Core Viewpoint - Ameren Corporation (AEE) reported first-quarter 2025 earnings of $1.07 per share, slightly missing the Zacks Consensus Estimate of $1.08, but showing a 9.2% improvement from the previous year's earnings of 98 cents per share [1] Financial Performance - Total revenues for the quarter reached $2.10 billion, marking a 15.5% increase year over year and exceeding the Zacks Consensus Estimate of $1.98 billion by 5.7% [1] - Total operating expenses were reported at $1.67 billion, up 15.4% year over year [2] - Interest expenses for the first quarter totaled $175 million, compared to $154 million in the same quarter of the previous year [2] Segmental Results - The Ameren Missouri segment reported earnings of $42 million, up from $36 million a year ago, attributed to increased infrastructure investments and higher retail sales due to colder winter temperatures [3] - The Ameren Illinois Electric Distribution segment's earnings increased to $63 million from $56 million, driven by infrastructure investments under a multi-year rate plan [4] - The Ameren Illinois Natural Gas segment reported earnings of $108 million, slightly up from $106 million, due to lower operations and maintenance expenses [4] - The Ameren Transmission segment's earnings rose to $89 million from $72 million, reflecting increased infrastructure investments [5] Financial Condition - As of March 31, 2025, cash and cash equivalents stood at $23 million, up from $7 million at the end of 2024 [6] - Long-term debt totaled $18.35 billion, an increase from $17.26 billion as of December 31, 2024 [6] - Cash flow from operating activities amounted to $431 million, down from $492 million a year ago [6] Guidance - Ameren reaffirmed its 2025 earnings guidance, expecting earnings per share (EPS) in the range of $4.85-$5.05, with the Zacks Consensus Estimate for 2025 earnings at $4.94 per share, near the midpoint of the company's guidance [7] Zacks Rank - Ameren currently holds a Zacks Rank 3 (Hold) [8]

Core Insights - Eversource Energy (ES) reported first-quarter 2025 adjusted earnings of $1.50 per share, matching the Zacks Consensus Estimate, with a slight increase of 0.7% from the previous year's $1.49 [1] - Total revenues reached $4.12 billion, exceeding the Zacks Consensus Estimate of $3.65 billion by 12.7%, and reflecting a year-over-year increase of 23.7% from $3.33 billion [1] Financial Performance - Total operating expenses were $3.19 billion, up 28.1% year over year, driven by higher costs in purchased power, natural gas, transmission, operations, maintenance, and depreciation [2] - Operating income was reported at $926.4 million, an increase of 9.5% year over year [2] - Interest expenses rose to $300.8 million, marking a 20% increase compared to the prior year [2] Segment Performance - Electric Transmission segment earnings totaled $199.4 million, up 12.8% year over year, attributed to increased investment in the transmission system [3] - Electric Distribution segment earnings were $188.4 million, up 12.1% year over year, due to higher revenues from base distribution rate increases in New Hampshire and Massachusetts [3] - Natural Gas Distribution reported earnings of $218.4 million, an increase from $190.6 million in the previous year [4] - Water Distribution earnings decreased to $3.6 million from $5.4 million in the year-ago quarter [4] - The Eversource Parent & Other Companies segment reported a loss of $59 million, wider than the previous year's loss of $19 million, primarily due to higher interest expenses [5] Guidance and Future Outlook - Eversource Energy expects 2025 earnings in the range of $4.67-$4.82 per share, with the Zacks Consensus Estimate at $4.73 per share [6] - The company anticipates a long-term EPS growth rate of 5% to 7% through 2029, using $4.57 (in 2024) as a base [6] - Planned capital investments are projected to be nearly $24.2 billion for the period 2025-2029 [6] Zacks Rank - Eversource Energy currently holds a Zacks Rank 3 (Hold) [7]

Financial Data and Key Metrics Changes - The company reported GAAP and recurring earnings of $1.5 per share for the first quarter, compared to $1.49 per share in the previous year, indicating a slight increase in earnings [18] - Higher utility earnings were largely offset by a decrease in parent and other earnings, with the natural gas segment showing improved results due to higher revenues from infrastructure investments [19][20] Business Line Data and Key Metrics Changes - Electric transmission earnings increased by $0.04 per share due to increased revenues from system investments, while electric distribution earnings rose by $0.03 per share from grid modernization and rate increases in New Hampshire and Massachusetts [19] - The natural gas segment's earnings improved by $0.06 per share, primarily due to higher revenues from infrastructure investments and base distribution rate increases [19] Market Data and Key Metrics Changes - The company is projecting an 8% growth in rate base over the next five years, with a strategic shift towards higher distribution spending in Massachusetts to meet electrification goals [8][9] - The company is examining opportunities related to ISO New England's new RFP for transmission operators to address future load growth [9] Company Strategy and Development Direction - The company aims to leverage its strengths in transmission and distribution investment opportunities, reaffirming its 2025 EPS guidance and long-term EPS growth rate of 5% to 7% through 2029 [6][17] - The company is focused on customer innovation and affordability, investing in advanced technologies to enhance reliability and efficiency [10][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to continue driving value for customers and shareholders, emphasizing a commitment to financial strength and sustainability [16][17] - The company is actively working with regulators and communities to address affordability and transparency in energy bills, particularly in response to high gas bills [12][13] Other Important Information - The company is divesting Aquarion Water, which is expected to close by the end of the year, and anticipates improvements in its FFO to debt ratio as a result [14][27] - The company has a five-year capital plan of $24.2 billion, reflecting a 10% increase over the last plan, with significant investments in transmission and distribution infrastructure [23][24] Q&A Session Summary Question: Tariff exposure related to offshore projects - Management confirmed that all necessary equipment has been procured for the offshore project, with no anticipated challenges related to tariffs [33][34] Question: Regulatory approval timeline for Aquarion divestment - Management expects the transaction to close in 2025, with a straightforward regulatory approval process anticipated [40][41] Question: Impact of securitization on equity needs - Management indicated that if securitization occurs, it would revisit its equity needs, but did not assume it in the current financing strategy [48][49] Question: Updates on AMI process - Management is seeking clarity on the recovery of expenditures related to the AMI program and is committed to spending as directed by Connecticut [51] Question: Thoughts on PURA composition and timing - Management is eager for a stable regulatory environment but could not predict the timing of filling the remaining seats on PURA [56][57] Question: FFO to debt improvement expectations - Management expects significant improvement in FFO to debt metrics, driven by enhanced cash flows from operations [60][61] Question: Upcoming Millstone recontracting rates - Management noted that it is too early to determine the impact of the Millstone contract, which is up in 2029 [72][73] Question: GSEP rule changes impact - Management stated that the recent GSEP decision would not have a major impact on their operations and they are supportive of exploring non-pipe alternatives [81][82] Question: Completion percentage of the Revolution project - Management did not provide a specific percentage of project completion but confirmed that construction is progressing well [83] Question: Regulatory under recoveries and future expectations - Management highlighted the RAM docket as significant for recovery, with timely adjustments expected in Massachusetts and New Hampshire [89][90]

Financial Data and Key Metrics Changes - The company reported GAAP and recurring earnings of $1.5 per share for the first quarter, compared to $1.49 per share in the previous year, indicating a slight increase in earnings [16] - Higher utility earnings were largely offset by a decrease in parent and other earnings, with electric transmission earnings increasing by $0.04 per share due to increased revenues from system investments [17] - The natural gas segment saw improved results of $0.06 per share, primarily due to higher revenues from infrastructure investments [17] Business Line Data and Key Metrics Changes - Electric distribution earnings increased by $0.03 per share, benefiting from grid modernization and rate mechanisms in New Hampshire and Massachusetts [17] - Water earnings remained comparable year over year, as the first quarter is typically a low usage period [18] - Parent losses increased by $0.12 per share in 2025, primarily due to higher interest expenses and the absence of capitalized interest from the offshore wind investment [18] Market Data and Key Metrics Changes - The company is projecting an 8% rate base growth over the next five years, with a strategic shift towards higher distribution spending in Massachusetts to meet electrification goals [6] - The company is examining numerous opportunities related to the ISO New England's new RFP for transmission operators to address future load growth [7] Company Strategy and Development Direction - The company aims to leverage its strengths in transmission and distribution investment opportunities, reaffirming its 2025 EPS guidance and long-term EPS growth rate of 5% to 7% through 2029 [5] - The company is focused on customer innovation and affordability, investing in advanced technologies to enhance reliability and efficiency [8] - The divestment of Aquarion Water is a key strategic initiative expected to close by the end of the year, which will improve the company's FFO to debt ratio [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to drive value for customers and shareholders, emphasizing a commitment to sustained growth and strategic vision [14] - The management highlighted ongoing efforts to address affordability and stabilize rates in response to high gas bills due to increased demand [10] - The company is optimistic about its future growth opportunities, particularly in transmission and distribution, as well as customer-focused investments [28] Other Important Information - The company is actively working with state leaders to develop long-term solutions for rate stability and transparency [11] - The company has made significant progress in its AMI project, with 40% of the communication network deployment completed [9] - The company expects to see a 6% reduction in average residential customer rates in Connecticut due to the implementation of an annual rate adjustment mechanism [20] Q&A Session Summary Question: Tariff exposure related to offshore projects - Management confirmed that all necessary equipment has been procured and does not anticipate significant challenges related to tariffs for the Revolution project [32][34] Question: Regulatory approval timeline for Aquarion - Management expects the transaction to close in 2025, with no anticipated issues in the regulatory approval process [39][41] Question: Impact of securitization on equity needs - Management indicated that if securitization occurs, they would revisit their equity needs [46] Question: Update on AMI process - Management is seeking clarity on the recovery of expenditures related to the AMI process [47] Question: PURA composition and timing for certainty - Management expressed eagerness for a stable regulatory climate but could not predict the timing for filling the PURA seats [52] Question: FFO to debt improvement expectations - Management expects significant improvement in FFO to debt metrics due to enhanced cash flows from operations [60] Question: Millstone recontracting rates - Management noted that it is too early to determine the impact of the Millstone contract, which is up in 2029 [68] Question: GSEP rule changes impact - Management stated that the GSEP filing's impact is manageable and they continue to support safe and reliable gas services [76] Question: Completion percentage of the Revolution project - Management did not provide a specific percentage but confirmed that construction is progressing well [78]

EVERSOURCE ENERGY Q1 2025 EARNINGS REPORT May 2, 2025 EVERSOURCE ENERGY Q1 2025 EARNINGS REPORT EVERSOURCE ENERGY Q1 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 first quarters 2025 and 2024 earnings discussion includes a financial measure, EPS by business, that is not recognized under generally accepted accounting principles (non-GA ...

Core Insights - Dominion Energy reported revenue of $4.08 billion for the quarter ended March 2025, reflecting a 12.2% increase year-over-year and a surprise of +6.76% over the Zacks Consensus Estimate of $3.82 billion [1] - Earnings per share (EPS) for the quarter was $0.93, compared to $0.55 in the same quarter last year, resulting in an EPS surprise of +20.78% against the consensus estimate of $0.77 [1] Revenue Breakdown - Total operating revenue for Dominion Energy Virginia was $2.79 billion, exceeding the average estimate of $2.63 billion by analysts, marking a year-over-year increase of +12.3% [4] - Total operating revenue from Contracted Energy was $307 million, slightly above the estimated $299.84 million, but showing a year-over-year decline of -0.3% [4] - Total operating revenue for Dominion Energy South Carolina reached $951 million, surpassing the average estimate of $920.84 million, with a year-over-year increase of +6.5% [4] Stock Performance - Over the past month, shares of Dominion Energy have returned -3.3%, compared to a -0.7% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [3]

Core Viewpoint - Korea Electric Power Corporation (KEPCO) has filed its annual report for the year ended December 31, 2024, with the U.S. Securities and Exchange Commission, indicating a commitment to transparency and regulatory compliance [1]. Group 1 - The annual report includes audited consolidated financial statements, which are essential for investors to assess the company's financial health [1]. - The report is accessible on KEPCO's official website and the U.S. Securities and Exchange Commission's website, providing easy access for investors [2]. - Investors can request a hard copy of the 2024 Annual Report on Form 20-F free of charge, demonstrating the company's willingness to facilitate investor engagement [2].

Core Insights - Consolidated Edison (ED) reported a revenue of $4.8 billion for the quarter ended March 2025, reflecting a year-over-year increase of 12.1% and surpassing the Zacks Consensus Estimate by 8.98% [1] - The earnings per share (EPS) for the quarter was $2.25, slightly below the consensus estimate of $2.30, resulting in an EPS surprise of -2.17% [1] Revenue Performance - Operating revenues for CECONY were $4.44 billion, exceeding the average estimate of $4.09 billion from three analysts [4] - Operating revenues for O&R reached $356 million, surpassing the estimated $313.27 million [4] - O&R's gas operating revenues were $141 million, compared to the average estimate of $102.18 million, marking a year-over-year increase of 24.8% [4] - CECONY's electric operating revenues were $2.69 billion, exceeding the estimate of $2.50 billion, with a 10% increase year-over-year [4] - CECONY's gas operating revenues were $1.40 billion, above the estimate of $1.26 billion, reflecting a 12.7% year-over-year increase [4] - CECONY's steam operating revenues were $354 million, surpassing the estimated $301.58 million, with a year-over-year increase of 23.3% [4] - O&R's electric operating revenues were $215 million, slightly above the estimate of $210.49 million, showing a 10.3% year-over-year increase [4] - Gas operating revenues totaled $1.54 billion, exceeding the average estimate of $1.37 billion, with a year-over-year change of 13.8% [4] - Electric operating revenues were $2.90 billion, surpassing the estimate of $2.71 billion, reflecting a 10.1% year-over-year increase [4] Operating Income - Operating income for O&R was reported at $62 million, exceeding the average estimate of $58.52 million [4] - Operating income for CECONY was $1.07 billion, surpassing the average estimate of $1.02 billion from three analysts [4] Stock Performance - Shares of Consolidated Edison have returned +2.9% over the past month, while the Zacks S&P 500 composite experienced a -0.7% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

Core Insights - Ameren reported revenue of $2.1 billion for the quarter ended March 2025, reflecting a 15.5% increase year-over-year and surpassing the Zacks Consensus Estimate of $1.98 billion by 5.73% [1] - The company's EPS was $1.07, up from $0.98 in the same quarter last year, although it fell short of the consensus estimate of $1.08 by 0.93% [1] Revenue Performance - Total electric sales for Ameren reached 17,808 GWh, exceeding the two-analyst average estimate of 16,855.46 GWh [4] - Electric revenues from Ameren Missouri totaled $893 million, surpassing the average estimate of $821.85 million, marking a year-over-year increase of 25.1% [4] - Electric revenues from Ameren Illinois Electric Distribution amounted to $572 million, exceeding the average estimate of $519.30 million, with a year-over-year change of 13% [4] - Electric revenues from Ameren Transmission were reported at $210 million, above the average estimate of $194.26 million, reflecting a year-over-year increase of 13.5% [4] - Operating revenues from natural gas reached $475 million, compared to the estimated $459.92 million, representing a 5.1% year-over-year increase [4] - Gas revenues from Ameren Illinois Natural Gas totaled $411 million, exceeding the average estimate of $400.24 million, with a year-over-year change of 5.1% [4] - Operating revenues from electric sources were $1.62 billion, surpassing the average estimate of $1.46 billion, indicating an 18.9% year-over-year increase [4] - Gas revenues from Ameren Missouri were reported at $64 million, exceeding the average estimate of $60.11 million, with a year-over-year change of 4.9% [4] Stock Performance - Ameren's shares have returned -1.6% over the past month, compared to a -0.7% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]

Financial Performance - Con Edison reported adjusted earnings per share (EPS) of $2.26 for 1Q 2025, the same as the GAAP EPS[10] - The company reaffirmed its 2025 adjusted EPS guidance range of $5.50 - $5.70[10] - The company declared a quarterly dividend of 85 cents a share on its common stock on April 17, 2025[44] - Net income for common stock for CET includes pre-tax investment income of $7.4 million from MVP and $9.0 million from New York Transco LLC for the three months ended March 31, 2025[103] Regulatory Updates and Capital Investments - Con Edison forecasts approximately $38 billion in capital investments from 2025 to 2029, targeting an 8.2% annual utility rate base growth[9] - CECONY submitted rate cases to the NYSPSC in January 2025, requesting new electric and gas rates effective January 1, 2026, and filed updates in April 2025, including a proposed 10% return on equity and a 48% equity ratio[17] - O&R's electric and gas rate plans were approved by the NYSPSC in March 2025, with a 9.75% return on equity and a 48% equity ratio[10, 36] - CECONY's updated climate change resilience plans propose investments of $645.4 million between 2025 and 2029, while O&R's plans propose $184.1 million for the same period[39] - The company identified $72 billion in investments from 2025-2034 in CECONY Integrated Long-Range Plan for Electric, Gas and Steam Services[26, 28] Customer Support and Affordability - Approximately 466,000 CECONY and O&R customers, or 14% of the customer base, receive public assistance[33] - CECONY and O&R's Energy Affordability Programs (EAP) aim to reduce energy burden to 6% of wallet for enrolled customers[35] - The CECONY EAP provided $311 million in discounts in 2024, a 17% increase over 2023[35]