Slide 1: Earnings Conference Call 4th Quarter & Year-End 2025
Earnings Conference Call 4th Quarter & Year-End 2025 February 19, 2026
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 Executive 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 Year ended ended December 31 December 31 2025 2024 2025 2024 Net income (thousands) $ 43,607 $ 37,876 $ 323,472 $ 289,174 Weighted average common shares outstanding – diluted 55,618 53,919 54,806 52,615 (thousands) Diluted earnings per share $ 0.78 $ 0.70 $
Slide 5: 18 Consecutive Years of EPS Growth
18 Consecutive Years of EPS Growth(1) $6.30 $5.90 $5.80 $5.50 $5.30 ~7% CAGR since 2007 $5.11 $5.14 $4.85 $4.80 $4.69 $4.61 $4.49 $4.30 $4.21 $3.87 $3.94 $3.85 $3.80 $3.64 $3.43 $3.46 $3.30 $3.00 $2.80 $2.68 $2.30 $2.17 $1.86 $1.80 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 202
Slide 6: Growing Load and Customer Growth
Growing Load and Customer Growth Idaho Power Customer Growth 2.3% 2025 IRP Load Forecast(1) vs. Prior IRPs (Year-over- year) 5-Year Forecasted Annual 20-Year Forecasted Annual 670,000 Growth Rate Growth Rate 660,000 650,000 Retail Sales Annual Peak Retail Sales Annual Peak (Billed MWh) (Peak Demand)
Slide 7: Micron FAB 1 Construction Site
Micron FAB 1 Construction Site 7
Slide 8: Meta Construction Site
ae IDACORP Meta Construction Site
Slide 9: Total Retail and Residential Average Rates
Total Retail and Residential Average Rates Average Rates (cents / kilowatt-hour) Total Retail Residential $0.16 $0.18 $0.15 $0.17 $0.14 $0.16 $0.13 $0.15 $0.12 $0.14 $0.11 $0.13 $0.10 $0.09 $0.12 $0.08 $0.11 $0.07 $0.10 $0.06 $0.09 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 Idaho Power Nation
Slide 10: 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 11: Boardman-to-Hemingway
Boardman-to-Hemingway Broke Ground in June 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 across
Slide 12: 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 13: Comparing 2024 to 2025
Comparing 2024 to 2025 IDACORP, Inc. Net Income (in millions and before tax unless otherwise noted) Net Income – For the Year Ended December 31, 2024 $ 289.2 Increase (decrease) in Idaho Power net income: Retail revenues per megawatt-hour, net of power cost adjustment mechanisms $ 49.6 Customer grow
Slide 14: Capital Expenditures Forecast
Capital Expenditures Forecast(1) 2026 – 2030 $1,800 $1,600 ~$1,416M per year average forecast $1,400 $1,200 ~100% $ Millions $1,000 increase $800 $600 $400 ~$709M actual per year average, $200 previous 5 years $0 2026 2027 2028 2029 2030 Distribution ($230M-$325M) General Plant ($75M-$100M) High Vol
Slide 15: Total System Rate Base Growth Forecast
(1) Total System Rate Base Growth Forecast $12.5 $0.6 B $1.6 B $11.5 16.7% CAGR 2026-2030 $10.5 $1.5 B Rate Base in $ Billions $9.5 $2.3 B $8.5 $2.2 B $0.4B(2) ~$6.1B $7.5 $1.7 B $6.5 $5.5 $4.5 $5.3B $3.5 2025 2026 2027 2028 2029 2030 2025 2026 -2030 HCC Construction work in progress (CWIP) estimate
Slide 16: Financing Plan Forecast
Financing Plan Forecast (1) (2) 2026 – 2030 $9,000 $8,000 $2,900 $(200) $7,000 $6,000 $5,000 $1,450 $ Millions $4,050 $4,000 $600 $3,000 $(1,200) $2,000 $1,000 $- $(7,350) Net Cash Dividends 2025 FSAs(4) Equity Content Issued Repaid Capital from Expenditures(3) --------------------------------------
Slide 17: Operating Cash Flows, Liquidity, and Equity Financing
Operating Cash Flows, Liquidity, and Equity Financing IDACORP Cash Flows (millions) 2025 2024 Net Cash Provided by Operating Activities $ 601.8 $ 594.4 Liquidity As of December 31, 2025 (millions) IDACORP(1) Idaho Power Net balance available(2) $ 100.0 $ 400.0 Net Proceeds IDACORP Equity Financing R
Slide 18: 2026 Earnings Per Share Guidance and Estimated Key Operating and Financial Metrics
2026 Earnings Per Share Guidance and Estimated Key Operating and Financial Metrics 2026 Current(1) 2025 Actual(2) IDACORP Earnings Guidance (per diluted share) $ 6.25 – $ 6.45 $ 5.90 Idaho Power additional ADITC amortization (millions) Less than $30 $ 40.3 Idaho Power O&M Expense (millions) $ 525 –
Slide 19: 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