particularly in Canadian diversified midstream operations [7] - Data segment's FFO was $113 million, a significant increase of 45% compared to the prior year, driven by acquisitions and new capacity commissioning [8] Market Data and Key Metrics Changes - The Canadian energy sector is experiencing strong demand, with a notable increase in power demand from data centers, particularly in Alberta, which has seen requests for approximately 12 gigawatts of power [14] - Improved end market diversification with key Canadian infrastructure projects enhancing global market access, including LNG Canada, which is set to ramp up production [15] - Canadian natural gas gathering and processing business has seen a 15% increase in utilization over the past two years [19] Company Strategy and Development Direction - The company is focused on capital recycling and has secured $2.4 billion in sale proceeds to date, achieving an annual record for BIP [8] - Recent investments include acquiring Hotwire, a leading provider of bulk fiber services, and a railcar leasing platform, indicating a strategy to expand in data transport and midstream segments [22][24] - The company aims to capture opportunities in the AI infrastructure boom, which is driving demand for power transmission and midstream investments [50] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the current market conditions and the positive outlook for the Canadian midstream sector, driven by strong demand and investment interest [18] - The company anticipates strong EBITDA growth in its Canadian midstream platforms, with expected growth of CAD 650 million to 750 million between 2024 and 2027 [20] - Management noted that the U.S. remains an attractive investment geography, particularly due to the AI infrastructure boom [50] Other Important Information - The company has completed significant asset sales, including a 23% interest in an Australian export terminal and a 60% stake in a European data center portfolio, generating substantial proceeds [10][12] - The company is focused on integrating new acquisitions and initiating value creation activities post-acquisition [25] Q&A Session Summary Question: What has prompted the acceleration in deal velocity? - Management noted that increased market activity is due to investors returning to the market and strong capital availability, leading to more transactions [30] Question: Are there opportunities to monetize partial stakes in Canadian midstream businesses? - Management indicated that while there are opportunities for partial sales, the focus remains on organic growth opportunities in the midstream sector [32] Question: What protections does Brookfield have regarding the Intel JV? - Management clarified that the arrangement with Intel is largely financial and contractual, minimizing commercial risks [39] Question: How does the potential merger of Class I railroads impact Genesee and Wyoming? - Management highlighted that as the largest short line operator, they are well-positioned to maintain a pro-competitive market amidst potential mergers [44] Question: Has the attractiveness of the U.S. as an investment geography expanded? - Management confirmed that the U.S. remains attractive due to the AI infrastructure boom, with significant opportunities for capital deployment [50] Question: What is the outlook for midstream investments in oil versus gas? - Management stated that while they continue to explore both oil and gas opportunities, current focus is on investments within existing portfolio companies [69] Question: What is the approach to data center investments? - Management indicated a focus on both campus-style data centers and bespoke large-scale projects, depending on customer needs [70] Question: Is there interest in energy infrastructure companies with both traditional and renewable assets? - Management noted that such investments would depend on the specific situation, but collaboration across Brookfield's groups is common for sourcing and completing transactions [76]

Financial Performance and Outlook - The company's adjusted EPS for the first half of 2025 is $1.73[33, 36] - The adjusted EPS guidance for the full year 2025 is $3.54 - $3.60[33, 36], toward the high end of the previously stated range of $3.06 - $3.12[33] - The annual dividend per share (DPS) is $2.17[33], up by 11¢[33] - The long-term adjusted EPS growth is projected at +6% to +8%[13, 29, 33], toward the high end[33] - The utility capital plan is $20 billion[33, 48] for 2025-2029, up $3 billion from the prior plan[33, 48] Growth and Investment - The company anticipates 2% to 3% long-term annual sales growth[16, 27] - The company has an approximately 9 GW pipeline opportunity, including data centers[27] - The company plans to invest over $10 billion in electric reliability roadmap[21, 22], including up to 400 miles/year of undergrounding[21] and 20,000 poles replaced per year[23] - The company plans to invest over $5 billion in renewable energy plan[24, 26], including +8 GW solar and +2.8 GW wind[24] Economic Development - Economic development efforts are driving diversified growth, including data centers, across Michigan[17]

Announces 2025 second-quarter reported earnings (GAAP) per share of $0.25. Achieves 2025 second-quarter ongoing earnings per share of $0.32 versus $0.38 in 2024, with lower results primarily due to timing and weather. Reaffirms 2025 ongoing earnings forecast range of $1.75 to $1.87 per share; expects to achieve at least the midpoint of $1.81 per share. Reaffirms 6% to 8% annual EPS and dividend growth targets through at least 2028; expects to achieve EPS growth in the top half of targeted growth range.ALLE ...

Core Insights - PG&E Corporation is on track to deliver solid financial results for 2025, focusing on safety and affordable energy delivery [1] - The company has updated its full year 2025 GAAP earnings guidance to a range of $1.26 to $1.32 per share, down from the previous range of $1.29 to $1.35 per share [2] - Non-GAAP core earnings guidance for 2025 is reaffirmed at $1.48 to $1.52 per share [3] Financial Performance - PG&E Corporation reported second-quarter 2025 income available for common shareholders of $521 million, or $0.24 per share, consistent with the same period in 2024 [5][6] - Non-GAAP core earnings for the second quarter of 2025 were also $0.31 per share, unchanged from the second quarter of 2024 [9] - The company achieved a 42% reduction in methane emissions in 2024 compared to a 2015 baseline, exceeding its 20% commitment [5] Operational Highlights - The data center pipeline has increased to 10 gigawatts, and the company is on track to meet or exceed a 2% non-fuel O&M reduction target [5] - PG&E has connected over 3,300 electric customers and over 2,000 new electric vehicle charging ports to its grid [5] - The company has made significant progress in wildfire safety, constructing 32 miles of underground powerlines and 103 miles of strengthened poles in high-risk areas [5] Regulatory and Compliance - PG&E submitted its smallest General Rate Case percentage increase in a decade to California regulators, expecting total residential combined gas and electric bills in 2027 to be flat compared to 2025 [5] - The U.S. Nuclear Regulatory Commission has found the Diablo Canyon Power Plant safe for continued operation for 20 more years [5]

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Financial Data and Key Metrics Changes - The company reported earnings of $0.76 per share for Q2 2025, reflecting a $0.09 increase compared to 2024 [15] - The earnings guidance for 2025 remains between $5.17 to $5.27 per share, assuming normal weather conditions for the remainder of the year [3][20] - The company expects an 8% to 10% growth in O&M expenses for the full year compared to 2024 [16] Business Line Data and Key Metrics Changes - Utility operations earnings increased by $0.16 compared to 2024, with weather positively impacting earnings by approximately $0.04 [15][16] - Retail electric deliveries grew by 1.1%, led by a 1.9% increase in the large commercial and industrial segment [18] - Earnings from the Energy Infrastructure segment decreased by $0.03 due to storm damage losses [19] Market Data and Key Metrics Changes - Wisconsin's unemployment rate stands at 3.2%, below the national average, indicating strong economic development in the region [4] - The company forecasts a demand growth of 1.8 gigawatts to serve the I-94 corridor, with significant projects underway [5][6] Company Strategy and Development Direction - The company is pursuing a robust capital plan totaling $28 billion over five years, focusing on low-risk and highly executable projects [7] - The company plans to extend the operating lives of coal units at the Oak Creek plant through 2026 to meet energy demand [10] - The Very Large Customer tariff is under review, designed to meet the needs of large load customers while protecting other customers [12] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about continued growth in the region and the company's future, citing strong economic development and job creation [22] - The company is actively working with large customers to meet their demand needs, particularly in light of the tight capacity in the system [29] Other Important Information - The company is working on safe harboring renewable projects to qualify for tax credits under current treasury guidance [8][63] - The company has no active rate cases currently, and the Very Large Customer tariff is expected to receive a commission decision by Q2 next year [11][12] Q&A Session Summary Question: Can you discuss the 3.5 gigawatts of demand and how you're thinking about procuring generation for that? - The company is actively working with large customers to meet demand needs and is exploring various options for generation planning [25][29] Question: How are you thinking about the capital update and growth rate? - The company is assessing growth patterns and will present updates in the third quarter call [31][32] Question: What is the status of the large load tariff docket? - The company has reached a settlement with large customers on the tariff, which is currently under review by the commission [34] Question: Can you provide more details on the storm damage recognized in Q2? - The company is working with insurance providers to recover losses from storm damage impacting Texas solar facilities [58] Question: How much of your plan is already safe harbor? - Approximately 40% to 50% of the plan is already safe harbored, with ongoing efforts to comply with new treasury requirements [63] Question: What influenced the decision to extend the operating lives of the Oak Creek coal units? - The decision was based on higher than expected summer demand and MISO prices, with no political pressure involved [67][68]

Financial Data and Key Metrics Changes - The company reported earnings of $0.76 per share for Q2 2025, reflecting a $0.09 increase compared to Q2 2024 [15] - The earnings guidance for 2025 remains between $5.17 to $5.27 per share, assuming normal weather conditions for the remainder of the year [3][20] - The company expects a long-term compound annual earnings growth rate of 6.5% to 7% [4][20] Business Line Data and Key Metrics Changes - Utility operations earnings increased by $0.16 compared to Q2 2024, with weather positively impacting earnings by approximately $0.04 [15][16] - Retail electric deliveries grew by 1.1%, led by a 1.9% increase in the large commercial and industrial segment [17] - Earnings from the Energy Infrastructure segment decreased by $0.03 due to storm damage losses [18] Market Data and Key Metrics Changes - The unemployment rate in Wisconsin stands at 3.2%, below the national average, indicating strong economic conditions [4] - The company anticipates a demand growth forecast of 1.8 gigawatts to serve the I-94 corridor [5] - The Wall Street Journal reported Milwaukee ranked second among U.S. metro areas for college graduates landing jobs, highlighting a skilled labor market [6] Company Strategy and Development Direction - The company is executing a five-year capital investment plan totaling $28 billion, the largest in its history, aimed at supporting economic growth and reliability [7] - The company is actively working on renewable projects and has received approvals for natural gas generation and storage projects [9][10] - The Very Large Customer tariff is under review, designed to meet the needs of large load customers while protecting other customers [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the economic development in the region, particularly with significant investments from companies like Yaskawa and Microsoft [4][5] - The company is closely monitoring the regulatory environment and expects a decision on the Very Large Customer tariff by Q2 next year [12] - Management remains optimistic about continued growth in the region and the company's future [21] Other Important Information - The company plans to extend the operating lives of coal units at the Oak Creek plant through 2026 to meet energy demand [10][68] - The company is working on safe harboring renewable projects to qualify for tax credits under new treasury guidance [8][64] - The annualized dividend stands at $3.57 per share, with a target payout ratio of 65% to 70% of earnings [21] Q&A Session Summary Question: Can you discuss the demand from Vantage and how the company plans to procure generation for that? - The company is actively working with Vantage to meet their demand needs, aiming for about 1.3 gigawatts by 2027, while exploring various options for capacity [24][28] Question: How does the company view the capital growth rate and potential adjustments? - Management is optimistic about economic development and will review growth patterns in the upcoming capital plan update [30][32] Question: What is the status of the large load tariff proceeding? - The company has reached a settlement with large customers on the tariff, which is currently under review by the commission [33][34] Question: Can you provide updates on the Microsoft data center site? - The company is confident in the ongoing development at the Microsoft site and anticipates future opportunities as construction progresses [75][84] Question: What is the plan for the Point Beach PPA and Port Washington Unit one? - Discussions are ongoing regarding the Point Beach PPA, with productive talks expected to yield updates by the end of the year [47][48]

Core Insights - Berkshire Hathaway Inc. (BRK.B) stock is currently trading at approximately a 10% discount to its 52-week high of $542.07, closing at $476.56 after a 1.1% decline in the latest trading session [1] - The company has underperformed compared to the industry, the Finance sector, and the Zacks S&P 500 composite index year to date [1][9] - Berkshire Hathaway operates as a conglomerate with over 90 subsidiaries, providing stability across various economic cycles [1][14] Stock Performance - BRK.B is trending below its 50-day simple moving average (SMA), indicating potential downside risk [2] - The stock is considered overvalued with a price-to-book multiple of 1.57, higher than the industry average of 1.53 [8] - Year to date, BRK.B shares are down 10% from their 52-week high and lag behind the industry, sector, and S&P 500 [9] Financial Metrics - The average target price for BRK.B, based on short-term price targets from four analysts, is $538.75 per share, suggesting a potential upside of 13.1% from the last closing price [11] - Return on equity (ROE) for BRK.B in the trailing 12 months was 7.2%, below the industry average of 7.8%, while return on invested capital (ROIC) was 5.7%, also lower than the industry average of 6% [20][21] Business Segments - Berkshire Hathaway's insurance operations contribute approximately 25% of total revenues and are a key driver of long-term growth, supported by disciplined pricing and solid underwriting performance [14] - The company's diversified structure, including Berkshire Hathaway Energy (BHE), provides stability and aligns with the global shift towards renewable energy [15] - The Utilities and Energy segment, including Burlington Northern Santa Fe (BNSF), is expected to benefit from increasing demand for utility services despite current challenges [16] Analyst Sentiment - The Zacks Consensus Estimate for 2025 earnings indicates a 6.7% year-over-year decrease, while a 5% increase is expected for 2026, with long-term earnings growth projected at 7% [22] - Analyst sentiment has remained muted, with no changes in earnings estimates over the past 30 days [22] Leadership Transition - The focus will shift to the performance of Berkshire Hathaway under Greg Abel, who will succeed Warren Buffett as CEO on January 1, 2026, while Buffett will remain as executive chairman [26]

Company Overview - SSR Mining is a diversified gold and silver miner, also involved in tin, zinc, and lead, with operations in North and South America and Turkey [1] - The company operates 5 mines and has 3 projects at various stages of development [1] Analyst Background - The analyst has over 10 years of experience researching companies across various sectors, including commodities and technology [1] - The analyst has researched over 1000 companies and has a particular focus on metals and mining stocks [1] Investment Focus - The analyst has transitioned from writing a blog to a value investing-focused YouTube channel, where they have researched hundreds of companies [1] - The analyst is comfortable covering multiple industries, including consumer discretionary/staples, REITs, and utilities [1]