Algonquin Power & Utilities Corp (AQN) 2025 Q3 法說會逐字稿

Hello, and welcome to the Algonquin Power & Utilities Corp. third-quarter 2025 earnings conference call. (Operator Instructions)

您好，歡迎參加阿爾岡昆電力公司2025年第三季財報電話會議。 （操作說明）

I'll now turn the conference over to Mr. Brian Chin, Interim Chief Financial Officer and Vice President of Investor Relations. Please go ahead.

現在我將會議交給臨時財務長兼投資者關係副總裁布萊恩·欽先生。請開始吧。

Thank you, operator, and good morning, everyone. Thank you for joining us for our third-quarter 2025 earnings conference call. Joining me on the call today is Rod West, Chief Executive Officer. To accompany today's earnings call, we have a supplemental webcast presentation available on our website at algonquinpower.com. Our financial statements and management discussion and analysis are also available on the website as well on SEDAR+ and EDGAR.

謝謝接線員，大家早安。感謝各位參加我們2025年第三季財報電話會議。今天與我一同出席會議的是執行長羅德·韋斯特先生。為了配合今天的財報電話會議，我們也準備了補充網路直播簡報，您可以在我們的網站algonquinpower.com上觀看。我們的財務報表和管理層討論與分析報告也可在我們的網站以及SEDAR+和EDGAR上查閱。

We'd like to remind you that our discussion during the call will include certain forward-looking information and non-GAAP measures. Actual results could differ materially from any forecast or projection contained in such forward-looking information. Certain material factors and assumptions were applied in making the forecasts and projections reflected in such forward-looking information. Please note and review the related disclaimers located on slide 2 of our earnings call presentation at the Investor Relations section of our website at algonquinpower.com.

我們謹此提醒您，本次電話會議的討論內容將包含某些前瞻性資訊和非GAAP財務指標。實際結果可能與此類前瞻性資訊中包含的任何預測或展望有重大差異。這些預測和展望是基於某些重要因素和假設。請注意並查閱我們網站algonquinpower.com「投資者關係」欄位中獲利電話會議簡報第2頁的相關免責聲明。

Please also refer to our most recent MD&A filed on SEDAR+ and EDGAR and available on our website for additional important information on these items. On the call this morning, Rod will touch on our leadership and then provide a review of the key highlights and operational updates for the quarter. He'll also provide some commentary regarding the company's portfolio strategy. I will follow with details of our financial results. We will then open the lines for questions.

請同時參閱我們最新提交至SEDAR+和EDGAR的MD&A文件，該文件也可在我們的網站上查閱，其中包含有關這些事項的更多重要資訊。在今天上午的電話會議上，Rod將首先介紹我們的領導團隊，然後回顧本季的主要亮點和營運更新。他也會就公司的投資組合策略發表一些看法。之後，我將詳細介紹我們的財務表現。隨後我們將開放提問環節。

We ask that you kindly restrict your questions to two, and then requeue if you have any additional questions to allow others the opportunity to participate.

請您將問題限制在兩個以內，如果您還有其他問題，請重新排隊，以便其他人也有機會參與。

And with that, I'll turn things over to Rod.

那麼，接下來就交給羅德了。

Thanks, Brian, and good morning, everyone. Thanks for joining us on the call. Before we move into the quarter results, I'd like to briefly touch on the important leadership update we announced by press release earlier this morning. We're very pleased that Robert Stefani will be joining Algonquin as Chief Financial Officer, effective January 5, 2026. Robert brings to the role an exceptional blend of financial discipline, capital markets expertise and strategic acumen, having served the last three years as CFO at Southwest Gas Holdings and four years as in the same role and Treasurer of PECO Energy.

謝謝布萊恩，大家早安。感謝各位參加本次電話會議。在討論季度業績之前，我想先簡要介紹一下我們今天早上透過新聞稿發布的重要領導層人事變動。我們非常高興地宣布，羅伯特·斯特凡尼將於2026年1月5日加入Algonquin公司，擔任財務長。羅伯特擁有卓越的財務紀律、資本市場專業知識和戰略眼光，他曾擔任西南天然氣控股公司首席財務官三年，並在PECO能源公司擔任首席財務官兼財務主管四年，具備豐富的相關經驗。

We're excited to welcome Rob to the executive leadership team. I expect his capabilities and contribution will help us accelerate our path to becoming a premium pure-play regulated utility. I'd also like to take a moment to thank Brian Chin for stepping into the interim CFO role. I personally appreciate his partnership and steady hand during my early months as CEO, and we look forward to having Brian continue with us as a key member of the finance and leadership team and to assist in the leadership transition.

我們非常高興地歡迎羅伯加入高階主管團隊。我相信他的能力和貢獻將幫助我們加速邁向成為一家優質、純粹的受監管公用事業公司的目標。同時，我也要感謝布萊恩·欽擔任臨時財務長一職。我個人非常感謝他在我擔任執行長初期給予的合作和穩健的領導，我們期待布萊恩繼續作為財務和領導團隊的重要成員與我們攜手共進，並協助我們完成領導層過渡。

On would we go. From a financial and operational standpoint, I'm pleased to report that it was a constructive and solid quarter. Our Q3 financial results were strong with double-digit year-over-year percentage increases in adjusted net earnings and adjusted net earnings per share, and our outlooks remain unchanged. On the operational front, we received approval of our EnergyNorth rate case settlement and our CalPeco rate case settlement is pending.

我們繼續前進。從財務和營運角度來看，我很高興地報告，這是一個建設性且穩健的季度。我們的第三季財務業績強勁，調整後淨利潤和調整後每股淨利潤均實現了兩位數的同比增長，我們的展望保持不變。在營運方面，我們已獲得EnergyNorth費率調整案的批准，CalPeco費率調整案的批准仍在進行中。

At Empire Electric, we filed a settlement and recognize from commission feedback that we have more work to do to align on specific metrics and milestones to demonstrate improved and predictable customer service. Let me state, we always appreciate hearing from the commission. We are listening and we are committed to reciprocating the transparency. We will be working with the parties to consider how to factor the commission's feedback into our settlement. We have hearings in December on our New England Natural Gas rate case. And in our Litchfield Park case, intervenor testimony is due on January 2026 with hearings scheduled for March of next year.

帝國電力公司已提交和解協議，並根據委員會的回饋，認識到我們仍需努力，在具體指標和里程碑方面達成一致，以展現更優質、更可預測的客戶服務。在此，我們始終重視委員會的意見。我們正在認真聽取各方意見，並致力於保持透明。我們將與各方合作，探討如何將委員會的回饋納入和解協議。我們關於新英格蘭天然氣公司費率案的聽證會將於12月舉行。此外，在利奇菲爾德公園案中，介入方證詞將於2026年1月提交，聽證會定於明年3月舉行。

These two cases represent a combined total rate request of $73.6 million of the $326.4 million in total pending rate request. A few additional comments, while we're on the topic of our regulatory proceedings. We understand that any adjustments in rates can be challenging for some customers, and affordability is a concern we take very seriously. Rate requests go through a rigorous regulatory review process designed to support our continued delivery of safe, reliable and cost-effective utility services for our customers. with rates reflecting the very real cost of modernizing infrastructure, meeting safety and reliability standards and improving customer experiences and outcomes.

這兩起案件涉及的費率調整申請總額為7,360萬美元，佔待處理費率調整申請總額3.264億美元的近三分之一。在談到監管程序時，我們還有幾點補充說明。我們瞭解，任何費率調整都可能造成部分客戶不便，而客戶的承受能力是我們非常重視的問題。費率調整申請需經過嚴格的監管審查流程，旨在確保我們能夠持續為客戶提供安全、可靠且經濟高效的公用事業服務。費率反映了基礎設施現代化、滿足安全和可靠性標準以及改善客戶體驗和結果的實際成本。

These are investments made by the company to create sustainable value for all of our stakeholders. We recognize that while necessary, our investments must be balanced with affordability in mind, which is why we are committed to doing our part to continuously find ways to lower our costs and be more efficient in the way in which we work. And finally, before I turn things over to Brian on the results, a few comments on the company's portfolio optimization strategy.

這些投資是公司為所有利害關係人創造永續價值而進行的。我們意識到，雖然這些投資是必不可少，但必須兼顧成本效益，因此我們致力於不斷尋找降低成本、提高工作效率的方法。最後，在將結果交給布萊恩之前，我想先就公司的投資組合最佳化策略談幾點看法。

When I became CEO in March, I initiated a series of quantitative and qualitative screens of our portfolio including value accretion, dilution, credit strength and overall strategic fit. I heard the questions that many of you were asking me in my first days, hours and weeks in the role. With the benefit of that initial work now behind me, I am confident that our back to basics pure-play regulated strategy we laid out in June is fundamentally sound.

今年三月我上任CEO後，立即對我們的投資組合進行了一系列定量和定性評估，包括價值增值、股權稀釋、信用強度和整體策略契合度。上任之初，我聽到了許多同事提出的問題。如今，經過這些初步工作，我確信我們在六月制定的回歸本源、專注於受監管領域的策略是切實可行的。

Continuing our focus on lowering our cost curve, improving operational performance and stakeholder engagement is our best path to creating sustainable value, reducing risk and growing our business. That being said, with a stable balance sheet and robust organic growth prospects within our existing portfolio, we are poised to be opportunistic, should the situation arise. And regarding those opportunistic situations, you should first expect that any potential opportunity will -- must be first value-enhancing to our regulated pure-play strategy, whether it's through EPS accretion and/or risk reduction.

我們將繼續專注於降低成本曲線、提升營運績效和加強利害關係人參與，這是我們創造永續價值、降低風險和發展業務的最佳途徑。同時，憑藉穩定的資產負債表和現有投資組合中強勁的內生成長前景，我們已做好充分準備，把握機會。對於這些機遇，您首先應該預期，任何潛在機會都必須先提升我們受監管的純粹業務策略的價值，無論是透過提高每股盈餘還是降低風險。

And secondly, you should expect that we would have and articulate clear lines of sight on transactability. And thirdly, it should not be a surprise to you, given the fact that we're turning this company's performance around or aim to. It should not unduly distract management's attention from our central strategy of turning around our financial performance and keeping our promise to you to be steady and predictable.

其次，您應該期望我們對交易的可行性有清晰的認識並加以明確闡述。第三，鑑於我們正在扭轉公司業績或力求扭轉頹勢，這一點不應讓您感到意外。這不應分散管理層對扭轉財務表現、履行我們對您做出的穩定可靠承諾這項核心策略的注意力。

That being said, Brian, I'll turn it over to you for the quarter results.

話雖如此，布萊恩，接下來就交給你來報告季度業績了。

Thank you, Rod. As Rod stated earlier, it was another positive quarter for our key financial metrics, and our 2025 financial outlook remains unchanged. Third quarter adjusted net earnings from continuing operations were $71.7 million, up approximately 10% from $64.9 million in 2024. Net earnings for the Regulated Services Group were up year-over-year, fueled by growth from the implementation of approved rates across several of the company's gas and water utilities as well as slightly favorable weather compared to the prior year at the Empire Electric system.

謝謝羅德。正如羅德之前所說，我們的關鍵財務指標在本季再次表現良好，我們對2025年的財務展望保持不變。第三季持續經營業務的調整後淨利為7,170萬美元，較2024年的6,490萬美元成長約10%。受監管服務集團的淨利潤同比增長，這主要得益於公司旗下多家燃氣和水務公司實施了已批准的費率，以及帝國電力系統（Empire Electric）的天氣狀況較上年略有好轉。

Lower operating and interest expenses also contributed positively to the quarter with gains partially offset by higher income tax expense due to higher earnings before tax. Our expectation of an effective tax rate for the year in the mid-to-low 20% range has not changed. Net earnings for the Hydro Group were essentially flat for the quarter. And for the Corporate Group, a decrease of $14.7 million was primarily related to the removal of dividends related to the company's investment in Atlantica, which was sold in the fourth quarter of 2024, partially offset by lower interest expense of $8.9 million.

較低的營運和利息支出也對本季業績做出了積極貢獻，但部分收益被稅前利潤成長導致的較高所得稅支出所抵消。我們對全年實際稅率在20%中低區間的預期保持不變。水電集團的淨利本季基本持平。而對於公司集團而言，淨利潤減少1,470萬美元，主要原因是取消了與公司在Atlantica的投資相關的股息（該公司已於2024年第四季度出售），部分被890萬美元的利息支出減少所抵消。

Moving to our EPS walk. Q3 adjusted net earnings per share were $0.09, up 13% from last year's Q3 2024 adjusted net earnings per share of $0.08. Positive drivers for the quarter included $0.02 driven by stronger operational performance from approved rate adjustments and favorable weather compared to last year, another $0.01 related to lower operating expenses and a $0.01 onetime gain from the EnergyNorth depreciation deferral. We were down $0.01 due to the inclusion of a benefit in third quarter 2024 of a New York Water retroactive payment that did not repeat in 2025. Additionally, we benefited by $0.02 from lower interest expense from deleveraging, which was more than offset by the elimination of Atlantica dividends of $0.03 and then finally, a negative $0.01 of unfavorable taxes.

接下來是我們的每股盈餘 (EPS) 分析。第三季調整後每股淨收益為 0.09 美元，較去年同期（2024 年）調整後每股淨收益 0.08 美元成長 13%。本季業績成長的正面因素包括：獲準的費率調整和有利的天氣條件帶來的營運績效提升，貢獻了 0.02 美元；營運費用降低帶來了 0.01 美元；以及 EnergyNorth 折舊遞延帶來的一次性收益 0.01 美元。由於計入了 2024 年第三季紐約水務公司一筆追溯付款的收益（該款項在 2025 年不再重複），導致每股收益下降了 0.01 美元。此外，去槓桿化帶來的利息支出減少也使每股收益增加了 0.02 美元，但這一收益被 Atlantica 股息取消（每股 0.03 美元）以及不利稅收（每股 0.01 美元）所抵消。

And now back to Rod for his closing remarks.

現在請羅德作總結發言。

Thanks, Brian. And to close, this was another quarter of quiet but steady, thoughtful execution. As we continue our way forward, our focus remains on creating sustainable long-term value for our stakeholders and continuing to effectively serve our customers and communities. We're looking forward to seeing many of you at EEI in the coming days. Thanks again for your time and continued support, and we are happy to take your questions.

謝謝布萊恩。最後，我想說，這又是一個低調但穩健、深思熟慮的季度。我們將繼續前進，專注於為利害關係人創造可持續的長期價值，並持續有效地服務我們的客戶和社區。我們期待在未來幾天與各位在EEI相聚。再次感謝您抽出寶貴時間並給予我們持續的支持，我們很樂意回答您的問題。

Back to you, operator.

操作員，交還給您了。

(Operator Instructions) Baltej Sidhu, National Bank of Canada.

（操作員說明）巴爾泰·西杜，加拿大國家銀行。

Congratulations on the strong quarter. Just looking at the OpEx improvement, could you share any color as to what were the main drivers of this and if it's sustainable? Looking in the MD&A, you had highlighted favorable timing as a factor.

恭喜本季業績強勁。僅就營運支出改善而言，您能否詳細說明一下主要驅動因素是什麼，以及這種改善是否可持續？在管理階層討論與分析中，您曾強調時機有利是重要因素之一。

Yes. Thanks, Baltej. So as you know, we have been continuing to work on improving our cost discipline. You'll notice that we have taken cost-cutting measures as part of our ongoing strategy of improving value to our customers and stakeholders. We do say in the MD&A, and I'm glad you pointed it out, that we do expect a little bit of reversal on OpEx timing to happen in Q4, and that's part of the reason why our [indiscernible] remains unchanged.

是的，謝謝，Baltej。如您所知，我們一直在努力改進成本控制。您會注意到，作為我們持續提升客戶和利害關係人價值策略的一部分，我們採取了成本削減措施。我們在管理階層討論與分析（MD&A）中提到，很高興您指出了這一點，我們預計第四季度營運支出（OpEx）的時間安排會略有調整，這也是我們[聽不清楚]保持不變的部分原因。

In terms of specific drivers, it's across the board. I wouldn't point to any one particular thing, Baltej. It's a myriad of improvements in efficiency and discipline across the board. So do be prepared for a little bit of reversal of that in Q4. But broadly speaking, we're pleased with the trajectory that we've been making.

就具體驅動因素而言，這是全方位的。巴爾泰，我不會指出任何單一因素。這是效率和紀律方面全面提升的結果。所以，請做好準備，第四季可能會出現一些回落。但總的來說，我們對目前的發展軌跡感到滿意。

Great. And just another one for me. If you can provide some color on, if there's been any incremental conversations with data center players and/or if you expect any large-sized projects that would -- or could meaningfully contribute to your system or rate base?

太好了。我還有一個問題。您能否詳細說明一下，最近是否與資料中心營運商進行任何深入的溝通，以及您是否預期會有任何大型專案能夠（或可能）對您的系統或費率基礎做出有意義的貢獻？

Yes. We wouldn't be talking about any conversations with customers unless they were aligned with us disclosing those conversations. I will say that our focus is on creating the conditions precedent to serving a multitude of customers, especially increasing transmission capacity in Southern Missouri, which we've already disclosed that we intend to do and certainly looking at stabilizing our generation portfolio in the region as well. And that's about all we'll say.

是的。除非客戶同意我們公開這些對話內容，否則我們不會談論與客戶的任何對話。我想說的是，我們的重點是創造服務眾多客戶的先決條件，特別是提高密蘇裡州南部地區的輸電能力，我們已經公開表示有意這樣做，當然，我們也在努力穩定該地區的發電組合。我們就說這麼多。

Nelson Ng, RBC Capital Markets.

納爾遜·吳（Nelson Ng），加拿大皇家銀行資本市場部。

Just a quick follow-up on the operating costs. So I think out of the $9 million of -- sorry, out of the $11 million of cost reductions we saw in Q3, $9 million was due to timing. So are -- so Brian, should we expect to see the $9 million all get pushed into Q4?

關於營運成本，我再補充一點。我認為，在第三季我們看到的1,100萬美元成本削減中，有900萬美元是由於時間安排的原因。所以，布萊恩，我們是否可以預期這900萬美元都會被推遲到第四季？

Nelson, I think that the timing aspect for Q4 is going to be an item that does crop up. Is it going to come out exactly at $9 million? We'll see what happens as we continue to progress through Q4, but the order of magnitude, I think, is correct.

尼爾森，我認為第四季的具體時間安排會是一個值得關注的問題。最終的數字會剛好是900萬美元嗎？隨著第四季的推進，我們拭目以待，但我認為數量級應該是正確的。

Okay. And then also in the quarter, I think restructuring costs were about $9.6 million for the quarter and I think $22 million year-to-date. Can you just talk about when you expect to see restructuring costs gradually roll off?

好的。另外，本季重組成本約960萬美元，年初至今約2,200萬美元。您能否談談預計重組成本何時會逐步下降？

What I'd say is we're in the early innings of our restructuring efforts still. Obviously, given the history of the company, we believe we have a lot of opportunities to provide value across our cost curve. And so stay tuned for more, but early innings is how we would describe it here.

我想說的是，我們的重組工作仍處於初期階段。顯然，鑑於公司的歷史，我們相信我們有很多機會在成本曲線的各個環節創造價值。敬請期待更多消息，但目前來說，我們只能用「初期階段」來形容。

Okay. So this could be a multiyear process?

好的。所以這可能是多年過程？

Early innings, Nelson, is how I would phrase it.

我會這樣形容：這只是比賽初期，納爾遜。

Rob Hope, Scotiabank.

羅布‧霍普，加拿大豐業銀行。

As part of the portfolio optimization review, do you take a look at the domicile of the company just given the fact that the majority is now in the US.

作為投資組合優化審查的一部分，鑑於目前大部分公司都在美國，您是否會查看公司的註冊地點？

No, no question about it. I got those questions, as you know, and you guys were part of the queue from March on about the domicile question. It is an active conversation and consideration, as we think about providing sustainable value. The question for us, recognizing that we would need to get the support of our existing shareholder base is how does that play out.

不，毫無疑問。正如你們所知，我收到了這些問題，而且從三月開始，你們就一直在排隊等待關於公司註冊地的問題。這是我們正在積極討論和考慮的問題，因為我們都在思考如何創造永續的價值。對我們來說，問題在於，考慮到我們需要獲得現有股東的支持，這該如何實現。

And while we have not made any determinations, I owe it to you and to my Board to do the due diligence to answer those questions. That work and that analysis is in flight. And that's all I can say. I do expect that at some point, we'll be in a position to opine as to whether it's something we pursue or not.

雖然我們尚未做出任何決定，但我有責任對各位和董事會盡職調查，解答這些問題。相關工作和分析正在進行中。我只能說這麼多。我預計在某個時候，我們將能夠就此事是否值得推進發表意見。

All right. Appreciate that. And then maybe just moving over to the regulatory front. Are the settlements at the various utilities kind of better or worse than you were expecting in your financial update in June? And more broadly, on the next go around for these regulatory filings, how would you as the new management team do things differently?

好的，謝謝。接下來我們來談談監理方面的問題。各公用事業公司的結算結果比您在六月的財務報告中預期的要好還是差？更廣泛地說，在下次提交監管文件時，作為新的管理團隊，您會採取哪些不同的做法？

Well, I'll simply say in our outlook that we laid out for you in June, we made certain assumptions around the reasonableness of our regulatory outcomes in the litany of rate cases. And I'll simply say that, as I alluded to in my opening remarks, everything is very much in flight. So I won't comment on whether or not where we are in our various settlement postures, is above or below expectations, but our expectation around reasonable outcomes remains as reflected in our outlook.

好的，我只想簡單地說，在我們六月向各位闡述的展望中，我們對一系列費率案件的監管結果的合理性做出了一些假設。而且，正如我在開場白中提到的，一切都還在改變之中。因此，我不打算評論我們目前在各項和解方案中處於何種狀態，是高於還是低於預期，但我們對合理結果的預期仍然如我們在展望中所反映的那樣。

In terms of what we are doing differently and what our existing, and certainly with Rob's arrival, our future management team would be doing differently, we'd be spending more time as we've sought to accelerate here, engage with our stakeholders long before we put pin the paper on a regulatory filing. And you've heard me say this before, but it bears repeating that our objective is that by the time we actually make a filing for any rate adjustment mechanism tweak or legislative change that we have reduced the number of contested issues to as few as humanly possible before we make the filing to give our regulators a lot better air cover in both assessing and deciding on regulatory outcomes.

就我們正在採取的不同做法以及我們現有（當然也包括羅布加入後）未來管理團隊將採取的不同做法而言，我們將投入更多時間，像我們一直努力加快推進的那樣，在正式提交監管文件之前，就與利益相關者進行更深入的溝通。你們之前也聽我說過，但值得重申的是，我們的目標是，在正式提交任何利率調整機制調整或立法變更的文件之前，盡可能減少爭議問題的數量，從而為監管機構在評估和決定監管結果時提供更充分的保障。

And that's just more work beforehand that really efficient and candidly, premium utilities, that's what they do, and we expect to mirror the attributes of those highly valued pure-play utilities.

而這需要更多的前期工作，真正高效且坦率地說，優質的公用事業公司就是這樣做的，我們希望能夠效仿這些備受推崇的純粹公用事業公司的特質。

Mark Jarvi, CIBC Capital Markets.

Mark Jarvi，加拿大帝國商業銀行資本市場。

Just on the activities at Empire, you had a nonunanimous settlement, OPC hasn't signed off yet. Are you in ability to negotiate with them and do a revised sort of more fulsome settlement in parallel to the public hearings that were ongoing?

就帝國大廈事件而言，你們達成了一項非一致同意的和解協議，OPC尚未簽署。你們是否有能力與他們協商，並在正在進行的公開聽證會的同時，達成一項修訂後的、更全面的和解協議？

We're going to always be open to resolving disputes between every -- any and every stakeholder. I'm not singling out OPC, as I don't want to get ahead of any of the processes in Missouri. But the short answer is our objective is to get the support of the commission by bringing as many of the stakeholders along and resolving disputes. So OPC is an important stakeholder, but it's the commission at the end of the day who will call balls and strikes, and we're going to do our best to bring as many folks along as we can.

我們始終願意與所有利害關係人協商解決爭議。我並非針對OPC，因為我不想在密蘇裡州的任何程序中搶先一步。簡而言之，我們的目標是透過盡可能爭取利害關係人的支持並解決爭議，從而獲得委員會的認可。因此，OPC是一個重要的利益相關方，但最終的決定權在委員會手中，我們將盡最大努力爭取盡可能多的人參與其中。

I'm also curious how you guys think about updating the market in terms of the journey on the cost cutting and navigating these rate cases. If you had sort of final decisions on CalPeco and Empire at some point in earlier 2026 and you've seen some progress on the cost reductions, would there be a view to update potentially '26 and '27 guidance at some point early or sort of midyear 2026?

我也很想知道，你們如何看待在成本削減和費率調整方面向市場更新資訊。如果你們在2026年初對CalPeco和Empire做出最終決定，並且看到成本削減方面取得了一些進展，那麼你們是否會考慮在2026年初或年中更新2026年和2027年的業績指引？

Yes, it's a great question. And I think it also aligns as I look out at the calendar with the arrival of our new CFO in January. I certainly would want -- if all things remain equal, not just with the timing of the various rate case developments, I'd want my new CFO to come in and weigh in because he, along with me, would own the path forward. So an update if it was -- if we thought that there was any need for -- to disclose a material change in our outlooks.

是的，這是一個很好的問題。而且，考慮到我們新任財務長將於一月到任，我認為這個問題也恰好切合實際。如果一切順利，不只是各項費率調整的進度時間不變，我當然希望我的新任財務長能夠參與進來，提出意見，因為他將和我一起負責未來的發展方向。這樣，如果我們認為有必要揭露我們展望的重大變化，我們就可以發布更新資訊。

I'd give him a little bit of grace in the early part of next year, but our foundation is sound. And my short answer is I'd always update if I thought there was a material change, but the arrival of the CFO gives us a chance to reflect and have fresh eyes on it as well. So the -- your assumptions on timing, I think, are pretty sound.

明年年初我會給他一些寬限，但我們的基礎很穩固。簡而言之，如果我認為情況有重大變化，我會及時更新，但財務長的到來也給了我們一個反思和審視的機會。所以，我認為你對時間安排的判斷相當合理。

Okay. Makes sense. And then just, Brian, I know you mentioned the reversal in Q4 of some operating costs. But just as it stands today now, would you be tracking above the 2025 guidance on EPS?

好的，明白了。還有，布萊恩，我知道你提到了第四季部分營運成本的逆轉。但就目前情況而言，你認為每股盈餘會高於2025年的預期嗎？

No, our guidance is our guidance. So we're not going to make any comment about how we're thinking about things relative to that guidance.

不，我們的指導意見就是我們的指導意見。所以我們不會就我們如何根據這些指導意見思考問題發表任何評論。

John Mould, TD Cowen.

約翰·莫爾德，TD Cowen。

Maybe just going back to the portfolio optimization aspect. I'm just wondering if you can elaborate a little bit on the risk reduction commentary. Is that chiefly a comment around utility or state-specific regulatory risk? Or are there other aspects of the portfolio optimization process where you see risk reduction opportunities as enhanced potential --

或許我們可以回到投資組合優化這個主題。我想請您詳細解釋一下關於降低風險的評論。這主要是指公用事業或特定州的監管風險嗎？還是說在投資組合優化過程中，您認為還有其他方面可以降低風險，進而提升潛在收益？

Great question. The short answer is all of the above. It's risk period. So anything that would reflect a risk to our ability to achieve steady, predictable outcomes for the long term would be a consideration. So I don't mean to point to any specific one.

問得好。簡而言之，以上所有因素都需要考慮。現在是風險時期。因此，任何可能影響我們長期實現穩定、可預測結果的因素都應納入考量。所以我並不是想要指出任何具體因素。

But in the same way that I -- that we not doing the math on whether a specific transaction would be EPS accretive, the remainder of the considerations that would drive portfolio assessment, value assessment would be just how we articulate, identify and mitigate risk. So I appreciate the opportunity to be explicit on that. It's the generic enterprise risk to value.

但正如我所說——我們不會去計算某項具體交易是否會提升每股收益，其餘影響投資組合評估和價值評估的因素，就在於我們如何闡明、識別和降低風險。所以我很感謝有機會能明確這一點。這是企業普遍面臨的價值風險。

Okay. And then maybe just one more on your customer and billing and data systems. I appreciate the challenges that we've talked about on previous calls, are pretty backward looking at this point. But can you just give us a sense of how that system is operating broadly across your utility footprint at this point?

好的。那麼，關於您的客戶、計費和數據系統，或許可以再問一個問題。我知道我們在之前的電話會議中討論過一些挑戰，現在看來這些挑戰確實比較落後。但您能否大致介紹一下，目前該系統在貴公司所有業務範圍內的運作情況？

Yes. I am -- in the midst of all the noise from the customer disruptions with the billing issues we've had, I'm encouraged with the progress that we have made. When we brought Amy Walt on as Chief Customer Officer, it was her experience around SAP deployment and end-to-end customer systems that gave us confidence that there was a path forward for us to create different outcomes for customers.

是的，儘管我們遇到了帳單問題，這給客戶帶來了許多不便，但我對我們的進展感到鼓舞。當初聘請艾米·沃爾特擔任首席客戶官，正是她在SAP部署和端到端客戶系統方面的豐富經驗，讓我們相信我們能夠找到一條出路，為客戶創造不同的成果。

We're well on our way to doing that, which is why I was explicit and intentional in recognizing the guidance and feedback we got from Missouri, who themselves want to see better customer outcomes and are really focusing us on the metrics and milestones that not to be tried, the show-me state wants us to show them how we are improving the customer outcomes, which we know we are, but how do we know that we're doing it in a way that is sustainable.

我們正在朝著這個目標穩步前進，因此我明確且有意識地認可了密蘇裡州給予我們的指導和回饋。密蘇裡州希望看到更好的客戶體驗，並真正讓我們專注於那些不容嘗試的指標和里程碑。這個「以身作則」的州希望我們向他們展示我們是如何改善客戶體驗的，我們知道我們正在這樣做，但我們如何知道我們這樣做是可持續的呢？

And I am really encouraged with the progress we're making internally and the fact that we have an opportunity in Missouri to show how the improvements we made are going to be sustainable. So we're making progress. We got a lot of work to do, but we are making progress.

我對我們內部的進展感到非常鼓舞，而且我們有機會在密蘇裡州展示我們所做的改進將如何可持續發展。所以，我們正在取得進展。我們還有很多工作要做，但我們正在取得進展。

There are no further questions at this time. I'd like to turn the call over to Mr. Rod West. Please go ahead.

目前沒有其他問題了。現在我想把電話交給羅德·韋斯特先生。請開始吧。

Well, everyone, we are days away from EEI. So I thank you for your time and attention to our story, and we look forward to double-clicking face-to-face. Safe travels to everyone. Have a great weekend.

各位，距離EEI大會只有幾天了。感謝大家抽空關注我們的故事，我們期待與大家面對面交流。祝大家旅途平安，週末愉快！

This concludes today's conference call. You may disconnect.

今天的電話會議到此結束，您可以掛斷電話了。