Slide 1: Earnings Conference Call 3rd Quarter 2025
Earnings Conference Call 3rd Quarter 2025 October 30, 2025
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 Senior 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 Nine months ended September 30 ended September 30 2025 2024 2025 2024 Net income (thousands) $ 124,437 $ 113,605 $ 279,865 $ 251,298 Weighted average common shares outstanding – diluted 55,055 53,485 54,522 52,179 (thousands) Diluted earnings per share $ 2.2
Slide 5: Growing Load and Customer Growth
Growing Load and Customer Growth 2025 IRP Load Forecast(1) vs. Prior IRPs Idaho Power Customer Growth 2.3% (Year-over- 5-Year Forecasted Annual 20-Year Forecasted Annual year) Growth Rate Growth Rate 660,000 Retail Sales Annual Peak Retail Sales Annual Peak 650,000 (Billed MWh) (Peak Demand) (Billed
Slide 6: Residential Average Rates and CPI History
Residential Average Rates and CPI History Average Rates 2014 - 2024 (cents / kilowatt- Consumer Price hour) CAGR Total Increase Index (CPI) Idaho Power 1.6% 16.8% $0.19 National Average 2.9% 33.2% CPI 2.9% 32.5% $0.17 320 $0.15 300 IPC Residential Rates $0.13 30% Lower Than 280 National Average $0.1
Slide 7: Boardman-to-Hemingway
Boardman-to-Hemingway Broke ground in June of 2025 • OPUC, IPUC, and WPSC granted respective certificates of public convenience and necessity • Idaho Power’s interest in Boardman-to-Hemingway (B2H) is ~45% • Long-term transmission service commitment to Bonneville Power Administration’s customers acr
Slide 8: RFP Update
RFP Update(1)(2) Year Owned Contracted CEYW(3) 2028 RFP Final Short List(2) 2029+ RFP Final Short List(2) Technology Structure Technology Structure 2023 120 MW BESS 40 MW Solar 167 MW gas(2) Self-Build 330 MW solar Asset Purchase 2024 96 MW BESS 100 MW Solar 200 MW solar + 100 PPA/BSA 80 MW solar (4
Slide 9: Idaho General Rate Case Settlement
Idaho General Rate Case Settlement – Rates requested to become effective January 1, 2026, pending IPUC approval of the Settlement Stipulation – Increase of $110.0 million, or 7.48%, in total annual Idaho-jurisdictional revenue – Provides for a 9.6% Idaho-jurisdiction return on equity (ROE) and a 7.4
Slide 10: Revenue Requirement Adjustments
Revenue Requirement Adjustments (in millions) $250.0 $200.0 $199.1 $11.5 $150.0 $27.7 $21.6 $3.2 $5.2 $1.2 $18.7 $100.0 $110.0 $50.0 $0.0 (1) (2) Filed 2025 Actuals True- ROE Rate Base (AMA Power Supply Executive & Board Other Expenses Deferrals Settled Increase ups w/Actuals Jan- Expense Expenses J
Slide 11: Wildfire Risk Mitigation
Wildfire Risk Mitigation Quantifying Wildfire Risk • Leveraged a consultant to model wildfire risk relative to Idaho Power’s service area • Of 24,000 square mile service area, only 11% of transmission lines and 9% of distribution lines are in wildfire risk zones • Much of the service area is compris
Slide 12: Comparing Q3 2024 to Q3 2025
Comparing Q3 2024 to Q3 2025 IDACORP, Inc. Net Income (in millions and before related income tax impact unless otherwise noted) Net Income – For the Three Months Ended September 30, 2024 $ 113.6 Increase (decrease) in Idaho Power net income: Retail revenues per megawatt-hour, net of power cost adjus
Slide 13: Operating Cash Flows and Liquidity
Operating Cash Flows and Liquidity IDACORP Cash Flows Nine Months Ended September 30, (millions) 2025 2024 Net Cash Provided by Operating Activities $ 464.1 $ 458.0 Liquidity As of September 30, 2025 (millions) IDACORP(1) Idaho Power Net balance available(2) $ 100.0 $ 400.0 Net Proceeds IDACORP Equi
Slide 14: 2025 Earnings Per Share Guidance and Estimated Key Operating Metrics
2025 Earnings Per Share Guidance and Estimated Key Operating Metrics Current(1) Previous(2) IDACORP Earnings Guidance (per diluted share) $ 5.80 – $ 5.90 $ 5.70 – $ 5.85 Idaho Power Additional Amortization of ADITC (millions) $ 50 – $ 60 $ 60 – $ 77 Idaho Power O&M Expense (millions) $ 470 – $ 480 $
Slide 15: Contact Information
Contact Information Investors & Analysts John R. Wonderlich Investor Relations Manager (208) 388-5413 JWonderlich@idahopower.com Media Jordan Rodriguez Corporate Communications (208) 388-2460 JRodriguez@idahopower.com