Idacorp (IDA) investor relations material

Executive summary

• Net income for Q2 2025 was $95.8 million ($1.76 per diluted share), up from $89.5 million ($1.71 per share) in Q2 2024, driven by customer growth, higher usage, rate changes, and tax credits.

• Customer base grew 2.5% year-over-year, with over 7,500 new customers in the first half and strong growth from technology, food processing, mining, and warehousing sectors.

• Major infrastructure projects advanced, including the Boardman-to-Hemingway transmission line and new battery storage facilities; significant investments in solar, wind, and storage resources are underway.

• Filed a general rate case in Idaho seeking a $199.1 million (13.09%) annual revenue increase, with a 51% equity ratio and 10.4% ROE.

• Benefits were partially offset by higher O&M, depreciation, and financing costs due to infrastructure investments and inflation.

Financial highlights

• Net income increased by $6.3 million in Q2 year-over-year; six-month net income rose to $155.4 million from $137.7 million.

• Retail revenues per MWh and customer growth drove higher operating income, with Q2 retail revenues up $11.8 million and first half up $24.8 million.

• O&M expenses rose by $11.1 million in Q2, mainly from labor and wildfire mitigation; depreciation and amortization increased by $6.4 million in Q2.

• Additional ADITC amortization contributed $9.8 million in Q2 and $16.5 million for the first half, reducing income tax expense.

• Operating cash flows for the first half of 2025 were $301 million, $45 million higher year-over-year.

Outlook and guidance

• 2025 EPS guidance is $5.70–$5.85 per diluted share, assuming $60–$77 million in additional tax credit amortization and normal weather/power supply expenses.

• O&M expense guidance is $465–$475 million; capital expenditures forecasted at $1.0–$1.1 billion for 2025.

• Hydropower generation forecast updated to 7–8 million MWh for 2025 due to dry weather.

• Management expects continued customer and load growth, with significant capital expenditures planned for infrastructure and resource additions through 2029.

• Ongoing regulatory proceedings, including the Idaho general rate case and resource procurement filings, will impact future earnings and cash flows.