Financial Data and Key Metrics Changes - For the first half of 2025, the company reported adjusted earnings per share of $1.73, exceeding budget expectations and aligning with full-year guidance [25][28] - The full-year guidance remains at $3.54 to $3.6 per share, with confidence towards the high end [26] - Adjusted net income for 2025 was $518 million, benefiting from favorable weather and constructive regulatory outcomes [28][29] Business Line Data and Key Metrics Changes - The company has reached an agreement with a new data center expected to add up to one gigawatt of load, part of a nine gigawatt pipeline [5][6] - The renewables portion of the business is small, typically completing one to two solar projects a year with utility-like returns [16] Market Data and Key Metrics Changes - Michigan has been ranked as one of the best states for business, with strong housing starts and positive growth among residential and commercial customers [7][21] - The company anticipates long-term annual sales growth estimates of 2% to 3% [7] Company Strategy and Development Direction - The company is focused on customer affordability and plans to spread fixed costs over a larger customer base as demand grows [10] - Significant investments are planned in the electric grid and renewable energy to meet Michigan's clean energy law [11][12] - The integrated resource plan (IRP) will be filed in mid-2026, addressing capacity needs and potential additional storage and gas capacity [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the regulatory environment and the company's ability to deliver on financial objectives [25][31] - The company is well-positioned to meet growing energy needs and is prepared for future investments [35][36] Other Important Information - The company has completed the majority of its financing plan for 2025, executing 40 equity contracts totaling approximately $350 million [32][33] - Moody's reaffirmed the company's credit ratings, and the company is working through the review process with S&P [31] Q&A Session Summary Question: Details on the new data center agreement and its ramp-up - Management confirmed the agreement is part of a nine gigawatt pipeline, with early megawatts expected to show up in 2029 or 2030 [41][42] Question: Interaction between the new data center and the $5 billion CapEx upside in the IRP - Management indicated that the $5 billion figure is based on current sales growth and would need to be adjusted if additional capacity is added [54][58] Question: Status of the gas case and potential for settlement - Management reported a positive outlook for the gas case, with 80% of the revised ask and 95% of capital approved, while remaining open to settlement [60][61] Question: Financing plans for 2026 - Management stated that they are considering funding needs for 2026 and may pull ahead some financing if opportunities arise [62][63]

Core Insights - Exelon reported revenue of $5.43 billion for the quarter ended June 2025, reflecting a 1.2% increase year-over-year, but fell short of the Zacks Consensus Estimate by 1.91% [1] - The company's EPS was $0.39, down from $0.47 in the same quarter last year, but exceeded the consensus estimate of $0.37 by 5.41% [1] Revenue Performance - PECO's operating revenues were $1 billion, surpassing the average estimate of $984.62 million, marking a 12.2% year-over-year increase [4] - ComEd's operating revenues were $1.84 billion, below the average estimate of $2.05 billion, showing an 11.7% decline year-over-year [4] - BGE's operating revenues reached $1.03 billion, exceeding the average estimate of $999.01 million, with a 10.9% year-over-year increase [4] - PHI's operating revenues were $1.58 billion, above the average estimate of $1.51 billion, reflecting a 7.3% year-over-year increase [4] Electric and Natural Gas Revenues - ComEd's electric revenues were $2.06 billion, slightly above the average estimate of $2.05 billion, with a year-over-year decrease of 3% [4] - ACE's electric revenues were $397 million, exceeding the average estimate of $376.69 million, showing a 1.7% decline year-over-year [4] - DPL's electric revenues reached $387 million, surpassing the average estimate of $380.36 million, with a 7.2% year-over-year increase [4] - Pepco's electric revenues were $791 million, above the average estimate of $728.13 million, reflecting a 14.5% year-over-year increase [4] - PECO's natural gas revenues were $120 million, below the average estimate of $136.18 million, but showed a 29% year-over-year increase [4] - BGE's electric revenues were $853 million, slightly above the average estimate of $829.28 million, with a 6.6% year-over-year increase [4] - PECO's electric revenues were $872 million, below the average estimate of $886.01 million, with a 10% year-over-year increase [4] - BGE's natural gas revenues were $184 million, below the average estimate of $195.24 million, reflecting a 22.7% year-over-year increase [4] Stock Performance - Exelon's shares returned +3.1% over the past month, outperforming the Zacks S&P 500 composite's +2.7% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

Financial Data and Key Metrics Changes - GAAP earnings for Q2 2025 were $0.46 per share, compared to $0.08 in Q2 2024 [6] - Core earnings were $0.52 per share for the quarter, up from $0.51 in the same quarter last year, indicating a strong performance [7][22] - Year-to-date core earnings reached $1.19 per share, reflecting a 19% increase compared to 2024 [23] - Consolidated return on equity was 9.7%, aligning with the targeted range of 9.5% to 10% [23] Business Line Data and Key Metrics Changes - The distribution and integrated businesses showed meaningful increases due to the execution of regulated strategies and higher customer demand [23] - Operating expenses were approximately 4% below plan, contributing to favorable financial performance [51] - Capital investments for 2025 are on track with over $1.4 billion deployed in Q2 and more than $2.5 billion in the first half of the year, which is 29% ahead of the same period in 2024 [25] Market Data and Key Metrics Changes - The data center pipeline has increased over 80% to 11.1 gigawatts since February, with contracted data center load rising approximately 25% to 2.7 gigawatts [12] - Requests for large load studies greater than 500 megawatts have surged, with over 95 gigawatts requested since the beginning of 2024 [13] Company Strategy and Development Direction - The company is focused on a $28 billion capital investment plan through 2029 to enhance system resiliency and reliability [9][20] - Significant investments in Pennsylvania are planned, with $15 billion expected through 2029, including $4.3 billion in distribution and $5.5 billion in transmission capital investments [11] - The company aims to be recognized as a premier electric utility, targeting a compound annual growth rate of 6% to 8% through 2029 [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving core earnings in the upper half of the guidance range of $2.4 to $2.6 per share for 2025 [19] - The leadership team is focused on optimizing performance and financial strength, with a commitment to delivering stable growth [19][29] - Management highlighted the need for new dispatchable generation in West Virginia and is prepared to invest accordingly [40] Other Important Information - The company successfully sold its minority ownership in the Signal Peak coal mine for $47.5 million, eliminating any remaining financial or operational liabilities [29] - The company is committed to maintaining a strong balance sheet and investment-grade metrics, targeting a funds from operations to debt ratio of 14% plus through 2029 [28] Q&A Session Summary Question: Clarification on transmission CapEx upside - The company indicated that the 20% increase in CapEx is gross and includes approximately $2.3 billion to $4 billion identified for shareholders [34][35] Question: Balance sheet capacity and equity considerations - Management stated they are keeping all options open regarding balance sheet capacity and would consider equity if necessary, but are not currently concerned [36][37] Question: Data center pipeline and negotiations - The pace of negotiations is driven by customer demand, with legitimate developers willing to sign contracts [43] Question: Incremental generation needs in West Virginia - The company anticipates needing to add about 1,000 megawatts of dispatchable gas combined cycle generation over the next ten years [45] Question: Ohio regulatory strategy post-rate case - Future regulatory strategy will depend on the outcomes of the current rate case, with plans to file under the new framework as soon as practicable [91][92]

Core Viewpoint - Georgia Power is expanding its energy mix to meet the growing energy needs of Georgia, with a focus on reliability and economic efficiency through a diverse range of resources including natural gas, battery energy storage systems (BESS), and solar energy [1][3]. Group 1: New Resource Certification - Georgia Power has requested certification from the Georgia Public Service Commission (PSC) for approximately 9,900 megawatts (MW) of new resources, primarily sourced from an "all-source" request for proposals (RFP) [1]. - The majority of the resources, about 8,000 MW, were selected based on bids from the RFP, which was approved in the 2022 Integrated Resource Plan (IRP) [1][2]. - The company is also seeking approval for an additional 1,886 MW of supplemental resources to meet near-term energy needs not covered by the initial RFP [2]. Group 2: Natural Gas and Emission Reduction - Georgia Power is incorporating cleaner natural gas into its generation mix, which has led to a reduction in overall carbon emissions by over 60% since 2007 [4]. - The filings include a request to certify five new combined cycle (CC) units totaling 3,692 MW, strategically located to ensure grid stability and support economic growth [4]. Group 3: Battery Energy Storage Systems (BESS) - The company is actively integrating BESS technology to enhance the reliability and resilience of the electric system, allowing for better management of renewable energy resources [5]. - Construction is underway for 765 MW of new BESS across Georgia, with additional requests for 10 new BESS facilities totaling 3,022.5 MW [6]. - The new BESS facilities will be strategically placed to maximize efficiency and reliability, with projects including solar energy integration [7]. Group 4: Project Details - Specific projects include: - Plant Bowen: Two CCs with a combined capacity of 1,482 MW [6]. - Plant McIntosh: One CC with a capacity of 757 MW [6]. - Plant Wansley: Two CCs with a combined capacity of 1,453 MW [6]. - Additional projects include eleven PPAs totaling 2,821 MW for new BESS facilities and natural gas generation [7].

Financial Performance - GAAP EPS for Q2 2025 was $0.75, compared to $0.54 in Q2 2024[4] - Year-to-date GAAP EPS for 2025 was $1.59, compared to $1.42 in 2024[4] - The company reaffirmed its 2025 EPS guidance of $3.75 to $3.85[4] - The company's base capital plan is $45 billion, reflecting 9.4% rate base growth[34] Capital Investments and Projects - The company invested $2.6 billion in resilient and reliable energy infrastructure in Q2 2025[4] - Segments 2 and 3 of the Colorado Power Pathway were in-serviced four months ahead of schedule[4] - The company sees a line of sight to over $15 billion of additional capital investment opportunities[4, 34] - A recommended portfolio was filed in SPS for approximately 5,200 MW of generation, with about 4,500 MW company-owned[4, 7] Regulatory and Sales Growth - The company anticipates constructive outcomes in all pending regulatory proceedings, including requests for deferral of incremental insurance costs associated with wildfire risk and recovery of O&M costs associated with wildfire mitigation plans[31] - The company projects an increase of approximately 3% in weighted average retail electric sales[31] - The company projects an increase of approximately 1% in weighted average retail firm natural gas sales[31] Wildfire Risk Mitigation - The Colorado commission approved a settlement for the Colorado Wildfire Mitigation Plan[4, 60] - The Texas commission approved a settlement for the SPS System Resiliency Plan[4, 60] - Constructive wildfire legislation was passed in Texas and North Dakota[4]

Core Insights - WEC Energy Group reported Q2 2025 earnings of 76 cents per share, exceeding the Zacks Consensus Estimate of 71 cents by 7% and increasing 13.4% from 67 cents in the same quarter last year [1][8] - Operating revenues reached $2.01 billion, surpassing the Zacks Consensus Estimate of $1.86 billion by approximately 8.2%, and also reflecting a 13.4% increase from $1.77 billion in the prior year [2][8] Revenue and Sales Performance - Electricity consumption by small commercial and industrial customers rose by 0.6%, while large commercial and industrial customers, excluding the iron ore mine, saw an increase of 0.8% [2] - On a weather-normal basis, retail electricity deliveries, excluding the iron ore mine, increased by 1.1% [3] - Total electric sales volume for the quarter was 10,656 thousand megawatt-hours, up 2.7% year over year [3] Operating Expenses and Income - Total operating expenses amounted to $1.6 billion, up 13.4% from $1.41 billion in the previous year, driven by higher sales costs and increased operating and maintenance expenses [3] - Operating income totaled $404.9 million, reflecting an 11% increase from $364.8 million in the year-ago quarter [3] Financial Position - As of June 30, 2025, WEC had cash and cash equivalents of $23 million, up from $9.8 million as of December 31, 2024 [5] - Long-term debt stood at $17.11 billion, slightly down from $17.18 billion as of December 31, 2024 [5] - Net cash provided by operating activities during the first half of 2025 was $2.01 billion, compared to $1.9 billion in the same period last year [5] Guidance and Future Outlook - WEC reaffirmed its 2025 earnings projection in the range of $5.17-$5.27 per share, with the Zacks Consensus Estimate at $5.23 per share, which is higher than the midpoint of the company's guidance [6] - The company plans to invest $28 billion during the 2025-2029 period [6]

Core Insights - FirstEnergy (FE) reported second-quarter 2025 operating earnings of 52 cents per share, exceeding the Zacks Consensus Estimate of 50 cents by 4% and showing an increase from 51 cents per share in the same quarter last year [1][7] Financial Performance - The year-over-year increase in core earnings was attributed to new base rates in Pennsylvania and growth in transmission rate base under formula rate programs, although milder temperatures reduced customer demand by nearly 3% [2] - Total revenues for FE were $3.38 billion, which was 3% higher than the $3.28 billion recorded in the year-ago quarter but missed the Zacks Consensus Estimate of $3.41 billion by 1% [3][7] - Operating expenses decreased to $2.73 billion, down 4.5% from $2.86 billion in the prior-year quarter, leading to an operating income of $646 million, up 52.7% from $423 million [5] Segment Performance - Distribution segment revenues totaled $1.68 billion, up 1.6% from the prior-year quarter [4] - Integrated segment revenues amounted to $1.26 billion compared to $1.18 billion in the year-ago quarter [4] - Stand-Alone Transmission segment revenues were $456 million, slightly down from $468 million in the prior-year quarter [4] Future Guidance - FirstEnergy expects 2025 core earnings per share (EPS) in the range of $2.40-$2.60, with the Zacks Consensus Estimate at $2.53 per share [6] - The company anticipates a long-term EPS growth rate of 6-8% and has a capital investment plan of $28 billion for the 2025-2029 period, with $5 billion expected for 2025 [6]

Focused on Our Future 2Q 2025 Strategic & Financial Highlights Published July 30, 2025 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 reliance o ...

Core Insights - Southern Company reported second-quarter earnings of $0.9 billion, or $0.80 per share, in 2025, a decrease from $1.2 billion, or $1.10 per share, in the same quarter of 2024 [1][2] - For the first half of 2025, earnings totaled $2.2 billion, or $2.01 per share, compared to $2.3 billion, or $2.13 per share, for the same period in 2024 [1][2] - Operating revenues for the second quarter of 2025 were $7.0 billion, reflecting a 7.9% increase from $6.5 billion in the second quarter of 2024 [5][26] - The company emphasized its commitment to balancing growth, reliability, and affordability for customers, while achieving operational and financial performance [6] Financial Performance - Excluding certain items, Southern Company earned $1.0 billion, or $0.92 per share, in the second quarter of 2025, down from $1.2 billion, or $1.10 per share, in the same quarter of 2024 [2][3] - For the six months ended June 30, 2025, excluding these items, earnings were $2.4 billion, or $2.15 per share, compared to $2.3 billion, or $2.13 per share, for the same period in 2024 [2][3] - The average shares outstanding increased slightly from 1,096 million in 2024 to 1,101 million in 2025 [3][12] Revenue Breakdown - Retail electric revenues for the second quarter of 2025 included $1.139 billion from fuel and $3.619 billion from non-fuel sources, contributing to total operating revenues of $6.973 billion [26] - Natural gas revenues increased to $979 million in the second quarter of 2025, up from $831 million in the same quarter of 2024 [26] - Total operating revenues for the first half of 2025 reached $14.748 billion, a 12.5% increase from $13.109 billion in the first half of 2024 [5][26] Operational Insights - Adjusted earnings drivers included higher non-fuel operations and maintenance expenses, prior year gains on transmission asset sales, milder weather, and increased income taxes, depreciation, and interest expenses [4] - The company reported a net income of $880 million for the second quarter of 2025, down from $1.203 billion in the same quarter of 2024 [12][26] - Significant factors impacting earnings per share included increased operations and maintenance expenses and higher interest expenses [16][20]

Core Insights - FirstEnergy reported revenue of $3.38 billion for the quarter ended June 2025, reflecting a 3.1% increase year-over-year, but fell short of the Zacks Consensus Estimate of $3.41 billion, resulting in a surprise of -1% [1] - The company's EPS was $0.52, down from $0.56 in the same quarter last year, but exceeded the consensus estimate of $0.50, leading to an EPS surprise of +4% [1] Financial Performance Metrics - Total Electric Distribution Deliveries were 34,510 MWh, below the two-analyst average estimate of 36,000.49 MWh [4] - Distribution revenues were reported at $1.68 billion, matching the two-analyst average estimate [4] - Stand-Alone Transmission revenues were $456 million, slightly below the average estimate of $467.85 million [4] - Consolidated external revenues were $3.38 billion, compared to the estimated $3.47 billion by two analysts [4] - Revenues from Total Corporate/Other & Reconciling Adjustments were -$12 million, better than the estimated -$13.29 million, but represented a -14.3% change compared to the year-ago quarter [4] - Integrated revenues were $1.26 billion, surpassing the average estimate of $1.21 billion [4] Stock Performance - FirstEnergy's shares returned +3.5% over the past month, slightly outperforming the Zacks S&P 500 composite's +3.4% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3]