Financial Data and Key Metrics Changes - The company reported a GAAP EPS of $1.60 for the full year and $0.40 for the fourth quarter of 2025 [1][13] - Non-GAAP EPS was $0.45 for the fourth quarter and $1.76 for the full year 2025, reflecting a 9% growth compared to 2024 [5][14] - The company also delivered a 9% dividend per share growth last year [5] Business Line Data and Key Metrics Changes - The Houston Electric business is forecasted to see a peak load demand increase of 50% or an additional 10 gigawatts by 2029, two years earlier than previously planned [4][7] - The company is adding $500 million of incremental capital to its 10-year, $65 billion capital investment plan to fund an additional 765 kV import line [4][11] Market Data and Key Metrics Changes - The company expects to grow non-GAAP EPS at the mid to high end of the 7%-9% long-term annual guidance range through 2028, and 7%-9% annually thereafter through 2035 [6][24] - The company anticipates a return to a more typical and timely filing cadence for rate recovery in 2026, which should support stronger and more consistent recovery throughout the year [15] Company Strategy and Development Direction - The company is focused on executing a strong growth plan, supported by regulatory clarity through 2029 on approximately 80% of its rate base [25] - The company is committed to delivering continued improvements in customer experience and economic development through its diverse growth drivers [24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to meet future demand driven by large load requests and existing system capacity [8][40] - The company highlighted the positive impact of new data center demand and reshoring of advanced manufacturing facilities on growth [7][40] Other Important Information - The company expects to recover approximately 85% of its capital investments through various capital trackers [17] - The adjusted FFO-to-debt ratio was 13.8% at the end of the year, slightly below the targeted cushion [20] Q&A Session Summary Question: Update on transmission planning study and 765 kV line - Management clarified that the $500 million of additional capital for the 765 kV line was separate from the incremental transmission work needed due to accelerated large loads [30][31] Question: Impact of repairs adjustment on equity needs - Management indicated that the repairs adjustment could unlock an incremental $1 billion of CapEx without adding equity, improving balance sheet metrics by 60-70 basis points [33] Question: Growth implications and CapEx timing - Management noted that existing capacity allows for accelerated interconnections, with significant CapEx impacts expected towards the tail end of the decade [40][41] Question: ERCOT's batching process and potential delays - Management expressed confidence that the batching process would be manageable and that they could continue to connect large loads without significant delays [44][45] Question: Excess capacity and customer pricing - Management confirmed that existing capacity would help keep customer bills flat, as fixed costs would be spread over a wider base [51] Question: Update on data center opportunities in Indiana - Management remains optimistic about securing large data center opportunities in Indiana, while focusing on existing capacity in Texas [53] Question: Balance sheet capacity and future divestitures - Management stated that they would remain open-minded about capital recycling and divestitures, depending on the most efficient way to finance growth [84]

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