Avista (AVA) Investor presentation summary

Financial strength and growth outlook

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

• Long-term utility earnings growth targeted at 4-6% from the 2025 guidance midpoint, with an expected ROE of 9.0%.

• 2026 non-GAAP utility earnings guidance set at $2.52 to $2.72 per diluted share, assuming normal weather and $615 million in capital expenditures.

• Dividend growth expected to trail earnings growth until reaching a 60-70% payout target.

• Consolidated capital structure as of March 2026: 45.7% equity and 54.3% debt, with $156 million in available liquidity.

Operational initiatives and investments

• $3.4 billion capital spend planned for 2026-2030, with 47% allocated to transmission and distribution and 20% to generation.

• Wildfire mitigation includes $45 million in capital and $20 million in O&M for 2026, with grid hardening, vegetation management, and advanced situational awareness.

• North Plains Connector project MOU signed for 10% ownership; financial commitments expected by 2032.

• Four resources selected from 2025 RFP: gas turbine upgrades, 100MW battery storage, 200MW wind PPA, and 40MW demand response.

• Ongoing investments in technology, electrification, and clean energy innovations to support 100% clean electricity and carbon-neutral gas by 2045.

Regulatory and rate environment

• New rates effective in Washington, Idaho, and Oregon in 2025-2026, with base electric and gas revenue increases across jurisdictions.

• Washington four-year MYRP filed, with overall rate of return at 7.32% and ROE at 9.8%.

• Alaska rate case filed in May 2026, proposing a 13.2% ROE and 25.1% base rate increase.

• 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.