Slide 1: Earnings Conference Call 2nd Quarter 2026
Earnings Conference Call 2nd Quarter 2026 July 30, 2026
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation (and oral statements relating to this presentation) contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements, other than statements of historical facts, that express or involve discussi
Slide 3: Presenting Today
Presenting Today Lisa Grow Brian Buckham Amy Shaw John Wonderlich IDACORP President IDACORP Executive Vice President, IDACORP Vice President of IDACORP Investor & Chief Executive Officer Chief Financial Officer & Treasurer Finance, Compliance & Risk Relations Manager 3
Slide 4: IDACORP Earnings Performance
IDACORP Earnings Performance Three months Six months ended June 30 ended June 30 2026 2025 2026 2025 Net income (thousands) $ 102,577 $ 95,781 $ 170,558 $ 155,428 Weighted average common shares outstanding – diluted 57,229 54,380 56,767 54,249 (thousands) Diluted earnings per share $ 1.79 $ 1.76 $ 3
Slide 5: Growing Load and Customer Growth
Growing Load and Customer Growth Idaho Power Customer Growth 2025 IRP Load Forecast vs. Prior IRPs 2.3% 5-Year Forecasted 20-Year Forecasted 680,000 (Year-over- Annual Growth Rate(1) Annual Growth Rate year) 670,000 Retail Sales Annual Peak Retail Sales Annual Peak (Billed (Peak (Billed (Peak 660,00
Slide 6: Large Customer Construction Sites
Large Customer Construction Sites 6
Slide 7: Large Customer Contract Considerations
Large Customer Contract Considerations(1) Take-or-Pay & Termination & Credit & Security Demand Commitments Exit Protections $ $ • Take-or-pay obligations tied to • Credit requirements scaled to • Explicit termination payment demand-related costs project size and risk provisions • Contract Demand & M
Slide 8: Focused on Affordability
Focused on Affordability Average Rates (cents / kilowatt-hour) Total Retail Residential $0.16 $0.19 $0.14 $0.17 $0.12 $0.15 $0.10 $0.13 $0.08 $0.11 $0.06 $0.09 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 (1) Idaho Power National Average (1) Idaho Power National Average (1) Edison Electric Inst
Slide 9: Owned Storage Projects Completed
Owned Storage Projects Completed 2023(1) 2024 2025 2026 131 MW 96 MW 80 MW 250 MW (1)Includes 11MWs of storage installed at distribution substations. 9
Slide 10: Boardman-to-Hemingway
Boardman-to-Hemingway • Broke ground in June 2025 • ~65% of access roads completed • ~70% of structure pads completed • ~400 of 1,300 structures completed • Project expected to be in-service in late 2027 10
Slide 11: Owned Generation and Storage Project Updates
Owned Generation and Storage Project Updates(1) 2026 2028 2029 2030 BESS Bennett Peregrine South Hills Projects Expansion 430 MW 222 MW 250 MW 167 MW DRAFT RENDERING DRAFT RENDERING DRAFT RENDERING (1)The 250 MW BESS projects were placed in-service in June 2026. In March 2026, Idaho Power received a
Slide 12: 2032 RFP Update
2032 RFP(1) Update • Process on track • Bids received and currently being evaluated • Final short list expected by the end of this summer • Targeting contracts to be completed end of 2026 (1) More information on the 2032 RFP is available on Idaho Power’s website (Request for New Resources - Idaho Po
Slide 13: Comparing Q2 2025 to Q2 2026
Comparing Q2 2025 to Q2 2026 IDACORP, Inc. Net Income (in millions and before tax unless otherwise noted) Net Income – For the Quarter Ended June 30, 2025 $ 95.8 Increase (decrease) in Idaho Power net income: Retail revenues per megawatt-hour, excluding large contract customers, net of power cost ad
Slide 14: Capital Expenditures Forecast
Capital Expenditures Forecast(1) 2026 – 2030 $1,800 $1,600 ~$1,416M per year average forecast $1,400 $1,200 ~100% $ Millions $1,000 increase $800 $600 $400 ~$709M actual per year average, $200 previous 5 years $0 2026 2027 2028 2029 2030 Distribution ($230M-$325M) General Plant ($75M-$100M) High Vol
Slide 15: Financing Plan Forecast
Financing Plan Forecast (1) (2) 2026 – 2030 $9,000 $8,000 $2,900 $(200) $7,000 $6,000 $5,000 $1,050 $ Millions $4,050 $4,000 $1,000 $3,000 $(1,200) $2,000 $1,000 $- $(7,350) Net Cash Dividends FSAs(3) To be Issued To be Issued To be Repaid Capital from Expenditures(4) -------------------------------
Slide 16: Liquidity and Equity Financing
Liquidity and Equity Financing Liquidity As of July 24, 2026 (millions) IDACORP(1) Idaho Power Net balance available(2) $ 100 $ 400 Net Proceeds IDACORP Equity Financing Remaining as of Available as of Settled To-Date (millions) July 24, 2026 July 24, 2026 ATM Offering Program – 2024 Series(3) – $ 1
Slide 17: 2026 Earnings Per Share Guidance and Estimated Key Operating and Financial Metrics
2026 Earnings Per Share Guidance and Estimated Key Operating and Financial Metrics Current(1) Prior(2) IDACORP Earnings Guidance (per diluted share) $ 6.30 – $ 6.45 $ 6.25 – $ 6.45 Idaho Power additional ADITC amortization (millions) Less than $ 15 Less than $ 30 Idaho Power O&M Expense (millions) N
Slide 18: Contact Information
Contact Information Investors & Analysts Media John R. Wonderlich Jordan Rodriguez Investor Relations Manager Corporate Communications (208) 388-5413 (208) 388-2460 JWonderlich@idahopower.com JRodriguez@idahopower.com