Core Viewpoint - NextEra Energy has underperformed the market over the past five years, with a return of only 8.3% compared to the S&P 500's 77.5% [1] Group 1: Stock Performance and Market Context - The disappointing stock return since February 2021 is attributed to the nature of utility stocks, which compete with bonds for yield-seeking investors, especially in a high-interest-rate environment [2] - Historically, NextEra has provided substantial returns, with a 1,700% increase since 2000, outperforming the tech-heavy Nasdaq Composite, which returned 415% in the same period [3] Group 2: Dividend Growth - NextEra's dividend has increased by 737% since 2000, significantly outpacing the 92% inflation rate during that time [4] Group 3: Industry Dynamics and Future Outlook - The company is experiencing a "unique moment" due to rising electricity demand driven by the AI revolution and energy-hungry data centers [5] - Electricity demand in America, which was previously stable, is now projected to surge, with data centers expected to consume as much electricity as Japan [6] - NextEra has a 95-gigawatt pipeline of new energy capacity, which could power over 83 million homes, compared to its current provision of electricity to 6 million households [7]

Financial Data and Key Metrics Changes - Reported earnings per common share for Q4 2025 were CAD 0.83, CAD 0.04 higher than Q4 2024, with adjusted EPS at CAD 3.53, a 25-cent increase from 2024 [11][12][13] - Reported EPS for 2025 was CAD 3.40, reflecting a 16-cent increase from 2024, despite losses from the disposition of investments in Belize and Turks and Caicos [13][16] - The company achieved a one-year total shareholder return of nearly 24% and average annual total shareholder returns of approximately 10% over the past 20 years [6][16] Business Line Data and Key Metrics Changes - Western Canadian utilities contributed a 10-cent increase in EPS, driven by rate-based growth, particularly from FortisBC's investment in the Eagle Mountain Pipeline Project [14] - U.S. electric and gas utilities delivered an eight-cent increase in EPS, with Central Hudson benefiting from rate-based growth and cost rebasing [14] - ITC's capital investments and related rate-based growth increased EPS by CAD 0.04, moderated by higher stock-based compensation and finance costs [15] Market Data and Key Metrics Changes - In Arizona, the Arizona Corporation Commission approved an energy supply agreement for approximately 300 MW to support a planned data center, with a 10-year contract including a 75% minimum billing requirement [8][9] - The company is negotiating for an additional 300 MW capacity at the same site and a second site in the range of 500-700 MW, with potential new generation investments estimated at CAD 1.5 billion to CAD 2 billion through 2030 [9][10] Company Strategy and Development Direction - The company rolled out a CAD 28.8 billion five-year capital plan, focusing on regulated investments primarily in transmission and distribution assets, expecting a 7% average annual rate base growth [6][7][20] - The strategy includes maintaining a commitment to 4%-6% annual dividend growth through 2030, supported by strong capital investments and operational efficiency [10][20] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the regulatory environment and ongoing projects, particularly in Arizona and ITC, highlighting the importance of affordability and customer service [23][30][65] - The company is focused on executing its capital plan while addressing cost pressures and maintaining reliability and safety in operations [5][20] Other Important Information - The company has maintained a strong liquidity position with CAD 2.7 billion of long-term debt issued in 2025 and nearly CAD 4 billion available on credit facilities [16][17] - S&P confirmed the company's A- issuer rating and revised the outlook from negative to stable, reflecting improving financial measures [17] Q&A Session Summary Question: Data center opportunity in Arizona - Management explained that the energy supply agreement is structured to ensure affordability and cost recovery, with the customer covering interconnection costs [22][23] Question: Updates from FERC - Management noted optimism regarding potential movement on ongoing FERC matters, emphasizing the new chair's focus on regulatory clarity [28][30] Question: UNS Gas rate case - Management indicated that the upcoming ACC open meeting could provide clarity on the formulaic rate structure, but advised waiting for the meeting for specific insights [69][70] Question: LNG projects in British Columbia - Management confirmed that while there are no new announcements, they are looking for additional investment opportunities in LNG projects [43] Question: Customer affordability feedback - Management acknowledged that affordability is a significant concern across jurisdictions, with ongoing efforts to address it consistently [62][65]

Fortis (NYSE:FTS) Q4 2025 Earnings call February 12, 2026 08:30 AM ET Company ParticipantsDavid Hutchens - President and CEOJocelyn H. Perry - EVP and CFOKrista Tanner - President and CEOStephanie Amaimo - VP of Investor RelationsSusan Gray - President and CEOConference Call ParticipantsBen Pham - Equity Research AnalystEli Johnson - Equity Research AnalystJohn Mould - Equity Research AnalystMark Jarvi - Equity Research AnalystMaurice Choy - Equity Research AnalystRob Hope - Equity Research AnalystOperatorT ...

Core Insights - Entergy Corporation (ETR) reported fourth-quarter 2025 earnings of 51 cents per share, matching the Zacks Consensus Estimate, but reflecting a 22.7% decline from 66 cents in the same quarter last year [1][7] - For the full year 2025, ETR's adjusted earnings were $3.91 per share, an increase from $3.65 in 2024 [1] Revenue Performance - ETR's total revenues for Q4 2025 were $2.96 billion, exceeding the Zacks Consensus Estimate of $2.91 billion by 1.9%, and representing an 8% increase from $2.74 billion in Q4 2024 [2] - Total revenues for 2025 reached $12.95 billion, up from $11.88 billion in 2024 [2] Segment Results - The Utility segment reported earnings of 83 cents per share, down from 97 cents in Q4 2024 [3] - The Parent & Other segment incurred a loss of 32 cents per share, wider than the loss of 31 cents in the same quarter last year [3] Operating and Financial Highlights - Operating expenses rose to $2.41 billion, a 14.2% increase from $2.07 billion in the prior-year quarter [4] - Operating income decreased to $545.7 million, down 18.5% from $669.6 million in the year-ago period [4] - Total interest expenses increased to $374.5 million, up 18.4% from $316.1 million in Q4 2024 [4] - As of December 31, 2025, ETR served 3.06 million electric retail customers, a 0.7% increase [4] Cash and Debt Position - As of December 31, 2025, Entergy had cash and cash equivalents of $1.93 billion, compared to $0.86 billion a year earlier [5] - Long-term debt stood at $27.9 billion, up from $26.61 billion as of December 31, 2024 [5] - Cash generated from operating activities for 2025 was $1.22 billion, down from $1.38 billion in the previous year [5] Future Guidance - Entergy provided guidance for 2026 adjusted earnings in the range of $4.25 to $4.45 per share, with the Zacks Consensus Estimate currently at $4.39 per share, above the midpoint of the guidance [6]

Core Viewpoint - DTE Energy is expected to report its fourth-quarter 2025 results on February 17, with an earnings surprise of 7.1% in the previous quarter [1] Factors Impacting DTE's Q4 Performance - Strategic investments in infrastructure improvements and grid resilience are anticipated to benefit DTE Energy, enhancing system reliability and operational efficiency through upgrades and smart grid devices [2] - The strong performance of contracted physical power and gas portfolios is expected to contribute positively to earnings, providing stable cash flows and reducing exposure to commodity price volatility [3] - Increased electricity demand from data centers, driven by artificial intelligence workloads, is likely to further support quarterly earnings [3] - Higher operation and maintenance expenses may offset some of the positive impacts in the upcoming quarter [4] DTE's Q4 Expectations - The Zacks Consensus Estimate for earnings is $1.52 per share, reflecting a year-over-year increase of 0.7% [5] - Revenue is estimated at $3.39 billion, indicating a year-over-year decrease of 1.3% [5] - Total DTE Electric sales are projected at 12,297.13 thousand megawatt-hours, up 3.3% from the previous year, primarily due to higher volumes sold to residential customers [5] Earnings Prediction - The earnings model predicts an earnings beat for DTE Energy, supported by a positive Earnings ESP of +0.31% and a Zacks Rank of 3 (Hold) [6][7]

February 12, 2026 Darcy Reese, Vice President Investor Relations 614-716-2614 dlreese@aep.com Cautionary Note Regarding Forward- Looking Statements Fourth Quarter 2025 Earnings Presentation This presentation contains forward-looking statements. Words such as "expect," "anticipate," "intend," "plan," "believe," "will," "should," "could," "would," "project," "continue" and similar expressions, including statements reflecting future results or guidance and statements of outlook are intended to identify forward ...

Q4 2025 EARNINGS CONFERENCE CALL February 12, 2026 FORWARD-LOOKING INFORMATION Fortis includes forward-looking information in this presentation within the meaning of applicable Canadian securities laws and forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (collectively referred to as "forward-looking information"). Forward-looking information reflects expectations of Fortis management regarding future growth, results of operations, performance and business ...

Core Viewpoint - Exelon Corp. has initiated its adjusted operating earnings guidance for the full year 2026, projecting earnings between $2.81 and $2.91 per share, with analysts expecting an average of $2.83 per share [1] Group 1: Financial Performance - The company reaffirmed its operating earnings compounded annual growth rate of 5 to 7 percent from 2025 to 2029 [1] - Exelon's Board of Directors declared a regular quarterly dividend of $0.42 per share, payable on March 13, 2026, to shareholders of record as of March 2, 2026 [2] Group 2: Capital Investment - Exelon has a $41.3 billion four-year capital plan and anticipates a 7.9% growth in its rate base, positioning the company for annualized earnings growth near the top end of the 5% to 7% range through 2029 [2] Group 3: Market Performance - In pre-market trading, Exelon shares (EXC) are priced at $45.00, reflecting an increase of $0.55 or 1.24 percent [3]

American Electric Power surpassed Wall Street expectations for fourth-quarter profit on Thursday, and said it would expand its five-year capital expenditure plan beyond $72 billion to meet the surging... ...

INVESTOR PRESENTATION Q1 2026 FORWARD LOOKING INFORMATION Fortis includes forward-looking information in this presentation within the meaning of applicable Canadian securities laws and forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (collectively referred to as "forward-looking information"). Forward-looking information reflects expectations of Fortis management regarding future growth, results of operations, performance and business prospects and opport ...