Financial Data and Key Metrics Changes - For Q4 2025, GAAP earnings were $352 million or $0.54 per share, down from $665 million or $1.04 per share in Q4 2024. Full year 2025 GAAP earnings were $1,796 million or $2.75 per share, compared to $2,817 million or $4.42 per share in 2024. Adjusted earnings for Q4 2025 were $841 million or $1.28 per share, down from $960 million or $1.50 per share in Q4 2024. Full year 2025 adjusted earnings were $3,066 million or $4.69 per share, up from $2,969 million or $4.65 per share in 2024 [8][9][10] Business Line Data and Key Metrics Changes - Sempra Texas reported $80 million higher equity earnings due to increased invested capital and customer growth, while Sempra California saw a $213 million decrease primarily from lower income tax benefits and higher net interest expense. Sempra Infrastructure had $123 million in higher asset and supply optimization results [9][10] Market Data and Key Metrics Changes - Sempra's capital plan for 2026-2030 totals $65 billion, a 17% increase from the previous year, with 95% targeted for utility investments. The projected rate base is expected to grow from $57 billion in 2025 to $97 billion in 2030, reflecting an 11% CAGR [12][14] Company Strategy and Development Direction - The company introduced five value creation initiatives aimed at simplifying the business model, mitigating risk, and improving financial strength. Key initiatives include prioritizing utility investments, highlighting LNG franchise value, simplifying the business, executing cost structure reductions, and enhancing community safety [4][5][6][7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving a strong growth trajectory through 2030, with adjusted EPS guidance for 2026 set at $4.80-$5.30 and for 2030 at $6.70-$7.50. The company aims to maintain a strong balance sheet and investment-grade credit ratings, with regulated earnings expected to comprise approximately 95% of total earnings by 2027 [18][20][21] Other Important Information - The company plans to close a significant transaction involving a 45% stake in SI Partners for $10 billion, which is expected to enhance shareholder value and improve financial metrics. Additionally, the company is focused on capital recycling and efficient financing strategies [5][16][20][21] Q&A Session Summary Question: Clarification on 2023 guidance and growth expectations - Management indicated that the $9 billion upside opportunities could help achieve the upper end of the 2030 guidance, emphasizing improved quality and certainty of future earnings and cash flows [25][26] Question: Insights on California's earnings growth - Management noted that earnings growth in California is impacted by approved attrition from the last GRC and ongoing efforts to improve efficiencies [30][31] Question: Overview of the 2028-2030 growth shaping - Management explained that growth is expected to be more linear, driven by rate base growth and the Unified Tracker Mechanism (UTM) [36] Question: Timeline for $9 billion upside at Oncor - Management stated that the $9 billion upside opportunities are expected to materialize around 2028-2030, with ongoing efforts to secure regulatory approvals [39][40] Question: Data center pipeline and construction challenges - Management confirmed that data center demand remains strong, with ongoing projects and efforts to meet large load customer needs despite potential supply chain challenges [78][81]

Financial Data and Key Metrics Changes - PSEG reported net income of $0.63 per share for Q4 2025 and $4.22 per share for the full year, compared to $0.57 and $3.54 per share in 2024, respectively [7][20] - Non-GAAP operating earnings were $0.72 per share for Q4 2025 and $4.05 per share for the full year, compared to $0.84 and $3.68 per share in 2024 [20] - The company declared a dividend of $2.68 per share for Q1 2026, a 6% increase from the previous year [8] Business Line Data and Key Metrics Changes - PSE&G reported Q4 2025 net income and non-GAAP operating earnings of $352 million, down from $378 million in Q4 2024, but full-year earnings increased to $1.75 billion from $1.55 billion [21] - PSEG Power and Other reported a net loss of $37 million in Q4 2025, an improvement from a net loss of $92 million in Q4 2024, with full-year net income rising to $366 million from $225 million [26] Market Data and Key Metrics Changes - The average monthly bill for PSEG residential electric customers will decrease by 1.8% starting June 1, 2026, due to the results of the Basic Generation Service auction [11][26] - PSEG's cumulative progress from methane reduction programs has achieved over a 30% reduction in emissions since 2018 [11] Company Strategy and Development Direction - PSEG's capital program for 2026-2030 is updated to $24 billion-$28 billion, with over 90% focused on regulated investments [15][16] - The company aims for a long-term non-GAAP earnings growth outlook of 6%-8% through 2030, supported by utility operations and infrastructure modernization [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving a non-GAAP operating earnings guidance of $4.28 to $4.40 per share for 2026, reflecting a 7% increase over 2025 results [15][34] - The company is actively engaging with policymakers to explore supply options, including the development of community solar and battery storage [17][18] Other Important Information - PSEG Nuclear achieved a capacity factor of 91.2% for the full year, producing approximately 30.9 terawatt hours of carbon-free power [14][29] - The company received the 2025 ReliabilityOne Awards for outstanding system resiliency and customer engagement [12] Q&A Session Summary Question: Legislative process regarding new gas and nuclear - Management discussed the timing of legislative bills and the need for policymakers to address variables such as air permits and turbine backlogs [37][38] Question: Hedging and PTC assumptions - Management indicated that the company is approximately 95% hedged for 2026 and will adjust future earnings guidance based on market conditions [41][43] Question: Breakdown of growth drivers - Management emphasized the importance of structural changes in the supply-demand curve and the goal of maintaining predictable earnings growth [51][52] Question: Incremental regulated capital investments - Management outlined that investments would focus on transmission and distribution system readiness for solar and battery integration [85][86]

Financial Data and Key Metrics Changes - PSEG reported net income of $0.63 per share for Q4 2025 and $4.22 per share for the full year, compared to $0.57 and $3.54 per share in 2024, respectively [20] - Non-GAAP operating earnings were $0.72 per share for Q4 2025 and $4.05 per share for the full year, compared to $0.84 and $3.68 per share in 2024 [20] - The company announced a dividend declaration for Q1 2026 at an annual rate of $2.68 per share, a 6% increase from the previous year [8] Business Line Data and Key Metrics Changes - PSE&G reported Q4 2025 net income and non-GAAP operating earnings of $352 million, down from $378 million in Q4 2024, but full-year earnings increased to $1.75 billion from $1.55 billion [21] - PSEG Power and Other reported a net loss of $37 million for Q4 2025, an improvement from a net loss of $92 million in Q4 2024, while full-year net income rose to $366 million from $225 million [26] Market Data and Key Metrics Changes - The average monthly bill for PSEG residential electric customers will decrease by 1.8% starting June 1, 2026, due to the results of the Basic Generation Service auction [11] - PSEG's cumulative progress from methane reduction programs has achieved over a 30% reduction in emissions from 2018 levels [11] Company Strategy and Development Direction - PSEG updated its capital program to $24 billion-$28 billion for the 2026-2030 period, with over 90% focused on regulated investments [16] - The company aims for a long-term non-GAAP earnings growth outlook of 6%-8% through 2030, supported by utility operations and infrastructure modernization [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving a non-GAAP operating earnings guidance of $4.28 to $4.40 per share for 2026, reflecting a 7% increase at the midpoint over 2025 results [15] - The company is focused on stringent cost control and continuous improvement to support affordability for customers [15] Other Important Information - PSEG Nuclear achieved a capacity factor of 91.2% for the full year, producing approximately 30.9 terawatt hours of carbon-free power [14] - The company received the 2025 ReliabilityOne Awards for outstanding system resiliency and customer engagement [12] Q&A Session Summary Question: Can you discuss the timing of the new gas bill and the IRP process? - Management indicated that various legislative variables are still being worked through, including air permits and turbine backlogs [38] Question: What level of hedges and upside versus the PTC is embedded in the 6%-8% CAGR? - Management stated that the current year is about 95% hedged, with less certainty in the out years, and they will adjust based on market conditions [43][44] Question: Can you comment on the breakdown of the 2026 guidance between regulated utility and power? - Management noted that while they are largely hedged for 2026, the situation for 2027 and beyond remains more subject to market forces [77] Question: What types of incremental regulated capital investments are being considered? - Management mentioned investments in transmission and distribution systems to support solar and battery integration, as well as opportunities in generation depending on policy developments [86][87]

Financial Data and Key Metrics Changes - PSEG reported net income of $0.63 per share for Q4 2025 and $4.22 per share for the full year 2025, compared to $0.57 and $3.54 per share for Q4 2024 and full year 2024 respectively [6][19] - Non-GAAP operating earnings were $0.72 per share for Q4 2025 and $4.05 per share for the full year 2025, compared to $0.84 and $3.68 per share for the same periods in 2024 [19] - The company declared a dividend of $2.68 per share for Q1 2026, a 6% increase from the previous year [6] Business Line Data and Key Metrics Changes - PSE&G reported Q4 2025 net income and non-GAAP operating earnings of $352 million, down from $378 million in Q4 2024, but full year earnings increased to $1.75 billion from $1.55 billion in 2024 [20] - PSEG Power and Other reported a net loss of $37 million for Q4 2025, an improvement from a net loss of $92 million in Q4 2024, while full year net income rose to $366 million from $225 million in 2024 [25] Market Data and Key Metrics Changes - The average monthly bill for PSEG residential electric customers will decrease by 1.8% starting June 1, 2026, due to the results of the Basic Generation Service auction [10][24] - PSEG's cumulative progress from methane reduction programs has achieved over a 30% reduction in emissions from 2018 levels [10] Company Strategy and Development Direction - PSEG updated its capital program to $24 billion-$28 billion for the 2026-2030 period, with over 90% focused on regulated investments [15] - The company aims for a long-term non-GAAP earnings growth outlook of 6%-8% through 2030, supported by utility operations and infrastructure modernization [15][31] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving a non-GAAP operating earnings guidance of $4.28 to $4.40 per share for 2026, reflecting a 7% increase at the midpoint over 2025 results [14][31] - The company is focused on stringent cost control and continuous improvement to support affordability for customers [14] Other Important Information - PSEG Nuclear achieved a capacity factor of 91.2% for the full year 2025, producing approximately 30.9 terawatt hours of carbon-free power [13] - The company received the 2025 ReliabilityOne Awards for outstanding system resiliency and customer engagement [11] Q&A Session Summary Question: Can you discuss the timing of the new gas bill and the IRP process? - Management indicated that various legislative variables are still in play and that they are working with policymakers to enable opportunities for new gas and nuclear [36][38] Question: What level of hedges and upside versus the PTC is embedded in the 6%-8% CAGR? - Management stated that they are approximately 95% hedged for 2026 and that future updates will consider market conditions [41][42] Question: Can you comment on the nuclear contracting and data center opportunities? - Management noted that while there are opportunities in Pennsylvania, New Jersey's current administration may present fewer large-scale opportunities [56][57] Question: What is the breakdown of the regulated utility side versus power in the 2026 guidance? - Management emphasized that the increase is primarily driven by the power side of the business, with a focus on maintaining predictability in earnings [81]

Building America's Leading Utility Growth Business 2025 – 2030 February 26, 2026 About This Presentation This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on assumptions about the future, involve risks and uncertainties, and are not guarantees. Future results may differ materially from those expressed or implied in any forward-looking statement. These forward-looking statements represent our ...

Public Service Enterprise Group FOURTH QUARTER AND FULL YEAR 2025 NYSE: PEG Financial Results Presentation February 26, 2026 PSEG Fourth Quarter and Full Year 2025 Forward-Looking Statements Certain of the matters discussed in this report about our and our subsidiaries' future performance, including, without limitation, future revenues, earnings, strategies, prospects, consequences, and all other statements that are not purely historical constitute "forward-looking statements" within the meaning of the Priv ...

Core Viewpoint - CMS Energy Corporation (CMS) has reached a significant technical support level, indicated by a "golden cross" where its 50-day simple moving average has crossed above its 200-day simple moving average, suggesting a potential bullish breakout [1][2]. Technical Analysis - A golden cross is a bullish chart pattern formed when a stock's short-term moving average surpasses a longer-term moving average, typically involving the 50-day and 200-day averages, which are believed to indicate stronger breakouts [2]. - The successful golden cross event consists of three stages: the stock price bottoms out, the shorter moving average crosses above the longer moving average, and the stock maintains upward momentum [3]. Performance Metrics - Over the past four weeks, CMS has experienced a gain of 6.7%, and it currently holds a 3 (Hold) rating on the Zacks Rank, indicating potential for further breakout [4]. - The positive earnings outlook for CMS is supported by one upward revision in earnings estimates over the past 60 days, with no downward revisions, and an increase in the Zacks Consensus Estimate [4]. Investment Outlook - The combination of favorable earnings estimate revisions and the achievement of a key technical level positions CMS as a stock to watch for potential gains in the near future [6].

Core Insights - Public Service Enterprise Group Incorporated (PSEG) reported fourth-quarter 2025 adjusted earnings of 72 cents per share, exceeding the Zacks Consensus Estimate of 71 cents by 1.4%, but down 14.3% from 84 cents per share in the prior year [1] - For the full year 2025, adjusted EPS was $4.05, surpassing the Zacks Consensus Estimate of $4.04 and improving from $3.68 in 2024 [2] Revenue Performance - Operating revenues for Q4 2025 totaled $2.92 billion, beating the Zacks Consensus Estimate of $2.58 billion by 12.8% and increasing 18.3% from $2.47 billion in the previous year [3] - Total revenues for 2025 reached $12.17 billion, exceeding the Zacks Consensus Estimate of $11.87 billion and improving from $10.29 billion in 2024 [3] Sales Volume - Electric sales volume for Q4 2025 was 9,340 million kilowatt-hours, a 2% increase year over year, while gas sales volume rose 16% to 1,041 million therms [4] - Residential electric sales volume increased by 4% to 2,920 million kilowatt-hours, and commercial and industrial sales volume grew by 1% to 6,323 million kilowatt-hours [4] Operating Income and Expenses - Operating income for Q4 2025 was $511 million, up 14.8% from $445 million in the prior year [6] - Total operating expenses were $2.40 billion, reflecting a 19% increase from the previous year [6] Segment Performance - The PSE&G segment reported net income of $352 million, down from $378 million in Q4 2024 [7] - Adjusted operating income for the PSEG Power & Other segment was $10 million, compared to $43 million in the prior-year quarter [7] Financial Update - Long-term debt as of December 31, 2025, was $22.55 billion, an increase from $21.11 billion as of December 31, 2024 [9] - Net cash flow from operating activities for 2025 was $3.30 billion, up from $2.13 billion in 2024 [9] Guidance for 2026 - PSEG expects adjusted earnings for 2026 to be in the range of $4.28 to $4.40 per share, with the Zacks Consensus Estimate currently at $4.38 per share [10]

Core Insights - Zacks Premium offers various tools for investors to enhance their stock market engagement and confidence [1] - The Zacks Style Scores serve as complementary indicators to the Zacks Rank, aiding investors in selecting stocks with high potential for market outperformance [2] Zacks Style Scores Overview - Stocks are rated A, B, C, D, or F based on value, growth, and momentum characteristics, with higher scores indicating better chances of outperforming the market [3] - The Style Scores are categorized into four types: Value Score, Growth Score, Momentum Score, and VGM Score [3][4][5][6] Value Score - The Value Score identifies attractive and discounted stocks using ratios like P/E, PEG, Price/Sales, and Price/Cash Flow [3] Growth Score - The Growth Score focuses on a company's financial strength and future outlook, analyzing projected and historical earnings, sales, and cash flow [4] Momentum Score - The Momentum Score capitalizes on price trends and earnings outlook changes, utilizing factors like one-week price change and monthly earnings estimate changes [5] VGM Score - The VGM Score combines all three Style Scores, providing a comprehensive indicator for selecting stocks with favorable value, growth, and momentum characteristics [6] Zacks Rank and Style Scores Interaction - The Zacks Rank, based on earnings estimate revisions, has shown that 1 (Strong Buy) stocks have an average annual return of +23.86% since 1988, outperforming the S&P 500 [7] - Investors are encouraged to consider stocks with a Zacks Rank of 1 or 2 and Style Scores of A or B for optimal returns [9] Company Spotlight: FirstEnergy - FirstEnergy Corporation, a diversified energy company, holds a Zacks Rank of 2 (Buy) and a VGM Score of B, with a forward P/E ratio of 18.59 indicating attractive valuation [11] - Recent analyst revisions have increased the earnings estimate for fiscal 2026 to $2.72 per share, with an average earnings surprise of +6.7% [12]

Core Insights - Homeowners are experiencing significant increases in electric bills this winter, with reports of bills rising by hundreds of dollars compared to the previous year, despite stable thermostat settings [1][3] Group 1: Reasons for Bill Increases - Many homeowners report that their actual electricity usage has remained flat or even decreased, yet their bills have surged by 20% to 30% or more [3] - A common complaint is the high delivery charges and additional fees, with some bills showing delivery charges exceeding the actual commodity cost [4] - In the Northeast, combined supply and delivery rates are reported to be between 25 cents to 44 cents per kilowatt-hour, while other regions see rates closer to 8 cents to 12 cents [4] Group 2: Weather Impact - Cold weather has contributed to higher bills, particularly affecting heat pump owners when auxiliary electric heat is activated during extreme cold [5] - However, many homeowners argue that rising base rates and new fees are significant factors beyond just weather conditions [5] Group 3: Infrastructure and AI Data Centers - Some homeowners attribute the bill increases to the costs associated with infrastructure upgrades needed for large AI data centers, suggesting that customers are subsidizing these expenses [6] - There is a counterargument that the electric grid has required upgrades for decades, with rising interest rates and maintenance projects also contributing to increased capital spending [7]