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 ...

February 22, 2018 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 and estimated key operating and financial metrics, that relate to future events and expectations and, as such, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 19 ...

Core Insights - The article discusses the author's journey in dividend growth investing and the importance of financial independence [1] Group 1: Author's Background - The author has been investing since September 2017 and has a long-standing interest in dividend investing since 2009 [1] - The author runs a blog called "Kody's Dividends," which documents the journey towards financial independence through dividend growth investing [1] Group 2: Community Engagement - The author expresses gratitude for the blog that introduced them to the Seeking Alpha community as an analyst [1] - The author contributes regularly to various financial platforms, including Sure Dividend, The Dividend Kings, and iREIT+Hoya Capital [1]

Core Viewpoint - IDACORP, Inc. reported strong first-quarter 2025 earnings, exceeding estimates, driven by customer growth and operational efficiency [1][3]. Financial Performance - Earnings per share for Q1 2025 were $1.10, surpassing the Zacks Consensus Estimate of $1.03 by 6.8% and improving 15.8% from $0.95 in the same quarter last year [1]. - Total revenues for Q1 2025 were $432.4 million, down 5.6% from the Zacks Consensus Estimate of $458 million and down 3.8% from $449 million in the prior year [2]. - Net income increased to $59.6 million, a rise of 23.4% from the previous year [3]. Operational Highlights - Customer growth rate in service areas rose by 2.6% year over year, contributing an additional $7.3 million to operating income [3]. - Total operating expenses decreased to $377.5 million, down 5.5% from the year-ago quarter, attributed to lower purchased power and fuel costs [3]. Cash Flow and Debt - As of March 31, 2025, cash and cash equivalents stood at $634.5 million, up from $368.9 million at the end of 2024 [4]. - Long-term debt increased to $3.44 billion from $3.05 billion as of December 31, 2024 [4]. - Net cash provided by operating activities was $124.3 million, compared to $109.7 million in the prior year [4]. Guidance - IDACORP maintained its full-year 2025 earnings guidance of $5.65-$5.85 per share, with the Zacks Consensus Estimate at $5.81 [5]. - Expected capital expenditures for 2025 are projected to be between $1 billion and $1.1 billion [5]. - The company anticipates O&M expenses to range from $465 million to $475 million and plans to add hydropower capacity of 7-8.5 MWh in 2025 [5].

Financial Data and Key Metrics Changes - IDACORP's diluted earnings per share increased to $1.1 from $0.95 in the first quarter of the previous year [5] - Net income rose by $11.4 million compared to the first quarter last year, primarily driven by higher retail revenues and incremental tax credits [19] - The company reaffirmed its full-year diluted earnings per share guidance range of $5.65 to $5.85 [5][36] Business Line Data and Key Metrics Changes - Retail customer growth was reported at 2.6%, with residential customer growth at 2.9% [6] - Retail revenues per megawatt hour increased, contributing an additional $11.3 million to operating income [20] - Other operating and maintenance expenses rose by $7.2 million, largely due to wildfire mitigation program costs [21] Market Data and Key Metrics Changes - The five-year forecast for retail sales growth is projected at 8.3% annually, necessitating additional system investments [9] - The company expects good hydropower generation in 2025, ranging from 7 million to 8.5 million megawatt hours [38] Company Strategy and Development Direction - The company is focused on executing infrastructure projects to meet customer demand, with significant investments planned [10][27] - IDACORP is actively monitoring tariffs and regulatory changes to ensure affordability for customers [13] - A general rate case is planned to recover substantial capital investments, with rates expected to be effective no earlier than January 2026 [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in customer growth and economic expansion within Idaho Power's service area [6] - The company is committed to maintaining a strong balance sheet while targeting a 50/50 debt-equity capital ratio [29] - Management highlighted the importance of timely recovery mechanisms for infrastructure investments to reduce regulatory lag [81] Other Important Information - The company is actively engaged in discussions regarding wildfire mitigation plans and legislative changes [16][90] - A significant expansion project by Chobani and a new distribution center by Tractor Supply Company were noted as indicators of strong customer interest [6][8] Q&A Session Summary Question: Changes to wildfire mitigation plans due to new legislation - Management does not anticipate significant changes to the wildfire mitigation program but may make modifications over time [42] Question: Thoughts on rate case mechanisms to improve ROEs - The company is preparing its case and considering options to reduce regulatory lag [44] Question: Impact of chaotic periods on the agricultural community - Management noted it is too early to measure impacts but remains optimistic about agricultural conditions [54] Question: Capacity for proposing multiyear mechanisms to the PUC - Management is open to discussing creative solutions to help with the volume of filings [60] Question: Status of contract negotiations with a data center - Ongoing negotiations are still in progress [78] Question: Timely recovery of transmission project costs - Management is exploring various mechanisms for timely cost recovery [80]

Financial Data and Key Metrics Changes - IDACORP's diluted earnings per share increased to $1.1 from $0.95 in the same quarter last year, reaffirming the full-year guidance range of $5.65 to $5.85 [4][33] - Net income rose by $11.4 million compared to the first quarter of the previous year, primarily driven by higher retail revenues and customer growth [17][18] - Operating cash flow is insufficient to finance ongoing projects, necessitating growth capital to maintain a balanced debt-equity ratio [26][27] Business Line Data and Key Metrics Changes - Idaho Power's customer base grew by 2.6% year-over-year, with residential customers increasing by 2.9% [5] - Retail revenues per megawatt hour increased operating income by $11.3 million, attributed to higher base rates from a previous rate case [18] - Other operating and maintenance expenses rose by $7.2 million, influenced by wildfire mitigation and insurance costs [19] Market Data and Key Metrics Changes - The five-year forecast for retail sales growth is projected at 8.3% annually, necessitating additional system investments [7] - The company is actively pursuing large customer projects, including significant expansions in the food processing and warehousing sectors [5][6] Company Strategy and Development Direction - The company is focused on executing infrastructure projects to meet customer demand, with several major projects underway [10][11] - A general rate case is planned to recover substantial capital investments, with a filing expected in May [13] - The company is committed to maintaining affordability for customers while monitoring tariffs and regulatory changes [12][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth of customer demand and the execution of infrastructure projects, emphasizing the importance of timely energy availability [31] - The favorable snowpack conditions are expected to support reliable hydropower generation in 2025 [16][35] - Management is optimistic about the ongoing interest from businesses looking to expand within Idaho Power's service area [5][6] Other Important Information - The company is actively monitoring the impact of tariffs on battery storage assets and other projects [12] - Legislative changes regarding wildfire mitigation have been positively received, establishing a standard of care for future operations [15][78] Q&A Session Summary Question: Changes to wildfire mitigation plans due to new legislation - Management does not anticipate significant changes to existing wildfire mitigation plans but may make modifications over time [38] Question: Thoughts on rate case mechanisms to improve ROEs - The company is preparing its rate case and considering options to reduce regulatory lag [40][41] Question: Impact of chaotic periods on the agricultural community - Management noted it is too early to measure impacts on agriculture but remains optimistic about interest in expansion [46][47] Question: Future dispatchable resources timeline - Dispatchable resources are expected to be included in the Integrated Resource Plan (IRP) for 2029 and 2030 [57] Question: Capacity in the 2028 RFP shortlist - The shortlist includes several hundred megawatts, with Idaho Power projects also represented [73] Question: Timely recovery of transmission project costs - The company is exploring mechanisms for timely cost recovery and is open to various options [72]

Earnings Conference Call 1st Quarter 2025 May 1, 2025 Forward-Looking Statements This presentation (and oral statements relating to this presentation) contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements, other than statements of historical facts, that express or involve discussions of expectations, beliefs, plans, objectives, outlooks, assumptions, or future events or performance are forward-looking. Forward-looking statements are no ...

Core Viewpoint - IdaCorp reported quarterly earnings of $1.10 per share, exceeding the Zacks Consensus Estimate of $1.03 per share, and showing an increase from $0.95 per share a year ago, representing an earnings surprise of 6.80% [1][2] Financial Performance - The company posted revenues of $432.46 million for the quarter ended March 2025, which was 5.65% below the Zacks Consensus Estimate and a decrease from $448.94 million year-over-year [2] - Over the last four quarters, IdaCorp has surpassed consensus EPS estimates three times and topped consensus revenue estimates two times [2] Stock Performance - IdaCorp shares have increased approximately 8.1% since the beginning of the year, contrasting with the S&P 500's decline of 5.3% [3] Future Outlook - The company's earnings outlook is crucial for investors, with current consensus EPS estimates at $1.69 for the coming quarter and $5.81 for the current fiscal year, alongside revenues of $459.06 million and $1.88 billion respectively [7] - The Zacks Industry Rank places Utility - Electric Power in the top 14% of over 250 Zacks industries, indicating a favorable outlook for the sector [8] Estimate Revisions - The trend for estimate revisions for IdaCorp is mixed, currently resulting in a Zacks Rank 3 (Hold), suggesting the stock is expected to perform in line with the market in the near future [6]

Financial Performance - IDACORP reported Q1 2025 net income of $59.6 million, or $1.10 per diluted share, up from $48.2 million, or $0.95 per diluted share in Q1 2024, representing a 23.5% increase in net income[1][4]. - The increase in net income was primarily driven by higher retail revenues per megawatt-hour (MWh), which contributed an additional $11.3 million, and customer growth that added $7.3 million to operating income[5][6][7]. - IDACORP reaffirms its 2025 earnings guidance in the range of $5.65 to $5.85 per diluted share, expecting to utilize $60 million to $77 million in additional tax credits under the Idaho regulatory mechanism[3][14]. Customer Growth - Customer growth at Idaho Power increased by approximately 16,500 customers, or 2.6%, during the twelve months ended March 31, 2025[7]. Operating Expenses - Operating expenses increased by $7.2 million due to higher other operations and maintenance (O&M) expenses, including a $3.2 million rise in wildfire mitigation program costs[8]. - Non-operating expenses increased by $2.2 million due to higher interest expenses from long-term debt and customer deposits[12]. - Depreciation expense rose by $5.8 million in Q1 2025 compared to Q1 2024, primarily due to an increase in plant-in-service[9]. Capital Investment and Regulatory Plans - The company is focused on executing its capital investment and regulatory plan, with major transmission projects set to begin construction[2]. - IDACORP's hydropower generation guidance for 2025 has been adjusted to 7.0 – 8.5 million MWh, up from the previous estimate of 6.5 – 8.5 million MWh[14]. Future Outlook and Risks - IDACORP and Idaho Power's forward-looking statements include expectations regarding future financial performance, power generation, and capital expenditures[18]. - The company anticipates potential impacts from regulatory decisions by the Idaho and Oregon public utilities commissions and the Federal Energy Regulatory Commission on cost recovery and return on investment[18]. - Risks associated with capital expenditures and utility infrastructure projects may lead to delays or increased costs due to tariffs or regulatory prudence[18]. - Economic conditions, including inflation and interest rates, could affect operations, capital investments, and customer demand for electricity[18]. - The company faces challenges related to workforce factors, including attracting and retaining skilled workers and the costs associated with unionization[18]. - Changes in laws and regulations may result in increased compliance costs and impact recovery of costs through rates[18]. Environmental and Strategic Initiatives - The company is planning the cessation of coal-fired operations and conversion to natural gas, which may incur remediation costs[19]. - IDACORP aims to provide 100% clean energy by 2045, leveraging its diverse energy mix and low-cost hydropower projects[16]. - The emergence of new energy and transmission markets in the western United States may change market dynamics affecting the company[19]. - The company aims to maintain dividend payments and achieve target payout ratios based on financial performance and capital requirements[19]. - The company disclaims any obligation to update forward-looking statements except as required by law[19].