Portland General Electric Co · NYSE:POR
Portland General Electric — Q1 2026 Earnings Presentation
13 slides from Portland General Electric's earnings presentation, May 1, 2026
Slide 1: First Quarter 2026 Earnings Conference Call
Portland General Electric EARNINGS CONFERENCE CALL FIRST QUARTER 2026 Exhibit 99.2
Slide 2: Cautionary statement
Cautionary statement Information Current as of May 1, 2026 Except as expressly noted, the information in this presentation is current as of May 1, 2026 – the date on which Portland General Electric Company (PGE) filed its Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 - and shoul
Slide 3: Today's presenters
Today’s presenters Maria Pope, President and CEO Joe Trpik, Senior Vice President of Finance and CFO
Slide 4: Q1 2026 results and 2026 earnings guidance
2026 Accounting ROE(4) 8.8 – 9.3% $0.38 $2.75 - $2.95 2026 Earnings Guidance $3.33 - $3.53 Q1 2026 Q1 2025 GAAP net income (in millions) $45 $100 GAAP diluted earnings per share (EPS) $0.38 $0.91 Non-GAAP adjusted diluted earnings per share(2) $0.58 NA The amount and timing of dividends payable and
Slide 5: Advancing strategic priorities
Advancing strategic priorities Investable Energy Future for the Pacific Northwest Updating our corporate structure and aligning legislative and regulatory policies Customer Growth Customer Affordability Supporting the region’s economic development, including data center and high-tech growth Working
Slide 6: Q1 2026 earnings bridge
Note: dollar values are earnings per diluted share Q1 2026 GAAP Diluted EPS Q1 2025 GAAP diluted EPS Residential & Commercial Revenue Other Q1 2026 Non-GAAP EPS Regulatory Disallowances, Business Optimization & Acquisition Costs D&A and financing Additional Cost Recovery Seaside Higher demand Lower
Slide 7: Capital expenditures forecast
Note: Dollar values in millions. Capital expenditures exclude allowance for funds used during construction. These are projections based on assumptions of future investment. Actual amounts expended will depend on various factors, including, but not limited to, siting, permitting, tariffs and supply c
Slide 8: Liquidity and financing
Credit Facilities $741 Letters of Credit $205 Total Liquidity: $954 million as of March 31, 2026 dollars in millions Cash $8 Ratings S&P Moody’s Senior Unsecured BBB+ A3 Outlook Stable Stable 2026 Credit Metric Estimate(1) 19.4% FFO 19.7% CFO pre WC Liquidity and financing Expected 2026 debt financi
Slide 9: Appendix
Appendix
Slide 10: Washington acquisition update
Washington acquisition update Regulatory Status Overview 10 Electric Service Area Operating Transmission Lines Power Plants Chehalis Natural Gas Plant 477 MW Seattle Goodnoe Hills Wind Farm 94 MW Marengo I/II Wind Farm 234 MW Lewiston Walla Walla Kennewick Yakima Initial Filings Complete: OR & WA (P
Slide 11: Advancing recovery and financing flexibility
Rate effective date November 2025 Rate effective date April 2026 Advancing recovery and financing flexibility Regulatory proceedings 11 Distribution System Plan ARM Seaside ARM Corporate structure update Notified OPUC of intent to file for application May 2025 Filed application request w
Slide 12: 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 nature, or both. PGE believes
Slide 13: Non-GAAP Earnings Reconciliation
Non-GAAP Earnings Reconciliation for the three months ended March 31, 2026 (Dollars in millions, except EPS) Net Income Diluted EPS GAAP as reported for the three months ended March 31, 2026 $45 $0.38 Exclusion of regulatory deferral adjustment charge related to 2024 15 0.13 Exclusion of business tr
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