Powering Arizona's Future Forward Looking Statements Fourth-Quarter and Full-Year 2025 Financial Results February 25, 2026 This presentation contains forward-looking statements based on current expectations, including statements regarding our earnings guidance and financial outlook and goals. These forward-looking statements are often identified by words such as "estimate," "predict," "may," "believe," "plan," "expect," "require," "intend," "assume," "project," "anticipate," "goal," "seek," "strategy," "lik ...

Company Overview - Ameren Corporation is a utility company based in St. Louis, MO, incorporated in December 1997, generating and distributing electricity and natural gas to nearly 2.5 million electric and over 900,000 natural gas customers in Missouri and Illinois [11] - The company operates through four business segments: Ameren Missouri, Ameren Illinois Electric Distribution, Ameren Illinois Natural Gas, and Ameren Transmission [11] Investment Ratings - Ameren (AEE) holds a Zacks Rank of 3 (Hold) with a VGM Score of B, indicating a moderate investment outlook [12] - The stock has a Momentum Style Score of A, reflecting strong recent performance with shares up 7% over the past four weeks [12] Earnings Estimates - One analyst has revised their earnings estimate higher for fiscal 2026, with the Zacks Consensus Estimate increasing to $5.36 per share [12] - Ameren has an average earnings surprise of +1.2%, suggesting a history of exceeding earnings expectations [12] Investment Consideration - With a solid Zacks Rank and top-tier Momentum and VGM Style Scores, Ameren should be considered for investors' short lists [13]

Heather Rosentrater President and Chief Executive Officer Q4 2025 Earnings February 25, 2026 Call Participants 2 Kevin Christie Senior VP, Chief Financial Officer, Treasurer, and Regulatory Affairs Officer Forward-Looking Statements This presentation contains forward-looking statements, including statements regarding our current expectations for future financial performance and cash flows, capital expenditures, financing plans, our current plans or objectives for future operations and other factors that may ...

Core Viewpoint - The AES Corporation is expected to report strong fourth-quarter 2025 results, with earnings projected to grow by 14.81% year-over-year and revenues by 17.83% [1][6]. Earnings Estimates - The Zacks Consensus Estimate for Q4 2025 earnings is 62 cents per share, with a revenue estimate of $3.49 billion [1][2]. - Year-over-year growth estimates for earnings and revenues are 14.81% and 17.83%, respectively [1][6]. Earnings Surprise History - AES has a mixed earnings surprise history, beating estimates in two of the last four quarters, with an average surprise of 14.68% [3][4]. Factors Influencing Performance - Strategic investments in infrastructure modernization and grid resilience are expected to enhance operational efficiency and reliability [9]. - Increased electricity demand from data centers, driven by AI workloads, is anticipated to support quarterly earnings [10]. - Favorable rate outcomes and new projects contributing revenue are also expected to positively impact performance [10]. Stock Performance - AES shares have increased by 17.7% over the past three months, outperforming the industry growth of 3.2% [12]. - The company is currently trading at a discount compared to its industry on a forward P/E basis [13]. Return on Equity - AES has a trailing 12-month return on equity of 18.83%, which is higher than the industry average of 10.7% [14]. Investment Thesis - The company is strategically investing in clean energy solutions, positioning itself for long-term growth opportunities [17]. - AES is benefiting from the growing demand from data centers, securing long-term contracts through renewable energy projects [18]. - The decline in wholesale electricity prices due to increased renewable penetration may pose challenges to financial performance [19]. Conclusion - AES is leading the utility industry's transition to clean energy, focusing on sustainable growth and innovation [20]. Given its earnings growth projection, strong ROE, and discounted valuation, it may be an attractive option for new investors [20].

Company Overview - NextEra Energy, Inc. (NEE) has a market cap of $199.4 billion and is a leading North American energy company that generates, stores, transmits, and sells electricity through its Florida Power & Light (FPL) and NextEra Energy Resources (NEER) segments, serving approximately 12 million people in Florida with nearly 36,000 megawatts of net generating capacity [1] Market Position - NEE is classified as a "large-cap" stock, with a diverse energy portfolio that includes wind, solar, nuclear, natural gas, and battery storage assets, along with extensive transmission and distribution infrastructure across the U.S. and Canada [2] Stock Performance - Shares of NEE have seen a marginal decline from its 52-week high of $95.83, but the stock has increased by 13.6% over the past three months, outperforming the Nasdaq Composite's slight decline during the same period [3] - Over the past 52 weeks, NEE shares have risen by 35.1%, compared to the Nasdaq's 18.6% return, and the stock is up 19.2% year-to-date, while the Nasdaq has decreased by 1.6% [6] Financial Results - On January 27, NEE reported strong full-year 2025 results, with adjusted EPS of $3.71, an 8.2% year-over-year increase, exceeding prior guidance. The company also achieved record growth at NEER, adding 13.5 GW of new generation and storage to its backlog, which now totals approximately 30 GW [7] - Management has maintained an outlook for an adjusted EPS CAGR of over 8% through 2032, targeting similar growth through 2035, and projecting 2026 adjusted EPS of $3.92 - $4.02 [8] Analyst Sentiment - Analysts have a consensus rating of "Moderate Buy" for NEE, with 23 analysts covering the stock. Currently, the stock is trading above the mean price target of $92.24 [9]

Core Insights - Constellation Energy (CEG) has experienced a 17% decline year-to-date, trading at $293, with retail investor sentiment dropping from 54.7 to 41.1, indicating a shift from bullish to neutral caution [1] - The company completed its acquisition of Calpine, making it the largest electricity producer in the U.S. with 55 GW of capacity serving 2.5 million customers [1] - Despite recent challenges, including missed earnings estimates and regulatory setbacks, analyst support remains strong with a consensus "Buy" rating and a price target of $403, approximately 38% above current levels [1] Financial Performance - Constellation's Q3 2025 earnings missed revenue estimates at $6.57 billion (vs. $6.63 billion) and EPS at $3.04 (vs. $3.13), leading management to narrow full-year guidance to $9.05 to $9.45 per share [1] - The stock currently trades at a 30x P/E ratio compared to the industry average of 19x, indicating a premium valuation despite recent performance issues [1] Market Sentiment - Retail investor sentiment has shifted significantly, with discussions on platforms like Reddit moving from bullish to mixed, reflecting uncertainty about the company's future prospects [1] - Insider activity shows CEO Joe Dominguez purchased 191,817 shares but also sold 176,097 shares on the same day, suggesting a complex view on the stock's future [1] Strategic Developments - The acquisition of Calpine and a new 380 MW data center agreement with CyrusOne in Texas have bolstered Constellation's commitments to over 1,100 MW, positioning the company favorably in the energy sector [1] - The upcoming Q4 2025 results will be critical in determining whether investor sentiment stabilizes or declines further, as the integration of Calpine begins [1]

Summary of Conference Call on Power Industry Industry Overview - The conference focused on the power industry, particularly the electricity market in China, and its outlook for 2026 and beyond [1][2][3]. Key Points and Arguments 1. **Market Sentiment and Outlook**: - The overall sentiment in the market is bullish, with expectations that the power industry will enter a strong performance window starting from February into the second quarter of the year [1]. - The configuration value of the power industry is becoming more prominent, with increasing interest from investors [1]. 2. **Investment Recommendations**: - For short-term investments, sectors such as green energy and nuclear power are recommended as good options [1]. - For long-term investments, both thermal power and green energy are highlighted as sectors to focus on [2]. 3. **National Unified Electricity Market**: - A high-level implementation opinion was released, aiming to establish a unified national electricity market by around 2031, with a target of 70% market-based trading volume [2]. - The document emphasizes the importance of marketization and the integration of renewable energy sources into the market [3]. 4. **Marketization Concerns**: - There is a misconception among investors that marketization will lead to price reductions for downstream consumers, causing reluctance towards increased marketization [3]. - Currently, 64% of the electricity market is already market-based, and the integration of renewable energy sources is expected to help achieve the 70% target by 2030 [3]. 5. **Green Certificate System**: - The establishment of a green certificate system is crucial for promoting green energy consumption and is expected to alleviate the oversupply pressure on green certificates [4][5]. - The green certificate prices are anticipated to stabilize and potentially increase, benefiting green energy projects [5]. 6. **Investment Opportunities in Hydropower and Nuclear Power**: - Hydropower is seen as a stable and clean energy source, with significant investment potential due to its low cost and reliability [7][8]. - Nuclear power is expected to play a critical role in energy security and is likely to see increased investment, especially in the context of new infrastructure projects [24][25]. 7. **Market Dynamics and Price Trends**: - The electricity price dynamics are influenced by coal prices, with potential downward pressure on thermal power prices in the short term [13][14]. - However, long-term trends suggest that stable and clean energy sources like hydropower and nuclear power will benefit from marketization [8][9]. 8. **Sector-Specific Insights**: - For thermal power, companies with stable dividend policies and less exposure to price fluctuations are recommended [14]. - In the hydropower sector, companies like Changjiang Electric Power and Guotou Power are highlighted for their attractive dividend yields [16][17]. 9. **Nuclear Power Sector**: - The nuclear power sector is expected to see a rise in investment due to its strategic importance and the anticipated approval of new projects [25][26]. - The uranium market is also projected to experience price increases, driven by demand from nuclear power generation [27]. 10. **Future Outlook**: - The conference concluded with a positive outlook for the power industry, emphasizing the importance of policy support and market dynamics in shaping future investment opportunities [30][31]. Additional Important Content - The call highlighted the need for ongoing monitoring of market conditions and policy developments to identify investment opportunities [31]. - The discussion included insights into the potential for electricity futures markets to enhance price stability and risk management for power producers [12]. This summary encapsulates the key insights and recommendations from the conference call regarding the power industry, focusing on market trends, investment opportunities, and policy implications.

Core Viewpoint - Pinnacle West Capital Corporation is experiencing a modest upward trend in analyst price targets, indicating increased confidence in its stock performance despite some concerns regarding earnings potential [2][3][6]. Group 1: Company Overview - Pinnacle West Capital Corporation operates primarily in Arizona through its subsidiary, Arizona Public Service Company, providing electricity generation, transmission, and distribution [1]. - The company serves approximately 1.3 million customers and utilizes a diverse energy mix, including coal, nuclear, gas, oil, and solar [1]. Group 2: Price Target and Analyst Ratings - The average price target for Pinnacle West's stock has increased from $93.33 last quarter to $96 last month, showing a positive trend [2]. - A year ago, the price target was $94.89, indicating a gradual increase in analyst confidence over time [2]. - Credit Suisse has set a lower price target of $73, reflecting concerns about the company's ability to meet earnings expectations [3][6]. - Pinnacle West has received a Zacks Rank 2 (Buy) upgrade, suggesting optimism about its earnings potential [4][6]. Group 3: Market Insights - Changes in consensus price targets and analyst ratings provide valuable insights into market perceptions of Pinnacle West's future prospects [5]. - Recent company news and earnings reports are crucial for understanding the factors influencing these targets and expectations [5].

Core Viewpoint - Emera Inc. has demonstrated strong financial performance in 2025, leading to a positive outlook from TD Securities, which maintains a "Buy" rating and raises the price target for the stock. Group 1: Financial Performance - Emera reported its strongest year ever in 2025, driven by record capital deployment and robust performance at Tampa Electric [2][5] - The company safely deployed a record CAD 3.6 billion in capital in 2025, resulting in approximately 8% growth in the rate base compared to 2024 [3] - Emera achieved over CAD 1 billion in annual adjusted net income for the first time, with an adjusted EPS of CAD 3.49, marking a 19% year-over-year increase [3] Group 2: Market Position and Stock Performance - Emera competes with other energy firms like Fortis Inc. and Hydro One, and has a market capitalization of approximately CAD 15.26 billion [1][4] - Despite a slight decrease in stock price to $50.57, the company has seen a high of $52.15 and a low of $39.19 over the past year [4] - TD Securities has raised the price target for Emera from C$74 to C$75, reflecting confidence in the company's growth momentum entering 2026 [5]

Core Insights - Endesa, S.A. is a leading utility company in Spain, involved in electric power and natural gas generation, distribution, and retail, serving millions of customers in Spain and Portugal as a subsidiary of the Enel Group [1] Financial Performance - Endesa reported earnings per share (EPS) of $0.70, below the expected $0.80, with actual revenue of approximately $5.56 billion, missing the estimated $6.38 billion [2][6] - The company's Q4 2025 earnings call highlighted plans to invest 10.6 billion euros ($12.5 billion) over the next three years, focusing on building and upgrading power networks to enhance infrastructure and efficiency [3][6] Market Position - Endesa's stock opened at $35.45, with a 52-week range between $22.43 and $38.37, indicating a stable market presence and reflecting investor confidence despite the earnings miss [4][6] - The company has a price-to-earnings (P/E) ratio of approximately 16.10, a price-to-sales ratio of about 1.67, and an enterprise value to sales ratio of around 2.17, suggesting a balanced valuation [5] - Endesa's debt-to-equity ratio is approximately 1.24, and the current ratio is 0.93, indicating a moderate level of financial leverage and liquidity [5]