DOMINION ENERGY, INC Q4 FY2025 earnings call

Priorities include financial commitments, Coastal Virginia wind project milestones, regulatory outcomes. 2025 successfully executed against priorities with strong earnings and credit results. Coastal Virginia Offshore Wind project over 70% complete, on track for first power by March 2026. Customer affordability important with programs to help customers manage bills. Data center pipeline over 48 gigawatts as of December 2025, high quality demand. Various business updates including Virginia SCC orders, Chesterfield Energy Reliability Center approval, PJM transmission project awards, South Carolina rate case, Millstone performance and Connecticut RFP.

2025 operating earnings were $3.42 per share, operating earnings excluding RNG 45Z credits were $3.33 per share, both above guidance midpoint. GAAP earnings were $3.45 per share. Credit results were strong with Moody's full-year CFO pre-working-capital to debt nearly 100 basis points above downgrade threshold. 2026 operating earnings excluding RNG 45Z credit income expected to be between $3.40 and $3.60 per share with midpoint $3.50, total operating earnings guidance midpoint $3.57 per share. Capital investment forecast increased from $50 billion to ~$65 billion over five years, ~90% at Dominion Energy Virginia. Long-term operating earnings per share guidance 5% to 7% annually off 2025 guidance midpoint $3.30 per share, expecting upper half of range starting 2028.

2026 operating earnings excluding RNG 45Z credit income expected $3.40 - $3.60 per share midpoint $3.50. Total operating earnings guidance midpoint $3.57 per share. Long-term operating earnings per share guidance 5% - 7% annually off 2025 guidance midpoint $3.30, expecting upper half of range starting 2028. Capital investment increased from $50B to ~$65B over five years, ~90% at Dominion Energy Virginia.

Potential impacts from weather delays on Coastal Virginia Offshore Wind project. Uncertainty around final 45Z regulations affecting RNG 45Z income. Litigation or headline risk related to appeals of preliminary injunctions on wind projects. Possible impacts of legislative changes on data center tax benefits or other regulatory outcomes.

Q: Question on 2026 and 2027 EPS, CapEx, and conservatism in plan.

A: David McFarland discussed factors like 45Z credit reduction, conservatism in planning, and bullish message on longer-term guidance.

Q: Question on data center ramp, minimum take-or-pays, and accretion.

A: Robert M. Blue stated data expectations based on experience, not forecasting on load letters, and name of the game is sales.

Q: Question on CVOW turbine installation cadence, COD, and financing.

A: Robert M. Blue and David McFarland discussed turbine installation schedule, COD as turbines come on, and financing provisions.

Q: Question on utility capital plan, PJM transmission, dividend payout, and nuclear technology.

A: Robert M. Blue and David McFarland discussed PJM transmission projects in plan, dividend payout consideration, and nuclear technology evaluation.

Q: Question on 2026 EPS growth, Millstone outage, and 45Z credits.

A: David McFarland explained 2026 EPS growth drivers, Millstone outage impact, and 45Z credit assumption changes.

Q: Question on rate case lag in Virginia and South Carolina, and legislative impact on data centers.

A: David McFarland discussed rate case lag drivers and Robert M. Blue commented on legislative uncertainty for data centers.

Q: Question on equity plan cadence and funding levers.

A: David McFarland talked about equity plan cadence and hybrid financing.

Q: Question on CVOW litigation risk and deliverability.

A: Robert M. Blue discussed CVOW project importance and deliverability study.

Q: Question on data center crowding out other customers and generation outlook.

A: Robert M. Blue stated room for other customers and timing of generation outlook updates.