2025 Earnings Release Presentation February 19, 2026 Investor Relations Available Information On February 19, 2026, Consolidated Edison, Inc. issued a press release reporting its 2025 earnings and filed with the Securities and Exchange Commission the company's 2025 Form 10-K. This presentation should be read together with, and is qualified in its entirety by reference to, the earnings press release and the Form 10-K. Copies of the earnings press release and the Form 10-K are available at: www.conedison.com/ ...

Industry Overview - Renewable energy is increasingly recognized for its significant role in combating climate change, with wind power leading the transition toward renewables [1] - Wind energy has become one of the largest renewable sources of electricity generation in the United States, driven by abundant supply, sustainable technology, and lower production costs [2] Market Growth - The U.S. wind power capacity reached over 159 gigawatts (GW) by the end of 2025, accounting for nearly 11% of total utility-scale electricity generation [3][10] - The U.S. grid is projected to add 11.7 GW of wind generation capacity in 2025, reflecting an increase from around 6 GW added in the previous year [4] Future Projections - Wind power generation is expected to increase by approximately 6% in 2026 and 7% in 2027, supported by new capacity additions [4][10] Key Projects - Major upcoming wind projects include the 800-megawatt (MW) Vineyard Wind 1 in Massachusetts and the 715-MW Revolution Wind project in Rhode Island [5] Investment Opportunities - Leading wind energy companies such as Consolidated Edison, Pinnacle West Capital, AES Corporation, and Portland General Electric present compelling investment opportunities due to their strong market positions and growth potential [6] - Consolidated Edison is building the Brooklyn Clean Energy Hub, expected to accommodate up to 1,500 MW of electricity by 2028 [9] - Pinnacle West Capital has a capital investment plan of $8 billion for 2026-2028 and added 500 MW of wind power capacity in 2025 [12][13] - AES Corporation is making strategic investments in clean energy solutions and plans to add up to 1,300 MW of wind, solar, and battery energy storage by 2027 [15][17] - Portland General Electric is expanding its renewable portfolio and focusing on projects related to upgrades across its transmission and distribution systems [18][20]

Group 1: Company Overview - Consolidated Edison (ED) is one of 107 individual stocks in the Utilities sector, ranking 5 in the Zacks Sector Rank [2] - The company currently holds a Zacks Rank of 2 (Buy), indicating a favorable outlook based on earnings estimate revisions [3] Group 2: Performance Metrics - Consolidated Edison has gained approximately 14.5% year-to-date, outperforming the Utilities sector average return of 11.1% [4] - The Zacks Consensus Estimate for ED's full-year earnings has increased by 0.2% over the past quarter, reflecting improved analyst sentiment [4] Group 3: Industry Context - Consolidated Edison belongs to the Utility - Electric Power industry, which includes 58 individual stocks and currently ranks 87 in the Zacks Industry Rank [6] - The Utility - Electric Power industry has gained an average of 12.1% year-to-date, indicating that Consolidated Edison is performing better than its industry peers [6]

Core Insights - Consolidated Edison, Inc. (ED) is a leading utility company with a market cap of $41 billion, providing regulated electric, gas, and steam delivery services [1] Performance Overview - ED shares have outperformed the broader market, gaining 18.9% over the past year compared to the S&P 500 Index's 11.8% increase [2] - In 2026, ED's stock rose 14.5%, surpassing the S&P 500's marginal drop on a year-to-date basis [2] Dividend Information - On January 27, ED declared a quarterly dividend of $0.8875 per share, raising the annualized dividend to $3.55 per share, marking the 52nd consecutive year of dividend growth [5] Earnings Expectations - Analysts expect ED's EPS to grow 4.8% to $5.66 on a diluted basis for the current fiscal year ending in December [6] - The company's earnings surprise history is mixed, with three beats and one miss in the last four quarters [6] Analyst Ratings - Among 19 analysts covering ED, the consensus rating is "Hold," with three "Strong Buy," ten "Holds," one "Moderate Sell," and five "Strong Sells" [6] - UBS analyst raised the price target on ED to $112 from $108 while maintaining a "Neutral" rating, indicating an upside potential of 12.6% based on the Street-high price target of $128 [8]

Core Viewpoint - The market anticipates a year-over-year decline in earnings for Consolidated Edison (ED) despite higher revenues, with actual results being crucial for stock price movement [1][2]. Earnings Expectations - Consolidated Edison is expected to report quarterly earnings of $0.84 per share, reflecting a year-over-year decrease of 14.3% [3]. - Revenues are projected to be $3.7 billion, which is an increase of 0.8% compared to the same quarter last year [3]. Estimate Revisions - The consensus EPS estimate has remained unchanged over the last 30 days, indicating stability in analysts' assessments [4]. - A positive Earnings ESP of +0.25% suggests that analysts have recently become more optimistic about the company's earnings prospects [12]. Earnings Surprise History - In the last reported quarter, Consolid Edison was expected to post earnings of $1.76 per share but exceeded expectations with actual earnings of $1.90, resulting in a surprise of +7.95% [13]. - Over the past four quarters, the company has beaten consensus EPS estimates three times [14]. Additional Insights - A positive Earnings ESP is a strong predictor of an earnings beat, especially when combined with a Zacks Rank of 1, 2, or 3 [10]. - The current Zacks Rank for Consolid Edison is 3, indicating a likelihood of beating the consensus EPS estimate [12].

Core Viewpoint - Consolidated Edison, Inc. (NYSE:ED) is recognized as a low-risk stock suitable for retirement portfolios, but analysts maintain a cautious outlook due to limited growth catalysts and potential downside risks compared to peers [1][2]. Financial Outlook - BofA raised the price target for Consolidated Edison to $99 from $96 while reiterating an Underperform rating, indicating a cautious stance despite the approval of a three-year rate plan [2]. - The company plans to invest approximately $72 billion over the next decade to enhance utility operations, promote cleaner energy, and improve climate resilience, which is expected to support annual earnings growth of 5% to 7% [3]. - Dividend growth is anticipated to be in the low-to-mid single digits through at least 2030, with the stock currently yielding around 3.3%, suggesting potential average annual total returns of roughly 7% or higher over time [3]. Business Model and Market Position - Consolidated Edison operates on a business model characterized by steady and predictable revenue, with resilient demand for its services [4]. - The company’s rates are regulated, allowing it to recover capital invested in maintaining and expanding its utility network, which supports its operational stability [4].

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Core Viewpoint - Consolidated Edison, Inc. is set to announce its fiscal Q4 earnings for 2025, with analysts projecting a decline in profit per share compared to the previous year [1][2]. Financial Performance - Analysts expect Consolidated Edison to report a profit of $0.84 per share for Q4 2025, which represents a 14.3% decrease from $0.98 per share in the same quarter last year [2]. - For the current fiscal year ending in December, the expected profit is $5.66 per share, reflecting a 4.8% increase from $5.40 per share in fiscal 2024 [3]. - The company's adjusted EPS for Q3 increased by 13.1% year-over-year to $1.90, surpassing consensus expectations of $1.76 [5]. Stock Performance - Over the past 52 weeks, Consolidated Edison shares have increased by 12.6%, which is lower than the S&P 500 Index's return of 16.9% but higher than the State Street Utilities Select Sector SPDR ETF's increase of 10.2% [4]. - The mean price target for Consolidated Edison is $104.41, indicating a marginal potential upside from current levels [6]. Analyst Ratings - The overall rating for Consolidated Edison stock is "Hold," with 19 analysts covering the stock: three recommend "Strong Buy," ten indicate "Hold," one suggests "Moderate Sell," and five advise "Strong Sell" [6].

Core Viewpoint - Consolidated Edison, Inc. is set to report its 2025 earnings on February 19, 2026, after market closure, indicating a significant upcoming financial disclosure for stakeholders [1]. Company Overview - Consolidated Edison, Inc. operates as a holding company providing a variety of energy-related products and services through its subsidiaries [1]. - The primary subsidiary, Consolidated Edison Company of New York, Inc., offers regulated electric service in New York City and Westchester County, gas service in Manhattan, the Bronx, parts of Queens, and parts of Westchester, as well as steam service in Manhattan [1]. - Orange and Rockland Utilities, Inc. serves customers across a 1,300-square-mile area in southeastern New York State and northern New Jersey, functioning as a regulated utility [1]. - Con Edison Transmission, Inc. focuses on developing and investing in electric transmission projects and is primarily regulated by the Federal Energy Regulatory Commission, owning electric and gas assets through joint ventures [1].

Core Insights - Consolidated Edison's capital investment program is projected to enhance its core infrastructure and operational capabilities, resulting in improved service reliability and resilience against system stresses [1] - The company is pursuing a systematic capital investment plan with a robust expenditure of $38 billion through 2029, aiming for a total investment of $72 billion over the next decade to ensure reliable and clean energy delivery [2][7] Infrastructure Development - The company is constructing the Brooklyn Clean Energy Hub, a transmission substation that will bolster New York's power grid and facilitate the integration of offshore wind resources, with a capacity of up to 1,500 megawatts (MW) expected to be completed by 2028 [4][7] Renewable Energy Expansion - As industries increasingly adopt clean energy, Consolidated Edison is expanding its renewable energy portfolio to capitalize on economic and environmental incentives from the utility-scale renewable energy market [3] Regulatory Challenges - The company's pricing is regulated by state utility authorities, which can impact its ability to recover costs if actual expenses exceed expectations or are disallowed by regulators, potentially affecting earnings visibility [5][7] Stock Performance - In the past month, Consolidated Edison's shares have increased by 3.7%, contrasting with a 3.5% decline in the industry [6]