Portland General Electric Company (POR) investor relations material

Executive summary

• Q2 2026 results aligned with guidance, with net income of $68 million GAAP ($0.59/diluted share) and $74 million non-GAAP ($0.64/diluted share), reflecting strong industrial demand growth, especially from high-tech and data center customers.

• Industrial customer demand grew 11%–15.3% year-over-year, while residential and commercial loads remained flat or declined.

• Strategic priorities include advancing clean energy, supporting regional economic growth, and risk management through system hardening and wildfire mitigation.

• Regulatory progress included approval of a new large load tariff, holding company formation, and advancement of the $1.9 billion Washington utility acquisition.

• Retail energy deliveries rose 1.8%–4.9% year-over-year in Q2 2026, with industrial deliveries up 10.6%–15.3%.

Financial highlights

• Q2 2026 total revenues were $814 million, up 1% year-over-year, driven by higher retail revenues and cost recovery; wholesale revenues fell sharply.

• Operations and maintenance expense guidance for 2026 is $810–$830 million, with cost management yielding benefits.

• Depreciation and amortization expense guidance for 2026 is $570–$590 million, reflecting higher asset balances.

• Interest expense increased due to higher debt balances.

• Cash from operations for the first half of 2026 was $488 million; full-year projection is $1,000–$1,200 million.

Outlook and guidance

• 2026 adjusted EPS guidance reaffirmed at $3.33–$3.53 per diluted share, with long-term EPS and dividend growth targeted at 5%–7%.

• Weather-normalized load growth expected at 1.5%–2.5% for 2026; long-term load growth projected at 3% through 2030.

• Capital expenditures for 2026 are projected at $1.655–$1.7 billion, funded by operations, debt, and equity.

• 2027 general rate case to be filed, proposing a 4.8% overall rate increase.

• Pending $1.9 billion Washington utility acquisition expected to close within 12 months of regulatory filings.