CenterPoint Energy Inc (CNP) 2025 Q3 法說會逐字稿

Good morning, and welcome to CenterPoint Energy's third-quarter 2025 earnings conference call with senior management. (Operator Instructions) I will now turn the call over to Ben Vallejo, Director of Investor Relations and Corporate Planning. Mr. Vallejo?

早安，歡迎參加 CenterPoint Energy 2025 年第三季財報電話會議，本次會議由高階管理層主持。（操作員指示）我現在將電話轉交給投資人關係和企業規劃總監 Ben Vallejo。瓦列霍先生？

Good morning, and welcome to CenterPoint's Q3 2025 earnings conference call. Jason Wells, our CEO; and Chris Foster, our CFO, will discuss the company's third-quarter results. Management will discuss certain topics that will contain projections and other forward-looking information and statements that are currently based on management's beliefs, assumptions, and information currently available to management.

早上好，歡迎參加 CenterPoint 2025 年第三季財報電話會議。我們的執行長 Jason Wells 和財務長 Chris Foster 將討論該公司第三季的業績。管理層將討論某些主題，其中包含預測和其他前瞻性資訊和陳述，這些資訊和陳述目前基於管理層的信念、假設和目前可獲得的資訊。

These forward-looking statements are subject to risks and uncertainties. Actual results could differ materially based on various factors as noted in our Form 10-Q and other SEC filings as well as our earnings materials. We undertake no obligation to revise or update publicly any forward-looking statement other than as required under applicable securities laws.

這些前瞻性陳述存在風險和不確定性。實際結果可能因各種因素而與預期有重大差異，詳情請參閱我們的 10-Q 表格和其他提交給美國證券交易委員會的文件以及我們的獲利資料。除適用證券法要求外，我們不承擔公開修訂或更新任何前瞻性聲明的義務。

We reported diluted earnings per share of $0.45 for the third quarter of 2025 on a GAAP basis. Management will be discussing certain non-GAAP measures on today's call. When providing guidance, we use the non-GAAP EPS measure of diluted adjusted earnings per share on a consolidated basis referred to as non-GAAP EPS. For information on our guidance methodology and reconciliation of the non-GAAP measures used in providing guidance, please refer to our earnings news release and presentation on our website. We use our website to announce material information.

我們報告稱，2025 年第三季以 GAAP 計算的稀釋後每股收益為 0.45 美元。管理階層將在今天的電話會議上討論一些非GAAP指標。在提供績效指引時，我們使用非GAAP EPS指標，即合併基礎上稀釋調整後的每股盈餘，簡稱非GAAP EPS。有關我們的業績指引方法以及用於提供業績指引的非GAAP指標的調整信息，請參閱我們網站上的盈利新聞稿和演示文稿。我們使用網站發布重要資訊。

This call is being recorded. Information on how to access the replay can be found on our website. Now I'd like to turn the call over to Jason.

本次通話正在錄音。有關如何觀看回放的信息，請訪問我們的網站。現在我想把電話交給傑森。

Thank you, Ben, and good morning, everyone. On today's call, I'd like to address three key focus areas for the quarter. First, I will briefly touch on the 10-year financial plan update we introduced just weeks ago. Second, I will walk through our strong third quarter financial results. And lastly, I'll discuss our announcement from earlier this week regarding the sale of our Ohio Gas LDC.

謝謝你，本，大家早安。在今天的電話會議上，我想重點談談本季的三個關鍵領域。首先，我將簡要介紹我們幾週前推出的十年財務計畫更新。其次，我將詳細介紹我們強勁的第三季財務業績。最後，我將討論我們本週稍早發布的關於出售俄亥俄州天然氣有限公司的公告。

Last month, we introduced an ambitious 10-year plan focused on supporting economic development, delivering strong customer outcomes, reducing O&M through operational efficiency, and driving value for our investors. Our capital investment plan of at least $65 billion is supported by some of the fastest growing demand for energy anywhere in the country.

上個月，我們推出了一項雄心勃勃的 10 年計劃，重點是支持經濟發展、為客戶帶來良好的成果、透過提高營運效率來降低營運和維護成本，並為我們的投資者創造價值。我們至少 650 億美元的資本投資計劃，得益於全國成長最快的能源需求之一。

Importantly, we also have visibility to at least $10 billion of incremental capital investment opportunities over the course of the plan, particularly in Texas, given the dramatic growth the communities we serve continue to experience. Specifically, in our Houston Electric service territory, we forecast peak load demand to increase by 10 gigawatts in 2031. This forecasted growth would represent a nearly 50% increase in peak demand over the next six years.

重要的是，鑑於我們所服務的社區持續經歷巨大的成長，我們還可以看到在該計畫實施過程中至少有 100 億美元的新增資本投資機會，尤其是在德州。具體來說，在我們休士頓電力公司的服務區域內，我們預測到 2031 年尖峰負載需求將增加 10 吉瓦。預計未來六年內，尖峰需求將成長近 50%。

Additionally, through the middle of the next decade, we estimate the electric load demand on our system will double to approximately 42 gigawatts. This level of demand will continue to support a strong investment profile. Our capital investment plan through 2030 drives a projected rate base CAGR of over 11% through the end of the decade and the potential for double-digit rate base growth through the middle of the next decade.

此外，我們預計到下一個十年中期，我們系統的電力負載需求將翻一番，達到約 42 吉瓦。這種需求水準將持續支撐強勁的投資前景。我們到 2030 年的資本投資計畫預計將推動利率基數複合年增長率在本十年末超過 11%，並預計在下一個十年中期實現兩位數的利率基數增長。

The Greater Houston area is thriving, powered by what we believe is the most diverse set of growth drivers in the sector. It is not relying on any single industry, and the results speak for themselves. This growth is an aspirational, it's already here. Notably throughput in our Houston Electric business were up 9% year to date.

大休士頓地區蓬勃發展，我們認為這得益於該行業最多元化的成長驅動因素。它不依賴任何單一行業，結果也證明了這一點。這種成長並非遙不可及的願景，它已經到來。值得注意的是，我們休士頓電力業務的吞吐量今年迄今成長了 9%。

This strong growth is anchored by our surge in industrial customer class throughput, which are up over 17% quarter over quarter and up over 11% year to date. This incredible growth provides a solid foundation for our earnings guidance. Specifically, we have strong conviction in our ability to achieve non-GAAP EPS at the mid- to high end of our 7% to 9% annual growth guidance from 2026 through 2028, and 7% to 9% annually thereafter through 2035.

這一強勁成長主要得益於工業客戶級吞吐量的激增，季增超過 17%，年初至今成長超過 11%。這一驚人的成長為我們的獲利預期奠定了堅實的基礎。具體而言，我們堅信我們有能力在 2026 年至 2028 年實現非 GAAP 每股收益達到我們 7% 至 9% 年增長率指導的中高端水平，並在此後至 2035 年保持 7% 至 9% 的年增長率。

I continue to believe we have one of the most differentiated plans in the industry because of our unique combination of the diversity and pace of electric demand growth, a derisked regulatory and financing profile, and our ability to continue investing affordably for the benefit of our customers. These attributes set us apart from our peers, and enable us to continue to deliver value for all our stakeholders over the next decade and beyond.

我仍然相信，由於我們獨特地結合了電力需求增長的多樣性和速度、降低風險的監管和融資狀況，以及我們能夠繼續以可承受的價格進行投資以造福我們的客戶，因此我們擁有業內最具差異化的計劃之一。這些特質使我們從同行中脫穎而出，並使我們能夠在未來十年及更長的時間內繼續為所有利害關係人創造價值。

Now moving to our strong third-quarter financial results. This morning, we reported non-GAAP EPS of $0.50 for the third quarter, representing a 60% increase over the same period last year. As we signaled last quarter, 2025 earnings reflect a more back-end weighted profile for the year, consistent with our return to traditional capital recovery mechanisms now that the bulk of our rate case activity is behind us.

接下來談談我們強勁的第三季財務業績。今天早上，我們公佈了第三季非GAAP每股收益為0.50美元，比去年同期成長了60%。正如我們上個季度所表明的那樣，2025 年的收益反映了該年度後半段收益佔比更高的趨勢，這與我們回歸傳統資本回收機制的趨勢相一致，因為我們的大部分利率案件活動已經結束。

I'll let Chris cover the details in his section, but we remain well positioned to execute on our recently increased 2025 non-GAAP EPS guidance. As such, we are reiterating our full-year 2025 non-GAAP EPS guidance range of $1.75 to $1.77, which would represent 9% growth over 2024 delivered results of $1.62 per share.

我會讓 Chris 在他的部分詳細介紹，但我們仍然有能力實現我們最近提高的 2025 年非 GAAP 每股收益預期。因此，我們重申 2025 年全年非 GAAP 每股收益預期範圍為 1.75 美元至 1.77 美元，這將比 2024 年每股收益 1.62 美元增加 9%。

Additionally, we are also reiterating our 2026 non-GAAP earnings guidance we initiated a few weeks ago. As a reminder, we are targeting at least the midpoint of $1.89 to $1.91 per share. At the midpoint, this range would represent an 8% increase over the midpoint of our 2025 non-GAAP EPS guidance range.

此外，我們也要重申幾週前發布的 2026 年非 GAAP 獲利預期。再次提醒，我們的目標價位至少為每股 1.89 美元至 1.91 美元的中點。中點數值表示，該範圍比我們 2025 年非 GAAP 每股盈餘預期範圍的中點數值高出 8%。

Further, we continue to expect to grow non-GAAP EPS at the mid- to high end of our 7% to 9% long-term annual guidance range from 2026 through 2028, and 7% to 9% annually through 2035. As a reminder, our guidance is based on actual delivered results as we continue to execute and deliver value for our shareholders each and every year.

此外，我們繼續預計，從 2026 年到 2028 年，非 GAAP 每股收益將保持在 7% 至 9% 的長期年度指導範圍的中高端，並且到 2035 年，每年將保持 7% 至 9% 的成長率。再次提醒大家，我們的業績指引是基於實際取得的成果，因為我們每年都在持續努力為股東創造價值。

I'd now like to discuss the recent announcement regarding the sale of our Ohio Gas LDC. Earlier this week, we announced the signing of our Ohio Gas LDC transaction, which is expected to generate approximately $2.6 billion in gross proceeds, representing a significant milestone in executing our 10-year financial plan. The strong valuation of approximately 1.9 times 2024 rate base underscores the exceptional demand for US natural gas LDCs.

現在我想談談最近關於我們俄亥俄天然氣有限公司出售的公告。本週早些時候，我們宣布簽署了與俄亥俄天然氣有限公司的交易，預計將產生約 26 億美元的總收益，這標誌著我們在執行 10 年財務計劃方面取得了重大進展。約 1.9 倍 2024 年費率基數的強勁估值凸顯了對美國天然氣地方開發公司的異常需求。

This outcome once again demonstrates our ability to efficiently finance our growth investments. This time by recycling the transaction proceeds of a high-quality business at nearly 2 times book value and reallocating capital into our remaining portfolio at 1 times book value. The after-tax net cash proceeds of approximately $2.4 billion will be redeployed into higher growth jurisdictions to efficiently fund our capital investment plan.

這一結果再次證明了我們有能力有效地為成長投資提供資金。這次，我們透過以近 2 倍帳面價值出售一家優質企業的交易所得資金，並將資金以 1 倍帳面價值重新配置到我們剩餘的投資組合中。稅後淨現金收益約 24 億美元將重新部署到成長更快的地區，以有效地為我們的資本投資計畫提供資金。

Importantly, the proceeds should also provide additional flexibility in funding for future incremental capital investments. The transaction is expected to close in the fourth quarter of 2026. Chris will go into the details of the transaction, including its structure, which will allow us to more smoothly redeploy capital while maintaining a strong earnings profile.

重要的是，所得款項也應為未來的增量資本投資提供更大的資金彈性。該交易預計將於2026年第四季完成。Chris 將詳細介紹此交易，包括其結構，這將使我們能夠更順利地重新部署資本，同時保持強勁的獲利能力。

It has been a privilege to serve the customers and communities in our Ohio Gas business, and we are committed to a smooth transition for our customers. This is a tremendous business with fantastic employees, and we know they will continue to provide great service to 335,000 metered customers in Ohio. This transaction reflects our continued commitment to disciplined capital allocation as we seek to further enable growth, especially in Texas, and long-term value creation for all stakeholders.

能夠為俄亥俄天然氣公司的客戶和社區服務是我們的榮幸，我們將致力於為客戶實現平穩過渡。這是一家非常優秀的企業，擁有出色的員工，我們相信他們將繼續為俄亥俄州的 335,000 名計量用戶提供優質服務。此次交易體現了我們對審慎資本配置的持續承諾，我們致力於進一步促進成長，尤其是在德克薩斯州，並為所有利益相關者創造長期價值。

Our growing capital investment opportunities are supported by accelerating and diverse set of [low] growth drivers. This, coupled with our ability to efficiently finance our plan, continues to support our conviction that we have one of the most tangible long-term growth plans in the industry. And with that, I'll hand it over to Chris.

我們不斷成長的資本投資機會得益於一系列加速成長且多元化的（低）成長驅動因素。這一點，再加上我們能夠有效地為我們的計劃提供資金，繼續支持我們的信念，即我們擁有業內最切實可行的長期成長計劃之一。好了，現在我把麥克風交給克里斯。

Thanks, Jason. This morning, I will address four key areas of focus. First, I will review the details of our third-quarter results. Second, I'll discuss the transaction structure of the recently announced sale of our Ohio Gas LDC. Third, I'll highlight our progress on the execution of our 2025 capital investment plan. And lastly, I'll provide an update on where we ended the third quarter with respect to the balance sheet.

謝謝你，傑森。今天上午，我將重點討論四個方面。首先，我將回顧我們第三季的業績詳情。其次，我將討論最近宣布的出售我們俄亥俄天然氣有限公司的交易結構。第三，我將重點放在我們在執行 2025 年資本投資計畫方面的進展。最後，我將介紹我們第三季末的資產負債表狀況。

Let's now move to the financial results shown on slide 5. On a GAAP EPS basis, we reported $0.45 for the third quarter of 2025. On a non-GAAP EPS basis, we reported $0.50 for the third quarter of 2025 compared to $0.31 in the third quarter of 2024.

現在我們來看看投影片 5 上顯示的財務結果。以美國通用會計準則計算，我們報告 2025 年第三季每股收益為 0.45 美元。以非GAAP每股收益計算，我們報告2025年第三季每股收益為0.50美元，而2024年第三季為0.31美元。

Our non-GAAP results removed $0.03 of charges, primarily consisting of tax true-ups related to the sale of our Louisiana and Mississippi businesses and transaction costs in connection with our announced Ohio Gas LDC sale. In addition, it removes $0.02 related to our temporary generation units as these units are no longer part of our rate-regulated business.

我們的非GAAP業績剔除了0.03美元的費用，主要包括與出售我們在路易斯安那州和密西西比州的業務相關的稅務調整，以及與我們宣布的俄亥俄州天然氣有限公司出售相關的交易成本。此外，由於我們的臨時發電單位不再屬於我們受費率管制的業務，因此扣除了與這些單位相關的 0.02 美元。

These strong results give us confidence in meeting are positively revised 2025 non-GAAP EPS guidance of $1.75 to $1.77. Now taking a closer look at the drivers of our third-quarter earnings. Growth in rate recovery, when netted with depreciation and other taxes, were a favorable variance of $0.07 when compared to the same quarter of last year.

這些強勁的業績使我們有信心實現上調後的2025年非GAAP每股收益預期，即1.75美元至1.77美元。現在讓我們更深入地了解第三季獲利的驅動因素。在扣除折舊和其他稅收後，利率回升的成長與去年同期相比，帶來了 0.07 美元的有利差異。

This positive variance underscores the strength of our interim capital tracker mechanisms, which continue to support the efficient recovery of our investments. We expect these tailwinds to continue driving earnings through the remainder of the year.

這個正向偏差凸顯了我們中期資本追蹤機制的有效性，該機制繼續支持我們投資的有效回收。我們預計這些利好因素將在今年剩餘時間內繼續推動獲利成長。

During the quarter, we filed for our second set of interim capital recovery trackers at Houston Electric, the TCOS and DCRF mechanisms, which support the timely recovery of transmission and distribution investments, respectively. Our TCOS filing, which included a $15 million annual revenue requirement increase, was approved and reflected in customer rates on October 10. Our DCRF filing, which includes the $55 million annual revenue increase, is on the PUCT open meeting agenda for later today with updated rates expected to take effect in December.

本季度，我們為休士頓電力公司申請了第二套中期資本回收追蹤機制，即 TCOS 和 DCRF 機制，分別用於支援輸電和配電投資的及時回收。我們提交的 TCOS 申請（其中包括 1500 萬美元的年度收入要求增加）已獲批准，並於 10 月 10 日反映在客戶費率中。我們的 DCRF 申報文件（包括 5,500 萬美元的年度收入成長）已列入今天稍後 PUCT 的公開會議議程，更新後的費率預計將於 12 月生效。

Weather and usage were $0.01 favorable when compared to the comparable quarter last year, driven by fewer outages across our Houston Electric service territory related to storm activity. O&M was $0.12 favorable compared to the third quarter of 2024. This significant improvement in O&M is primarily driven by last August vegetation management and other storm-related costs where we spent approximately $100 million to accelerate work and improve customer outcomes.

與去年同期相比，天氣和用量情況有利，每股收益為 0.01 美元，這主要得益於休士頓電力公司服務區域內與風暴活動相關的停電次數減少。與 2024 年第三季相比，營運和維護成本降低了 0.12 美元。維運方面的顯著改善主要得益於去年 8 月的植被管理和其他與風暴相關的成本，我們為此投入了約 1 億美元，以加快工作進度並改善客戶體驗。

Additionally, we had $0.03 of favorability in other, which is primarily driven by an income tax remeasurement. This reflects our continued efforts to optimize our tax structure to align with the evolving composition of our portfolio, which, after the closing of our Ohio transaction, will skew more heavily towards Texas. These favorable drivers were partially offset by $0.04 of higher interest expense and financing costs, primarily due to incremental debt issuances since the third quarter of 2024.

此外，我們在其他方面還有 0.03 美元的有利影響，這主要是由於所得稅重新計量所致。這反映了我們不斷努力優化稅務結構，以適應不斷變化的投資組合組成。在完成俄亥俄州的交易後，我們的投資組合將更加側重於德克薩斯州。這些有利因素被 0.04 美元的較高利息支出和融資成本部分抵消，這主要是由於自 2024 年第三季以來新增債務發行所致。

Next, I'll go through the details of our recently announced Ohio Gas LDC sale. As many of you may have seen, earlier this week, we announced the sale of our Ohio Gas LDC, which is expected to generate gross sale proceeds of approximately $2.62 billion, garnering a multiple of nearly 1.9 times 2024 year-end rate base. We anticipate total net proceeds of roughly $2.4 billion after taxes and transaction costs.

接下來，我將詳細介紹我們最近宣布的俄亥俄天然氣LDC出售事宜。正如你們中的許多人可能已經看到的，本週早些時候，我們宣佈出售我們的俄亥俄州天然氣 LDC，預計這將產生約 26.2 億美元的銷售總收益，相當於 2024 年底費率基數的近 1.9 倍。我們預計扣除稅金和交易成本後，總淨收益約為 24 億美元。

This is an outstanding outcome. This result exceeds what was contemplated in our financing plans, underscoring the conservative approach we take to our planning process. As such, the transaction will be accretive to both our plan and alternative financing sources.

這是一個非常出色的結果。這項結果超出了我們融資計畫的預期，凸顯了我們在規劃過程中所採取的保守做法。因此，此次交易將有利於我們的計劃和其他融資來源。

In the near term, these proceeds will serve to further strengthen our balance sheet. And over the long term, as Jason alluded to, this transaction will allow for greater financing flexibility and may enable us to fund incremental capital investments with less equity and the 47% rule of thumb we provided in our September investor update.

短期內，這些收益將有助於進一步增強我們的資產負債表。從長遠來看，正如傑森所暗示的那樣，這項交易將帶來更大的融資靈活性，並可能使我們能夠以更少的股權和我們在 9 月份投資者更新中提供的 47% 的經驗法則為增量資本投資提供資金。

Transaction proceeds will be redeployed into higher growth jurisdictions to support near-term capital investments in our Texas electric and gas businesses. Notably, after the close of this transaction, Texas will represent 70% of our investment portfolio.

交易所得款項將重新投入成長更快的地區，以支持我們在德州電力和天然氣業務的近期資本投資。值得注意的是，交易完成後，德州將占我們投資組合的 70%。

In connection with the transaction, we will enter into a one-year seller's note with a 6.5% annual coupon, which will help support earnings in 2027. As a reminder, last quarter, we announced an increase to our 2025 investment plan as we continue to make targeted system enhancements. These incremental investments will help partially offset the loss of Ohio investments upon the close of the sale. The transaction is expected to close in the fourth quarter of 2026, aligning with our financing plans and long-term value creation goals.

為配合此交易，我們將簽訂為期一年的賣方票據，年息為 6.5%，這將有助於支持 2027 年的收益。再次提醒大家，上個季度我們宣布增加 2025 年投資計劃，因為我們將繼續進行有針對性的系統改進。這些新增投資將有助於部分抵消出售完成後俄亥俄州投資的損失。該交易預計將於 2026 年第四季完成，符合我們的融資計劃和長期價值創造目標。

Next, I'll touch on our capital investment plan execution through the third quarter, as shown here on slide 7. For the quarter, we are right on track to meet our positively revised 2025 capital investment target of $5.3 billion. In the third quarter, we invested $1.3 billion of base work for the benefit of our customers and communities, which, combined with the $2.4 billion we invested in the first half of the year, represents approximately 70% of our total year target. In short, we remain well positioned to achieve our investment targets for 2025.

接下來，我將談談我們第三季的資本投資計畫執行情況，如投影片 7 所示。本季度，我們正按計畫實現先前上調的 2025 年 53 億美元的資本投資目標。第三季度，我們投入了 13 億美元用於基礎建設，造福我們的客戶和社區。加上上半年投入的 24 億美元，約占我們全年目標的 70%。總之，我們仍處於有利地位，能夠實現 2025 年的投資目標。

Now moving to an update on our balance sheet and credit metrics. As of the end of the quarter, our trailing 12-month adjusted FFO to debt ratio based on the Moody's rating methodology was 14% when removing transitory storm-related impacts. We anticipate these credit metrics could be further improved by early next year as we expect to issue securitization bonds in connection with Hurricane Beryl in the first quarter of 2026.

接下來，我們將更新資產負債表和信貸指標。截至本季末，根據穆迪評級方法，剔除暫時性風暴相關影響後，我們過去 12 個月的調整後 FFO 與負債比率為 14%。我們預計到明年初，這些信用指標可能會進一步改善，因為我們預計將在 2026 年第一季發行與颶風貝裡爾相關的證券化債券。

We continue to target 100 to 150 basis points above our Moody's downgrade threshold of 13%, as we remain laser-focused on efficiently financing our robust capital investment plan. Earlier this month, we once again illustrated our commitment to a strong balance sheet through our $700 million junior subordinated note issuance, which provides 50% equity credit.

我們將繼續以高於穆迪13%降級門檻100至150個基點為目標，同時我們將繼續專注於有效率地為我們強大的資本投資計畫提供資金。本月初，我們再次透過發行 7 億美元的次級附屬票據，展現了我們對維持穩健資產負債表的承諾，該票據提供 50% 的股權信用。

Our common equity guide through 2030 remains unchanged at $2.75 billion. As a reminder, we have derisked over $1 billion of these equity needs through the forward sales we executed earlier this year, and we do not anticipate common equity needs beyond those forward sales from now through 2027.

我們對2030年之前的普通股規模預期保持不變，為27.5億美元。提醒大家，我們已透過今年稍早執行的遠期銷售降低了超過 10 億美元的股權需求風險，並且我們預計從現在到 2027 年，除了這些遠期銷售之外，不會再有普通股股權需求。

We believe we are well positioned to execute the remainder of the year and beyond, and we are reaffirming our 2025 non-GAAP EPS guidance range of $1.75 to $1.77, which equates to 9% growth at the mid-point from our delivered 2024 non-GAAP EPS of $1.62.

我們相信我們已做好充分準備，能夠順利完成今年剩餘時間及以後的工作，我們重申 2025 年非 GAAP 每股收益預期範圍為 1.75 美元至 1.77 美元，這相當於較 2024 年非 GAAP 每股收益 1.62 美元增長 9%（按中間值計算）。

Additionally, we are also reiterating our 2026 non-GAAP earnings guidance we initiated a few weeks ago at our investor update from the midpoint of our new and higher 2025 range. For 2026, we are targeting at least the midpoint of $1.89 to $1.91. At the midpoint, this would represent an 8% increase over the midpoint of our 2025 non-GAAP EPS guidance range.

此外，我們也重申了幾週前在投資者更新中提出的 2026 年非 GAAP 獲利預期，該預期基於我們新的、更高的 2025 年預期範圍的中點。對於 2026 年，我們的目標至少是每股收益達到 1.89 美元至 1.91 美元的中點。如果達到中點，這將比我們 2025 年非 GAAP 每股盈餘預期範圍的中點增加 8%。

Looking ahead, we expect to grow non-GAAP EPS at the mid- to high end of our 7% to 9% range from 2026 through 2028. After 2028, we will target growing earnings annually at 7% to 9% through 2035. We look forward to executing our plan that delivers on the most diverse growth drivers in the country, fueling economic development for years to come.

展望未來，我們預計從 2026 年到 2028 年，非 GAAP 每股盈餘將成長至 7% 至 9% 區間的中高端。2028 年後，我們將力爭 2035 年實現每年 7% 至 9% 的獲利成長。我們期待執行我們的計劃，該計劃將充分利用該國最多元化的成長動力，為未來幾年的經濟發展提供動力。

And with that, I'll now turn the call back over to Jason.

那麼，我現在就把電話轉回給傑森。

Thank you, Chris. I'm proud of the team's continued execution over the past quarter and the results that firmly put us on track to deliver our guidance this year. This management team will work to not only execute the ambitious targets we set forth in our new industry-leading 10-year plan, but we will also work to enhance the plan for the benefit of all of our stakeholders.

謝謝你，克里斯。我為團隊在過去一個季度中持續的高效執行以及所取得的成果感到自豪，這些成果使我們穩步朝著今年的業績目標邁進。這個管理團隊不僅將努力執行我們在新的行業領先的 10 年計劃中製定的雄心勃勃的目標，而且還將努力完善該計劃，以造福我們所有的利益相關者。

Thanks, Jason. Operator, I'd now like to turn it over to Q&A.

謝謝你，傑森。接線員，現在我想把發言權交給問答環節。

(Operator Instructions) Nick Campanella, Barclays.

（操作說明）尼克·坎帕內拉，巴克萊銀行。

Thanks for all the disclosures. I just wanted to ask, Chris, you talked a little bit about it in your prepared remarks on balance sheet capacity here from the Ohio transaction. How are you kind of viewing it on like an FFO to debt improvement basis versus the plan? You mentioned financing maybe less than the 47% equity assumption. Is that now 30% or 15%? Is there any kind of way to further quantify that?

感謝您揭露所有資訊。克里斯，我只是想問一下，你在關於俄亥俄州交易的資產負債表能力的準備發言中稍微談到了這一點。您是如何從FFO（營運資金）與債務改善的角度來看待這個問題，並與計劃進行比較的？您提到融資比例可能低於47%的股權假設。現在是30%還是15%？有沒有辦法進一步量化這一點？

Sure. Nick, if I could just maybe take a step back. And as you look at the transaction, there's really a couple of things going on. One is, over time, you've seen us continue down this path of increasing really the focus on the portfolio where we're reducing also earnings and cash lag where we can. So maybe that kind of goes to your FFO to that point.

當然。尼克，如果我能退後一步的話。當你仔細查看這筆交易時，你會發現其中實際上包含著兩件事。一方面，隨著時間的推移，你們已經看到我們繼續沿著這條道路前進，越來越注重投資組合，盡可能減少收益和現金落後。所以，這或許可以算是你FFO（前端產品）到那個階段的指標。

As you look at the total outcome as we do sources and uses, you'll probably see us initially step into reducing the OpCo debt that's there. So that's roughly $800 million, if you base it on a year-end '26 rate base of $1.6 billion.

當我們審視資金來源和用途的整體結果時，您可能會看到我們首先著手減少營運公司現有的債務。如果以 2026 年底 16 億美元的稅率基數計算，那麼大約是 8 億美元。

And then as we looked at our plan overall, you're probably looking on the order of $400 million of benefit net to plan. So ultimately, what that puts us in a position to do, as you can imagine, is we'll evaluate both the improvement to the balance sheet here in the near term. And then as we go forward, it could allow us to deploy additional CapEx to the plan in an accretive way.

然後，當我們整體審視我們的計劃時，您可能會看到計劃淨收益約為 4 億美元。所以最終，正如你所想，這讓我們能夠評估短期內資產負債表的改善。然後，隨著專案的推進，我們可以以增值的方式向該計劃投入額外的資本支出。

Okay. Great. Appreciate it. And then just maybe on the deal, just any update on how local feedback has been on the ground and reception to the deal from state leadership since it was announced?

好的。偉大的。謝謝。那麼，關於這項協議，能否提供一些關於當地反饋以及自協議宣布以來州領導層對此協議的反應的最新資訊？

Nick, it's Jason. Reception has been great so far, very supportive. Don't anticipate any challenges and obviously going to work our counterparty to successfully transition this business and continue to track record of great service in Ohio.

尼克，我是傑森。目前為止反應非常好，大家都非常支持我。預計不會遇到任何挑戰，顯然我們將與交易對手合作，成功完成業務交接，並繼續保持我們在俄亥俄州的優質服務記錄。

Great. Thanks a lot.

偉大的。多謝。

Steve Fleishman, Wolfe Research.

史蒂夫‧弗萊什曼，沃爾夫研究公司。

Just maybe, Jason or Chris, more color on the sales growth in Texas, which obviously that's very strong. Just what sectors are driving the industrial sales so much higher this year?

傑森或克里斯，或許可以更詳細地介紹德州的銷售成長情況，顯然，德州的銷售成長非常強勁。今年究竟哪些產業推動了工業銷售額大幅成長？

Steve, thanks for the question. I think the throughput growth quarter over quarter, year over year really reflects the diversity of drivers that we have here in the Greater Houston area. We've already connected this year load over 0.5 gig of data center activity. Much of that is on the transmission sort of industrial rate side. We continue to see very strong demand from energy refining, processing, and exports.

史蒂夫，謝謝你的提問。我認為，季度環比和年度環比吞吐量的成長真正反映了大休士頓地區驅動因素的多樣性。今年我們已經連接了超過 0.5 GB 的資料中心活動負載。其中大部分都與輸電行業的工業費率有關。我們持續看到來自能源提煉、加工和出口的強勁需求。

And I think what we really saw as a differentiator this quarter was the increase in activity at the port of Houston. It's the largest port by waterborne tonnage in the world. And we saw about an 18% increase quarter over quarter in exports.

我認為本季真正的區別在於休士頓港的業務活動增加。它是世界上水運噸位最大的港口。我們看到出口額較上季成長了約 18%。

So it's really just a diversity of drivers. This isn't a growth that we're anticipating coming down the line. This is growth across a number of different industries that we're experiencing today.

所以這其實只是駕駛員的多元性問題。我們預計未來不會出現這種成長。這是我們今天在多個不同行業中看到的成長。

Okay. Great. That's helpful. And then just any update on prospects of data center activity in Indiana. And I don't know if you want to share any thoughts on how you're feeling about the regulatory environment in Indiana. I know you don't have any cases there right now, but just thoughts there.

好的。偉大的。那很有幫助。然後，能否提供一些關於印第安納州資料中心發展前景的最新資訊？我不知道您是否願意分享您對印第安納州監管環境的感受。我知道你們那邊現在沒有病例，但只是隨便說說。

Yeah. We continue to actively work. Data center opportunities in Indiana feel well positioned to deliver on that. As we've talked about in the past, I think we're pretty uniquely positioned in the fact that we've got excess capacity today in the system that allows us to move quickly. It's an area that is very constructive, both from a cost of and availability of land, water, et cetera.

是的。我們繼續積極開展工作。印第安納州的資料中心發展機會似乎很有希望實現這一目標。正如我們過去討論過的，我認為我們目前所處的獨特地位在於，我們系統中的剩餘產能使我們能夠快速行動。這是一個非常建設性的地區，無論從土地、水等的成本或可用性來看都是如此。

And we've just brought online our simple cycle plant that was built to be easily converted to a combined cycle that would allow us to efficiently increase the level of capacity available. So we continue to feel good about the prospects of bringing data center activity to Southwest Indiana.

我們剛投入使用的簡易循環發電廠，其設計初衷就是為了能夠輕鬆改造成聯合循環發電廠，從而有效地提高可用產能。因此，我們仍然對在印第安納州西南部進行資料中心活動的前景感到樂觀。

Stepping back on kind of a broader basis, we are all focused on affordability of our service up there. We, like many of the other Indiana utilities, had a fairly significant step-up in rates last year as a result of a long-term trend of closing some very old generating facilities. As we project forward, though, we don't -- we see our rates growing in line with inflation over the remainder of this decade.

從更宏觀的角度來看，我們都專注於提高我們服務的價格可負擔性。與印第安納州的許多其他公用事業公司一樣，由於長期關閉一些非常老舊的發電設施，我們去年的電價也出現了相當大的上漲。但展望未來，我們卻不這麼認為──我們預期在本十年剩餘時間裡，利率將與通貨膨脹率同步成長。

We've taken some steps to help kind of mitigate the impact. We've canceled about $1 billion of renewable projects, and we'll push out the retirement of our third and final coal facility a few more years. And so I think at the end of the day, we, like other utilities, are taking proactive steps to make sure that we moderate the pace of rate increases but working constructively to bring economic development activity to the state. And I think that's very much aligned with the state leadership's goals.

我們已經採取了一些措施來幫助減輕這種影響。我們已經取消了價值約 10 億美元的再生能源項目，我們將把第三座也是最後一座燃煤電廠的退役時間再推遲幾年。因此，我認為歸根結底，我們和其他公用事業公司一樣，正在採取積極措施，確保我們控制費率上漲的速度，同時積極努力為本州帶來經濟發展活動。我認為這與州領導層的目標非常一致。

Okay. Great. Thank you.

好的。偉大的。謝謝。

Jeremy Tonet, JPMorgan Securities.

Jeremy Tonet，摩根大通證券。

Chris, thanks for the comments there on the asset sale. I was just wondering if you might be able to expand a little bit more. It sounds like a nice credit accretive properties to the final field terms versus expectations. I'm just wondering if you could expand a bit more, I guess, on whether you see this being accretive to the earnings over time or any thoughts on that side?

克里斯，謝謝你對資產出售的評論。我只是想問您是否可以再詳細解釋一下。聽起來像是對最終領域條款與預期相比不錯的信用增級特性。我想問一下，您能否再詳細解釋一下，您認為隨著時間的推移，這是否會增加收益？或者您對此有什麼看法？

Sure. I think, Jeremy, a couple of ways to look at this. We do see it is directly beneficial to the financing plan, as I mentioned, and helpful from an earnings standpoint too. A thing to keep in mind is as we looked at the sale here of Ohio specifically from a -- as we reallocate spend, we're going to be in a situation where we're experiencing 25% to 30% less cash lag just on a historical basis. So I think that's certainly helpful as well.

當然。傑里米，我認為可以從幾個角度來看這個問題。正如我之前提到的，我們認為這直接有利於融資計劃，而且從盈利的角度來看也很有幫助。需要記住的一點是，當我們具體從俄亥俄州的出售情況來看時——隨著我們重新分配支出，我們將面臨現金滯後減少 25% 到 30% 的情況，這僅僅是基於歷史數據。所以我認為這肯定也很有幫助。

Going forward, we'll be putting those dollars to work, as Jason mentioned, certainly heavily in our Texas Gas Electric business, including in set of type of gas projects that we're excited about, really for years to come, where it really is a great business, as you know, coming out of the rate case last year there. So I think well positioned both financing-wise and from an earnings standpoint.

展望未來，正如傑森所提到的那樣，我們將把這些資金投入到我們的德州天然氣電力業務中，包括一系列我們非常期待的天然氣項目，這些項目將在未來幾年內持續發展，正如你所知，這確實是一項很棒的業務，尤其是在去年的費率調整之後。所以我認為，無論從融資角度或獲利角度來看，我們都處於有利地位。

Keep in mind, I alluded to this in my prepared remarks, but would just emphasize here, too. As we're stepping into making sure that we were managing any otherwise earnings impact, we've already deployed about $500 million this year that we expressed in our plan. And keep in mind, as I mentioned earlier, this is about $1.6 billion of year-end '26 rate base.

請記住，我在準備好的發言稿中已經提到過這一點，但在這裡我還要再次強調。為了確保我們能夠控制任何其他可能對收益造成的影響，我們今年已經投入了約 5 億美元，這筆資金是我們計劃中提到的。請記住，正如我之前提到的，這大約是 2026 年底 16 億美元的稅基。

So you should assume that we're also going to accelerate another roughly $1 billion in 2026. That means net here, we're going to fully replace that rate base by the beginning of 2027. So overall, positions us well going forward.

所以你應該假設我們在 2026 年還會加速投入約 10 億美元。這意味著，到 2027 年初，我們將完全替換掉原有的利率基數。總的來說，這讓我們在未來的發展中處於有利地位。

That's very helpful. Thanks. And just one more, I guess, on the seller's note. As you guys are receiving in the deal as far as how you think about how that helps facilitate the plan and what value, I guess, that brings to CenterPoint here being able to layer that in? And how that allows you, I guess, to manage earnings going forward, but it sounds like the capital plan, as you said, really is a big offset there?

那很有幫助。謝謝。我想，就賣家留言再補充一點吧。你們從這筆交易中獲得了什麼？你們認為這如何幫助推進計劃？我想，這能為 CenterPoint 帶來什麼價值？我想，這或許能幫助您管理未來的收益，但正如您所說，資本計畫似乎確實能起到很大的抵銷作用？

Yeah. Certainly, from a capital allocation plan, we've been prefunding thoughtfully. What I would say in the seller (inaudible) is it's a pretty straightforward instrument. There where -- we'll have an opportunity for the second year for 2027, having that 6.5% coupon associated with it on just over $1 billion. And so allows us, again, to have good clarity.

是的。當然，從資本配置計畫的角度來看，我們已經進行了周詳的預先籌資。我想對賣家說的是（聽不清楚），這是一款非常簡單的樂器。屆時，我們將有機會在 2027 年再次獲得 6.5% 的票息，投資額略高於 10 億美元。因此，這讓我們再次擁有了清晰的思路。

It also settles on a quarterly basis, I think, which is nice too. So there's no real lag there. So straightforward instrument, one that is a helpful component of the plan as well.

我覺得它也是按季度結算的，這也不錯。所以實際上並沒有延遲。因此，這是一種簡單易用的儀器，也是該計劃的一個有用組成部分。

Got it. I'll leave it there. Thank you.

知道了。我就說到這兒吧。謝謝。

Julien Dumoulin-Smith, Jefferies.

Julien Dumoulin-Smith，傑富瑞集團。

Jason, quickly, a couple of things to follow up on. First off, I know you alluded to it a few weeks ago here, but how do you think about the AMI and rollout and the timeline on that front? I mean, certainly, it seems like this is a multiyear project here. But certainly, within the scope of the five-year plan, how do you think about the cadence of that rolling in? When do we start to get some visibility around that on contributions?

傑森，快，有幾件事需要跟進。首先，我知道你幾週前在這裡提到過，但你對 AMI 及其推廣和時間表有什麼看法？我的意思是，這顯然是一個需要多年才能完成的項目。但當然，在五年計畫的範圍內，您認為這些措施的實施節奏如何？我們什麼時候才能開始對貢獻狀況有更清楚的了解？

Julien, thanks for the question. This next generation of AMI investments really will start to fall into the plan in '26. Maybe taking a step back for a second, as we release the new $65 billion 10-year CapEx plan, we identified more than $10 billion of upside. I would consider one of these projects as one of the upside opportunities to that plan.

Julien，謝謝你的提問。下一代 AMI 投資將在 2026 年開始真正進入計劃階段。或許我們應該退後一步，在我們發布新的 650 億美元 10 年資本支出計畫時，我們發現了超過 100 億美元的成長空間。我認為這些項目中的一個可以作為該計劃的潛在優勢之一。

I think coming back to the timing, the most important thing that we can do is run a pilot in '26 to prove the use case and benefits for our customers. And then I would really look at that once we have that pilot in hand, making a filing with the PUCT and really starting to kind of work this project in earnest beginning in 2027 and beyond.

我認為回到時間安排的問題上，我們能做的最重要的事情就是在 2026 年進行試點，以證明其應用場景和對客戶的益處。然後，一旦我們有了試點項目，我就會認真考慮這個問題，向德克薩斯州公共事業委員會提交申請，並從 2027 年及以後真正開始認真推進這個項目。

I think there are very real benefits for our customers, as we've talked about in the past. When we experienced Winter Storm Uri, because of the generation of meters we had at the time, we could not use those meters for load shed related activities. Instead, we had to shed load at the circuit level. T

我認為這對我們的客戶來說確實有很多好處，正如我們過去討論過的那樣。當我們遭遇冬季風暴烏裡時，由於當時我們擁有的電錶發電量有限，我們無法使用這些電錶進行與停電相關的活​​動。相反，我們不得不從電路層面削減負載。T

his next generation of smart meters would allow us to do that at the home and I think would allow us to be much more targeted and allow for even more rolling of power if an event like Winter Storm Uri was to occur again. So a number of benefits to our customers. We need to prove those out with a pilot in '26 and then look towards more fulsome deployment beginning in '27.

他的下一代智慧電錶將使我們能夠在家中做到這一點，我認為這將使我們能夠更有針對性地控制電力供應，如果再次發生像冬季風暴烏裡這樣的事件，還可以實現更靈活的電力輪換。因此，這能為我們的客戶帶來許多好處。我們需要在 2026 年透過試點計畫來驗證這些方案，然後著眼於從 2027 年開始的更全面的部署。

Excellent. Thank you for that. And then if I could pivot in a slightly different direction. Obviously, kudos on the transaction here. The other item, if I were to think about like what's not in terms of included in the formal guidance on cash flows is mobile gen. I perceive the economics and price points there continue to improve as evidenced maybe by some of the folks at the like Fermi talking about this.

出色的。謝謝。然後，如果我能稍微改變方向就好了。顯然，這筆交易非常成功，值得稱讚。另一項，如果我思考一下現金流量正式指導中未包含的內容，那就是行動發電。我認為那裡的經濟狀況和價格點正在持續改善，費米等人的言論或許也證明了這一點。

But how would you characterize today where you are around that and the opportunities that exist more longer term, obviously, is that it's less committed in terms of the existing units and your exposure to some of that improved market pricing?

但您如何看待您目前所處的環境以及更長遠的發展機會？顯然，就現有單位而言，您的投入較少，而且您也更容易受益於一些改善後的市場價格。

Yeah. There's really two aspects to that, Julien. There's first we've got what we call medium-sized units, just a little bit larger than 5 megawatts a piece, 5 units 5 megawatts a piece that currently, we have the ability to market and are actively doing that. The market for those units remains very strong and would be a potential cash flow tailwind to the plan.

是的。朱利安，這件事其實包含兩個面向。首先，我們有所謂的中型機組，每個機組的功率略大於 5 兆瓦，目前有 5 個 5 兆瓦的機組，我們有能力進行市場推廣，並且正在積極進行市場推廣。這些單元的市場需求仍然非常強勁，可能會為該計劃帶來可觀的現金流。

On a larger basis, we have 15 units that are roughly kind of call them 30 megawatts a piece that are now actively supporting the grid outside of San Antonio until either kind of late '26, early '27 at the latest, at which time then we'll be able to remarket those units.

從更宏觀的角度來看，我們有 15 台機組，每台約 30 兆瓦，目前正在聖安東尼奧郊外積極支持電網運行，最遲到 2026 年底或 2027 年初，屆時我們將能夠重新銷售這些機組。

As you said, the market remains strong, if anything, is improving modestly. That will become a cash flow tailwind we can release those units from the support of the (inaudible) San Antonio and remarket those, again, probably likely around spring of '27.

正如你所說，市場依然強勁，甚至略有改善。那將成為現金流的順風，我們可以將這些單位從（聽不清楚）聖安東尼奧的支持下釋放出來，並重新推向市場，很可能在 2027 年春季左右。

So we continue to work with brokers, third parties to keep a pulse on the market and think about how we can kind of derisk and take advantage of this growth, but obviously, more to come here as the quarters unfold and as we get closer to those release of those units.

因此，我們繼續與經紀人、第三方合作，密切關注市場動態，思考如何降低風險並利用這種成長，但顯然，隨著季度的推進和這些單元房的發布日期臨近，還會有更多消息公佈。

Excellent. Sorry, not to nitpick, but one final detail here. [Each] the -- for three and four, right? So that's your peers in the state, your pure gas utilities in the state have been talking a good bit about this. I know that you all, in the interim, talk up even more gas investments in your plan a few weeks ago.

出色的。抱歉，我不是吹毛求疵，但這裡還有一個細節。 [每]－對於三和四，對吧？所以，你們州的同行，你們州的純天然氣公用事業公司，一直在熱烈討論這個問題。我知道，就在幾週前，你們還在計畫中大談特談要加大對天然氣產業的投資。

Is the scope of the contribution from that legislation fully included in the plan? And to what extent is there anything else that we should be considering here given your expanded investment in gas in recent weeks?

該立法所做出貢獻的範圍是否已完全納入該計劃？鑑於您最近幾週加大了對天然氣的投資，我們還應該在哪些方面考慮其他因素？

Yeah. We think that was a very constructive piece of legislation to help sort of reduce regulatory lag. What I would say is the benefit of that legislation is incorporated in the plan that we released with respect to the investments that we have identified as we continue to look at enhancing the plan, and we've alluded to the $10 billion-plus outside. There is opportunity as we hold gas-related capital in that the plan could be enhanced further with the benefit of that legislation.

是的。我們認為這是一項非常有建設性的立法，有助於減少監管滯後。我想說的是，這項立法的益處已經納入了我們發布的計劃中，該計劃涉及我們確定的投資，我們將繼續研究如何完善該計劃，並且我們已經提到了超過 100 億美元的外部投資。由於我們持有天然氣相關資本，因此存在這樣的機會：借助該項立法，該計劃可以進一步加強。

So partially in the plan, has the opportunity to be improved as we pull more capital in.

所以，部分計畫有機會隨著我們引入更多資金而得到改進。

Got it. All right. We'll stay tuned there. All right. I'll leave it there. Thank you, guys, very much.

知道了。好的。我們會繼續關注那邊的情況。好的。我就說到這兒吧。非常感謝各位。

Thanks, Jason. Operator, this concludes our call. Thank you all for joining.

謝謝你，傑森。接線員，通話到此結束。感謝各位的參與。

This concludes CenterPoint Energy's third-quarter 2025 earnings conference call. Thank you for your participation.

CenterPoint Energy 2025 年第三季財報電話會議到此結束。感謝您的參與。