Financial Guidance - IDACORP, Inc. initiated its earnings guidance for the full year 2026 in a range of $6.25 to $6.45 per share, based on expectations regarding tax credits and operational conditions [1] - The guidance assumes that Idaho Power will utilize less than $30 million of additional tax credits available under the Idaho regulatory mechanism in 2026, along with normal weather conditions and power supply expenses throughout the year [1] Fourth Quarter Results - For the fourth quarter, IDACORP reported a net income attributable to the company of $43.61 million, or $0.78 per share, which is an increase from $37.88 million, or $0.70 per share, in the prior-year quarter [2] Stock Performance - In pre-market trading, IDACORP's stock is trading at $142.74, reflecting an increase of $1.00 or 0.71 percent [3]

Core Viewpoint - CenterPoint Energy, Inc. reported a net income of $264 million for Q4 2025, reflecting a growth in earnings per diluted share compared to the previous year [1] Financial Performance - The company achieved a GAAP earnings per diluted share of $0.40 in Q4 2025, up from $0.38 in Q4 2024 [1] - Non-GAAP earnings per diluted share for Q4 2025 were reported at $0.45, an increase from $0.40 in the same period of 2024 [1] Drivers of Performance - The strong results in the fourth quarter were primarily attributed to growth and regulatory recovery [1]

Core Viewpoint - Xcel Energy Inc. is highlighted as a strong investment opportunity, particularly following an upgrade from UBS, which raised its price target and emphasized the company's growth potential driven by data center electricity needs and regulatory support [1][2]. Group 1: Analyst Upgrade and Market Position - UBS upgraded Xcel Energy from Neutral to Buy, increasing the price target from $81 to $89, indicating strong confidence in the company's future performance [1]. - Analyst William Appicelli noted a steady 9% earnings-per-share (EPS) expansion, supported by full regulatory oversight and increasing demand from data centers [2]. - The expected data center load was recently increased to 4 gigawatts from 2 gigawatts, reflecting a significant growth opportunity [2]. Group 2: Financial Performance - Xcel reported Q4 2025 ongoing EPS of $0.96, which was at the lower end of Wall Street's estimates but represented an 18.5% year-over-year increase [3]. - Quarterly revenue reached $3.56 billion, slightly below the forecast range of $3.64-$3.77 billion, but still showed a 14.1% year-over-year growth, attributed to a 14.2% increase in electric and natural gas sales [4]. - The company reaffirmed its FY2026 ongoing EPS guidance of $4.04-$4.16 and projected a long-term annual growth rate of 6-8% through 2030, supported by a $60 billion capital expenditure plan [4]. Group 3: Company Overview - Xcel Energy is a regulated utility company providing electricity to 3.7 million customers and natural gas to 2.1 million customers across eight states [5].

Core Viewpoint - Duke Energy Corporation is highlighted as a strong infrastructure stock, with Goldman Sachs raising its price target to $142 from $141 while maintaining a Buy rating [1]. Group 1: Financial Projections - Goldman Sachs noted Duke's updated five-year capital investment plan totaling $103 billion, an increase from the previous forecast of $87 billion, which is expected to drive a 9.6% compound annual rate base expansion through 2030 [3]. - Duke's management reiterated its EPS growth guidance of 5%-7% annually through 2030, with expectations of acceleration towards the top half beginning in 2028, driven by contributions from data centers [4]. - Goldman Sachs projected an average EPS advancement closer to 8% over the same period, supported by stronger-than-expected electricity demand growth [4]. Group 2: Recent Performance and Analyst Ratings - BTIG analyst Alex Kania reaffirmed a Buy rating and a price target of $141, citing Duke's Q4 adjusted EPS of $1.50, which closely matched consensus estimates of $1.49, reflecting Duke's reliable performance [5]. - Kania praised Duke's expansion of generation assets and its Energy Supply Agreement backlog, along with a cautious approach to data center development plans [6]. - Although Kania flagged the updated financing strategy, which involves doubling equity issuances as an area to monitor, he remained optimistic about Duke's overall execution [6]. Group 3: Company Overview - Duke Energy Corporation is based in Charlotte, North Carolina, and operates a diverse portfolio of generation assets, including nuclear, coal, natural gas, hydro, solar, and battery storage [7].

Core Insights - Edison International reported a significant increase in earnings for 2025, with GAAP earnings per share rising to $4.80 from $0.88 year-over-year, and core earnings increasing to $1.86 from $1.05 [2][3] - The company has set new core EPS guidance for 2026 and 2027, projecting a range of $5.90 to $6.20 for 2026 and $6.25 to $6.65 for 2027, while maintaining an annual growth expectation of 5% to 7% through 2028 [4] Financial Performance - Full-year GAAP earnings for 2025 reached $11.58 per share, up from $3.33 in 2024, with core earnings climbing to $6.55 from $4.93 [2] - The earnings growth was primarily driven by Southern California Edison (SCE), benefiting from revenue recognition related to the 2025 General Rate Case and reduced interest expenses due to wildfire-related settlements [3] Strategic Initiatives - The company is focusing on investments in wildfire mitigation and grid resilience, having installed over 7,000 miles of covered conductor in high fire-risk areas, which constitutes over 90% of its planned grid hardening efforts [5] - Edison International is processing claims under its Wildfire Recovery Compensation Program, which is a critical part of California's wildfire liability framework [5] Regulatory Environment - California's investor-owned utilities, including Edison International, are facing increased regulatory scrutiny and climate-related risks, with challenges such as wildfire liabilities and infrastructure costs [6] - Earlier in the year, SCE implemented a rate decrease of 2.3% for residential customers and 5.3% for small and medium-sized businesses, positioning its average rates as the lowest among major California utilities [6] Holding Company Performance - At the holding company level, Edison International Parent and Other reported a wider core loss year-over-year, primarily due to higher interest expenses and losses from preferred stock redemption [7]

Core Insights - IDACORP, Inc. is a significant utility company based in Boise, Idaho, serving approximately 604,000 retail customers in southern Idaho and eastern Oregon, with a diversified portfolio of power generation assets including hydropower, natural gas, and coal-fired plants [1] - Analyst David Arcaro from Morgan Stanley has set a price target of $139 for IDACORP, reflecting positive sentiment towards the company's stock, supported by its consistent performance and strategic market positioning [2] - IDACORP is raising its earnings per share outlook for 2025, driven by customer growth and rate increases, indicating a robust growth trajectory [3] Financial Performance - The consensus price target for IDACORP has increased from $139.06 to $140.00 over the past year, indicating a stable yet positive outlook from analysts [4] - IDACORP's recent earnings report showed earnings of $2.26 per share, surpassing the Zacks Consensus Estimate of $2.23 per share, reflecting steady performance [4] - IDACORP has been upgraded to a Zacks Rank 2 (Buy), with an improved earnings per share outlook for 2025, suggesting confidence in its future growth and financial health [4]

Financial Data and Key Metrics Changes - Edison International reported a core earnings per share (EPS) of $6.55 for 2025, exceeding guidance and marking a successful delivery of the long-term core EPS growth target established in 2021 [4] - The fourth quarter core EPS was $1.86, with the full-year 2025 core EPS exceeding the high end of the guidance range [14][15] - The company reaffirmed its 2028 guidance and extended its core EPS growth target of 5%-7% through 2030 [15][20] Business Line Data and Key Metrics Changes - SCE has invested over $12 billion in customer safety and reliability over the last two years, with a focus on wildfire risk reduction and operational excellence [6][16] - The utility plans to execute a $7 billion capital plan for 2026 to meet customer needs [16] - The extended capital plan from 2026 through 2030 is projected to be between $38 billion and $41 billion, focusing on load growth-driven programs and infrastructure replacement [17] Market Data and Key Metrics Changes - SCE has the lowest system average rate among California's major investor-owned utilities, with a 2.3% rate decrease for residential customers and a 5.3% decrease for small and medium-sized businesses [6] - The typical non-CARE residential customer currently pays about $188 per month, slightly higher than $180 two years ago [6] Company Strategy and Development Direction - The company emphasizes commitments to customers, communities, and investors, focusing on safety, reliability, and affordability [5][7] - Edison International is actively engaging with policymakers to reinforce a stable regulatory framework that supports long-term investment [8][11] - The company is confident in its multi-year financial outlook, supported by a robust pipeline of necessary investments [12][20] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of maintaining a durable regulatory environment to protect customers from higher costs and ensure stable returns for investors [7][8] - The upcoming legislative session is seen as pivotal for shaping California's energy and resiliency policy, with a focus on mitigating catastrophic wildfires [11][44] - Management expressed confidence in achieving the extended EPS growth targets and maintaining a strong balance sheet without equity needs through 2030 [20] Other Important Information - Edison International announced enhancements to the Wildfire Recovery Compensation Program, providing stronger support for displaced renters and increasing coverage for legal expenses [8][64] - The company is collaborating with the L.A. District Attorney's office regarding the investigation into the Eaton Fire, maintaining confidence in its operational prudence [76][78] Q&A Session Summary Question: Inquiry about Eaton losses and total liability visibility - Management indicated that over 2,300 claims have been submitted under the Wildfire Recovery Compensation Program, with no current estimate for total liability due to the complexity of claims [26][28] Question: Clarification on EPS growth and financing considerations - Management explained that muted growth in 2026 is due to fewer regulatory decisions and variances in asset mix, but expects to be at the high end of the growth range in subsequent years [35][36] Question: Updates on the AMI 2.0 application and capital plan - The AMI 2.0 application is expected to be filed in the coming months, with a decision anticipated in about 18 months, and the total request is projected to be around $3 billion [42] Question: Comments on SB 254 processes and legislative updates - Management noted robust participation from stakeholders in the SB 254 process and emphasized the need for a predictable framework to support capital access and affordability [44][47] Question: Details on the L.A. District Attorney's investigation - Management confirmed collaboration with the attorney's office and expressed confidence in demonstrating that SCE's actions were consistent with those of a reasonable utility operator [76][78]

Financial Data and Key Metrics Changes - Edison International reported a core earnings per share (EPS) of $6.55 for 2025, exceeding guidance and marking a successful delivery of the long-term core EPS growth target established in 2021 [4][14] - The fourth quarter core EPS was $1.86, with the full-year 2025 core EPS exceeding the high end of the guidance range [14][15] - The company faced headwinds such as record inflation and rising interest rates but still managed to deliver on commitments [15] Business Line Data and Key Metrics Changes - SCE has installed over 7,000 miles of covered conductor in high fire risk areas, representing over 90% of its planned grid hardening effort [5][6] - A 2.3% rate decrease for residential customers and a 5.3% decrease for small and medium-sized business customers were announced, starting from a position of having the lowest system average rate among California's major investor-owned utilities [6][7] Market Data and Key Metrics Changes - The company is actively engaging with policymakers to reinforce the value of a stable regulatory framework, which is crucial for long-term investment and customer protection [8][11] - Edison International's capital plan for 2026 through 2030 is projected to be between $38 billion and $41 billion, focusing on load growth-driven programs and wildfire mitigation [17][18] Company Strategy and Development Direction - The company is committed to enhancing safety, reliability, and affordability while maintaining a strong investment-grade balance sheet [7][12] - Edison International is extending its core EPS growth target to 2030, with a long-term growth rate target of 5%-7% [12][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the multi-year financial outlook, reaffirming guidance for 2028 and extending the EPS growth target through 2030 [12][20] - The upcoming legislative session is seen as pivotal for shaping California's energy and resiliency policy, with a focus on mitigating catastrophic wildfires [11][43] Other Important Information - The company has committed $2 million to the Pasadena Community Foundation to support community members affected by the Eaton Fire [10] - Edison International is working on a Woolsey securitization application to securitize about $2 billion in costs associated with the Woolsey settlement agreement [21] Q&A Session Summary Question: Update on Eaton losses and total liability estimates - Management indicated that over 2,300 claims have been submitted under the Wildfire Recovery Compensation Program, with no current estimate for total losses due to the complexity of the claims process [26][28] Question: Clarification on 5%-7% EPS growth range - Management confirmed that muted growth in 2026 is due to fewer regulatory decisions and other variances, but expects to be at the high end of the growth range in 2027 [34][35] Question: Timing of AMI 2.0 application and capital plan - The AMI 2.0 application is expected to be filed in the coming months, with a decision anticipated in about 18 months, and the total request will be around $3 billion [41] Question: LA District Attorney's investigation - Management stated that they are collaborating with the attorney's office and remain confident in SCE's actions being consistent with those of a reasonable utility operator [75][76]

Financial Data and Key Metrics Changes - Edison International reported a core earnings per share (EPS) of $6.55 for full-year 2025, exceeding guidance and marking a successful delivery of the long-term core EPS growth target established in 2021 [5][16] - The fourth quarter core EPS was $1.86, with the full-year 2025 core EPS reflecting disciplined execution and cost management despite challenges such as inflation and rising interest rates [16][17] Business Line Data and Key Metrics Changes - Southern California Edison (SCE) has installed over 7,000 miles of covered conductor in high fire risk areas, achieving over 90% of its planned grid hardening effort [6][7] - SCE announced a 2.3% rate decrease for residential customers and a 5.3% decrease for small and medium-sized business customers, maintaining the lowest system average rate among California's major investor-owned utilities [7][8] Market Data and Key Metrics Changes - The company is focused on maintaining a stable regulatory environment to support long-term investments and protect customers from higher costs, with credit rating agencies evaluating California-specific risk factors [9][10] - The projected rate base growth is approximately 7% from 2025 to 2030, driven by essential investments in infrastructure and wildfire mitigation [20][22] Company Strategy and Development Direction - Edison International is committed to enhancing safety, reliability, and affordability while engaging with policymakers to reinforce a stable regulatory framework [10][12] - The company is extending its core EPS growth target to 2030, with a long-term growth rate target of 5%-7% and an attractive dividend yield of approximately 5% [14][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the multi-year financial outlook, reaffirming guidance for 2028 and extending the EPS growth target through 2030 [17][22] - The upcoming legislative session is seen as pivotal for shaping California's energy and resiliency policy, with a focus on mitigating catastrophic wildfires [13][47] Other Important Information - Edison International is actively addressing wildfire-related claims, with over 2,300 claims submitted under the Wildfire Recovery Compensation Program [10][29] - The company is donating $2 million to support community members affected by the Eaton Fire, demonstrating its commitment to community recovery [12] Q&A Session Summary Question: Inquiry about Eaton losses and total liability visibility - Management indicated that over 2,300 claims have been submitted, with the total potential claims expected to be much higher, making it difficult to estimate total losses at this time [29][30] Question: Clarification on EPS growth and financing considerations - Management explained that muted growth in 2026 is due to fewer regulatory decisions and asset mix differences, but they expect growth to be at the high end of the 5%-7% range in 2027 [37][38] Question: Updates on the AMI 2.0 application and capital plan - The AMI 2.0 application is expected to be filed in the coming months, with a decision anticipated in about 18 months, and the total request will exceed $3 billion [45][46] Question: Discussion on the LA District Attorney's investigation - Management expressed confidence in SCE's actions being consistent with those of a reasonable utility operator and indicated ongoing collaboration with the attorney's office [79][80]

FOURTH-QUARTER 2025 FINANCIAL RESULTS FEBRUARY 18, 2026 Forward-Looking Statements Statements contained in this presentation about future performance, including, without limitation, operating results, capital expenditures, rate base growth, dividend policy, financial outlook, and other statements that are not purely historical, are forward-looking statements. These forward-looking statements reflect our current expectations; however, such statements involve risks and uncertainties. Actual results could diff ...