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 ...

Core Insights - Entergy provided an update on the financial performance and outlook for its regulated electric utilities in the New Orleans area, greater Louisiana, Mississippi, Arkansas, and east Texas, with the largest subsidiary being in greater Louisiana [1] Financial Performance - Estimated capital spending through 2029 is projected to be $43 billion, an increase from $41 billion in the previous quarter [5] - Weather-adjusted retail sales rose by 1.5% in Q4 2025 and 3.9% for the full year, driven by a 6.7% increase in industrial sales [5] - Residential and commercial sales increased modestly by 2.1% and 1.2%, respectively [5] Sales Growth Projections - Expected weather-adjusted retail sales growth in 2026 is 5%, primarily due to a 10% growth in industrial sales [3] - Annualized industrial sales growth is expected to reach 15% through 2029 [4] Demand Drivers - Data centers and large industrials are anticipated to drive the bulk of new demand, with a large-load pipeline of 10 GW to 17 GW [2][6] - Data centers account for 7-12 GW of the large-load pipeline, with other large industrials comprising 3-5 GW [8] Customer Rate Expectations - Entergy expects residential customer rates to increase by 4% annually through 2029, aligning with national trends observed since 2022 [7] Future Projects - Upcoming customers include traditional heavy industrial sites and significant projects like the $6 billion hydrogen and steel plant by Hyundai near Baton Rouge, Louisiana [9] - Enthusiasm is particularly noted for data center opportunities, including a 2-GW Meta campus planned for northeastern Louisiana [9]

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. ...

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 Insights - PG&E has reduced electric rates for the fourth time in two years due to accelerated large load growth, although wildfire costs remain a challenge for affordability [1] Group 1: Large Load Growth and Electric Rates - The total large load pipeline decreased from 9.6 GW in September 2025 to 7.3 GW by the end of the year, but new projects are entering final engineering phases [2] - PG&E estimates that it can lower customer electric bills by approximately 1% for each gigawatt of new load added to the system [2] - Rapid adoption of electric vehicles (EVs) is increasing electricity demand in PG&E's service area, alongside expected growth from California's manufacturing sector [2][3] Group 2: Wildfire Management and Capital Plans - There has been a 43% decline in wildfire ignitions linked to PG&E equipment [5] - PG&E's five-year capital plan is set at $73 billion, with no current plans to update it despite potential additional growth opportunities of $5 billion [6][7] - The company will not issue new equity under its current five-year plan but plans to issue up to $4.6 billion in debt in 2026 to maintain investment-grade credit ratings [8] Group 3: Legislative and Policy Developments - The California Earthquake Authority is expected to release a report on wildfire fund reforms on April 1, which may initiate legislative changes aimed at improving wildfire-related legal claims reimbursement [9]

Core Viewpoint - Edison International (EIX) is expected to report its fourth-quarter 2025 results on February 18, with an earnings surprise of 8.3% in the previous quarter [1] Factors Impacting EIX's Q4 Performance - The company is heavily investing in grid hardening, wildfire mitigation, and renewable energy integration to support California's clean energy goals, which is likely to positively impact its fourth-quarter earnings [2] - Southern California Edison Company (SCE), a subsidiary of EIX, is expected to reflect a higher 2025 authorized base revenue requirement, contributing to incremental revenues due to a $902 million retroactive increase approved by the California Public Utilities Commission [3] - However, higher operating expenses may offset some of the positive impacts on earnings [4] EIX's Q4 Expectations - The Zacks Consensus Estimate for EIX's earnings is $1.47 per share, indicating a year-over-year increase of 40% [5] - The Zacks Consensus Estimate for revenues is $4.38 billion, implying a 9.9% growth year over year [5] Earnings Prediction - The company's Earnings ESP is +8.65%, indicating a strong likelihood of an earnings beat, supported by a Zacks Rank of 3 (Hold) [6][7] Other Stocks to Consider - Alliant Energy (LNT) is also expected to report an earnings beat in the same reporting cycle, with a long-term earnings growth rate of 7.15% [8][10] - Consolidated Edison (ED) and AES Corporation (AES) are similarly positioned to potentially report earnings beats, with respective long-term growth rates of 6.11% and 11.17% [10][11][12]

Group 1 - U.S. small-cap equities experienced modest gains in Q4 2025, supported by attractive valuations, earnings recovery, and a shift from mega-cap stocks [1] - The Aristotle Small Cap Equity Fund (Class I-2) returned 1.96% in Q4 2025, underperforming the Russell 2000 Index's total return of 2.19% [1] - Security selection positively impacted overall performance, while allocation effects had a negative impact [1] Group 2 - IDACORP, Inc. (NYSE:IDA) was highlighted as a recent addition to the Aristotle Small Cap Equity Fund portfolio [2] - As of February 13, 2026, IDACORP, Inc. stock closed at $144.26 per share, with a one-month return of 7.17% and a twelve-month increase of 31.41% [2] - IDACORP, Inc. has a market capitalization of $7.8 billion [2] Group 3 - IDACORP, Inc. is a vertically integrated electric utility serving southern Idaho and eastern Oregon, benefiting from strong industrial load growth and population migration [3] - The company has a robust five-year capital plan and a double-digit rate base growth outlook, supported by a constructive regulatory environment [3] - The management team is expected to drive consistent earnings growth and long-term capital appreciation for shareholders [3] Group 4 - IDACORP, Inc. is not among the 30 most popular stocks among hedge funds, with 27 hedge fund portfolios holding the stock at the end of Q3 2025, down from 33 in the previous quarter [5] - While IDACORP, Inc. is recognized for its investment potential, certain AI stocks are considered to offer greater upside potential and lower downside risk [5]

Core Insights - Consolidated Edison, Inc. (ED) is a leading utility company with a market cap of $41 billion, providing regulated electric, gas, and steam delivery services [1] Performance Overview - ED shares have outperformed the broader market, gaining 18.9% over the past year compared to the S&P 500 Index's 11.8% increase [2] - In 2026, ED's stock rose 14.5%, surpassing the S&P 500's marginal drop on a year-to-date basis [2] Dividend Information - On January 27, ED declared a quarterly dividend of $0.8875 per share, raising the annualized dividend to $3.55 per share, marking the 52nd consecutive year of dividend growth [5] Earnings Expectations - Analysts expect ED's EPS to grow 4.8% to $5.66 on a diluted basis for the current fiscal year ending in December [6] - The company's earnings surprise history is mixed, with three beats and one miss in the last four quarters [6] Analyst Ratings - Among 19 analysts covering ED, the consensus rating is "Hold," with three "Strong Buy," ten "Holds," one "Moderate Sell," and five "Strong Sells" [6] - UBS analyst raised the price target on ED to $112 from $108 while maintaining a "Neutral" rating, indicating an upside potential of 12.6% based on the Street-high price target of $128 [8]

Analysts predict a 22.4% decline in EPS to $0.52 for Q4 2025, despite a projected 2% revenue increase to $3.24 billion.Stability in EPS estimates over the past 30 days highlights analyst confidence, potentially impacting short-term stock performance.Financial metrics reveal a P/E ratio of 21.85 and a debt-to-equity ratio of 2.15, indicating market favorability but significant leverage.FirstEnergy Corporation (NYSE:FE) is set to release its fourth-quarter 2025 earnings on February 17, 2026. Analysts predict ...