Portland General Electric Co · NYSE:POR
Portland General Electric — Q2 2025 Earnings Presentation
34 slides from Portland General Electric's earnings presentation, Jul 25, 2025
Slide 1: Investor Presentation
Investor Presentation PORTLAND GENERAL ELECTRIC July 25, 2025
Slide 2: Cautionary statement
Portland General Electric Nick White Sydnie Hinds Cautionary statement investors.portlandgeneral.com 121 SW Salmon Street Suite 1WTC0506 Portland, OR 97204 (503) 464-8073 Nicholas.White@pgn.com (503) 464-7111 Sydnie.Hinds@pgn.com Information Current as of July 25, 2025 Except as expressly noted, the
Slide 3: The Company
The Company
Slide 4: PGE at a glance
PGE at a glance 3,500+ MWs of Generation 300 MWs of Energy Storage Capacity Beaver Quick facts Port Westward 1 & 2 Washington Tucannon River • Vertically integrated energy company that generates, OREGON WASHINGTON Wind Farm transmits and distributes electricity 26 Eastern Oregon Columbia River • App
Slide 5: Investment thesis
Investment thesis Investing in a reliable and Building a smarter, more Focusing on operational clean energy future resilient grid effectiveness and efficiency • Adopting 100% clean energy by 2040 • Investing in our system to maintain and • 5% to 7% long-term EPS growth(1) and framework increase resi
Slide 6: Diverse, growing service area
Diverse, growing service area • Growing core urban service area with strong population growth supporting services (government, education, restaurants, healthcare, and other services) OREGON WASHINGTON • I-5 corridor and port access provide opportunity for transportation and 26 Columbia River warehou
Slide 7: Robust demand growth led by industrial class
Robust demand growth led by industrial class 2024 Load Mix(1) Track record of strong Ongoing high tech investment in industrial growth Oregon(3) $500M+ 8.2% State grants, loans, and tax credits for Industrial Load Growth Oregon semiconductor industry 32% 36% CAGR 2019-2024(1)(2) Expected state-wide
Slide 8: Reliability and resiliency investments
Reliability and resiliency investments Capital expenditures forecast(1) $1,435 $1,340 $1,280 $1,215 $1,150 $515 $200 $420 $390 $255 $165 $120 $120 $120 $130 $120 $610 $600 $625 $615 $570 $160 $165 $170 $175 $175 2025 2026 2027 2028 2029 Generation Distribution General, Technology, Strategic BESS Pro
Slide 9: Clean energy transition
Clean energy transition Advancing toward a clean energy future PGE has made significant progress toward decarbonization in the past decade Meaningful steps underway to make progress towards HB 2021 mandated 2030 emissions targets: • Removing coal from our portfolio to meet our legislative requiremen
Slide 10: Regulatory milestones ahead
Regulatory milestones ahead Regulatory proceedings ✓ ✓ May 2025 October 2025 July 2025 April 2026 Distribution Seaside ARM Filed request with Requested effective System Plan Filed request with Requested effective the OPUC date ARM the OPUC date Corporate structure updates ✓ ✓ Holding May 2025 July 2
Slide 11: Resource planning and procurement
Resource planning and procurement 2023 RFP(1) Q3’25 2nd half 2025 2027 • Pricing refresh captures tariff and tax credit policy changes Execution of final • 2027 COD aligned with OBBB to contracts with Projects in-service Reprice maximize tax credit eligibility to winning bidders by the end of 2027 d
Slide 12: Illustrative rate base growth
Illustrative rate base growth • PGE’s five-year base capital(3) expenditure forecast of $6.5 billion drives 7% average rate base growth, from 2024 base year • Illustrative incremental RFP opportunities(4) potentially increase average rate base growth to 9%, from 2024 base year $10.9 9% CAGR $9.9 $9.
Slide 13: Key Strengths
Key Strengths
Slide 14: Operational excellence
Operational excellence Continued focus on safety and a leader in reliability System Average Lost Time Incident Interruption Duration Overall Generation Rate Index (SAIDI)(1) Availability 0.26 2nd Quartile 85.9% 2023: 0.29 2023: 2nd Quartile 2023: 86.5% Note: All data is as of December 31, 2024, unle
Slide 15: Customer focus
Customer focus CUSTOMER SATISFACTION Ranked in the top decile nationwide for Residential Customer Delight according to Escalent’s National Energy Utility Benchmarking Study (2023) TOP 5 Ranked as number 1 in 2024 and as a Top 5 Utility for 2021, 2022 and 2023 in the United States for Customer Experi
Slide 16: Clean energy and transmission investment
Clean energy and transmission investment Building a smarter, stronger, more flexible grid to deliver the power customers need today and into the future Advancing the clean energy transition Renewable Projects New resources that provide emissions-free energy for PGE customers • Clearwater Wind Facili
Slide 17: Transmission investments
Transmission investments Transmission is critical in improving the network, alleviating congestion, and providing access to diverse resources PGE is focused on investments within three key areas: 1) PGE’s System Essential for last-mile transmission to serve load from assets, on and 1 off our system
Slide 18: Long-term financial performance
Long-term financial performance $3.33(4)(7) $3.14(3) $3.13(4)(7) $2.74(1) $3.01(3) $2.72 2.72 GAAP EPS $2.60 (1) $2.38(2) 2.60 (diluted) $2.33 (2) 2.33 Long-term Non-GAAP EPS 5% to 7%(4) earnings (diluted) growth from $3.08, the midpoint of original Adjusted Non-GAAP 2024 adjusted earnings Guidance(
Slide 19: Proven dividend growth
Proven dividend growth $2.08 (4) $1.98 Dividends $1.88 declared per $1.79 common share(3) $1.70 $1.59 $1.52 $1.43 $1.34 $1.26 Target Payout 70% Ratio Actual Payout 60% Ratio (5) 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025E Long-term dividend growth guidance of 5-7%(4) (1) Compound Annual Growt
Slide 20: Liquidity and financing
Liquidity and financing Total Liquidity: $980 million Ratings S&P Moody’s as of June 30, 2025 Senior Secured A A1 Senior Unsecured BBB+ A3 Cash $56 Commercial Paper A-2 P-2 Outlook Stable Negative Actual and expected 2025 debt Q1 Q2 Q3 Q4 Letters of financings(1) (dollars in millions) Credit $174 Lo
Slide 21: Environmental, Social and Governance
Environmental, Social and Governance
Slide 22: Environmental, social, & governance highlights
Environmental, social, & governance highlights Decarbonize Electrify Perform In 2024, PGE’s total system load was composed of 45% specified, non-emitting energy sources. PGE continued to make steady progress, procuring clean energy resources and investing in the GHG emissions targets tools that will
Slide 23: Clean energy commitment
Clean energy commitment PGE’s clean energy and emissions goals have always been rooted in our customers’ preferences, who are some of the most sophisticated renewable energy buyers in the world PGE’s goals go above and beyond required emission reduction targets and PGE was the first utility in the U
Slide 24: Community and employee engagement
Community and employee engagement $228M spent with diverse suppliers in 26% Black, Indigenous and People of Color 2024, 18% of total spend for 2024 make up over one-fourth of leadership, a 110% increase since 2014 22,000+ volunteer hours completed by employees and retirees 37% Women make up over one
Slide 25: Diverse and experienced Board
Diverse and experienced Board Track record of thoughtful refreshment Name Age Director Since Industry/Experience Diversity Committee Assignments(1) Other Public Boards enables us to have a Board with the experience and diverse perspectives Dawn Farrell • Finance Independent 65 2022 Utilities/ Energy
Slide 26: Investing in our workforce
Investing in our workforce • Awareness, education, and training: Racial equity Workforce by Gender(1) education for our board, leadership and employees • Recruitment and development: Development 34% opportunities for underrepresented, high-potential employees interested in leadership Women Men • Awa
Slide 27: Appendix
Appendix
Slide 28: Wildfire regulatory framework
Wildfire regulatory framework Annually, PGE files a Wildfire Mitigation Plan with the OPUC which WMP summarizes our approach to addressing wildfire risk. The 2025 Wildfire Mitigation Plan Update (Docket UM 2208) was submitted in December 2024 PGE’s Wildfire Automatic Adjustment Clause (AAC) is desig
Slide 29: PGE’s wildfire mitigation process
PGE’s wildfire mitigation process High fire risk zones Strategy development Developing a year-round strategy through Defined high risk fire zones mitigation planning which is informed by risk methodology and assessment 12 (HFRZs) within PGE’s service territory Planned mitigations 2.7% Percent of PGE
Slide 30: Public safety power shutoff (PSPS)
Public safety power shutoff (PSPS) Temporarily turning off power during extreme weather conditions to reduce wildfire risk 30
Slide 31: Recovery of power costs
Recovery of power costs Annual power cost update tariff • Annual reset of prices based on forecast of net variable power costs (NVPC) for the coming year • Subject to OPUC prudency review and approval, new prices go into effect on or around January 1 of the following year • PGE can recover 80% of po
Slide 32: 2025 Earnings Sensitivities
2025 Earnings Sensitivities Sensitivity Full-Year Adjusted EPS Impact Load Growth - Residential(1) ± 1% ± $0.07 Load Growth – Commercial(1) ± 1% ± $0.02 Load Growth – Industrial(1) ± 1% ± $0.01 O&M Expense ± $10 million ± $0.07 Interest Rates(2) ± 25 bps ± $0.01 Effective Tax Rate ± 1% ± $0.04 (1) A
Slide 33: Non-GAAP financial measures
Non-GAAP financial measures This presentation contains certain non-GAAP measures, such as adjusted earnings, adjusted EPS and adjusted earnings guidance. These non-GAAP financial measures exclude significant items that are generally not related to our ongoing business activities, are infrequent in n
Slide 34: Non-GAAP financial measures
Non-GAAP financial measures Non-GAAP Earnings Reconciliation for the year ended December 31, 2022 (Dollars in millions, except EPS) Net Income Diluted EPS GAAP as reported for the year ended December 31, 2022 $233 $2.60 Exclusion of 2020 Wildfire and COVID deferral reversal 17 0.19 Tax effect (1) (5
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