Portland General Electric Co · NYSE:POR
Portland General Electric — Q4 2025 Earnings Presentation
26 slides from Portland General Electric's earnings presentation, Feb 17, 2026
Slide 1: Acquisition of the Washington Electric Utility from PacifiCorp; Q4 2025 Earnings Conference Call
Acquisition of the Washington Electric Utility from PacifiCorp Q4 2025 Earnings Conference Call PORTLAND GENERAL ELECTRIC February 17, 2026 Exhibit 99.2
Slide 2: Cautionary statement
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 bei
Slide 3: Today's presenters
Today’s presenters Maria Pope, President and CEO Joe Trpik, Senior Vice President of Finance and CFO
Slide 4: Acquisition of Washington utility highlights
Expands PGE’s operations into Central and Southeastern Washington State PGE brings a track record of safe, reliable, affordable operations, wildfire risk mitigation and customer service Diversifies and enhances PGE’s regional growth opportunities driven by electricity demand and state policies EPS a
Slide 5: Q4 2025 Earnings and Updates
Q4 2025 Earnings and Updates
Slide 6: Q4 and full-year 2025 results
$1.00(2) Q4 2025 Q4 2024 2025 2024 GAAP net income (in millions) $41 $39 $306 $313 GAAP diluted earnings per share (EPS) $0.36 $0.36 $2.77 $3.01 Non-GAAP adjusted diluted earnings per share(2) $0.47 NA $3.05 $3.14 The amount and timing of dividends payable and the dividend policy are at the sole dis
Slide 7: 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 8: Capturing high-tech and data center demand
Capturing high-tech and data center demand * New or incremental contracted amounts since the third quarter of 2025 As of January 31, 2026 Firm growth driven by diverse technology customers Semiconductor and data centers companies with operations in PGE’s service territory: WASHINGTON OREGON I-5 26 8
Slide 9: 2025 earnings bridge
2024 GAAP EPS Note: Dollar values are earnings per diluted share (1): Includes ($0.06) from increased property taxes and ($0.07) from other miscellaneous items Net variable power costs Retail revenue 2025 GAAP EPS Other(1) 2025 Non-GAAP EPS 2025 earnings bridge D&A & financing Business transformatio
Slide 10: Investment opportunity from RFPs
Investment opportunity from RFPs 2023 RFP(1) (1) Timelines subject to change depending on the quantity and complexity of bids received, should circumstances require, and regulatory processes 10 Submitted final shortlist to OPUC, containing ~5 GWs of renewable and non-emitting capacity projects Q1’
Slide 11: 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 12: Ratings, liquidity and financing
Ratings S&P Moody’s Senior Unsecured BBB+ A3 Outlook Stable Stable 2025 Credit Metric(1) 17.3% FFO 19.6% CFO pre WC Liquidity and financing Expected 2026 debt financings (dollars in millions) Q1 Q2 Q3 Q4 Long-term debt $350 Metrics are estimated as of 12/31/2025 Estimated equity financings 2026 2027
Slide 13: 2026 Guidance
2026 Guidance Reaffirming 5% to 7% long-term EPS growth, using the mid-point of original 2024 adjusted earnings guidance of $3.08 per share 5% to 7% long-term dividend growth Long-term load growth of 3%, through 2030 Initiating full-year 2026 adjusted earnings guidance of $3.33 to $3.53 per diluted
Slide 14: Acquisition of the Washington Electric Utility from PacifiCorp
Acquisition of the Washington Electric Utility from PacifiCorp
Slide 15: An attractive neighboring utility
An attractive neighboring utility (1) As imputed per the final order for the rate case UE-230172 with service date of March 19,2024 Customers ~140,000 Service Area ~2,700 square miles 2026E Rate Base ~$1.4 billion Authorized Return on Equity 9.5% (1) Authorized Equity Layer 50% (1) Transmission Mile
Slide 16: Strategic rationale
Strategic rationale Regulated Operations with Attractive Washington Utility Scale, Investment and Customer Growth Benefits for Customers Shareholder Value Builds on existing operations in Washington since 2014 at the Tucannon River Wind Farm WA utilities benefit from constructive regulation, includi
Slide 17: Expanding PGE's regional footprint
Expanding PGE’s regional footprint PGE’s acquisition of the WA Utility will enhance scale, diversify Pacific Northwest presence and broaden future rate base investment Service Areas and Key Assets Key Company Metrics Illustrative Rate Base Growth(1) Customers Tx miles Dx Miles Rate Base (2026E) Empl
Slide 18: Structure of transaction
Structure of transaction PGE’s Proposed Corporate Structure Update Transaction Description Illustrative Pro Forma Structure(1) PacifiCorp, a subsidiary of Berkshire Hathaway Energy, is a regulated electric utility serving customers in portions of UT, OR, WY, WA, ID and CA PGE has agreed to acquire s
Slide 19: Financing plan for transaction
Financing plan for transaction Expected Financing Plan Illustrative Pro Forma Structure and Financing (1) PGE obtained commitments for the $1.9B purchase price, including a bridge from Barclays and J.P. Morgan and commitment from Manulife IM PGE expects to utilize a combination of permanent financin
Slide 20: Joint Venture agreement for WA Utility
Joint Venture agreement for WA Utility Manulife Investment Management Overview Summary of Partnership Agreement Ownership 51% PGE 49% Manulife IM WA Utility Board Seats PGE holds majority 5 seats total Management & Operations PGE Manulife IM, and its affiliate, John Hancock, is a leading direct inve
Slide 21: Business integration and growth
Business integration and growth Recent PGE Growth Projects Project Name Capacity/Size Date in Service Constable, Sundial, Seaside BESS 475 MW 2024 & 2025 Clearwater Wind 311 MW 2023 Wheatridge Wind/Solar/BESS 380 MW 2020 Since 2005, PGE has tripled utility rate base, adding 2.4 GW of generation and
Slide 22: Rooted in our strategic priorities
Rooted in our strategic priorities Investable Energy Future for the Pacific Northwest Customer Growth Customer Affordability Clean Energy Risk Management
Slide 23: Appendix
Appendix
Slide 24: Washington regulatory construct
Washington regulatory construct Multiyear rate plans (MYRP): 2021 legislation drove reform of the regulatory framework to incorporate MYRPs of 2-4 years, and performance-based ratemaking; the reforms enhance earnings stability and reduce filing frequency Fuel cost recovery: power cost adjustment mec
Slide 25: Non-GAAP 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 26: Non-GAAP Earnings Reconciliation
Non-GAAP Earnings Reconciliation for the three months ended March 31, 2024 (Dollars in millions, except EPS) Net Income Diluted EPS GAAP as reported for the three months ended March 31, 2024 $109 $1.08 Exclusion of January 2024 storm costs 19 0.18 Tax effect (1) (5) (0.05) Non-GAAP as reported for t
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