[Management View]
OGE Energy reported a year-over-year increase in consolidated earnings per share (EPS) to $1.14 in Q3 2025, driven by operational excellence and customer focus. The company is committed to maintaining low rates and supporting community growth through strategic capital investments, including a $250 million transmission project.

[Outlook]
Management reiterated confidence in achieving results in the top half of the 2025 earnings guidance range. Future plans include the addition of 450 megawatts of natural gas generation by 2029 and ongoing negotiations with data center clients, which may lead to new contract filings.

[Financial Performance]
Consolidated net income rose to $231 million in Q3 2025 from $219 million in the prior year. The electric company maintained EPS at $1.20, while the holding company reported a loss of $0.06 per share, attributed to higher interest expenses.

[Q&A Highlights]
Question 1: How quickly will the $250 million CapEx update and 800 megawatts in the IRP roll into the plan? Is there an acceleration in the RFP process?
Answer: The approval for the preapproval is expected in a few weeks, after which it will be layered into the plan. Additional filings will follow, and a new RFP will be commenced to address customer needs, indicating a continuous flow of updates.

Question 2: What is the impact of new regulatory constructs on ROE lag, and will benefits be seen in 2026 planning assumptions?
Answer: The company has a strong track record of minimizing ROE lag, and the new constructs are accretive. Impacts are disclosed in the 10-Q, and further details will be provided with next year's guidance.

Question 3: Can you discuss the competitive position in the SPP ITP plan and expectations for Oklahoma's growth?
Answer: The company is closely involved with the SPP process, which is expected to be robust. However, final opportunities will be clearer after upcoming SPP board meetings.

Question 4: How will the 850 megawatt shortfall by 2030 be addressed, and what is the timing for new RFPs?
Answer: Capacity opportunities exist in the current RFP, and a new RFP will be filed. The timing depends on customer ramp rates, but the process is expected to move quickly.

Question 5: Should dividend growth align with EPS CAGR, and what is the cadence of rate filings?
Answer: The dividend growth rate is intentionally set below EPS growth until a 65%-70% payout ratio is achieved. Rate filings may shift due to settlement agreements, but the overall philosophy remains unchanged.

[Sentiment Analysis]
Analysts expressed interest in the company's strategic plans and regulatory developments. Management maintained a confident and optimistic tone, emphasizing strong execution and future growth potential.

[Quarterly Comparison]
| Metric | Q3 2025 | Q3 2024 |
|-------------------------------|---------|---------|
| Consolidated EPS | $1.14 | $1.09 |
| Electric Company EPS | $1.20 | $1.20 |
| Holding Company Loss | $0.06 | $0.03 |
| Consolidated Net Income | $231M | $219M |

[Risks and Concerns]
Potential risks include regulatory approval delays, timing of large load additions, and interest rate impacts on holding company losses. The company is actively managing these through strategic planning and regulatory engagement.

[Final Takeaway]
OGE Energy demonstrated strong financial performance in Q3 2025, with strategic capital investments and regulatory engagements positioning the company for continued growth. Management's focus on maintaining low rates and supporting community development underpins its competitive advantage. The company's proactive approach to regulatory filings and customer negotiations suggests a robust pipeline of future opportunities, reinforcing confidence in achieving top-half earnings guidance for 2025.