Idacorp (IDA) investor relations material

Executive summary

• Net income for Q1 2026 was $68.0 million ($1.21 per diluted share), up from $59.6 million ($1.10 per share) in Q1 2025, driven by customer growth, rate changes, and favorable regulatory mechanisms.

• Customer base grew by approximately 15,000 (2.3%) year-over-year, with strong industrial load additions and major projects ramping up.

• Major infrastructure and generation projects, including 250 MW battery storage and new transmission, are advancing as planned.

• Affordability remains a focus, with rates 20%-30% below national average and slower rate increases than CPI.

• No general rate case planned for 2026; large load revenues expected to offset higher costs.

Financial highlights

• Q1 net income increased by over $8 million year-over-year, with diluted EPS up to $1.21, driven by higher retail revenues, customer growth, and base rate increases.

• O&M expenses rose $13.1 million, mainly due to wildfire mitigation and deferred cost amortization, but much was offset by revenues.

• Depreciation and amortization increased by $5.7 million due to infrastructure investment and new battery storage.

• Net power supply expenses decreased, boosting operating income by $13.6 million.

• Cash flows from operations were $75.8 million, down from $124.3 million, mainly due to regulatory asset/liability changes.

Outlook and guidance

• Full-year 2026 EPS guidance reaffirmed at $6.25–$6.45 per diluted share, assuming normal weather and power supply expenses.

• O&M expense expected in the $525M–$535M range; CapEx forecast for 2026 is $1.3B–$1.5B.

• Hydropower generation forecast trimmed to 5.5–7.0 million MWh due to low snowpack.

• Less than $30M of additional tax credit amortization expected for 2026.

• Significant capital investments planned for generation and transmission through 2030.