Essential Utilities Inc (WTRG) 2025 Q3 法說會逐字稿

Thank you for standing by, and welcome to the Essential Q3 2025 earnings conference call. (Operator Instructions)

感謝您的耐心等待，歡迎參加 Essential 2025 年第三季財報電話會議。（操作說明）

I would now like to turn the conference over to Brian Dingerdissen. You may begin.

現在我將把會議交給布萊恩·丁格迪森。你可以開始了。

Thank you. Good morning, everyone, and thank you for joining us for our third-quarter 2025 earnings call. If you did not receive a copy of the press release, you can find it on our Investor Relations website. The slides can also be found on the website along with the webcast of the event.

謝謝。各位早安，感謝各位參加我們2025年第三季財報電話會議。如果您沒有收到新聞稿副本，可以在我們的投資者關係網站上找到它。幻燈片和活動網路直播影片也可以在網站上找到。

As a reminder, some of the matters discussed today may include forward-looking statements that involve risks, uncertainties and other factors that may cause the actual results to be materially different from any future results expressed or implied by such forward-looking statements.

提醒各位，今天討論的一些事項可能包含前瞻性陳述，這些陳述涉及風險、不確定性和其他因素，可能導致實際結果與此類前瞻性陳述所表達或暗示的任何未來結果有重大差異。

Please refer to our most recent 10-Q, 10-K and other SEC filings for a description of such risks and uncertainties. References may be made to certain non-GAAP financial measures. Reconciliation of any non-GAAP to GAAP financial measures is posted on the website.

有關此類風險和不確定性的描述，請參閱我們最新的 10-Q、10-K 和其他美國證券交易委員會文件。可能會提及某些非公認會計準則財務指標。所有非GAAP財務指標與GAAP財務指標的調節表均已在網站上公佈。

We will begin with Chris Franklin, our Chairman and CEO, who will provide an update on the company. Then Dan Schuller, our Chief Financial Officer, will provide an overview of the financial results.

首先，我們的董事長兼執行長克里斯富蘭克林將為大家介紹公司的最新情況。然後，我們的財務長丹·舒勒將概述財務業績。

With that, I will turn it over to Chris Franklin.

接下來，我將把麥克風交給克里斯·富蘭克林。

Thanks, Brian, and good morning, everyone. Let's begin with the big news from last week, our merger with American Water detailed here on slide 5. This transaction represents a truly transformational opportunity designed to integrate the assets and the expertise of two industry leaders, resulting in some synergies over time and creating a combined entity that is demonstrably greater than the sum of its parts.

謝謝你，布萊恩，大家早安。讓我們先來看看上週的大新聞，也就是我們與美國水務公司的合併，詳情請見投影片 5。這項交易代表著一個真正的變革性機遇，旨在整合兩家行業領導者的資產和專業知識，隨著時間的推移產生協同效應，並創建一個明顯大於其各部分之和的合併實體。

Now the combined entity will result in the emergence of the preeminent water and wastewater utility in the United States, anchored by a robust rate base approaching $34 billion, serving more than 5 million connections and an expanded operational footprint across 17 states and 18 military installations.

如今，合併後的實體將誕生美國首屈一指的水務和污水處理公用事業公司，其擁有近 340 億美元的雄厚資產，服務超過 500 萬個用戶，業務範圍擴展至 17 個州和 18 個軍事設施。

Now as outlined on slide 6, this strategic consolidation effectively leverages the core operational expertise of both companies, substantially bolstering our combined financial strength and will present a compelling investment thesis to the market. A low-risk, low beta stock with a strong balance sheet, offering first quartile growth rate of 7% to 9% EPS and dividend growth, anchored on the multi-decade need for infrastructure investment in our nation's aging water and wastewater systems, including pipe replacement, PFAS remediation and lead service line replacements, just to name a few.

如同投影片 6 所述，此次策略整合有效地利用了兩家公司的核心營運專長，大幅增強了我們合併後的財務實力，並將向市場提出一個引人注目的投資論點。這是一隻低風險、低貝塔係數的股票，擁有強勁的資產負債表，每股收益成長率和股息成長率均達到7%至9%，處於行業前列。這主要得益於我國老化的供水和污水處理系統在未來幾十年內對基礎設施投資的需求，包括管道更換、PFAS修復和鉛制供水管更換等等。

I think we also have to consider the setting for the combined company. It's still a fragmented water industry, 85% municipal and the combined company's concentration in Pennsylvania, the state where our highest concentration in water and wastewater exists, is still less concentrated than FPL is in Florida or Encore is in Texas or even PG&E in California.

我認為我們還需要考慮合併後公司的營運環境。水務業仍然分散，85% 為市政用水，合併後的公司在賓州（我們水務和污水處理業務最集中的州）的業務集中度仍然低於 FPL 在佛羅裡達州、Encore 在德州，甚至 PG&E 在加州的業務集中度。

Maybe just one final thought on the transaction. The combined company is a natural hedge for utility investors, who are heavily concentrated in electric utilities. The demand growth projections associated with AI and data center growth is baked into electric utility valuations, which is just not the case with our new combined company. More to come on this exciting opportunity as we progress through shareholder and regulatory approvals.

關於這筆交易，或許還有最後一點想法。合併後的公司對公用事業投資者來說是一種天然的對沖工具，因為他們的投資組合嚴重集中在電力公用事業領域。與人工智慧和資料中心成長相關的需求成長預測已經反映在電力公司的估值中，而我們新合併的公司卻並非如此。隨著我們逐步獲得股東和監管機構的批准，關於這項令人興奮的機遇，我們將發布更多資訊。

For now, let's talk about the third quarter results. slide 7 has some highlights for the quarter. We delivered another robust quarter of growth, reporting GAAP earnings per share of $0.33, a 32% increase over the same quarter last year.

現在，我們來談談第三季業績。第7張幻燈片列出了本季的一些亮點。我們又實現了強勁的成長，以美國通用會計準則計算，每股收益為 0.33 美元，比去年同期成長了 32%。

Both our Water and Natural Gas businesses performed very well and in line with our expectations. My assessment remains the same as I reported last quarter. Both our Natural Gas and Water businesses are firing on all cylinders. I am proud of the results our team has achieved so far this year.

我們的水務和天然氣業務都表現出色，符合我們的預期。我的評估結果與上季報告的結果一致。我們的天然氣和水務業務都運作良好。我為我們團隊今年迄今為止所取得的成績感到自豪。

Based on our strong year-to-date performance, we expect to achieve GAAP earnings per share above our guidance range of $2.07 to $2.11 due to nonrecurring benefits as discussed in August. We're also reaffirming our capital investment plans with a target of approximately $1.4 billion in infrastructure investments for 2025.

根據我們今年迄今的強勁業績，由於8月份討論過的非經常性收益，我們預計GAAP每股收益將高於我們先前給出的2.07美元至2.11美元的指導範圍。我們也重申了我們的資本投資計劃，目標是到 2025 年在基礎設施方面投資約 14 億美元。

As of September 30, we've already deployed nearly $1 billion in critical infrastructure improvements across our footprint. Based on the many calls we received, I know you saw our exciting announcement in late August that Essential has become an investor in a 1,400-acre data center facility in Southwestern Pennsylvania.

截至9月30日，我們已在業務覆蓋範圍內投入近10億美元用於關鍵基礎設施改善。根據我們收到的許多電話，我知道您已經看到了我們在 8 月下旬發布的令人興奮的消息，Essential 已成為賓州西南部一個佔地 1400 英畝的資料中心設施的投資者。

Our real interest in the project, though, is the option we have to design, build and operate an 18 million gallon per day water treatment plant to service the data center and its dedicated behind-the-meter natural gas power plant. I'll speak more about this in a few moments, but it's a promising opportunity.

不過，我們對該專案的真正興趣在於，我們有機會設計、建造和營運一座日處理量達 1,800 萬加侖的水處理廠，為資料中心及其專用的表後天然氣發電廠提供服務。我稍後會詳細談談這件事，但這確實是一個很有前途的機會。

Switching to sustainability. We're excited to share with you our updated sustainability report. For years now, we have delivered high-quality, transparent and detailed information to you on our sustainability performance and initiatives. You've heard me say this many times before, but it bears repeating.

轉向可持續發展。我們很高興與您分享我們更新的永續發展報告。多年來，我們一直向您提供有關我們可持續發展績效和舉措的高品質、透明和詳細的資訊。你們以前可能聽我說過很多次了，但值得再說一次。

And I want to make sure all our stakeholders hear it directly from me. Our sustainability commitments mean much more than checking a box. As stewards of Earth's most precious natural resources, responsible business practices are foundational to who we are as a company. Our dedication to these principles remain steadfast and supports our continued success. Our updated report can be found on our website.

我希望確保所有利害關係人都能直接從我這裡聽到這個消息。我們的永續發展承諾遠不止是走過場。作為地球最寶貴自然資源的守護者，負責任的商業行為是我們公司存在的根本。我們始終堅持這些原則，這也是我們持續成功的保障。您可以在我們的網站上找到我們更新後的報告。

Finally, I'd like to follow up on a topic we spoke about on our Q1 earnings call. We mentioned that our Natural Gas division had progressed from a successful pilot program to commencing a full implementation plan to install new Intelis gas meters in all residential and small commercial properties within our service area.

最後，我想就我們在第一季財報電話會議上討論過的一個主題做個後續說明。我們提到，我們的天然氣部門已經從成功的試點項目發展到全面實施計劃，將在我們服務區域內的所有住宅和小型商業物業安裝新的 Intelis 燃氣表。

Today, I am really pleased to share with you that we've already reached our 2025 goal of installing more than 60,000 meters in Pennsylvania. We're also closing in on this year's target of 3,500 meters installed in Kentucky. This brings our installed base of new meters to a total of 93,000, putting us among the industry leaders in adopting this new technology.

今天，我非常高興地告訴大家，我們已經實現了2025年在賓州安裝超過6萬個電錶的目標。我們今年在肯塔基州安裝 3500 個計量器的目標也即將實現。這使我們新安裝的電錶總數達到 93,000 個，使我們成為採用這項新技術的行業領導者之一。

We are moving forward with a comprehensive program to install Intelis meters for nearly 700,000 customers in the coming years. These new meters equipped with enhanced safety measures are a central driver of our ongoing effort to be among the safest and most reliable natural gas utilities in the United States.

我們正在推動一項全面的計劃，在未來幾年內為近 70 萬客戶安裝 Intelis 電錶。這些配備增強安全措施的新型瓦斯表是我們不斷努力成為美國最安全、最可靠的天然氣公用事業公司之一的核心驅動力。

All right. Turning to slide 8. Let's review our recent announcement regarding our data center investment. So in August, we announced our investment of $26 million in a project to bring a data center to Greene County, Pennsylvania. For context, this is about 60 miles south of our gas division headquarters in Pittsburgh.

好的。翻到第8張幻燈片。讓我們回顧一下我們最近發布的有關資料中心投資的公告。因此，在 8 月份，我們宣布投資 2,600 萬美元，在賓州格林縣建造一個資料中心。作為參考，這裡距離我們位於匹茲堡的天然氣部門總部以南約 60 英里。

We deliver natural gas to customers in that same general area. The location of the project, Greene County, Pennsylvania, draws on Pennsylvania's abundant natural resources, world-class workforce and strong federal, state and local support for the project across the political aisle.

我們向該地區的客戶提供天然氣。該計畫選址於賓州格林縣，充分利用了賓州豐富的自然資源、世界一流的勞動力以及聯邦、州和地方各界對該計畫跨越政治派別的大力支持。

The data center project, led by international electric power will be powered by 944 megawatts. That's right nearly 1 gigawatt from behind-the-meter natural gas combined cycle turbines supplemented by battery storage and backed up with an existing interconnection with the electric grid.

該資料中心專案由國際電力公司牽頭，將採用 944 兆瓦的電力。沒錯，近 1 吉瓦的電力來自用戶側天然氣聯合循環渦輪機，輔以電池儲能，並透過與現有電網的互聯進行備份。

Importantly, the project has secured the turbines, which are at a premium given demand in the market. Our $26 million initial investment is structured in the form of a convertible note, so we can take the return on that investment as cash proceeds or instead roll into the larger project as a formal equity position.

重要的是，該項目已確保獲得渦輪機，鑑於市場需求，渦輪機價格非常昂貴。我們 2,600 萬美元的初始投資以可轉換票據的形式進行結構化，因此我們可以將該投資的回報作為現金收益，或將其作為正式股權轉入更大的項目中。

The expected rate of return on this investment will be higher than the typical returns of our regulated utility operations. The project will include an 18 million gallon per day water treatment plant that will serve both the gas power plant and the data center cooling needs.

這項投資的預期回報率將高於我們受監管的公用事業營運的典型回報率。該項目將包括一座日處理量為 1,800 萬加侖的水處理廠，該廠將同時滿足燃氣發電廠和資料中心的冷卻需求。

Our initial estimate is that the water treatment plant will cost between $125 million and $175 million. Although we will not be supplying the natural gas to the power plant, Essential will lend its expertise by providing gas consulting and energy management services to the project.

我們初步估計，這座水處理廠的成本將在 1.25 億美元至 1.75 億美元之間。雖然我們不會向發電廠供應天然氣，但 Essential 將透過向該專案提供天然氣諮詢和能源管理服務來貢獻其專業知識。

IEP is actively seeking investors for the next stage of the project now that the initial funding has been achieved and the gas turbines have been secured. We'll update you on significant new developments as they occur. This exciting project is not factored into any of our previously announced guidance.

既然初始資金已經到位，燃氣渦輪機也已到位，IEP 正在積極為該專案的下一階段尋找投資者。我們會及時向您通報重大進展。這個令人振奮的項目並未納入我們先前公佈的任何業績指引中。

And as a reminder, is expected to be fully operational in 2029, which currently falls outside of our three-year EPS guidance. We have previously shared that we are in active discussions with data center developers representing over 5 gigawatts of power demand. The Greene County site is about 20% of that.

再次提醒大家，預計將於 2029 年全面投入運營，目前不在我們三年每股收益預期之內。我們先前曾透露，我們正在與代表超過 5 吉瓦電力需求的資料中心開發商進行積極洽談。格林縣的場地約佔其中的 20%。

Plus, we continue to field inquiries related to on-site power generation and data center development to support AI and data center boom. States like Pennsylvania, Ohio, Indiana and Virginia are among the hot targets for hyperscalers these days.

此外，我們也持續收到與現場發電和資料中心開發相關的諮詢，以支援人工智慧和資料中心的蓬勃發展。賓州、俄亥俄州、印第安納州和維吉尼亞州等州如今都是超大規模資料中心營運商的熱門目標。

We operate in all of these states with our water, wastewater and natural gas assets and expertise. This, combined with our regulatory credibility in these states, makes us believe Essential is particularly well positioned within our industry to take advantage of this opportunity.

我們利用自身的水務、污水處理和天然氣資產及專業知識，在所有這些州開展業務。這一點，再加上我們在這些州的監管信譽，使我們相信 Essential 在業界擁有得天獨厚的優勢，能夠抓住這一機會。

All right. Now as we move to slide 9, I'd like to talk a little bit about our consistent approach to delivering shareholder value. Our aim is to generate reliable growth in both earnings and dividends, and we are proud of our long track record.

好的。現在我們來看第 9 張投影片，我想談談我們為股東創造價值所採取的持續方法。我們的目標是實現盈利和股息的可靠成長，我們為我們長期以來的良好業績感到自豪。

With three quarters behind us now, 2025 looks to be another year reflective of this success. Our business and its economic model have proven resilient through economic booms and downturns as well as through political and regulatory changes. Consistency underpins our success as a company. All right. Now that we're reminded of the context, let's focus on the numbers for the quarter.

2025年已經過了四個季度，看來這將是另一個體現這一成功之年的年份。事實證明，我們的業務及其經濟模式在經濟繁榮和衰退以及政治和監管變化中都具有韌性。持之以恆是我們公司成功的基石。好的。現在我們已經了解了背景，讓我們來關註一下本季的數據。

Dan?

擔？

Thanks, Chris. Let's begin on slide 11 with a high-level view of the third quarter results, and then we'll get into the details on the waterfalls. Our quarterly performance was strong with revenues up 9.6% due primarily to increases in rates.

謝謝你，克里斯。讓我們從第 11 張投影片開始，對第三季業績進行概覽，然後再深入探討瀑布圖的細節。本季業績表現強勁，營收成長9.6%，主因是費率上漲。

Corresponding earnings per share are up 32% on a year-over-year basis due to rate increases and a decrease in income tax expense. These are partially offset by increases in depreciation and amortization expense, interest expense and operations and maintenance expenses.

由於稅率上升和所得稅費用下降，相應的每股盈餘較去年同期成長 32%。這些成長部分被折舊和攤提費用、利息支出以及營運和維護費用的增加所抵銷。

On slide 12, we have the revenue waterfall for the third quarter. Revenues increased $41.7 million or 9.6% from $435.3 million a year ago to $477 million this year. Approximately $34.2 million of that increase is a result of rates and surcharges with approximately $27.9 million of that attributed to Water and $6.3 million related to Natural Gas.

第 12 張投影片展示了第三季的營收瀑布圖。今年營收從去年的 4.353 億美元成長了 4,170 萬美元，增幅為 9.6%，達到 4.77 億美元。其中約 3,420 萬美元的增長是由於費率和附加費的增加，其中約 2,790 萬美元歸因於水費，630 萬美元與天然氣有關。

Purchased gas, which represents the cost of the natural gas sold by the company, increased $3.4 million year-over-year due to an increase in commodity prices, partially offset by lower gas usage. The other category of $2.8 million consists primarily of reduced tax repair sur credits to our customers as a result of last year's Peoples rate order. Growth in the Water business contributed $1.4 million of incremental revenue. These were offset by a net $100,000 in lower volumes with Water up by $300,000 and Gas down by $400,000.

由於商品價格上漲，公司購買天然氣的成本（即公司出售天然氣的成本）年增 340 萬美元，但部分被天然氣使用量的下降所抵銷。另一類 280 萬美元主要包括由於去年人民費率令而減少的客戶的稅收維修附加費抵免。水務業務的成長帶來了 140 萬美元的增量收入。這些損失被淨減少 10 萬美元的交易量所抵消，其中水的交易量增加了 30 萬美元，天然氣的交易量減少了 40 萬美元。

Next, on slide 13, our O&M slide, we see O&M expenses up about $8.7 million or 6% year-over-year. The main drivers include an increase in employee-related costs of $7.2 million compared to prior period, an increase in bad debt expense of $4.2 million relative to lower-than-normal bad debt expense last year and an increase of $2.4 million in water production costs with contributing increases in power, purchased water and chemicals.

接下來，在第 13 張投影片（我們的營運維護投影片）中，我們看到營運維護費用年增約 870 萬美元，增幅達 6%。主要驅動因素包括：員工相關成本較上期增加 720 萬美元；壞帳支出較去年低於正常水準的壞帳支出增加 420 萬美元；以及水生產成本增加 240 萬美元，其中電力、外購水和化學品成本的增加也推高了成本。

These were partially offset by $6.2 million in favorability and other expenses, primarily as a result of lower outside services expenses and capitalization. The increase in employee-related costs includes about $800,000 of expense this year related to a change in our LTI program's RSU vesting methodology.

這些損失部分被 620 萬美元的優惠和其他費用抵消，主要原因是外部服務費用和資本化減少。員工相關成本的增加包括今年因 LTI 計劃的 RSU 歸屬方法變更而產生的約 80 萬美元支出。

Another item to note is bad debt expense. In 2024, we made an adjustment related to our Pennsylvania water customer assistance program with a credit to expense, which now accounts for $3.1 million of unfavorability in the year-on-year comparison. If we normalize out these two items, we get to a year-over-year increase of about 3%, in line with our historic norms.

另一個需要注意的項目是壞帳費用。2024 年，我們對賓州水務客戶援助計畫進行了調整，計入了費用，這導致同比數據出現 310 萬美元的不利變化。如果剔除這兩個因素，我們就能得出年比成長約 3%，這與我們以往的正常水準相符。

Moving to slide 14, our earnings slide, we can see the previously mentioned effects, a $0.09 positive impact due to increased revenue from rates and surcharges, limited impacts from growth in volume, offset by a $0.02 negative impact from higher expenses, which include increases in depreciation and amortization, O&M and interest with all of this partially offset by a decrease in tax expense.

翻到第 14 張幻燈片，也就是我們的收益幻燈片，我們可以看到前面提到的影響：由於費率和附加費收入增加，帶來了 0.09 美元的正面影響；銷量增長的影響有限；但被更高的支出（包括折舊和攤銷、運營和維護以及利息的增加）帶來的 0.02 美元的負面影響所抵消所有這些稅收支出的減少。

Now let's turn to slide 15. Here, we provide more insight into how our annual EPS breaks out by quarter. So far this year, the three quarters of earnings we have posted have fallen within the ranges that we have provided. And as a reminder, these ranges are an approximate representation of the contribution that each quarter's earnings typically make to our annual earnings.

現在我們來看第15張投影片。在這裡，我們將更詳細地介紹我們按季度劃分的年度每股收益。今年迄今為止，我們公佈的前三個季度的收益均在我們先前給出的預期範圍內。再次提醒大家，這些範圍大致代表了每季財報通常對我們年度收益的貢獻。

On last quarter's earnings call, we stated our expectation that we would achieve GAAP earnings per share above our guidance range of $2.07 to $2.11 due to nonrecurring benefits. We're reaffirming this expectation today, and I encourage you to continue using the middle of this established range of $2.07 to $2.11 to project earnings per share growth from 2025 to 2027 using the 5% to 7% CAGR previously provided.

在上個季度的財報電話會議上，我們表示，由於非經常性收益，我們預計 GAAP 每股收益將高於我們先前給出的 2.07 美元至 2.11 美元的指導範圍。我們今天重申這一預期，並鼓勵您繼續使用 2.07 美元至 2.11 美元這一既定區間的中間值，並採用先前提供的 5% 至 7% 的複合年增長率來預測 2025 年至 2027 年的每股收益增長。

I'll conclude my remarks on slide 16 with a brief discussion on regulatory activity. Since our last earnings call, we've not completed any additional rate cases, but I will direct you to our appendix for detail on the two cases completed earlier in the year, which we previously discussed and disclosed.

我將在第 16 張投影片上簡要討論監管活動，以此結束我的發言。自上次財報電話會議以來，我們沒有完成任何其他費率案件，但我可以引導您參閱附錄，了解今年早些時候完成的兩起案件的詳細信息，我們之前已經討論並披露過這些案件。

Our Water and Wastewater business currently has pending rate cases or surcharge filings underway in North Carolina, which you recall is a multiyear case, Ohio, Texas and Virginia with total requested annualized revenue increases of $96.5 million.

我們水務和污水處理業務目前在北卡羅來納州、俄亥俄州、德克薩斯州和弗吉尼亞州有待決的費率案件或附加費申請正在進行中，您應該記得這是一個多年案件，總共申請的年化收入增長為 9650 萬美元。

Additionally, our Gas business has a pending surcharge in Kentucky with a requested annualized revenue increase of $2.9 million. We continue to manage our regulatory activity to maintain safe and reliable service, earn an appropriate return on the capital that we invest and minimize regulatory lag while always considering affordability for our customers.

此外，我們的天然氣業務在肯塔基州還有一項待決的附加費，要求每年增加 290 萬美元的收入。我們將繼續管理監管活動，以維持安全可靠的服務，獲得適當的投資回報，並最大限度地減少監管滯後，同時始終考慮客戶的承受能力。

And with that, I'll turn it back over to Chris. Chris?

那麼，我就把麥克風交還給克里斯了。克里斯？

Thanks, Dan. Let's move now to slide 18 and talk about the long-term growth that we unlock through our focus on expanding our Water and Wastewater business through acquisitions. For 2025, in total, the company has acquired systems, which serve approximately 10,300 customers for approximately $58 million.

謝謝你，丹。現在讓我們來看第 18 張投影片，談談我們透過收購來擴大水務和污水處理業務，從而釋放長期成長潛力。截至 2025 年，該公司總共收購了價值約 5,800 萬美元的系統，這些系統將為約 10,300 名客戶提供服務。

I'll remind you that progress on our DELCORA transaction continues to be stalled by a stay put in place by a federal bankruptcy judge related to the bankruptcy of the city of Chester. There is really nothing new to report on DELCORA, and I'll remind you that DELCORA is not included in our guidance.

我提醒各位，由於聯邦破產法官就切斯特市破產案頒布的暫緩令，我們的 DELCORA 交易進展仍然停滯不前。關於 DELCORA，真的沒有什麼新的進展需要報告，我還要提醒大家，DELCORA 不在我們的指導範圍內。

I also want to point out that we have three additional signed purchase agreements for systems in Pennsylvania and Texas, which we expect to close in 2026. The diversity of our business development opportunities holds great promise for our Water and Wastewater segment.

我還想指出，我們另外簽署了三份在賓州和德州的系統採購協議，預計 2026 年完成。我們業務發展機會的多樣性為我們的供水和污水處理業務帶來了巨大的前景。

Over the long term, the water and wastewater systems within the United States will continue to consolidate given the infrastructure investment needs and the benefits of scale.

從長遠來看，考慮到基礎設施投資需求和規模效益，美國的供水和污水處理系統將繼續整合。

I'll conclude my remarks here on slide 19. I'll reiterate what Dan said, we are reaffirming our standing expectation that we will achieve our full year GAAP earnings per share above the guidance range of $2.07 to $2.11 due to some non-recurring benefits.

我的發言將在第19頁投影片結束。我重申一下丹所說的，我們重申我們一貫的預期，即由於一些非經常性收益，我們將實現全年 GAAP 每股收益高於 2.07 美元至 2.11 美元的指導範圍。

Looking ahead, we continue to see strong growth potential in both our Water and Gas platforms. We expect our combined utility rate base to grow at a compounded annual growth rate of 8%. Breaking this down a little bit further, the regulated water segment is expected to grow at about 6% and our regulated natural gas segment rate base will grow at about 11%.

展望未來，我們仍然看到水務和天然氣業務平台擁有強勁的成長潛力。我們預計合併後的公用事業費率基數將以 8% 的複合年增長率成長。進一步細分來看，受監管的水務板塊預計將成長約 6%，而我們的受監管天然氣板塊費率基礎將成長約 11%。

We are reaffirming our 5% to 7% multiyear earnings per share guidance through 2027. This includes acquisitions expected to close in '25 and in '26, but excludes DELCORA. This projection includes the crucial work we're doing to remediate PFAS across our water systems as well as our work to replace aging water and natural gas pipelines.

我們重申先前對2027年之前每股收益成長5%至7%的多年期預期。這包括預計 2025 年和 2026 年完成的收購，但不包括 DELCORA。該預測包括我們正在進行的關鍵工作，即修復整個供水系統中的 PFAS，以及我們更換老化的供水和天然氣管道的工作。

As Dan noted earlier, this 5% to 7% CAGR should be applied to our $2.07 to $2.11 guidance range for 2025 EPS with $2.09 as the midpoint as this strips out the favorability of nonrecurring items. We also remain committed to maintaining a strong balance sheet, improving our cash flow and debt metrics and delivering consistent dividend growth while keeping our payout ratio between 60% and 65%.

正如丹之前指出的那樣，這 5% 至 7% 的複合年增長率應該應用於我們對 2025 年每股收益 2.07 美元至 2.11 美元的指導範圍，其中 2.09 美元為中點，因為這樣可以剔除非經常性項目的有利影響。我們也將繼續致力於維持強勁的資產負債表，改善現金流和債務指標，並實現持續的股息成長，同時將派息率保持在 60% 至 65% 之間。

Now one item that did change on this slide from our last call is that we adjusted our expectation of 2025 equity raises through our ATM from $315 million to $350 million. This additional equity is attributable largely to needs related to our Greene County data center project and to ensure we meet our credit metrics given some merger-related transaction expenses we've incurred so far this year, we've already raised about $300 million in equity.

現在，與我們上次電話會議相比，這張投影片上的一個變化是，我們將透過 ATM 籌集 2025 年股權的預期從 3.15 億美元調整為 3.5 億美元。這筆額外的股權主要歸因於我們格林縣資料中心專案的需求，以及為了確保我們達到信貸指標（考慮到我們今年迄今產生的一些與併購相關的交易費用），我們已經籌集了約 3 億美元的股權。

All in all, we see a bright future for our company as we continue to invest in our nation's infrastructure and deliver long-term value to our shareholders. Rate base expansion in favorable regulatory environments, paired with water and wastewater system acquisitions will continue to drive consistent growth.

總而言之，我們堅信公司未來一片光明，我們將繼續投資國家基礎建設，為股東創造長期價值。在有利的監管環境下，費率基礎的擴大，加上水務和污水處理系統的收購，將繼續推動持續成長。

And now with Essential well positioned to support a boom in data centers across our footprint, we can build on our culture of innovation while supporting our local economy as we have for generations. We thank you for your support.

現在，Essential 已做好充分準備，支持我們業務範圍內資料中心的蓬勃發展，我們可以像過去幾代人一樣，在支持當地經濟的同時，繼續發揚我們的創新文化。感謝您的支持。

And as a reminder, we will not take any questions on today's call, but we will return to our normal earnings call process for our year-end call in February 2026. If you have any questions, feel free to reach out to our IR team immediately following this call. Thanks again.

再次提醒大家，今天的電話會議我們不接受任何問題，但我們將在 2026 年 2 月的年終電話會議上恢復正常的財報電話會議流程。如有任何疑問，請在通話結束後立即聯絡我們的投資者關係團隊。再次感謝。

Thank you. And ladies and gentlemen, this concludes today's conference call. Thank you all for joining. You may now disconnect.

謝謝。女士們、先生們，今天的電話會議到此結束。感謝各位的參與。您現在可以斷開連線了。