Portland General Electric Co · NYSE:POR
Portland General Electric — Investor Presentation (September 2025)
35 slides from Portland General Electric's investor presentation, Sep 29, 2025
Slide 1: Investor Presentation
Investor Presentation PORTLAND GENERAL ELECTRIC September 29, 2025
Slide 2: Cautionary statement
Portland General Electric Nick White Sydnie Hinds Cautionary statement investors.portlandgeneral.com 121 SW Salmon Street Suite 1WTC0506 Portland, OR 97204 (503) 464-8073 Nicholas.White@pgn.com (503) 464-7111 Sydnie.Hinds@pgn.com Information Current as of July 25, 2025 Except as expressly noted, the
Slide 3: Current Topics of Focus
Current Topics of Focus
Slide 4: Executing to plan in 2025
Executing to plan in 2025 2025 & Long-Term Q2 2025 Q2 2024 2025 YTD 2024 YTD Guidance • 2025 adjusted earnings GAAP net income (in millions) $62 $72 $162 $181 guidance of $3.13 to GAAP diluted earnings per share (EPS) $0.56 $0.69 $1.47 $1.77 $3.33 per diluted share Non-GAAP adjusted diluted earnings
Slide 5: Advancing recovery and financing flexibility
Advancing recovery and financing flexibility 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 ✓ ✓ Holdin
Slide 6: Investment opportunity from ongoing RFPs
Investment opportunity from ongoing RFPs 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
Slide 7: Comprehensive wildfire risk management
Comprehensive wildfire risk management Strategy development High fire risk zones Developing a year-round strategy through Defined high risk fire zones mitigation planning which is informed by risk methodology and assessment 12 (HFRZs) within PGE’s service territory Planned mitigations Implementing a
Slide 8: Capturing robust, diversified demand growth
Capturing robust, diversified demand growth 2024 Load Mix(1) Track record of strong Ongoing high tech investment in industrial growth Oregon(3) $500M+ 8.2% State grants, loans, and tax credits for Industrial Load Growth Oregon semiconductor industry 32% 36% CAGR 2019-2024(1)(2) Expected state-wide s
Slide 9: The Company
The Company
Slide 10: PGE, Oregon's largest utility
PGE, Oregon’s largest utility Quick facts • Single state service territory, vertically integrated 3,500+ MWs of Generation energy company that generates, transmits and distributes 300 MWs of Energy Storage Capacity electricity Beaver Washington • Approximately 950,000 retail customers within a servi
Slide 11: Investment thesis
Investment thesis Investing in a reliable and Execution, operational High-growth service area clean energy future effectiveness and efficiency • 3,500 to 4,500 MW of additional non- • 5% to 7% long-term EPS growth(1) and • Largely urban service territory that is emitting resources remain to be procu
Slide 12: Diverse, growing service area
Diverse, growing service area • Growing core urban service area with strong population growth supporting services (government, education, restaurants, healthcare, and other services) OREGON WASHINGTON • I-5 corridor and port access provide opportunity for transportation and 26 Columbia River warehou
Slide 13: 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 14: Clean energy transition
Clean energy transition Advancing toward a clean energy future PGE has made significant progress toward decarbonization in the past decade Meaningful steps underway to make progress towards HB 2021 mandated 2030 emissions targets: • Removing coal from our portfolio to meet our legislative requiremen
Slide 15: Illustrative rate base growth
Illustrative rate base growth • PGE’s five-year base capital(3) expenditure forecast of $6.5 billion drives 7% average rate base growth, from 2024 base year • Illustrative incremental RFP opportunities(4) potentially increase average rate base growth to 9%, from 2024 base year $10.9 9% CAGR $9.9 $9.
Slide 16: Key Strengths
Key Strengths
Slide 17: Clean energy and transmission investment
Clean energy and transmission investment Building a smarter, stronger, more flexible grid to deliver the power customers need today and into the future Advancing the clean energy transition Renewable Projects New resources that provide emissions-free energy for PGE customers • Clearwater Wind Facili
Slide 18: Transmission investments
Transmission investments Transmission is critical in improving the network, alleviating congestion, and providing access to diverse resources PGE is focused on investments within three key areas: 1) PGE’s System Essential for last-mile transmission to serve load from assets, on and 1 off our system
Slide 19: Operational excellence
Operational excellence Continued focus on safety and a leader in reliability System Average Lost Time Incident Interruption Duration Overall Generation Rate Index (SAIDI)(1) Availability 0.26 2nd Quartile 85.9% 2023: 0.29 2023: 2nd Quartile 2023: 86.5% Note: All data is as of December 31, 2024, unle
Slide 20: Customer focus
Customer focus CUSTOMER SATISFACTION Ranked in the top decile nationwide for Residential Customer Delight according to Escalent’s National Energy Utility Benchmarking Study (2023) TOP 5 Ranked as number 1 in 2024 and as a Top 5 Utility for 2021, 2022 and 2023 in the United States for Customer Experi
Slide 21: Long-term financial performance
Long-term financial performance $3.33(4)(7) $3.14(3) $3.13(4)(7) $2.74(1) $3.01(3) $2.72 2.72 GAAP EPS $2.60 (1) $2.38(2) 2.60 (diluted) $2.33 (2) 2.33 Long-term Non-GAAP EPS 5% to 7%(4) earnings (diluted) growth from $3.08, the midpoint of original Adjusted Non-GAAP 2024 adjusted earnings Guidance(
Slide 22: Proven dividend growth
Proven dividend growth $2.08 (4) $1.98 Dividends $1.88 declared per $1.79 common share(3) $1.70 $1.59 $1.52 $1.43 $1.34 $1.26 Target Payout 70% Ratio Actual Payout 60% Ratio (5) 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025E Long-term dividend growth guidance of 5-7%(4) (1) Compound Annual Growt
Slide 23: 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 24: Wildfire regulatory framework
Wildfire regulatory framework Annually, PGE files a Wildfire Mitigation Plan with the OPUC which WMP summarizes our approach to addressing wildfire risk. The 2025 Wildfire Mitigation Plan Update (Docket UM 2208) was submitted in December 2024 PGE’s Wildfire Automatic Adjustment Clause (AAC) is desig
Slide 25: Public safety power shutoff (PSPS)
Public safety power shutoff (PSPS) Temporarily turning off power during extreme weather conditions to reduce wildfire risk 25
Slide 26: Environmental, Social and Governance
Environmental, Social and Governance
Slide 27: Environmental, social, & governance highlights
Environmental, social, & governance highlights Decarbonize Electrify Perform In 2024, PGE’s total system load was composed of 45% specified, non-emitting energy sources. PGE continued to make steady progress, procuring clean energy resources and investing in the GHG emissions targets tools that will
Slide 28: Clean energy commitment
Clean energy commitment PGE’s clean energy and emissions goals have always been rooted in the preferences of our customers’, who are some of the most sophisticated renewable energy buyers in the world PGE’s goals go above and beyond required emission reduction targets and PGE was the first utility i
Slide 29: Community and employee engagement
Community and employee engagement 22,000+ volunteer hours completed by 26% Black, Indigenous and People of Color employees and retirees make up over one-fourth of leadership, a 110% increase since 2014 66% employee participation in 37% Women make up over one-third of charitable giving and/or volunte
Slide 30: Experienced and accomplished Board
Experienced and accomplished Board Name Director Committee Other Public Track record of thoughtful refreshment Age Since Industry/Experience Assignments(1) Boards enables us to have a Board with the Dawn Farrell 65 2022 Utilities/ Energy • Finance 2 experience and diverse perspectives Independent •
Slide 31: Appendix
Appendix
Slide 32: Recovery of power costs
Recovery of power costs Annual power cost update tariff • Annual reset of prices based on forecast of net variable power costs (NVPC) for the coming year • Subject to OPUC prudency review and approval, new prices go into effect on or around January 1 of the following year • PGE can recover 80% of po
Slide 33: 2025 Earnings Sensitivities
2025 Earnings Sensitivities Sensitivity Full-Year Adjusted EPS Impact Load Growth - Residential(1) ± 1% ± $0.07 Load Growth – Commercial(1) ± 1% ± $0.02 Load Growth – Industrial(1) ± 1% ± $0.01 O&M Expense ± $10 million ± $0.07 Interest Rates(2) ± 25 bps ± $0.01 Effective Tax Rate ± 1% ± $0.04 (1) A
Slide 34: 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 35: Non-GAAP financial measures
Non-GAAP financial measures Non-GAAP Earnings Reconciliation for the year ended December 31, 2022 (Dollars in millions, except EPS) Net Income Diluted EPS GAAP as reported for the year ended December 31, 2022 $233 $2.60 Exclusion of 2020 Wildfire and COVID deferral reversal 17 0.19 Tax effect (1) (5
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