ENERGY THAT TRANSFORMS INVESTOR PRESENTATION MARCH 2026 Disclaimer Except as expressly noted, the information in this presentation is current as of Feb. 25, 2026, and should not be relied upon as being current as of any subsequent date. Avista undertakes no duty to update this presentation, except as may be required by law. All forward-looking statements in this presentation are based on underlying assumptions (many of which are based, in turn, upon further assumptions). These statements are subject to a va ...

Core Insights - Edison International reported a significant increase in earnings for 2025, with GAAP earnings per share rising to $4.80 from $0.88 year-over-year, and core earnings increasing to $1.86 from $1.05 [2][3] - The company has set new core EPS guidance for 2026 and 2027, projecting a range of $5.90 to $6.20 for 2026 and $6.25 to $6.65 for 2027, while maintaining an annual growth expectation of 5% to 7% through 2028 [4] Financial Performance - Full-year GAAP earnings for 2025 reached $11.58 per share, up from $3.33 in 2024, with core earnings climbing to $6.55 from $4.93 [2] - The earnings growth was primarily driven by Southern California Edison (SCE), benefiting from revenue recognition related to the 2025 General Rate Case and reduced interest expenses due to wildfire-related settlements [3] Strategic Initiatives - The company is focusing on investments in wildfire mitigation and grid resilience, having installed over 7,000 miles of covered conductor in high fire-risk areas, which constitutes over 90% of its planned grid hardening efforts [5] - Edison International is processing claims under its Wildfire Recovery Compensation Program, which is a critical part of California's wildfire liability framework [5] Regulatory Environment - California's investor-owned utilities, including Edison International, are facing increased regulatory scrutiny and climate-related risks, with challenges such as wildfire liabilities and infrastructure costs [6] - Earlier in the year, SCE implemented a rate decrease of 2.3% for residential customers and 5.3% for small and medium-sized businesses, positioning its average rates as the lowest among major California utilities [6] Holding Company Performance - At the holding company level, Edison International Parent and Other reported a wider core loss year-over-year, primarily due to higher interest expenses and losses from preferred stock redemption [7]

FOURTH-QUARTER 2025 FINANCIAL RESULTS FEBRUARY 18, 2026 Forward-Looking Statements Statements contained in this presentation about future performance, including, without limitation, operating results, capital expenditures, rate base growth, dividend policy, financial outlook, and other statements that are not purely historical, are forward-looking statements. These forward-looking statements reflect our current expectations; however, such statements involve risks and uncertainties. Actual results could diff ...

Operational Performance - The company achieved best-ever safety metrics in 2025, with a 43% reduction in serious injuries and fatalities compared to 2024 and a 30% improvement in serious preventable motor vehicle incidents [1] - System-wide performance measured by SAIDI improved by 19% year-over-year [1] - The company reported full-year 2025 core earnings of $1.50 per share, marking a 10% growth from 2024 and the fourth consecutive year of double-digit core EPS growth [2] Financial Guidance - The company is raising and tightening its 2026 core EPS guidance range, increasing the low end by $0.02 to a new range of $1.64 to $1.66, implying 10% EPS growth at the midpoint [1] - The long-term growth outlook is reaffirmed at 9%+ annually from 2027 through 2030 [1] Affordability and Rate Reductions - Bundled residential electric rates are approximately 11% lower compared to January 2024, translating to about $20 savings per month for a typical customer [3][9] - The company targets a future bill trajectory of 0% to 3%, supported by 2-4% O&M savings and accelerating data-center load [3][10] Wildfire Mitigation and Safety Initiatives - Ignitions were down 43% in 2025, contributing to a third consecutive year without a major fire caused by PG&E equipment [5] - The company launched Emberpoint in collaboration with Lockheed Martin to enhance wildfire detection and mitigation capabilities [6] - PG&E is a main sponsor of XPRIZE Wildfire, focusing on systems designed to detect and suppress high-risk fires [6] Infrastructure and Load Growth - The California Public Utilities Commission approved revised guidelines for utility undergrounding plans, allowing PG&E to file for approximately 5,000 additional miles of undergrounding over 10 years starting in 2028 [7] - Projects in the final engineering stage now total nearly 3.6 gigawatts, with expectations for load growth including 1.8 gigawatts online by 2030 [12][13] Capital Plan and Financing - The company maintains a $73 billion five-year capital plan with no new common equity required through 2030 [14][15] - The annual share dividend is doubled to $0.20 for 2026, with expectations for consistent increases in the next two years [15] - Fitch upgraded PG&E to investment grade, with Moody's and S&P indicating financial metrics are meeting investment-grade criteria [16] Regulatory and Legislative Developments - The company is engaged in wildfire liability reform discussions, with a report and recommendations expected by April 1 [17] - PG&E is seeking review of costs related to wildfire incidents, with claims exceeding $1 billion [19]

Core Insights - The collaboration between Itron and Toumetis aims to enhance wildfire mitigation and improve electric reliability in Southern California through advanced real-time analytics [1][2] - The project focuses on reducing SAIFI (System Average Interruption Frequency Index) and SAIDI (System Average Interruption Duration Index) by preventing outages and shortening their duration [4][5] Project Overview - The initiative integrates Itron's high-resolution data with Toumetis' Cascadence™ predictive analytics platform, currently utilized across over 800 electric distribution circuits [2][10] - The system consolidates data from smart meters, substation power quality measurements, relay signals, and other grid sensors to create a unified operational view [2][6] Objectives and Strategies - A primary goal is to prevent outages by early identification of precursor conditions and to reduce outage duration through faster fault location and restoration [4][5] - The project employs a physics-based location algorithm and AI/ML models to detect risks earlier and prioritize high-impact events, particularly in areas prone to wildfires [3][6] Implementation and Future Plans - Initial efforts will focus on data integration and measuring key metrics such as prevented events and time-to-restore [7] - The results from this project may guide potential expansions into additional circuits and operating scenarios [7] Company Profiles - **Itron**: Specializes in intelligent infrastructure solutions for energy, water, and city services, aiming to improve efficiency and reliability [8] - **Toumetis**: Provides AI/ML and physics-informed analytics to help utilities predict and prevent grid events, with its Cascadence platform enhancing operational decision-making [10]

Financial Performance - 2025 Q3 GAAP EPS 为 $0.88，持续经营 EPS 为 $1.24，而 2024 Q3 持续经营 EPS 为 $1.25[4] - 2025 年年初至今 GAAP EPS 为 $2.47，持续经营 EPS 为 $2.84，而 2024 年年初至今持续经营 EPS 为 $2.69[4] - 公司重申 2025 年持续经营 EPS 指导值为 $3.75 至 $3.85[4] - 启动 2026 年持续经营 EPS 指导值为 $4.04 至 $4.16[4] - 长期 EPS 增长目标更新为 6-8+%[4] Capital Investment and Growth - 更新了 600 亿美元的五年投资计划，提供约 11% 的年化费率基础增长[4] - 2026 年至 2030 年的总资本投资为 600 亿美元[5] - 2025 年至 2030 年的综合费率基础复合年增长率约为 11%[13] - 电力分配占 23%，电力生产占 39%，电力传输占 26%，天然气 LDC 占 6%，其他占 6%，总计 600 亿美元[8] Sales and Customer Data - 2025 年年初至今加权平均零售电力销售额增长 2.5%[39] - 2025 年第三季度同比增长电力客户增长 0.9%[41] - 预计 2025 年加权平均零售电力销售额增长约 3%[51] - 预计 2026 年加权平均零售电力销售额增长约 3%，天然气销售额增长约 1%[52] Strategic Initiatives - 计划投资约 50 亿美元用于野火缓解[6] - 签订了约 3 吉瓦的数据中心负载基础计划，到 2026 年[4] - 为 SPS 和 PSCo 中超过 6,000 兆瓦的增量资源发布了 RFP[4] - 正在进行的 EPS 增长为 6-8+%，股息收益率约为 3%，总股东回报率为 10+%[57, 59]

Financial Data and Key Metrics Changes - Edison International reported third quarter core earnings per share (EPS) of $2.34, up from $1.51 a year ago, influenced by a true-up for the 2025 General Rate Case [5][17] - The company narrowed its 2025 core EPS guidance range to $5.95 to $6.20, reflecting strong year-to-date performance and outlook for the remainder of the year [5][18] - The company reaffirmed its long-term core EPS growth target of 5% to 7% through 2028 [5][17] Business Line Data and Key Metrics Changes - Southern California Edison (SCE) has made significant progress in wildfire mitigation, deploying over 6,800 miles of covered conductor and planning to harden nearly 90% of its distribution lines in high fire risk areas by year-end [13][14] - The final decision on the 2025 General Rate Case authorized base revenue of $9.7 billion, supporting investments in wildfire mitigation and reliability [12][13] Market Data and Key Metrics Changes - California's legislative session concluded with the passage of SB 254, creating an $18 billion continuation account to support utilities and customers in wildfire risk management [6][8] - The company expects a near-term load growth compound annual growth rate (CAGR) of up to 3%, with long-term electricity sales projected to nearly double over the next two decades [25] Company Strategy and Development Direction - The company is focused on legislative and regulatory progress to enhance financial stability and operational execution, particularly in wildfire risk management [15][16] - Edison International is committed to maintaining affordability for customers while investing in safety and reliability [12][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the legislative actions taken to address wildfire risks and the financial stability of investor-owned utilities [6][9] - The company is optimistic about future legislative actions and the potential for meaningful reforms to address climate-driven natural disasters [9][16] Other Important Information - The company is preparing for a comprehensive report due in April 2026 to evaluate long-term reforms related to wildfire risk and cost allocation [8][9] - SCE expects to receive approximately $1.6 billion in securitization proceeds from the TKM settlement by year-end [22] Q&A Session Summary Question: Clarification on the $0.10 charge related to preferred equity - Management confirmed that the $0.10 charge is related to preferred equity series with rate resets in March 2026 and March 2027, and they are evaluating options for addressing this [32][33] Question: Participation level in the Wildfire Recovery Compensation Program - Management indicated that the program has not yet launched but is expected to finalize soon, and participation rates will be crucial for estimating losses [35][36] Question: Growth rate trends and guidance - Management expressed confidence in the 5% to 7% EPS growth rate, citing clarity from the General Rate Case and various regulatory proceedings [45][46] Question: SB 254 CapEx and equity return - Management clarified that the CapEx related to wildfire mitigation under SB 254 will not earn an equity return and will be considered in future rate cases [97][98] Question: Breakdown of near-term sales growth - Management noted that the near-term sales growth of 1% to 3% is driven by electrification, residential growth, and commercial and industrial customers [104]

Core Insights - PG&E's Q2 FY2025 earnings report revealed that both non-GAAP EPS and GAAP revenue fell short of Wall Street expectations, leading to a reduction in GAAP earnings targets for the year while maintaining the adjusted profit outlook [1][11] Financial Performance - Non-GAAP core EPS was reported at $0.31, missing the analyst expectation of $0.32, while GAAP revenue was $5.90 billion, below the market estimate of $6.24 billion, reflecting a year-over-year decline of 1.5% [2][5] - Net income (GAAP) increased to $549 million, a 4.8% rise year-over-year, but both adjusted and unadjusted EPS remained flat compared to the previous year [5][10] - The electric segment generated $4.41 billion in revenue, down from prior-year levels, while natural gas revenue decreased to $1.484 billion [5] Operational Focus - PG&E's strategic focus includes regulatory compliance, climate change adaptation, financial health, operational safety, and customer engagement, which are essential for rebuilding trust and supporting long-term infrastructure upgrades [3][4] - The company connected over 3,300 new electric customers and added more than 2,000 new electric vehicle charging ports to its grid [8] - Significant investments in wildfire mitigation programs were noted, with 32 miles of underground powerlines and 103 miles of system hardening completed [8] Regulatory and Environmental Initiatives - PG&E submitted its smallest proposed general rate case increase in a decade, aiming to keep residential gas and electricity bills flat by 2027 [7] - The company achieved a 42% reduction in methane emissions from its gas pipeline system in 2024 compared to a 2015 baseline, exceeding its earlier commitment [7] Future Outlook - For fiscal 2025, PG&E reaffirmed its non-GAAP core EPS forecast at $1.48 to $1.52 per share but lowered its GAAP guidance to a range of $1.26 to $1.32 per share due to unrecoverable interest expenses and other cost pressures [11] - The company emphasized that its $63 billion five-year capital plan through 2028 is fully funded, supporting future infrastructure investments [11] - Investors are advised to monitor regulatory decisions, wildfire mitigation efforts, and growth in demand segments such as data centers and vehicle electrification [12]

Financial Data and Key Metrics Changes - The company reported GAAP diluted EPS of $0.35, down from $0.52 in the prior period, while non-GAAP diluted EPS was $0.40 compared to $0.53 in the previous year [6][10][17] - Year-to-date results showed net income and EPS in line with 2024, indicating a flat performance against the prior period [12] - The company is initiating its 2025 earnings guidance range of $3.53 to $3.65, with a long-term earnings growth target of 4% to 6% [6][20] Business Line Data and Key Metrics Changes - Quarterly earnings were primarily driven by rate recovery, contributing 24¢ of margin improvement, offset by unfavorable weather and increased operating costs [13][14] - Electric transmission showed an improvement of $0.07, while gas transportation improved by $0.02 [14] Market Data and Key Metrics Changes - The company completed the acquisition of Energy West and Cutbank Gas facilities, adding 33,000 customers and 43 employees [7] - The company is actively pursuing large load customers, particularly in data centers, with significant interest in both Montana and South Dakota [30][31] Company Strategy and Development Direction - The company aims to invest in data centers and large load opportunities, with a focus on achieving a total return of 9% to 11% through strategic capital investments [8] - Legislative outcomes, such as the Montana wildfire bill and transmission bill, are expected to provide better regulatory certainty and support for utility investments [22][26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate regulatory challenges and achieve growth targets, emphasizing the importance of the Montana rate review outcome [20][70] - The company anticipates continued interest in data centers and plans to file tariffs to support these customers [30][31] Other Important Information - A dividend of 66¢ per share was declared, payable on September 30, 2025 [7] - The company expects to conclude the year above its downside cash flow threshold despite a dip in cash flows for the quarter [17] Q&A Session Summary Question: Update on data center ESAs - Management indicated that they are wrapping up transmission service issues and expect at least one ESA to be signed by the next call in October [42][44] Question: Addressing load requirements for expanding data center interest - The company is working with data centers on potential self-generation and build-transfer capabilities to meet load requirements [44][45] Question: Timing for megawatt ramp-up on the system - Management stated that the ramp-up will primarily occur in 2027, with some smaller contributions in 2026 [62] Question: Handling costs after acquiring facilities - The company plans to make a filing to address recovery of costs associated with the acquisition and maintain options for both Montana and FERC regulated approaches [64][66]

Financial Performance - Edison International's Q2 2025 GAAP EPS was $0.89, while Core EPS was $0.97[5] - The company reaffirmed its 2025 Core EPS guidance of $5.94–6.34[5,6], which includes 44¢ from the TKM settlement (30¢ true-up + 14¢ interest reduction)[23] - Edison International reiterated a 5–7% Core EPS Compound Annual Growth Rate (CAGR) from 2025 to 2028, projecting EPS of $6.74–7.14 in 2028[5,6] - Year-to-date 2025 Core EPS was $2.34, a decrease compared to $2.37 in YTD 2024[31] Regulatory Updates and Capital Investments - A proposed decision for the 2025 General Rate Case (GRC) was issued on July 28, supporting significant capital investments while considering affordability[7] - The GRC proposed decision includes over 1,800 miles of grid hardening, shifting approximately 400 miles to covered conductor from targeted undergrounding[8] - The company anticipates investing $6.2 billion to reduce wildfire risks associated with utility equipment[14] - Edison International projects approximately 6–8% rate base growth from 2023 to 2028, driven by wildfire mitigation and grid work, resulting in a rate base of $49.4 billion in 2025, $53.0 billion in 2026, $56.8 billion in 2027 and $60.6 billion in 2028[20] Wildfire Mitigation and Cost Recovery - SCE plans to launch a Wildfire Recovery Compensation Program, with Eaton Fire investigations ongoing[5] - The company is requesting recovery of $5.4 billion of costs related to the Woolsey fire and $84 million in restoration costs[33,35] - Edison International has completed approximately $1.6 billion in securitizations of AB 1054 capital expenditures[42]