Exhibit 99.2 Portland General Electric EARNINGS CONFERENCE CALL FIRST QUARTER 2025 Cautionary statement Information Current as of April 25, 2025 Except as expressly noted, the information in this presentation is current as of April 25, 2025 – the date on which PGE filed its Annual Report on Form 10-Q for the quarter ended March 31, 2025 - and should not be relied upon as being current as of any subsequent date. PGE undertakes no duty to update this presentation, except as may be required by law. Forward-Loo ...

Financial Data and Key Metrics Changes - For Q1 2025, the company reported GAAP net income of $100 million or $0.91 per diluted share, compared to $109 million or $1.08 per diluted share in Q1 2024 [8] - Non-GAAP net income for Q1 2025 was $123 million or $1.21 per share [9] - Total load growth was 4.6%, with industrial load growth at 16.4% compared to the same quarter last year [9][24] Business Line Data and Key Metrics Changes - Residential load decreased by 0.8% quarter over quarter, while residential customer count increased by 1.6% [25] - Commercial load remained relatively flat with a slight increase of 0.8% [25] - Industrial load increased by 16.4% on both nominal and weather-adjusted bases, driven by data centers and semiconductor customers [26] Market Data and Key Metrics Changes - The company serves five large semiconductor customers and over ten significant data center providers, which account for nearly a quarter of total deliveries [10] - The company reaffirmed its 2025 weather-adjusted load growth guidance of 2.5% to 3.5% and long-term load growth guidance of 3% through 2029 [27] Company Strategy and Development Direction - The company is focused on building a reliable, affordable, and increasingly clean grid, aligning with the clean energy goals of its customers [12] - A commitment to wildfire risk management includes a planned expenditure of over $120 million in 2025 for wildfire mitigation [16] - The company is pursuing updates to its corporate structure to enable a holding company, which is common in the industry and will provide increased financing flexibility [22][36] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth of the industrial base, particularly in semiconductors and data centers, despite potential economic headwinds [58] - The company is actively monitoring the evolving federal policy landscape, including tariffs and tax policies, which may impact capital plans [33] - Management reaffirmed the 2025 adjusted earnings guidance of $3.13 to $3.33 per diluted share and long-term earnings and dividend growth guidance of 5% to 7% [38] Other Important Information - Total liquidity as of March was $948 million, with credit ratings remaining unchanged [34] - The company executed $310 million of first mortgage bonds in March and anticipates up to $140 million more in debt financing later this year [34] Q&A Session Summary Question: Wildfire Mitigation Progress - Management highlighted the extensive wildfire mitigation plans and increased vegetation management efforts, noting that discussions with legislators have been productive [43][45] Question: Capital Expenditure and Growth Confidence - Management remains confident in growth despite potential economic slowdowns, emphasizing the importance of cost recovery and competitive returns for investors [46][49] Question: RFP Timing and Updates - Management is pleased with the progress of negotiations for the 2023 RFP and expects to finalize contracts in the second half of the year [52] Question: Industrial Sales Growth and Capital Reallocation - Management is closely monitoring the semiconductor market and has seen moderating inflation in costs, which may impact capital projects [58][60] Question: Tax Credit Monetization - The current financing plan accounts for limited monetization of tax credits, primarily related to the seaside project [61][63] Question: RFP Resource Pivot - Management does not see a need to pivot resources from the 2023 RFP to the 2025 RFP at this time, as the current process is adaptable [67][68] Question: Data Center Customer Structure - Management is actively working on legislation to ensure data center customers contribute fairly to infrastructure costs, which is crucial for system reliability [73][75] Question: Holding Company Structure - The establishment of a holding company is expected to provide flexibility in financing and managing costs, with further clarity anticipated in the coming year [91][94]

Exhibit 99.1 Portland General Electric One World Trade Center 121 S.W. Salmon Street Portland, Oregon 97204 News Release April 25, 2025 Drew Hanson Nick White Corporate Communications Investor Relations Phone: 503-464-2067 Phone: 503-464-8073 Media Contact: Investor Contact: Portland General Electric Announces First Quarter 2025 Results PORTLAND, Ore. -- Portland General Electric Company (NYSE: POR) today reported net income based on generally accepted accounting principles (GAAP) of $100 million, or $0.91 ...

Core Viewpoint - Portland General Electric (POR) reported quarterly earnings of $0.91 per share, missing the Zacks Consensus Estimate of $0.93 per share, and down from $1.21 per share a year ago, indicating a -2.15% earnings surprise [1] Financial Performance - The company posted revenues of $928 million for the quarter ended March 2025, which was 0.41% below the Zacks Consensus Estimate and slightly down from $929 million year-over-year [2] - Over the last four quarters, Portland General Electric has surpassed consensus EPS estimates three times and topped revenue estimates three times as well [2] Stock Performance - Since the beginning of the year, Portland General Electric shares have declined approximately 1.5%, outperforming the S&P 500's decline of 6.8% [3] - The current Zacks Rank for the stock is 3 (Hold), indicating expected performance in line with the market in the near future [6] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.64 on revenues of $767.66 million, and for the current fiscal year, it is $3.21 on revenues of $3.6 billion [7] - The estimate revisions trend for Portland General Electric is mixed, and future revisions may change following the recent earnings report [6] Industry Context - The Utility - Electric Power industry is currently in the top 15% of over 250 Zacks industries, suggesting a favorable outlook compared to the bottom 50% [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]

Core Insights - Portland General Electric Company (PGE) reported a net income of $100 million, or $0.91 per diluted share, for Q1 2025, a decrease from $109 million, or $1.08 per diluted share, in Q1 2024 [1] - The company is focusing on key priorities such as managing customer demand, wildfire policy engagement, and operational streamlining to ensure solid results and cost management in 2025 and beyond [2] Financial Performance - Total revenues for Q1 2025 were $928 million, slightly down from $929 million in Q1 2024, with growth driven by semiconductor manufacturing and technology infrastructure customers [2][27] - Operating expenses decreased to $760 million in Q1 2025 from $767 million in Q1 2024, primarily due to lower purchased power and fuel costs [23] - The company reaffirmed its adjusted earnings guidance for full-year 2025 at $3.13 to $3.33 per diluted share, supported by strong energy demand and a 4.6% quarter-over-quarter load growth [6] Operational Highlights - PGE's battery storage projects, including Constable, Sundial, and Coffee Creek, achieved a combined capacity of 292 MW, with an additional 200 MW Seaside battery expected to be operational by mid-2025 [3] - The company reported a 45% share of non-emitting resources in its energy mix for 2024, reflecting a 7% compounded growth rate since 2020 [4] Dividend and Shareholder Information - The board of directors approved a quarterly common stock dividend of $0.525 per share, payable on or before July 15, 2025 [5] Customer and Market Trends - PGE's retail energy deliveries increased to 5,828 MWh in Q1 2025, up from 5,573 MWh in Q1 2024, with notable growth in residential and industrial sectors [27] - The average number of retail customers rose to 952,105 in Q1 2025, compared to 937,826 in Q1 2024, indicating a growing customer base [27] Environmental and Social Governance - PGE's 2024 Environmental, Social and Governance Report highlighted significant customer participation in clean energy programs and record fish returns at hydro facilities [4]

Emission Reduction Goals - PGE aims to reduce GHG emissions associated with electricity served to retail customers by at least 80% by 2030 and 100% by 2040[148]. - PGE is required to reduce GHG emissions by 80% by 2030, 90% by 2035, and 100% by 2040, compared to baseline levels from 2010 to 2012[190]. Clean Energy Initiatives - As of March 31, 2025, the Green Future Impact Program has an approved capacity of 750 MW, with 482 MW subscribed, supporting customers' clean energy acceleration[152]. - PGE's Clean Energy Plan (CEP) was filed in March 2023, outlining strategies to meet the 2030, 2035, and 2040 emission reduction targets[154]. - The Oregon legislature's House Bill 2021 mandates a 100% clean electricity framework by 2040, aligning with PGE's strategic direction[149]. - PGE estimates a total resource need of approximately 3,500 to 4,500 MW of renewable energy and non-emitting capacity to progress towards clean energy targets[156]. - PGE's strategy includes electrifying the economy to increase beneficial electricity use and build a clean, flexible, and reliable grid[148]. Customer Engagement and Programs - Over 227,000 residential and small commercial customers participate in PGE's Green Future Program, the largest renewable power program by participation in the nation[150]. - The company continues to develop products and service offerings for both retail and wholesale customers to meet their needs[145]. - PGE's resource planning process involves collaboration with customers, stakeholders, and regulators to ensure a clean, affordable, and reliable energy future[154]. Infrastructure and Capacity Development - The Clearwater Wind Development includes a 311 MW wind energy facility, with PGE owning 208 MW of production capacity[160]. - The Seaside Grid, a 200 MW Battery Energy Storage System (BESS), has recorded $334 million in construction work-in-progress as of March 31, 2025[160]. - PGE's 2023 All-Source RFP seeks bids for resources providing non-emitting dispatchable capacity and renewable generation, with regulatory approval granted in January 2024[161]. - The final shortlist from the 2023 RFP includes 375 MW of renewable resources and 400 MW of battery storage in Group A, and 885 MW of battery storage in Group B[167]. - PGE signed a non-binding MOU for the North Plains Connector, a 415-mile HVDC transmission line, with a total investment of approximately $3.2 billion, of which PGE expects a 20% ownership share[173]. Financial Performance and Projections - For the three months ended March 31, 2025, total revenues were $928 million, a slight decrease of 0.1% compared to $929 million in 2024[235]. - Net income for the same period decreased by $9 million, or 8%, to $100 million from $109 million in 2024[236]. - Retail revenues increased by $67 million to $807 million in Q1 2025, primarily due to price changes authorized by the OPUC[238]. - Cash flows from operating activities increased by $56 million in Q1 2025, totaling $231 million compared to $175 million in Q1 2024[254]. - Capital expenditures for 2025 are estimated at $1.3 billion, primarily for distribution, transmission, and generation facilities[256]. Regulatory and Compliance Issues - PGE's compliance with new EPA regulations may require material upgrades at Colstrip, with potential compliance costs expected to be significant[198]. - The company is evaluating the continuation of its ownership in Colstrip in response to regulatory and legislative requirements[194]. - The OPUC is expected to conclude its investigation of the Direct Access program in early 2026, which may impact future energy delivery strategies[222]. Market and Economic Factors - The Inflation Reduction Act of 2022 provides additional investment opportunities for PGE, potentially influencing renewable energy development[189]. - The company is closely monitoring the impacts of trade tariffs, which could disrupt supply chains and increase costs for capital projects[182]. - There have been no material changes to market risks affecting the company since the last annual report, indicating stable market conditions[275]. Operational Metrics - For the three months ended March 31, 2025, total retail energy deliveries increased by 4.6% compared to the same period in 2024, driven by industrial deliveries[217]. - Industrial energy deliveries rose by 16.4% in Q1 2025 compared to Q1 2024, reflecting growth in high-tech manufacturing and digital services[219]. - The average number of residential customers increased by 1.6% in Q1 2025 compared to Q1 2024, despite a 2.5% decrease in average usage per customer[218]. - Total generation for the three months ended March 31, 2025, was 4,691 MWh, an increase of 154 MWh or 3.4% compared to 4,537 MWh in 2024[242]. Debt and Financing - As of March 31, 2025, PGE's total long-term debt outstanding was $4,731 million, net of $16 million of unamortized debt expense[265]. - PGE's common equity ratio was 44.8% as of March 31, 2025, compared to 45.6% as of December 31, 2024, indicating a need to maintain a target of approximately 50%[268]. - PGE estimates it could issue up to $551 million of additional First Mortgage Bonds under the most restrictive issuance test as of March 31, 2025[273]. - PGE's financing arrangements do not contain ratings triggers that would accelerate interest and principal payments in the event of a ratings downgrade[272].

Looking for a stock that has been consistently beating earnings estimates and might be well positioned to keep the streak alive in its next quarterly report? Portland General Electric (POR) , which belongs to the Zacks Utility - Electric Power industry, could be a great candidate to consider.This electric utility has seen a nice streak of beating earnings estimates, especially when looking at the previous two reports. The average surprise for the last two quarters was 3.69%.For the most recent quarter, Port ...

Core Viewpoint - Portland General Electric (POR) is expected to report a year-over-year decline in earnings despite higher revenues in its upcoming earnings report for the quarter ended March 2025 [1][3]. Earnings Expectations - The consensus estimate for quarterly earnings is $1.12 per share, reflecting a year-over-year decrease of 7.4% [3]. - Revenues are projected to be $947.86 million, which is an increase of 2% compared to the same quarter last year [3]. Estimate Revisions - The consensus EPS estimate has remained unchanged over the last 30 days, indicating stability in analyst expectations [4]. - The Most Accurate Estimate for Portland General Electric is higher than the Zacks Consensus Estimate, resulting in a positive Earnings ESP of +1.19% [10]. Earnings Surprise Potential - A positive Earnings ESP suggests a higher likelihood of beating the consensus EPS estimate, especially when combined with a Zacks Rank of 3 (Hold) [11][8]. - Historically, Portland General Electric has beaten consensus EPS estimates in the last four quarters, with a surprise of +6.25% in the most recent quarter [12][13]. Industry Context - In the Zacks Utility - Electric Power industry, CenterPoint Energy (CNP) is expected to report earnings of $0.55 per share, unchanged from the previous year, with revenues projected at $2.66 billion, up 1.5% [17]. - CenterPoint's consensus EPS estimate has been revised 4.7% higher in the last 30 days, but it has a negative Earnings ESP of -1.82%, making predictions about beating the consensus EPS estimate uncertain [18].

Core Viewpoint - Portland General Electric Company (PGE) is set to host an analyst conference call on April 25, 2025, to discuss its first quarter 2025 financial results, with earnings summary released before market opening on the same day [1]. Group 1 - The conference call will be led by key executives including Maria Pope (President and CEO), Joe Trpik (Senior Vice President of Finance and CFO), and Nick White (Manager of Investor Relations) [2]. - The conference call can be accessed via webcast on PGE's investor website, with a replay available starting at 2 p.m. ET on April 25 [3]. Group 2 - Portland General Electric is an integrated energy company serving over 950,000 customers in Oregon, with a commitment to clean energy and reducing emissions by 80% by 2030 and 100% by 2040 [4]. - PGE has been recognized for its customer experience, ranking as the No. 1 utility in the 2024 Forrester U.S. Customer Experience Index, and has a leading voluntary renewable energy program [4]. - In 2024, PGE and its employees contributed $5.5 million and nearly 23,000 volunteer hours to over 480 nonprofit organizations [4].

Core Insights - In 2024, Portland General Electric (PGE) achieved a record 45% of its energy generation from non-carbon-emitting resources, reflecting a 7% compounded growth rate since 2020, as part of its commitment to reach net-zero emissions by 2040 [1][2][8] Group 1: Clean Energy Initiatives - The increase in clean energy resources is attributed to new renewable projects like the Clearwater Wind Energy Center and battery storage systems, enhancing the reliability of PGE's energy mix [2] - PGE's customers played a significant role in supporting a modern grid, with 24% of residential households participating in voluntary programs, resulting in over 100 megawatts of demand reduction during a heatwave [4] Group 2: Environmental and Community Impact - PGE has maintained its position as the top U.S. utility for customer participation in renewable energy programs for 15 consecutive years, according to the U.S. Department of Energy [5] - The company reported record fish returns at its hydro facilities, including the highest steelhead return to Round Butte Dam since the 1960s, showcasing strong environmental stewardship [5] Group 3: Corporate Social Responsibility - In 2024, PGE's total charitable contributions reached $5.5 million, with 66% of employees participating in charitable giving and volunteerism, contributing nearly 23,000 hours to various nonprofit organizations [6][8] - PGE awarded 55 scholarships aimed at supporting higher education for underrepresented students, women, and those with financial need [6]