Investor Presentation PORTLAND GENERAL ELECTRIC February 17, 2026 Cautionary statement Portland General Electric investors.portlandgeneral.com 121 SW Salmon Street Suite 1WTC0506 Portland, OR 97204 Christopher Liddle (503) 333-9677 Christopher.Liddle@pgn.com Nick White (503) 464-8073 Nicholas.White@pgn.com Information Current as of February 17, 2026 Except as expressly noted, the information in this presentation is current as of February 17, 2026 – the date on which PGE filed its Annual Report on Form 10-K ...

Portland General Electric has struck a deal to buy the wind, natural-gas generation and distribution assets of Berkshire Hathaway’s PacifiCorp unit in Washington state for $1.9 billion. https://t.co/N6n0otz9Yn ...

Portland General Electric has struck a deal to buy the wind, natural-gas generation and distribution assets of Berkshire Hathaway's PacifiCorp unit in Washington state for $1.9 billion. ...

Exhibit 2.1 ASSET PURCHASE AND SERVICE AREA TRANSFER AGREEMENT by and between GEM SUB LLC, PACIFICORP and PORTLAND GENERAL ELECTRIC COMPANY Page ARTICLE I DEFINITIONS; INTERPRETATION ARTICLE II THE TRANSACTIONS Dated as of February 15, 2026 TABLE OF CONTENTS ARTICLE III REPRESENTATIONS AND WARRANTIES OF THE SELLER 2 1.1 Defined Terms 8 1.2 Definitions 29 2.1 Transferred Assets, Service Area Transfer, Excluded Assets, Assumed Liabilities and Excluded Liabilities 31 2.2 Non-Assignable Assets 35 2.3 Considerat ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 PORTLAND GENERAL ELECTRIC COMPANY (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition period from to C ...

Portland General Electric said on Tuesday it has agreed to buy select Washington state generation, transmission and electric utility operations from PacifiCorp for $1.9 billion. ...

Core Viewpoint - Wall Street anticipates a year-over-year increase in earnings for Portland General Electric (POR) due to higher revenues, with actual results being crucial for stock price movement [1][2]. Earnings Expectations - The upcoming earnings report is expected on February 20, with a consensus EPS estimate of $0.66, reflecting a +94.1% year-over-year change, and revenues projected at $870.84 million, up 5.7% from the previous year [3][2]. Estimate Revisions - The consensus EPS estimate has remained unchanged over the last 30 days, indicating a stable outlook from analysts [4]. Earnings Surprise Prediction - The Zacks Earnings ESP model shows that the Most Accurate Estimate for Portland General Electric is lower than the consensus estimate, resulting in an Earnings ESP of -14.50%, suggesting a bearish outlook from analysts [12]. Historical Performance - In the last reported quarter, Portland General Electric had an earnings surprise of +2.04%, having beaten consensus EPS estimates three times in the last four quarters [13][14]. Industry Comparison - Consolidated Edison (ED), another player in the electric utility sector, is expected to report an EPS of $0.84, indicating a -14.3% year-over-year change, with revenues projected at $3.7 billion, up 0.8% [18][19].

Core Viewpoint - Investors are evaluating Portland General Electric (POR) and E.ON SE (EONGY) to determine which stock offers better value for investment opportunities [1] Group 1: Zacks Rank and Analyst Outlook - Portland General Electric has a Zacks Rank of 2 (Buy), indicating a more favorable earnings estimate revision compared to E.ON SE, which has a Zacks Rank of 3 (Hold) [3] - The improving analyst outlook for POR suggests a stronger position for value investors [3] Group 2: Valuation Metrics - POR has a forward P/E ratio of 15.14, while EONGY has a forward P/E of 16.45, indicating that POR may be undervalued relative to EONGY [5] - The PEG ratio for POR is 4.46, compared to EONGY's PEG ratio of 6.09, suggesting that POR has a more favorable growth outlook relative to its valuation [5] - POR's P/B ratio is 1.45, while EONGY's P/B ratio is 1.9, further supporting the argument that POR is a better value option [6] Group 3: Value Grades - Based on the analysis of various valuation metrics, POR has earned a Value grade of B, while EONGY has a Value grade of C, reinforcing the conclusion that POR is the superior value option at this time [6]

Group 1 - The years 2024 and 2025 are expected to be favorable for utilities, driven by short-term factors like lower interest rates and long-term factors such as increased electricity demand, particularly from data centers [1] Group 2 - The investment strategy combines fundamental analysis with options trading, focusing on various approaches including income-oriented investments in Business Development Companies (BDCs) and utilities, growth at a reasonable price in technology, deep value based on discounted cash flow, and dividend aristocrats [2]

Core Viewpoint - A new lawsuit has been filed against Portland General Electric Company (PGE) and Columbia River Processing LLC for contaminating groundwater in northeast Oregon with high levels of nitrates, posing significant health risks to residents [1][2]. Group 1: Lawsuit Details - The lawsuit, filed on December 5, 2025, is led by the same attorneys involved in a previous case against the Port of Morrow and large commercial farms for similar groundwater contamination issues [3]. - The attorneys claim that the ongoing contamination represents an environmental and social injustice that needs to be addressed [2][10]. - The lawsuit seeks to compel remediation and halt the polluting practices of PGE and Tillamook under the Resource Conservation and Recovery Act and state law, as well as damages for affected residents [11]. Group 2: Impact on Residents - Thousands of residents in Oregon's Lower Umatilla Basin, including many children, are affected by the nitrate pollution, making access to safe drinking water a significant challenge [4]. - The lawsuit states that the tap water from private wells is so polluted that it is unsafe to drink, forcing residents to rely on bottled water for all household needs [7]. - Those using treated public water face increased bills due to the costs associated with removing nitrates from the water supply [8]. Group 3: Health Risks - High concentrations of nitrates in drinking water can cause serious health issues, including cell damage, birth defects, and cancer, with infants being particularly vulnerable to conditions like methemoglobinemia [9][10]. - The lawsuit emphasizes the urgent need for PGE and Tillamook to cease practices contributing to this contamination to protect community health [9]. Group 4: Wastewater Management - PGE and Tillamook are accused of improperly managing hundreds of millions of gallons of high-nitrate wastewater by sending it to the Port of Morrow, which allegedly dumps it untreated onto land, leading to groundwater pollution [5][6].