Financial Data and Key Metrics Changes - IDACORP's diluted earnings per share (EPS) increased to $5.90 in 2025 from $5.50 in 2024, marking the 18th consecutive year of EPS growth [3][5] - The company ended 15 cents per share above the midpoint of its original EPS guidance for 2025, which included approximately $40 million in additional tax credit amortization [3][19] - Net income rose by over $34 million compared to 2024, driven by higher operating income from a January rate increase and customer growth [19] Business Line Data and Key Metrics Changes - Idaho Power's customer base grew by 2.3% in 2025, with residential customers increasing by 2.5%, totaling over 660,000 metered customers [6][5] - The company achieved record energy sales to retail customers and maintained high reliability scores [5][6] - Operating income was negatively impacted by milder temperatures, which decreased usage on a per-customer basis by $6.5 million [19] Market Data and Key Metrics Changes - The growth in Idaho Power's service area outperformed national trends, indicating strong regional economic vitality [6] - Significant industrial projects, including Micron's semiconductor facility and Meta's data center, contributed to increased inquiries from energy-intensive customers [7][6] Company Strategy and Development Direction - IDACORP is focused on maintaining affordability for customers while managing significant infrastructure investments [11][25] - The company plans to continue its major infrastructure projects, including the B2H transmission project and the Swift North Transmission Project, with completion expected by 2028 [12][13] - A definitive asset purchase agreement was made to sell its Oregon distribution system, allowing the company to concentrate on Idaho's growing communities [17][18] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing strong cash flows and the potential for significant earnings growth driven by large load revenues [32][35] - The company anticipates a range of $6.25-$6.45 for diluted EPS in 2026, reflecting an 8% growth rate over 2025 [34][35] - Management noted that while there are inflationary pressures, the culture of careful spending remains intact to ensure customer affordability [35] Other Important Information - The company expects to spend between $1.3 billion and $1.5 billion on capital expenditures in 2026, with a five-year CapEx forecast of around $7 billion [23][36] - The rate base is projected to grow significantly, potentially reaching over $11 billion by 2030, indicating robust growth in the company's infrastructure [26] Q&A Session Summary Question: Update on customer and load pipeline - Management noted strong inquiries from diverse industries, including data centers and manufacturing, with several customers moving into construction studies [40][41][42] Question: Equity needs and funding split for incremental CapEx - The company indicated that incremental CapEx would likely be financed on a 50/50 debt-equity basis, with large load customers contributing to cash flows [44][46][47] Question: Size of investment opportunity for Micron Fab 2 - Management stated that they are still working with Micron to determine the size of the investment opportunity and will provide updates as more information becomes available [52][53] Question: FFO to debt ratio and credit rating outlook - The company reported an FFO to debt ratio of approximately 14.3% at the end of 2025 and expressed optimism about improving this ratio with large load revenues [55][56][57] Question: Standardized large load tariff - Management confirmed that there are currently no plans to move towards a standardized large load tariff, as each customer has unique needs [65][66] Question: Hydropower forecast and current conditions - Management indicated that hydrological conditions are normal, with optimism for the upcoming irrigation season despite fluctuations in snowpack levels [80][81]

Core Viewpoint - Consolidated Edison, Inc. reported a strong financial performance for 2025, with net income increasing to $2,023 million or $5.66 per share, up from $1,820 million or $5.26 per share in 2024, reflecting the resilience of its regulated businesses and strategic investments [1][2]. Financial Performance - For 2025, adjusted earnings were $2,038 million or $5.70 per share, compared to $1,868 million or $5.40 per share in 2024, excluding certain impairment losses and transaction costs [1][2]. - In Q4 2025, net income was $297 million or $0.82 per share, down from $310 million or $0.90 per share in Q4 2024, while adjusted earnings were $320 million or $0.89 per share, compared to $340 million or $0.98 per share in the same period [1][2]. Strategic Investments and Future Outlook - The company plans to invest $6,595 million in 2026 and $6,759 million in 2027, with a total of $24,339 million expected from 2028 to 2030, funded through internal resources and long-term debt issuance [1][2]. - Con Edison anticipates a compounded annual growth rate of 6% to 7% for adjusted earnings per share over the next five years, with 2026 adjusted EPS guidance set between $6.00 and $6.20 [1][2]. Operational Highlights - The company emphasized the importance of maintaining cost discipline while investing in critical projects to support the clean energy transition and regional growth [1][2]. - Con Edison has increased its dividend for the 52nd consecutive year, reflecting its commitment to delivering value to shareholders [1][2]. Revenue and Expenses - Total operating revenues for 2025 were $16,918 million, up from $15,256 million in 2024, driven by higher electric and gas sales [3][4]. - Operating expenses increased to $13,987 million in 2025 from $12,524 million in 2024, primarily due to higher costs in purchased power and maintenance [3][4].

Management is pivoting to a high-growth phase, raising long-term EPS targets to 6% to 8% plus through 2030, fueled by a 20% increase in total peak system demand from four new data center projects. The 2025 financial performance fell short of guidance due to uncontrollable factors, specifically unfavorable weather patterns and weak industrial demand, which management could not fully offset despite cost mitigation efforts. The newly approved Large Load Power Service (LLPS) tariffs in Kansas and Missouri ...

Forward-Looking Statements This presentation (and oral statements relating to this presentation) contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements, other than statements of historical facts, that express or involve discussions of expectations, beliefs, plans, objectives, outlooks, assumptions, or future events or performance are forward-looking. Forward-looking statements are not guarantees of future performance, involve estimates, ...

2025 Earnings Release Presentation February 19, 2026 Investor Relations Available Information On February 19, 2026, Consolidated Edison, Inc. issued a press release reporting its 2025 earnings and filed with the Securities and Exchange Commission the company's 2025 Form 10-K. This presentation should be read together with, and is qualified in its entirety by reference to, the earnings press release and the Form 10-K. Copies of the earnings press release and the Form 10-K are available at: www.conedison.com/ ...

Core Insights - American States Water reported a productive year in 2025 with significant earnings growth and infrastructure investments, alongside positive regulatory outcomes [3][4][6] Financial Performance - The company achieved earnings of $3.37 per share in 2025, an increase of $0.33 on an adjusted basis compared to 2024's adjusted earnings of $3.04 per share [2][6] - For the fourth quarter, consolidated reported earnings were $0.74 per share, slightly down from $0.75 per share in the prior-year quarter [7] - The contracted-services unit (ASUS) contributed $0.61 per share in 2025, with guidance for 2026 earnings projected between $0.63 and $0.67 per share [4][17] Infrastructure Investment - The company invested $210.9 million in infrastructure at its regulated utilities in 2025, with projected capital expenditures for 2026 estimated between $185 million and $225 million [1][6] Revenue and Expense Drivers - Consolidated revenue for the fourth quarter increased by $21.2 million year over year, with water-segment revenues rising by $17.4 million due to new 2025 water rates [9] - Supply costs increased by $10.7 million, primarily due to higher per-unit purchased water costs [10] Regulatory Developments - The California Public Utilities Commission (CPUC) approved a modified revenue adjustment mechanism (MRAM) effective January 1, 2025, and water rate increases effective January 1, 2026, expected to boost operating revenues by approximately $32 million [5][12] - Golden State Water is preparing its next water rate case, expected to be filed by July 1, 2026 [11] Dividend Policy - The company increased its quarterly cash dividend by 8.3% in 2025, marking the 71st consecutive year of annual dividend increases, with a compound annual growth rate of 8.5% over the last five years [19]

Financial Data and Key Metrics Changes - Reported earnings for 2025 were $3.37 per share, an increase of $0.20 per share compared to 2024, or $0.33 per share higher when adjusted [5][17] - Adjusted earnings for 2024 were $3.04 per share, compared to $3.37 per share for 2025, reflecting a 10.9% increase [17] - Consolidated revenue for the fourth quarter increased by $21.2 million compared to 2024, with water segment revenue increasing by $17.4 million due to new rates [13][14] Business Line Data and Key Metrics Changes - Golden State Water reported earnings of $0.50 per share for Q4 2025, down from $0.52 per share in 2024, but adjusted earnings increased by $0.11 per share due to new water rates and lower interest expenses [11] - The electric segment reported earnings of $0.11 per share for Q4 2025, down from $0.13 per share in 2024, but adjusted earnings increased by $0.04 per share due to rate increases [12] - ASUS contributed earnings of $0.16 per share for Q4 2025, up from $0.11 per share in the same quarter last year, reflecting higher construction activities [13][35] Market Data and Key Metrics Changes - Golden State Water's average water rate base increased from $980.4 million in 2021 to $1,673.2 million in 2026, representing a compound annual growth rate of 11.3% [30] - The company anticipates a robust growth in its rate base over the next few years, driven by capital investments [30] Company Strategy and Development Direction - The company plans to continue investing in utility infrastructure for safe and reliable services, with $210.9 million invested in 2025 [6][9] - Golden State Water is preparing for its next water rate case, expected to be filed by July 1, 2026, transitioning to a modified rate adjustment mechanism [20][21] - ASUS is expected to contribute $0.63-$0.67 per share in 2026, with confidence in competing for new military base contract awards [36] Management's Comments on Operating Environment and Future Outlook - Management noted that 2025 was a productive year, with constructive regulatory outcomes positioning the company for future growth [4][5] - The company highlighted the potential volatility in revenues and earnings due to changes in water consumption and supply source mix [21] - Management expressed confidence in the company's ability to manage operating expenses and continue dividend growth [9][36] Other Important Information - The company raised its quarterly cash dividend by 8.3%, marking the 71st consecutive year of annual dividend increases [9][36] - ASUS was awarded $29.4 million in new capital upgrade construction projects expected to be completed through 2028 [35] Q&A Session Summary - There were no questions during the Q&A session, and the call concluded without any inquiries [39]

Financial Data and Key Metrics Changes - Reported earnings for 2025 were $3.37 per share, an increase of $0.20 per share compared to 2024, or $0.33 per share higher when adjusted [5][17] - Adjusted earnings for 2024 were $3.04 per share, compared to $3.37 per share for 2025, reflecting a 10.9% increase [17] - Consolidated revenue for the fourth quarter increased by $21.2 million compared to 2024, with water segment revenue increasing by $17.4 million [13][14] Business Line Data and Key Metrics Changes - Golden State Water reported earnings of $0.50 per share for Q4 2025, down from $0.52 per share in 2024, but adjusted earnings increased by $0.11 per share due to new water rates and lower interest expenses [11] - The electric segment reported earnings of $0.11 per share for Q4 2025, down from $0.13 per share in 2024, but adjusted earnings increased by $0.04 per share due to rate increases [12] - ASUS contributed earnings of $0.16 per share for Q4 2025, an increase of $0.05 per share compared to the same quarter last year [13] Market Data and Key Metrics Changes - The company invested $210.9 million in infrastructure at regulated utilities in 2025, reflecting strong execution of its capital plan [6] - ASUS was awarded $29.4 million in new capital upgrade construction projects during 2025, expected to be completed through 2028 [9][35] Company Strategy and Development Direction - The company aims to expand its regulated water operations and has completed transactions to own and operate water and wastewater systems for new planned communities [7][8] - The company is preparing for its next water rate case, expected to be filed by July 1, 2026, transitioning to a modified rate adjustment mechanism [20][21] - The company raised its quarterly cash dividend by 8.3%, marking the 71st consecutive year of annual dividend increases [9][36] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the regulatory outcomes and the ability to invest in utility infrastructure for reliable services [5] - The company noted that the 2025 earnings were positively impacted by a favorable water supply source mix, despite a nearly 4% decrease in water consumption [21] - Management anticipates continued growth in the rate base and earnings from regulated utilities and ASUS in the coming years [30][35] Other Important Information - Net cash provided by operating activities was $229.7 million for 2025, an increase from $198.7 million in 2024, driven by new rates and settlement proceeds [18] - The company raised $67 million under its at-the-market offering program during the year, with a remaining balance of $40.7 million available [19] Q&A Session Summary - There were no questions during the Q&A session, and the call concluded without any inquiries from participants [39]

Financial Data and Key Metrics Changes - The company reported earnings of $3.37 per share for 2025, an increase of $0.20 per share compared to 2024, or $0.33 per share higher when adjusted [5][17] - Adjusted earnings for 2024 were $3.04 per share, compared to $3.37 per share for 2025, representing a 10.9% increase [6][17] - Consolidated revenue for the fourth quarter increased by $21.2 million compared to 2024, with water segment revenue increasing by $17.4 million due to new rates [12][13] Business Line Data and Key Metrics Changes - Golden State Water reported earnings of $0.50 per share for Q4 2025, down from $0.52 per share in 2024, but adjusted earnings increased by $0.11 per share due to new water rates and lower interest expenses [10] - The electric segment reported earnings of $0.11 per share for Q4 2025, down from $0.13 per share in 2024, but adjusted earnings increased by $0.04 per share due to rate increases [11] - ASUS contributed earnings of $0.16 per share for Q4 2025, up from $0.11 per share in the same quarter last year, reflecting higher construction activities [12][35] Market Data and Key Metrics Changes - The company invested $210.9 million in infrastructure at regulated utilities in 2025, reflecting strong execution of its capital plan [6] - ASUS was awarded $29.4 million in new capital upgrade construction projects during 2025, expected to be completed through 2028 [8][35] Company Strategy and Development Direction - The company aims to expand its regulated water operations and has completed transactions to own and operate water and wastewater systems for new planned communities [6][7] - The company is preparing for its next water rate case, expected to be filed by July 1, 2026, transitioning to a modified rate adjustment mechanism [20][21] - The company raised its quarterly cash dividend by 8.3%, marking the 71st consecutive year of annual dividend increases [8][36] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the regulatory outcomes and the ability to invest in utility infrastructure for reliable services [5] - The company noted a nearly 4% decrease in water consumption compared to adopted levels, but this did not materially impact earnings due to favorable water supply source mix [21] - Management projected ASUS to contribute $0.63-$0.67 per share in 2026, indicating confidence in competing for new military base contract awards [36] Other Important Information - The company raised proceeds of $67 million under its at-the-market offering program during the year, with a remaining balance of $40.7 million available [19] - The company anticipates a robust growth in its rate base, with a compound annual growth rate of 11.3% from 2021 to 2026 [29] Q&A Session Summary - There were no questions during the Q&A session, and the call concluded without any inquiries from participants [38]

Financial Results Call Presentation Fourth Quarter and Full Year 2025 February 19, 2026 NYSE: AWR Today's Presenters Robert J. Sprowls President & CEO Eva G. Tang SVP – Finance & CFO This conference call includes a discussion of certain measures that are not prepared in accordance with Generally Accepted Accounting Principles ("GAAP") in the United States, and constitute "non-GAAP financial measures" under SEC rules. These non-GAAP financial measures are derived from consolidated financial information but a ...