The stock declined 2.1% following earnings as investors appear cautious despite steady operational execution; lack of clear upside catalysts and ongoing capital intensity likely weighed on sentiment.

• Q1 earnings per share rose to $2.45, up $0.18 year-over-year, driven primarily by rate-based growth and utility operations.
• Weather negatively impacted earnings by approximately $0.02 compared to prior year quarter, with total electric sales growth of 1.3%, aligned with expectations.
• Capital investments remain substantial with a 5-year plan of $37.5 billion, including large infrastructure projects scheduled through 2030, keeping equity issuance on track to fund growth.
• 2026 guidance reaffirmed at $5.51 to $5.61 per share, with Q2 expected between $0.76 and $0.82 per share assuming normal weather.
• Dividend increased 6.7%, in line with consistent longer-term growth targets, though anticipated margin pressures and no material acceleration in growth may limit near-term investor enthusiasm.