Financial Data and Key Metrics Changes - For the full year 2025, the company reported operating earnings of $3.42 per share, exceeding the midpoint of guidance, with GAAP earnings at $3.45 per share, which was higher than operating EPS [5][6] - The company achieved a significant credit result, with Moody's full-year CFO pre-working capital to debt nearly 100 basis points above the downgrade threshold, marking the highest result since 2012 [6] Business Line Data and Key Metrics Changes - The Coastal Virginia Offshore Wind project is over 70% complete, with first power expected to be delivered by the end of March 2026, and the project budget stands at $11.5 billion [20][21] - The company increased its 5-year total capital estimate from $50 billion to approximately $65 billion, representing a 30% increase, with over 90% of this increase occurring at Dominion Energy Virginia [10][11] Market Data and Key Metrics Changes - In 2025, weather-normal sales in the Dominion Energy Virginia LSE increased by 5.4%, indicating strong demand growth [9] - The average residential electric customer bills as a percentage of median household income improved by 7% and 29% more than the national average for Dominion Energy Virginia and Dominion Energy South Carolina, respectively, since 2014 [27] Company Strategy and Development Direction - The company focuses on three principal priorities: achieving financial commitments, major construction milestones for the Coastal Virginia Offshore Wind project, and constructive regulatory outcomes [4] - The long-term operating earnings per share growth guidance is reaffirmed at 5%-7% annually, with a bias towards the upper half of that range starting in 2028 [13][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the execution of the business plan, highlighting both tailwinds and headwinds, but maintaining a conservative approach to financial planning [17] - The company anticipates continued strong demand growth driven by data centers, with over 48 GW in various stages of contracting as of December 2025 [29][30] Other Important Information - The company has launched a new online platform to help customers manage their electric bills and has various programs to assist customers facing higher costs [27][28] - The Virginia State Corporation Commission approved the Certificate of Public Convenience and Necessity for the Chesterfield Energy Reliability Center, expected to cost approximately $1.5 billion [34] Q&A Session Summary Question: EPS growth and CapEx increase - The management explained that the EPS growth guidance for 2026 considers the impact of reduced Section 45Z credits and conservatism in financial planning, particularly regarding Millstone [44][45] Question: Data center customer ramp-up - Management confirmed that data center expectations are based on historical performance and existing contracts, with a focus on actual demand rather than speculative inquiries [49][51] Question: CVOW project timeline and cost sensitivity - The management clarified that the majority of turbine installations are expected in 2026, with a cadence of approximately 2.25 days per installation, and discussed the financial implications of potential delays [61][63] Question: Utility capital plan and PJM transmission - Management confirmed that the PJM transmission projects are included in the capital plan, with a portfolio approach extending beyond 2030 [71][73] Question: Dividend payout considerations - The management acknowledged the trend of peers reducing payout ratios and indicated that they would consider this when making decisions about future dividend growth [75][76] Question: New nuclear technology evaluation - Management stated that they are still evaluating new nuclear technology and do not have capital allocated for small modular reactors in the current 5-year plan [77]

Core Insights - Dominion Energy, Inc. is a significant player in the energy sector, focusing on electricity and natural gas distribution while heavily investing in renewable energy and infrastructure for future growth [1][6] - The consensus price target for Dominion has been increasing, reflecting positive analyst sentiment, with the average price target rising from $66.67 to $68 [2] - The company is preparing to release its fourth-quarter earnings report, with expectations for earnings growth despite concerns over margin pressures and premium valuation [3] Investment Strategy - Dominion has a substantial $50 billion investment plan and offers a 4.3% dividend yield, which are key components of its growth strategy [4] - The company aims for 6% long-term EPS growth and mid-single-digit dividend increases, supported by projects like the Coastal Virginia Wind project, which is 66% complete [4] - Increasing demand from data centers further bolsters Dominion's growth trajectory [4] Challenges - Dominion faces challenges such as project risks and potential equity dilution, which could impact stock performance despite the positive outlook from analysts [5]

Core Viewpoint - Dominion Energy forecasts annual profit below Wall Street expectations while increasing its five-year capital spending plan by nearly 30% to meet rising electricity demand [1] Group 1: Financial Forecasts - Dominion Energy expects fiscal 2026 operating earnings of $3.45 to $3.69 per share, with the midpoint below analysts' average estimate of $3.60 [1] - The company's fourth-quarter operating expenses rose nearly 11% to $3.33 billion compared to the previous year, impacting overall financial performance [1] - Dominion's adjusted profit for the quarter ended December 31 was 68 cents per share, slightly exceeding estimates of 67 cents [1] Group 2: Capital Expenditure Plans - Dominion plans to spend $64.7 billion on capital investments from 2026 through 2030, an increase from its prior budget of $50.1 billion through 2029 [1] - The utility has contracted nearly 48.5 gigawatts of data center capacity as of December, reflecting a 1.4 GW increase since September [1] Group 3: Market Context - U.S. utilities, including Dominion, are increasing capital expenditure budgets due to extreme weather conditions and rising demand for new power capacity from data centers, particularly those focused on artificial intelligence and cryptocurrency [1] - Dominion serves the world's largest data center market, which exceeds the combined capacity of the next five largest markets in the U.S. [1]

Core Insights - Dominion Energy reported Q4 2025 revenue of $4.09 billion, a 20% increase year-over-year, driven by rising electricity demand from data centers in northern Virginia [1] - The company's net income rose significantly to $567 million from $59 million in Q4 2024, while operating income nearly doubled to $756 million [1] - The Virginia segment, which is the largest for Dominion, generated $536 million in operating earnings, with customer usage growth in Loudoun County being a key factor [1] Financial Performance - Q4 2025 revenue reached $4.09 billion, marking a 20% increase compared to the previous year [1] - Net income surged to $567 million, a substantial rise from $59 million in Q4 2024 [1] - Operating income nearly doubled to $756 million year-over-year [1] Future Guidance - Management provided guidance for 2026, projecting operating EPS between $3.45 and $3.69, with an expected long-term annual growth rate of 5% to 7% through 2030, leaning towards the upper half from 2028 onward [1] - The ex-dividend date is set for February 27, 2026, with a current yield of approximately 4.1% [1] Project Challenges - The Coastal Virginia Offshore Wind project incurred $258 million in unrecoverable cost charges [1] - Interest expenses increased to $509 million in Q4 from $444 million a year ago [1] - Analysts are closely monitoring data center load growth projections and cost recovery for the Coastal Virginia Offshore Wind project during the earnings call [1]

RICHMOND, Va.--(BUSINESS WIRE)--Dominion Energy, Inc. (NYSE: D), today announced unaudited net income determined in accordance with Generally Accepted Accounting Principles (GAAP, or reported earnings) for the three months ended Dec. 31, 2025, of $567 million ($0.65 per share) compared with net income of $134 million ($0.14 per share) for the same period in 2024, with net income of $3.0 billion ($3.45 per share) for the 12 months ended Dec. 31, 2025, compared with net income of $2.0 billion ($2.33 per share ...

Summary of Enel Capital Market Day 2026 Company Overview - **Company**: Enel - **Event**: Capital Market Day 2026 - **Key Speakers**: CEO Flavio Cattaneo, CFO Stefano De Angelis Core Industry Insights - **Industry**: Energy and Utilities - **Trends**: Structural long-term growth in global power demand driven by data centers, AI, electric mobility, robotics, automation, and industrial recovery [3][4] - **Market Dynamics**: Anticipation of local accelerations in power demand, particularly in the U.S. [3] Financial Performance - **Net Income**: Improved to 30% [2] - **EBITDA Growth**: Increased by 5% per year [2] - **Earnings Per Share (EPS)**: Grew by 9% per year [2] - **Market Capitalization**: Increased by almost 50% during the mandate [2] Strategic Plan - **Investment Focus**: Increase in renewable generation investments, particularly in brownfield opportunities [4][6] - **Capital Expenditure (CapEx)**: Cumulative investment plan of EUR 53 billion, an increase of EUR 10 billion from the previous plan [6][13] - **Financial Flexibility**: Focus on maintaining a solid leverage level below sector average while optimizing capital allocation [6][35] Growth Drivers - **Renewable Energy**: Significant investment in renewable capacity expected to grow at a CAGR of 5% [35] - **Grid Expansion**: Regulated asset base in grids projected to expand at a CAGR of 6% [35] - **Data Centers**: Identified eight strategic locations for data centers, leveraging competitive advantages in permitting and site readiness [8][66] Efficiency and Productivity - **Efficiency Plan**: Targeting a 25% increase in efficiency compared to the 2022 baseline, leveraging AI and cloud-based applications [8][12] - **Cost Management**: Achieved a strong reduction in ICT costs by over 30% [12] Shareholder Returns - **Dividend Policy**: Proposed a dividend per share (DPS) of EUR 0.49, with a share buyback program of EUR 2.5 billion [34] - **EPS Target**: Expected EPS in the range of EUR 0.80-0.82 by 2028 [34] Market Risks and Considerations - **Energy Pricing**: Adjustments in assumptions for electricity prices in Italy and Spain due to changes in the ETS [40][72] - **Hydro Concessions**: Ongoing discussions regarding hydro concessions in Italy, with no immediate concerns [70][82] - **Regulatory Environment**: Potential changes in the European Union's pricing system could impact competitiveness [42] Conclusion - **Outlook**: Enel is positioned for sustainable growth with a focus on renewable energy, efficiency improvements, and shareholder returns while navigating market risks and regulatory changes [36]

“It seems like the momentum stocks that have got us here still remain in favor with our customers.” This was highlighted by Steve Sosnick, Chief Strategist at Interactive Brokers, in a late December 2025 interview with CNBC. Sosnick said the market environment is marked by continuous retail inflows, while citing data from his firm’s platform. According to this data, in most weeks, the vast majority of the 25 most actively traded stocks on the platform are net buys, meaning more clients are buying than selli ...

Disclaimer This presentation contains certain forward-looking statements that reflect the Company's management's current views with respect to future events and financial and operational performance of the Company and its subsidiaries. These forward-looking statements are based on Enel S.p.A.'s current expectations and projections about future events. Because these forward-looking statements are subject to risks and uncertainties, actual future results or performance may differ materially from those express ...

Core Insights - Enel plans to invest over 26 billion euros in its integrated business, primarily focusing on Europe and North America [1] - The company also anticipates spending more than 26 billion euros in its grids unit [1] Investment Focus - The majority of the investment will be directed towards Europe and North America, indicating a strategic focus on these regions [1] - The significant allocation to the grids unit suggests a commitment to enhancing infrastructure and operational capabilities [1]

Group 1 - Enel plans to increase its investments by 10 billion euros, bringing the total to approximately 53 billion euros ($63 billion) for the period of 2026-2028 [1] - The company announced a new share buyback program worth 1 billion euros, set to be executed by the end of July [1]