Avista Corporation · NYSE:AVA
Avista — Investor Presentation (March 2026)
34 slides from Avista's investor presentation, Mar 4, 2026
Slide 1: Energy That Transforms Investor Presentation March 2026
ENERGY THAT TRANSFORMS INVESTOR PRESENTATION MARCH 2026
Slide 2: Disclaimer
Disclaimer Except as expressly noted, the information in this presentation is current as of Feb. 25, 2026, and should not be relied upon as being current as of any subsequent date. Avista undertakes no duty to update this presentation, except as may be required by law. All forward-looking statements
Slide 3: Responsible Growth with a Focus on Results
Responsible Growth with a Focus on Results Committing to financial strength Ensuring robust energy supply and delivery Regulatory outcomes demonstrate Commission support and alignment with strategic priorities Strengthened S&P rating outlook to stable Long-term utility earnings growth from midpoint
Slide 4: Avista at a Glance
Avista at a Glance Primarily a regulated electric and gas utility Incorporated in the territory of Washington in 1889 FINANCIALS AT A GLANCE 1.9 billion 2025 OPERATING REVENUE 191 million 2025 NET INCOME ATTRIBUTABLE TO AVISTA CORP SHAREHOLDERS 2.36 2025 DILUTED EARNINGS PER SHARE 1.97 2026 ANNUALIZ
Slide 5: 2025 Earnings Bridge
2025 Earnings Bridge 2024 GAAP EPS 2024 other business loss 2024 non-GAAP utility EPS Electric utility margin (incl. intra-company) Natural gas utility margin (incl. intra-company) Other operating expenses Depreciation and amortization Interest expense Other Income tax at effective rate Dilution on
Slide 6: Investing in the Utility of the Future
Investing in the Utility of the Future Avista Utilities Expected Capital Spend 2025-2030 Allocation of Avista Utilities Expected Base Capital Spend 2026-2030 $ in millions Hypothetical additional spend of up to $350 million represents estimated costs to integrate a potential new large load customer.
Slide 7: Signed MOU for North Plains Connector
Signed MOU for North Plains Connector Signed memorandum of understanding seeking 10 percent ownership of the North Plains Connector project Definitive agreements expected in the next 6 – 9 months Financial commitments likely to occur at conclusion of project in 2032 The North Plains Connector Transm
Slide 8: 2026 Washington General Rate Case Filed
2026 Washington General Rate Case Filed Components of RY1 Electric Revenue Requirement Proposed changes to the calculation of baseline power supply cost designed to address changing market dynamics Baseline power supply cost for years 3 and 4 will be established in later filings New deferral mechani
Slide 9: Snapshot of Rates by Jurisdiction
Snapshot of Rates by Jurisdiction Washington New rates effective 1/1/2026. Base electric revenue increase of $68.9M ($44.5M net) (11.6%). Base gas revenue increase of $4.0M (2.8%). Overall rate of return 7.32% and ROE 9.8%. Four-year MYRP filed with the WUTC January 2026. Idaho New rates effective 9
Slide 10: Mitigating our Wildfire Risk
Mitigating our Wildfire Risk Incorporates grid hardening, vegetation management, situational awareness, and emergency response and operations WUI 2 and 3 zones to be addressed first In 2026, expect $45 million in capital and $20 million in O&M Leading-edge fire weather dashboard enables prediction o
Slide 11: Initiating 2026 Non-GAAP Utility Earnings Guidance
Initiating 2026 Non-GAAP Utility Earnings Guidance Guidance Assumptions Normal weather and hydroelectric generation A negative impact from the ERM of $(0.10) per diluted share, within the 90% customer / 10% company sharing band Effective tax rate of 12% Capital expenditures of $585 million Effective
Slide 12: Company Contact
COMPANY CONTACT Stacey Walters Investor Relations Manager (509) 495-2046 stacey.walters@avistacorp.com COMPANY CONTACT Stacey Walters Investor Relations Manager (509) 495-2046 stacey.walters@avistacorp.com
Slide 13: Appendix
Appendix
Slide 14: Corporate Responsibility / About Avista
Corporate responsibility About Avista
Slide 15: Solid, Stable Utility Foundation
Solid, Stable Utility Foundation Some icon images from Flaticon.com As of 12/31/2025 Avista Utilities’ service territory covers 34,000 square miles with a population of 1.5 million 8 HYDRO FACILITIES 6 THERMAL PLANTS 2,800 MILES OF TRANSMISSION LINE 20,000 MILES OF DISTRIBUTION LINE 8,300 MILES GAS
Slide 16: A Skilled and Diverse Board
A Skilled and Diverse Board Information is as of Avista Corp.’s 2025 Proxy Statement Summary of Board Competencies Director Age Julie A. Bentz Independent Tenure Committee Membership Donald C. Burke Independent Kevin B. Jacobsen Independent Rebecca A. Klein Independent Sena Kwawu Independent Scott H
Slide 17: Rates, Regulation, and Resource Planning
Rates, regulation, and resource planning Regulatory Landscape
Slide 18: Avista Utilities Rate Base
Avista Utilities Rate Base Jurisdiction and Service Estimated Rate Base as of Dec. 31, 2025 (1) ($ in millions) Authorized Overall Rate of Return Authorized Return on Equity Authorized Common Equity Ratio Washington electric $2,399 7.32% 9.8% 48.5% Washington natural gas 595 7.32% 9.8% 48.5% Idaho e
Slide 19: Avista Utilities Regulatory Mechanisms
Avista Utilities Regulatory Mechanisms Jurisdiction and Service Supply Costs Decoupling / FCA (1) Wildfire Resiliency Insurance (2) Decarbonization Plans (2) Washington electric ERM (3) Yes Yes Yes Clean Energy Implementation Plan (CEIP) Washington natural gas PGA (4) Yes N/A Yes Climate Commitment
Slide 20: Recent Climate Legislation
Recent Climate Legislation 2019 Washington passes the Clean Energy Transformation Act (CETA) Eliminates coal from use to serve Washington customers by the end of 2025 All retail sales of electricity to Washington customers must be carbon-neutral by 1/1/2030 Requires development and filing of Clean E
Slide 21: 2025 Electric IRP and RFP
2025 Electric IRP and RFP Electric Demand Annual load growth forecast to average +0.91% through 2035, +1.4% 2036 through 2045 Capacity planning for peak hours is our most significant need, with winter and summer peaks forecast to grow more than +1.1% annually Impact of Extreme Weather In January 202
Slide 22: Maintaining our Momentum: Mitigating Wildfire Risk
Maintaining our Momentum Mitigating Wildfire Risk Distribution grid hardening Strategic underground conversions, covered conductor, overhead grid hardening, and other solutions that more fully mitigate risk of utility caused wildfires. Operations & emergency response Enhancing readiness and coordina
Slide 23: Alaska Electric Light & Power Company
Alaska Electric Light & Power Company
Slide 24: Alaska Electric Light & Power
Alaska Electric Light & Power AEL&P is the oldest regulated utility in Alaska, located in the City and Borough of Juneau, Alaska 60.7% 11.45% 47 million 2025 OPERATING REVENUE 5 HYDRO FACILIITES WITH 102.7 MW CAPACITY HEATING DEGREE DAYS 97% OF AVERAGE IN 2025 17,600 CUSTOMERS AT THE END OF 2025 EQU
Slide 25: Strategic Investments
Growth outside core utility, developing platforms for future growth Strategic Investments
Slide 26: Creating New Growth Platforms
Creating New Growth Platforms Private equity fund Invests in emerging technologies, services, and business models throughout the energy supply chain with a collaborative, strategic investment approach Opportunity to learn from invested companies to leverage technologies to innovate within Avista’s o
Slide 27: Financial Performance Metrics
Financial Performance Metrics
Slide 28: Earnings per Diluted Share
Earnings per Diluted Share $2.52 - $2.72
Slide 29: Prudent Balance Sheet and Liquidity
Prudent Balance Sheet and Liquidity Maturities beyond 2040 not shown. LONG-TERM DEBT EXPECTED IN 2026 230M COMMON STOCK EXPECTED IN 2026 90M
Slide 30: Competitive Dividend
Competitive Dividend * Midpoint of non-GAAP utility earnings guidance TARGET PAYOUT 60-70% We expect dividend growth to be less than earnings growth until we reach our target payout range. Earnings CAGR 5% Dividend CAGR 3%
Slide 31: Reconciliations of Non-GAAP Measures
Reconciliations of Non-GAAP Measures (a) Income taxes for 2025 and 2024 were calculated using Avista Corp.’s federal statutory tax rate of 21 percent. Non-GAAP utility earnings and utility earnings per diluted share exclude non-regulated other business activity, primarily consisting of realized and
Slide 32: Risks, Uncertainties and Other Factors That Could Affect Future Results
Risks, Uncertainties and Other Factors That Could Affect Future Results Forward-looking statements are subject to a variety of risks, uncertainties and other factors, most of which are beyond our control and many of which could have significant impact on our operations, results of operations, financ
Slide 33: Risks, Uncertainties and Other Factors: Climate Change Risk
Risks, Uncertainties and Other Factors That Could Affect Future Results Climate Change Risk increasing frequency and intensity of severe weather or natural disasters resulting from climate change that could disrupt energy generation, transmission and distribution, as well as the availability and cos
Slide 34: Risks, Uncertainties and Other Factors: Financial Risk
Risks, Uncertainties and Other Factors That Could Affect Future Results Financial Risk our ability to obtain financing through the issuance of debt and/or equity securities and access to our funds held with financial institutions, which could be affected by various factors including our credit ratin