Focused on Our Future 4Q 2025 Strategic & Financial Highlights Published February 17, 2026 Forward-Looking Statements Forward-Looking Statements: This presentation includes forward-looking statements based on information currently available to management and unless the context requires otherwise, references to "we," "us," "our" and "FirstEnergy" refers to FirstEnergy Corp. and its subsidiaries. Such statements are subject to certain risks and uncertainties and readers are cautioned not to place undue relian ...

Core Insights - The company delivered a 2025 core EPS of $2.55, achieving the top of the guidance range due to new base rates, formula rate investments, and a 3% increase in residential demand [1] - A $36 billion five-year capital program was launched, representing a 30% increase over the previous plan, aimed at driving a 10% rate base CAGR through 2030 [1] - The company prioritized transmission infrastructure, allocating $19 billion to address aging assets, with 70% of lines expected to reach end-of-life within a decade [1] - A credit rating upgrade to BBB was achieved at S&P following positive regulatory outcomes in Ohio and an improved financial foundation [1] - The company maintained strict cost discipline, achieving over $200 million in baseline O&M savings since 2022 to mitigate the impact of capital investments on customer bills [1] - A 10% improvement in distribution reliability metrics was leveraged, particularly in New Jersey and Pennsylvania, validating the effectiveness of commission-approved investment programs [1]

Core Insights - Vistra Corp. (VST) is a leading U.S. integrated retail electricity and power-generation company with a market cap of $58.1 billion, headquartered in Irving, Texas [1] Stock Performance - Over the past 52 weeks, VST shares have underperformed the broader market, rising only 3.6% compared to the S&P 500 Index's 11.9% increase [2] - Year-to-date, VST shares are up 7.7%, outperforming the S&P 500 Index, which has seen a marginal decline [2] Sector Comparison - VST shares have also underperformed the State Street Utilities Select Sector SPDR Fund (XLU), which has risen 17.3% over the past 52 weeks [3] Recent Developments - On January 16, VST shares fell more than 7% due to a broader decline in power-generation stocks following reports of President Trump's push for an emergency wholesale electricity auction [5] Earnings Forecast - For FY2025, analysts expect VST's EPS to decline 25% year-over-year to $5.25, with a mixed earnings surprise history [6] - Among 18 analysts covering the stock, the consensus rating is a "Strong Buy," with 17 "Strong Buy" ratings and one "Hold" [6] Analyst Upgrades - On February 10, Jefferies analyst upgraded VST to "Buy" from "Hold" and raised the price target to $203 from $191, citing a more attractive risk-reward after a 25% decline since September [8]

Core Insights - OGE Energy Corp. reported earnings of $2.32 per diluted share for the year 2025, an increase from $2.19 per diluted share in 2024 [1] - Oklahoma Gas and Electric Company (OG&E), a subsidiary of OGE Energy, contributed earnings of $2.47 per diluted share in 2025, up from $2.33 per diluted share in 2024 [1] Financial Performance - The overall earnings per diluted share for OGE Energy Corp. increased by 5.93% from 2024 to 2025 [1] - OG&E's earnings per diluted share saw a growth of 6.00% from 2024 to 2025 [1]

This story was originally published on Utility Dive. To receive daily news and insights, subscribe to our free daily Utility Dive newsletter. Portland General Electric is in a $1.9 billion deal with a partner to buy PacifiCorp’s utility operations in Washington, the companies said Tuesday. PGE, the largest utility in Oregon, expects the transaction will increase its customer base by 15%, to about 1.1 million customers, and its 2026 rate base by 18%, to $9 billion, according to a company presentation. Pacif ...

Core Insights - FirstEnergy announced a capital investment plan of $36 billion through 2030, indicating a strong commitment to infrastructure and growth in the utility sector [1] - The company reported a 4.3% increase in full-year profit, attributed to higher electricity rates, reflecting positive financial performance [1] Investment Plan - The capital investment plan of $36 billion is set to be executed by 2030, showcasing FirstEnergy's long-term strategy for development and modernization [1] Financial Performance - FirstEnergy's full-year profit rose by 4.3%, driven by increased electricity rates, which suggests a favorable market environment for utility companies [1]

Core Insights - The company achieved 2025 earnings above the high end of guidance, driven by favorable weather, base rate implementation, and disciplined cost management across utility segments [1] - The company delivered the best all-weather reliability performance in nearly 20 years, reducing average outage duration by nearly 90% compared to 2023 through a focused four-point infrastructure plan [1] - A landmark 1.4 gigawatt data center agreement with Oracle is expected to provide $300 million in annual affordability benefits for existing customers once fully ramped [1] - The company advanced the cleaner energy transition by placing 330 megawatts of solar in service and progressing toward a 1,300-megawatt natural gas peaking resource conversion at Belle River [1] - Customer affordability was maintained with residential bill growth limited to 3% since 2021, significantly below the national average of 24% [1] - A strategic shift continues toward 'doubling down' on regulated utility investments while holding the DTE Vantage competitive segment essentially flat to prioritize capital allocation [1]

Pope said the acquisition is forecast to be accretive in the first year and supports long-term EPS and dividend growth expectations of 5% to 7%. She added that PGE expects to be “squarely above the midpoint” of that long-term range, citing factors including financing plans, cost management and integration opportunities.The company said it is partnering with Manulife Investment Management and its affiliate John Hancock, which will hold a 49% minority stake in the Washington business, with PGE owning 51% and ...

Core Viewpoint - Evergy, Inc. (EVRG) is expected to report its fourth-quarter 2025 results on February 19, with a consensus estimate for earnings at 57 cents per share, reflecting a year-over-year increase of 62.86% and revenues projected at $1.29 billion, indicating a 2.20% rise from the previous year [1][2]. Group 1: Earnings Expectations - The Zacks Consensus Estimate for earnings is set at 57 cents per share, which represents a significant year-over-year surge of 62.86% [2]. - Revenue expectations are pegged at $1.29 billion, indicating a 2.20% increase compared to the same quarter last year [2]. Group 2: Factors Influencing Earnings - Evergy's earnings are anticipated to benefit from ongoing investments in grid modernization and improvements in service reliability, along with energy efficiency programs and cost-saving initiatives [3]. - The Kansas Central Rate Case approval is expected to positively impact earnings, with updated rates effective from October 1, 2025 [4]. - Economic development in service territories and increased demand for data centers are also likely to contribute to earnings growth [5]. Group 3: Financial Outlook - Despite the positive factors, higher interest expenses are expected to offset some of the gains in the fourth quarter [5]. - The company's Earnings ESP is currently at -6.20%, indicating that the model does not predict an earnings beat for this reporting period [6]. - Evergy holds a Zacks Rank of 4 (Sell), suggesting a less favorable outlook compared to other industry players [7]. Group 4: Industry Comparisons - IDACORP (IDA) and Pinnacle West Capital (PNW) are highlighted as potential outperformers in the same industry, with IDA expected to report an earnings beat and a Zacks Rank of 2 [8][10]. - PNW is also anticipated to report an earnings beat, with a Zacks Rank of 2 and a positive Earnings ESP of +7.94% [10].

Core Insights - Otter Tail Corporation reported a diluted earnings per share (EPS) of $6.55 for 2025, a decline of 9% from 2024, primarily due to a decrease in the plastics segment performance [4][5][8] - The company announced a 10% increase in its dividend to $2.31 per share, marking the 88th consecutive year of uninterrupted dividend payments [3][8] - Management provided guidance for 2026 with an expected EPS range of $5.22 to $5.62, forecasting a 14% growth in electric earnings but a significant decline of approximately 36% in plastics earnings [6][16][19] Rate Cases and Regulatory Updates - In South Dakota, interim rate revenues of $5.7 million became effective on December 1, 2025, and are subject to refund, with a settlement in principle reached with the South Dakota Public Utilities Commission [1] - The Minnesota Public Utilities Commission approved $28.6 million in interim rate revenues effective January 1, 2026, with final rates expected to be implemented by mid-2027 [2][7] Capital Expenditure and Growth Plans - Otter Tail refreshed its five-year capital expenditure plan totaling $1.9 billion, focusing on renewable energy projects and a battery storage facility with a capacity of 75 MW [7][10][18] - The company is advancing key regulatory and capital initiatives, including a wind repowering project expected to increase output by 20% and extend renewable energy tax credits [9][10] Segment Performance and Future Guidance - For 2026, electric segment earnings are expected to increase by over 7%, driven by rate base recovery and higher volumes, while manufacturing earnings are projected to rise by 7% due to improved sales outlook [16][17] - The plastics segment is anticipated to see a 36% decline in earnings as PVC prices are expected to be about 20% lower than in 2025, with normalization not expected until around 2028 [6][19] Financial Health and Balance Sheet - Otter Tail ended 2025 with $386 million in cash and produced a 16% return on equity, indicating a strong balance sheet capable of funding growth plans without external equity through at least 2030 [15] - The company plans to retire $80 million of parent-level debt maturing in 2026 without replacement, leaving no outstanding parent-level debt [18]