Idacorp (IDA) investor relations material

Executive summary

• Net income for Q2 2026 was $102.6 million ($1.79 per diluted share), up from $95.8 million ($1.76 per share) in Q2 2025, with six-month net income at $170.6 million, driven by customer growth, rate changes, and large contract customer revenues.

• Customer count grew by 2.3% year-over-year, with strong industrial load additions and major customer construction projects underway.

• Major projects advanced, including 250 MW of battery storage brought online in June 2026, new natural gas and solar facilities, and transmission lines, with several regulatory approvals pending.

Financial highlights

• Operating revenues for Q2 2026 were $469.8 million, up from $450.9 million in Q2 2025; six-month revenues were $873.2 million, slightly down from $883.3 million year-over-year due to lower wholesale sales.

• Retail revenues rose $33.1 million in Q2 and $39.6 million in the first half, mainly from base rate increases and customer growth.

• Large contract customer revenues increased operating income by $6.5 million in Q2 2026, aided by a new contract effective June 1, 2026.

• O&M expense rose by nearly $12 million in Q2, mainly due to amortization of deferred costs and wildfire mitigation.

• Depreciation and amortization expense increased by $5.2 million in Q2 2026 due to higher plant-in-service and infrastructure investment.

Outlook and guidance

• 2026 EPS guidance raised to $6.30–$6.45 per diluted share, reflecting strong operational results and assuming less than $15 million in additional ADITC amortization.

• Full-year O&M expense expected in the $525–$535 million range; CapEx forecasted at $1.3–$1.5 billion for 2026, trending toward the high end.

• Hydropower generation guidance trimmed to 5.5–6.5 million MWh due to dry conditions.

• Significant capital expenditures planned for new generation and transmission projects through 2030, with $3.6–$4.1 billion expected for 2028–2030.

• Regulatory filings for new resources and large customer contracts are pending, with further rate base growth anticipated.