Financial Data and Key Metrics Changes - The company reported third-quarter GAAP earnings of $2.97 per share and adjusted operating earnings of $3.04 per share, which is an increase of $0.30 per share compared to the same period last year [6][19]. - The company experienced fewer nuclear outage days, both planned and unplanned, compared to the same period last year, contributing to higher generation volumes and lower O&M expenses [19][20]. Business Line Data and Key Metrics Changes - The nuclear fleet achieved a capacity factor of 96.8%, which is approximately 4% higher than the industry average, equating to the output of an additional reactor on a full-year basis [22]. - The renewable and natural gas fleets performed near plan, with renewable energy capture at 96.8% and power dispatch match at 95.5% [22]. Market Data and Key Metrics Changes - The company noted a strong performance in capacity revenues following the 2025-2026 capacity auction, with non-CMC units capturing almost all benefits from higher capacity prices [20]. - ZEC prices in both the Midwest and New York were lower compared to the third quarter of last year, impacting overall revenue [21]. Company Strategy and Development Direction - The company is focused on closing the Calpine transaction and integrating the two companies to enhance value for customers and shareholders [30]. - There is a strong public support for nuclear energy, with nearly three-quarters of the public supporting it and nine out of ten believing in extending licenses for existing plants [11][12]. - The company is exploring energy options for Maryland and the region, including a commitment to bring 835 megawatts through the restart of the Crane Clean Energy Center [16][17]. Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to complete transactions in the data economy market, noting that customer sophistication has increased significantly [8][9]. - The company is optimistic about the future of nuclear energy, citing bipartisan support and recent government initiatives aimed at expanding nuclear capabilities [12][14]. - Management highlighted the importance of practical reforms to facilitate the interconnection of large loads to the grid, which is crucial for maintaining leadership in artificial intelligence [9]. Other Important Information - The company has reached a landmark agreement with the state of Maryland regarding the continued operation of the Conowingo Dam for the next 50 years [10]. - The company has executed a renewal and upsizing of its credit facilities, positioning itself for the close of the Calpine transaction with $14 billion of liquidity post-deal [27][28]. Q&A Session Summary Question: Confidence in announcing another hyperscale deal by year-end - Management is focused exclusively on front-of-the-meter deals and expects to complete transactions soon, potentially before the fourth quarter call [36][38]. Question: Potential delay in the Calpine asset sale process - Management feels confident about the timeline for divestiture and is not in a hurry to complete asset sales, as the market is supportive [49][51]. Question: Thoughts on power market dynamics and new entrants - Management sees significant growth in data center investments and believes the interest in new generation reflects a durable growth cycle [53][54]. Question: Update on Three Mile Island progress - Progress is going well, with critical items completed and no new challenges emerging [60][61]. Question: Impact of rising energy prices on contracts - Rising energy prices are favorable for the company, enhancing the environment for asset sales and contract negotiations [62][64]. Question: Specifics on natural gas capacity in Maryland - The company plans to relocate lightly used assets from the Midwest and New England to Maryland, which are state-of-the-art in terms of performance [72]. Question: Comfort level with new nuclear construction - Management remains cautious about new nuclear construction, emphasizing the need for durable PPAs and clear pricing before committing capital [73][76]. Question: Demand response initiatives and customer willingness - The company is seeing strong interest from industrial customers in demand response programs, with innovative product structures being developed [86][88]. Question: Retail margins in PJM - Retail margins are on the upper end of historical ranges, with stronger margins observed in sustainability-related products [90]. Question: Concerns about the ability to sign contracts for generation assets - Management is confident in executing transactions and believes that the demand response product offering anticipates market needs [96][98]. Question: Portfolio of generating assets for long-term PPAs - Management sees room for long-term deals and is focused on executing contracts to meet growing demand [105][106].

Financial Data and Key Metrics Changes - The company reported adjusted earnings per share of $1.81 for Q3 2025, an increase of over 11% compared to $1.62 in the previous year, driven by growth in electric utilities [3][12] - The full-year guidance range has been narrowed to $6.25-$6.35, indicating confidence in achieving targeted growth [3][22] Business Line Data and Key Metrics Changes - Electric utilities and infrastructure segment saw an increase of $0.24 per share, attributed to higher retail sales volumes and new rate implementations [12] - Gas utilities and infrastructure results remained largely flat compared to last year, consistent with seasonal trends [12] - The other segment experienced a decline of $0.04, primarily due to increased interest expenses [12] Market Data and Key Metrics Changes - The company is on track to add over 13 gigawatts of capacity in the next five years, with significant investments in new generation driving earnings growth of more than 8.5% through 2030 [4][10] - The updated Carolinas resource plan anticipates annual customer bill impacts of approximately 2% over the next decade, which is below inflation [8] Company Strategy and Development Direction - The company is reaffirming a long-term EPS growth rate of 5-7% through 2029, with confidence in earning in the top half of this range starting in 2028 [4][22] - A new five-year capital plan is projected to be between $95 billion and $105 billion, focusing on modernizing the system and addressing load growth [4][21] - The company is actively pursuing economic development opportunities, having secured approximately 3 gigawatts of signed electric service agreements with data centers in 2025 [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to meet financial and strategic objectives while focusing on operational excellence [10][22] - The company is committed to maintaining affordability for customers, with average rate changes below inflation over the past decade [7] - Management highlighted the importance of nuclear energy in future plans, while also addressing supply chain and cost overrun concerns [44] Other Important Information - The company expects to issue storm securitization bonds in North Carolina and South Carolina, projected to save customers up to 18% compared to traditional recovery methods [19] - The capital plan is expected to generate over $370 billion in economic output and support nearly 170,000 jobs annually [10] Q&A Session Summary Question: Can you speak to the incremental capital you are looking at? - The company indicated that the capital plan will see investments every year, with a focus on large load customers and energy modernization [28][30] Question: What does the advanced pipeline for large load look like? - The company has a large and diverse pipeline of projects, focusing on credible hyperscalers and third-party developers to secure energy service agreements [66] Question: How does the high end of the 5-7% growth range reflect incremental capital? - The top half of the growth range is supported by the $95 billion-$105 billion capital range, not solely dependent on the high end [62] Question: What factors could lead to lower equity funding for capital projects? - Faster recovery investments would require less equity, while slower recovery projects would necessitate more equity support [75]

Financial Data and Key Metrics Changes - The company reported third quarter ongoing earnings of $1.12 per share, achieving over 80% of the midpoint of the 2025 earnings guidance [14] - The 2025 ongoing earnings guidance range has been narrowed to $3.17-$3.23 per share, trending towards the upper half of this range [16] - The 2026 earnings guidance is projected at $3.36-$3.46 per share, representing a 6.6% increase over the 2025 midpoint [8][16] - The annual common stock dividend target for 2026 is set at $2.14 per share, a 5.4% increase from the 2025 target of $2.03 per share [8][16] Business Line Data and Key Metrics Changes - The company completed construction of energy storage projects totaling 175 megawatts and advanced gas path projects to enhance efficiency [7] - The contracted demand from four data centers totals 3 gigawatts, leading to a projected 50% peak demand growth by 2030 [9] - The capital expenditure plan has been increased by 17% to $13.4 billion, with a projected compound annual growth rate of 12% from 2025 to 2029 [8][17] Market Data and Key Metrics Changes - The company is focusing on plug-and-ready sites to minimize transmission investments and accelerate customer service [6] - The Iowa retail construct stabilizes electric-based rates for customers through the end of the decade, benefiting existing customers [10] - The company has received regulatory support for its plans, including approvals for rate reviews and investments in renewable energy projects [11][22] Company Strategy and Development Direction - The company aims to unlock the potential of customers and communities by focusing on near-term growth opportunities and maintaining affordability [10][25] - The strategy includes proactive community engagement and investments in renewable energy and energy storage to meet growing customer demand [12][18] - The company is committed to maintaining competitive rates for both new and existing customers through economic development success and cost controls [12] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving a compound annual growth rate of 12% in rate base and construction work in progress, reinforcing long-term growth objectives [18] - The company is optimistic about future growth opportunities, particularly in data centers, and is focused on minimizing regulatory lag [56][58] - Management highlighted the importance of timing in load growth and the potential for earnings to exceed current guidance based on new contracts [29][39] Other Important Information - The company has successfully refinanced $300 million of debt and issued $725 million in junior subordinated notes to support its financing plans [18][20] - The company plans to finance capital expenditures through a combination of cash from operations and new debt, hybrid, and common equity issuances [19][20] - Future regulatory filings are expected to enhance reliability and diversify energy resources to meet growing customer needs [24] Q&A Session Summary Question: Can you provide color on the ramp in demand and its impact on earnings trajectory? - Management indicated that the 7-8% growth is conservative and that timing is crucial for realizing load growth [29] Question: What are the assumptions regarding earned returns in Iowa? - Management confirmed that Iowa's new regulatory construct provides certainty for earning authorized returns, with potential upside for exceeding those returns [32] Question: Can you elaborate on the 2-4 gigawatts of additional load negotiations? - Management stated that these negotiations involve both expansions of existing facilities and new customers, with updates expected in the next 12 months [36][66] Question: What is the expected FFO to debt ratio by the end of 2025? - Management aims for a cushion of 50-100 basis points in the FFO to debt metrics to support growth [41] Question: How will the timing of rate cases affect future growth rates? - Management noted that Wisconsin's forward-looking test years minimize regulatory lag, while Iowa's structure allows for annual earnings growth [56][58]

Financial Data and Key Metrics Changes - The company reported adjusted earnings per share of $1.81 for Q3 2025, an increase of over 11% compared to $1.62 in the previous year, driven by growth in electric utilities [3][11] - The full-year guidance range has been narrowed to $6.25-$6.35, indicating confidence in achieving financial targets [3][21] Business Line Data and Key Metrics Changes - Electric utilities and infrastructure segment saw an increase of $0.24 in earnings per share, attributed to higher retail sales volumes and new rate implementations [11] - Gas utilities and infrastructure results remained largely flat compared to the previous year, consistent with seasonal trends [11] - The other segment experienced a decline of $0.04 primarily due to higher interest expenses [11] Market Data and Key Metrics Changes - The company is on track to add over 13 GW of capacity in the next five years, with significant investments in new generation expected to drive earnings growth of more than 8.5% through 2030 [4][8] - The updated Carolinas resource plan anticipates annual customer bill impacts of approximately 2% over the next decade, which is below the rate of inflation [8] Company Strategy and Development Direction - The company is reaffirming its long-term EPS growth rate of 5%-7% through 2029, with confidence in earning in the top half of this range starting in 2028 [4][21] - A new five-year capital plan is projected to be between $95 billion and $105 billion, focusing on modernizing the system and addressing load growth [4][19] - The company is actively pursuing economic development opportunities, having secured approximately 3 GW of signed electric service agreements with data centers in 2025 [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strong position and momentum heading into 2026, emphasizing the durability of growth plans [10][78] - The focus remains on customer value and affordability, with efforts to keep average rate changes below inflation over the past decade [7][10] Other Important Information - The company has partnered with EY to estimate that its 10-year capital plan will generate over $370 billion in economic output and support nearly 170,000 jobs annually [10] - The company is committed to maintaining a balance sheet that supports a target of 15% FFO to debt over the long term [19] Q&A Session Summary Question: Can you speak to the incremental capital you are looking at? - Management indicated that the capital plan is designed to add capital in every year, with a focus on large load customers and energy modernization [26][27] Question: What does the incremental potential of the $10 billion capital increase comprise? - The increase encompasses investments in transmission, generation for new data centers, and LDC investments [30] Question: How does the high end of the 5%-7% growth range reflect incremental capital? - Management clarified that the top half of the growth range is included within the $95 billion-$105 billion capital range provided [62] Question: What does the pipeline for large load projects look like? - The company has a large and diverse pipeline, focusing on credible hyperscalers and third-party developers to secure energy service agreements [66] Question: What factors would determine the lower end of the equity funding range? - Faster recovery investments would require less equity, while slower recovery investments would necessitate more equity support [74]

Financial Data and Key Metrics Changes - The company reported third quarter ongoing earnings of $1.12 per share, achieving over 80% of the midpoint of the 2025 earnings guidance [14] - The 2025 ongoing earnings guidance range has been narrowed to $3.17-$3.23 per share, trending towards the upper half of this range [16] - The 2026 earnings guidance is projected at $3.36-$3.46 per share, representing a 6.6% increase over the 2025 midpoint [8][16] - The annual common stock dividend target for 2026 is set at $2.14 per share, a 5.4% increase from the 2025 target of $2.03 per share [8][16] Business Line Data and Key Metrics Changes - The company completed construction of energy storage projects totaling 175 MW and advanced gas path projects to enhance efficiency [7] - The contracted demand from four data centers totals 3 GW, leading to a projected 50% peak demand growth by 2030 [9] - The capital expenditure plan has been increased by 17% to $13.4 billion, with a projected compound annual growth rate of 12% from 2025-2029 [8][17] Market Data and Key Metrics Changes - The company is experiencing significant load growth opportunities, particularly from data centers, which are expected to drive earnings growth [4][5] - The Iowa retail construct stabilizes electric-based rates for customers, providing a win-win outcome for existing customers [10] - The company has received regulatory support for its plans, including approvals for rate reviews and investments in renewable energy projects [11][22] Company Strategy and Development Direction - The company is focused on customer-centric investments and maintaining affordability and reliable service [4] - The strategy includes proactive community engagement and unlocking potential for customers and communities [10][12] - The company aims to provide competitive rates for both new and existing customers through economic development success and cost controls [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving earnings growth driven by data center expansions and load growth plans [9][25] - The company is committed to maintaining a strong balance sheet to support future growth opportunities [41] - Management highlighted the importance of timing in load growth and the potential for upside beyond current guidance [29][39] Other Important Information - The company has successfully refinanced $300 million of debt and issued $725 million in junior subordinated notes to support its financing plans [18][19] - The company is actively pursuing regulatory approvals for various projects, including wind and natural gas facilities [22][23] Q&A Session Summary Question: Demand ramp and earnings trajectory - Management indicated that the 7%-8% growth is conservative and could be higher with additional load growth [29] Question: Equity dilution impact on earnings growth - Management confirmed that equity dilution is a significant factor affecting the earnings growth forecast [30] Question: Regulatory framework in Iowa and earned returns - Management explained that Iowa's new regulatory construct provides certainty for earning authorized returns, with potential upside for outperformance [32] Question: Incremental load opportunities and updates - Management stated that they are in active negotiations for additional load and will provide updates regularly [36][67] Question: Tax credits and cash flow replacement - Management confirmed confidence in generating tax credits and maintaining cash flow through 2030 [40][42] Question: Load growth starting point for 2026 - Management indicated that the starting point for load growth in 2026 is modest, with significant ramp-up expected in subsequent years [43] Question: Probability of conversion for remaining pipeline - Management expressed high confidence in the conversion of remaining pipeline opportunities, emphasizing the company's strong position in Iowa and Wisconsin [48][52]

Financial Data and Key Metrics Changes - The company reported third quarter GAAP earnings of $2.97 per share and adjusted operating earnings of $3.04 per share, which is an increase of $0.30 per share compared to the same period last year [6][19]. - The company experienced fewer nuclear outage days, both planned and unplanned, compared to the same period last year, contributing to higher generation volumes and lower O&M expenses [20][22]. Business Line Data and Key Metrics Changes - The nuclear fleet achieved a capacity factor of 96.8%, which is approximately 4% higher than the industry average, equating to the output of an additional reactor on a full-year basis [22]. - The renewable and natural gas fleets performed near plan, with renewable energy capture at 96.8% and power dispatch match at 95.5% [22]. Market Data and Key Metrics Changes - The company noted a strong performance in the commercial and generation businesses, with sales margins above long-term averages and renewal rates for both power and gas remaining strong [23][24]. - The company is seeing a significant increase in interest from customers in the data economy, indicating a robust market environment [8][54]. Company Strategy and Development Direction - The company is focused on closing the Calpine transaction and integrating the two companies to enhance value for customers and shareholders [30]. - The company is actively pursuing opportunities in the data economy and is confident in its ability to execute transactions that will meet the growing demand for clean energy [31][54]. Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the continued growth of the nuclear sector, supported by public and governmental backing for nuclear energy [12][15]. - The company is optimistic about the future, citing strong cash flow and a solid earnings growth profile, particularly through strategic transactions and partnerships in the data economy [31][32]. Other Important Information - The company reached a landmark agreement with the state of Maryland for the continued operation of Conowingo Dam for the next 50 years, which is seen as a win-win outcome for clean energy in the region [10]. - The company has executed a renewal and upsizing of its credit facilities, positioning itself for the close of the Calpine transaction with $14 billion of liquidity post-deal [27][28]. Q&A Session Summary Question: Update on hyperscaler deals - Management is focused on front-of-the-meter deals and expects to complete transactions soon, potentially before the next quarterly call [36][39]. Question: Calpine asset sale process - Management is confident about the timeline for asset sales and is not in a hurry, as the market is supportive of asset sales [49][51]. Question: Demand response initiatives - The company is seeing strong interest from industrial customers in demand response programs and is working on innovative product structures to attract long-term commitments [88][90]. Question: Retail margins in PJM - Retail margins are on the upper end of historical ranges, with stronger margins observed in sustainability-related products [93]. Question: New nuclear construction - Management remains cautious about new nuclear construction, emphasizing the need for durable PPAs and clear pricing before committing significant capital [73][75].

Financial Data and Key Metrics Changes - For Q3 2025, the company reported a net income of $164 million, down from $176 million a year ago, while diluted earnings per share increased to $1.67 from $1.65 [4][9] - The year-to-date return on equity was 13% as of September 30, 2025 [4] - Consolidated cash and investments totaled $6.6 billion with an annualized investment yield of 3.9% [6][7] Business Line Data and Key Metrics Changes - The U.S. mortgage insurance in force was $249 billion, a 2% increase year-over-year [5][9] - The mortgage insurance net premium earned for Q3 2025 was $232 million, including $15.9 million from Essent Re [10] - The average base premium rate for the U.S. mortgage insurance portfolio remained at 41 basis points, while the average net premium rate decreased by one basis point to 35 basis points [10] Market Data and Key Metrics Changes - The 12-month persistency rate was 86%, unchanged from the previous quarter [5][9] - The default rate on the U.S. mortgage insurance portfolio increased to 2.29%, up 17 basis points from the previous quarter [10] Company Strategy and Development Direction - The company maintains a conservative capital strategy to navigate market volatility while allowing for strategic growth investments [7][14] - A new $500 million share repurchase authorization was approved, running through year-end 2027, indicating a commitment to returning capital to shareholders [8][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of the business, benefiting from favorable credit trends and the current interest rate environment [4] - The company anticipates that the current level of mortgage rates will support elevated persistency in the near term [5] - Management highlighted the strong credit quality of the insurance in force, with a weighted average FICO of 746 [5] Other Important Information - The company repurchased nearly 9 million shares for over $500 million year-to-date through October 31, 2025 [8] - The estimated annual effective tax rate was increased from 15.4% to 16.2% due to withholding taxes incurred on a dividend [11] Q&A Session Summary Question: Credit trends and provisions - Management noted that the average loan size has increased, which impacts provisions when larger loans default [16] Question: Claims amount and severity - Management indicated that fluctuations in claims are dependent on document processing and that severity remains below reserves [18] Question: Seeded premiums and reinsurance transactions - Management explained that seeded premiums will vary based on default and provision activity, with seasonal trends expected [22] Question: Tax rate expectations - Management suggested a tax rate of around 16% going forward, influenced by capital distributions to shareholders [24] Question: Severity rates and long-term expectations - Management stated that while severity rates have increased, the overall risk remains low, and they are well-capitalized to handle potential losses [30][34] Question: Underwriting guardrails and credit score changes - Management reassured that current underwriting standards remain stringent and that any changes in credit score requirements by GSEs have not yet been implemented [42][45] Question: Upstreaming capital from MI subsidiary - Management indicated plans for consistent dividends from the MI subsidiary, with potential for a larger dividend in Q4 [48] Question: Diversification and growth avenues - Management discussed the performance of the Title business and indicated that while it is still small, it is being developed as a potential growth area [50]

Financial Data and Key Metrics Changes - The company reported adjusted earnings per share of $1.81 for Q3 2025, an increase of over 11% compared to $1.62 in the previous year [4][13] - The full-year guidance range has been narrowed to $6.25 to $6.35, reflecting confidence in achieving financial targets [4][15] Business Line Data and Key Metrics Changes - Electric Utilities and Infrastructure segment saw an increase of $0.24 driven by higher retail sales volumes and new rate implementations [13] - Gas Utilities and Infrastructure results remained largely flat compared to the previous year, consistent with seasonal trends [13] - The other segment experienced a decline of $0.04 primarily due to higher interest expenses [13] Market Data and Key Metrics Changes - The company is on track to add over 13 gigawatts of capacity in the next five years, with significant investments in new generation [4][5] - The updated Carolinas resource plan anticipates annual customer bill impacts of approximately 2% over the coming decade, which is below the rate of inflation [8] Company Strategy and Development Direction - The company is focused on an ambitious generation build and modernization strategy, with a five-year capital plan projected between $95 billion and $105 billion [5][23] - The strategy includes leveraging AI and technology to maintain a competitive cost structure while ensuring customer affordability [6][7] - The company aims for a long-term EPS growth rate of 5% to 7% through 2029, with confidence in achieving the top half of this range starting in 2028 [5][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strong fundamentals and the ability to meet growing energy demands [11][12] - The company is actively engaging in economic development, securing significant capital commitments from commercial and industrial customers [19][20] - Management highlighted the importance of maintaining affordability for customers while managing costs effectively [6][7] Other Important Information - The company has a ten-year capital plan that is expected to generate over $370 billion in economic output and support nearly 170,000 jobs annually [11] - The company is committed to maintaining a strong balance sheet with a target of 15% FFO to debt over the long term [22][23] Q&A Session Summary Question: Can you speak to the incremental capital you are looking at? - Management indicated that the capital plan will see investments every year, with a focus on infrastructure to serve large load customers [28][29] Question: What is the role of nuclear in your future plans? - Management emphasized the importance of nuclear energy, highlighting the need to resolve cost overrun protections before moving forward with new projects [40][42] Question: How does the high end of the EPS growth range reflect incremental capital? - Management confirmed that the top half of the growth range is supported by the capital plan, which includes significant investments [63] Question: What is the pipeline for large load projects? - Management stated that there is a large and diverse pipeline of projects, focusing on credible hyperscalers and third-party developers [66] Question: What factors determine the equity funding range for capital projects? - Management explained that faster recovery investments would require less equity, while slower recovery projects would necessitate more equity funding [72][73]

Financial Data and Key Metrics Changes - Total revenues for Q3 2025 were $37.1 million, down from $39.2 million in Q3 2024 [14] - Core FFO for the quarter was $11 million, or $0.19 per share, compared to $12 million, or $0.21 per share in the same quarter of 2024 [14] - Adjusted EBITDA was $17.4 million, down from $19.1 million in Q3 2024 [15] - Year-to-date core FFO for 2025 was $33.1 million, or $0.59 per share, including approximately $0.05 per share of lease-related termination income [14][15] - The company raised its full-year core FFO guidance to a range of $0.74-$0.76 per share, up from $0.67-$0.71 per share [20] Business Line Data and Key Metrics Changes - The company leased 303,000 sq ft of space in Q3 2025, with a weighted average lease term (WALT) of over 10 years [4] - Year-to-date leasing totaled 919,000 sq ft, in addition to 1.1 million sq ft leased last year [5] - Rent spreads on lease renewals were positive, up over 2% for renewals and over 4% for total leasing activity [6] - The operating property occupancy rate was 72.8% at quarter end, down from 73.7% at the end of 2024 [6] Market Data and Key Metrics Changes - The company has sold seven vacant or soon-to-be-vacant properties totaling 761,000 sq ft for a gross sales price of $64.4 million [8] - Agreements are in place to sell another four properties totaling over 500,000 sq ft for $46.6 million [9] - Approximately 33.9% of the portfolio by annualized base rent and 24.6% by square footage were dedicated use assets (DUAs) [12] Company Strategy and Development Direction - The company is focused on shifting its portfolio away from traditional office properties towards DUAs, which exhibit stronger renewal trends and more durable cash flows [11] - The strategy includes recycling capital from property dispositions into targeted acquisitions of DUAs [11] - The company aims to enhance the quality and durability of its portfolio, with a goal of increasing the WALT [4][12] Management's Comments on Operating Environment and Future Outlook - Management believes 2025 will represent a trough for core FFO, with expectations for accelerating earnings growth and rising occupancy in subsequent years [13][21] - The company is actively managing leverage while maintaining significant liquidity to support ongoing leasing efforts [12] - Management expressed confidence in the continued improvement of the leasing environment and the company's ability to execute its business plan [6][12] Other Important Information - The company ended the quarter with total liquidity of $273 million, including $33 million in cash and $240 million available on the credit facility revolver [17] - The board declared a quarterly cash dividend of $0.02 per share for Q4 2025 [19] Q&A Session Summary Question: Discussion on guidance and lease termination income - Management explained that lease termination income was a result of a negotiated settlement with a tenant, and that leasing efforts in Q3 and Q4 are contributing positively [24][25] Question: Leasing pipeline and demand - Management confirmed that demand for properties remains strong, and the slight decrease in the leasing pipeline is due to fewer expected vacancies and a smaller portfolio [26] Question: Acquisition pipeline and pricing - Management noted a strong pipeline of potential transactions but emphasized the need for selectivity based on pricing and property quality [28]

Financial Data and Key Metrics Changes - The company narrowed its 2025 ongoing earnings guidance range to $3.17-$3.23 per share, trending towards the upper half of this range [7][16] - The ongoing earnings for Q3 were reported at $1.12 per share, achieving over 80% of the midpoint of the 2025 earnings guidance [13] - The 2026 earnings guidance is set at $3.36-$3.46 per share, representing a 6.6% increase over the 2025 midpoint [7][16] - The annual common stock dividend target for 2026 is $2.14 per share, a 5.4% increase from the 2025 target of $2.03 per share [8][16] Business Line Data and Key Metrics Changes - The company completed construction of energy storage projects totaling 175 megawatts and advanced gas path projects to enhance efficiency [6] - The projected peak demand growth by 2030 has increased to 50% due to new agreements with data centers, including a significant contract with Google [5][9] Market Data and Key Metrics Changes - The company is focusing on plug-and-ready sites to minimize transmission investments and accelerate customer service [5] - The Iowa retail construct stabilizes electric-based rates for customers through the end of the decade, benefiting existing customers [10] Company Strategy and Development Direction - The company is committed to customer-focused investments and maintaining affordability while driving growth [4][12] - The capital expenditure plan has been increased by 17% to $13.4 billion, with a projected compound annual growth rate of 12% from 2025 to 2029 [8][17] - The strategy includes proactive community engagement and a focus on renewable energy and energy storage projects [10][18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving long-term growth objectives and highlighted the importance of regulatory support for future projects [11][12] - The company anticipates continued earnings growth driven by data center expansions and load growth plans [9][12] Other Important Information - The company has updated its financing plans through 2029, with a focus on maintaining a balanced capital structure [19][20] - Regulatory initiatives are in progress, including requests for investments in renewable energy and natural gas facilities [22][23] Q&A Session Summary Question: Can you provide color on the ramp in demand and its impact on earnings trajectory? - Management indicated that the 7-8% growth is conservative and that timing is crucial for realizing load growth [27][28] Question: What are the assumptions regarding earned returns in Iowa? - The company confirmed that it expects to earn its authorized return, with potential upside for exceeding it [30] Question: Can you elaborate on the 2-4 gigawatts of additional load negotiations? - Management stated that these negotiations involve both expansions of existing facilities and new customers, with updates expected in the next 12 months [32][56] Question: What is the expected FFO to debt ratio by the end of 2025? - The company aims for a cushion of 50-100 basis points in its FFO to debt metrics to support growth [36] Question: How will the load growth impact the 2026 guidance? - The starting point for 2026 is modest, with data centers expected to ramp up load in the second half of 2026 [38] Question: What is the probability of conversion for the remaining gigawatts in the pipeline? - Management expressed high confidence in the pipeline, emphasizing the strategic advantages of their locations in Iowa and Wisconsin [42][44]