Financial Data and Key Metrics Changes - For the full year 2025, Evergy delivered adjusted earnings of $894 million, or $3.83 per share, compared to $878 million, or $3.81 per share for the same period last year, reflecting a slight increase in EPS [25] - The company raised its long-term adjusted EPS growth target to 6%-8%+ through 2030, with expectations of exceeding 8% annually beginning in 2028 [4][41] - The financial results in 2025 were negatively impacted by weather and weak industrial demand, despite cost mitigation actions [5] Business Line Data and Key Metrics Changes - The company executed a capital investment plan of $2.8 billion in 2025 to modernize infrastructure and improve reliability [5] - New electric service agreements for four major data center projects were announced, representing 1.9 GW of steady-state peak demand, which is expected to increase total peak system demand by nearly 20% [10][11] - The company expects retail load growth of 6% annually through 2030, significantly higher than the historical growth rate of 0.5%-1% [12] Market Data and Key Metrics Changes - Evergy's cumulative change in all-in rates since 2017 is approximately 4.9%, compared to a regional peer average of 19% and inflation of 29% [20] - The company has made significant progress in advancing economic development opportunities, growing its pipeline to over 15 GW [5][12] Company Strategy and Development Direction - Evergy's strategy focuses on affordability, reliability, and sustainability, with a commitment to maintaining competitive rates [4][22] - The company plans a rolling five-year investment of approximately $21.6 billion from 2026 to 2030, which includes over $3 billion in new generation investment [21][33] - The company aims to execute a cost-effective, all-of-the-above generation strategy, investing in natural gas, storage, and solar [24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the updated financial outlook, which has been tested against a range of outcomes [5] - The company anticipates a return to normal residential load growth in 2026, with strong early indications for industrial load compared to 2025 [26][82] - Management highlighted the importance of the LLPS tariffs in supporting economic growth and ensuring affordability for existing customers [6][17] Other Important Information - The company raised its dividend by 4% to an annualized $2.78, with expectations for the payout ratio to decline over time to a revised target of 50%-60% [9] - The approval of new large load power service tariffs in Kansas and Missouri is expected to drive affordability benefits for existing customers [6][17] Q&A Session Summary Question: Can you discuss the equity issuances planned for 2030? - Management indicated no planned equity issuances for 2030, with expectations of strong FFO improving each year [48][50] Question: What is the potential for additional electric service agreements (ESAs)? - Management expects at least one more executed ESA in 2026, with potential for additional sizable opportunities [53][56] Question: How does the company plan to finance incremental capital needs? - Historically, the company has cited a 50/50 debt-equity funding approach for incremental capital, which remains a rule of thumb [91]

Core Viewpoint - Edison International is reducing executive bonuses by 40% in response to the impact of the Los Angeles-area wildfire, which resulted in 19 fatalities and over 10,000 structures being damaged or destroyed [1][2]. Group 1: Executive Compensation Changes - The CEO of Edison International and the CEO and COO of Southern California Edison will see their bonuses cut by 40%, while other senior executives will have their bonuses reduced by approximately 20% [3]. - The decision reflects a recognition of the difficult circumstances faced by the community rather than a direct reflection of company or executive performance [4]. Group 2: Wildfire Compensation Program Adjustments - Edison International is revising its wildfire compensation program to provide better support for displaced renters and increase net damages to cover attorney fees [5]. - The rental compensation will be based on the higher of pre-fire rent or fair-market rates, addressing criticisms regarding the adequacy of the previous program [5]. Group 3: Financial Performance and Future Outlook - The company reported better-than-expected fourth-quarter earnings and maintained its common stock dividend at 87.75 cents, while extending its earnings per share growth guidance of 5% to 7% through 2030 [6]. - A state agency report on wildfire mitigation costs is anticipated, which will influence future legislative frameworks regarding who bears the costs of wildfires [7]. - Recent wildfire legislation has provided an additional $18 billion to the state's utility wildfire fund, but Edison and other utilities are advocating for a long-term funding structure to streamline compensation and reduce legal burdens [8].

Financial Data and Key Metrics Changes - The company reported a GAAP EPS of $1.60 for the full year 2025 and $0.40 for Q4 2025, with a non-GAAP EPS of $1.76 for the full year and $0.45 for Q4, reflecting a 9% growth compared to 2024 [2][14][15] - The company also achieved a 9% increase in dividend per share last year, maintaining a consistent execution track record [7][14] Business Line Data and Key Metrics Changes - The Houston Electric business is forecasted to experience a peak load demand increase of 50% or an additional 10 GW by 2029, two years earlier than previously planned [5][8] - The company is adding $500 million to its 10-year capital investment plan, bringing the total to over $65 billion, to support this growth [6][12] Market Data and Key Metrics Changes - The company noted a 7% growth in industrial demand for the year, indicating a shift towards commercial and industrial growth within its overall base [92][94] - The company expects to keep customer charges nearly flat through 2028 due to the increased load from large projects [10][52] Company Strategy and Development Direction - The company is focused on executing a disciplined capital investment strategy, with an emphasis on infrastructure improvements to support economic development in the Greater Houston region [12][20] - The company is committed to maintaining a long-term growth target of 7%-9% annually through 2035, reaffirming its 2026 non-GAAP earnings guidance of $1.89-$1.91 [8][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to meet future demand due to existing system capacity and manageable upgrades, despite the rapid acceleration of large load growth [10][51] - The company anticipates regulatory clarity through 2029 on approximately 80% of its rate base, which supports its growth plans [26] Other Important Information - The company is actively pursuing additional transmission projects to accommodate the accelerated load growth and has filed for a third 765 kV transmission line [11][12] - Recent regulatory changes regarding the corporate alternative minimum tax are expected to improve the company's cash tax profile significantly, potentially reducing annual cash tax liabilities to near zero through 2035 [22][23] Q&A Session Summary Question: Update on transmission planning study and timing - Management clarified that the $500 million for the 765 kV line is separate from the incremental transmission work needed for large loads, with updates expected in the second half of the year [30][32] Question: Impact of repairs adjustment on equity needs - Management indicated that the recent regulatory changes could unlock an additional $1 billion of CapEx without requiring incremental equity, benefiting the balance sheet [33][34] Question: Growth implications and CapEx timing - Management noted that existing capacity allows for rapid connections to large loads, with more intra-regional transmission capacity needed in the first five years of the plan [41][72] Question: ERCOT batching process and potential delays - Management expressed confidence that the batching process would be manageable and that they have not experienced the backlog seen in other regions [44][46] Question: Balance sheet capacity and future divestitures - Management stated that they remain open-minded about capital recycling and divestitures, depending on what makes the most sense for growth financing [86][87] Question: Electric volumes and throughput trends - Management confirmed that the modest decline in total throughput was due to a shift towards commercial and industrial growth, with confidence in long-term trends [92][94] Question: CapEx update and adjustments - Management explained that the increase in CapEx was primarily driven by the 765 kV line, with flexibility on the gas side allowing for adjustments based on execution needs [96][97]

Financial Data and Key Metrics Changes - The company reported a GAAP EPS of $1.60 for the full year 2025 and $0.40 for the fourth quarter 2025 [2][14] - Non-GAAP EPS was $1.76 for the full year and $0.45 for the fourth quarter, reflecting a 9% growth compared to 2024 [7][15] - The company also delivered a 9% dividend per share growth last year [7] Business Line Data and Key Metrics Changes - The Houston Electric business is forecasted to see a peak load demand increase of 50% by 2029, two years earlier than previously planned [5][8] - The company is adding $500 million to its 10-year capital investment plan to fund an additional 765 kV import line [6][12] Market Data and Key Metrics Changes - The company expects to grow non-GAAP EPS at the mid to high end of the 7%-9% long-term annual guidance range through 2028, and 7%-9% annually thereafter through 2035 [8][25] - The company anticipates a return to a more typical and timely filing cadence for rate recovery in 2026, which should support stronger recovery throughout the year [16] Company Strategy and Development Direction - The company is focused on executing a $65 billion capital investment plan over the next 10 years, with an emphasis on supporting economic development in the Greater Houston region [6][12] - The company is committed to maintaining customer affordability while driving economic growth through the connection of large loads [26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to meet future demand due to existing system capacity and manageable upgrades [10][51] - The company highlighted the positive impact of large load growth on customer bills, projecting rates to remain flat through 2028 [53] Other Important Information - The company is experiencing a favorable regulatory environment, with limited regulatory activity anticipated over the next few years [17][18] - Recent updates from ERCOT indicate a need for additional infrastructure to support growth, leading to the filing for an additional 765 kV transmission line [11][12] Q&A Session Summary Question: Update on transmission planning study and timing - Management clarified that the $500 million for the 765 kV line is separate from the incremental transmission work needed due to accelerated large loads, with updates expected in the second half of the year [30][32] Question: Impact of repairs adjustment on equity needs - Management indicated that the recent changes could unlock an additional $1 billion of CapEx without requiring incremental equity, improving balance sheet metrics [33][34] Question: Growth implications and CapEx timing - Management noted that existing capacity allows for accelerated interconnections, with more intra-regional transmission capacity needed in the first five years of the plan [71][72] Question: Customer pricing and long-term growth - Management confirmed that the growth from large loads will help keep customer bills flat, projecting rates to remain stable through 2028 [52][53] Question: Update on data center opportunities - Management remains optimistic about securing large data center opportunities, particularly in Texas, due to available capacity [55] Question: Balance sheet impacts from recent regulatory changes - Management expects a 15% FFO-to-debt ratio by the end of 2026 or 2027, benefiting from recent regulatory changes and asset sales [57]

Financial Data and Key Metrics Changes - The company reported a GAAP EPS of $1.60 for the full year and $0.40 for the fourth quarter of 2025 [1][13] - Non-GAAP EPS was $0.45 for the fourth quarter and $1.76 for the full year 2025, reflecting a 9% growth compared to 2024 [5][14] - The company also delivered a 9% dividend per share growth last year [5] Business Line Data and Key Metrics Changes - The Houston Electric business is forecasted to see a peak load demand increase of 50% or an additional 10 gigawatts by 2029, two years earlier than previously planned [4][7] - The company is adding $500 million of incremental capital to its 10-year, $65 billion capital investment plan to fund an additional 765 kV import line [4][11] Market Data and Key Metrics Changes - The company expects to grow non-GAAP EPS at the mid to high end of the 7%-9% long-term annual guidance range through 2028, and 7%-9% annually thereafter through 2035 [6][24] - The company anticipates a return to a more typical and timely filing cadence for rate recovery in 2026, which should support stronger and more consistent recovery throughout the year [15] Company Strategy and Development Direction - The company is focused on executing a strong growth plan, supported by regulatory clarity through 2029 on approximately 80% of its rate base [25] - The company is committed to delivering continued improvements in customer experience and economic development through its diverse growth drivers [24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to meet future demand driven by large load requests and existing system capacity [8][40] - The company highlighted the positive impact of new data center demand and reshoring of advanced manufacturing facilities on growth [7][40] Other Important Information - The company expects to recover approximately 85% of its capital investments through various capital trackers [17] - The adjusted FFO-to-debt ratio was 13.8% at the end of the year, slightly below the targeted cushion [20] Q&A Session Summary Question: Update on transmission planning study and 765 kV line - Management clarified that the $500 million of additional capital for the 765 kV line was separate from the incremental transmission work needed due to accelerated large loads [30][31] Question: Impact of repairs adjustment on equity needs - Management indicated that the repairs adjustment could unlock an incremental $1 billion of CapEx without adding equity, improving balance sheet metrics by 60-70 basis points [33] Question: Growth implications and CapEx timing - Management noted that existing capacity allows for accelerated interconnections, with significant CapEx impacts expected towards the tail end of the decade [40][41] Question: ERCOT's batching process and potential delays - Management expressed confidence that the batching process would be manageable and that they could continue to connect large loads without significant delays [44][45] Question: Excess capacity and customer pricing - Management confirmed that existing capacity would help keep customer bills flat, as fixed costs would be spread over a wider base [51] Question: Update on data center opportunities in Indiana - Management remains optimistic about securing large data center opportunities in Indiana, while focusing on existing capacity in Texas [53] Question: Balance sheet capacity and future divestitures - Management stated that they would remain open-minded about capital recycling and divestitures, depending on the most efficient way to finance growth [84]

Fourth Quarter 2025 Earnings and Business Update Call February 19, 2026 Agenda David Campbell, Chairman & CEO Forward Looking Statements Statements made in this document that are not based on historical facts are forward-looking, may involve risks and uncertainties, and are intended to be as of the date when made. Forward-looking statements include, but are not limited to, statements relating to Evergy's strategic plan, including, without limitation, those related to earnings per share, dividend, operating ...

Core Viewpoint - Black Hills Corp. has filed a rate review application with the South Dakota Public Utilities Commission to recover capital infrastructure and operational costs for providing electric service to approximately 75,000 customers [1][2]. Group 1: Rate Review Application - The company is seeking $50.6 million in new annual revenue to recover about $523 million in critical investments made since the last rate review in 2014 [2]. - The investments aim to strengthen the electric grid, maintain reliability, and reduce wildfire risk [2]. Group 2: Company Background and Financial Structure - Black Hills Corp. has maintained unchanged base rates for over a decade while ensuring safe and reliable service for its customers [3]. - The capital structure for the rate review is composed of 53.2% equity and 46.8% debt, with a targeted return on equity of 10.5% [3]. - The company is requesting interim rates to take effect 180 days after the filing, with new rates expected to be finalized in the first quarter of 2027 [3]. Group 3: Company Overview - Black Hills Corp. is a growth-oriented utility company serving 1.37 million natural gas and electric utility customers across eight states [4].

Core Insights - Southern Company forecasts annual profit below analysts' estimates and raises its five-year spending plan to support increasing power demands from large-load customers [1] Financial Performance - For the quarter ended December 31, Southern Company reported an adjusted profit of 55 cents per share, which is below the analysts' expectation of 57 cents [1] - Operating expenses increased by 14.7% during the quarter, while revenue rose by 10% [1] Spending Plans - Southern Company plans to spend approximately $81 billion from 2026 through 2030, an increase from its previous five-year plan of $76 billion [1] - The utility has contracted 10 gigawatts of large load customers, including major companies like Google, Meta, Microsoft, and Compass Datacenters [1] Market Position - Southern Company serves 9 million customers and ranks as the second-largest utility in the U.S., operating in Alabama, Georgia, Illinois, Mississippi, Tennessee, and Virginia [1]

Core Insights - Goldman Sachs Conviction List features top stock picks for institutional and high-net-worth clients, highlighting companies with strong growth and income potential [1][2] - Five dividend-paying companies have been on the Conviction List for extended periods, all rated as Buy by Goldman Sachs [1] Company Summaries - **Bank of America (NYSE: BAC)**: - Dividend yield of 2.06% - Target price set at $67 - On the Conviction List for 362 days - Operates in Global Markets, Global Banking, Global Wealth & Investment Management, and Consumer Banking segments [1][2] - **Johnson & Johnson (NYSE: JNJ)**: - Dividend yield of 2.10% - Target price set at $250 - On the Conviction List for 275 days - Focuses on pharmaceuticals, biotechnology, and medical devices across Innovative Medicine and MedTech segments [1][2] - **Huntington Ingalls Industries (NYSE: HII)**: - Dividend yield of 1.33% - Target price set at $425 - On the Conviction List for 214 days - Engages in designing and constructing military ships and offers various naval nuclear support services [1][2] - **Duke Energy (NYSE: DUK)**: - Dividend yield of 3.37% - Target price set at $141 - On the Conviction List for 214 days - Operates in Electric Utilities and Infrastructure and Gas Utilities and Infrastructure segments [1][2] - **Kontoor Brands (NYSE: KTB)**: - Dividend yield of 3.09% - Target price set at $84 - On the Conviction List for 214 days - A global lifestyle apparel company with brands like Wrangler and Lee [1][2]

Fourth Quarter and FY 2025 Investor Update CenterPoint Energy | 1 Cautionary Statement and Other Disclosures This presentation and the oral statements made in connection herewith contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical fact included in this presentation and the oral statements made in connection herewith are forward-looking statements made in ...