Pope said the acquisition is forecast to be accretive in the first year and supports long-term EPS and dividend growth expectations of 5% to 7%. She added that PGE expects to be “squarely above the midpoint” of that long-term range, citing factors including financing plans, cost management and integration opportunities.The company said it is partnering with Manulife Investment Management and its affiliate John Hancock, which will hold a 49% minority stake in the Washington business, with PGE owning 51% and ...

Core Viewpoint - PacifiCorp, a utility owned by Berkshire Hathaway, is selling its Washington assets to Portland General Electric for $1.9 billion due to liquidity concerns stemming from wildfire litigation in Oregon [1]. Group 1: Transaction Details - The sale includes the Chehalis natural gas plant, Goodnoe Hills wind facility, Marengo I and II wind facilities, and 4,500 miles of transmission and distribution lines [1]. - Portland General Electric will acquire approximately 140,000 customers in Washington state, covering about 2,700 square miles [1]. - Manulife Investment Management will take a 49% stake in the Washington utility business as part of the transaction [1]. Group 2: Financial and Regulatory Context - PacifiCorp has warned of potential liquidity issues due to litigation from thousands of Oregonians, with damages claims estimated at $52 billion, although actual claims may be lower [1]. - The company is facing "extraordinary pressure" from diverging policies among the six western U.S. states it serves, impacting its financial stability and credit ratings [1]. - The transaction may take at least one year to close, pending federal and state regulatory reviews [1]. Group 3: Strategic Implications - The sale is viewed as a crucial step for PacifiCorp to strengthen its overall position and simplify operations amid complex financial and regulatory pressures [1]. - The assets sold are considered a valuable mix of natural gas and wind resources that will enhance PGE's ability to provide reliable power as electricity demand surges [1]. - The sale does not include PacifiCorp's hydroelectric generation facilities in Washington [1].

Financial Data and Key Metrics Changes - For the full year 2025, the company reported GAAP net income of $306 million, or $2.77 per diluted share, and non-GAAP net income of $336 million, or $3.05 per share [9] - The results were impacted by unprecedented warm weather, which reduced earnings by $0.17 per share in Q4 [9][17] - The company anticipates 2026 earnings guidance of $3.33-$3.53 per share, reaffirming long-term earnings and dividend growth guidance of 5%-7% [10][21] Business Line Data and Key Metrics Changes - Total load increased by 3.8% overall and 4.7% weather-adjusted compared to 2024, with industrial load increasing by 14% [15] - Residential load decreased by 1.8% year-over-year but increased by 0.4% weather-adjusted, while residential customer count increased by 1.3% [16] - The company executed five additional contracts with data center customers, totaling 430 MW, further strengthening its pipeline of large load customers [11] Market Data and Key Metrics Changes - The company’s overall portfolio is expected to grow by approximately 18% due to the acquisition of PacifiCorp's utility assets, which will serve 140,000 customers in Washington [7][23] - The acquisition is forecasted to be accretive in the first year, enhancing long-term EPS and dividend growth of 5%-7% [8][25] Company Strategy and Development Direction - The acquisition of PacifiCorp's utility assets is a key step in the company's strategy to expand into Washington State, enhancing operational capabilities and customer growth [5][24] - The company is focused on managing costs, advancing regulatory proceedings, and investing in clean energy projects to support economic development [10][34] - The company aims to leverage its operational expertise and customer focus to benefit both Oregon and Washington service areas [6][26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth trajectory, citing strong demand from data centers and high-tech customers [15][19] - The company is committed to delivering safe, reliable power at the lowest possible cost while integrating clean energy resources [34] - Management highlighted the importance of regulatory approvals and the expected timeline for the acquisition process [29][56] Other Important Information - The company has a total liquidity of $954 million and maintains strong cash flow metrics, with estimated 2025 CFO to debt metrics above 19% [18] - The partnership with Manulife Investment Management is expected to provide financial expertise and support for growth opportunities in Washington [30][31] Q&A Session Summary Question: Can you touch on the accretion drivers and sensitivities around the acquisition? - Management highlighted permanent financing plans, cost management execution, and integration of new customers as key drivers for accretion [38][39] Question: What is the expected normalized ROE over time from the acquisition? - Management indicated an imputed allowed ROE of 9.5% and expects to work towards achieving similar performance levels over time [48] Question: What is the filing cadence for regulatory approvals? - Management expects filings to take place in the next 30-60 days, with the regulatory process taking about 11-12 months [56] Question: How does the new data center tariff benefit residential customers? - The data center tariff is expected to initially provide about a 2% reduction for residential and small business customers, growing over time as data center usage increases [57] Question: What are the approval requirements in Oregon and Washington? - In Oregon, the approval standard is a no-harm standard, while in Washington, it is a net benefit standard, both with an 11-month approval process [110]

Financial Data and Key Metrics Changes - For the full year 2025, the company reported GAAP net income of $306 million, or $2.77 per diluted share, and non-GAAP net income of $336 million, or $3.05 per share [9] - The results were impacted by unprecedented warm weather, which reduced earnings by $0.17 per share in the fourth quarter [9] - The company anticipates 2026 earnings guidance of $3.33-$3.53 per share, reaffirming long-term earnings and dividend growth guidance of 5%-7% [10][21] Business Line Data and Key Metrics Changes - Total load increased by 3.8% overall and 4.7% weather-adjusted compared to 2024, with industrial load increasing by 14% [15] - Residential load decreased by 1.8% year-over-year but increased by 0.4% weather-adjusted, while residential customer count increased by 1.3% [16] - The company executed five additional contracts with data center customers, totaling 430 MW, further strengthening its pipeline of large load customers [11] Market Data and Key Metrics Changes - The company’s overall portfolio is expected to grow by approximately 18% due to the acquisition of PacifiCorp's utility assets in Washington State, which will serve 140,000 customers [7][23] - The acquisition is forecasted to be accretive in the first year, diversifying and broadening growth opportunities [8] Company Strategy and Development Direction - The acquisition of PacifiCorp's utility assets is a key step in the company's strategy to expand into Washington State, enhancing operational capabilities and customer growth [5][24] - The company is focused on managing costs, advancing regulatory proceedings, and integrating clean energy resources to meet customer and policy-driven goals [10][34] - The company plans to leverage its operational expertise and customer focus to enhance service delivery in Washington [8][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth trajectory, citing strong demand from data centers and high-tech customers as a key driver [15][19] - The company is optimistic about the regulatory environment in Washington, which includes multi-year rate plans and frameworks for clean energy investment [24] - Management highlighted the importance of maintaining investment-grade credit ratings and strong cash flow metrics [18][19] Other Important Information - The company has signed agreements for new energy projects, including solar and battery storage facilities, expected to come online by the end of 2027 [13][14] - Total liquidity at the end of the year was $954 million, with an improved outlook from Moody's from negative to stable [18] Q&A Session Summary Question: Can you touch on the accretion drivers and frame the sensitivities around the acquisition? - Management highlighted permanent financing plans, cost management execution, and integration of new customers as key accretion drivers [38][39] Question: What is the expected earned ROE over time from the acquisition? - Management indicated an imputed allowed ROE of 9.5% and expects to work towards achieving similar efficiency levels over time [48] Question: What are the approval requirements in Oregon and Washington? - In Oregon, the standard is a no-harm standard, while in Washington, it is a net benefit standard, both with an approval process of approximately 11 months [110]

Financial Data and Key Metrics Changes - For the full year 2025, the company reported GAAP net income of $306 million, or $2.77 per diluted share, and non-GAAP net income of $336 million, or $3.05 per share [7] - The results were impacted by unprecedented warm weather in November and December, which reduced earnings by $0.17 per share [7] - Despite these conditions, the company achieved a total weather-adjusted load growth of about 5% [7] Business Line Data and Key Metrics Changes - Industrial load increased by 14% year-over-year, while residential load decreased by 1.8% but increased by 0.4% when weather-adjusted [14] - The residential customer count increased by 1.3%, and commercial load remained largely flat [14] Market Data and Key Metrics Changes - The company anticipates a 2026 earnings guidance of $3.33-$3.53 per share, reaffirming long-term earnings and dividend growth guidance of 5%-7% [8][19] - The large customer group is forecasted to grow energy usage by about 10% compounded annually through 2023 [10] Company Strategy and Development Direction - The company announced a definitive agreement to acquire the Washington electric utility business from PacifiCorp for $1.9 billion, which is expected to be accretive in the first year [4][6] - This acquisition is part of the company's strategy to expand its service area and enhance operational capabilities, with an overall portfolio growth of approximately 18% [5][24] - The company is focused on advancing regulatory proceedings, cost management, and capital investment to support customer growth and operational efficiency [8][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the operational opportunities presented by the acquisition and the expected benefits from scale and diversification [25] - The company remains committed to delivering safe, reliable power at the lowest possible cost while integrating clean energy resources [32] Other Important Information - The acquisition will be subject to regulatory approvals, expected to take approximately 12 months after filings are submitted [6] - The company has a total liquidity of $954 million and maintains strong cash flow metrics, with estimated 2025 CFO to debt metrics above 19% [16] Q&A Session Summary Question: Can you touch on the accretion drivers and frame the sensitivities around the numbers? - Management highlighted several key areas, including permanent financing plans and cost management, which are expected to enhance the cost structure and operational efficiency [37][38] Question: What is the expected earned ROE and opportunities over time? - The company expects to work towards a normalized ROE of 9.5% over time, with ongoing discussions with rating agencies regarding credit metrics [46][48] Question: What is the filing cadence for regulatory approvals? - Filings are expected to take place in the next 30-60 days, with the regulatory process anticipated to last about 11-12 months [55] Question: How does the new proposed data center tariff help residential customers? - The data center tariff is expected to initially provide about a 2% reduction for residential and small business customers, which should grow over time as data centers expand [56] Question: What are the approval requirements in Oregon and Washington? - In Oregon, the approval standard is a no-harm standard, while in Washington, it is a net benefit standard, both with an 11-month approval process [110]

Acquisition of the Washington Electric Utility from PacifiCorp Q4 2025 Earnings Conference Call PORTLAND GENERAL ELECTRIC February 17, 2026 Cautionary statement 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 for the year ended December 31, 2025 - and should not be relied upon as being current as of any subsequent date. PGE undertakes no duty to update t ...

Distribution Announcement - The John Hancock closed-end Preferred Income Fund declared a monthly distribution of $0.1235 per share, with a market price of $16.47, resulting in an annualized current distribution rate of 9.00% as of December 18, 2025 [1] - The declaration, ex-date, and record date for the January 2026 distribution have been accelerated to meet the 2025 distribution requirement for federal excise tax purposes [1] Fund Management - John Hancock Investment Management operates under Manulife Investment Management, utilizing a multimanager approach that combines in-house capabilities with a network of specialized asset managers [5] - Manulife Investment Management has over a century of financial stewardship and offers services across public and private markets, with a presence in 18 geographies [6]

Fundraising - Manulife Investment Management 基础设施基金募集到 55 亿美元，创历史新高 [1] Investment Focus - 投资者对数字基础设施、能源和交通运输资产的投资兴趣日益浓厚 [1]

Core Insights - Deriva Energy, LLC has reached an agreement to sell an operational solar portfolio of 833 MWdc (613 MWac) to Clearway Energy, Inc. [1] - The transaction is part of Deriva Energy's strategy to optimize its asset portfolio and recycle capital for future growth [2] - The deal is expected to close by the second quarter of 2026 [2] Company Overview - Deriva Energy is a leader in clean energy with over 6,200 megawatts of operating assets and more than 10,500 MW of assets in development across the U.S. [3] - The company is headquartered in Charlotte, North Carolina, and is a portfolio company of Brookfield, a major owner and operator of renewable power [3]

RT Bloomberg Live (@BloombergLive)From supply chains to customer strategy, Matthew Lyberg of Manulife Investment Management shares how his team is driving sustainable growth. Hear it firsthand at #TheFutureInvestor in Los Angeles on 10/7.Learn more here: https://t.co/6sSpwrOdOK https://t.co/ocwTKRUO1d ...