Oge Energy Corp · NYSE:OGE

Oge Energy — Q4 2025 Earnings Presentation

18 slides from Oge Energy's earnings presentation, Feb 18, 2026

  1. Slide 1: Q4 2025 Earnings & Business Update Conference Call

    Q4 2025 Earnings & Business Update Conference Call February 18, 2026

  2. Slide 2: Safe Harbor

    Safe Harbor Some of the matters discussed in this presentation may contain forward looking statements that are subject to certain risks, uncertainties and assumptions. Such forward-looking statements are intended to be identified in this document by the words "anticipate," "believe," "estimate," "ex

  3. Slide 3: 2025 financial results summary

    2025 financial results summary  Consolidated earnings $2.32 per average diluted share Electric company earnings $2.47 per average diluted share Other operations, including holding company, loss of $0.15 per average diluted share “We are pleased to exceed expectations with results at the upper end

  4. Slide 4: Investing in the future and strengthening communities

    Investing in the future and strengthening communities Delivering on Financial Delivering for Customers & Objectives Investing in the Future Communities  Delivered 2025 EPS at top half of  Received pre-approval in OK for  Delivered safe, reliable, and affordable guidance range Horseshoe Lake 13 an

  5. Slide 5: Reliability, growth & affordability lead 2026 focus

    Reliability, growth & affordability lead 2026 focus 2026 Progress to Date  System operations performed well during winter storm FERN  Advanced transmission planning, including identification of SPP ITP opportunities  Issued generation RFPs and released the 2026 Draft IRP, identifying 1.9 GW of re

  6. Slide 6: OG&E is a leader in low rates and cost discipline

    OG&E is a leader in low rates and cost discipline Affordable Rates Cost Discipline Keeping Rates Affordable  Among the lowest retail rates in the nation1  Non-fuel rates have grown at a CAGR of 1.3%  Lowest commercial rates in the nation2  O&M per customer has grown at a CAGR of 0.76%  Lowest r

  7. Slide 7: 2025 EPS delivered at the upper end of original guidance

    2025 EPS delivered at the upper end of original guidance 2025 2024 Drivers • Recovery of capital investments  • Strong load growth  OG&E $2.47 $2.33 • Milder weather  • Depreciation expense and interest expense on a growing asset base  • Operation and maintenance expense  • Interest expense  O

  8. Slide 8: 2026 financial highlights

    2026 financial highlights 2026 CONSOLIDATED EARNINGS GUIDANCE EARNINGS PER SHARE Consolidated midpoint of $2.43/share $2.43 • Range of $2.38/share to $2.48/share • Electric utility, $2.57/share +7% • HoldCo, ($0.14)/share $2.27 5% - 7% EARNINGS GROWTH THROUGH 20301 Targeting the top half of the rang

  9. Slide 9: 2026 plan builds off strengths of 2025 results

    2026 plan builds off strengths of 2025 results 2025 Actual to 2026 Guidance Drivers 2026 Financial Plan Highlights $0.13 • 2026’s EPS midpoint of $2.43/share is 7% above 2025’s original EPS $0.12 $(0.12) $2.43 midpoint of $2.27/share • Forecasting exceptional 2026 $2.32 weather normalized load growt

  10. Slide 10: Financing plan supports customer centric system growth

    Financing plan supports customer centric system growth  Long-term debt issuance at the electric company of approximately $300 million  Forward equity sale agreements for approximately 4.6 million shares will be settled prior to May 27, 2027 • No additional external equity required under current 5-

  11. Slide 11: Future investment catalysts

    Future investment catalysts 2026 Draft 2026 Draft Currently Seeking 2025 SPP ITP All-source RFP IRP Update Pre-approval  Draft RFP issued for  ~1.9GW base generation  OG&E directly assigned a  Frontier Energy Storage accredited capacity with need identified by winter significant portion of the P

  12. Slide 12: Q&A

    Q&A © 2026 OGE Energy Corp. | 12

  13. Slide 13: Appendix

    Appendix © 2026 OGE Energy Corp. | 13

  14. Slide 14: Fourth quarter 2025 results

    Fourth quarter 2025 results Fourth Quarter EPS Results Fourth Quarter Load Results Q4 2025, weather normalized, Q4 2025 Q4 2024 Drivers Load Growth compared to Q4 2024 • Recognition of six months of the interim order in Residential 3.2% the fourth quarter of 2024 related to the Oklahoma rate review

  15. Slide 15: 2025 weather impact

    2025 weather impact Weather Variance Heating Degree Days1 2025 2024 % Change Actuals 3,052 2,791 9% Normal 3,572 3,568 Variance from Normal (15%) (22%) Cooling Degree Days1 2025 2024 % Change Actuals 2,060 2,313 (11%) Normal 1,890 1,893 Variance from Normal 9% 22% Estimated 2025 normalized earnings

  16. Slide 16: 5-Year Investment Plan

    5-Year Investment Plan ($MM) 2026 2027 2028 2029 2030 Five-Year Plan Transmission $200 $310 $305 $270 $240 $1,325 Oklahoma Distribution 585 705 725 775 825 3,615 Arkansas Distribution 45 25 25 25 25 145 Generation Reliability 245 160 165 165 165 900 New Generation Capacity Projects 180 190 165 65 -

  17. Slide 17: Strong Credit Ratings & Limited Re-Financing Risk Contribute to a Strong Financial Position

    Strong Credit Ratings & Limited Re-Financing Risk Contribute to a Strong Financial Position Credit Ratings Debt Maturity Schedule ($MM) Moody's Rating OGE Energy Senior Notes Baa1 $400 OGE Energy Commercial Paper P2 $350 $300 $300 S&P Rating 6.65% OGE Energy Senior Notes BBB 6.50% OGE Energy Commerc

  18. Slide 18: Advancing generation for a growing service area

    Advancing generation for a growing service area Regulatory Plant Type MW In service for OG&E Status Mustang CTs (X7) 462 Approved 2018 Covington Solar 10 Approved 2018 River Valley Coal/ Gas (X2) 360 Approved 2019 Frontier Combined Cycle 146 Approved 2019 Choctaw/ Chickasaw/ Branch/ Butterfield Sola

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