Core Viewpoint - Entergy Corporation (ETR) is expected to report its fourth-quarter 2025 earnings on February 12, with a prior earnings surprise of 4.79% in the last quarter [1] Factors Impacting Q4 Results - Warmer-than-normal weather conditions in Entergy's service territories likely reduced electricity demand for heating, negatively impacting top-line performance [2] - Increased retail and industrial sales, along with rising demand from data centers, may have partially offset the negative impact on performance [2][3] - Higher operations and maintenance expenses could have countered some of the positive factors in the quarter [4] Q4 Expectations - The Zacks Consensus Estimate for sales is $2.9 billion, indicating a year-over-year growth of 5.9% [5] - The consensus estimate for earnings per share is 51 cents, reflecting a year-over-year decline of 22.7% [5] Earnings Prediction Model - The earnings model predicts a potential earnings beat for ETR, supported by a positive Earnings ESP of +1.64% and a Zacks Rank of 3 (Hold) [6][7] Other Industry Players - Eversource Energy (ES) is also expected to report on February 12, with an Earnings ESP of +1.27% and a Zacks Rank of 2, indicating a potential earnings beat [8][9] - IDACORP, Inc. (IDA) and Alliant Energy (LNT) are scheduled to report their results on February 19, with positive Earnings ESPs and Zacks Ranks suggesting favorable outcomes [9][10]

Financial Data and Key Metrics Changes - The company reported adjusted earnings of $5.03 per share for 2025, representing an 8.6% increase from the adjusted earnings of $4.63 per share in 2024 [4][28] - The earnings per share guidance for 2026 is affirmed in the range of $5.25 to $5.45, indicating an expected growth of approximately 8.1% compared to the original 2025 earnings guidance midpoint [16][24] Business Line Data and Key Metrics Changes - Weather-normalized sales at Ameren Missouri grew by 1% overall, with residential and commercial classes growing by 0.5% and 1.5% respectively [29] - The company invested over $4 billion in electric, natural gas, and transmission infrastructure in 2025, including the installation of nearly 26,000 electric distribution poles and 31 new or upgraded substations [6][10] Market Data and Key Metrics Changes - The company signed 2.2 GW of large load electric service agreements in Missouri, which is expected to contribute positively to future sales and earnings forecasts [4][20] - The economic impact study indicates that the company's operations generate over $20 billion in annual economic activity in Missouri and Illinois [10] Company Strategy and Development Direction - The company’s three-pillar strategy focuses on investing in rate-regulated infrastructure, advocating for constructive regulatory frameworks, and optimizing business operations [6] - The company plans to invest approximately $5.5 billion in infrastructure from 2026 to 2030, targeting a compound annual rate base growth of 10.6% [14][32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving near the upper end of the 6%-8% earnings growth guidance for 2026-2030, supported by the recent large load electric service agreements [5][45] - The management highlighted the importance of disciplined cost management and continuous improvement to keep customer rates low while investing in infrastructure [11][80] Other Important Information - The company’s dividend was increased by 5.6%, marking the thirteenth consecutive year of dividend growth [17] - The company has a robust investment pipeline exceeding $70 billion, aimed at enhancing the safety, reliability, and resiliency of the energy grid [25][26] Q&A Session Summary Question: Can you discuss the 2.2 GW of executed ESAs and how it impacts guidance? - Management indicated that the 2.2 GW of executed ESAs represents upside to the sales growth embedded in the 6%-8% guidance, providing greater confidence in achieving upper-end targets [41][45] Question: How does the company view hybrid securities in the financing plan? - Management noted that hybrid securities might be slightly accretive in the short term, but the overall impact would need to be evaluated over time [47][48] Question: What is the breakdown of the lag between rate base growth and earnings growth? - Management explained that the primary difference is due to equity dilution from planned issuances, and that sales from hyperscalers could help reduce this lag [53][56] Question: Are there concerns about potential cancellations of projects with ESAs? - Management expressed no concerns regarding the ESAs, emphasizing the protective measures in place for customers and the significant milestones ahead for project development [59][61] Question: How does the company view affordability in relation to customer bills? - Management highlighted a focus on disciplined cost control and ensuring that new data centers pay their fair share of costs, aiming to prevent any burden on existing customers [78][80]

Financial Data and Key Metrics Changes - The company reported adjusted earnings of $5.03 per share for 2025, representing an 8.6% increase from the adjusted earnings of $4.63 per share in 2024 [4][28] - The company affirmed its 2026 earnings per share guidance range of $5.25 to $5.45, indicating an expected growth of approximately 8.1% compared to the original 2025 earnings guidance midpoint [17][24] Business Line Data and Key Metrics Changes - Weather-normalized sales at Ameren Missouri grew by 1% overall, with residential and commercial classes growing by 0.5% and 1.5% respectively [29] - The company invested over $4 billion in electric, natural gas, and transmission infrastructure, including the installation of nearly 26,000 electric distribution poles and 283 miles of upgraded transmission and distribution lines [6][10] Market Data and Key Metrics Changes - The company signed 2.2 GW of large load electric service agreements in Missouri, which is expected to support significant economic development opportunities [4][20] - The economic impact study indicated that the company's operations in Missouri and Illinois generate over $20 billion in annual economic activity [10] Company Strategy and Development Direction - The company continues to focus on a three-pillar strategy: investing in rate-regulated infrastructure, advocating for constructive regulatory frameworks, and optimizing business operations [6] - The company plans to invest approximately $5.5 billion in electric, natural gas, and transmission infrastructure in 2026 to enhance the reliability and responsiveness of the energy grid [14][32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver strong returns and maintain disciplined cost management, with a focus on keeping rates low for customers [11][81] - The company anticipates continued earnings growth near the upper end of the 6%-8% range from 2026 through 2030, supported by the recent large load electric service agreements [45][60] Other Important Information - The company achieved $20 million in recurring O&M savings from energy delivery process improvements over the past two years [29] - The company expects to maintain a dividend payout ratio of approximately 50%-60%, with a recent quarterly dividend increase of 5.6% [18] Q&A Session Summary Question: Can you discuss the 2.2 GW of executed ESAs and how it impacts guidance? - Management indicated that the 2.2 GW of executed ESAs represents upside to the sales growth embedded in the 6%-8% guidance, providing greater confidence in achieving the upper end of that range [41][45] Question: How do you view the use of hybrid securities in your financing plan? - Management noted that hybrid securities might be slightly accretive in the short term, but the overall impact would need to be evaluated over time [47][48] Question: What is the breakdown of the lag between rate base growth and earnings growth? - Management explained that the primary difference is due to equity dilution from planned issuances, and that sales growth from hyperscalers could help reduce this lag [53][56] Question: Are there concerns about potential cancellations of ESAs? - Management expressed no concerns regarding the ESAs, emphasizing the protective provisions in place for customers [59][61] Question: How does the updated plan impact customer bills, particularly in Missouri? - Management highlighted a focus on affordability and disciplined cost control, ensuring that new data centers pay their fair share without burdening existing customers [79][80]

Core Insights - PG&E Corporation (PCG) reported fourth-quarter 2025 adjusted earnings per share (EPS) of 36 cents, matching the Zacks Consensus Estimate and reflecting a 16.1% increase from the previous year's 31 cents [1][8] - The company reported full-year adjusted earnings of $1.50 per share for 2025, up from $1.36 in the prior year, also in line with the Zacks Consensus Estimate [2] - PG&E's total revenues for 2025 were $24.94 billion, an increase from $24.42 billion in 2024, although it fell short of the Zacks Consensus Estimate of $25.33 billion [3][8] Operational Highlights - Total operating expenses for 2025 were $20.19 billion, a 1.1% increase from the previous year [4] - Operating income rose to $4.75 billion compared to $4.46 billion a year ago [4] - Interest expenses were reported at $3.03 billion, slightly down from $3.05 billion in the previous year [4] Financial Condition - As of December 31, 2025, cash and cash equivalents stood at $0.71 billion, down from $0.94 billion a year earlier [5] - Net cash flow from operating activities was $8.72 billion in 2025, an increase from $8.04 billion at the end of 2024 [5] - Capital expenditures totaled $11.79 billion, up from $10.37 billion in 2024 [5] - Long-term debt as of December 31, 2025, was $57.39 billion, compared to $53.57 billion a year earlier [5] 2026 Guidance - PG&E expects adjusted earnings for 2026 to be in the range of $1.64-$1.66 per share, which is narrower than the previous guidance of $1.62-$1.66 [6] - The Zacks Consensus Estimate for 2026 earnings is $1.63 per share, which is below the company's guided range [6]

Core Insights - Exelon reported a revenue of $5.41 billion for the quarter ended December 2025, reflecting a decrease of 1.1% year-over-year, and an EPS of $0.59, down from $0.64 in the same quarter last year [1] - The revenue fell short of the Zacks Consensus Estimate of $5.54 billion, resulting in a surprise of -2.27%, while the EPS exceeded the consensus estimate of $0.53 by 11.74% [1] Financial Performance Metrics - Exelon's operating revenues for PECO were $1.17 billion, surpassing the average estimate of $1.03 billion by three analysts, marking a year-over-year increase of 17.4% [4] - Operating revenues for ComEd were reported at $1.09 billion, significantly lower than the estimated $1.85 billion, representing a decline of 39.9% year-over-year [4] - Operating revenues for PHI reached $1.73 billion, exceeding the average estimate of $1.56 billion, with a year-over-year change of 14.5% [4] - Operating revenues for BGE were $1.43 billion, above the average estimate of $1.17 billion, indicating a year-over-year increase of 23.8% [4] Electric and Natural Gas Revenues - Electric revenues for Pepco were reported at $828 million, exceeding the estimated $747.65 million, with a year-over-year increase of 15% [4] - Electric revenues for DPL were $426 million, slightly above the average estimate of $406.12 million, reflecting a year-over-year growth of 10.1% [4] - Electric revenues for ACE were $390 million, surpassing the estimated $379.14 million, with a year-over-year change of 12.1% [4] - Natural gas revenues for PECO were $277 million, exceeding the average estimate of $200.12 million, representing a year-over-year increase of 31.9% [4] - Electric revenues for BGE were $1.06 billion, above the average estimate of $858.86 million, indicating a year-over-year increase of 24.6% [4] - Electric revenues for PECO were $895 million, exceeding the estimated $816.22 million, with a year-over-year change of 13.6% [4] - Natural gas revenues for BGE were $376 million, surpassing the average estimate of $305.16 million, reflecting a year-over-year increase of 21.3% [4] Stock Performance - Exelon's shares have returned +2% over the past month, contrasting with the Zacks S&P 500 composite's -0.3% change [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]

Core Viewpoint - The market anticipates a year-over-year decline in earnings for Consolidated Edison (ED) despite higher revenues, with actual results being crucial for stock price movement [1][2]. Earnings Expectations - Consolidated Edison is expected to report quarterly earnings of $0.84 per share, reflecting a year-over-year decrease of 14.3% [3]. - Revenues are projected to be $3.7 billion, which is an increase of 0.8% compared to the same quarter last year [3]. Estimate Revisions - The consensus EPS estimate has remained unchanged over the last 30 days, indicating stability in analysts' assessments [4]. - A positive Earnings ESP of +0.25% suggests that analysts have recently become more optimistic about the company's earnings prospects [12]. Earnings Surprise History - In the last reported quarter, Consolid Edison was expected to post earnings of $1.76 per share but exceeded expectations with actual earnings of $1.90, resulting in a surprise of +7.95% [13]. - Over the past four quarters, the company has beaten consensus EPS estimates three times [14]. Additional Insights - A positive Earnings ESP is a strong predictor of an earnings beat, especially when combined with a Zacks Rank of 1, 2, or 3 [10]. - The current Zacks Rank for Consolid Edison is 3, indicating a likelihood of beating the consensus EPS estimate [12].

Financial Data and Key Metrics Changes - The company reported adjusted earnings of $5.03 per share for 2025, representing an 8.6% growth over the adjusted earnings of $4.63 per share in 2024 [4][29] - The company affirmed its 2026 earnings per share guidance range of $5.25 to $5.45, indicating an expected growth of approximately 8.1% compared to the midpoint of the original 2025 earnings guidance [18][38] Business Line Data and Key Metrics Changes - Weather-normalized sales at Ameren Missouri grew by 1% overall, with residential and commercial classes growing by 0.5% and 1.5% respectively [31] - The company invested over $4 billion in electric, natural gas, and transmission infrastructure, including the installation of nearly 26,000 electric distribution poles and 283 miles of upgraded transmission and distribution lines [6][8] Market Data and Key Metrics Changes - The company signed 2.2 GW of large load electric service agreements in Missouri, which is expected to support significant economic development and job creation in the region [4][21] - The economic impact study indicates that the company's operations generate over $20 billion in annual economic activity in Missouri and Illinois [11] Company Strategy and Development Direction - The company continues to focus on a three-pillar strategy: investing in rate-regulated infrastructure, advocating for constructive regulatory frameworks, and optimizing business operations [6] - The company plans to invest approximately $5.5 billion in electric, natural gas, and transmission infrastructure in 2026 to enhance the reliability and safety of the energy grid [14][34] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver strong returns and maintain disciplined cost management, with a focus on keeping rates low for customers [12][80] - The company anticipates that the execution of its strategy will continue to drive strong total shareholder returns, with a compound annual earnings growth expectation of 6%-8% from 2026 through 2030 [18][28] Other Important Information - The company has received constructive orders in both Missouri and Illinois regarding electric and natural gas rate reviews, which are expected to support future earnings growth [6][32] - The company has a robust investment pipeline exceeding $70 billion, aimed at strengthening the energy grid and supporting economic growth [27] Q&A Session Summary Question: Can you discuss the 2.2 GW of executed ESAs and its implications? - Management indicated that the 2.2 GW of executed ESAs represents upside to the sales growth embedded in the 6%-8% guidance, providing greater confidence in achieving the upper end of that range [42][45] Question: How do you view the lag between rate base growth and earnings growth? - Management noted that the primary difference between the 10.6% rate base CAGR and the 6%-8% EPS growth is due to equity dilution from planned issuances, and that sales growth from hyperscalers could help reduce this lag [53][56] Question: Are there concerns about potential cancellations of ESAs? - Management expressed no concerns regarding the ESAs, emphasizing that significant milestones remain ahead for project development, and that the ESAs are designed to protect existing customers [59][61] Question: How does the updated plan impact customer bills, particularly in Missouri? - Management highlighted a focus on affordability and disciplined cost control, ensuring that new data centers pay their fair share of costs without burdening existing customers [78][79]

2025 FOURTH QUARTER AND FULL YEAR EARNINGS Delivering For Customers AND Investors February 12, 2026 1 Forward-Looking Statements This presentation and the oral remarks made in connection with it contain statements regarding PG&E Corporation's and Pacific Gas and Electric Company's (the "Utility") future performance, including expectations, objectives, and forecasts about operating results (including 2026 non-GAAP core earnings), debt and equity issuances, refinancing activity, rate base growth, capital expe ...

Caution regarding forward-looking statements and Regulation G compliance In this presentation, and from time to time, Entergy Corporation makes certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, among other things, statements regarding Entergy's 2026 adjusted earnings per share guidance; financial and operational outlooks; industrial load growth outlooks; statements regarding its resilience plans, goals, b ...

Core Insights - American Electric Power (AEP) reported strong fourth-quarter 2025 operating earnings of $1.19 per share, leading to a full-year operating earnings of $5.97 per share, exceeding previous guidance [4][6] - The company reaffirmed its 2026 operating earnings guidance of $6.15 to $6.45 per share and projected a long-term earnings growth rate of 7% to 9% from 2026 to 2030, with an expected 9% compound annual growth rate (CAGR) [3][6] - AEP's capital plan remains robust at $72 billion over five years, with additional incremental generation and transmission projects identified, totaling approximately $5 to $8 billion [5][11] Financial Performance - AEP's fourth-quarter results were bolstered by strong retail margins and wholesale contract optimization, with management expecting similar performance levels in 2026 [1] - The company achieved a total shareholder return of 29% for 2025, reflecting its strong financial performance [3] Load Growth and Capacity - AEP has doubled its firm contracted load outlook to 56 gigawatts (GW) of incremental additions by 2030, up from the previously disclosed 28 GW, supported by signed customer agreements [7][8] - The increase in contracted load is driven by growth in the Electric Reliability Council of Texas (ERCOT), PJM Interconnection (PJM), and Southwest Power Pool (SPP) [8][9] Capital Expenditure and Projects - The existing $72 billion capital plan does not include the newly disclosed 28 GW of load, indicating that capital tied to the new load outlook will be additive [10] - AEP has identified significant transmission projects, including $2.7 billion in SPP and $1.5 billion in PJM, as part of its growth strategy [16] Regulatory Strategy and Balance Sheet - AEP is focused on fair cost allocation for large load growth, with efforts to secure regulatory approvals for data center tariffs and large-load tariff modifications across multiple states [12] - The company maintains a healthy balance sheet with a target FFO-to-debt ratio of 14% to 15%, achieving a 15.2% ratio at year-end [14]