Key Takeaways Ameren is set to report Q4 results, with consensus EPS at 77 cents, flat year over year.AEE may benefit from grid modernization, smart switches, data center demand and new electric service rates.Ameren is likely to have faced higher O&M and interest costs, even as revenues may rise 7.9%.Ameren Corporation (AEE) is scheduled to release fourth-quarter 2025 results on Feb. 11, after market close. The company delivered an earnings surprise of 3.3% in the last reported quarter. Let’s discuss the fa ...

Q4 / 2025 Earnings Review and Business Update In addition, today's discussion includes certain non-GAAP financial measures as defined under SEC Regulation G. A reconciliation of those measures to the most directly comparable GAAP measures is available in the Appendix herein and on our Investor Relations website at www.duke-energy.com/investors. // 2 FOURTH QUARTER 2025 EARNINGS REVIEW AND BUSINESS UPDATE // 2 Safe harbor statement Harry Sideris / President and CEO Brian Savoy / Executive Vice President and ...

Core Viewpoint - PG&E Corporation (PCG) is expected to report its fourth-quarter 2025 results on February 12, with a prior earnings surprise of 13.64% in the last quarter [1] Factors Impacting Q4 Results - Increased electric load driven by electric vehicle adoption, data center expansion, and building electrification is anticipated to enhance energy consumption, supporting the company's growth [2] - The completion of 1,000 miles of underground power lines in high fire-risk areas is expected to significantly reduce wildfire-related outages and improve service reliability [4] - A partnership with Nissan and Fermata Energy to launch a pilot program integrating electric vehicles with a microgrid aims to enhance grid reliability and energy resilience [3] Financial Expectations - The Zacks Consensus Estimate for Q4 sales is $7.21 billion, indicating an 8.8% year-over-year growth [6] - The consensus estimate for earnings is 36 cents per share, reflecting a year-over-year increase of 16.1% [6] - Higher sales expectations and reduced non-fuel operating and maintenance expenses are likely to support PG&E's earnings for the quarter [5] Earnings Prediction Insights - The company's Earnings ESP is -0.46%, indicating that the model does not predict an earnings beat for this quarter [7] - PG&E currently holds a Zacks Rank of 3 (Hold), which does not favor an earnings beat [8]

Core Insights - Duke Energy reported full-year 2025 adjusted earnings per share (EPS) of $6.31, an increase from $5.90 in 2024, and introduced 2026 adjusted EPS guidance of $6.55 to $6.80, supported by a $103 billion five-year capital plan [1][3][4] Financial Performance - For Q4 2025, adjusted EPS was $1.50, down from $1.66 a year earlier due to higher operating and maintenance costs, interest expense, and depreciation [2] - Full-year earnings growth was driven by regulated infrastructure investment, customer growth, and favorable rate case outcomes, with Electric Utilities and Infrastructure segment income at $5.34 billion and Gas Utilities and Infrastructure contributing $559 million [3] Capital Investment and Growth Strategy - Duke Energy plans to invest approximately $103 billion over the next five years to modernize its electric grid, expand generation capacity, and support load growth, particularly from data centers and advanced manufacturing [4][5] - The company broke ground on about 5 gigawatts of new dispatchable generation resources in 2025 to enhance reliability amid rising electricity demand [5] Industry Trends - Duke Energy's results reflect a trend in the regulated utility sector where earnings visibility is increasingly linked to infrastructure-driven rate base growth rather than commodity exposure [6] - Utilities with strong regulatory relationships and exposure to high-growth regions are positioned to benefit from electrification and data center expansion [6][7] - The company's growth outlook through 2030 indicates confidence in sustaining mid-single-digit earnings growth despite rising interest rates and cost inflation, contrasting with peers more exposed to volatile markets [7]

Core Viewpoint - Duke Energy Corp. has initiated its adjusted earnings guidance for the full-year 2025, projecting earnings between $6.55 and $6.80 per share, with analysts expecting an average of $6.70 per share [1] Group 1: Earnings Guidance - The company has set its adjusted earnings guidance for 2025 in a range of $6.55 to $6.80 per share [1] - Analysts' average estimate for the company's earnings in 2025 is $6.70 per share, typically excluding special items [1] Group 2: Long-term Growth Outlook - Duke Energy is extending its long-term adjusted earnings per share growth rate of 5 to 7 percent through 2030, based on the 2025 guidance range midpoint of $6.30 [2] - The company expresses confidence in achieving earnings in the top half of the range starting in 2028 [2] Group 3: Stock Performance - In pre-market trading, Duke Energy's stock is priced at $121.85, reflecting an increase of $0.13 or 0.11 percent [3]

Core Insights - FirstEnergy Corp. (FE) is a diversified energy company based in Akron, Ohio, with a market cap of $26.9 billion, involved in electricity generation, transmission, distribution, and natural gas operations [1] Performance Overview - FE shares have outperformed the broader market over the past year, gaining 16.6% compared to the S&P 500 Index's 15.6% increase [2] - Year-to-date (YTD) performance shows FE stock up 4.6%, while the S&P 500 has risen by 1.7% [2] - Compared to the Utilities Select Sector SPDR Fund (XLU), which gained 11.3% over the past year, FE's performance is notably stronger, with YTD returns surpassing XLU's 1.9% [3] Financial Results - On October 22, 2025, FE reported Q3 results with an adjusted EPS of $0.83, exceeding Wall Street's expectation of $0.76 [4] - The company's revenue for the quarter was $4.1 billion, surpassing forecasts of $3.9 billion [4] - For the full fiscal year ending December 2025, FE expects adjusted EPS in the range of $2.50 to $2.56 [4] Analyst Ratings and Expectations - Analysts project a 3.4% decline in FE's EPS to $2.54 on a diluted basis for the current fiscal year [5] - The consensus among 16 analysts covering FE stock is a "Moderate Buy," with ratings including seven "Strong Buy," one "Moderate Buy," and eight "Holds" [5] - Recent upgrades include Wolfe Research raising FE to an "Outperform" rating with a price target of $50, indicating a potential upside of 6.8% [6] - The mean price target of $50.23 suggests a 7.3% premium to current price levels, while the highest target of $55 indicates a potential upside of 17.5% [6]

Core Viewpoint - Listed infrastructure underperformed global equities in Q4, impacted by higher long-term bond yields despite two cuts in short-term rates in the U.S. [2] - European utilities outperformed U.S. utilities, aided by improving regulations, while renewables benefited from their growing relevance in AI and policy derisking [2] Sector Performance - Underperforming sectors included natural gas utilities, energy infrastructure pipelines, communication towers, and North American rails, primarily due to higher production levels and unfavorable weather forecasts [3] - Electric utilities and toll roads were the top contributors to portfolio performance, while renewables and energy infrastructure were the main detractors [12] Regional Highlights - Western Europe was the top portfolio contributor, with U.K. electric utility SSE and Spanish toll road operator Ferrovial leading the performance [4] Company Insights - SSE, the U.K.'s largest renewable energy generator, saw its share price rise as funding risks diminished and macroeconomic concerns eased [5] - Ferrovial's U.S. listing qualified for Nasdaq 100 inclusion, and its core toll road asset in Ontario announced higher-than-expected toll increases for 2026, indicating strong pricing power [6] - WEC Energy and Brookfield Renewable were the largest detractors, with WEC's shares declining after a disappointing annual update and Brookfield's share price falling as the renewables trade cooled [7][8] Outlook - The inflection in electricity demand and solid earnings growth are expected to continue benefiting listed infrastructure performance into 2026, supported by lower nominal bond yields [9] - Electric utilities are positioned to benefit from the energy transition, climate change adaptation, and growing electricity demand, particularly from AI data centers [10] Portfolio Highlights - The strategy outperformed relative to the FTSE Global Core Infrastructure 50/50 Index in Q4, driven by strong stock selection in electric, water, and gas utility sectors [13] - Top contributors included SSE, Ferrovial, U.K. water utility Severn Trent, and U.S. electric utility NextEra Energy, while main detractors were WEC Energy and Brookfield Renewable [14] Investment Actions - Positions were initiated in Brookfield Renewable, Brazilian electric utility Equatorial, and U.S. electric utility Portland General Electric, while positions in Emera and Cheniere were exited [15]

分组1 - WEC Energy Group (WEC) projects a long-term EPS growth of 7-8% through 2030 [1] - The company has a capital expansion plan amounting to $37.5 billion over the same period [1] - WEC aims to increase its load by approximately 3.9 GW, with around 500 MW of this increase planned [1]

Core Insights - Unitil Corporation reported a GAAP Net Income of $50.2 million, or $2.97 in Earnings Per Share (EPS), for the year ended December 31, 2025, reflecting an increase of $3.1 million in Net Income and $0.04 in EPS compared to 2024 [1][10] - The company's Adjusted Net Income was $53.3 million, or $3.16 in EPS, representing an increase of $5.5 million and $0.19 in EPS compared to 2024, excluding costs related to recent acquisitions [1][18] - The financial performance was driven by higher rates and continued customer growth, with a reaffirmation of long-term EPS growth of 5% to 7% [2][11] Financial Performance - Electric GAAP Gross Margin was $82.7 million in 2025, an increase of $4.7 million compared to 2024, driven by higher rates and customer growth [2][5] - Gas GAAP Gross Margin reached $142.3 million in 2025, an increase of $22.2 million compared to 2024, primarily due to higher rates and customer growth [5][6] - Total Operating Revenue for 2025 was $536.0 million, with Electric Revenues at $236.4 million and Gas Revenues at $299.6 million [25][29] Cost and Expenses - Operation and Maintenance (O&M) expenses increased by $14.9 million in 2025, reflecting higher utility operating costs, labor costs, and acquisition costs [7][30] - Depreciation and Amortization expenses rose by $12.6 million in 2025, influenced by higher depreciation rates and additional depreciation from increased utility plant in service [8][30] - Interest Expense, Net increased by $7.4 million in 2025, primarily due to higher interest on increased debt from acquisitions [9][30] Customer Metrics - Total Electric kWh Sales decreased by 0.6% to 1,574.4 million kWh in 2025, with residential sales increasing by 4.1% while commercial/industrial sales decreased by 4.0% [29] - Total Gas Therm Sales increased by 26.6% to 278.5 million therms, with residential sales up by 34.0% and commercial/industrial sales up by 24.8% [29] Dividends - The annual common dividend for 2025 was $1.80 per share, with a subsequent increase to $1.90 per share declared in January 2026 [11][30]

Core Viewpoint - Ameren Corporation has elected Timothy S. Rausch to its board of directors, effective March 1, 2026, highlighting the company's commitment to enhancing its leadership in nuclear generation [1][3]. Group 1: Leadership Appointment - Timothy S. Rausch has extensive experience in nuclear generation, having served as executive vice president and chief nuclear officer at Tennessee Valley Authority from October 2018 to July 2025 [2]. - Rausch's previous roles include senior vice president and chief nuclear officer at Talen Energy Corporation and PPL Corporation, as well as various leadership positions at Exelon Nuclear Corporation and FirstEnergy Corporation [2]. Group 2: Strategic Importance of Nuclear Generation - Martin J. Lyons, chairman and CEO of Ameren, emphasized that Rausch's leadership in nuclear generation will add significant value to the board, as nuclear energy is crucial for Ameren's strategy to provide reliable and affordable energy [3]. - The company aims to ensure a diverse generation resource strategy, with nuclear generation being a key component [3]. Group 3: Company Overview - Ameren Corporation serves 2.5 million electric customers and over 900,000 natural gas customers across a 64,000-square-mile area through its subsidiaries, Ameren Missouri and Ameren Illinois [4]. - Ameren Illinois focuses on electric transmission and distribution, while Ameren Missouri provides electric generation, transmission, and distribution services, along with natural gas distribution [4].