Edison International (NYSE:EIX) Q1 2025 Earnings Conference Call April 29, 2025 4:30 PM ET Company Participants Sam Ramraj - VP, IR Pedro Pizarro - President, CEO & Director Maria Rigatti - EVP & CFO Steve Powell - President, CEO & Director, Southern California Edison Conference Call Participants Nick Campanella - Barclays Michael Lonegan - Evercore Carly Davenport - Goldman Sachs Paul Zimbardo - Jefferies Richard Sunderland - JPMorgan Gregg Orrill - UBS Anthony Crowdell - Mizuho David Arcaro - Morgan Stanl ...

Core Insights - PG&E is actively working to make electric vehicle (EV) ownership more affordable for customers with limited financial resources, which is essential for achieving California's climate goals and lowering electric rates [1][4] Group 1: EV Adoption Initiatives - PG&E has assisted over 13,000 income-qualified customers through the Pre-Owned EV Rebate Program, providing more than $29 million in benefits since its launch in February 2023 [2][8] - The company aims to serve 3 million EVs by 2030, emphasizing the importance of closing the equity gap for disadvantaged communities to accelerate EV adoption [3][6] Group 2: Cost Reduction Programs - PG&E offers various resources, including rebates and incentives for income-qualified customers, to lower the total cost of EV ownership, including upfront costs and charging infrastructure [7][10] - The Residential Charging Solutions pilot provides a 50% rebate on approved Level 2 residential charging equipment, with income-eligible customers receiving a 100% rebate [10] Group 3: Charging Cost Management - Customers can manage EV charging during off-peak hours, potentially charging for as low as $1.88 per gallon of gas for those receiving income-qualified rate discounts [5][14] - An income-qualified customer with home charging could save 57% on fueling costs compared to gasoline, while those using public charging can save up to 100% for two years through the Affordable Public Charging program [15] Group 4: Future Plans - PG&E plans to announce two additional EV charging pilots authorized for funding through California's Low Carbon Fuel Standard Program in the coming year [12]

Financial Data and Key Metrics Changes - For the full year 2024, the company reported operating earnings of $5.62 per share, continuing a trend of meeting or exceeding earnings per share guidance for over a decade [17] - The quarterly dividend was increased by $0.05 to $0.93 per share, with an operating earnings guidance range for 2025 set between $5.75 and $5.95 per share [17] - The company aims for a long-term operating earnings growth rate of 6% to 8%, combined with dividends to provide a potential total shareholder return of 10% to 12% [17] Business Line Data and Key Metrics Changes - The company plans to invest over $34 billion in transmission and distribution infrastructure to create a resilient grid [17] - An additional $14 billion is allocated for new diverse generation resources to balance reliability and affordability [17] - Commercial load growth increased by 10.6% last year, driven by data centers and reshoring of manufacturing [18] Market Data and Key Metrics Changes - The company anticipates an additional investment of up to $10 billion in infrastructure to support increased demand, driven by over 20 gigawatts of new load expected by the end of the decade [19] Company Strategy and Development Direction - The company is focused on building an energy system to support growing customer needs while emphasizing execution, accountability, and operational excellence [16] - The capital plan is seen as key to unlocking long-term value for shareholders, customers, and communities [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's future, highlighting the commitment of employees and the potential for significant achievements that benefit customers [19] - The company is working with regulators and large customers to ensure fair allocation of infrastructure costs [19] Other Important Information - The company has a historic five-year capital plan totaling $54 billion [17] - The independent registered public accounting firm PricewaterhouseCoopers LLP was ratified for 2025, with approximately 99% of votes in favor [25] Q&A Session Summary Question: Were there any questions submitted by shareholders? - No questions were received from shareholders during the meeting [22]

Financial Data and Key Metrics Changes - Edison International reported core earnings per share (EPS) of $1.37 for Q1 2025, an increase from $1.13 in the same period last year [5][19] - The year-over-year comparison is noted as not particularly meaningful due to the lack of a decision in the 2025 general rate case [6][19] - The company remains confident in meeting its 2025 EPS guidance and achieving a core EPS compound annual growth rate (CAGR) of 5% to 7% through 2028 [6][25] Business Line Data and Key Metrics Changes - SCE's first quarter EPS includes approximately $0.30 associated with the TKM settlement approval, offset by higher interest expenses at EIX Parent and Other [20] - The utility's full general rate case (GRC) request includes about $1.4 billion of annual capital spending on wildfire mitigation and hardening an additional 1,800 miles of overhead distribution infrastructure [14] Market Data and Key Metrics Changes - The company is actively engaging with legislators and the governor's office to enhance California's regulatory framework regarding wildfire safety [11] - SCE's proposed cost of capital application includes a request for a return on equity (ROE) of 11.75%, with a proposed decision expected in November [21] Company Strategy and Development Direction - The company is focused on rebuilding wildfire-impacted areas and enhancing the resilience of its electrical distribution infrastructure [7] - SCE plans to submit its 2026 wildfire mitigation plan in May, reflecting priorities in risk mitigation, public safety, and affordability [14] - The utility is committed to executing an integrated wildfire mitigation strategy, prioritizing grid hardening, asset inspections, and vegetation management [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the regulatory environment and the importance of addressing wildfire risks to restore stakeholder confidence [11] - The company is optimistic about the proposed decision timeline for the GRC and the potential for a constructive regulatory environment [13] Other Important Information - The company has launched a new webpage to address misinformation regarding the Ethan fire and its operations [9] - Significant media coverage has been noted regarding the Ethan fire, with management emphasizing transparency throughout the ongoing investigation [8] Q&A Session Summary Question: What drove the new material loss disclosure? - Management indicated that the ongoing investigation and the lack of evidence pointing to another source of ignition warranted the disclosure of probable losses [32] Question: How will potential liabilities from the Eaton fire impact financing plans? - Management explained that the wildfire fund would be accessed to cover claims, reducing the need for debt issuance compared to previous incidents [36][38] Question: What is the status of wildfire legislation in California? - Management expressed confidence in legislative engagement but noted that discussions are still in early stages [41][42] Question: How does the Moody's risk management model reflect wildfire risk? - Management confirmed that grid hardening efforts have significantly reduced the probability of catastrophic wildfires, but ongoing evaluations will continue [44][46] Question: What are the considerations for accessing the wildfire fund? - Management clarified that the process for accessing the fund is streamlined, with initial claims covered by customer-funded self-insurance before tapping into the fund [110] Question: Are there any updates on the investigation into the Eaton fire? - Management stated that no estimates could be provided regarding the investigation timeline, and they are still assessing potential ignition sources [76][78]

Financial Data and Key Metrics Changes - The company reported adjusted earnings per share (EPS) of $0.82 for Q1 2025, maintaining guidance for a compound annual growth rate of over 8% for adjusted EPS during the outlook period [5][32]. - Weather-adjusted retail sales growth was strong at 5.2%, with industrial sales increasing by 9.3%, driven by customer additions and expansions [33]. Business Line Data and Key Metrics Changes - The industrial sales increase was the largest contributor to overall sales growth, reflecting robust demand from new and expanding customers [33]. - The company is executing a capital plan to support strong customer growth and improve reliability and resilience, with significant projects underway, including the Orange County Advanced Power Station, which is 70% complete [10][11]. Market Data and Key Metrics Changes - The Gulf South region remains attractive for industrial investments due to low power costs, robust infrastructure, and a business-friendly environment, with significant announcements from Hyundai Motor Group, CF Industries, and Woodside [6][7][8]. - The data center pipeline remains strong, with ongoing discussions for projects in the 5 to 10 gigawatt range [9]. Company Strategy and Development Direction - The company aims to create value for all stakeholders, focusing on customer growth through new customer announcements and regulatory outcomes [5][6]. - The company is exploring potential capacity upgrades at existing facilities, including a 40-megawatt increase at Waterford Three and a total of approximately 275 megawatts across other nuclear plants [12]. Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting 2025 guidance, citing a productive start to the year and strong interest from industrial customers despite macroeconomic uncertainties [5][31]. - The company believes tariff impacts are manageable, estimating a 1% effect on its $37 billion four-year capital plan, with ongoing cost management efforts to mitigate potential impacts [22][23]. Other Important Information - The company is in discussions to renew an NRC early site permit for a potential new nuclear facility at Grand Gulf, which expires in April 2027 [12]. - The company announced leadership changes, with Kimberly Cook Nelson moving into the COO role and John Donnelli becoming the chief nuclear officer [27]. Q&A Session Summary Question: Is Arkansas fully competitive for data centers? - Management confirmed that Arkansas is now fully competitive and is engaging with potential customers in the state [43][44]. Question: Update on financing and equity needs? - Management indicated that there hasn't been a substantial change in the timing of equity needs, with credit metrics expected to improve [45][46]. Question: Drivers behind residential sales growth? - Management noted that residential sales are expected to grow about 1% for the full year, with overall sales projected at about 5.5% [53]. Question: Impact of macroeconomic uncertainty on industrial activity? - Management highlighted that industrial customers have shown resilience and continue to make long-term investment decisions despite short-term volatility [55][56]. Question: Update on large load customer service capabilities? - Management stated that they have positions in queues to provide generation to potential customers, with opportunities expected to ramp up in 2028 and 2029 [66]. Question: Financial impacts of recent legislative changes? - Management explained that new legislation in Arkansas allows for earlier recovery of costs, which will benefit customers, while Texas legislation focuses on risk management [108][109]. Question: How does Woodside's FID decision affect data center customer timelines? - Management indicated that the company can continue to serve data centers and large customers, with ongoing opportunities despite construction timelines [112][114]. Question: Changes in contracting strategy with large load customers? - Management confirmed that their contracting strategy remains largely unchanged, leveraging existing frameworks to adapt to current market conditions [138].

Core Viewpoint - Entergy Corporation (ETR) reported strong first-quarter 2025 earnings, significantly exceeding expectations, driven by higher retail sales and reduced operational expenses [1][4]. Financial Performance - ETR's earnings per share (EPS) for Q1 2025 was 82 cents, surpassing the Zacks Consensus Estimate of 62 cents by 32.3%, and showing a remarkable increase of 355.6% from 18 cents in the same quarter last year [1]. - The company's revenues for Q1 2025 were $2.85 billion, which fell short of the Zacks Consensus Estimate of $3.01 billion by 6%, but represented a 1.9% increase from the previous year [2]. Segment Analysis - The Utility segment reported earnings of $1.11 per share, up from 46 cents in Q1 2024, while the Parent & Other segment posted a loss of 29 cents per share, slightly worsening from a loss of 28 cents in the prior year [3]. Operational Highlights - Operating expenses decreased to $2.15 billion, down 16% from $2.56 billion in the prior-year quarter, while operating income rose to $700 million, a 194.2% increase from $240 million year-over-year [4]. - Total interest expenses increased to $3.30 million, up 23.4% from $2.67 million in the same period of 2024 [4]. - As of March 31, 2025, Entergy served 3.04 million retail customers, reflecting a 0.7% increase [4]. Financial Position - Entergy's cash and cash equivalents stood at $1.51 billion as of March 31, 2025, compared to $0.86 billion at the end of 2024 [5]. - Long-term debt increased to $28.26 billion from $26.61 billion as of December 31, 2024 [5]. - Cash generated from operating activities in the first three months of 2025 was $536.2 million, slightly up from $521.1 million in the same period of 2024 [5]. Guidance - Entergy reaffirmed its financial guidance for 2025, expecting adjusted earnings in the range of $3.75 to $3.95 per share, with the current Zacks Consensus Estimate at $3.88 per share [6].

Core Viewpoint - Ameren Corporation (AEE) is expected to report its first-quarter 2025 results on May 1, with a negative earnings surprise of 2.53% in the last quarter and an average negative surprise of 2.60% over the past four quarters [1][2]. Factors Impacting Q1 Results - The service territories of Ameren experienced below-normal temperatures for most of the first quarter, which likely increased electricity demand for heating, although above-average temperatures in March may have partially offset this demand [2]. - Strong customer growth in Ameren Missouri and Ameren Illinois, driven by rising data center demand and industrial customer growth, is expected to positively impact revenues [3]. - Severe weather events, including tornadoes and heavy snowfall, caused outages and potential infrastructure damage, which may have negatively affected sales and increased operating expenses for restoration [4]. - Despite these challenges, solid revenue expectations, strategic infrastructure investments, rate base growth, and disciplined cost management are anticipated to support overall earnings [5]. Q1 Expectations - The Zacks Consensus Estimate for AEE's revenues is $1.98 billion, reflecting a 9.2% increase from the previous year [6]. - The consensus estimate for earnings is $1.08 per share, indicating a 10.2% increase from the prior-year quarter [6]. Earnings Prediction Model - The current model does not predict an earnings beat for AEE, as it has an Earnings ESP of 0.00% and a Zacks Rank of 3 (Hold) [7][8].

Core Viewpoint - Enel Chile has filed its 2024 annual report on Form 20-F with the United States Securities and Exchange Commission, highlighting its operations in the electricity generation, distribution, and services sectors in Chile [1]. Group 1: Company Overview - Enel Chile operates as an integrated utility company involved in electricity generation, distribution, and services through various subsidiaries and affiliates [1]. - The subsidiaries include Enel Generación Chile S.A., Enel Green Power Chile S.A., Enel Distribución Chile S.A., and Enel X Chile SpA, indicating a diversified approach within the energy sector [1]. Group 2: Report Availability - The 2024 annual report is accessible on Enel Chile's official website in the Investor Relations section and can also be downloaded from the SEC's website [2]. - Hard copies of the 2024 Form 20-F will be available for shareholders free of charge upon request, ensuring transparency and accessibility for investors [2].

Financial Performance - First quarter 2025 adjusted EPS was $082[7], compared to $054 in 1Q24[9] - First quarter 2025 OCF was $536 million[7] - Entergy is affirming its adjusted EPS guidance of $375-$395 for 2025[7, 17] - The company anticipates a greater than 8% CAGR through 2028[16] Equity and Credit - Successfully sold forward an additional $17 billion equity; equity needs into 2027 contracted[7] - Credit metric outlooks remain within or better than agency thresholds[11] Utility Operations - Strong retail sales growth, including 93% industrial growth[7] - 2024 Utility weather-adjusted electric retail sales were 123 TWh[21, 26] - The company has 24479 MW owned and leased generating assets[21] Regulatory and Investment - Entergy Arkansas' retail rate base is $113 billion for the 2025 test year[38] - Entergy Louisiana's electric rate base is $164 billion as of the 12/31/23 test year[41] - Entergy Texas has a $188 million net distribution investment from 7/1/24 through 12/31/24, resulting in a $29 million incremental revenue requirement[67]

Financial Data and Key Metrics Changes - The company reported adjusted earnings per share (EPS) of $0.82 for Q1 2025, maintaining guidance for a greater than 8% adjusted EPS compound annual growth rate [5][32] - Weather-adjusted retail sales growth was strong at 5.2%, with industrial sales increasing by 9.3% [33] Business Line Data and Key Metrics Changes - Industrial sales growth was driven by new customer additions and increased usage, reflecting a robust demand environment [33] - The company is executing a capital plan to support strong customer growth and improve reliability and resilience [9][10] Market Data and Key Metrics Changes - The Gulf South region remains attractive for industrial investments due to low power costs and robust infrastructure [8] - The company is in discussions for potential data center projects, with a pipeline in the five to 10 gigawatt range [9] Company Strategy and Development Direction - The company aims to create value for stakeholders, focusing on customer growth through new customer announcements and regulatory outcomes [5][6] - The company is exploring capacity upgrades at existing facilities and has plans for new nuclear facilities, indicating a long-term commitment to energy diversification [12][104] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting 2025 guidance, citing strong customer interest and ongoing discussions with hyperscale developers [5][31] - The company believes tariff impacts are manageable, estimating a 1% impact on its $37 billion four-year capital plan [22][24] Other Important Information - The company is progressing on major projects, including the Orange County Advanced Power Station, which is 70% complete and on schedule [10] - Recent legislative changes in Arkansas and Texas are expected to facilitate faster recovery of costs and support economic development [19][20][108] Q&A Session Summary Question: Is Arkansas competitive for data centers? - Management believes Arkansas is now fully competitive and is engaging with potential customers [43][44] Question: Update on financing and equity needs? - There hasn't been a substantial change in equity timing, and credit metrics remain strong [45][46] Question: Drivers behind residential sales growth? - Residential sales are expected to grow about 1% for the full year, with overall sales projected at 5.5% [53] Question: Impact of macroeconomic uncertainty on industrial activity? - The company has seen over 5% growth in industrial sales for over 15 years, indicating resilience despite economic fluctuations [55] Question: Update on large load customer service timelines? - The company has positions in queues to provide generation to potential customers, with opportunities expected to ramp up in 2028 and 2029 [66] Question: Financial impacts of recent legislative changes? - Arkansas legislation allows for earlier recovery of costs, which will benefit customers, while Texas legislation focuses on risk management [108][109] Question: Changes in contracting strategy with large customers? - The company has not significantly changed its contracting strategy, leveraging existing frameworks to adapt to current market conditions [138]