Financial Performance - Q3 2025 diluted EPS was $1.86[10], compared to $2.03 in Q3 2024[12], a decrease of 8%[12] - Year-to-date 2025 diluted EPS was $5.32[12], compared to $5.87 in the same period of 2024[12], a decrease of 9%[12] - The company increased the 2025 EPS guidance midpoint to $6.47[10], a 3% increase[13] - The company's ROE (trailing twelve months) was 16% on an equity layer of 64%[10] Electric Platform - The company filed a Minnesota rate case requesting a net revenue increase of $44.8 million, a 17.7% increase, with a proposed ROE of 10.65% and an equity layer of 53.5%[16] - The company filed a South Dakota rate case requesting a net revenue increase of $5.7 million, a 12.5% increase, with a proposed ROE of 10.8% and an equity layer of 53.54%[19] - The company updated the rate base growth CAGR to 10%[10], with significant rate base growth from $1.89 billion in 2024 to $3.41 billion in 2030[22] Manufacturing Platform - Sales prices in the plastics segment decreased by 17% quarter-to-date and 14% year-to-date, while sales volumes increased by 4% quarter-to-date and 9% year-to-date[41] - The company is undertaking a multi-phase expansion project at Vinyltech Corporation, which is expected to increase plastics segment production capacity by 15% upon completion of Phase 1 and 2[46] - BTD Georgia expansion is expected to generate up to $35 million in incremental annual revenue[46] Investment and Growth - The company increased the long-term EPS growth rate target to 7-9% (2028 base year)[10] - The company's capital expenditure plan includes $1.918 billion for the electric segment and $129 million for manufacturing & plastics from 2026 to 2030[63] - The company targets a total shareholder return of 10-12%, a dividend yield of ~3%, and a dividend growth rate of 6-8%[69]

Financial Data and Key Metrics Changes - Exelon reported earnings of $0.86 per share for Q3 2025, an increase from $0.71 per share in Q3 2024, reflecting a $0.15 increase year-over-year [16] - The company reaffirmed its operating earnings guidance for 2025 at $2.64 to $2.74 per share, aiming to deliver at the midpoint or better [7][17] - The increase in earnings was primarily driven by $0.12 from higher distribution and transmission rates and $0.06 from favorable storm conditions [16] Business Line Data and Key Metrics Changes - Exelon’s four utility operating companies ranked one, two, four, and seven in reliability benchmarking, improving from last year's rankings of one, three, five, and eight [7] - The company is on track for gas distribution rate cases at Delmarva Power and Atlantic City Electric, with a new rate case filed at Pepco, Maryland [8][19] Market Data and Key Metrics Changes - Illinois passed the Clean and Reliable Grid Affordability Act, which supports resource adequacy and expands energy efficiency budgets [10] - Maryland initiated a request for merchant generator proposals for up to three gigawatts of new energy supply, although disclosed capacity levels fell short of targets [11] Company Strategy and Development Direction - Exelon aims to continuously improve operational performance while maintaining below-average rates for customers [8] - The company is focused on leveraging technology and advocating for fair recovery of investments to ensure high service levels [27] - Exelon is committed to working with states to address energy security needs and is exploring utility-owned generation as a solution [12][28] Management's Comments on Operating Environment and Future Outlook - Management expressed concerns about the anticipated shortfall in energy supply and emphasized the need for all states to leverage available options for securing power [12] - The company expects to grow earnings at an annualized rate of 5% to 7% through 2028, with a rate base growth of 7.4% [15][17] Other Important Information - Exelon has derisked its financing plan and completed all planned long-term debt issuances for the year, with strong investor demand [21] - The company has priced nearly half of its equity needs through 2028, ensuring financial flexibility [22] Q&A Session Summary Question: Thoughts on Maryland's resource adequacy RFP - Management commended Maryland for initiating the process but noted that the responses received fell short of the state's needs [36] Question: Discussions in Pennsylvania regarding resource adequacy - Management confirmed ongoing discussions with various stakeholders and expressed optimism about reaching a middle ground on resource adequacy agreements [40][42] Question: Details on the new Illinois legislation - The Clean and Reliable Grid Affordability Act enhances energy efficiency programs and sets a target for three gigawatts of storage by 2030 [47] Question: Clarification on the large load pipeline - Management indicated that the large load pipeline is more a matter of timing, with ongoing studies and agreements being finalized [82][84] Question: Updates on the Amazon TSA - The company is implementing transmission services agreements to solidify projects and protect existing customers [71][72]

Core Viewpoint - Evergy, Inc. (EVRG) is expected to report its third-quarter 2025 results on November 6, with a prior earnings surprise of 7.89% in the last quarter [1] Factors Impacting Q3 Earnings - Ongoing investments in infrastructure and technology are likely to support Evergy's third-quarter earnings, addressing increasing customer demand [2] - Economic development within service areas is anticipated to lead to stronger demand, particularly from data centers [2] - The rise in demand from residential, commercial, and industrial customers is expected to positively influence earnings, although higher operating and maintenance expenses may negatively impact the bottom line [3] Q3 Expectations - The Zacks Consensus Estimate for earnings is projected at $2.14 per share, reflecting a year-over-year increase of 5.9% [4] - Revenue estimates stand at $1.87 billion, indicating a 3.4% increase from the previous year [4] Earnings Prediction Model - The current Earnings ESP for Evergy is 0.00%, indicating that the model does not predict an earnings beat this time [5] - Evergy holds a Zacks Rank of 2 (Buy), which typically suggests a favorable outlook [6] Comparable Stocks - Atmos Energy Corporation (ATO) is expected to report its fourth-quarter fiscal 2025 results on November 5, with an Earnings ESP of +4.85% and a Zacks Rank of 2 [7] - Duke Energy (DUK) is scheduled to report its third-quarter 2025 results on November 7, with an Earnings ESP of +1.63% and a Zacks Rank of 2 [10] - New Jersey Resources Corporation (NJR) is set to report its fourth-quarter fiscal 2025 results on November 19, with an Earnings ESP of +8.51% and a Zacks Rank of 3 [11]

Core Viewpoint - Alliant Energy (LNT) is expected to report its third-quarter 2025 results on November 6, with a prior earnings surprise of 9.68% in the last quarter [1] Factors Impacting Q3 Earnings - Strategic investments in electric distribution are anticipated to enhance service reliability and customer service, positively impacting the bottom line [2] - A strong customer base, robust economic development, and increasing demand from data centers are expected to contribute to earnings, although higher financing costs may offset some benefits [3] Q3 Expectations - The Zacks Consensus Estimate for earnings is $1.17 per share, reflecting a year-over-year increase of 1.7% [4] - Revenue is estimated at $1.10 billion, indicating a year-over-year rise of 2% [4] - Total electricity delivered is projected at 8,901 megawatt-hours (MWh), up 0.5% year over year [4] Earnings Prediction - The company's Earnings ESP is +0.43%, suggesting a likelihood of an earnings beat [5] - Alliant Energy currently holds a Zacks Rank of 3 (Hold) [6] Other Stocks to Consider - Atmos Energy Corporation (ATO) is expected to report on November 5, with an Earnings ESP of +4.85% and a Zacks Rank of 2 [7] - Duke Energy (DUK) is set to report on November 7, with an Earnings ESP of +1.63% and a Zacks Rank of 2 [10] - New Jersey Resources Corporation (NJR) will report on November 19, with an Earnings ESP of +8.51% and a Zacks Rank of 3 [11]

Core Insights - Wall Street analysts anticipate PPL to report quarterly earnings of $0.46 per share, reflecting a year-over-year increase of 9.5% [1] - Expected revenues for the quarter are projected at $2.17 billion, which represents a 5.1% increase from the same quarter last year [1] - Over the past 30 days, the consensus EPS estimate has been revised downward by 3.4%, indicating a reassessment by analysts [1] Revenue Estimates - Analysts project 'Revenues- Pennsylvania Regulated' to be $760.16 million, indicating a year-over-year change of +6.2% [4] - 'Revenues- Rhode Island Regulated' is expected to reach $516.73 million, suggesting a year-over-year increase of +13.6% [4] - 'Revenues- Kentucky Regulated' is estimated to be $904.96 million, reflecting a year-over-year change of +1.1% [4] Stock Performance - PPL shares have decreased by 2% over the past month, contrasting with the Zacks S&P 500 composite's increase of +2.1% [4] - PPL holds a Zacks Rank 4 (Sell), indicating expectations of underperformance relative to the overall market in the near term [4]

Financial Performance - Q3 2025 GAAP Earnings per share (EPS) was $0.86, compared to $0.70 in Q3 2024[11] - Q3 2025 Adjusted Operating Earnings per share (EPS) was $0.86, compared to $0.71 in Q3 2024[11] - Exelon reaffirmed its 2025 EPS guidance of $2.64 - $2.74 per share, based on expected average outstanding shares of 1,013 million[11, 10] - Exelon reaffirmed its 2024-2028 EPS Compound Annual Growth Rate (CAGR) of 5-7%, with expectations to be at the midpoint or better[11] Regulatory and Operational Updates - Exelon utilities rank among the most reliable in the country, holding the 1st, 2nd, 4th, and 7th positions[11] - ACE and DPL DE Gas rate cases remain on track, while Pepco MD filed a distribution rate case[11] - The large load pipeline is increasing to over 19 GW, with potential upside, while solutions to protect all customers, such as Transmission Security Agreements, remain in focus[11] - Exelon is advocating for resource adequacy solutions that ensure reliable transmission and cost-effective supply while meeting growing demand and state policy goals[11] Capital Investment and Growth - Exelon has a 7.4% rate base growth resulting from $38 billion of capital investment, with a potential $10-15 billion of transmission opportunity beyond the plan[11] - Nearly half of equity needs through 2028 are priced for issuance[11] Financial Flexibility and Credit Metrics - Exelon maintains meaningful financial flexibility over downgrade thresholds, which is expected to strengthen over the planning horizon, with further upside from targeted operating levers[20] - Exelon established a $2.5 billion At-The-Market (ATM) program on May 2, 2025, effective through May 2, 2028[23]

Financial Data and Key Metrics Changes - The company reported adjusted earnings per share (EPS) for Q3 2025 of CAD 0.87, an increase of CAD 0.02 compared to Q3 2024 [15] - Reported earnings for the quarter were CAD 409 million, or CAD 0.81 per common share, while year-to-date reported earnings were CAD 1.3 billion, or CAD 2.57 per common share [15] - Adjusted EPS for the year-to-date period was CAD 2.63, up CAD 0.18 compared to the same period last year [15] Business Line Data and Key Metrics Changes - U.S. Electric and Gas Utilities contributed a CAD 0.03 increase in EPS, driven by higher transmission revenue and AFUDC from major capital projects [15][16] - EPS for Western Canadian utilities increased CAD 0.01, primarily due to rate-based growth, although tempered by regulatory changes at Fortis Alberta [17] - The sale of Fortis TCI is expected to impact adjusted EPS by CAD 0.02 for the full year [17] Market Data and Key Metrics Changes - The new five-year capital plan totals CAD 28.8 billion, an increase of CAD 2.8 billion from the previous plan, supporting a rate-based growth of 7% [4][7] - The consolidated rate base is projected to grow by CAD 16 billion from approximately CAD 42 billion in 2025 to CAD 58 billion in 2030 [7] Company Strategy and Development Direction - The company emphasizes a regulated growth strategy with a focus on maintaining customer affordability and prioritizing capital investments that yield cost savings [4][6] - The capital plan is heavily directed towards transmission and distribution investments, with 77% allocated to these areas [7] - The company aims for annual dividend growth guidance of 4%-6% through 2030, supported by a disciplined capital investment strategy [4][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the execution of the capital plan and the potential for additional growth opportunities beyond the base plan [13][22] - The company remains committed to safety, reliability, affordability, and cleaner energy delivery for customers [22] - Management acknowledged the challenges in securing agreements and regulatory approvals for new projects but remains optimistic about future growth [26][35] Other Important Information - The company completed the sale of Fortis TCI and entered into an agreement to sell investments in Belize, resulting in a 100% regulated asset portfolio [3][4] - The board declared a fourth-quarter dividend increase of approximately 4%, marking 52 consecutive years of dividend increases [13] Q&A Session Summary Question: Timing and likelihood of incremental generation opportunities - Management highlighted the complexities involved in securing agreements and building necessary infrastructure, indicating that while opportunities exist, many steps remain before they can be included in the capital plan [25][26] Question: Thoughts on further asset sales - Management stated that the focus is on executing the five-year capital plan and that the recent asset sales do not indicate a strategy to divest further [29][30] Question: Timing for securing capital for new generation in Arizona - Management indicated that while customers desire immediate solutions, the timeline for securing capital and building infrastructure is longer due to permitting and construction requirements [34][35] Question: EPS CAGR initiation - Management is evaluating the potential for earnings guidance but is currently focused on rate-based growth and capital plan details [42][43] Question: Trends in buyer appetite for assets - Management noted that buyer interest fluctuates and that recent transactions do not indicate a shift in strategy regarding Caribbean assets [44] Question: Factors affecting higher spending - Management emphasized that customer affordability is a priority and that new large load customers should contribute to infrastructure costs, mitigating impacts on existing customers [49][50] Question: Funding plan and hybrid issuances - Management confirmed that while no further hybrid issuances are planned, they remain open to exploring this option depending on market conditions [56][57]

Summary of First Pacific Company Conference Call Company Overview - **Company**: First Pacific Company (SEHK:00142) - **Industry**: Investment holding company with interests in various sectors including food, telecommunications, utilities, and natural resources - **Key Assets**: Indofood, Metro Pacific Investments (MPIC), PLDT, PacificLight Power, IndoAgri, Philex Mining Corporation Core Points and Arguments - **Investment Strategy**: Focus on defensive assets in Southeast Asia, particularly in sectors less affected by economic downturns such as utilities and telecommunications [6][7][8] - **Financial Performance**: - First half of 2025 showed an 8% increase in recurring profit and an 11% increase in overall profit due to controlled head office costs [10] - Record high earnings reported in the past four years, with the first half of 2025 exceeding the total profit of 2020 [9][10] - **Dividend Policy**: Progressive dividend policy aimed at increasing per-share distributions annually, contingent on financial performance [10][34] - **Market Position**: - First Pacific's market cap is approximately $3.5 billion, with a low price-to-earnings ratio of less than five times compared to peers [22] - Significant NAV discount of about 7.4% as of September [27] Key Holdings - **Indofood**: - Largest maker of wheat-based instant noodles globally, contributing $1.9 billion to First Pacific's asset value [4][13] - Revenue growth from IDR 40 trillion to over IDR 100 trillion over 14 years, with strong EBIT margins around 25% [14][15] - **Metro Pacific Investments (MPIC)**: - Major electricity distributor in the Philippines, owning 48% of Meralco and 93% of Metro Pacific Tollways Corporation [17][18] - Strong earnings growth, with power generation becoming a significant source of income [19] - **PLDT**: - Largest telecommunications company in the Philippines, providing steady earnings and significant dividends [20] - **PacificLight Power**: - Operator of LNG power plants in Singapore, contributing to dividend income and future growth with new projects [21] Growth Catalysts - **Philex Mining Corporation**: New Salangan mine expected to open next year, potentially increasing earnings significantly [23][24] - **Maya**: Fintech platform with rapid growth, currently the largest consumer fintech app in the Philippines, showing a net interest margin increase from 7% to over 20% [25][26] - **MPIC Valuation**: Potential for revaluation as the market recognizes the value of its assets, particularly Meralco [28][29] Additional Insights - **Geographic Focus**: Majority of assets located in the Philippines (over 50%), with significant investments in Indonesia and Singapore [5] - **Debt Management**: Gross debt of approximately $1.4 billion, with a balanced approach to fixed and floating interest rate borrowings [12] - **Market Conditions**: Confidence in continued earnings growth supported by economic forecasts for the regions of operation [11][29] Conclusion - First Pacific Company is positioned as a stable investment opportunity with a focus on defensive assets in high-growth markets. The company is confident in its ability to deliver continued earnings growth and shareholder value through its diversified portfolio and strategic investments in key sectors.

Financial Data and Key Metrics Changes - The company reported adjusted earnings per share (EPS) for Q3 2025 of CAD 0.87, an increase of CAD 0.02 compared to Q3 2024 [15] - Reported earnings for the quarter were CAD 409 million, or CAD 0.81 per common share, with year-to-date reported earnings of CAD 1.3 billion, or CAD 2.57 per common share [14] - Adjusted EPS for the year-to-date period was CAD 2.63, up CAD 0.18 compared to the same period last year [15] Business Line Data and Key Metrics Changes - U.S. Electric and Gas Utilities contributed a CAD 0.03 increase in EPS, driven by higher transmission revenue and AFUDC from major capital projects [15] - EPS for Western Canadian utilities increased by CAD 0.01, primarily due to rate-based growth, although tempered by regulatory changes [17] - ITC's continued capital investments and related rate-based growth increased EPS by CAD 0.02, despite higher stock-based compensation [16] Market Data and Key Metrics Changes - The company expects to invest approximately CAD 5.6 billion for the full year, with CAD 4.2 billion invested through September [3] - The new five-year capital plan totals CAD 28.8 billion, up CAD 2.8 billion from the previous plan, supporting a rate-based growth of 7% [4][6] - Consolidated rate base is projected to increase by CAD 16 billion from approximately CAD 42 billion in 2025 to CAD 58 billion in 2030 [6] Company Strategy and Development Direction - The company has shifted to a 100% regulated asset portfolio following the sale of Fortis TCI and investments in Belize [3] - The five-year capital plan emphasizes maintaining customer affordability and includes significant investments in transmission and distribution [4][5] - The company aims for annual dividend growth guidance of 4%-6% through 2030, with a recent dividend increase of approximately 4% [4][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the execution of the capital plan and the potential for additional growth opportunities beyond the base plan [12][21] - The company is focused on safety, reliability, affordability, and cleaner energy delivery for customers [21] - Management acknowledged the challenges in securing agreements and regulatory approvals for new projects but remains optimistic about future growth [25][26] Other Important Information - The company raised over CAD 2 billion in debt, including a hybrid issuance of CAD 750 million at 5.1% [19] - The New York State Public Service Commission approved Central Hudson's three-year rate plan, which includes a continuation of an allowed ROE of 9.5% [20] Q&A Session Summary Question: Timing and likelihood of incremental generation opportunities - Management highlighted the complexities involved in securing agreements and building necessary infrastructure, indicating that while opportunities exist, they require careful negotiation and regulatory processes [25][26] Question: Thoughts on further asset sales - Management stated that the focus is on executing the five-year capital plan and that the recent asset sales do not indicate a strategy to divest further [27][28] Question: Timing for securing capital for new generation in Arizona - Management indicated that while customers desire quick connections, practical realities such as permitting and infrastructure development will dictate timelines [32][33] Question: EPS CAGR initiation - Management is evaluating the potential for earnings guidance but is currently focused on rate-based growth and capital plan clarity [39][40] Question: Buyer appetite for Caribbean assets - Management noted that interest in Caribbean assets fluctuates and that recent sales do not indicate a broader exit strategy from the region [41][42] Question: Friction points for higher spending - Management emphasized that customer affordability is not a concern, but equipment availability and permitting are critical factors [45][46] Question: Approval processes for new data center loads - Management confirmed that the Arizona Corporation Commission approval is the primary requirement for the first 300 megawatts, with further approvals needed for additional capacity [50][51] Question: Funding plan and hybrid issuances - Management clarified that while no further hybrid issuances are currently planned, they remain open to exploring this option depending on market conditions [54][55]

Financial Data and Key Metrics Changes - The company closed the first nine months of 2025 with stable EBITDA compared to the previous year, despite lower hydrological conditions, demonstrating operational resilience [7] - Net income for the nine months of 2025 reached $352 million, a 21% decrease compared to the previous year, primarily due to higher depreciation, amortization, and bad debt expenses [23] - FFO reached $615 million, representing an improvement of $248 million compared to the previous year, driven by the recovery of PEC receivables [25] Business Line Data and Key Metrics Changes - Net production decreased by 9% in the first nine months of 2025 compared to the same period in 2024, primarily due to lower hydro dispatch and maintenance of solar plants [9][10] - Energy sales reached 22.7 TWh, with a notable decrease in sales to regulated customers following the expiration of contracts [10] - EBITDA for the last quarter totaled $345 million, a decrease of $63 million compared to the same period in 2024, mainly due to reduced PPA sales [18] Market Data and Key Metrics Changes - The company maintained its hydrology guidance despite a particularly dry year in 2025, thanks to the flexibility of its hydro plants [8] - The gas business saw increased margins of $74 million during the first nine months of 2025, supported by favorable trading opportunities [9] - The distribution business implemented a comprehensive winter plan, resulting in improved service continuity and network reliability [11] Company Strategy and Development Direction - The company is focused on operational excellence and sustainable growth, aiming to deliver long-term value to shareholders while advancing in energy transition [7] - Significant regulatory updates are expected that will clarify tariffs and market mechanisms, which are essential for refining long-term strategy [29] - The company is negotiating new contracts for Argentinian gas and maintaining a long-term gas contract for LNG, emphasizing the importance of gas for thermal power generation [38] Management's Comments on Operating Environment and Future Outlook - Management confirmed that despite a tough hydrological situation, the company has shown flexibility and maintained high production levels [45] - The company expects to improve FFO performance in the last quarter of 2025, driven by higher ordinary cash flow and efficient management of working capital [46] - The company is preparing for its 2026 Investor Day, where it will share a comprehensive view of its strategy and actions for long-term value creation [30] Other Important Information - Total CAPEX reached $245 million during the first nine months of 2025, with a focus on grid investments and thermal power projects [16] - The company has available committed credit lines for $640 million and cash equivalents for $373 million, indicating a strong liquidity position [28] Q&A Session Summary Question: What is the amount that Enel Chile must return to customers due to the miscalculation of the CNE? - The estimated amount is between $40 million and $45 million, expected to be accrued in 2025 and paid back in the first half of 2026 [32] Question: What is the amount owed to Enel distribution Chile in connection to the VAD 2020-2025 freeze? - The amount is around $50 million to $55 million, with potential cashback starting in mid-2026 [34] Question: Could you explain your strategy regarding LNG and Argentinian gas? - The company has a long-term gas contract for LNG and is negotiating a new contract for Argentinian gas, with ongoing discussions [38] Question: Could you provide an update on CAPEX for the generation business? - CAPEX for 2025 is expected to be around $150 million to $160 million, with at least $50 million allocated for BESS projects [40] Question: What measures are being taken to address increasing energy losses? - The company is increasing recovery activities and launching flexible payment plans for customers, while also working with regulators to address the issue [43] Question: Is the company confirming its latest guidance? - Yes, the company confirms its guidance despite a challenging hydrological situation, leveraging its gas contracts and flexible production capabilities [45] Question: Could you explain the dynamics of FFO during the nine months of this year? - FFO is usually concentrated in the second half of the year, with expectations for improved performance in the last quarter due to higher ordinary cash flow [46] Question: Do you have any news for unregulated PPA contracts? - Currently, there are no updates regarding unregulated PPA contracts [57]