Portland General Electric Co · NYSE:POR
Portland General Electric — Investor Presentation (October 2025)
29 slides from Portland General Electric's investor presentation, Oct 31, 2025
Slide 1: Investor Presentation
Investor Presentation PORTLAND GENERAL ELECTRIC October 31, 2025
Slide 2: Cautionary statement
Portland General Electric Nick White Sydnie Hinds investors.portlandgeneral.com Cautionary statement Information Current as of October 31, 2025 121 SW Salmon Street Suite 1WTC0506 Portland, OR 97204 (503) 464-8073 Nicholas.White@pgn.com (503) 464-7111 Sydnie.Hinds@pgn.com Except as expressly noted,
Slide 3: Current Topics of Focus
Current Topics of Focus
Slide 4: Executing to deliver shareholder value
Executing to deliver shareholder value Strong customer growth and clean energy demand support accretive rate base investment Growth Supported By Demonstrated Execution Robust Rate Base Pipeline Diversified Capital Investment 7% $4B+ 5% to 7% EPS Growth in 2024 Rate Base Growth Long-Term EPS & Divide
Slide 5: Advancing recovery and financing flexibility
Advancing recovery and financing flexibility Regulatory proceedings ✓ ✓ October 2025 July 2025 April 2026 Seaside ARM Distribution Order received System Plan Filed request with Requested effective ✓ from OPUC ARM the OPUC date Corporate structure updates ✓ ✓ Holding May 2025 July 2025 Mid-2026 Compa
Slide 6: Investment opportunity from ongoing RFPs
Investment opportunity from ongoing RFPs 2023 RFP(1) ✓ Q3’25 Q4 2025/Q1 2026 2027 • Pricing refresh captures tariff and tax credit policy changes • 2027 COD aligned with OBBB to Projects expected Reprice Execution of final maximize tax credit eligibility to in-service by the dampen customer price im
Slide 7: Comprehensive wildfire risk management
Comprehensive wildfire risk management Strategy development Developing a year-round strategy through mitigation planning which is informed by risk methodology and assessment Planned mitigations Implementing a systematic, risk-informed approach through grid design & system hardening and improving sit
Slide 8: Track record of diversified load growth
Track record of diversified load growth Total Load Mix(1) 3% OREGON 26 WASHINGTON Columbia River 32% 32% Long-Term Total Load Growth Guidance 84 Sandy Portland River Commercial Industrial Through 2029 Industrial Load Mix(1) 36% Residential ~50% ~25% ~25% Salem I-5 Semiconductor & Data Centers & Trad
Slide 9: Capturing high-tech and data center demand
Capturing high-tech and data center demand Firm growth driven by diverse technology customers Pacific subsea cables land in Oregon, Large Load Pipeline(1) supporting data center expansion 1300 9% CAGR and growing 1200 2024 - 2029 217 1100 147 Cumulative Megawatts 1000 116 1053 32 1008 900 961 896 80
Slide 10: The Company
The Company
Slide 11: PGE, Oregon's largest utility
PGE, Oregon’s largest utility Quick facts Beaver Port Westward 1 & 2 Washington Tucannon River • Single state service territory, vertically integrated OREGON WASHINGTON Wind Farm energy company that generates, transmits and 26 Eastern Oregon distributes electricity Columbia River Coyote Springs Appr
Slide 12: Investment thesis
Investment thesis Investing in a reliable and Execution, operational High-growth service area clean energy future effectiveness and efficiency • 3,500 to 4,500 MW of additional non- • 5% to 7% long-term EPS growth(1) and • Largely urban service territory that is emitting resources remain to be procu
Slide 13: Reliability and resiliency investments
Reliability and resiliency investments Capital expenditures forecast(1) $1,435 $1,340 $1,280 $1,220 $1,135 $515 $200 $420 $390 $255 $165 $120 $120 $130 $120 $120 $595 $600 $625 $615 $575 $160 $165 $170 $175 $175 2025 2026 2027 2028 2029 Generation Distribution General, Technology, Strategic BESS Pro
Slide 14: 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 15: Key Strengths
Key Strengths
Slide 16: 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 17: 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 18: Liquidity and financing
Liquidity and financing Stable, investment grade credit ratings and strong cash flow metrics Ratings S&P Moody’s Total Liquidity: $1,038 million Senior Secured A A1 as of September 30, 2025 Senior Unsecured BBB+ A3 Commercial Paper A-2 P-2 Cash Outlook Stable Negative $137 Actual and expected 2025 d
Slide 19: 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 20: 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 21: 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 22: 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 23: Environmental, social, & governance
Environmental, social, & governance 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 support dr
Slide 24: Experienced and accomplished Board
Experienced and accomplished Board Name Age Director Industry/Experience Committee Other Public Track record of thoughtful refreshment Since Assignments(1) Boards enables us to have a Board with the Marie Oh Huber Independent 63 2019 Law/Technology/ • Customer Experience • Compensation Governance, C
Slide 25: Appendix
Appendix
Slide 26: 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 27: 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 28: 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 29: 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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