Core Viewpoint - PacifiCorp has agreed to sell its wind, natural gas generation, and distribution assets in Washington to Portland General Electric for a total transaction value of $1.9 billion, aiming to enhance financial stability and streamline operations [1][2][3]. Group 1: Transaction Details - The sale includes significant facilities such as the Chehalis thermal plant and the Marengo and Goodnoe Hills wind farms [1]. - The transaction also encompasses the distribution infrastructure serving customers in Yakima, Walla Walla, and surrounding areas currently served by Pacific Power [2]. - The completion of the transaction is expected to take around one year, with both companies working towards a smooth transition for employees in Washington [4]. Group 2: Strategic Rationale - PacifiCorp's decision to divest is driven by increasing challenges related to varying regulatory policies across the six states where it operates, impacting its ability to provide reliable and cost-effective service [2]. - The CEO of PacifiCorp stated that this move is a targeted step to ensure the continued delivery of safe and reliable power to nearly two million customers in the West and Intermountain West [3]. - The transaction aims to better align costs, benefits, and obligations across PacifiCorp's diverse service areas, creating a more workable multi-state utility structure [5]. Group 3: Future Commitments - PacifiCorp has expressed its ongoing commitment to the communities it serves, while PGE aims to sustain growth and investment in the region, focusing on customer satisfaction [4].

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]

Core Insights - Performance in 2025 exceeded original expectations despite a 9% year-over-year EPS decline, attributed to a decline in earnings in the Plastics segment returning to historical norms [1] Company Performance - Otter Tail Power achieved significant regulatory milestones, including the implementation of interim rates in South Dakota and Minnesota to support its robust rate base growth plan [1] - The Manufacturing segment faced demand-related headwinds in lawn, garden, and agriculture end markets due to high dealer inventory levels and a challenging economic environment [1] Segment Analysis - Plastics segment results were impacted by a 15% decline in average PVC pipe sales prices, though this was partially mitigated by an 8% increase in sales volumes from new capacity [1] - Operational efficiency at BTD Manufacturing helped align cost structures with a softer demand environment, preserving margins despite lower sales volumes [1] Strategic Focus - Management emphasized a strategy of intentional diversification, using cash flow from manufacturing and plastics to fund utility growth without the need for external equity through 2030 [1]

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 ...

Core Viewpoint - Portland General Electric has agreed to acquire wind, natural-gas generation, and distribution assets from Berkshire Hathaway's PacifiCorp unit in Washington state for a total of $1.9 billion [1] Company Summary - The acquisition includes assets related to wind and natural-gas generation, as well as distribution capabilities, indicating a strategic expansion for Portland General Electric in renewable and traditional energy sectors [1] - The deal reflects Portland General Electric's commitment to enhancing its energy portfolio and potentially increasing its market share in the Pacific Northwest [1]

Core Viewpoint - Portland General Electric has agreed to acquire select generation, transmission, and electric utility operations from PacifiCorp in Washington state for a total of $1.9 billion [1] Company Summary - The acquisition involves specific operations in Washington state, indicating a strategic expansion for Portland General Electric [1] - The deal is valued at $1.9 billion, highlighting the significant investment being made by Portland General Electric in enhancing its operational capabilities [1] Industry Summary - This transaction reflects ongoing consolidation trends within the electric utility sector, as companies seek to enhance their service offerings and operational efficiencies through acquisitions [1] - The acquisition may impact competitive dynamics in the region, as Portland General Electric expands its footprint in Washington state [1]