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- **Strong Q3 Results**: $1.14 EPS driven by operational excellence and regulatory approvals, with electric company earnings up 8%.
- **Capacity Expansion**: 450 MW natural gas generation preapproved; $250M transmission project to enhance reliability and capacity.
- **Load Growth**: 7.5% 2025 target supported by data center and commercial expansion, with Q4 acceleration from delayed customer onboarding.
- **Financial Strength**: 6% EPS CAGR over 10 years, low rates, and strong balance sheet. Dividend growth to align with 5%–7% EPS CAGR.

**【CEO Summary Section】**
- Reported third-quarter consolidated earnings of $1.14 per share, including electric company earnings of $1.20 per share. Operational excellence and regulatory approvals drove strong performance.
- Secured preapproval for 450 MW of natural gas generation in Oklahoma, expected to be operational by 2029. Current 550 MW combustion turbine project remains on track for 2026 completion.
- Customer bills reduced by $6.75/month due to lower fuel costs, maintaining some of the lowest rates in the U.S. Data center load growth and commercial/industrial expansion (e.g., 4.5 MW plastics manufacturer) support 7.5% 2025 load growth.
- Highlighted 10-year 6% EPS CAGR and nonfuel rate increases below inflation, emphasizing affordability and growth.

**【CFO Financial Commentary】**
- Q3 net income: $231 million ($1.14 EPS) vs. $219 million ($1.09 EPS) last year. Electric company net income up 8% to $243 million ($1.20 EPS).
- Year-over-year customer growth of ~1%, with weather-normalized load growth at 6.5% YTD. Full-year load growth expected at 7.5%.
- Updated capital plan includes $250 million Fort Smith to Muskogee transmission line (2027-2029), utilizing CWIP for cost efficiency. Balance sheet strength supports competitive low rates.
- Targeting 5%–7% EPS CAGR, with dividend growth aligned to 65%–70% payout ratio. Q4 guidance update will clarify 2026 rate case timing.

**【Q&A Highlights】**
- **Capital Allocation**: $250M transmission project reflects rolling updates to IRP. New RFPs expected to address 800 MW capacity need by 2030, with potential acceleration from current RFPs.
- **Data Center Growth**: Advanced negotiations with major data center customer; capacity needs will be met through IRP provisions and regulatory filings.
- **Dividend Policy**: Dividend growth rate will align with EPS CAGR post-70% payout ratio achievement. 2026 rate case timing to be determined post-preapproval.
- **Load Growth Timing**: 2025 load growth acceleration in Q4 due to delayed customer onboarding; 2026 growth outlook to be detailed in Q4 update.

OGE Energy Corp. (OGE) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

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