Portland General Electric Co · NYSE:POR
Portland General Electric — Q2 2025 Earnings Presentation
13 slides from Portland General Electric's earnings presentation, Jul 25, 2025
Slide 1: Earnings Conference Call Second Quarter 2025
Exhibit 99.2 Portland General Electric EARNINGS CONFERENCE CALL SECOND QUARTER 2025
Slide 2: Cautionary statement
Cautionary statement Information Current as of July 25, 2025 Except as expressly noted, the information in this presentation is current as of July 25, 2025 – the date on which PGE filed its Quarterly Report on Form 10-Q for the quarter ended June 30, 2025 - and should not be relied upon as being cur
Slide 3: Topics for today's call
Topics for today’s call Business Update Maria Pope, President and CEO • Second quarter highlights • Financial results Financial Update Joe Trpik, Senior Vice President of Finance and CFO • Load trends • Q2 2025 earnings drivers • Capital investments and resource planning update • Liquidity and finan
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: Second quarter 2025 financial results
Second quarter 2025 financial results Reaffirming Q2 2025 Q2 2024 2025 YTD 2024 YTD • 2025 adjusted earnings guidance of $3.13 to GAAP net income (in millions) $62 $72 $162 $181 $3.33 per diluted share GAAP diluted earnings per share (EPS) $0.56 $0.69 $1.47 $1.77 Non-GAAP adjusted diluted earnings p
Slide 6: Q2 2025 earnings bridge
Q2 2025 earnings bridge $0.32 $0.06 $(0.20) $0.69 $(0.13) $0.66 $(0.08) $0.56 $(0.10) Q2 2024 Retail revenue Net variable O&M D&A & Dilution & Q2 2025 Business Q2 2025 GAAP EPS power costs interest other Non-GAAP transformation GAAP EPS EPS & optimization Note: Dollar values are earnings per diluted
Slide 7: Reliability and resiliency investments
Reliability and resiliency investments Capital expenditures forecast(1) $1,435 $1,340 $1,280 $1,215 $1,150 $515 $200 $420 $390 $255 $165 $120 $120 $120 $130 $120 $610 $600 $625 $615 $570 $160 $165 $170 $175 $175 2025 2026 2027 2028 2029 Generation Distribution General, Technology, Strategic BESS Pro
Slide 8: Regulatory milestones ahead
Regulatory milestones ahead Regulatory proceedings ✓ ✓ May 2025 October 2025 July 2025 April 2026 Distribution Seaside ARM Filed request with Requested effective System Plan Filed request with Requested effective the OPUC date ARM the OPUC date Corporate structure updates ✓ ✓ Holding May 2025 July 2
Slide 9: Resource planning and procurement
Resource planning and procurement 2023 RFP(1) Q3’25 2nd half 2025 2027 • Pricing refresh captures tariff and tax credit policy changes Execution of final • 2027 COD aligned with OBBB to contracts with Projects in-service Reprice maximize tax credit eligibility to winning bidders by the end of 2027 d
Slide 10: Liquidity and financing
Liquidity and financing Total Liquidity: $980 million Ratings S&P Moody’s as of June 30, 2025 Senior Secured A A1 Senior Unsecured BBB+ A3 Cash $56 Commercial Paper A-2 P-2 Outlook Stable Negative Actual and expected 2025 debt Q1 Q2 Q3 Q4 Letters of financings(1) (dollars in millions) Credit $174 Lo
Slide 11: Appendix
Appendix
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
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