Financial Data and Key Metrics Changes - Fourth quarter revenues exceeded $1 billion for the first time, up 33% from the prior year period, driven by growth in both E&M and T&D segments [6][16] - Full-year revenues increased 32% to $3.75 billion, primarily from the E&M business, with EBITDA rising 52% to $320 million compared to 2024 [7][17] - Fourth quarter EBITDA margin was 8.4%, up 70 basis points from 7.7% in the prior year period [16][17] Business Line Data and Key Metrics Changes - E&M segment revenues increased 44% to $791.6 million in the fourth quarter, with EBITDA rising 57% to $67.1 million [18][19] - T&D segment revenues were $227.7 million, up 6.8% from the previous year, but EBITDA was flat at $30.5 million due to project mix and higher SG&A expenses [19][20] Market Data and Key Metrics Changes - The backlog at the end of 2025 was $3.2 billion, up 16% from the same period last year, with T&D backlog increasing by 41% and E&M backlog by 13% [8][18] - The company sees robust project pipelines across diverse markets, including data centers, hospitality, and semiconductor sectors [9][18] Company Strategy and Development Direction - The company focuses on its "Forever Strategy," which emphasizes employee retention, customer value creation, and operational excellence [10][12] - Plans for geographic expansion through satellite projects are in place, with a recent entry into a new market supporting a large semiconductor company [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued growth due to favorable market trends and a strong backlog entering 2026 [24] - The company anticipates revenue guidance for 2026 in the range of $4.1 billion to $4.2 billion, reflecting strong demand drivers [23][24] Other Important Information - The company ended 2025 with approximately 9,400 employees, up from 8,700 at the end of 2024, indicating a focus on workforce expansion [11] - Capital expenditures increased to $66.8 million in 2025, up from $43.8 million in 2024, to support growth initiatives [22] Q&A Session Summary Question: Guidance and Margins - Inquiry about whether exceptional execution in 2025 would be repeatable in 2026 and if management is being conservative in their guidance [27] - Management confirmed that exceptional margin upside was due to diversified contributions from various markets and expressed confidence in achieving forecasted margins for 2026 [28][29] Question: Leverage and Free Cash Flow - Questions regarding the company's low leverage and thoughts on optimal leverage levels, as well as free cash flow conversion going forward [30] - Management emphasized the importance of a strong balance sheet for organic growth and M&A opportunities, indicating a target leverage of 1.5-2 times [32] Question: Capacity Constraints and Backlog - Inquiry about potential capacity constraints given the record backlog and lead times for projects [37] - Management reassured that they have sufficient skilled labor to complete projects and that 80% of the backlog typically burns off within 12 months [39][41] Question: Satellite Operations and Expansion - Questions about opportunities for satellite expansions in 2026 and specific geographies of interest [47] - Management indicated a selective approach to satellite operations and mentioned potential opportunities in the South and Southeast [49] Question: Labor Costs and M&A Strategy - Inquiry about labor cost management and the company's approach to M&A in the current market [58][60] - Management stated that they are successfully incorporating labor cost increases into pricing and are open to both larger and smaller M&A transactions [61][63]

Centuri.com 1 Investor Presentation February 2026 Forward Looking Statements Disclaimer Unless the context otherwise requires, in this presentation, references to "we," "us," and "our" are to Centuri Holdings, Inc. (NYSE: CTRI) ("Centuri" or the "Company"), together with its consolidated subsidiaries, which include, among others, Centuri Group, Inc. This presentation contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securi ...

GE Vernova Inc. (NYSE:GEV) ranks among billionaire Stanley Druckenmiller’s 10 best stock picks. Baird upgraded GE Vernova Inc. (NYSE:GEV) to Outperform on February 4, stating that the firm is well-positioned to be among the largest beneficiaries of a growing energy-infrastructure cycle and that the market had misjudged the timing and magnitude of a potential surplus in gas power. According to analyst Ben Kallo, earlier worries over industry overcapacity “will not materialize in the near- to intermediate- ...

Core Viewpoint - American Electric Power Company, Inc. (AEP) is recognized as a strong investment option within the utility sector, particularly due to its significant grid modernization efforts and robust capital plans [2][3][4]. Group 1: Investment Ratings and Price Targets - Barclays has raised its price target for AEP from $117 to $121 while maintaining an Equal Weight rating, reflecting a positive outlook ahead of the fourth-quarter earnings [2]. Group 2: Company Initiatives and Growth Drivers - AEP is undertaking one of the largest grid modernization programs in the U.S., focusing on expanding transmission capacity and enhancing reliability, driven by increasing demand from electrification and data centers [3]. - The company's five-year capital plan amounts to $72 billion, which includes commitments for approximately 20 gigawatts of additional power by 2030, fueled by data centers, manufacturing reshoring, and broader economic development [4]. Group 3: Financial Metrics - AEP offers a dividend yield of approximately 3.26%, making it an attractive option for income-focused investors [4].

Core Viewpoint - New Jersey Resources Corporation (NYSE:NJR) is identified as a promising investment in the hydrogen and fuel cell sector for 2026, with a recent upgrade from Mizuho indicating strong fundamentals and attractive valuation [1]. Financial Performance - NJR reported mixed financial results for the fiscal fourth quarter of 2025, with earnings per share of $0.16, falling short of the expected $0.19, resulting in a 15.79% negative surprise [3]. - The company exceeded revenue expectations, reporting $336.08 million compared to the anticipated $307.19 million [3]. Market Position and Outlook - Mizuho upgraded NJR from Neutral to Outperform, raising its price target to $54 from $51, citing a 23% discount relative to its local distribution peer group based on 2028 consensus expectations [1]. - NJR is considered largely insulated from regulatory challenges affecting other local power companies, which are facing scrutiny regarding affordability [2]. - Positive growth outlooks are noted for NJR's S&T and CEV divisions, with the CEV division expected to benefit from in-state generation requirements [2]. Company Overview - New Jersey Resources Corporation is a diversified energy holding company that provides regulated natural gas distribution, transmission, and storage services, along with unregulated clean energy operations [4].

Company Overview - TXNM Energy has a market capitalization of $6.42 billion, with a revenue of $2.11 billion and a net income of $176.92 million for the trailing twelve months [5] - The company operates a regulated utility business model, providing electricity generation, transmission, and distribution services primarily in New Mexico and Texas [8] - TXNM Energy serves a diversified customer base, including residential, commercial, and industrial users, and leverages a diverse energy mix, including renewables, to ensure reliable service and stable cash flows [9] Recent Developments - Athos Capital disclosed a new position in TXNM Energy, acquiring 142,842 shares valued at $8.08 million, which represents approximately 5.06% of the fund's reportable U.S. equity assets [2][3][6] - As of the latest filing, TXNM Energy shares were priced at $58.92, reflecting a 23% increase over the past year, outperforming the S&P 500, which rose by 16% in the same period [4] Financial Performance - TXNM Energy reported third-quarter GAAP earnings of $1.22 per share, with ongoing earnings of $1.33, supported by approved rate increases in New Mexico and transmission recovery in Texas [11] - The company is investing heavily in grid infrastructure and energy storage, including a $78 million battery project linked to existing solar assets [11] Market Position and Outlook - TXNM Energy is undergoing a pending acquisition by Blackstone Infrastructure at a price of $61.25 per share, which may cap the upside potential for investors [10] - The company is not reaffirming its 2025 guidance while the acquisition transaction is pending, and regulatory approvals could extend into late 2026 [11]

Group 1 - American Electric Power Company, Inc. (AEP) is recognized as one of the 10 Best Performing Electrical Infrastructure Stocks in 2025 [1] - AEP has the largest network of 765 kV transmission lines in the United States, covering more miles than all other utilities combined [2] - The U.S. grid is primarily dominated by alternating current, with transmission voltages ranging from 100 kV to 765 kV, and only about 10,000 miles of the grid operates at 765 kV, which is less than 1% of total transmission mileage [2] Group 2 - AEP's assets are located in the service territories of all four regional grid operators in the U.S. that are pursuing 765 kV expansion [3] - More than 400 miles of new 765 kV lines have been approved by PJM Interconnection, and other regional operators are also moving towards 765 kV developments [3] - AEP provides electricity generation, transmission, and distribution services to over 5 million customers across 11 states [5] Group 3 - JPMorgan raised the price target for AEP from $121 to $125 while maintaining a Neutral rating, reflecting updated valuation models [4]

Group 1: Company Overview - American Electric Power Company, Inc. (NASDAQ:AEP) is one of the largest electric utility companies in the U.S., providing generation, transmission, and distribution services to more than 5 million customers across 11 states [6] Group 2: Financial Performance and Projections - AEP has raised its long-term EPS growth outlook to 7%–9%, up from 6%–8%, reflecting expectations for roughly 28 GW of incremental peak demand by 2030, with about 22 GW expected to come from data centers [4] - The company has increased its five-year capital investment plan to $72 billion and disclosed a sizable backlog, with roughly 190 GW of customers currently waiting to interconnect to its system [4] Group 3: Market Trends and Demand Drivers - Electric demand is accelerating at its fastest pace since the 1960s and 1970s, driven by the rapid expansion of AI infrastructure, which is projected to require a significant increase in power generation [3] - Capacity tied to data center growth is projected to jump from about 45 GW today to more than 130 GW by 2030 [3] Group 4: Strategic Partnerships - AEP announced long-term strategic agreements with Quanta Services to support the execution of its expanded capital plan, including the buildout of high-voltage transmission, while strengthening supply chain reliability and expanding development capabilities [5] Group 5: Analyst Insights - JPMorgan analyst Jeremy Tonet raised AEP's price target to $125 from $121 while maintaining a Neutral rating on the stock, following updates to the firm's models across the North American utilities sector [2]

Financial Data and Key Metrics Changes - The company reported diluted earnings per share of $7.46, marking the 23rd consecutive year of earnings per share growth [3] - Fiscal 2025 also represents the 41st consecutive year of dividend growth [3] - Consolidated capital spending increased to $3.6 billion, with 87% dedicated to improving safety and reliability [11] - Rate base increased by 14% to an estimated $21 billion as of September 30 [11] Business Line Data and Key Metrics Changes - Approximately 57,000 residential customers were added during Fiscal 2025, with over 44,000 located in Texas [4] - Nearly 3,200 commercial customers and 29 industrial customers were added, with anticipated annual consumption of approximately 4 BCF of gas from industrial customers [4] - Over the last five years, nearly 300,000 residential and commercial customers were added, along with 225 industrial customers with an estimated annual load of 63 BCF when fully operational [4] Market Data and Key Metrics Changes - Texas added jobs at a faster rate than the nation, growing at a rate of 1.14% [5] - The current population estimate for the Dallas-Fort Worth metroplex is approximately 8.6 million, projected to be the third largest metropolitan area in the U.S. by 2030 [5] Company Strategy and Development Direction - The company plans to invest $26 billion over the next five years, with approximately 85% allocated to safety and reliability [8][14] - The five-year plan reflects the impact of Texas House Bill 4384, allowing for quicker recovery of capital spending [9][16] - The company anticipates earnings per share growth of 6-8% from the midpoint of its rebased Fiscal 2026 guidance [9][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to meet safety, reliability, and economic development expectations [19] - The company highlighted the importance of natural gas in economic development across its service territory [4][19] - Management noted that the average monthly natural gas bill for residential customers is expected to remain the lowest utility bill in the home [20] Other Important Information - The company completed integrity inspections and verification work on its storage facilities, with ongoing work expected to continue into late calendar year 2026 [8] - The company has a weighted average cost of debt of 4.2% with an average maturity of 17.5 years and approximately $4.9 billion in liquidity [20] Q&A Session Summary Question: Can you talk about the larger load customers and the Refresh Capital plan? - Management indicated that 85% of spending is dedicated to safety and reliability, with modest growth included in the plan [25] Question: Can you discuss capital recovery and its impact on growth? - Management stated that the planning process has been consistent since 2011, focusing on safety, reliability, and growth needs [27] Question: What is the annual impact of Texas HB 4384? - Management confirmed that the impact of House Bill 4384 is factored into the rebased earnings per share guidance [43] Question: How is the equity and debt funding structured for the five-year plan? - Management indicated a balanced approach with roughly 50% of annual cash needs coming from equity and 50% from debt [44][45] Question: Will the 60/40 split of HB 4384 benefits change year over year? - Management does not expect the split to change, as the five-year planning process is consistent [47]

Core Viewpoint - American Electric Power Company, Inc. (AEP) is highlighted as a strong high-growth utility stock, with BMO Capital maintaining an Outperform rating and increasing the price target from $121 to $127 ahead of the Q3 2025 financial results [1]. Group 1: Financial Performance and Expectations - BMO Capital expects AEP's Q3 EPS to be $1.78, which is below the median estimates of $1.83 and $1.86 from FactSet and Bloomberg, respectively [1]. - The company is set to revise its 5-year financial agenda, anticipating a capital program of $70 billion or higher, indicating a 30% increase from the existing plan [2]. Group 2: Capital Expenditure and Financing Strategy - AEP's capital expenditure (capex) outlook is a key factor for potential stock rerating, with a focus on the asset portfolio and funding strategy [3]. - It is anticipated that AEP will utilize equity financing for approximately 30%-40% of its additional capex [3]. Group 3: Company Overview - American Electric Power, based in Columbus, Ohio, operates as a public utility holding company specializing in electricity generation, transmission, and distribution for both retail and wholesale customers [4].