Avista Corporation · NYSE:AVA
Avista — Q4 2025 Earnings Presentation
17 slides from Avista's earnings presentation, Feb 25, 2026
Slide 1: Q4 2025 Earnings
Q4 2025 Earnings February 25, 2026
Slide 2: Call Participants
Call Participants Heather Rosentrater Kevin Christie President and Chief Executive Officer Senior VP, Chief Financial Officer, Treasurer, and Regulatory Affairs Officer 2
Slide 3: Forward-Looking Statements
Forward-Looking Statements This presentation contains forward-looking statements, including statements regarding our current expectations for future financial performance and cash flows, capital expenditures, financing plans, our current plans or objectives for future operations and other factors th
Slide 4: Opportunities Continue into 2026
Opportunities Continue into 2026 Q4 2025 Q4 2024 YTD 2025 YTD 2024 GAAP net income (in millions) $71 $67 $193 $180 GAAP consolidated diluted earnings per share $0.87 $0.84 $2.38 $2.29 Non-GAAP utility earnings per share $0.88 $0.89 $2.55 $2.38 2025 2024 $1.01 $0.88 $0.91 $0.89 $0.98 $0.29 $0.37 $0.8
Slide 5: Competitive Dividend
Competitive Dividend Earnings CAGR 5% 60-70% Dividend CAGR 3% TARGET PAYOUT $2.62 $2.29 $2.38 $2.24 $2.12 $1.90 $1.96 $1.97 $1.76 $1.84 We expect dividend growth to be less than earnings growth until we reach our target payout range. 2022 2023 2024 2025 2026* Annual Dividend Consolidated Diluted EPS
Slide 6: 2025 Earnings Bridge
2025 Earnings Bridge $0.22 $1.09 $(0.59) $(0.15) $(0.04) $(0.10) $(0.16) $2.55 $2.38 $(0.07) $(0.03) $2.38 $2.29 $(0.17) $(0.09) 2024 2024 2024 non- Electric Natural gas Other Depreciation Interest Other Income tax Dilution AEL&P 2025 non- 2025 2025 GAAP other GAAP utility margin utility margin oper
Slide 7: 2026 Washington General Rate Case Filed
2026 Washington General Rate Case Filed Overall ROE / Rate Rates Rate of Equity Electric Revenue Natural Gas Revenue Year Effective Return Ratio $ % $ % Wildfire Other 4% 1 2027 7.50% 10.2% / 48.5% $111 million 13.9% $12 million 4.7% 12% Power Regulatory supply cost 2 2028 7.50% 10.2% / 48.5% $43 mi
Slide 8: Investing in the Utility of the Future
Investing in the Utility of the Future $200 Other 8% $150 $800 Enterprise Technology $710 12% $680 Transmission $635 and Distribution $585 Natural 47% Gas 13% Generation 20% 2026 2027 2028 2029 2030 Base Capital Potential Additional Spend Avista Utilities Expected Capital Spend 2025-2030 Allocation
Slide 9: Prudent Balance Sheet and Liquidity
Prudent Balance Sheet and Liquidity Consolidated capital structure Liquidity December 31, 2025 December 31, 2025 230M LONG-TERM ($ in millions) DEBT EXPECTED IN 2026 90M COMMON STOCK Available liquidity EXPECTED IN $146 2026 Equity Debt 45.1% 54.9% Letters of credit outstanding $19 Upcoming debt mat
Slide 10: Initiating 2026 Non-GAAP Utility Earnings Guidance
Initiating 2026 Non-GAAP Utility Earnings Guidance We are initiating non-GAAP utility earnings guidance for 2026 of $2.52 to $2.72 per diluted share. Guidance Assumptions ▪ Normal weather and hydroelectric generation ▪ A negative impact from the ERM of $(0.10) per diluted share, within the 90% custo
Slide 11: Q&A
Q&A 11
Slide 12: Contact Information
Contact Information Analysts and Investors Stacey Walters Investor Relations Manager (509) 495-2046 stacey.walters@avistacorp.com Media Lena Funston External Communications Manager (509) 495-8090 lena.funston@avistacorp.com Webcast replay Archived on investor.avistacorp.com 12
Slide 13: Appendix
Appendix 13
Slide 14: Reconciliations of Non-GAAP Measures
Reconciliations of Non-GAAP Measures Fourth Quarter Year-to-Date Non-GAAP utility earnings and 2025 2024 2025 2024 utility earnings per diluted GAAP net income as reported $ 71 $ 67 $ 193 $ 180 share exclude non-regulated Non-GAAP adjustments: other business activity, Non-regulated other business lo
Slide 15: Risks, Uncertainties and Other Factors That Could Affect Future Results
Risks, Uncertainties and Other Factors That Could Affect Future Results Forward-looking statements are subject to a variety of risks, uncertainties and other factors, most of which are beyond our control and many of which could have significant impact on our operations, results of operations, financ
Slide 16: Risks, Uncertainties and Other Factors That Could Affect Future Results
Risks, Uncertainties and Other Factors That Could Affect Future Results Climate Change Risk increasing frequency and intensity of severe weather or natural disasters resulting from climate change that could disrupt energy generation, transmission and distribution, as well as the availability and cos
Slide 17: Risks, Uncertainties and Other Factors That Could Affect Future Results
Risks, Uncertainties and Other Factors That Could Affect Future Results Financial Risk our ability to obtain financing through the issuance of debt and/or equity securities and access to our funds held with financial institutions, which could be affected by various factors including our credit ratin