Achieved 2025 earnings of $5.05 per share, landing in the upper half of guidance despite a $0.71 year-over-year headwind from milder weather compared to the record heat of 2024.

Capitalized on Arizona's industrial expansion, specifically citing TSMC's multi-fab development and a 900-acre land acquisition as primary drivers for infrastructure requirements.

Managed robust 5% weather-normalized sales growth in 2025, fueled by a 7.5% increase in commercial and industrial (C&I) demand and the highest residential meter installations in 20 years.

Maintained operational excellence with Palo Verde nuclear plant operating at 100% summertime capacity factor and achieving top-quartile residential customer satisfaction scores.

Executed a disciplined cost-management strategy that delivered a 3.3% year-over-year decrease in O&M per megawatt-hour, aiming to offset inflationary pressures and regulatory lag.

Advanced the 'growth pays for growth' strategy by proposing new high-load factor tariffs to ensure large industrial customers contribute appropriately to grid expansion costs.

Reiterated 2026 earnings guidance of $4.55 to $4.75 per share, assuming a return to normal weather patterns and continued execution of the grid expansion plan.

Projected long-term sales growth of 5% to 7% through 2030, supported by 4.5 gigawatts of committed large-load demand and an additional 20-gigawatt uncommitted queue.

Anticipates a mid-2026 filing of an updated 15-year Integrated Resource Plan (IRP) to align resource procurement with accelerating semiconductor and data center ramp schedules.

Targets 7% to 9% rate base growth through 2028, with 2026 equity needs largely derisked through nearly $500 million in already priced financing.

Focuses on securing a formula rate construct in the pending rate case to reduce regulatory lag and create a more linear earnings trajectory starting in 2027.

The pending rate case remains on track with hearings scheduled for May 2025, focusing on cost allocation and the implementation of a formula rate mechanism.

Expanded revolving credit capacity by $550 million and extended facilities to 2031 to ensure liquidity for large-scale generation and transmission projects.

Noted the discontinuation of certain legacy DSM programs by the commission, which will result in offsetting decreases to both gross margin and O&M expenses in 2026.

Maintained HoldCo debt at 17% of total debt, with a long-term target in the mid-teens to preserve credit metric cushions above the 14% FFO-to-debt threshold.

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Management viewed the UNS decision as generally constructive for the state, as it established a formula rate without a pilot program and recognized the need to reduce lag.

Noted that APS has a different risk profile and higher growth needs than the gas utility, which will be emphasized in their own advocacy for ROE levels.

Management is actively negotiating with counterparties from the uncommitted queue using a 'subscription model' to match infrastructure capacity with demand.

Confirmed that any finalized agreements from this queue would represent incremental growth above the current 5% to 7% sales forecast and capital plan.

Acknowledged strong stakeholder interest in new nuclear but characterized it as a medium-to-long-term opportunity rather than a near-term capital priority.

Emphasized that any future nuclear projects would require constructive federal policy, supply chain readiness, and significant capital collaboration.

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