First quarter fiscal 2026 update February 3, 2026 Forward-looking statements and use of non-GAAP measures This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Our forward-looking statements in this presentation speak only as of today, and we assume no duty to update them. Forward- looking statements are typically identified by words such as, but not limited to: "estimates," "expects," "anticipates," "intends," "targets," "plans," " ...

Core Points - RGC Resources held its virtual annual meeting of stockholders, presided over by Chairman John Williamson and attended by key executives [2] - The company reported a quorum with 82.68% of shares voted, allowing the meeting to proceed [3] Meeting Materials - The board set November 28, 2025, as the record date for determining stockholders entitled to vote, with meeting materials available online [3] - A total of 10,350,531 shares were outstanding, with 8,558,392 shares voted [3] Proposals and Voting Results - Four proposals were presented to stockholders, including the election of Class B directors and the ratification of auditors [4][6] - Shareholders elected Class B directors Jacqueline L. Archer, Frank Russell Ellett, and Robert Johnston with 6,968,792 votes in favor [5] - Deloitte & Touche LLP was ratified as auditors for fiscal 2026 with 8,534,492 votes for and 19,687 against [5] - An additional 50,000 common shares were authorized for the company's stock bonus plan, and a non-binding advisory vote on executive compensation received 7,100,740 votes in favor [5][6]

Key Takeaways Spire will report fiscal Q1 results Feb. 3, after a 2.17% negative earnings surprise in the prior quarter.SR's Q1 earnings may benefit from new Missouri rates, Alabama mechanisms and Spire West Storage expansion.Higher O&M costs could offset gains, while consensus sees EPS of $1.56 and revenue of $714.02 million.Spire Inc. (SR) is set to report fiscal first-quarter 2026 results on Feb. 3, before market open. The company reported a negative earnings surprise of 2.17% in the last reported quarte ...

Financial Data and Key Metrics Changes - The company achieved basic adjusted earnings of $4.45 per share for fiscal year 2025, marking a successful year for shareholder value [2] - The board approved a dividend increase of 5.1%, bringing the annualized rate to $3.30 per share, which is the 23rd consecutive year of dividend increases [18] Business Line Data and Key Metrics Changes - Fiscal year 2025 saw the company invest $922 million, with nearly 90% allocated to utilities, enhancing system reliability and safety [17] - The company reported growth across all segments, driven by infrastructure investments [16] Market Data and Key Metrics Changes - Natural gas remains the most affordable energy source for heating, water heating, and cooking, with electricity being 2-3 times more expensive [18] - The regulatory environment improved with new legislation in Missouri establishing a future test year for rate-setting, allowing for better planning and investment [18] Company Strategy and Development Direction - The company is focused on operational excellence, regulatory engagement, financial discipline, and strategic growth, with a commitment to delivering safe and reliable natural gas service [19] - The pending acquisition of Piedmont Natural Gas Tennessee business is expected to enhance the company's scale and diversify its utility portfolio [3][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term fundamentals of the business and the ability to deliver strong operational and financial performance [19] - The company is committed to maintaining a strong balance sheet to support growth strategies and long-term shareholder value [19] Other Important Information - The Missouri Public Service Commission approved a $210 million revenue increase as a result of a rate case settlement [4] - The company successfully concluded an annual budget process in Alabama, reinforcing its regulatory engagement [4] Q&A Session All Questions and Answers Question: What is the current status of the acquisition of the Piedmont Natural Gas Tennessee business from Duke? - The acquisition is progressing well, with the Hart-Scott-Rodino review complete and awaiting approval from the Tennessee Public Utility Commission [21] Question: What are the company's business priorities for shareholders in fiscal year 2026? - The priorities include delivering safe and reliable natural gas service, executing the capital plan efficiently, maintaining customer affordability, achieving constructive regulatory outcomes, and successfully financing and closing the Tennessee acquisition [22]

Core Insights - Atmos Energy (ATO) is projected to report quarterly earnings of $2.40 per share, reflecting a year-over-year increase of 7.6% [1] - Anticipated revenues for the quarter are expected to reach $1.44 billion, indicating a 22% increase compared to the same quarter last year [1] Earnings Estimates - The consensus EPS estimate has been revised upward by 0.3% in the last 30 days, indicating analysts' reassessment of their initial projections [2] - Changes in earnings estimates are crucial for predicting investor reactions to the stock [3] Revenue Projections - Analysts estimate 'Operating revenues- Pipeline and Storage segment' to be $283.06 million, a 10.8% increase from the previous year [5] - The 'Operating revenues- Distribution segment' is expected to reach $1.17 billion, reflecting a 5.4% year-over-year change [5] Operating Income Estimates - The average prediction for 'Operating Income- Pipeline and Storage' is $167.62 million, compared to $143.40 million from the previous year [6] - 'Operating Income- Distribution' is expected to be $354.40 million, up from $316.10 million year-over-year [6] Stock Performance - Atmos shares have decreased by 1% over the past month, while the Zacks S&P 500 composite has increased by 0.8% [7] - With a Zacks Rank of 4 (Sell), Atmos Energy is expected to underperform the overall market in the near term [7]

Summary of Key Points from the Conference Call Industry Overview - **China Utilities & Renewables Sector**: The sector is experiencing significant developments, particularly in offshore wind and energy storage systems (ESS) installations. The domestic offshore wind turbine procurement capacity reached **8.42GW** in 2025, with **Mingyang** leading at **2.1GW** and **Goldwind** at **1.2GW** [2][13]. Core Insights - **Offshore Wind Market**: Mingyang's strong performance in offshore wind turbine order intakes is noted, with a significant share price rally attributed to positive sentiment from commercial aerospace and space solar developments [2][14]. - **Energy Storage Systems**: China's ESS installations surged **73% year-over-year**, reaching **189.5GWh** in 2025, indicating a shift towards independent storage solutions. **Sungrow** is highlighted as well-positioned to benefit from policy reforms and rising demand in high-end markets [3][16]. - **Solar Industry Performance**: The A-share PV Industry Index outperformed the market, driven by developments in space solar and commercial aerospace. Companies like **Daqo**, **GCL Tech**, and **Orient Cables** are recommended for their strong earnings growth prospects [3][15]. Company-Specific Insights - **Top Picks**: - **GCL Tech (3800 HK)**: Rated Overweight (OW) with a price target of **1.7**, indicating a **50% upside** due to its cost leadership and expected EBITDA turnaround [8]. - **Daqo (DQ US)**: OW rating with a price target of **38.0**, offering favorable risk/reward dynamics with a net cash position of **US$2.2 billion** [8]. - **Orient Cables (603606 CH)**: OW rating with a price target of **68.0**, benefiting from offshore wind demand and stable profitability [8]. - **Sungrow (300274 CH)**: OW rating, expected to benefit from high-end market demand and policy reforms [16]. - **Cautious Stance on Gas Utilities**: The gas utilities sector is facing challenges such as weak industrial volume growth and limited margin improvement. **Kunlun Energy** is the only company with proactive capital recycling strategies, making it a top pick, while **China Resources Gas** is viewed cautiously due to slow buyback progress and weak operating trends [4][17]. Additional Important Insights - **Market Sentiment**: The overall market sentiment is buoyed by developments in space solar and commercial aerospace, with significant stock price movements observed in related companies [3][15]. - **Stock Selection Strategy**: Investors are advised to focus on companies with strong earnings growth and recovery outlooks, particularly in the renewable energy sector [3][15]. - **Performance Metrics**: The report includes detailed valuation comparisons and performance metrics for various companies in the utilities and renewables sector, highlighting the financial health and market positions of key players [21]. This summary encapsulates the critical insights and recommendations from the conference call, focusing on the dynamics within the China utilities and renewables sector, key company performances, and strategic investment recommendations.

Core Viewpoint - Enbridge's high dividend yield of 5.6% is noteworthy, as it reflects the company's strong financial health and consistent dividend payments over the years [1][2][4]. Company Overview - Enbridge is a leading player in North America's energy sector, primarily involved in oil and gas pipelines and gas utilities, which are highly regulated and based on consumption volumes [5][8]. - The company has a market capitalization of $105 billion and its stock price is currently at $48.49, with a dividend yield of 5.61% [8]. Dividend Sustainability - Enbridge has a track record of paying and increasing its dividend for 28 consecutive years, with a dividend payout ratio maintained at approximately 60% to 70% of its distributable cash flow [4][6]. - The company’s consistent revenue generation from its regulated businesses helps protect its dividend during economic downturns [4][5]. Growth Potential - Enbridge is committed to investing in its infrastructure and negotiating price increases, which supports both the dividend and potential growth [6]. - The company is also diversifying its portfolio with renewable energy projects, positioning itself as a key player in the evolving energy landscape [9]. - Experts predict a global energy consumption increase of 8% annually through 2040, which bodes well for Enbridge's business prospects [8][9]. Investment Outlook - Enbridge is considered a high-quality dividend stock that offers significant income potential from the outset, along with steady growth prospects that could lead to substantial passive income over time [10].

Core Viewpoint - NiSource Inc. will release its full-year 2025 financial results on February 11, 2026, before U.S. financial markets open [1] Group 1 - The company will host a conference call on the same day at 11 a.m. EST to review the financial results and provide a general business update [1] - Interested parties can listen to the conference call live by visiting the NiSource website [1]

Core Viewpoint - RGC Resources, Inc. will host a quarterly conference call on February 10, 2026, to discuss its fiscal first quarter 2026 results [1]. Group 1: Conference Call Details - The conference call will take place at 9:00 a.m. eastern time [1]. - Interested parties can access the call by dialing toll-free 1-877-304-9269 and entering the conference identification number 917621 [2]. - An archive of the webcast will be available for one year on the company's investor relations website [2]. Group 2: Company Overview - RGC Resources, Inc. provides energy and related products and services to customers in Virginia through its subsidiaries, Roanoke Gas Company and RGC Midstream, LLC [2].

Group 1 - Unitil Corporation is scheduled to release its fourth quarter 2025 earnings on February 9, 2026, after market close [1] - A conference call and webcast to review the results will take place on February 10, 2026, at 2:00 p.m. (ET) [1] - Presentation materials related to the earnings release will be available on the Company's Investors page prior to the call [1] Group 2 - Unitil Corporation provides electricity and natural gas services in New England, serving approximately 110,000 electric customers and 105,000 natural gas customers [3] - The company is committed to community involvement and the development of efficient energy delivery practices and technologies [3] - Unitil operates as a public utility holding company with a focus on safety and reliability in energy delivery [3]