HEI 3Q 2025 Financial Results November 7, 2025 Non-GAAP Financial Information See Appendix for definition of Core Earnings and Core EPS. 2 Continued Progress on Key Strategic Goals Advancing Our Strategy and Laying the Foundation for Sustainable Growth Continuously Improving Utility Safety Profile Moving forward with operational risk profile that's greatly improved since the 2023 Maui wildfires. 2025 - 2027 Wildfire Safety Strategy awaits PUC approval. Tort Litigation Settlement Agreement Progressing as Exp ...

Core Insights - Vistra Corp. reported a revenue of $4.97 billion for the quarter ended September 2025, reflecting a decline of 20.9% year-over-year [1] - The earnings per share (EPS) was $1.75, significantly lower than the $5.25 reported in the same quarter last year [1] - The revenue fell short of the Zacks Consensus Estimate of $7 billion, resulting in a surprise of -28.96% [1] - The company achieved an EPS surprise of +45.83%, with the consensus EPS estimate being $1.20 [1] Performance Metrics - Total retail electricity sales volumes reached 40,062 GWh, exceeding the average estimate of 39,366.82 GWh from two analysts [4] - Adjusted EBITDA for Retail was reported at $37 million, below the average estimate of $106.78 million from two analysts [4] - Adjusted EBITDA for Texas was $784 million, surpassing the average estimate of $730.17 million from two analysts [4] - Adjusted EBITDA for Corporate and Other was -$22 million, better than the average estimate of -$37.41 million from two analysts [4] - Adjusted EBITDA for West was $63 million, exceeding the average estimate of $37.27 million from two analysts [4] - Adjusted EBITDA for East was $719 million, above the average estimate of $634.78 million from two analysts [4] Stock Performance - Vistra's shares have returned -12.1% over the past month, compared to a -0.2% change in the Zacks S&P 500 composite [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 - Constellation Energy Corporation (CEG) has experienced a significant decline after reaching an all-time high above $410 just last month, indicating a cooling off in the AI trade [1] Company Performance - The stock of Constellation Energy Corporation has fallen sharply from its recent peak, reflecting broader market trends and investor sentiment [1] Market Context - The decline in CEG's stock price is part of a larger trend where enthusiasm for AI-related investments has diminished, suggesting a potential shift in market dynamics [1]

Core Insights - The utility sector is experiencing a significant transformation driven by the increasing energy demands of artificial intelligence and related technologies, leading to a surge in investor interest [1][2][3] Industry Overview - The Utilities Select Sector SPDR Fund (NYSE:XLU) has increased by 23.4% year-to-date, outperforming the S&P 500 and approaching technology benchmarks [2] - This growth is not attributed to traditional factors like lower interest rates but rather to the rising energy needs from AI, data centers, and quantum computing [3][5] - U.S. data centers are projected to require 22% more grid power by the end of 2025 compared to 2024, and three times as much by 2030 [5] Company Highlights - **Entergy Corporation (NYSE:ETR)**: Trading at $97 per share, up 26.2% year-to-date, with plans to invest $41 billion into operations through 2029 and a long-term earnings growth forecast of 10.2% [11] - **Constellation Energy Corporation (NASDAQ:CEG)**: Trading at $331 per share, up 57% year-to-date, with several data center contracts signed at above-market prices, indicating strong growth potential [12][13] - **Nextera Energy (NYSE:NEE)**: Trading at $81 per share, up 14.3% year-to-date, recognized for its alignment with hyperscalers and a strong focus on renewable energy, offering a dividend yield of over 3% [14][15]

Core Insights - Alliant Energy Corporation (LNT) reported third-quarter 2025 operating earnings of $1.12 per share, missing the Zacks Consensus Estimate of $1.17 by 4.27% and decreasing 2.61% from the previous year's figure of $1.15 [1][7] - Revenues for the quarter totaled $1.21 billion, exceeding the Zacks Consensus Estimate of $1.10 billion by 10% and increasing 12.04% from $1.08 billion in the year-ago quarter [2][7] - The company raised its four-year capital expenditure forecast by 17% to $13.4 billion to meet growing demand, particularly for powering data centers [5][7] Financial Performance - Total operating expenses were $861 million, up 12.1% from $768 million in the year-ago period, driven by increased costs in electric production fuel, purchased power, and maintenance expenses [3] - Operating income reached $349 million, reflecting an 11.5% increase from the previous year [3] - Cash and cash equivalents as of September 30, 2025, amounted to $503 million, a significant increase from $81 million as of December 31, 2024 [6] Customer and Sales Metrics - The number of retail electric and gas customers increased by 0.7% year over year [4] - Total utility electric sales were 9,197 thousand megawatt-hours, up 3.85% from the year-ago quarter [4] - Total utility gas sold and transported was 430,464 thousand dekatherms, reflecting a year-over-year increase of 0.68% [4] Guidance and Future Outlook - Alliant Energy narrowed its 2025 earnings guidance to a range of $3.17-$3.23 per share, with the Zacks Consensus Estimate at $3.22 per share [8] - The company provided a 2026 earnings projection of $3.36-$3.46 per share, indicating a 6.6% increase over 2025 [9] - The annual common stock dividend target for 2026 is set at $2.14 per share, representing a 5.4% increase over 2025 [9]

Financial Data and Key Metrics Changes - The company reported adjusted earnings per share of $1.81 for Q3 2025, an increase of over 11% compared to $1.62 in the previous year, driven by growth in electric utilities [3][12] - The full-year guidance range has been narrowed to $6.25-$6.35, indicating confidence in achieving targeted growth [3][22] Business Line Data and Key Metrics Changes - Electric utilities and infrastructure segment saw an increase of $0.24 per share, attributed to higher retail sales volumes and new rate implementations [12] - Gas utilities and infrastructure results remained largely flat compared to last year, consistent with seasonal trends [12] - The other segment experienced a decline of $0.04, primarily due to increased interest expenses [12] Market Data and Key Metrics Changes - The company is on track to add over 13 gigawatts of capacity in the next five years, with significant investments in new generation driving earnings growth of more than 8.5% through 2030 [4][10] - The updated Carolinas resource plan anticipates annual customer bill impacts of approximately 2% over the next decade, which is below inflation [8] Company Strategy and Development Direction - The company is reaffirming a long-term EPS growth rate of 5-7% through 2029, with confidence in earning in the top half of this range starting in 2028 [4][22] - A new five-year capital plan is projected to be between $95 billion and $105 billion, focusing on modernizing the system and addressing load growth [4][21] - The company is actively pursuing economic development opportunities, having secured approximately 3 gigawatts of signed electric service agreements with data centers in 2025 [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to meet financial and strategic objectives while focusing on operational excellence [10][22] - The company is committed to maintaining affordability for customers, with average rate changes below inflation over the past decade [7] - Management highlighted the importance of nuclear energy in future plans, while also addressing supply chain and cost overrun concerns [44] Other Important Information - The company expects to issue storm securitization bonds in North Carolina and South Carolina, projected to save customers up to 18% compared to traditional recovery methods [19] - The capital plan is expected to generate over $370 billion in economic output and support nearly 170,000 jobs annually [10] Q&A Session Summary Question: Can you speak to the incremental capital you are looking at? - The company indicated that the capital plan will see investments every year, with a focus on large load customers and energy modernization [28][30] Question: What does the advanced pipeline for large load look like? - The company has a large and diverse pipeline of projects, focusing on credible hyperscalers and third-party developers to secure energy service agreements [66] Question: How does the high end of the 5-7% growth range reflect incremental capital? - The top half of the growth range is supported by the $95 billion-$105 billion capital range, not solely dependent on the high end [62] Question: What factors could lead to lower equity funding for capital projects? - Faster recovery investments would require less equity, while slower recovery projects would necessitate more equity support [75]

Financial Data and Key Metrics Changes - The company reported adjusted earnings per share of $1.81 for Q3 2025, an increase of over 11% compared to $1.62 in the previous year, driven by growth in electric utilities [3][11] - The full-year guidance range has been narrowed to $6.25-$6.35, indicating confidence in achieving financial targets [3][21] Business Line Data and Key Metrics Changes - Electric utilities and infrastructure segment saw an increase of $0.24 in earnings per share, attributed to higher retail sales volumes and new rate implementations [11] - Gas utilities and infrastructure results remained largely flat compared to the previous year, consistent with seasonal trends [11] - The other segment experienced a decline of $0.04 primarily due to higher interest expenses [11] Market Data and Key Metrics Changes - The company is on track to add over 13 GW of capacity in the next five years, with significant investments in new generation expected to drive earnings growth of more than 8.5% through 2030 [4][8] - The updated Carolinas resource plan anticipates annual customer bill impacts of approximately 2% over the next decade, which is below the rate of inflation [8] Company Strategy and Development Direction - The company is reaffirming its long-term EPS growth rate of 5%-7% through 2029, with confidence in earning in the top half of this range starting in 2028 [4][21] - A new five-year capital plan is projected to be between $95 billion and $105 billion, focusing on modernizing the system and addressing load growth [4][19] - The company is actively pursuing economic development opportunities, having secured approximately 3 GW of signed electric service agreements with data centers in 2025 [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strong position and momentum heading into 2026, emphasizing the durability of growth plans [10][78] - The focus remains on customer value and affordability, with efforts to keep average rate changes below inflation over the past decade [7][10] Other Important Information - The company has partnered with EY to estimate that its 10-year capital plan will generate over $370 billion in economic output and support nearly 170,000 jobs annually [10] - The company is committed to maintaining a balance sheet that supports a target of 15% FFO to debt over the long term [19] Q&A Session Summary Question: Can you speak to the incremental capital you are looking at? - Management indicated that the capital plan is designed to add capital in every year, with a focus on large load customers and energy modernization [26][27] Question: What does the incremental potential of the $10 billion capital increase comprise? - The increase encompasses investments in transmission, generation for new data centers, and LDC investments [30] Question: How does the high end of the 5%-7% growth range reflect incremental capital? - Management clarified that the top half of the growth range is included within the $95 billion-$105 billion capital range provided [62] Question: What does the pipeline for large load projects look like? - The company has a large and diverse pipeline, focusing on credible hyperscalers and third-party developers to secure energy service agreements [66] Question: What factors would determine the lower end of the equity funding range? - Faster recovery investments would require less equity, while slower recovery investments would necessitate more equity support [74]

Financial Data and Key Metrics Changes - The company reported adjusted earnings per share of $1.81 for Q3 2025, an increase of over 11% compared to $1.62 in the previous year [4][13] - The full-year guidance range has been narrowed to $6.25 to $6.35, reflecting confidence in achieving financial targets [4][15] Business Line Data and Key Metrics Changes - Electric Utilities and Infrastructure segment saw an increase of $0.24 driven by higher retail sales volumes and new rate implementations [13] - Gas Utilities and Infrastructure results remained largely flat compared to the previous year, consistent with seasonal trends [13] - The other segment experienced a decline of $0.04 primarily due to higher interest expenses [13] Market Data and Key Metrics Changes - The company is on track to add over 13 gigawatts of capacity in the next five years, with significant investments in new generation [4][5] - The updated Carolinas resource plan anticipates annual customer bill impacts of approximately 2% over the coming decade, which is below the rate of inflation [8] Company Strategy and Development Direction - The company is focused on an ambitious generation build and modernization strategy, with a five-year capital plan projected between $95 billion and $105 billion [5][23] - The strategy includes leveraging AI and technology to maintain a competitive cost structure while ensuring customer affordability [6][7] - The company aims for a long-term EPS growth rate of 5% to 7% through 2029, with confidence in achieving the top half of this range starting in 2028 [5][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strong fundamentals and the ability to meet growing energy demands [11][12] - The company is actively engaging in economic development, securing significant capital commitments from commercial and industrial customers [19][20] - Management highlighted the importance of maintaining affordability for customers while managing costs effectively [6][7] Other Important Information - The company has a ten-year capital plan that is expected to generate over $370 billion in economic output and support nearly 170,000 jobs annually [11] - The company is committed to maintaining a strong balance sheet with a target of 15% FFO to debt over the long term [22][23] Q&A Session Summary Question: Can you speak to the incremental capital you are looking at? - Management indicated that the capital plan will see investments every year, with a focus on infrastructure to serve large load customers [28][29] Question: What is the role of nuclear in your future plans? - Management emphasized the importance of nuclear energy, highlighting the need to resolve cost overrun protections before moving forward with new projects [40][42] Question: How does the high end of the EPS growth range reflect incremental capital? - Management confirmed that the top half of the growth range is supported by the capital plan, which includes significant investments [63] Question: What is the pipeline for large load projects? - Management stated that there is a large and diverse pipeline of projects, focusing on credible hyperscalers and third-party developers [66] Question: What factors determine the equity funding range for capital projects? - Management explained that faster recovery investments would require less equity, while slower recovery projects would necessitate more equity funding [72][73]

Financial Data and Key Metrics Changes - Adjusted earnings per share for Q3 2025 was $1.81, up from $1.62 in the previous year, representing over 11% growth [3][11] - The company narrowed its full-year guidance range to $6.25-$6.35 [3][20] - Long-term EPS growth rate is reaffirmed at 5-7% through 2029, with confidence to earn in the top half of the range beginning in 2028 [4][20] Business Line Data and Key Metrics Changes - Electric utilities and infrastructure segment increased by $0.24, driven by higher retail sales volumes and new rates [11] - Gas utilities and infrastructure results remained largely flat compared to last year [11] - The other segment decreased by $0.04, primarily due to higher interest expenses [11] Market Data and Key Metrics Changes - The company expects a new five-year capital plan between $95 billion and $105 billion, marking the largest investment plan in the industry [4][20] - The updated Carolinas resource plan anticipates annual customer bill impacts of approximately 2% over the coming decade, below inflation [7] Company Strategy and Development Direction - The company is focused on an ambitious generation build, adding over 13 gigawatts of capacity in the next five years [3][4] - The strategy includes leveraging AI for cost management and pursuing technology-enabled cost structures [5] - The company aims to solidify its late-stage economic development pipeline, converting prospects into firm projects, with significant commitments from data centers and other commercial customers [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the narrowed EPS guidance range and highlighted strong year-to-date results [12][20] - The company is optimistic about regulatory outcomes and expects continued growth from multi-year rate plans in various states [13][15] - Management emphasized the importance of affordability and customer value, noting that average rate changes have been below inflation over the last decade [5][6] Other Important Information - The company has secured all major permit approvals and contracts for new generation projects, with construction already underway [7][8] - The 10-year capital plan is projected to generate over $370 billion in economic output and support nearly 170,000 jobs annually [9] Q&A Session Summary Question: Can you speak to the incremental capital you are looking at? - Management indicated that the capital plan will see investments every year, with a focus on large load customers and energy modernization [25][29] Question: What does the advanced pipeline for large load look like? - Management confirmed a large and diverse pipeline of projects, focusing on credible hyperscalers and third-party developers [58] Question: How does the high end of the 5-7% growth range reflect incremental capital? - Management clarified that the top half of the growth range is included within the provided capital range and is not dependent on being at the high end [55]

Core Insights - Duke Energy reported $8.54 billion in revenue for Q3 2025, a year-over-year increase of 4.8% and a surprise of +1.48% over the Zacks Consensus Estimate of $8.42 billion [1] - The EPS for the quarter was $1.81, compared to $1.62 a year ago, with a surprise of +4.02% over the consensus estimate of $1.74 [1] Revenue Breakdown - Regulated natural gas operating revenues were $361 million, below the average estimate of $504.2 million, with a year-over-year change of +21.1% [4] - Regulated electric operating revenues reached $8.11 billion, exceeding the $7.5 billion average estimate, reflecting a +4.3% year-over-year change [4] - Nonregulated electric and other revenues were $75 million, below the estimated $82.64 million, showing a -7.4% change compared to the previous year [4] - Gas Utilities and Infrastructure revenues were $394 million, surpassing the average estimate of $357.26 million, with an +18.7% year-over-year change [4] - Electric Utilities and Infrastructure revenues were $8.18 billion, slightly above the estimated $8.12 billion, indicating a +4.2% change year-over-year [4] Stock Performance - Duke Energy's shares returned -0.6% over the past month, compared to the Zacks S&P 500 composite's -0.2% change [3] - The stock currently holds a Zacks Rank 2 (Buy), suggesting potential outperformance against the broader market in the near term [3]