Portland General Electric Co · NYSE:POR
Portland General Electric — Q3 2025 Earnings Presentation
13 slides from Portland General Electric's earnings presentation, Oct 31, 2025
Slide 1: Earnings Conference Call Third Quarter 2025
Exhibit 99.2 Portland General Electric EARNINGS CONFERENCE CALL THIRD QUARTER 2025
Slide 2: Cautionary statement
Cautionary statement Information Current as of October 31, 2025 Except as expressly noted, the information in this presentation is current as of October 31, 2025 – the date on which PGE filed its Quarterly Report on Form 10-Q for the quarter ended September 30, 2025 - and should not be relied upon a
Slide 3: Topics for today's call
Topics for today’s call Business Update Maria Pope, President and CEO • Third quarter highlights • Financial results Financial Update Joe Trpik, Senior Vice President of Finance and CFO • Load trends • Q3 2025 earnings drivers • Capital investments and resource planning update • Liquidity and financ
Slide 4: Advancing strategic priorities
Advancing strategic priorities Clean Investing in customer-driven clean energy goals energy Customer Working to keep customer prices as low as possible affordability Customer Supporting data center and high tech growth and growth the region’s economic development Risk Reducing risk through operation
Slide 5: Third quarter 2025 financial results
Third quarter 2025 financial results Reaffirming Q3 2025 Q3 2024 2025 YTD 2024 YTD • 2025 adjusted earnings guidance of $3.13 to GAAP net income (in millions) $103 $94 $265 $275 $3.33 per diluted share GAAP diluted earnings per share (EPS) $0.94 $0.90 $2.41 $2.67 Non-GAAP adjusted diluted earnings p
Slide 6: Q3 2025 earnings bridge
Q3 2025 earnings bridge $0.44 $0.06 $(0.24) $0.07 $1.00 $0.94 $0.90 $(0.06) $(0.23) Q3 2024 Retail revenue Net variable O&M D&A & Other Q3 2025 Business Q3 2025 GAAP EPS power costs financing Non-GAAP transformation GAAP EPS EPS & optimization Note: Dollar values are earnings per diluted share 6
Slide 7: 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 8: 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 9: Appendix
Appendix
Slide 10: 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 11: 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 12: 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 13: Non-GAAP financial measures
Non-GAAP financial measures Non-GAAP Earnings Reconciliation for the three months ended June 30, 2025 Non-GAAP Earnings Reconciliation for the three months ended March 31, 2024 (Dollars in millions, except EPS) Net Income Diluted EPS (Dollars in millions, except EPS) Net Income Diluted EPS GAAP as r
Portland General Electric — Q3 2025 Earnings Presentation on 6ix