Fourth Quarter 2025 Earnings and Business Update Call February 19, 2026 Agenda David Campbell, Chairman & CEO Forward Looking Statements Statements made in this document that are not based on historical facts are forward-looking, may involve risks and uncertainties, and are intended to be as of the date when made. Forward-looking statements include, but are not limited to, statements relating to Evergy's strategic plan, including, without limitation, those related to earnings per share, dividend, operating ...

Core Viewpoint - Black Hills Corp. has filed a rate review application with the South Dakota Public Utilities Commission to recover capital infrastructure and operational costs for providing electric service to approximately 75,000 customers [1][2]. Group 1: Rate Review Application - The company is seeking $50.6 million in new annual revenue to recover about $523 million in critical investments made since the last rate review in 2014 [2]. - The investments aim to strengthen the electric grid, maintain reliability, and reduce wildfire risk [2]. Group 2: Company Background and Financial Structure - Black Hills Corp. has maintained unchanged base rates for over a decade while ensuring safe and reliable service for its customers [3]. - The capital structure for the rate review is composed of 53.2% equity and 46.8% debt, with a targeted return on equity of 10.5% [3]. - The company is requesting interim rates to take effect 180 days after the filing, with new rates expected to be finalized in the first quarter of 2027 [3]. Group 3: Company Overview - Black Hills Corp. is a growth-oriented utility company serving 1.37 million natural gas and electric utility customers across eight states [4].

Core Insights - Southern Company forecasts annual profit below analysts' estimates and raises its five-year spending plan to support increasing power demands from large-load customers [1] Financial Performance - For the quarter ended December 31, Southern Company reported an adjusted profit of 55 cents per share, which is below the analysts' expectation of 57 cents [1] - Operating expenses increased by 14.7% during the quarter, while revenue rose by 10% [1] Spending Plans - Southern Company plans to spend approximately $81 billion from 2026 through 2030, an increase from its previous five-year plan of $76 billion [1] - The utility has contracted 10 gigawatts of large load customers, including major companies like Google, Meta, Microsoft, and Compass Datacenters [1] Market Position - Southern Company serves 9 million customers and ranks as the second-largest utility in the U.S., operating in Alabama, Georgia, Illinois, Mississippi, Tennessee, and Virginia [1]

Core Insights - Goldman Sachs Conviction List features top stock picks for institutional and high-net-worth clients, highlighting companies with strong growth and income potential [1][2] - Five dividend-paying companies have been on the Conviction List for extended periods, all rated as Buy by Goldman Sachs [1] Company Summaries - **Bank of America (NYSE: BAC)**: - Dividend yield of 2.06% - Target price set at $67 - On the Conviction List for 362 days - Operates in Global Markets, Global Banking, Global Wealth & Investment Management, and Consumer Banking segments [1][2] - **Johnson & Johnson (NYSE: JNJ)**: - Dividend yield of 2.10% - Target price set at $250 - On the Conviction List for 275 days - Focuses on pharmaceuticals, biotechnology, and medical devices across Innovative Medicine and MedTech segments [1][2] - **Huntington Ingalls Industries (NYSE: HII)**: - Dividend yield of 1.33% - Target price set at $425 - On the Conviction List for 214 days - Engages in designing and constructing military ships and offers various naval nuclear support services [1][2] - **Duke Energy (NYSE: DUK)**: - Dividend yield of 3.37% - Target price set at $141 - On the Conviction List for 214 days - Operates in Electric Utilities and Infrastructure and Gas Utilities and Infrastructure segments [1][2] - **Kontoor Brands (NYSE: KTB)**: - Dividend yield of 3.09% - Target price set at $84 - On the Conviction List for 214 days - A global lifestyle apparel company with brands like Wrangler and Lee [1][2]

Fourth Quarter and FY 2025 Investor Update CenterPoint Energy | 1 Cautionary Statement and Other Disclosures This presentation and the oral statements made in connection herewith contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical fact included in this presentation and the oral statements made in connection herewith are forward-looking statements made in ...

While reporting financial results for the fourth quarter on Thursday, electric utility IDACORP, Inc. (IDA) initiated its earnings guidance for the full year 2026 in a range of $6.25 to $6.45 per share.The guidance is based on expectation that Idaho Power will use less than $30 million of additional tax credits available under the Idaho regulatory mechanism in 2026. It also assumes normal weather conditions and power supply expenses throughout the year.For the fourth quarter, the company reported net income ...

Core Viewpoint - CenterPoint Energy, Inc. reported a net income of $264 million for Q4 2025, reflecting a growth in earnings per diluted share compared to the previous year [1] Financial Performance - The company achieved a GAAP earnings per diluted share of $0.40 in Q4 2025, up from $0.38 in Q4 2024 [1] - Non-GAAP earnings per diluted share for Q4 2025 were reported at $0.45, an increase from $0.40 in the same period of 2024 [1] Drivers of Performance - The strong results in the fourth quarter were primarily attributed to growth and regulatory recovery [1]

Core Viewpoint - Xcel Energy Inc. is highlighted as a strong investment opportunity, particularly following an upgrade from UBS, which raised its price target and emphasized the company's growth potential driven by data center electricity needs and regulatory support [1][2]. Group 1: Analyst Upgrade and Market Position - UBS upgraded Xcel Energy from Neutral to Buy, increasing the price target from $81 to $89, indicating strong confidence in the company's future performance [1]. - Analyst William Appicelli noted a steady 9% earnings-per-share (EPS) expansion, supported by full regulatory oversight and increasing demand from data centers [2]. - The expected data center load was recently increased to 4 gigawatts from 2 gigawatts, reflecting a significant growth opportunity [2]. Group 2: Financial Performance - Xcel reported Q4 2025 ongoing EPS of $0.96, which was at the lower end of Wall Street's estimates but represented an 18.5% year-over-year increase [3]. - Quarterly revenue reached $3.56 billion, slightly below the forecast range of $3.64-$3.77 billion, but still showed a 14.1% year-over-year growth, attributed to a 14.2% increase in electric and natural gas sales [4]. - The company reaffirmed its FY2026 ongoing EPS guidance of $4.04-$4.16 and projected a long-term annual growth rate of 6-8% through 2030, supported by a $60 billion capital expenditure plan [4]. Group 3: Company Overview - Xcel Energy is a regulated utility company providing electricity to 3.7 million customers and natural gas to 2.1 million customers across eight states [5].

Duke Energy Corporation (NYSE:DUK) is one of the best infrastructure stocks to buy right now. On February 11, Goldman Sachs lifted its price target on Duke Energy Corporation (NYSE:DUK) to $142 from $141 while retaining a Buy rating. Duke Energy (DUK) Advances Strategy Amid Rising Demand Trends Pixbabay/Public Domain ​Goldman focused on Duke’s updated five-year capital investment blueprint totaling $103 billion. The blueprint is a jump from the prior $87 billion forecast, and, according to Duke, it is s ...

Core Insights - Edison International reported a significant increase in earnings for 2025, with GAAP earnings per share rising to $4.80 from $0.88 year-over-year, and core earnings increasing to $1.86 from $1.05 [2][3] - The company has set new core EPS guidance for 2026 and 2027, projecting a range of $5.90 to $6.20 for 2026 and $6.25 to $6.65 for 2027, while maintaining an annual growth expectation of 5% to 7% through 2028 [4] Financial Performance - Full-year GAAP earnings for 2025 reached $11.58 per share, up from $3.33 in 2024, with core earnings climbing to $6.55 from $4.93 [2] - The earnings growth was primarily driven by Southern California Edison (SCE), benefiting from revenue recognition related to the 2025 General Rate Case and reduced interest expenses due to wildfire-related settlements [3] Strategic Initiatives - The company is focusing on investments in wildfire mitigation and grid resilience, having installed over 7,000 miles of covered conductor in high fire-risk areas, which constitutes over 90% of its planned grid hardening efforts [5] - Edison International is processing claims under its Wildfire Recovery Compensation Program, which is a critical part of California's wildfire liability framework [5] Regulatory Environment - California's investor-owned utilities, including Edison International, are facing increased regulatory scrutiny and climate-related risks, with challenges such as wildfire liabilities and infrastructure costs [6] - Earlier in the year, SCE implemented a rate decrease of 2.3% for residential customers and 5.3% for small and medium-sized businesses, positioning its average rates as the lowest among major California utilities [6] Holding Company Performance - At the holding company level, Edison International Parent and Other reported a wider core loss year-over-year, primarily due to higher interest expenses and losses from preferred stock redemption [7]