Strategic Execution and Operational Excellence

• Performance was driven by disciplined capital deployment across six constructive regulatory jurisdictions and the successful execution of 2025 capital plans.

• The Genco business model serves as a competitive advantage, enabling speed-to-market for large-load customers while shielding retail customers from investment risks.

• Strategic partnerships with Amazon and Alphabet have unlocked approximately $1.4 billion in customer savings over 15 years, with the potential to reduce residential customer bills by up to $124 annually.

• Operational efficiency is being enhanced through the Apollo continuous improvement program, leveraging AI for contract productivity, permitting, and supply chain visibility.

• Management emphasized a ‘pooled resources’ approach for Genco, which aggregates assets to match large-load demand with a flexible, ring-fenced asset base.

• The company maintains a robust pipeline for data center growth, with 3 gigawatts in strategic negotiations and 2 gigawatts in developing opportunities beyond signed contracts.

Enhanced Long-Term Growth Outlook

• Management increased the long-term adjusted EPS CAGR to 9% to 10% through 2033, reflecting the robust portfolio of data center investment opportunities.

• The 2026 adjusted EPS guidance is reaffirmed at $2.02 to $2.07, with performance expected to track toward the high end of the growth range through 2030.

• Genco EPS projections were raised to $0.25 to $0.35 by 2030 and $0.40 to $0.60 by 2033, driven by signed contracts with hyperscalers.

• The five-year capital plan is enhanced by $7.6 billion in Genco and data center-related capital, while the base business investment remains steady at $21 billion.

• Financing assumptions include a balanced mix of cash from operations, new debt, and $400 million to $600 million in annual equity through an ATM program.

Regulatory and Operational Risk Factors

• A second federal order requires the continued operation of the Schahfer coal plant; management is incorporating flexibility to comply while maintaining reliability.

• The company is evaluating future regulatory mechanisms and system modernization in Pennsylvania as it develops a response to a letter from Governor Shapiro and engages with stakeholders.

• Genco contracts are subject to an expedited regulatory review process in Indiana, typically lasting 90 to 120 days following initial settlement approvals.

• Risk mitigation for data center loads includes minimum demand charges, long-term commitments, and credit support requirements from highly rated counterparties.