Financial Data and Key Metrics Changes - Consolidated earnings for 2025 were reported at $2.32 per share, an increase from $2.19 per share in 2024, reflecting a strong year [11] - Consolidated net income for 2025 was approximately $471 million, compared to $442 million in 2024 [11] - At the electric company, net income rose to approximately $500 million, or $2.47 per share, up from $470 million, or $2.33 per share in the previous year [12] - The holding company reported a loss of $29 million, or $0.15 per share, slightly higher year-over-year due to increased interest expense [12] Business Line Data and Key Metrics Changes - Customer growth was just under 1%, while weather-normalized load grew approximately 7%, indicating strong local economies [12] - The company expects customer count to increase about 1% and weather-normalized load to grow 4%-6% in 2026 [14] Market Data and Key Metrics Changes - The service area continues to perform well, with weather-normalized load up more than 24% since 2021 [14] - The company is targeting a 60%-70% dividend payout ratio with a stable and growing dividend [16] Company Strategy and Development Direction - The company is focused on reliable electricity at some of the lowest costs in the nation, with a commitment to affordability and efficiency [4][8] - Plans include advancing the transmission strategy and finalizing opportunities from the Southwest Power Pool (SPP) [4][5] - The company aims to secure approval for the Frontier Energy Storage Project and file for generation pre-approval in both Oklahoma and Arkansas [5][17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the financial plan, with a clear investment roadmap and a target of 5%-7% EPS growth through 2028 [18] - The company highlighted the importance of balancing affordability and execution in its growth strategy [18] - Management noted that they are actively negotiating with several large load customers and expect to finalize agreements soon [25][36] Other Important Information - The company executed a well-subscribed equity offering and filed for recovery of generation needs to meet growing demand [4] - A draft Integrated Resource Plan (IRP) was issued, outlining long-term resource strategy and identifying approximately 1.9 gigawatts of capacity needs by 2031 [17][58] Q&A Session Summary Question: Rate base growth versus investment plan - The company indicated a rate-based growth of about 9% under the current investment plan [24] Question: Changes in large load opportunities - Management confirmed ongoing negotiations with 6-7 large load customers, with progress on agreements for Customer X [25] Question: Weather-normalized load growth moderation - Management explained that the moderation is part of a broader trend, with an average of about 5% since 2021 [32] Question: Black Kettle Energy Storage capacity purchase agreement - Management affirmed their preference for owning and operating generation assets, which supports their strategy [36] Question: Capital prioritization and generation capacity - Management stated they have flexibility in capital allocation and are focused on affordability metrics [38] Question: 765 kV transmission line project - Initial estimates suggest the company's portion of the project could be around 20% of the current capital plan [42] Question: Data center contract and customer protections - The contract for Customer X is integrated into the IRP, with customer protections ensuring fair share and minimum terms [46]

Financial Data and Key Metrics Changes - Consolidated earnings for 2025 were reported at $2.32 per share, an increase from $2.19 per share in 2024, reflecting a solid year of performance [10][11] - Net income at the electric company rose to approximately $500 million, or $2.47 per share, up from $470 million, or $2.33 per share in the previous year [11] - The holding company reported a loss of $29 million, or $0.15 per share, slightly higher year-over-year due to increased interest expenses [11] Business Line Data and Key Metrics Changes - The electric company experienced strong load growth, with weather-normalized load increasing approximately 7% [11] - Customer growth was just under 1%, indicating a stable service area performance [11] Market Data and Key Metrics Changes - The service area continues to attract investment, supported by low rates and reliable service, contributing to the overall growth in customer base and load [11] - The company expects customer count to increase about 1% and weather-normalized load to grow 4%-6% in 2026 [12] Company Strategy and Development Direction - The company is focused on long-term growth through generation and transmission opportunities, with plans to advance its transmission strategy and secure approvals for new projects [4][5] - A significant portion of the capital plan is allocated to new generation capacity, with a target of adding 1.3 gigawatts of generation by the end of the decade [6][10] - The company aims to maintain affordability while investing in reliability and growth, with a commitment to keeping rates among the lowest in the nation [7][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the financial plan, projecting earnings per share growth of 5%-7% through 2028, with a solid foundation for future growth [16] - The company highlighted the importance of balancing affordability and execution in its investment strategy, ensuring that customer needs are met while pursuing growth opportunities [16] Other Important Information - The company plans to file a rate review in Oklahoma mid-year and evaluate a potential filing in Arkansas later in the year [12] - A draft Integrated Resource Plan (IRP) was issued, outlining long-term resource strategies and identifying approximately 1.9 gigawatts of capacity needs by 2031 [15][54] Q&A Session Summary Question: How to think about rate base growth versus the investment plan? - Management indicated that the current plan equates to a rate-based growth of about 9%, with opportunities for incremental growth [20][21] Question: What has changed within the large load panel since the last update? - Management confirmed active negotiations with 6-7 large load customers, with progress on agreements for Customer X [21][22] Question: Insights on moderating weather-normalized load growth in 2026? - Management noted that load growth can fluctuate, but overall trends remain positive, with a strong average since 2021 [28][30] Question: Clarification on the Black Kettle Energy Storage capacity purchase agreement? - Management affirmed their commitment to owning and operating generation assets, validating their strategy for future projects [32] Question: Details on the $7.3 billion base capital plan and potential capital prioritization? - Management emphasized flexibility in capital allocation, focusing on affordability while planning for additional generation capacity [34][35] Question: Update on the 765 kV transmission line and OGE's portion of the project? - Management indicated that OGE's portion of the project is estimated to be around 20% of the current capital plan, with further details to be refined [39][40] Question: Timeline for updating on potential other customers beyond Customer X? - Management stated that they are actively engaging with various potential customers and will announce developments as they materialize [72][75]

Financial Data and Key Metrics Changes - The company reported 2025 GAAP earnings of $1.77 per share, an increase from $1.70 per share in 2024 [5] - Core earnings were $2.55 per share, a 7.6% increase compared to 2024, and at the top end of the revised guidance range [5][17] - Return on equity in 2025 was 9.8% on a rate base of $27.8 billion, compared to 9.4% on $25.6 billion in 2024 [17] Business Line Data and Key Metrics Changes - The company deployed $5.6 billion in customer-focused capital investments in 2025, a nearly 25% increase from the previous year [5][18] - Distribution reliability metrics improved by 10% across the system compared to 2024, with notable improvements in New Jersey and Pennsylvania [6] Market Data and Key Metrics Changes - The company anticipates a compounded annual growth rate (CAGR) of core earnings near the top end of 6%-8% from 2026 to 2030 [4][24] - The updated capital investment plan includes $19 billion in total transmission investments, a 35% increase from the previous plan [7][22] Company Strategy and Development Direction - The company announced a $36 billion, 5-year capital investment program aimed at improving customer reliability and grid resiliency [4][6] - The strategy focuses on prioritizing investments for customers while maintaining affordability and meeting regulatory requirements [7][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver on its commitments and maintain affordability for customers [13][28] - The company is actively addressing affordability concerns, with customer bills expected to remain below in-state peer averages [12][84] Other Important Information - The company plans to file traditional base rate cases in Maryland and West Virginia later in the year to reflect increased rate bases [19][20] - The financing plan includes $16 billion in new long-term debt issuances and up to $2 billion in equity needs over the next five years [27][75] Q&A Session Questions and Answers Question: Incremental financing associated with West Virginia investment - Management indicated that cash recovery will help significantly, targeting 15% of the total investment, with 50% funded by a Department of Energy loan and the remainder likely from new equity [32][33] Question: Impact of increased CapEx on earned returns in Pennsylvania - Management noted that the focus in Pennsylvania has been on incremental investment in the distribution system to drive reliability improvements, with plans to file for rate adjustments as needed [35][36] Question: Timing and approval process for West Virginia generation project - Management stated that the approval process includes a certificate of need and public necessity, with expectations for a procedural schedule within the next month [73][74] Question: Execution capabilities for the $36 billion CapEx plan - Management expressed confidence in their ability to deliver on the plan, citing strong relationships with contractors and suppliers [62][63] Question: Affordability impacts from Maryland legislation - Management highlighted ongoing engagement with jurisdictions to address affordability, emphasizing their competitive position relative to peers [66][67]

Core Viewpoint - Otter Tail Corporation (OTTR) operates primarily in two sectors, with a significant focus on electric utility services, which are often overlooked by investors [1]. Group 1: Company Overview - Otter Tail Corporation is categorized as an Upper Midwest company, indicating its geographical focus and market presence [1]. - The company has two main types of businesses, with electric utility being a key segment [1]. Group 2: Investment Focus - The analysis emphasizes the importance of small- to mid-cap companies, suggesting that they present unique investment opportunities that may not be fully recognized by the market [1].

Q4 2025 Earnings & Business Update Conference Call February 18, 2026 Safe Harbor Some of the matters discussed in this presentation may contain forward looking statements that are subject to certain risks, uncertainties and assumptions. Such forward-looking statements are intended to be identified in this document by the words "anticipate," "believe," "estimate," "expect," "forecast," "intend," "objective," "plan," "possible," "potential," "project," "target" and similar expressions. Actual results may vary ...

Focused on Our Future 4Q 2025 Strategic & Financial Highlights Published February 17, 2026 Forward-Looking Statements Forward-Looking Statements: This presentation includes forward-looking statements based on information currently available to management and unless the context requires otherwise, references to "we," "us," "our" and "FirstEnergy" refers to FirstEnergy Corp. and its subsidiaries. Such statements are subject to certain risks and uncertainties and readers are cautioned not to place undue relian ...

Core Insights - The company delivered a 2025 core EPS of $2.55, achieving the top of the guidance range due to new base rates, formula rate investments, and a 3% increase in residential demand [1] - A $36 billion five-year capital program was launched, representing a 30% increase over the previous plan, aimed at driving a 10% rate base CAGR through 2030 [1] - The company prioritized transmission infrastructure, allocating $19 billion to address aging assets, with 70% of lines expected to reach end-of-life within a decade [1] - A credit rating upgrade to BBB was achieved at S&P following positive regulatory outcomes in Ohio and an improved financial foundation [1] - The company maintained strict cost discipline, achieving over $200 million in baseline O&M savings since 2022 to mitigate the impact of capital investments on customer bills [1] - A 10% improvement in distribution reliability metrics was leveraged, particularly in New Jersey and Pennsylvania, validating the effectiveness of commission-approved investment programs [1]

Core Insights - Vistra Corp. (VST) is a leading U.S. integrated retail electricity and power-generation company with a market cap of $58.1 billion, headquartered in Irving, Texas [1] Stock Performance - Over the past 52 weeks, VST shares have underperformed the broader market, rising only 3.6% compared to the S&P 500 Index's 11.9% increase [2] - Year-to-date, VST shares are up 7.7%, outperforming the S&P 500 Index, which has seen a marginal decline [2] Sector Comparison - VST shares have also underperformed the State Street Utilities Select Sector SPDR Fund (XLU), which has risen 17.3% over the past 52 weeks [3] Recent Developments - On January 16, VST shares fell more than 7% due to a broader decline in power-generation stocks following reports of President Trump's push for an emergency wholesale electricity auction [5] Earnings Forecast - For FY2025, analysts expect VST's EPS to decline 25% year-over-year to $5.25, with a mixed earnings surprise history [6] - Among 18 analysts covering the stock, the consensus rating is a "Strong Buy," with 17 "Strong Buy" ratings and one "Hold" [6] Analyst Upgrades - On February 10, Jefferies analyst upgraded VST to "Buy" from "Hold" and raised the price target to $203 from $191, citing a more attractive risk-reward after a 25% decline since September [8]

Core Insights - OGE Energy Corp. reported earnings of $2.32 per diluted share for the year 2025, an increase from $2.19 per diluted share in 2024 [1] - Oklahoma Gas and Electric Company (OG&E), a subsidiary of OGE Energy, contributed earnings of $2.47 per diluted share in 2025, up from $2.33 per diluted share in 2024 [1] Financial Performance - The overall earnings per diluted share for OGE Energy Corp. increased by 5.93% from 2024 to 2025 [1] - OG&E's earnings per diluted share saw a growth of 6.00% from 2024 to 2025 [1]

Transaction Overview - Portland General Electric (PGE) is entering a $1.9 billion deal to acquire PacifiCorp's utility operations in Washington [1][2] - The transaction is expected to increase PGE's customer base by 15%, reaching approximately 1.1 million customers, and raise its 2026 rate base by 18% to $9 billion [2] Strategic Benefits - The deal includes a 477-MW gas-fired power plant and two wind farms totaling 328 MW, enhancing PGE's energy portfolio [2] - PGE's president and CEO highlighted the positive aspects of Washington's regulatory environment, including multiyear rate plans and frameworks for clean energy investment, which will support system improvements and customer service [3] Financial Implications - PacifiCorp anticipates that the transaction will alleviate financial pressures caused by diverging policies across its operating states, which have impacted its financial stability and credit ratings [4][5] - The deal aims to create a more workable multistate utility structure, aligning costs and benefits across PacifiCorp's diverse service areas [6] Partnership Details - PGE's partner in this acquisition is Manulife Infrastructure Fund III and its affiliates, which will own 49% of the Washington utility, while PGE retains the remaining ownership [7]