Wall Street expects a year-over-year increase in earnings on higher revenues when PG&E (PCG) reports results for the quarter ended December 2025. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.The earnings report, which is expected to be released on February 12, might help the stock move higher if these key numbers are better than expectations. ...

2025 Fourth Quarter and Full Year Review Feb. 5, 2026 Forward-looking Statements COMPANY INFORMATION Black Hills Corporation P.O. Box 1400 Rapid City, SD 57709-1400 NYSE Ticker: BKH www.blackhillscorp.com Company Contacts Kimberly Nooney Senior Vice President and CFO 605-721-2370 kim.nooney@blackhillscorp.com Sal Diaz Director of Investor Relations 605-399-5079 sal.diaz@blackhillscorp.com This presentation includes "forward-looking statements" as defined by the Securities and Exchange Commission. We make th ...

Financial Data and Key Metrics Changes - Xcel Energy reported ongoing earnings of $3.80 per share for 2025, an increase from $3.50 per share in 2024, marking the 21st consecutive year of meeting or exceeding ongoing earnings guidance [5][20] - The company recorded a charge of $300 million or $0.38 per share in 2025 due to a settlement related to the Marshall Wildfire, resulting in GAAP earnings of $3.42 per share [3] - Full-year weather-adjusted electric sales increased by 2.2%, with expectations for a 3% increase in 2026 [22] Business Line Data and Key Metrics Changes - In 2025, Xcel Energy invested nearly $12 billion, the largest one-year total, to modernize and expand its infrastructure [7] - The company completed significant projects, including the conversion of the Harrington coal plant to natural gas and the commissioning of the Rocky Mountain solar project [8] - O&M expenses increased by $190 million in 2025, primarily due to wildfire mitigation costs and higher maintenance costs [22] Market Data and Key Metrics Changes - Xcel Energy's residential electric customers in Colorado have the lowest share of wallet among all 50 states, with average electric bills in other states ranking in the top 11 for affordability [5][6] - The company has been recognized for its customer satisfaction, ranking in the top quartile for the Midwest region according to J.D. Power [7] Company Strategy and Development Direction - Xcel Energy plans to invest over $60 billion over the next five years to modernize and expand the grid, focusing on renewable generation and advanced infrastructure [4] - The company aims to contract 6 GW of total data center capacity by the end of 2027, doubling its previous target [15][27] - A strategic alliance with GE Vernova has been established to enhance the company's portfolio in wind and natural gas generation [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in delivering 6%-8% long-term earnings growth and reaffirmed the 2026 EPS guidance range of $4.04-$4.16 [25][27] - The company highlighted its commitment to affordability and sustainability, noting that residential electric bills have grown less than inflation since 2020 [6][20] - Management acknowledged the challenges posed by extreme weather and emphasized the importance of infrastructure investments for reliability [10][11] Other Important Information - Xcel Energy's energy assistance programs reached nearly 200,000 customers in 2025, providing $200 million in funding, the highest one-year total [7] - The company has made significant progress in settling wildfire claims, with 222 of 287 claims resolved [25] Q&A Session Summary Question: Clarification on upcoming filings in Colorado and large tariff filing - Management indicated that the large load tariff in Colorado is expected to be filed early in Q2, and it will be tied to a package of generation to serve large loads [31] Question: Impact of the $10 billion CapEx pipeline on data center-driven needs - Management confirmed that the $10 billion CapEx pipeline does not fully account for significant data center growth opportunities in Colorado [34] Question: Sales growth expectations with new data centers - Management expects significant sales growth opportunities from data centers, particularly in the later part of the five-year forecast and into the 2030s [40] Question: Update on Smokehouse Creek claims - Management reported progress in settling claims, with over 320 claims settled and only about 100 outstanding [42] Question: Details on the partnership with NextEra - Management highlighted the partnership's focus on speed and execution, aiming to enhance data center project delivery [50] Question: Regulatory process for ESAs in the Upper Midwest - Management explained that regulatory filings will align with large load tariff filings to facilitate data center contracting [96]

Core Viewpoint - The article highlights that electric utility stocks, particularly Dominion Energy, are well-positioned to benefit from the growing demand for electricity driven by the expansion of AI infrastructure and data centers [1][2]. Group 1: Investment Opportunities - Dominion Energy is identified as one of the top electric utility stocks to consider, especially if the AI infrastructure boom continues at its current rapid pace [2]. - The company operates in Virginia, which hosts over 35% of all known hyperscale data centers globally, providing a significant market advantage [2]. - The region of Northern Virginia, known as "Data Center Alley," supports more than 3,500 technology companies, further solidifying Dominion Energy's strategic position [3]. Group 2: Competitive Advantage - Dominion Energy's experience in collaborating with tech companies allows it to effectively meet the unique power supply needs of AI data centers [5]. - The company's CEO noted that hyperscaler customers demand rapid service, and Dominion Energy has successfully met these demands, indicating a strong operational capability [5]. - There is a continued demand for additional data center capacity within Dominion Energy's service area, suggesting ongoing growth potential [6].

Core Insights - CMS Energy Corporation (CMS) reported fourth-quarter 2025 earnings per share (EPS) of 95 cents, exceeding the Zacks Consensus Estimate of 94 cents by 1.3% and reflecting a 9.2% increase from 87 cents in the prior-year quarter [1][7] - For the full year 2025, CMS reported adjusted earnings of $3.61 per share, up from $3.34 in 2024, driven by strong performance at NorthStar Clean Energy [1][7] CMS' Revenues - Operating revenues for the fourth quarter totaled $2.23 billion, surpassing the Zacks Consensus Estimate of $2.11 billion by 5.9% and increasing 12.3% from $1.99 billion in the prior-year quarter [2] - Total revenues for 2025 reached $8.54 billion, higher than $7.52 billion in 2024 [2] Operational Performance of CMS - Operating expenses amounted to $1.8 billion, reflecting a 14.4% increase from the year-ago quarter [3] - Operating income was reported at $435 million, slightly up from $425 million in the prior-year quarter [3] - Interest charges totaled $201 million, an increase of 11.7% from the previous year [3] Financial Condition of CMS - As of December 31, 2025, CMS had cash and cash equivalents of $509 million, compared to $103 million as of December 31, 2024 [4] - Total debt and financial leases (excluding securitization debt) were $18.31 billion as of December 31, 2025, up from $15.87 billion a year earlier [4] - Net cash flow from operating activities was $2.24 billion in 2025, down from $2.37 billion in 2024 [4] CMS' 2026 Guidance - The company raised its 2026 adjusted earnings guidance to a range of $3.83-$3.90 per share, up from the previous range of $3.80-$3.87 per share [5] - The current Zacks Consensus Estimate for 2026 earnings is $3.85, which is lower than the midpoint of the company's newly guided range [5] - CMS reaffirmed its long-term adjusted EPS growth target of 6-8% [5]

EARNINGS REPORT PRESENTATION 2025 YEAR END February 5, 2026 © 2026 Xcel Energy Inc. 1 SAFE HARBOR Except for the historical statements contained in this presentation, the matters discussed herein are forward-looking statements that are subject to certain risks, uncertainties and assumptions. Such forward-looking statements, including those relating to 2026 EPS guidance, long-term EPS and dividend growth rate objectives, future sales, future expenses, future tax rates, future operating performance, estimated ...

Core Insights - Xcel Energy Inc. (XEL) is a major player in the electricity and natural gas sector, with a market capitalization of $44.9 billion [1] Performance Overview - Over the past year, XEL's stock has gained 13.2%, underperforming the S&P 500 Index, which has increased nearly 14% [2] - In 2026, XEL stock has shown a YTD increase of 3.2%, outperforming the S&P 500's marginal rise [2] - Compared to the Utilities Select Sector SPDR Fund (XLU), which gained about 11% over the past year, XEL's performance is relatively stronger on a YTD basis [3] Financial Results - For Q4, XEL reported revenue of $3.6 billion, reflecting a year-over-year increase of 14.1% [5] - The adjusted EPS for the quarter grew 18.5% year-over-year to $0.96 [5] - Analysts project an 8.9% growth in XEL's EPS for the fiscal year ending December 2025, estimating it to reach $3.81 on a diluted basis [5] - XEL has a mixed earnings surprise history, missing consensus estimates in three of the last four quarters [5] Analyst Ratings - Among 18 analysts covering XEL, the consensus rating is a "Strong Buy," with 14 "Strong Buy" ratings, one "Moderate Buy," and three "Holds" [6] - The analyst sentiment has improved compared to three months ago, with 13 analysts now suggesting a "Strong Buy" [8] - BTIG has maintained a "Buy" rating on XEL, lowering the price target to $94, indicating a potential upside of 23.4% from current levels [8] - The mean price target is $87.94, representing a 15.4% premium to XEL's current price, while the highest price target of $95 suggests an upside potential of 24.7% [8]

Core Viewpoint - American Electric Power Company, Inc. (AEP) is a leading U.S. electric utility with a market cap of $64.1 billion, serving approximately 5.6 million customers through a vast network of generation and distribution assets [1]. Group 1: Stock Performance - AEP shares have outperformed the broader market over the past 52 weeks, rising 22.6%, compared to a 14% increase in the S&P 500 Index [2]. - Year-to-date, AEP shares are up 4.1%, while the S&P 500 has seen only a marginal rise [2]. - AEP has also surpassed the State Street Utilities Select Sector SPDR ETF's (XLU) return of 11% over the same period [3]. Group 2: Financial Performance and Outlook - Despite reporting a weaker-than-expected Q3 2025 adjusted EPS of $1.80, AEP's shares increased by 6.1% following the announcement of a $72 billion five-year capital plan, which includes 28 GW of new customer-backed load and a projected 10% annual rate base growth to $128 billion by 2030 [6]. - AEP has set a long-term operating earnings growth target of 7% - 9% through 2030, with management projecting 2026 operating EPS between $6.15 and $6.45 [6]. - For the fiscal year ending December 2025, analysts expect AEP's adjusted EPS to grow nearly 5% year-over-year to $5.90, with a strong earnings surprise history [7]. Group 3: Analyst Ratings - Among 22 analysts covering AEP, the consensus rating is a "Moderate Buy," consisting of seven "Strong Buy" ratings, one "Moderate Buy," 13 "Holds," and one "Strong Sell" [7]. - Morgan Stanley analyst David Arcaro reaffirmed a "Buy" rating on AEP with a price target of $125 [8].

U.S. utility CMS Energy on Thursday raised its current-year profit forecast on the back of soaring power demand, led by growing residential, commercial and data center growth. ...

Core Insights - Xcel Energy Inc. reported 2025 GAAP diluted earnings of $2.02 billion, or $3.42 per share, a decrease from $1.94 billion, or $3.44 per share in the same period in 2024 [1] - Ongoing earnings for 2025 were $2.24 billion, or $3.80 per share, compared to $1.97 billion, or $3.50 per share in the same period in 2024, indicating an increase [1] - The change in ongoing earnings reflects increased recovery of infrastructure investments [1] Financial Performance - GAAP diluted earnings for 2025: $2.02 billion, $3.42 per share [1] - GAAP diluted earnings for the same period in 2024: $1.94 billion, $3.44 per share [1] - Ongoing earnings for 2025: $2.24 billion, $3.80 per share [1] - Ongoing earnings for the same period in 2024: $1.97 billion, $3.50 per share [1] Investment Insights - The increase in ongoing earnings is attributed to improved recovery of infrastructure investments [1]