Idacorp, Inc. · NYSE:IDA
Idacorp — Q1 2026 Earnings Presentation
18 slides from Idacorp's earnings presentation, Apr 30, 2026
Slide 1: Earnings Conference Call 1st Quarter 2026
Earnings Conference Call 1st Quarter 2026 April 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 ended March 31 2026 2025 Net income (thousands) $ 67,981 $ 59,647 Weighted average common shares outstanding – diluted (thousands) 56,289 54,126 Diluted earnings per share $ 1.21 $ 1.10 4
Slide 5: Growing Load and Customer Growth
Growing Load and Customer Growth Idaho Power Customer Growth 2025 IRP Load Forecast(1) vs. Prior IRPs 2.3% (Year-over- year) 5-Year Forecasted Annual 20-Year Forecasted Annual 670,000 Growth Rate Growth Rate 660,000 Retail Sales Annual Peak Retail Sales Annual Peak 650,000 (Billed MWh) (Peak Demand)
Slide 6: Large Load Construction Sites
Large Load Construction Sites 6
Slide 7: Recent Large Load Contract Considerations
Recent Large Load 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
Slide 8: Focused on Affordability
Focused on Affordability Average Rates (cents / kilowatt-hour) $0.16 Total Retail $0.14 $0.12 $0.10 $0.08 $0.06 2021 2022 2023 2024 2025 (1) Idaho Power National Average $0.19 Residential $0.17 $0.15 $0.13 $0.11 $0.09 2021 2022 2023 2024 2025 (1) Idaho Power National Average (1) Edison Electric Inst
Slide 9: Idaho Wildfire Standard of Care Act
Idaho Wildfire Standard of Care Act • The Idaho Public Utilities Commission approved Idaho Power’s 2026 Wildfire Mitigation Plan on April 14, 2026, which sets the standard of care under the Act • The Act provides further clarity as it relates to utility wildfire liability, while ensuring utilities o
Slide 10: Boardman-to-Hemingway
Boardman-to-Hemingway Broke Ground in June 2025 • Nearly half of the access roads and structure pads are completed • ~200 (or about 15% of total project) structures completed • Project is expected to be in-service in late 2027 10
Slide 11: Generation and Storage Project Updates
Generation and Storage Project Updates 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 11
Slide 12: 2032 RFP Update
2032 RFP(1) Update • The 2032 all-resource RFP is soliciting resources totaling an incremental capacity need of at least 200 MW • Final short list expected by the end this summer • Contracting anticipated to be completed by the end of 2026 (1) More information on the 2032 RFP is available on Idaho P
Slide 13: Comparing Q1 2025 to Q1 2026
Comparing Q1 2025 to Q1 2026 IDACORP, Inc. Net Income (in millions and before tax unless otherwise noted) Net Income – For the Quarter Ended March 31, 2025 $ 59.6 Increase (decrease) in Idaho Power net income: Retail revenues per megawatt-hour, net of power cost adjustment mechanisms $ 18.0 Customer
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 $1,300 $ Millions $4,050 $4,000 $750 $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 March 31, 2026 (millions) IDACORP(1) Idaho Power Net balance available(2) $ 100.0 $ 400.0 Net Proceeds IDACORP Equity Financing Remaining as of Available as of Settled To-Date (millions) March 31, 2026 March 31, 2026 At-the-Market Offering Program(3) –
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) No Change $ 6.25 – $ 6.45 Idaho Power additional ADITC amortization (millions) No Change Less than $30 Idaho Power O&M Expense (millions) No Change $ 5
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