{
  "report_rows": [
    {
      "kpi": "Adjusted EBITDA",
      "prediction": "BEAT",
      "answer": "pred ~$1.43B vs. cons $1.38B",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Adjusted EPS",
      "prediction": "BEAT",
      "answer": "pred ~$2.42 vs. cons $2.31",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FCF before Growth Investments",
      "prediction": "MISS",
      "answer": "pred ~$810M vs. cons $850M",
      "confidence": "LOW"
    }
  ],
  "guide_rows": [
    {
      "kpi": "2026 Adjusted EBITDA guidance",
      "prediction": "UNCHANGED",
      "answer": "guide ~$5.58B vs. cons $5.60B (FY2026)",
      "confidence": "HIGH"
    },
    {
      "kpi": "2026 Adjusted EPS guidance",
      "prediction": "UNCHANGED",
      "answer": "guide ~$8.90 vs. cons $9.00 (FY2026)",
      "confidence": "HIGH"
    },
    {
      "kpi": "2026 FCF before Growth Investments guidance",
      "prediction": "UNCHANGED",
      "answer": "guide ~$3.05B vs. cons $3.05B (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Texas Energy Fund / T.H. Wharton operating-status commentary",
      "prediction": "BETTER",
      "answer": "guide ~415 MW in commercial operation vs. cons 415 MW (2Q26)",
      "confidence": "MEDIUM"
    }
  ],
  "day1_residual_pct": 3.8,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": 5.5,
  "day5_path": "FOLLOW-THROUGH",
  "day5_rationale": "A ~$1.43B EBITDA beat versus ~$1.38B consensus, combined with intact ~$5.58B FY2026 EBITDA guidance versus ~$5.60B consensus, should support upward confidence in the post-acquisition run-rate. The softer ~$810M FCFbG result versus ~$850M consensus is likely viewed as working-capital timing rather than an out-period earnings reset, allowing estimate revisions and valuation support to extend beyond day one.",
  "day5_confidence": "MEDIUM"
}