Announce Results of Each Fund's Special Meeting of Stockholders: Proposal to Liquidate and Dissolve the Fund is Approved
Pursuant to the Plan, each fund will liquidate its portfolio in preparation for one or more distributions of cash to the stockholders of the fund. Once each fund commences liquidating its portfolio, the fund may not pursue its stated investment objective, comply with its investment limitations or engage in normal business activities, except for the purposes of winding up its business and affairs, paying its liabilities and distributing its remaining assets to stockholders.
Each fund plans to direct the transfer agent to close the books on its shares at the close of business on August 22, 2025 (the 'Determination Date'). The proportionate interests of stockholders in the assets of each fund will be fixed on the basis of their respective holdings at the close of business on the Determination Date. Each fund expects the last day of secondary market trading of the fund's shares also will be on or about the Determination Date. Accordingly, it is expected that prior to the opening of business on August 25, 2025, each fund will cease trading on the NYSE. The distribution to shareholders of liquidation proceeds will occur as soon as practicable following the Determination Date. Each fund expects to make a primary distribution of liquidation proceeds to stockholders on or about August 27, 2025.
The proceeds of the liquidation will equal each fund's net asset value after each fund has paid or provided for all of its charges, taxes, expenses and liabilities, including certain costs associated with liquidating the fund. As necessary, each fund may make one or more liquidating distributions after it makes the primary liquidating distribution. Upon payment of the final liquidating distribution, all outstanding shares of each fund will be redeemed without the imposition of any redemption or other transaction fees.
Each liquidation will generally be a taxable event for stockholders that are subject to U.S. federal income tax. Any such stockholder that receives a distribution in the liquidation will generally realize capital gain or loss in an amount equal to the difference between the total amount of the liquidation distribution(s) received and the stockholder's adjusted basis in the fund shares. Please consult your personal tax advisor with regard to the specific tax consequences of the liquidation.
Each fund expects that stockholders will be able to sell their fund shares in the secondary market until the market close on or about the Determination Date. The sale of fund shares in the secondary market will generally be a taxable event for stockholders that are subject to U.S. federal income tax. In addition, customary brokerage charges may apply to such transactions. Each fund expects that, effective as of market close on or about the Determination Date, each fund's shares will no longer be actively traded in the secondary market, and there can be no assurance that there will thereafter be a market for the purchase or sale of the funds' shares.
The funds are closed-end investment companies that trade on the New York Stock Exchange (NYSE) under the following symbols: MAV, MHI, and MIO.
Investments involve risk including possible loss of principal, and an investment should be made with an understanding of the risks involved with owning a particular security or asset class. Interested parties are strongly encouraged to seek advice from qualified tax and financial experts regarding the best options for your particular circumstances.
Victory Capital Services, Inc.
Keep in mind, distribution rates are not guaranteed. A fund's distribution rate may be affected by numerous factors, including changes in actual or projected investment income, the level of undistributed net investment income, if any, and other factors. Shareholders should not draw any conclusions about a fund's investment performance based on a fund's current distributions. Closed-end funds, unlike open-end funds, are not continuously offered. Once issued, common shares of closed-end funds are bought and sold in the open market through a stock exchange and frequently trade at prices lower than their net asset value. Net Asset Value (NAV) is total assets less total liabilities divided by the number of common shares outstanding. For performance data on Pioneer Investments' closed-end funds, please call 800-225-6292 or visit our closed-end pricing page.
Shareholder Inquiries: Please contact your financial advisor.
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PSEG ANNOUNCES SECOND QUARTER 2025 RESULTS
$1.17 PER SHARE NET INCOME $0.77 PER SHARE NON-GAAP OPERATING EARNINGS Maintains 2025 Non-GAAP Operating Earnings Guidance of $3.94 - $4.06 Per Share NEWARK, N.J., Aug. 5, 2025 /PRNewswire/ -- Public Service Enterprise Group (NYSE: PEG) reported the following results for the second quarter and six months ended June 30, 2025: PSEG Consolidated (unaudited)Second Quarter Comparative Results Income Earnings Per Share ($ millions, except per share amounts) 2025 2024 2025 2024 Net Income $585 $434 $1.17 $0.87 Reconciling Items (201) (121) (0.40) (0.24) Non-GAAP Operating Earnings $384 $313 $0.77 $0.63 Average Shares Outstanding (Diluted) 500 500 See Attachments 8 and 9 for a complete list of items excluded from Net Income in the determination of non-GAAP Operating Earnings. PSEG Consolidated (unaudited)Six Months Ended June 30 Comparative Results Income Earnings Per Share ($ millions, except per share amounts) 2025 2024 2025 2024 Net Income $1,174 $966 $2.35 $1.93 Reconciling Items (72) 4 (0.15) 0.01 Non-GAAP Operating Earnings $1,102 $970 $2.20 $1.94 Average Shares Outstanding (Diluted) 500 500 See Attachments 8 and 9 for a complete list of items excluded from Net Income in the determination of non-GAAP Operating Earnings. "PSEG's financial and operating results for the second quarter and first half of 2025 provide us with a solid base to confidently deliver on our full-year 2025 non-GAAP Operating Earnings guidance of $3.94 to $4.06 per share, which is up 9% at the midpoint over 2024 results. Our financial outlook for 2025 includes a full year of new distribution rates from our 2024 distribution rate case settlement and an upcoming refueling outage at our 100%-owned Hope Creek nuclear unit this fall, when we will perform the work needed to extend its fuel cycle from 18 to 24 months. This work at Hope Creek is the first of several steps we are taking to optimize our plants, providing the grid with more reliable, 24x7 carbon-free power between now and the next scheduled refueling in the fall of 2027. We continue to be on-track to execute on our full-year, $3.8 billion regulated investment program as PSEG continues to pursue opportunities to grow our existing 5% to 7% compound annual growth outlook for non-GAAP Operating Earnings over the 2025 to 2029 period, including the potential to contract our nuclear output under multi-year agreements," said Ralph LaRossa, PSEG's chair, president and CEO. LaRossa continued, "We successfully operated through three consecutive days of 100°F temperatures prompting high electricity usage that set a summer peak load of 10,229 MW on June 24th, the highest system load we have experienced since 2013. The value of our infrastructure and storm restoration efforts benefited customers during a series of intense storms, providing yet another validation of our investments in the system to maintain reliability. Our utility crews in New Jersey and on Long Island have worked tirelessly to safely keep the lights on, restoring service to interrupted customers on a timely basis, redirecting employees from non-emergency work to focus on emergent service requests, and deploying mutual aid to reinforce our local crews to restore service to customers even faster. I could not be prouder of our team's work and these results." "PSE&G continues to prioritize meeting our customers' expectations on both the reliability and affordability fronts. Our customers are seeing the electric rate impact of last year's PJM's capacity auction, which is just now translating into summer utility bills. Partnering with the New Jersey Board of Public Utilities (BPU), PSE&G has implemented a Summer Relief Initiative providing all residential customers with deferred billing during two high usage summer months, shifting collection of that deferral to lower electric usage months, with no interest charged to customers. PSE&G has also extended shut-off protections for income qualified customers and suspended electric re-connect fees through September 30. We continue to connect our customers in need of payment assistance with all available resources, including our award-winning energy efficiency programs to help lower usage," LaRossa concluded. Other Items On July 22, PJM released their latest auction results, which priced capacity at $329 per megawatt-day (MW-day) for the 2026/2027 energy year. Looking ahead to June 1, 2026, we anticipate a near-flat impact on customer electric bills when this latest price is feathered into New Jersey's default supply rates, assuming other supply related costs remain the same. The resource adequacy challenges in New Jersey and across the entire 13-state PJM region are becoming more acute as demand grows and new generation is slow to respond. We look forward to partnering with New Jersey on long-term, comprehensive solutions that can meet our growing demand and improve resource adequacy while safeguarding affordability and reliability. Also in July 2025, federal tax legislation preserved the downside price protection of the nuclear production tax credit (PTC) as well as the PTC availability for expansions of nuclear capacity, which supports our planned power uprate at Salem. In addition, the legislation also permanently extends 100% bonus depreciation to qualified business property. PSEG Results by Segment (unaudited)Second Quarter and Six Months Ended June 30, Comparative Results ($ millions) 2Q 2025 2Q 2024 YTD 2025 YTD 2024 PSE&G Net Income/Non-GAAP Operating Earnings $332 $302 $878 $790 PSEG Power & Other Net Income 253 132 296 176 Total PSEG Net Income $585 $434 $1,174 $966PSEG Power & Other Non-GAAP Operating Earnings $52 $11 $224 $180 Total PSEG Non-GAAP Operating Earnings $384 $313 $1,102 $970 PSE&G's results for the second quarter reflect new electric and gas base rates in effect following the October 2024 settlement of PSE&G's distribution rate case compared with the year-ago quarter in 2024, partly offset by higher expenses and the timing of taxes. PSE&G continues to observe significant increases in large load inquiries for new service connections. These inquiries grew to over 9,400 megawatts as of June 30, 2025, up from 6,400 MW reported at the end of March, driven largely by existing and prospective data center customers. Our engineering assessment response is still averaging about four months, aligning with PSE&G's commitment to support New Jersey's economic development. To the extent these large load prospects convert into new utility customers in the future, fixed costs are spread over a larger user base, which helps to lower existing customer bills. Results for PSEG Power & Other reflect higher nuclear output for the second quarter of 2025. PSEG Nuclear generated approximately 7.5 terawatt hours (TWh) of energy during the second quarter, up 0.5 TWh over the same period in 2024, reflecting the 2024 spring refueling outage at Hope Creek. On July 22, PJM notified PSEG Nuclear that it had cleared approximately 3,500 MW of its eligible nuclear capacity in the 2026/2027 base residual auction, which priced capacity at $329/MW-day, up from approximately $270/MW-day, for a similar amount of capacity in the 2025/2026 capacity auction. For the second half of 2025, results at PSEG Power & Other will be impacted by this fall's scheduled Hope Creek outage and the completion of the three-year zero emission certificate award that ended on May 31, offset by higher capacity revenues related to the 2025/2026 auction results during the second half of 2025. PSEG will host a conference call to review its second quarter 2025 results, earnings guidance, and other matters with the financial community at 11:00 a.m. ET today. Please register to access this event by visiting: Media Relations: Investor Relations:(973) 430-7734 (973) 430-6565 PSEG-IR-GeneralInquiry@ PSEGPublic Service Enterprise Group (PSEG) (NYSE: PEG) is a predominantly regulated infrastructure company operating New Jersey's largest transmission and distribution utility, serving approximately 2.4 million electric and 1.9 million natural gas customers. PSEG also owns an independent fleet of 3,758 MW of carbon-free, baseload nuclear power generating units in NJ and PA. Guided by its Powering Progress vision, PSEG aims to power a future where people use less energy, and it's cleaner, safer and delivered more reliably than ever. PSEG is a member of the S&P 500 Index and has been named to the Dow Jones Sustainability North America Index for 17 consecutive years. PSEG's businesses include Public Service Electric and Gas Co. (PSE&G), PSEG Power and PSEG Long Island ( Non-GAAP Financial MeasuresManagement uses non-GAAP Operating Earnings in its internal analysis, and in communications with investors and analysts, as a consistent measure for comparing PSEG's financial performance to previous financial results. Non-GAAP Operating Earnings exclude the impact of gains (losses) associated with the Nuclear Decommissioning Trust (NDT), Mark-to-Market (MTM) accounting and other material infrequent items. See Attachments 8 and 9 for a complete list of items excluded from Net Income in the determination of non-GAAP Operating Earnings. The presentation of non-GAAP Operating Earnings is intended to complement and should not be considered an alternative to the presentation of Net Income, which is an indicator of financial performance determined in accordance with GAAP. In addition, non-GAAP Operating Earnings as presented in this report may not be comparable to similarly titled measures used by other companies. Due to the forward-looking nature of non-GAAP Operating Earnings guidance, PSEG is unable to reconcile this non-GAAP financial measure to the most directly comparable GAAP financial measure because comparable GAAP measures are not reasonably accessible or reliable due to the inherent difficulty in forecasting and quantifying measures that would be required for such reconciliation. Namely, we are not able to reliably project without unreasonable effort MTM and NDT gains (losses), for future periods due to market volatility. These items are uncertain, depend on various factors, and may have a material impact on our future GAAP results. Forward-Looking StatementsCertain of the matters discussed in this report about our and our subsidiaries' future performance, including, without limitation, future revenues, earnings, strategies, prospects, consequences, and all other statements that are not purely historical constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from those anticipated. Such statements are based on management's beliefs as well as assumptions made by and information currently available to management. When used herein, the words "anticipate," "intend," "estimate," "believe," "expect," "plan," "should," "hypothetical," "potential," "forecast," "project," variations of such words and similar expressions are intended to identify forward-looking statements. Factors that may cause actual results to differ are often presented with the forward-looking statements themselves. Other factors that could cause actual results to differ materially from those contemplated in any forward-looking statements made by us herein are discussed in filings we make with the United States Securities and Exchange Commission (SEC), including our Annual Report on Form 10-K and subsequent reports on Form 10-Q and Form 8-K. These factors include, but are not limited to: any inability to successfully develop, obtain regulatory approval for, or construct transmission and distribution, and our nuclear generation projects; the physical, financial and transition risks related to climate change, including risks relating to potentially increased legislative and regulatory burdens, changing customer preferences and lawsuits; any equipment failures, accidents, critical operating technology or business system failures, natural disasters, severe weather events, acts of war, terrorism or other acts of violence, sabotage, physical attacks or security breaches, cyberattacks or other incidents that may impact our ability to provide safe and reliable service to our customers; any inability to recover the carrying amount of our long-lived assets; disruptions or cost increases in our supply chain, including labor shortages; any inability to maintain sufficient liquidity or access sufficient capital on commercially reasonable terms; the impact of cybersecurity attacks or intrusions or other disruptions to our information technology, operational or other systems; an increasing demand for power and load growth, potentially compounded by a shift away from natural gas toward increased electrification; failure to attract and retain a qualified workforce; increases in the costs of equipment, materials, fuel, services and labor; the impact of our covenants in our debt instruments and credit agreements on our business; adverse performance of our defined benefit plan trust funds and Nuclear Decommissioning Trust Fund and increases in funding requirements; any inability to enter into or extend certain significant contracts; development, adoption and use of Artificial Intelligence by us and our third-party vendors; fluctuations in, or third-party default risk in wholesale power and natural gas markets, including the potential impacts on the economic viability of our generation units; the ability to obtain adequate nuclear fuel supply; changes in technology related to energy generation, distribution and consumption and changes in customer usage patterns; third-party credit risk relating to our sale of nuclear generation output and purchase of nuclear fuel; any inability to meet our commitments under forward sale obligations and Regional Transmission Organization rules; the impact of changes in state and federal legislation and regulations on our business, including PSE&G's ability to recover costs and earn returns on authorized investments; PSE&G's proposed investment projects or programs may not be fully approved by regulators and its capital investment may be lower than planned; our ability to receive sufficient financial support for our New Jersey nuclear plants from the markets, production tax credit and/or zero emission certificates program; adverse changes in and non-compliance with energy industry laws, policies, regulations and standards, including market structures and transmission planning and transmission returns; risks associated with our ownership and operation of nuclear facilities and third-party operation of co-owned nuclear facilities, including increased nuclear fuel storage costs, regulatory risks, such as compliance with the Atomic Energy Act and trade control, environmental and other regulations, as well as operational, financial, environmental and health and safety risks; changes in federal, state and local environmental laws and regulations and enforcement; delays in receipt of, or an inability to receive, necessary licenses and permits and siting approvals; and changes in tax laws and regulations. All of the forward-looking statements made in this report are qualified by these cautionary statements and we cannot assure you that the results or developments anticipated by management will be realized or even if realized, will have the expected consequences to, or effects on, us or our business, prospects, financial condition, results of operations or cash flows. Readers are cautioned not to place undue reliance on these forward-looking statements in making any investment decision. Forward-looking statements made in this report apply only as of the date of this report. While we may elect to update forward-looking statements from time to time, we specifically disclaim any obligation to do so, even in light of new information or future events, unless otherwise required by applicable securities laws. The forward-looking statements contained in this report are intended to qualify for the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. From time to time, PSEG and PSE&G release important information via postings on their corporate Investor Relations website at Investors and other interested parties are encouraged to visit the Investor Relations website to review new postings. You can sign up for automatic email alerts regarding new postings at the bottom of the webpage at or by navigating to the Email Alerts webpage here. The information on and is not incorporated herein and is not part of this press release or the Form 8-K to which it is an exhibit. Attachment 1Public Service Enterprise Group Incorporated Consolidating Statements of Operations (Unaudited, $ millions, except per share data) Three Months Ended June 30, 2025 PSEGEliminationsPSE&GPSEG Power & Other(a)OPERATING REVENUES $ 2,805$ (146)$ 2,031$ 920OPERATING EXPENSES Energy Costs826(146)760212 Operation and Maintenance854-504350 Depreciation and Amortization308-27533 Total Operating Expenses1,988(146)1,539595OPERATING INCOME817-492325Net Gains (Losses) on Trust Investments95--95Net Other Income (Deductions)46(1)1631Net Non-Operating Pension and OPEB Credits (Costs)16-18(2)Interest Expense(248)1(161)(88)INCOME BEFORE INCOME TAXES 726-365361Income Tax Expense(141)-(33)(108)NET INCOME$ 585$ -$ 332$ 253 Reconciling Items Excluded from Net Income(b)(201)--(201)OPERATING EARNINGS (non-GAAP)$ 384$ -$ 332$ 52Earnings Per ShareNET INCOME$ 1.17 Reconciling Items Excluded from Net Income(b)(0.40)OPERATING EARNINGS (non-GAAP)$ 0.77Three Months Ended June 30, 2024 PSEGEliminationsPSE&GPSEG Power & Other(a)OPERATING REVENUES $ 2,423$ (125)$ 1,863$ 685OPERATING EXPENSES Energy Costs732(125)683174 Operation and Maintenance824-466358 Depreciation and Amortization285-24738 Total Operating Expenses1,841(125)1,396570OPERATING INCOME 582-467115Income from Equity Method Investments1--1Net Gains (Losses) on Trust Investments7--7Net Other Income (Deductions)47(2)1633Net Non-Operating Pension and OPEB Credits (Costs)18-19(1)Interest Expense(218)2(141)(79)INCOME BEFORE INCOME TAXES 437-36176Income Tax (Expense) Benefit(3)-(59)56NET INCOME$ 434$ -$ 302$ 132 Reconciling Items Excluded from Net Income(b)(121)--(121)OPERATING EARNINGS (non-GAAP)$ 313$ -$ 302$ 11Earnings Per ShareNET INCOME$ 0.87 Reconciling Items Excluded from Net Income(b)(0.24)OPERATING EARNINGS (non-GAAP)$ 0.63 (a) Includes activities at PSEG Power, PSEG Long Island, Energy Holdings, PSEG Services Corporation and the Parent. (b) See Attachments 8 and 9 for details of items excluded from Net Income to compute Operating Earnings (non-GAAP). Attachment 2Public Service Enterprise Group Incorporated Consolidating Statements of Operations (Unaudited, $ millions, except per share data) Six Months Ended June 30, 2025 PSEGEliminationsPSE&GPSEG Power & Other(a)OPERATING REVENUES $ 6,027$ (680)$ 4,695$ 2,012OPERATING EXPENSES Energy Costs2,012(680)1,854838 Operation and Maintenance1,773-1,080693 Depreciation and Amortization628-55573 Total Operating Expenses4,413(680)3,4891,604OPERATING INCOME1,614-1,206408Net Gains (Losses) on Trust Investments103--103Net Other Income (Deductions)83(2)3253Net Non-Operating Pension and OPEB Credits (Costs)32-35(3)Interest Expense(489)2(318)(173)INCOME BEFORE INCOME TAXES 1,343-955388Income Tax Expense(169)-(77)(92)NET INCOME$ 1,174$ -$ 878$ 296 Reconciling Items Excluded from Net Income(b)(72)--(72)OPERATING EARNINGS (non-GAAP)$ 1,102$ -$ 878$ 224Earnings Per ShareNET INCOME$ 2.35 Reconciling Items Excluded from Net Income(b)(0.15)OPERATING EARNINGS (non-GAAP)$ 2.20Six Months Ended June 30, 2024 PSEGEliminationsPSE&GPSEG Power & Other(a)OPERATING REVENUES $ 5,183$ (570)$ 4,196$ 1,557OPERATING EXPENSES Energy Costs1,729(570)1,611688 Operation and Maintenance1,607-931676 Depreciation and Amortization580-50476 Total Operating Expenses3,916(570)3,0461,440OPERATING INCOME1,267-1,150117Income from Equity Method Investments1--1Net Gains (Losses) on Trust Investments102--102Net Other Income (Deductions)82(3)3253Net Non-Operating Pension and OPEB Credits (Costs)37-38(1)Interest Expense(423)3(279)(147)INCOME BEFORE INCOME TAXES 1,066-941125Income Tax (Expense) Benefit(100)-(151)51NET INCOME$ 966$ -$ 790$ 176 Reconciling Items Excluded from Net Income(b)4--4OPERATING EARNINGS (non-GAAP)$ 970$ -$ 790$ 180Earnings Per ShareNET INCOME$ 1.93 Reconciling Items Excluded from Net Income(b)0.01OPERATING EARNINGS (non-GAAP)$ 1.94 (a) Includes activities at PSEG Power, PSEG Long Island, Energy Holdings, PSEG Services Corporation and the Parent. (b) See Attachments 8 and 9 for details of items excluded from Net Income to compute Operating Earnings (non-GAAP). Attachment 3Public Service Enterprise Group Incorporated Capitalization Schedule (Unaudited, $ millions)June 30,December 31,20252024 DEBTCommercial Paper and Loans $ 650$ 1,593Long-Term Debt* 22,63921,114 Total Debt 23,28922,707 STOCKHOLDERS' EQUITY Common Stock 5,0295,057Treasury Stock (1,373)(1,403)Retained Earnings 13,13812,593Accumulated Other Comprehensive Loss (123)(133) Total Stockholders' Equity 16,67116,114 Total Capitalization $ 39,960$ 38,821 *Includes current portion of Long-Term Debt Attachment 4 Public Service Enterprise Group Incorporated Condensed Consolidated Statements of Cash Flows (Unaudited, $ millions) Six Months Ended June 30, 20252024 Cash Flows From Operating Activities Net Income $ 1,174$ 966 Adjustments to Reconcile Net Income to Net Cash Flows From Operating Activities 353177 Net Cash Provided By (Used In) Operating Activities 1,5271,143 Net Cash Provided By (Used In) Investing Activities (1,388)(1,612) Net Cash Provided By (Used In) Financing Activities (78)515 Net Change in Cash, Cash Equivalents and Restricted Cash 6146 Cash, Cash Equivalents and Restricted Cash at Beginning of Period 15499 Cash, Cash Equivalents and Restricted Cash at End of Period $ 215$ 145 Attachment 5Public Service Electric & Gas Company Retail Sales (Unaudited) June 30, 2025Electric SalesThree Months Change Months Change vs. Sales (millions kWh) Ended2024Ended2024 Residential 3,142(7 %)6,432(0 %) Commercial & Industrial 6,252(2 %)12,830(1 %) Other 61(14 %)162(5 %) Total 9,455(4 %)19,424(1 %)Gas Sold and Transported Three MonthsChange MonthsChange vs. Sales (millions therms) Ended2024Ended2024 Firm SalesResidential Sales 195(2 %)94210 % Commercial & Industrial 1611 %6568 % Total Firm Sales 356(1 %)1,5989 % Non-Firm Sales*Commercial & Industrial 34681 %47630 % Total Non-Firm Sales 346476 Total Sales 70228 %2,07414 % *Contract Service Gas rate included in non-firm salesWeather Data* Three MonthsChange MonthsChange THI Hours - Actual 5,043(14 %)5,121(13 %) THI Hours - Normal 4,1714,192 Degree Days - Actual 373(7 %)2,7499 % Degree Days - Normal 4702,955*Winter weather as defined by heating degree days (HDD) to serve as a measure for the need for heating. For each day, HDD is calculated as HDD = 65°F – the average hourly daily temperature. The measures use data provided by the National Oceanic and Atmospheric Administration based on readings from Newark Liberty International Airport. Comparisons to normal are based on twenty years of historic data. Attachment 6Nuclear Generation Measures (Unaudited)GWh BreakdownGWh BreakdownThree Months EndedSix Months Ended June 30,June 30, 2025202420252024 Nuclear - NJ 4,6704,17810,1349,515 Nuclear - PA 2,8412,8295,7325,692 7,5117,00715,86615,207 Attachment 7 Public Service Enterprise Group Incorporated Statistical Measures (Unaudited)Three Months Ended June 30,Six Months Ended June 30,2025202420252024 Weighted Average Common Shares Outstanding (millions) Basic499498499498Diluted500500500500 Stock Price at End of Period $84.18$73.70 Dividends Paid per Share of Common Stock $0.63$0.60$1.26$1.20 Dividend Yield3.0 %3.3 % Book Value per Common Share $33.43$31.79 Market Price as a Percent of Book Value 252 %232 % Attachment 8Public Service Enterprise Group Incorporated Consolidated Operating Earnings (non-GAAP) Reconciliation Reconciling Items Three Months Ended Six Months Ended June 30, June 30, 2025202420252024($ millions, Unaudited) Net Income$ 585$ 434$ 1,174$ 966 (Gain) Loss on Nuclear Decommissioning Trust (NDT) Fund Related Activity, pre-tax (108)(13)(120)(108) (Gain) Loss on Mark-to-Market (MTM), pre-tax(a) (190)(159)(2)99 Lease Related Activity, pre-tax ---(4) Income Taxes related to Operating Earnings (non-GAAP) reconciling items(b) 97515017Operating Earnings (non-GAAP) $ 384$ 313$ 1,102$ 970 PSEG Fully Diluted Average Shares Outstanding (in millions) 500500500500($ Per Share Impact - Diluted, Unaudited) Net Income$ 1.17$ 0.87$ 2.35$ 1.93 (Gain) Loss on NDT Fund Related Activity, pre-tax (0.22)(0.03)(0.25)(0.22) (Gain) Loss on MTM, pre-tax(a) (0.38)(0.32)-0.20 Lease Related Activity, pre-tax ---(0.01) Income Taxes related to Operating Earnings (non-GAAP) reconciling items(b) 0.200.110.100.04Operating Earnings (non-GAAP) $ 0.77$ 0.63$ 2.20$ 1.94(a) Includes the financial impact from positions with forward delivery months. (b) Income tax effect calculated at the statutory rate except for qualified NDT related activity, which records an additional 20% trust tax on income (loss) from qualified NDT Funds, and lease related activity. Attachment 9PSEG Power & Other Operating Earnings (non-GAAP) Reconciliation Three Months Ended Six Months Ended Reconciling Items June 30, June 30, 2025202420252024($ millions, Unaudited) Net Income $ 253$ 132$ 296$ 176 (Gain) Loss on NDT Fund Related Activity, pre-tax (108)(13)(120)(108) (Gain) Loss on MTM, pre-tax(a) (190)(159)(2)99 Lease Related Activity, pre-tax ---(4) Income Taxes related to Operating Earnings (non-GAAP) reconciling items(b) 97515017Operating Earnings (non-GAAP) $ 52$ 11$ 224$ 180 PSEG Fully Diluted Average Shares Outstanding (in millions) 500500500500 (a) Includes the financial impact from positions with forward delivery months.(b) Income tax effect calculated at the statutory rate except for qualified NDT related activity, which records an additional 20% trust tax on income (loss) from qualified NDT Funds, and lease related activity. View original content to download multimedia: SOURCE PSEG Sign in to access your portfolio
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Pfizer (NYSE:PFE) Reports Upbeat Q2
Global pharmaceutical company Pfizer (NYSE:PFE) announced better-than-expected revenue in Q2 CY2025, with sales up 10.3% year on year to $14.65 billion. The company expects the full year's revenue to be around $62.5 billion, close to analysts' estimates. Its non-GAAP profit of $0.78 per share was 35.9% above analysts' consensus estimates. Is now the time to buy Pfizer? Find out in our full research report. Pfizer (PFE) Q2 CY2025 Highlights: Revenue: $14.65 billion vs analyst estimates of $13.58 billion (10.3% year-on-year growth, 7.9% beat) Adjusted EPS: $0.78 vs analyst estimates of $0.57 (35.9% beat) The company reconfirmed its revenue guidance for the full year of $62.5 billion at the midpoint Management raised its full-year Adjusted EPS guidance to $3 at the midpoint, a 3.4% increase Operating Margin: 20.8%, down from 22.4% in the same quarter last year Organic Revenue rose 10% year on year (3% in the same quarter last year) Market Capitalization: $133.8 billion Company Overview With roots dating back to 1849 when two German immigrants opened a fine chemicals business in Brooklyn, Pfizer (NYSE:PFE) is a global biopharmaceutical company that discovers, develops, manufactures, and sells medicines and vaccines for a wide range of diseases and conditions. Revenue Growth A company's long-term sales performance is one signal of its overall quality. Any business can put up a good quarter or two, but many enduring ones grow for years. Luckily, Pfizer's sales grew at a decent 8.2% compounded annual growth rate over the last five years. Its growth was slightly above the average healthcare company and shows its offerings resonate with customers. Long-term growth is the most important, but within healthcare, a half-decade historical view may miss new innovations or demand cycles. Pfizer's recent performance marks a sharp pivot from its five-year trend as its revenue has shown annualized declines of 9.8% over the last two years. Pfizer also reports organic revenue, which strips out one-time events like acquisitions and currency fluctuations that don't accurately reflect its fundamentals. Over the last two years, Pfizer's organic revenue averaged 5.2% year-on-year declines. Because this number is better than its two-year revenue growth, we can see that some mixture of divestitures and foreign exchange rates dampened its headline results. This quarter, Pfizer reported year-on-year revenue growth of 10.3%, and its $14.65 billion of revenue exceeded Wall Street's estimates by 7.9%. Looking ahead, sell-side analysts expect revenue to decline by 3.3% over the next 12 months. Although this projection is better than its two-year trend, it's hard to get excited about a company that is struggling with demand. Today's young investors likely haven't read the timeless lessons in Gorilla Game: Picking Winners In High Technology because it was written more than 20 years ago when Microsoft and Apple were first establishing their supremacy. But if we apply the same principles, then enterprise software stocks leveraging their own generative AI capabilities may well be the Gorillas of the future. So, in that spirit, we are excited to present our Special Free Report on a profitable, fast-growing enterprise software stock that is already riding the automation wave and looking to catch the generative AI next. Operating Margin Pfizer's operating margin has risen over the last 12 months and averaged 29.9% over the last five years. On top of that, its profitability was top-notch for a healthcare business, showing it's an well-run company with an efficient cost structure. Analyzing the trend in its profitability, Pfizer's operating margin of 25.9% for the trailing 12 months may be around the same as five years ago, but it has decreased by 7.3 percentage points over the last two years. This dynamic unfolded because it failed to adjust its fixed costs while demand fell. This quarter, Pfizer generated an operating margin profit margin of 20.8%, down 1.6 percentage points year on year. This reduction is quite minuscule and indicates the company's overall cost structure has been relatively stable. Earnings Per Share Revenue trends explain a company's historical growth, but the long-term change in earnings per share (EPS) points to the profitability of that growth – for example, a company could inflate its sales through excessive spending on advertising and promotions. Pfizer's EPS grew at an unimpressive 3.3% compounded annual growth rate over the last five years, lower than its 8.2% annualized revenue growth. However, its operating margin didn't change during this time, telling us that non-fundamental factors such as interest and taxes affected its ultimate earnings. Diving into the nuances of Pfizer's earnings can give us a better understanding of its performance. A five-year view shows Pfizer has diluted its shareholders, growing its share count by 1.5%. This has led to lower per share earnings. Taxes and interest expenses can also affect EPS but don't tell us as much about a company's fundamentals. In Q2, Pfizer reported adjusted EPS at $0.78, up from $0.60 in the same quarter last year. This print easily cleared analysts' estimates, and shareholders should be content with the results. Over the next 12 months, Wall Street expects Pfizer's full-year EPS of $3.39 to shrink by 15%. Key Takeaways from Pfizer's Q2 Results We were impressed by how significantly Pfizer blew past analysts' organic revenue expectations this quarter. We were also excited its EPS outperformed Wall Street's estimates by a wide margin. On the other hand, its full-year EPS guidance was in line. Zooming out, we think this was a solid print. The stock traded up 1.9% to $23.99 immediately after reporting. Indeed, Pfizer had a rock-solid quarterly earnings result, but is this stock a good investment here? The latest quarter does matter, but not nearly as much as longer-term fundamentals and valuation, when deciding if the stock is a buy. We cover that in our actionable full research report which you can read here, it's free. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
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- Business Wire
Vecima to Highlight Efficient, AI-powered Video Streaming and Innovative Monetization Solutions at IBC 2025
VICTORIA, British Columbia--(BUSINESS WIRE)--Vecima Networks Inc. (TSX: VCM) today announced its MediaScale™ solution line-up for IBC 2025 in Amsterdam, highlighting multiple video industry innovations, including KeyFrame and MediaScale Open CDN. The KeyFrame Media Optimization solution enables Content Providers to elevate video quality using real-time generative AI while simultaneously reducing bitrates. This patented technology not only continues to ensure true 1080p and 4K resolution but also features advanced capabilities such as denoising and artifact removal, spatial and temporal anti-aliasing, and artifact-free upscaling. In addition, it can significantly reduce bitrates, resulting in efficiencies in both storage and transmission. Blue Stream Fiber, Florida's fastest-growing fiber-optic telecommunications provider, recently announced its deployment of KeyFrame to enhance the video quality streaming experience for subscribers of its Blue Stream Fiber TV service. With the MediaScale Open CDN solution, Content Providers can improve video streaming quality and cut public CDN costs, and Broadband Service Providers can reduce streaming congestion and monetize the content they're already delivering. Open CDN delivers video streaming at the highest available bitrates, with reduced rebuffering, while providing the lowest cost of ownership available. The subscriber's viewing experience is improved significantly since the content is cached deep inside the operator's network ― much closer to the subscriber than is currently possible using public CDNs. Vecima's existing edge caching technology currently enables a broad set of operators around the world to deliver high-quality IP video content to millions of subscribers. Through the application of Open Caching technology, this large cache footprint can be used to bring significant value to content providers and improve customer satisfaction to millions of video subscribers. MediaScale Ad Monetization with Dynamic Content helps Broadband Service Providers gain control over content by supporting content rights, blackouts, and advertising. By manipulating content at the edge of the network, operators can deliver more efficient, personalized video content and more opportunities to monetize that content with targeted, high-value ads. 'Vecima's MediaScale platform is used by operators around the world and continues to be the model for reliable, flexible, and simplified video streaming,' said Paul Strickland, Vice President and General Manager, Vecima Content Delivery & Storage. 'We're helping content owners and service providers alike reduce churn, drive greater revenues, and increase subscriber satisfaction with our comprehensive platform of video delivery solutions.' Visit Vecima at IBC 2025, September 12-15, at the RAI in Amsterdam Stand B15 in Hall 1 About Vecima Networks Vecima Networks Inc. (TSX: VCM) is leading the global evolution to the multigigabit, content-rich networks of the future. Our talented people deliver future-ready software, services, and integrated platforms that power broadband and video streaming networks, monitor and manage transportation, and transform experiences in homes, businesses, and everywhere people connect. We help our customers evolve their networks with cloud-based solutions that deliver ground-breaking speed, superior video quality, and exciting new services to their subscribers. Learn more at This news release contains forward-looking statements within the meaning of applicable Canadian securities laws. Forward-looking statements include, but are not limited to, statements regarding Vecima's business strategies and objectives, and the anticipated benefits, performance, capabilities, availability or adoption of its products and services. Such statements reflect current expectations and assumptions about future events and are subject to risks and uncertainties. Vecima undertakes no obligation to update any forward-looking statements unless required by law.
