Group Performance Summary - Strauss Group's Q2 2025 net sales increased by 11.5% to NIS 3,073 million, and H1 2025 net sales increased by 13.5% to NIS 6,063 million[19] - Q2 2025 EBIT increased by 60.8% to NIS 245 million, and H1 2025 EBIT increased by 19.8% to NIS 426 million[19] - Q2 2025 net income decreased by 1.8% to NIS 80 million, and H1 2025 net income decreased by 36.7% to NIS 153 million[19] Segment Performance - Strauss Israel's Q2 2025 net sales increased by 8.9% to NIS 1,319 million, and H1 2025 net sales increased by 7.7% to NIS 2,715 million[25, 113, 118] - Strauss Coffee International's Q2 2025 net sales increased by 27.4% to NIS 1,536 million, and H1 2025 net sales increased by 35.4% to NIS 2,924 million[34, 136] - Strauss Water's Q2 2025 net sales increased by 3.9% to NIS 218 million, and H1 2025 net sales increased by 5.3% to NIS 424 million[45, 154] Commodities Price Development - Average Robusta price in Q2 2025 increased by 17% compared to Q2 2024, and H1 2025 increased by 39% compared to H1 2024[21] - Average Arabica price in Q2 2025 increased by 65% compared to Q2 2024, and H1 2025 increased by 80% compared to H1 2024[21] - Average Cocoa price in Q2 2025 decreased by 18% compared to Q2 2024, but H1 2025 increased by 10% compared to H1 2024[21]

Core Viewpoint - Doubling an investment in Coca-Cola within five years is challenging but not impossible, with dividend stocks providing a reliable income stream regardless of stock price fluctuations [1]. Group 1: Dividend Stocks and Stability - Dividend Kings, companies that have increased their annual dividends for at least 50 years, offer more stability due to their proven financial resilience [2]. - There are approximately 55 Dividend Kings, showcasing an elite group that has survived significant historical events while maintaining dividend increases [3]. Group 2: Coca-Cola's Investment Potential - Coca-Cola is a prominent Dividend King with 63 years of dividend increases, making it a historically strong investment [5]. - To double an investment in Coca-Cola over five years, the stock would need to achieve an average annual return of 14.4% [5]. - Coca-Cola's business model, which focuses on selling concentrates and licensing while relying on bottling partners, allows it to maintain higher margins compared to competitors [7]. Group 3: Dividend Yield and Growth - Coca-Cola's average dividend yield is just over 3%, which reduces the reliance on stock price appreciation for achieving investment growth [8]. - If the dividend yield remains around 3%, Coca-Cola's stock would need to average 11.4% annual growth over five years to double the investment [9]. Group 4: Challenges and Risks - Recent performance for Coca-Cola has been driven by pricing power rather than volume growth, with a 1% revenue increase but a 1% decline in global unit case volume in Q2 [10]. - Potential headwinds include new tariffs on aluminum and higher taxes on sugary products, which could impact Coca-Cola's business and investor sentiment [11]. Group 5: Investment Outlook - Achieving 14.4% annual returns is difficult for a mature business like Coca-Cola, which has not maintained such a five-year average since 2009-2013 [12]. - Current investment in Coca-Cola is unlikely to double in five years, but it remains a solid choice for consistent income, suggesting a long-term investment approach [13].

Financial Data and Key Metrics Changes - The company reported approximately $120 million in quarterly adjusted EBITDA, an increase from $102 million in the same period of 2024, indicating a year-over-year growth of approximately 17.6% [12] - Distributable cash flow as adjusted was $73 million, with a DCF coverage ratio of approximately 1.22 times, expected to rise as growth projects contribute to results [13] - The full-year EBITDA guidance remains between $480 million to $520 million [12][15] Business Line Data and Key Metrics Changes - For the Gathering and Processing segment, adjusted EBITDA was $78 million compared to $55 million in 2024, primarily due to acquisitions [13] - Wholesale Marketing and Terminalling adjusted EBITDA decreased to $23 million from $30 million in the prior year, attributed to last summer's agreements [13] - Storage and transportation adjusted EBITDA remained stable at $17 million, while investments in pipeline joint ventures contributed $11 million, up from $8 million in 2024 [13] Market Data and Key Metrics Changes - The company is focused on enhancing its competitive position in both Midland and Delaware Basins through water acquisitions and increased dedication [5] - The integration of two water gathering systems is progressing well, expected to enhance crude and water offerings in specific counties [11] Company Strategy and Development Direction - The company aims to strengthen its position as a premier full-service provider in the Permian Basin, with ongoing efforts in acid gas injection and sour gas handling capabilities [4][5] - The successful commissioning of the new Libbey plant is expected to fill to capacity in 2025, contributing to future growth [4][8] - The company intends to remain prudent in managing leverage and coverage while rewarding stakeholders through leading distributions, with a recent increase to $1.115 per unit [6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the EBITDA guidance despite commodity price volatility, citing strong relationships with producers and low breakeven costs in the area [36][38] - The company is optimistic about the uptick in crude volumes for Q3, indicating a strong start to the second half of the year [37] Other Important Information - The capital expenditures for the second quarter were approximately $119 million, with $115 million allocated to growth projects, including the completion of the Libbey II gas processing plant [15] - The company has increased its liquidity by $700 million through a high-yield notes offering, bringing total availability to over $1 billion [12] Q&A Session Summary Question: Trends in processing plant volumes and potential expansions - Management confirmed that the commissioning of the plant was completed on time and is currently flowing gas, expecting to reach full capacity by year-end [20][21] Question: Competitive environment for sour gas treating capacity - Management acknowledged the recent asset transactions in the Delaware Basin and emphasized their comprehensive strategy around natural gas, which includes gathering, treating, and processing [24][26] Question: M&A opportunities and market outlook - Management stated that any M&A activity would need to be free cash flow accretive and align with their strategy, while also being open to both acquisition and divestiture opportunities [32][34] Question: Producer plans and guidance outlook - Management reiterated confidence in their guidance, citing strong relationships with producers and favorable conditions in the Permian Basin [36][38]

Financial Data and Key Metrics Changes - The company reported adjusted net income of $4.7 million and adjusted earnings of $0.29 per share for Q2 2025, representing an increase of $400,000 or 0.02 per share compared to the same period in the prior year [5][14] - For the first six months of 2025, adjusted net income was $33.1 million or $2.3 per share, an increase of $1.6 million or 0.07 per share compared to the same period in 2024 [6][14] Business Line Data and Key Metrics Changes - Electric adjusted gross margin for the six months ended June 30, 2025, was $53.3 million, an increase of $1.3 million or 2.5% compared to the same period in 2024, driven by higher distribution rates and customer growth [15] - Gas adjusted gross margin for the same period was $108.1 million, an increase of $15.8 million or approximately 17.1% compared to the same period in 2024, attributed to higher rates, customer growth, and a return to normal winter weather [16] Market Data and Key Metrics Changes - The company added approximately 9,360 new gas customers, including 8,800 from the acquisition of Bangor Natural Gas, compared to the same period in 2024 [16] - Approximately 55% of the company's gas customers are under decoupled rates as of June 30, 2025 [16] Company Strategy and Development Direction - The company is optimistic about the ongoing regulatory reviews of the Maine Natural Gas and Aquarion Water transactions, expecting to close these acquisitions by 2025 [7][8] - The company aims to accelerate rate base growth to approximately 10% annually through 2029, supporting earnings growth near the top end of its guidance range [9] Management's Comments on Operating Environment and Future Outlook - Management reaffirmed a strong financial outlook and long-term guidance for earnings growth, dividend growth, and rate base growth [6][26] - The company sees increasing support for natural gas in New England as a means to reduce energy supply volatility and improve affordability for customers [10][11] Other Important Information - The company has initiated a $50 million at-the-market equity program and issued $32 million in senior unsecured notes for Bangor Natural Gas [23] - The current five-year capital budget totals approximately $1 billion, which is 46% higher than the prior five years, reflecting the investment plan for existing operations [24] Q&A Session Summary Question: Will the slight negative results in Q3 affect the dividend approach for the third quarter? - Management confirmed that the slight change in quarterly distribution for the second half of the year will not affect the company's approach to 2025 dividends [30][32]

Financial Performance - Quarterly Net Income was $4 million, or $0.25 per share, a decrease of $0.3 million, or $0.02 per share, compared to the same period in 2024[9] - Quarterly Adjusted Net Income was $4.7 million, or $0.29 per share, an increase of $0.4 million, or $0.02 per share, compared to the same period in 2024 when excluding transaction costs[9] - Year-to-Date Net Income was $31.5 million, or $1.94 per share, consistent with Net Income but $0.02 lower earnings relative to the first six months of 2024[9] - Year-to-Date Adjusted Net Income was $33.1 million, or $2.03 per share, an increase of $1.6 million, or $0.07 per share, compared to the first six months of 2024 when excluding transaction costs[9] Acquisitions and Growth - Bangor Natural Gas ("BNG") acquisition was completed in January 2025[9] - Maine Natural Gas ("MNG") and Aquarion acquisitions are expected to close by the end of 2025[9] - Acquisitions are expected to support earnings growth towards the upper-end of the guidance range over the next five years[9] - The company anticipates a long-term EPS growth rate of 5% - 7% and a long-term rate base growth of 6.5% - 8.5%[9] - The company projects a five-year capital investment of approximately $980 million, which is 46% higher than the prior five years[46] Customer Base and Regulatory Matters - The company has 86,600 natural gas customers[3, 28, 29, 55, 59, 61, 75] - A temporary electric rate award of $7.8 million was approved as-requested in New Hampshire[9]

Core Insights - Eversource Energy reported Q2 2025 GAAP earnings per share of $0.96, slightly above the $0.95 analyst estimate, with net income improving across all regulated segments [1][2] - The company reaffirmed its full-year 2025 earnings guidance and long-term growth targets, indicating a stable quarter for its core businesses [1][9] Financial Performance - Q2 2025 EPS (GAAP) increased by 1.1% year-over-year from $0.95 in Q2 2024 [2] - Revenue for Q2 2025 was reported at $2,931 million [2] - Net income from Electric Transmission rose to $208 million, a 10.1% increase from $189 million in Q2 2024 [2] - Net income from Electric Distribution increased to $161.5 million, up 7.9% from $149.7 million in Q2 2024 [2] - Net income from Natural Gas Distribution surged by 30.3% to $35.3 million compared to $27.1 million in Q2 2024 [2] Business Overview - Eversource Energy serves 4.6 million customers across Connecticut, Massachusetts, and New Hampshire, operating as a regulated utility [3] - The company focuses on regulatory approvals for infrastructure investments, grid modernization, and service reliability [4] Operational Developments - The Electric Transmission segment's earnings growth was driven by ongoing capital investments [5] - The Electric Distribution segment's earnings growth was primarily due to approved base rate hikes in New Hampshire and Massachusetts [5] - Natural Gas Distribution earnings growth was attributed to rate increases, despite rising expenses [6] - Water Distribution earnings increased by 80% due to higher revenues and lower interest costs [6] Regulatory and Capital Investments - Eversource achieved significant regulatory milestones, including a $900 million recovery for storm and cost under-recoveries in Connecticut [7] - The company has a $24.2 billion five-year capital plan, a 10% increase from the previous period, focusing on transmission upgrades and grid modernization [7] - Continued investment in Advanced Metering Infrastructure (AMI) technology supports state decarbonization plans [8] Forward Guidance - Management maintained its full-year 2025 EPS guidance of $4.67 to $4.82 and a long-term annual EPS growth goal of 5–7% [9] - The company's performance will depend on successful execution of its capital plan and positive regulatory interactions [9] Dividend and Future Considerations - The quarterly dividend remained unchanged from the prior period [10] - Future focus areas include regulatory decisions in New Hampshire and Connecticut, the ongoing Aquarion water business sale, and progress on capital projects [10]

Financial Data and Key Metrics Changes - The company reported GAAP earnings per share of $0.38, a 35% increase compared to the same quarter last year [6] - Revenues increased by 18.5% year-over-year, rising from $434.4 million to $514.9 million [26] - Net income for the gas business was $17.5 million for the quarter [7] - The company expects GAAP earnings per share to exceed the guidance range of $2.07 to $2.11 for the year [7] Business Line Data and Key Metrics Changes - The gas business showed strong performance with significant revenue growth attributed to favorable rate case outcomes and increased gas volume [26] - The water business is expected to see annual rate base growth of 6% through 2029, not including acquisitions [18] - O&M expenses increased by 4.2% year-over-year, driven by higher employee-related costs and bad debt expenses [29] Market Data and Key Metrics Changes - The company is experiencing a wet summer, which has decreased water consumption in several states [28] - The Texas market has seen a 16% population increase and a corresponding 30% GDP growth, contributing to the company's growth in that region [23] Company Strategy and Development Direction - The company is reaffirming its capital investment plans with a target of approximately $1.4 billion in infrastructure investment for 2025 [7] - The focus remains on growing the water and wastewater business through acquisitions, with recent purchases totaling approximately $58 million for systems serving about 10,300 customers [34] - The company aims to maintain a strong balance sheet and improve cash flow while delivering consistent dividend growth [36] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing strong growth potential in both water and gas platforms [36] - The company is committed to addressing PFAS issues and sees regulatory changes as potential growth opportunities [22][76] - Management noted that the engagement with regulatory bodies has been positive, indicating a constructive relationship moving forward [55] Other Important Information - The Board of Directors approved a 5.25% increase in the dividend, continuing a 30-year tradition of dividend growth [12] - The company has been recognized for its community engagement efforts, being named one of Greater Philadelphia's most community-minded businesses [14] Q&A Session Summary Question: Insights on quarterly earnings guidance - Management indicated that GAAP earnings are expected to exceed the guidance range due to strong revenue in gas and favorable tax items [41][44] Question: Cash flow trends and PFAS settlements - The company expects to receive approximately $45 million in PFAS proceeds this year, with $7.1 million already received [49] Question: Regulatory environment in Pennsylvania - Management noted a positive engagement with the new consumer advocate and expressed hope for constructive relationships with all advocates [55][56] Question: Fair market value in acquisitions - Management stated they might consider paying above the reasonable review ratio if significant rate base growth is anticipated [59] Question: Tax rate modeling - Management suggested a low single-digit benefit for 2025 and a low single-digit expense for 2026, indicating a crossover in tax impacts [62]

Financial Data and Key Metrics Changes - Eversource reported second quarter earnings of $0.96 per share, slightly up from $0.95 per share in the previous year, indicating solid earnings growth [22][24] - The company reaffirmed its 2025 EPS guidance range of $4.67 to $4.82 per share, with a long-term EPS growth projection of 5% to 7% through 2029 [7][33] - The FFO to debt ratio improved to 11.5% as of the first quarter, with expectations to reach approximately 14% by year-end [29][40] Business Line Data and Key Metrics Changes - Transmission earnings increased to $0.02 per share due to higher revenues from continued investments and lower interest expenses [22][23] - Electric distribution earnings also rose to $0.02 per share, benefiting from rate increases in New Hampshire and Massachusetts [23] - Natural gas segment earnings improved by $0.02 per share, primarily due to base distribution rate increases [23] Market Data and Key Metrics Changes - Electric demand is expected to rise, with load growth through 2025 exceeding 2%, nearly double the rate observed last year [6] - The company noted that the accelerating electrification of transportation and heating sectors is driving this upward trend [6] Company Strategy and Development Direction - Eversource is focused on being a pure play regulated utility, with a commitment to infrastructure modernization and renewable energy integration [5][15] - The company announced a 10% increase in its five-year infrastructure investment plan, now totaling $24.2 billion [6][28] - The company is also working on strategic upgrades and new developments to meet rising electric demand [6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the regulatory environment, particularly in Connecticut, following the passage of Senate Bill 4, which aims to make electric bills more affordable [11][12] - The company is optimistic about the ongoing recovery of storm costs and the potential for cash flow stabilization through regulatory changes [30][31] - Management emphasized the importance of maintaining strong relationships with union partners and stakeholders [14] Other Important Information - Eversource's annual sustainability report highlights innovative projects, including a geothermal pilot and the Cambridge Underground Substation [10][17] - The company is progressing well with the Aquarion divestiture process and expects to close the sale by the end of the year [12][98] Q&A Session Summary Question: Can you walk us through the confidence levels in hitting the 14% FFO to debt level by year-end? - Management expressed high confidence, citing recovery of deferrals and the impact of the Aquarion transaction as key drivers [38][40] Question: How could the securitization of storm costs impact long-term FFO to debt levels? - Management indicated that securitization could reduce equity needs, but further clarity on timing is needed [41][43] Question: What are the updated metrics for Moody's and S&P regarding FFO to debt? - Management confirmed strong positions with both agencies, expecting continued improvement [49][50] Question: What are the implications of the Connecticut Court's clarification around prudency standards? - Management noted that the ruling supports investment decisions made based on current facts, preventing retrospective scrutiny [104][106] Question: Will there be additional equity needs in 2025? - Management clarified that while there may not be significant equity needs this year, they will monitor the situation closely [114][116]

Financial Performance - Eversource Energy reported Q2 2025 EPS of $0.96, slightly better than the prior year[22] - The company reaffirms its 2025 EPS guidance of $4.67 - $4.82 and a long-term EPS growth rate of 5% - 7% through 2029[23] - The company's FFO to Debt ratio as of March 31, 2025, was 13.7%, exceeding the Moody's downgrade threshold of 9% and S&P's threshold of 12%[50] Capital Investments and Regulatory Updates - Eversource plans a capital investment of $24.2 billion through 2029, with 60% of distribution capital investment in Massachusetts[18] - The company anticipates incremental investments of $1.5 billion - $2 billion during this forecast period[47] - A permanent rate increase of $100 million was received in New Hampshire, effective August 1, 2025, as part of the PSNH rate case[39] - Massachusetts will see an EGMA Rate Base Reset with a November 2024 rate increase of $77 million and a November 2025 rate increase of $62 million[45] Strategic Priorities - Eversource is focused on being a 100% regulated utility, investing in line with state policies while maintaining customer reliability and affordability[18] - The company aims to strengthen its balance sheet and enhance its FFO to Debt ratio[18] - Eversource is leading the energy transition in New England with approximately $2 billion in T&D energy investments through 2029[18] Balance Sheet and Credit Metrics - Eversource has an At-The-Market (ATM) program for $1.2 billion of equity, issuing 3.4 million shares through June 2025 with net proceeds of $218 million[51, 60]

Core Insights - Global Water Resources, Inc. recognizes Arizona's Assured Water Supply "Ag-to-Urban" program as a transformative development for water sustainability, housing, and economic growth in the state [1] Group 1: Program Overview - The Ag-to-Urban program allows landowners to convert water rights from agricultural to municipal use, facilitating new development while reducing pressure on aquifers [2] - The program is designed to support the conversion of up to 384,000 acres of agricultural land, potentially enabling the construction of over 1 million new homes [5] Group 2: Company Impact - The initiative is expected to significantly benefit Global Water's utilities, GW-Santa Cruz and GW-Palo Verde, which collectively represent over 56,000 active service connections, approximately 87% of the company's total [4] - The program aligns with the company's strategic focus on Total Water Management (TWM), enhancing its ability to serve additional potential service connections [6] Group 3: Water Management and Sustainability - Irrigation for agriculture accounts for about 74% of Arizona's water supply, highlighting the importance of the Ag-to-Urban program in addressing water scarcity [5] - Global Water has been recognized for its effective implementation of TWM, which integrates water, wastewater, and recycled water management to maximize conservation [8]