Core Viewpoint - The market anticipates a year-over-year decline in earnings for Consolidated Edison (ED) despite higher revenues, with actual results being crucial for stock price movement [1][2]. Earnings Expectations - Consolidated Edison is expected to report quarterly earnings of $0.84 per share, reflecting a year-over-year decrease of 14.3% [3]. - Revenues are projected to be $3.7 billion, which is an increase of 0.8% compared to the same quarter last year [3]. Estimate Revisions - The consensus EPS estimate has remained unchanged over the last 30 days, indicating stability in analysts' assessments [4]. - A positive Earnings ESP of +0.25% suggests that analysts have recently become more optimistic about the company's earnings prospects [12]. Earnings Surprise History - In the last reported quarter, Consolid Edison was expected to post earnings of $1.76 per share but exceeded expectations with actual earnings of $1.90, resulting in a surprise of +7.95% [13]. - Over the past four quarters, the company has beaten consensus EPS estimates three times [14]. Additional Insights - A positive Earnings ESP is a strong predictor of an earnings beat, especially when combined with a Zacks Rank of 1, 2, or 3 [10]. - The current Zacks Rank for Consolid Edison is 3, indicating a likelihood of beating the consensus EPS estimate [12].

Financial Data and Key Metrics Changes - The company reported adjusted earnings of $5.03 per share for 2025, representing an 8.6% growth over the adjusted earnings of $4.63 per share in 2024 [4][29] - The company affirmed its 2026 earnings per share guidance range of $5.25 to $5.45, indicating an expected growth of approximately 8.1% compared to the midpoint of the original 2025 earnings guidance [18][38] Business Line Data and Key Metrics Changes - Weather-normalized sales at Ameren Missouri grew by 1% overall, with residential and commercial classes growing by 0.5% and 1.5% respectively [31] - The company invested over $4 billion in electric, natural gas, and transmission infrastructure, including the installation of nearly 26,000 electric distribution poles and 283 miles of upgraded transmission and distribution lines [6][8] Market Data and Key Metrics Changes - The company signed 2.2 GW of large load electric service agreements in Missouri, which is expected to support significant economic development and job creation in the region [4][21] - The economic impact study indicates that the company's operations generate over $20 billion in annual economic activity in Missouri and Illinois [11] Company Strategy and Development Direction - The company continues to focus on a three-pillar strategy: investing in rate-regulated infrastructure, advocating for constructive regulatory frameworks, and optimizing business operations [6] - The company plans to invest approximately $5.5 billion in electric, natural gas, and transmission infrastructure in 2026 to enhance the reliability and safety of the energy grid [14][34] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver strong returns and maintain disciplined cost management, with a focus on keeping rates low for customers [12][80] - The company anticipates that the execution of its strategy will continue to drive strong total shareholder returns, with a compound annual earnings growth expectation of 6%-8% from 2026 through 2030 [18][28] Other Important Information - The company has received constructive orders in both Missouri and Illinois regarding electric and natural gas rate reviews, which are expected to support future earnings growth [6][32] - The company has a robust investment pipeline exceeding $70 billion, aimed at strengthening the energy grid and supporting economic growth [27] Q&A Session Summary Question: Can you discuss the 2.2 GW of executed ESAs and its implications? - Management indicated that the 2.2 GW of executed ESAs represents upside to the sales growth embedded in the 6%-8% guidance, providing greater confidence in achieving the upper end of that range [42][45] Question: How do you view the lag between rate base growth and earnings growth? - Management noted that the primary difference between the 10.6% rate base CAGR and the 6%-8% EPS growth is due to equity dilution from planned issuances, and that sales growth from hyperscalers could help reduce this lag [53][56] Question: Are there concerns about potential cancellations of ESAs? - Management expressed no concerns regarding the ESAs, emphasizing that significant milestones remain ahead for project development, and that the ESAs are designed to protect existing customers [59][61] Question: How does the updated plan impact customer bills, particularly in Missouri? - Management highlighted a focus on affordability and disciplined cost control, ensuring that new data centers pay their fair share of costs without burdening existing customers [78][79]

2025 FOURTH QUARTER AND FULL YEAR EARNINGS Delivering For Customers AND Investors February 12, 2026 1 Forward-Looking Statements This presentation and the oral remarks made in connection with it contain statements regarding PG&E Corporation's and Pacific Gas and Electric Company's (the "Utility") future performance, including expectations, objectives, and forecasts about operating results (including 2026 non-GAAP core earnings), debt and equity issuances, refinancing activity, rate base growth, capital expe ...

Caution regarding forward-looking statements and Regulation G compliance In this presentation, and from time to time, Entergy Corporation makes certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, among other things, statements regarding Entergy's 2026 adjusted earnings per share guidance; financial and operational outlooks; industrial load growth outlooks; statements regarding its resilience plans, goals, b ...

Mihalik also highlighted what he described as meaningful performance in the generation and marketing segment, driven by favorable energy margins and contract optimization. In response to an analyst question, Senior Vice President and Chief Accounting Officer Kate Dixon said fourth-quarter generation and marketing results were driven by strong retail margins and wholesale contract optimization, and that AEP expected “that same level of performance” in 2026 as reflected in guidance provided previously.CFO Tre ...

Core Viewpoint - Edison International (EIX) has shown strong performance in the electric power generation and distribution sector, with significant stock growth and better-than-expected earnings, despite a recent decline in share price [1][4]. Financial Performance - EIX reported Q3 2025 revenue of $5.8 billion, exceeding market expectations, with adjusted EPS of $2.16, also above Wall Street estimates [4]. - For the fiscal year ending December 2025, analysts anticipate a 24.5% year-over-year increase in adjusted EPS to $6.14 [5]. Stock Performance - EIX shares have increased by 32% over the past 52 weeks and 11.7% year-to-date, outperforming the S&P 500 Index, which returned 14.4% over the past year [2]. - The stock has also outperformed the State Street Utilities Select Sector SPDR ETF (XLU), which rose by 12.3% over the past year [3]. Analyst Ratings - EIX holds a consensus "Moderate Buy" rating, with 16 analysts providing coverage: eight "Strong Buys," six "Holds," and two "Strong Sells" [6]. - J.P. Morgan analyst Aidan Kelly maintained a "Hold" rating and raised the price target from $65 to $66, with a mean price target of $65.75, indicating a potential upside of 28.2% from current levels [8].

Financial Performance and Key Metrics - The company achieved fourth quarter 2025 operating earnings of $1.19 per share, bringing full year 2025 operating earnings to $5.97 per share, exceeding the top end of the guidance range [9] - Total shareholder return for 2025 was 29%, one of the highest in the industry [9] - The company reaffirmed its 2026 full-year operating earnings guidance range of $6.15-$6.45 per share, with a long-term earnings growth rate of 7%-9% for 2026-2030 [10] Business Line Performance - Retail sales grew 7.5% in 2025 compared to 2024, driven by significant commercial and industrial sales growth of nearly 10%, primarily from data centers in Indiana, Texas, and Ohio [23] - The generation and marketing segment saw meaningful performance, driven by favorable energy margins and benefits from contract optimization [21] Market Data and Key Metrics - The company reported a historic load growth, with total system sales exceeding 200 million MWh for the first time [22] - The company now has 56 GW of firm incremental contracted load additions, doubling the previous figure of 28 GW [11] Company Strategy and Industry Competition - The company is focused on significant infrastructure investment to meet unprecedented customer demand across its 11-state regulated service territory [5] - AEP is deepening engagement with customers, regulators, and suppliers to align long-term goals and achieve favorable outcomes [6] - The company has secured over 10 GW of capacity from major gas turbine manufacturers and entered a long-term partnership with Quanta Services for transmission infrastructure [7] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of scale in mitigating supply chain risks and meeting massive system demand [6] - The company is committed to maintaining a healthy balance sheet, with an FFO to debt target of 14%-15%, currently exceeding this target [31] - Management expressed confidence in the execution of their robust plan, emphasizing the importance of affordability for customers [32] Other Important Information - The company is exploring generation solutions, including small modular reactors (SMRs) and plans to purchase $2.65 billion of fuel cells for a generation facility in Wyoming [12][13] - AEP operates nearly 90% of the 765 kV infrastructure in the U.S., positioning it as a preferred utility partner for large load customers [14] Q&A Session Summary Question: Insights on the impact of doubled signed contract load on CAGR - Management indicated that the $72 billion five-year capital plan does not include the incremental load growth and will provide more definitive ideas on financing and growth rate in future calls [38][40] Question: Confidence in ESAs amid local pushback - Management expressed confidence in the financial commitments backing the ESAs and highlighted the importance of community relations in supporting economic development [42][46] Question: Details on transmission projects and associated investments - Management provided a breakdown of approximately $5 billion associated with transmission projects across various regions, emphasizing their leadership in the 765 kV system [59][61] Question: Conversion rates from LOA to finalized customers - Management noted the quality of counterparties making financial commitments and expressed confidence in the strong backlog supporting future load [104] Question: Expectations for 2026 EPS guidance - Management reaffirmed the 2026 EPS guidance range, emphasizing a cautious approach to forecasting while remaining confident in execution [83][89]

Financial Data and Key Metrics Changes - The company achieved fourth quarter 2025 operating earnings of $1.19 per share, bringing full year 2025 operating earnings to $5.97 per share, exceeding the top end of the guidance range [9] - Total shareholder return for 2025 was 29%, one of the highest in the industry [9] - The company reaffirmed its 2026 full-year operating earnings guidance range of $6.15-$6.45 per share, with a long-term earnings growth rate of 7%-9% for 2026-2030 [10] Business Line Data and Key Metrics Changes - The retail sales grew by 7.5% in 2025 compared to 2024, driven by significant commercial and industrial sales growth of nearly 10% [24] - The generation and marketing segment saw favorable energy margins and benefits from contract optimization [22] - The company reported a year-over-year increase in earned ROE on the regulated business to 9.1%, up 30 basis points from two years ago [16] Market Data and Key Metrics Changes - The company now has 56 gigawatts of firm incremental contracted load additions, doubling the previous 28 gigawatts reported [11] - The growth in contracted load is primarily driven by data centers in Texas, Ohio, and Indiana, with 90% of the incremental PJM load supported by executed take or pay electric service agreements [25] - In ERCOT, AEP Texas has signed letters of agreement for 36 gigawatts with large industrial customers and data center developers [26] Company Strategy and Development Direction - The company is focused on significant infrastructure investment to meet unprecedented customer demand across its 11-state regulated service territory [5] - AEP is deepening engagement with customers, regulators, and suppliers to align long-term goals and achieve favorable outcomes [6] - The company is exploring generation solutions, including small modular reactors and fuel cells, to support customer demand [12][13] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of scale in mitigating supply chain risks and meeting massive system demand [6] - The company is committed to maintaining affordability for residential customers while supporting incremental load growth through innovative rate design [18] - Management expressed confidence in the execution of their robust plan and the ability to capitalize on unprecedented opportunities ahead for the grid [18] Other Important Information - The company has a large but conservative $72 billion five-year capital plan, yielding a 10% rate-based CAGR [10] - AEP is actively working on regulatory strategies to keep customer affordability top of mind, including tariff filings in multiple states [12][17] Q&A Session Summary Question: What could the doubling of signed contract load mean for CAGR? - Management indicated that the $72 billion five-year capital plan does not include the incremental load growth and will provide more definitive ideas around financing and growth rate in future calls [38][40] Question: What protections are in place for the ESAs? - Management expressed confidence in the financial security of counterparties and the take or pay component of the large load tariffs, ensuring that costs do not negatively impact existing customers [43][44] Question: Can you provide more details on transmission projects? - Management stated that there is approximately $5 billion associated with transmission projects, with specific amounts allocated to SPP, PJM, and MISO [58] Question: How do you view the contracted generation business? - Management sees contracted generation as complementary to their core business, providing solutions to customers for quicker connections [71][72] Question: What is the status of the 36 gigawatts in ERCOT? - Management confirmed that they are prepared to deliver on these projects and are closely monitoring the implementation of SB 6 [95]

Financial Data and Key Metrics Changes - The company achieved fourth quarter 2025 operating earnings of $1.19 per share, bringing full year 2025 operating earnings to $5.97 per share, exceeding the top end of the guidance range [7][19] - Total shareholder return for 2025 was 29%, one of the highest in the industry [7] - The company reaffirmed its 2026 full-year operating earnings guidance range of $6.15-$6.45 per share and a long-term earnings growth rate of 7%-9% for 2026-2030, with an expected 9% CAGR [8][9] Business Line Data and Key Metrics Changes - Retail sales grew 7.5% in 2025 compared to 2024, driven by significant commercial and industrial sales growth of nearly 10% [21] - The generation and marketing segment saw meaningful performance, driven by favorable energy margins and contract optimization [19] Market Data and Key Metrics Changes - The company reported total system sales exceeding 200 million MWh for the first time in its history, highlighting historic load growth [20] - The company now has 56 gigawatts of firm incremental contracted load additions, doubling the previous figure of 28 gigawatts [10][22] Company Strategy and Development Direction - The company is focused on significant infrastructure investment to meet unprecedented customer demand across its 11-state regulated service territory [4][5] - AEP is deepening engagement with customers, regulators, and suppliers to align long-term goals and achieve favorable outcomes [5] - The company is exploring generation solutions, including small modular reactors and fuel cells, to support growing demand [11][12] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of scale in mitigating supply chain risks and ensuring resources are available to meet demand [5] - The company is committed to maintaining a healthy balance sheet, with an FFO to debt target of 14%-15% [29] - Management expressed confidence in the execution of their robust plan and the ability to capitalize on unprecedented growth opportunities [30] Other Important Information - The company has a $72 billion five-year capital plan, with an additional $5-$8 billion of confirmed or endorsed projects identified beyond the base plan [26] - Legislative and regulatory accomplishments in 2025 included the passage of legislation that reduces regulatory lag in several states [15] Q&A Session Summary Question: Can you provide insight on the impact of the doubled signed contract load on CAGR? - Management indicated that the $72 billion capital plan does not include the incremental load growth and will provide more definitive ideas on financing and growth rate in future calls [36] Question: What is the level of confidence in the ESAs given recent project pullbacks? - Management expressed confidence in the firm ESAs backed by financially secure counterparties and noted that local communities are generally supportive of economic development [42][44] Question: Can you provide details on the transmission projects and associated investments? - Management outlined approximately $5 billion associated with transmission projects, with specific amounts allocated to different regions [57] Question: How does the company view the potential for permitting reform? - Management is actively engaged with Senate partners to advocate for permitting reform to accelerate infrastructure development [112]

Cautionary Statements Use of Non-GAAP Financial Measures 2025 Results and Guidance | Feb. 12, 2026 2 In this presentation, Ameren has presented adjusted earnings per share, which is a non-GAAP measure and may not be comparable to those of other companies. A reconciliation of GAAP to non-GAAP information is included in this presentation. Generally, adjusted earnings or losses include earnings or losses attributable to Ameren common shareholders and exclude income or loss from significant discrete items that ...