Financial Performance - IDACORP's net income for the three months ended June 30, 2025, was $95781 thousand, compared to $89520 thousand for the same period in 2024[13] - Diluted earnings per share increased from $1.71 in Q2 2024 to $1.76 in Q2 2025[13] - For the six months ended June 30, 2025, net income was $155428 thousand, up from $137693 thousand in the first half of 2024[13] - Diluted earnings per share for the first six months of 2025 were $2.87, compared to $2.67 in the same period of 2024[13] Load and Customer Growth - The 2025 Integrated Resource Plan (IRP) forecasts a 5-year annual retail sales growth rate of 8.3% and an annual peak growth rate of 5.1%[14] - The 20-year forecasted annual growth rate for retail sales is 2.7% and for annual peak is 1.9%[14] - Customer growth for the twelve months ended June 30, 2025, was 2.5%[17] Capital Projects and Resource Planning - The Boardman-to-Hemingway (B2H) transmission line project broke ground in June 2025, with an expected in-service date in late 2027; Idaho Power's interest in B2H is approximately 45%[22, 25] - The 2025 IRP includes converting Valmy units 1 and 2 from coal to natural gas in Summer 2026[26] - The 2025 IRP preferred portfolio includes the need for 450 MW of new gas resources in 2029 and 2030 and 355 MW of peak capacity resources in 2028 and 2029[27] Regulatory and Financial Matters - Idaho Power filed a general rate case with the IPUC on May 30, 2025, requesting a $199.1 million, or 13.09%, increase in total Idaho-jurisdictional revenue, effective January 1, 2026[32] - As of June 30, 2025, Idaho Power had $400 million and IDACORP had $100 million net balance available from revolving credit facilities[34] - IDACORP has an At-the-Market Offering Program with $143.5 million net proceeds available as of June 30, 2025[34] - IDACORP entered into Forward Sale Agreements that could yield $560.4 million, settled by November 9, 2026[37] - IDACORP's earnings per share guidance for 2025 is $5.70 – $5.85 per diluted share[39]

[Financial Performance and 2025 Guidance](index=1&type=section&id=IDACORP%2C%20Inc.%20Announces%20Second%20Quarter%202025%20Results%2C%20Increases%20Lower-End%20of%20Earnings%20Guidance%20Range) The company reported strong Q2 and year-to-date 2025 results and raised its full-year earnings guidance [Second Quarter and Year-to-Date 2025 Results](index=1&type=section&id=Summary%20of%20Financial%20Results) IDACORP's Q2 and YTD 2025 net income increased due to higher customer usage, growth, and favorable rate changes Q2 & YTD 2025 Financial Highlights (vs. 2024) | | Three months ended June 30, | | Six months ended June 30, | | | :--- | :--- | :--- | :--- | :--- | | | **2025** | **2024** | **2025** | **2024** | | **Net income attributable to IDACORP, Inc. (in thousands)** | $ 95,781 | $ 89,520 | $ 155,428 | $ 137,693 | | **IDACORP, Inc. earnings per diluted share** | $ 1.76 | $ 1.71 | $ 2.87 | $ 2.67 | - Strong Q2 results were driven by **higher customer usage, continued customer growth, rate changes, and the use of tax credits**, partially offset by higher depreciation and financing costs[2](index=2&type=chunk) - The company broke ground on its **Boardman-to-Hemingway 500kV transmission line project** after nearly 19 years of permitting efforts[3](index=3&type=chunk) [2025 Earnings Guidance Update](index=1&type=section&id=2025%20Earnings%20Guidance%20Update) IDACORP raised its full-year 2025 earnings guidance to $5.70-$5.85 per share, supported by tax credit utilization - The full-year 2025 earnings guidance has been increased to a range of **$5.70 to $5.85 per diluted share**[4](index=4&type=chunk) - The guidance anticipates that Idaho Power will use between **$60 million and $77 million of additional tax credits** available under its Idaho regulatory mechanism in 2025[4](index=4&type=chunk) [Detailed Financial Analysis](index=2&type=section&id=Detailed%20Financial%20Analysis) This section details the key drivers behind the year-over-year changes in net income for Q2 and YTD 2025 [Reconciliation of Net Income](index=2&type=section&id=Reconciliation%20of%20Net%20Income) A detailed reconciliation shows the financial drivers impacting net income for Q2 and YTD 2025 versus 2024 Reconciliation of Net Income (in millions) | | Three months ended | Six months ended | | :--- | :--- | :--- | | **Net income - June 30, 2024** | **$ 89.5** | **$ 137.7** | | Retail revenues per MWh | $ 8.8 | $ 20.3 | | Customer growth | $ 6.0 | $ 11.8 | | Usage per retail customer | $ 5.5 | $ 4.6 | | Other O&M expenses | $ (11.1) | $ (18.2) | | Depreciation and amortization | $ (6.4) | $ (12.2) | | Non-operating expense, net | $ (7.0) | $ (9.1) | | Additional ADITC amortization | $ 9.8 | $ 16.5 | | **Total increase in Idaho Power net income** | **$ 5.5** | **$ 16.3** | | **Net income - June 30, 2025** | **$ 95.8** | **$ 155.4** | [Analysis of Second Quarter 2025 Performance](index=2&type=section&id=Net%20Income%20-%20Second%20Quarter%202025) Q2 2025 net income rose by $6.3 million, driven by revenue growth and tax credits, which offset higher expenses - Customer growth added approximately **16,000 customers (2.5%)** in the twelve months ended June 30, 2025, increasing operating income by **$6.0 million** in Q2[9](index=9&type=chunk) - O&M expenses rose by **$11.1 million** due to higher variable employee costs, inflation, and increased wildfire mitigation program expenses[10](index=10&type=chunk) - Depreciation and amortization increased by **$6.4 million**, primarily from a larger plant-in-service balance and a new leased battery storage facility[11](index=11&type=chunk) - Income tax expense decreased, largely due to recording **$17.2 million of additional ADITC amortization** in Q2 2025, compared to $7.5 million in Q2 2024[15](index=15&type=chunk) [Analysis of Year-to-Date 2025 Performance](index=4&type=section&id=Net%20Income%20-%20Year-To-Date%202025) Year-to-date net income grew by $17.7 million, led by increased retail revenue and significant tax credit amortization - Year-to-date net income increased by **$17.7 million**, primarily due to higher net income at Idaho Power[16](index=16&type=chunk) - Higher retail revenues per MWh increased operating income by **$20.3 million YTD**, mainly from the 2024 Idaho Limited-Issue Rate Case[17](index=17&type=chunk) - O&M expenses were **$18.2 million higher YTD**, driven by increased employee costs, inflation, wildfire mitigation expenses, and lower grant funding[19](index=19&type=chunk) - The company recorded **$36.5 million of additional ADITC amortization** in the first six months of 2025, compared to $20.0 million in the same period of 2024[23](index=23&type=chunk) [Corporate Information and Outlook](index=5&type=section&id=Corporate%20Information%20and%20Outlook) This section provides updated 2025 guidance, company background, and important forward-looking statements [Annual Earnings Guidance and Key Operating and Financial Metrics](index=5&type=section&id=Annual%20Earnings%20Guidance%20and%20Key%20Operating%20and%20Financial%20Metrics) IDACORP updated its 2025 EPS guidance to $5.70–$5.85 and narrowed its hydropower generation forecast 2025 Guidance and Key Metrics (in millions, except per share) | | Current Guidance | Previous Guidance | | :--- | :--- | :--- | | **IDACORP Earnings Guidance (per diluted share)** | **$ 5.70 – $ 5.85** | $ 5.65 – $ 5.85 | | Idaho Power Additional ADITCs | $ 60 – $ 77 | No Change | | Idaho Power O&M Expense | $ 465 – $ 475 | No Change | | Idaho Power Capital Expenditures, Excluding AFUDC | $ 1,000 – $ 1,100 | No Change | | **Idaho Power Hydropower Generation (MWh)** | **7.0 – 8.0** | 7.0 – 8.5 | [Conference Call Information](index=5&type=section&id=Web%20Cast%20%2F%20Conference%20Call) The company scheduled a conference call and webcast to discuss its Q2 2025 financial results - An analyst conference call was scheduled for **2:30 p.m. Mountain Time** to discuss results, with access via live webcast or a listen-only phone line[25](index=25&type=chunk) [Company Background](index=5&type=section&id=Background%20Information) IDACORP is a holding company for Idaho Power, a low-cost electric utility serving Idaho and Oregon - IDACORP, Inc. is a holding company whose main subsidiary is Idaho Power, a regulated electric utility serving **over 650,000 customers** in Idaho and Oregon[26](index=26&type=chunk) - Idaho Power's energy mix is centered around **17 low-cost hydropower projects**, contributing to some of the nation's lowest electricity prices for its customers[26](index=26&type=chunk) [Forward-Looking Statements](index=6&type=section&id=Forward-Looking%20Statements) The report contains forward-looking statements subject to significant risks and uncertainties - The report contains forward-looking statements concerning future events and expectations, which are **subject to risks and uncertainties and are not guarantees of future performance**[27](index=27&type=chunk) - Key factors that could cause actual results to differ include **regulatory decisions, risks from capital expenditures, economic conditions, severe weather, and the ability to obtain financing**[27](index=27&type=chunk) - IDACORP **disclaims any obligation to publicly update** forward-looking statements unless required by applicable law[28](index=28&type=chunk)

FORM 10-Q Filing Information [Registrant Information](index=1&type=section&id=Registrant%20Information) This section identifies IDACORP, Inc. and Idaho Power Company as the registrants for the quarterly report ended June 30, 2025, detailing their commission file numbers, addresses, and state of incorporation - The report is a combined Form 10-Q for IDACORP, Inc. and Idaho Power Company for the quarterly period ended June 30, 2025[2](index=2&type=chunk) Registrant Details | Registrant | Commission File Number | I.R.S. Employer Identification No. | | :----------- | :--------------------- | :--------------------------------- | | IDACORP, Inc. | 1-14465 | 82-0505802 | | Idaho Power Company | 1-3198 | 82-0130980 | - Both IDACORP, Inc. and Idaho Power Company have filed all required reports during the preceding **12 months** and have been subject to such filing requirements for the past **90 days**[4](index=4&type=chunk)[5](index=5&type=chunk) [Securities and Filer Status](index=1&type=section&id=Securities%20and%20Filer%20Status) IDACORP, Inc. is classified as a large accelerated filer, while Idaho Power Company is a non-accelerated filer, with both companies confirming they are not shell companies and listing their common stock on the New York Stock Exchange Common Stock Listing | Class of Security | Trading Symbol | Exchange Registered | | :---------------- | :------------- | :------------------ | | Common Stock | IDA | New York Stock Exchange | Filer Status Classification | Filer Status | IDACORP, Inc. | Idaho Power Company | | :------------- | :------------ | :------------------ | | Large accelerated filer | ☒ | ☐ | | Accelerated filer | ☐ | ☐ | | Non-accelerated filer | ☐ | ☒ | | Smaller reporting company | ☐ | ☐ | | Emerging growth company | ☐ | ☐ | - As of July 25, 2025, IDACORP, Inc. had **54,032,920 shares** of common stock outstanding, and Idaho Power Company had **39,150,812 shares** outstanding, all held by IDACORP, Inc[8](index=8&type=chunk) [Table of Contents](index=4&type=section&id=TABLE%20OF%20CONTENTS) [Commonly Used Terms](index=5&type=section&id=Commonly%20Used%20Terms) [Cautionary Note Regarding Forward-Looking Statements](index=6&type=section&id=Cautionary%20Note%20Regarding%20Forward-Looking%20Statements) [Available Information](index=8&type=section&id=Available%20Information) Part I. Financial Information [Item 1. Financial Statements (unaudited)](index=9&type=section&id=Item%201.%20Financial%20Statements%20(unaudited)) This section presents the unaudited condensed consolidated financial statements for IDACORP, Inc. and its principal operating subsidiary, Idaho Power Company, for the three and six months ended June 30, 2025 and 2024 [IDACORP, Inc. Condensed Consolidated Statements of Income](index=9&type=section&id=IDACORP,%20Inc.%20Condensed%20Consolidated%20Statements%20of%20Income) **IDACORP, Inc. Condensed Consolidated Statements of Income (in thousands, except per share amounts):** | Metric | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :----------------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Total operating revenues | $450,880 | $451,039 | $883,338 | $899,975 | | Operating Income | $100,573 | $103,269 | $155,502 | $152,865 | | Income Before Income Taxes | $89,445 | $97,907 | $136,640 | $140,629 | | Net Income Attributable to IDACORP, Inc. | $95,781 | $89,520 | $155,428 | $137,693 | | Earnings Per Share - Basic | $1.77 | $1.72 | $2.87 | $2.68 | | Earnings Per Share - Diluted | $1.76 | $1.71 | $2.87 | $2.67 | - IDACORP's Net Income Attributable to IDACORP, Inc. increased by **$6.261 million (7.0%)** for the three months ended June 30, 2025, and by **$17.735 million (12.9%)** for the six months ended June 30, 2025, compared to the same periods in 2024[24](index=24&type=chunk) [IDACORP, Inc. Condensed Consolidated Statements of Comprehensive Income](index=10&type=section&id=IDACORP,%20Inc.%20Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income) **IDACORP, Inc. Condensed Consolidated Statements of Comprehensive Income (in thousands):** | Metric | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :----------------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | :--------------------------- | | Net Income | $96,126 | $89,844 | $155,787 | $138,112 | | Unfunded pension liability adjustment, net of tax | $171 | $284 | $111 | $568 | | Total Comprehensive Income Attributable to IDACORP, Inc. | $95,952 | $89,804 | $155,539 | $138,261 | [IDACORP, Inc. Condensed Consolidated Balance Sheets](index=11&type=section&id=IDACORP,%20Inc.%20Condensed%20Consolidated%20Balance%20Sheets) **IDACORP, Inc. Condensed Consolidated Balance Sheets (in thousands):** | Metric | June 30, 2025 | December 31, 2024 | | :----------------------------------- | :------------ | :---------------- | | Total current assets | $1,079,490 | $988,455 | | Total assets | $9,935,881 | $9,239,363 | | Total current liabilities | $742,443 | $700,801 | | Long-Term Debt | $3,446,970 | $3,053,777 | | Total equity | $3,406,767 | $3,337,955 | - Total assets increased by **$696.518 million (7.5%)** from December 31, 2024, to June 30, 2025, primarily driven by increases in utility plant in service and construction work in progress[29](index=29&type=chunk) [IDACORP, Inc. Condensed Consolidated Statements of Cash Flows](index=13&type=section&id=IDACORP,%20Inc.%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) **IDACORP, Inc. Condensed Consolidated Statements of Cash Flows (in thousands):** | Activity | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | | :----------------------------------- | :--------------------------- | :--------------------------- | | Net cash provided by operating activities | $301,228 | $256,047 | | Net cash used in investing activities | $(473,696) | $(558,417) | | Net cash provided by financing activities | $278,091 | $144,500 | | Net increase (decrease) in cash and cash equivalents | $105,623 | $(157,870) | | Cash and cash equivalents at end of the period | $474,488 | $169,559 | - Net cash provided by operating activities increased by **$45.181 million (17.6%)** in the first six months of 2025 compared to 2024[35](index=35&type=chunk) - Net cash used in investing activities decreased by **$84.721 million (15.2%)** in the first six months of 2025, primarily due to lower additions to property, plant and equipment[35](index=35&type=chunk) [IDACORP, Inc. Condensed Consolidated Statements of Equity](index=14&type=section&id=IDACORP,%20Inc.%20Condensed%20Consolidated%20Statements%20of%20Equity) **IDACORP, Inc. Condensed Consolidated Statements of Equity (in thousands):** | Metric | June 30, 2025 | June 30, 2024 | | :----------------------------------- | :------------ | :------------ | | Common Stock (end of period) | $1,201,374 | $1,123,745 | | Retained Earnings (end of period) | $2,211,514 | $2,089,185 | | Total IDACORP, Inc. shareholders' equity (end of period) | $3,399,407 | $3,196,314 | - Total IDACORP, Inc. shareholders' equity increased by **$203.093 million (6.35%)** from June 30, 2024, to June 30, 2025[37](index=37&type=

Group 1 - Centuri Holdings (CTRI) is outperforming the Utilities sector with a year-to-date return of approximately 12.6%, compared to the sector average of 9.9% [4] - The Zacks Sector Rank for the Utilities group is 1, indicating strong performance among its 108 individual stocks [2] - Centuri Holdings has a Zacks Rank of 2 (Buy), reflecting an improving earnings outlook with a 4.5% increase in the full-year earnings estimate over the past quarter [3][4] Group 2 - The Utility - Electric Power industry, which includes Centuri Holdings, has an average return of 9.9% this year, with CTRI performing better than this average [6] - IdaCorp (IDA) is another stock in the Utilities sector that has shown strong performance, returning 10.4% year-to-date and also holding a Zacks Rank of 2 (Buy) [5][6] - Investors in the Utilities sector should monitor both Centuri Holdings and IdaCorp for their continued solid performance [7]

Core Viewpoint - IdaCorp (IDA) is anticipated to report flat earnings of $1.71 per share for the quarter ended June 2025, with revenues expected to reach $453.36 million, reflecting a 0.5% increase from the previous year [3][12]. Earnings Expectations - The upcoming earnings report is scheduled for July 31, and the stock may experience upward movement if the reported figures exceed expectations, while a miss could lead to a decline [2][12]. - The consensus EPS estimate has remained unchanged over the last 30 days, indicating stability in analyst expectations [4]. Earnings Surprise Prediction - The Most Accurate Estimate for IdaCorp is higher than the Zacks Consensus Estimate, resulting in a positive Earnings ESP of +2.34%, suggesting a likelihood of beating the consensus EPS estimate [12]. - A positive Earnings ESP is a strong indicator of an earnings beat, especially when combined with a Zacks Rank of 1, 2, or 3 [10]. Historical Performance - In the last reported quarter, IdaCorp had an earnings surprise of +6.80%, reporting $1.10 per share against an expectation of $1.03 [13]. - Over the past four quarters, the company has surpassed consensus EPS estimates three times [14]. Investment Considerations - While an earnings beat can influence stock movement, other factors may also play a significant role in determining stock performance post-earnings release [15]. - Investors are encouraged to consider both Earnings ESP and Zacks Rank when evaluating potential investment opportunities ahead of earnings announcements [16].

Core Viewpoint - IdaCorp (IDA) is a utility company in the Electric Power industry that has consistently beaten earnings estimates and is well-positioned for future earnings surprises [1][5]. Earnings Performance - For the last reported quarter, IdaCorp achieved earnings of $1.1 per share, exceeding the Zacks Consensus Estimate of $1.03 per share, resulting in a surprise of 6.80% [2]. - In the previous quarter, the company was expected to post earnings of $0.63 per share but delivered $0.7 per share, leading to a surprise of 11.11% [2]. Earnings Estimates and Predictions - There has been a favorable change in earnings estimates for IdaCorp, with a positive Earnings ESP (Expected Surprise Prediction) indicating a strong likelihood of an earnings beat [5][8]. - The current Earnings ESP for IdaCorp is +2.34%, suggesting that analysts have recently become more optimistic about the company's earnings prospects [8]. Zacks Rank and Success Rate - The combination of a positive Earnings ESP and a Zacks Rank of 3 (Hold) suggests a high probability of another earnings beat, with historical data indicating that stocks with this combination beat consensus estimates nearly 70% of the time [6][8]. - The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate, with the Most Accurate Estimate reflecting the latest analyst revisions [7].

Group 1 - IDACORP, Inc. (IDA) is experiencing significant activity in the options market, particularly with the Aug 15, 2025 $75.00 Put showing high implied volatility, indicating potential for a major price movement [1] - Implied volatility reflects market expectations for future stock movement, suggesting that investors anticipate a significant event that could lead to a rally or sell-off [2] - Analysts have a mixed outlook on IDACORP, with the company holding a Zacks Rank 3 (Hold) in the Utility - Electric Power industry, which is in the bottom 40% of the Zacks Industry Rank [3] Group 2 - Over the past 60 days, two analysts have raised their earnings estimates for IDACORP for the current quarter, increasing the Zacks Consensus Estimate from $1.68 to $1.71 per share [3] - The high implied volatility may indicate a developing trading opportunity, as options traders often seek to sell premium on such options to capture decay, hoping the stock does not move as much as expected by expiration [4]

Leadership Presenting Today Earnings Conference Call 4th Quarter 2014 February 19, 2015 Darrel Anderson IDACORP President & Chief Executive Officer Steve Keen IDACORP Senior Vice President, Chief Financial Officer & Treasurer 2 Forward-Looking Statements In addition to the historical information contained in this presentation, this presentation contains (and oral communications made by IDACORP, Inc. and Idaho Power Company may contain) statements, including, without limitation, earnings guidance, that relat ...

Earnings Conference Call 4th Quarter 2015 February 18, 2016 Leadership Presenting Today Darrel Anderson IDACORP President & Chief Executive Officer Earnings Performance IDACORP, Inc. Net Income and Earnings Per Share (thousands except for per share amounts) | | Three Months | | | Twelve Months | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | Ended December 31 | | | Ended December 31 | | | | | | 2015 | | 2014 | 2015 2014 | | | | | Net Income | $ | 31,832 | $ 34,648 | $ | 194,679 | $ 193,480 | | ...

Earnings Conference Call 4 th Quarter & Year End 2016 February 23, 2017 Forward-Looking Statements In addition to the historical information contained in this presentation, this presentation contains (and oral communications made by IDACORP, Inc. and Idaho Power Company may contain) statements, including, without limitation, earnings guidance, that relate to future events and expectations and, as such, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act o ...