Core Insights - IDACORP, Inc. is a significant utility company based in Boise, Idaho, serving approximately 604,000 retail customers in southern Idaho and eastern Oregon, with a diversified portfolio of power generation assets including hydropower, natural gas, and coal-fired plants [1] - Analyst David Arcaro from Morgan Stanley has set a price target of $139 for IDACORP, reflecting positive sentiment towards the company's stock, supported by its consistent performance and strategic market positioning [2] - IDACORP is raising its earnings per share outlook for 2025, driven by customer growth and rate increases, indicating a robust growth trajectory [3] Financial Performance - The consensus price target for IDACORP has increased from $139.06 to $140.00 over the past year, indicating a stable yet positive outlook from analysts [4] - IDACORP's recent earnings report showed earnings of $2.26 per share, surpassing the Zacks Consensus Estimate of $2.23 per share, reflecting steady performance [4] - IDACORP has been upgraded to a Zacks Rank 2 (Buy), with an improved earnings per share outlook for 2025, suggesting confidence in its future growth and financial health [4]

Financial Data and Key Metrics Changes - Edison International reported a core earnings per share (EPS) of $6.55 for 2025, exceeding guidance and marking a successful delivery of the long-term core EPS growth target established in 2021 [4] - The fourth quarter core EPS was $1.86, with the full-year 2025 core EPS exceeding the high end of the guidance range [14][15] - The company reaffirmed its 2028 guidance and extended its core EPS growth target of 5%-7% through 2030 [15][20] Business Line Data and Key Metrics Changes - SCE has invested over $12 billion in customer safety and reliability over the last two years, with a focus on wildfire risk reduction and operational excellence [6][16] - The utility plans to execute a $7 billion capital plan for 2026 to meet customer needs [16] - The extended capital plan from 2026 through 2030 is projected to be between $38 billion and $41 billion, focusing on load growth-driven programs and infrastructure replacement [17] Market Data and Key Metrics Changes - SCE has the lowest system average rate among California's major investor-owned utilities, with a 2.3% rate decrease for residential customers and a 5.3% decrease for small and medium-sized businesses [6] - The typical non-CARE residential customer currently pays about $188 per month, slightly higher than $180 two years ago [6] Company Strategy and Development Direction - The company emphasizes commitments to customers, communities, and investors, focusing on safety, reliability, and affordability [5][7] - Edison International is actively engaging with policymakers to reinforce a stable regulatory framework that supports long-term investment [8][11] - The company is confident in its multi-year financial outlook, supported by a robust pipeline of necessary investments [12][20] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of maintaining a durable regulatory environment to protect customers from higher costs and ensure stable returns for investors [7][8] - The upcoming legislative session is seen as pivotal for shaping California's energy and resiliency policy, with a focus on mitigating catastrophic wildfires [11][44] - Management expressed confidence in achieving the extended EPS growth targets and maintaining a strong balance sheet without equity needs through 2030 [20] Other Important Information - Edison International announced enhancements to the Wildfire Recovery Compensation Program, providing stronger support for displaced renters and increasing coverage for legal expenses [8][64] - The company is collaborating with the L.A. District Attorney's office regarding the investigation into the Eaton Fire, maintaining confidence in its operational prudence [76][78] Q&A Session Summary Question: Inquiry about Eaton losses and total liability visibility - Management indicated that over 2,300 claims have been submitted under the Wildfire Recovery Compensation Program, with no current estimate for total liability due to the complexity of claims [26][28] Question: Clarification on EPS growth and financing considerations - Management explained that muted growth in 2026 is due to fewer regulatory decisions and variances in asset mix, but expects to be at the high end of the growth range in subsequent years [35][36] Question: Updates on the AMI 2.0 application and capital plan - The AMI 2.0 application is expected to be filed in the coming months, with a decision anticipated in about 18 months, and the total request is projected to be around $3 billion [42] Question: Comments on SB 254 processes and legislative updates - Management noted robust participation from stakeholders in the SB 254 process and emphasized the need for a predictable framework to support capital access and affordability [44][47] Question: Details on the L.A. District Attorney's investigation - Management confirmed collaboration with the attorney's office and expressed confidence in demonstrating that SCE's actions were consistent with those of a reasonable utility operator [76][78]

Financial Data and Key Metrics Changes - Edison International reported a core earnings per share (EPS) of $6.55 for 2025, exceeding guidance and marking a successful delivery of the long-term core EPS growth target established in 2021 [4][14] - The fourth quarter core EPS was $1.86, with the full-year 2025 core EPS exceeding the high end of the guidance range [14][15] - The company faced headwinds such as record inflation and rising interest rates but still managed to deliver on commitments [15] Business Line Data and Key Metrics Changes - SCE has installed over 7,000 miles of covered conductor in high fire risk areas, representing over 90% of its planned grid hardening effort [5][6] - A 2.3% rate decrease for residential customers and a 5.3% decrease for small and medium-sized business customers were announced, starting from a position of having the lowest system average rate among California's major investor-owned utilities [6][7] Market Data and Key Metrics Changes - The company is actively engaging with policymakers to reinforce the value of a stable regulatory framework, which is crucial for long-term investment and customer protection [8][11] - Edison International's capital plan for 2026 through 2030 is projected to be between $38 billion and $41 billion, focusing on load growth-driven programs and wildfire mitigation [17][18] Company Strategy and Development Direction - The company is committed to enhancing safety, reliability, and affordability while maintaining a strong investment-grade balance sheet [7][12] - Edison International is extending its core EPS growth target to 2030, with a long-term growth rate target of 5%-7% [12][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the multi-year financial outlook, reaffirming guidance for 2028 and extending the EPS growth target through 2030 [12][20] - The upcoming legislative session is seen as pivotal for shaping California's energy and resiliency policy, with a focus on mitigating catastrophic wildfires [11][43] Other Important Information - The company has committed $2 million to the Pasadena Community Foundation to support community members affected by the Eaton Fire [10] - Edison International is working on a Woolsey securitization application to securitize about $2 billion in costs associated with the Woolsey settlement agreement [21] Q&A Session Summary Question: Update on Eaton losses and total liability estimates - Management indicated that over 2,300 claims have been submitted under the Wildfire Recovery Compensation Program, with no current estimate for total losses due to the complexity of the claims process [26][28] Question: Clarification on 5%-7% EPS growth range - Management confirmed that muted growth in 2026 is due to fewer regulatory decisions and other variances, but expects to be at the high end of the growth range in 2027 [34][35] Question: Timing of AMI 2.0 application and capital plan - The AMI 2.0 application is expected to be filed in the coming months, with a decision anticipated in about 18 months, and the total request will be around $3 billion [41] Question: LA District Attorney's investigation - Management stated that they are collaborating with the attorney's office and remain confident in SCE's actions being consistent with those of a reasonable utility operator [75][76]

Financial Data and Key Metrics Changes - Edison International reported a core earnings per share (EPS) of $6.55 for full-year 2025, exceeding guidance and marking a successful delivery of the long-term core EPS growth target established in 2021 [5][16] - The fourth quarter core EPS was $1.86, with the full-year 2025 core EPS reflecting disciplined execution and cost management despite challenges such as inflation and rising interest rates [16][17] Business Line Data and Key Metrics Changes - Southern California Edison (SCE) has installed over 7,000 miles of covered conductor in high fire risk areas, achieving over 90% of its planned grid hardening effort [6][7] - SCE announced a 2.3% rate decrease for residential customers and a 5.3% decrease for small and medium-sized business customers, maintaining the lowest system average rate among California's major investor-owned utilities [7][8] Market Data and Key Metrics Changes - The company is focused on maintaining a stable regulatory environment to support long-term investments and protect customers from higher costs, with credit rating agencies evaluating California-specific risk factors [9][10] - The projected rate base growth is approximately 7% from 2025 to 2030, driven by essential investments in infrastructure and wildfire mitigation [20][22] Company Strategy and Development Direction - Edison International is committed to enhancing safety, reliability, and affordability while engaging with policymakers to reinforce a stable regulatory framework [10][12] - The company is extending its core EPS growth target to 2030, with a long-term growth rate target of 5%-7% and an attractive dividend yield of approximately 5% [14][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the multi-year financial outlook, reaffirming guidance for 2028 and extending the EPS growth target through 2030 [17][22] - The upcoming legislative session is seen as pivotal for shaping California's energy and resiliency policy, with a focus on mitigating catastrophic wildfires [13][47] Other Important Information - Edison International is actively addressing wildfire-related claims, with over 2,300 claims submitted under the Wildfire Recovery Compensation Program [10][29] - The company is donating $2 million to support community members affected by the Eaton Fire, demonstrating its commitment to community recovery [12] Q&A Session Summary Question: Inquiry about Eaton losses and total liability visibility - Management indicated that over 2,300 claims have been submitted, with the total potential claims expected to be much higher, making it difficult to estimate total losses at this time [29][30] Question: Clarification on EPS growth and financing considerations - Management explained that muted growth in 2026 is due to fewer regulatory decisions and asset mix differences, but they expect growth to be at the high end of the 5%-7% range in 2027 [37][38] Question: Updates on the AMI 2.0 application and capital plan - The AMI 2.0 application is expected to be filed in the coming months, with a decision anticipated in about 18 months, and the total request will exceed $3 billion [45][46] Question: Discussion on the LA District Attorney's investigation - Management expressed confidence in SCE's actions being consistent with those of a reasonable utility operator and indicated ongoing collaboration with the attorney's office [79][80]

FOURTH-QUARTER 2025 FINANCIAL RESULTS FEBRUARY 18, 2026 Forward-Looking Statements Statements contained in this presentation about future performance, including, without limitation, operating results, capital expenditures, rate base growth, dividend policy, financial outlook, and other statements that are not purely historical, are forward-looking statements. These forward-looking statements reflect our current expectations; however, such statements involve risks and uncertainties. Actual results could diff ...

Group 1: Pool Corp - Pool Corp is a robust company with a significant portion of its revenue, 62%, coming from pool maintenance, indicating a strong business model beyond new construction [2] - The company is currently 50% off its all-time high, presenting a buying opportunity despite challenges in the housing market [3] Group 2: Occidental Petroleum - Occidental Petroleum is positioned well due to geopolitical tensions in the Middle East and Venezuela, which are expected to support energy prices over the next two years [3] - The company has diversified operations beyond crude oil, including gas and chemicals, which provides resilience against market fluctuations [3] Group 3: Intuit - Intuit has seen a significant decline, down 50% from its all-time high, but is considered oversold and strategically positioned with partnerships in AI [3] - The company offers a suite of products, including QuickBooks and TurboTax, which are expected to benefit from AI integration [3] Group 4: Duke Energy - Duke Energy is forecasted to meet increasing power demands, with a projected 1.5% growth in gigawatts needed from new data centers [3] - The company has the highest integrated capital expenditure spending in the US regulated energy sector, positioning it well for future growth [3] Group 5: MicroStrategy - MicroStrategy is currently viewed as a sell, being 77% off its all-time high, with concerns about Bitcoin's potential decline through mid-2027 due to yield curve dynamics [3][4] - The company is associated with Bitcoin and blockchain but faces challenges in proving its value as a long-term asset during economic downturns [4][5] Group 6: Bitcoin as Digital Gold - Bitcoin's performance has diverged from gold, raising questions about its status as "digital gold" and its reliability during recessions [4][5] - The regulatory environment surrounding cryptocurrency remains unclear, which adds to the speculative nature of Bitcoin investments [5][6]

FirstEnergy declared quarterly dividends totaling $1.78 per share , a 5% increase from 2024, which Tierney described as consistent with a plan to provide “a solid dividend yield and an attractive total shareholder return.”Tierney said the company deployed $5.6 billion in “customer-focused” capital investments in 2025, nearly 25% higher than the prior year and about 12% above the original plan. He also said distribution reliability metrics improved 10% across the system versus 2024, including “significant” y ...

Core Insights - FirstEnergy reported $3.8 billion in revenue for Q4 2025, a 19.6% year-over-year increase, and an EPS of $0.53, down from $0.67 a year ago [1] - The revenue exceeded the Zacks Consensus Estimate of $3.25 billion by 16.94%, while the EPS surpassed the consensus estimate of $0.52 by 1.92% [1] Financial Performance - Total Electric Distribution Deliveries were 36,057 MWh, exceeding the average estimate of 34,611.42 MWh [4] - Integrated revenues reached $1.42 billion, surpassing the average estimate of $1.18 billion [4] - External Revenues for FirstEnergy Consolidated were $3.8 billion, compared to the average estimate of $3.19 billion, reflecting a 19.6% year-over-year change [4] - Stand-Alone Transmission revenues were $470 million, slightly above the estimated $461.72 million [4] - External Revenues from Distribution amounted to $1.91 billion, exceeding the average estimate of $1.62 billion, with a year-over-year increase of 17.5% [4] - Distribution revenues were reported at $1.92 billion, compared to the average estimate of $1.63 billion [4] Stock Performance - FirstEnergy shares returned +4.4% over the past month, while the Zacks S&P 500 composite declined by -1.3% [3] - The stock holds a Zacks Rank 2 (Buy), indicating potential outperformance against the broader market in the near term [3]

Core Viewpoint - Investors are increasingly seeking growth stocks that demonstrate above-average growth potential, with Portland General Electric (POR) identified as a strong candidate due to its favorable growth metrics and Zacks Rank [2][11]. Earnings Growth - Earnings growth is a critical factor for growth investors, with double-digit growth being particularly attractive. Portland General Electric's projected EPS growth for this year is 10.5%, significantly higher than the industry average of 6.7% [4][5]. Asset Utilization Ratio - The asset utilization ratio, or sales-to-total-assets (S/TA) ratio, is an important indicator of efficiency in generating sales. Portland General Electric has an S/TA ratio of 0.28, outperforming the industry average of 0.22. Additionally, the company's sales are expected to grow by 5.4%, compared to the industry average of 4.1% [6][7]. Earnings Estimate Revisions - Positive trends in earnings estimate revisions can indicate potential stock price movements. Portland General Electric has seen a 1.3% increase in current-year earnings estimates over the past month, suggesting favorable market sentiment [8][9]. Overall Assessment - Portland General Electric has achieved a Growth Score of B and a Zacks Rank of 2, indicating it is a solid choice for growth investors and has the potential to outperform the market [11].

Core Viewpoint - The company delivered 2025 earnings in the top half of guidance, driven by robust weather-normalized load growth of approximately 7% and capital investment recovery [1] Group 1: Financial Performance - The company achieved a 6% EPS compound annual growth rate over the last ten years, strengthening its pure-play electric utility profile [1] - The company successfully executed a well-subscribed equity offering and secured financing to support approximately $1 billion in incremental capital expenditures through 2030 [1] Group 2: Strategic Initiatives - The sustained momentum is attributed to a 'North Star' strategy of maintaining some of the lowest electricity rates in the nation to attract industrial investment and job growth [1] - The company advanced the generation transition by cutting the ribbon on new combustion turbines at Tinker Air Force Base, marking the start of a 1.3 gigawatt build-out through 2030 [1] Group 3: Operational Efficiency - The company maintained strict cost discipline with O&M per growth averaging less than 1% over the last decade despite significant infrastructure expansion [1]