Avista (AVA) investor relations material

Financial strength and growth outlook

• S&P rating outlook improved to stable, reflecting financial strength and regulatory support for strategic priorities.

• Long-term utility earnings growth targeted at 4-6% from the 2025 consolidated earnings guidance midpoint.

• Expected long-term return on equity (ROE) of 9.0%.

• 2025 operating revenue projected at $1.9 billion, with net income of $191 million and diluted EPS of $2.36.

• 2026 non-GAAP utility earnings guidance set at $2.52 to $2.72 per diluted share, assuming normal weather and hydro generation.

Capital investment and infrastructure

• Planned $3.4 billion capital spend from 2026 to 2030, with a 12% hypothetical capital CAGR and 5% base capital CAGR.

• Major allocation to transmission and distribution (47%), generation (20%), and natural gas (13%).

• Hypothetical additional spend of up to $350 million for potential new large load customer integration.

• Signed MOU for 10% ownership in the North Plains Connector, a 3,000 MW, 420-mile HVDC transmission line, with financial commitments expected by 2032.

Regulatory and rate case developments

• Filed a four-year Washington General Rate Case with proposed ROE of 10.2%–10.5% and equity ratio of 48.5%.

• New rates effective in 2026 across Washington, Idaho, and Oregon, with base electric revenue increases ranging from 2% to 11.6%.

• Regulatory mechanisms include decoupling, energy recovery, and wildfire resiliency cost deferrals.

• Recent climate legislation in Washington and Oregon drives clean energy and carbon reduction mandates.