Portland General Electric Co · NYSE:POR
Portland General Electric — Q2 2026 Earnings Presentation
30 slides from Portland General Electric's earnings presentation, Jul 31, 2026
Slide 1: Investor Presentation
Investor Presentation PORTLAND GENERAL ELECTRIC July 31, 2026
Slide 2: Cautionary statement
Portland General Electric Erin Schwartz Shiraz Bengali Cautionary statement investors.portlandgeneral.com 121 SW Salmon Street Suite 1WTC0506 Portland, OR 97204 (503) 464-7751 Erin.schwartz@pgn.com (503) 464-7314 Shiraz.Bengali@pgn.com Information Current as of July 31, 2026 Except as expressly note
Slide 3: Current Topics of Focus
Current Topics of Focus
Slide 4: Executing to deliver shareholder value
Executing to deliver shareholder value Strong customer growth and clean energy demand support accretive rate base investment Growth Supported By Significant Demand Growth Robust Rate Base Pipeline Diversified Capital Investment 4.7% $6B+ 5% to 7% Total Load Growth Rate Base Growth Long-Term EPS & Di
Slide 5: Expanding PGE's regional footprint
Expanding PGE’s regional footprint PGE’s acquisition of the WA Utility will enhance scale, diversify Pacific Northwest presence and broaden future rate base investment Service Areas and Key Assets Illustrative Rate Base Growth(1) ($ Billions) $15.6 PGE and WA Utility Power Plants and Batteries PGE a
Slide 6: Strategic rationale
Strategic rationale • Builds on existing operations in Washington since 2014 at the Tucannon River Regulated Operations with Wind Farm Attractive Washington Utility • WA utilities benefit from constructive regulation, including multi-year rate plans • Adds scale in the Pacific Northwest with $9 bill
Slide 7: Track record of diversified load growth
Track record of diversified load growth Forecasted Growth Historical Industrial Growth (GWh)2 3.0% OREGON WASHINGTON 7,919 26 Columbia River 84 6,941 Sandy Total Load Growth CAGR Portland River 2026-2030 6,293 5,945 Historical Growth 2.9% 5,361 4,932 Salem I-5 Total Load Growth CAGR Core metro servi
Slide 8: Capturing high-tech and data center demand
Capturing high - tech and data center demand Large Load Pipeline (Contracted Capacity in MWs)(1) 1,321 430 MW of 2025 & 2026 YTD executed contracts 1,163 1,256 with five data center customers included in pipeline 1,084 258 306 965 210 803 100 172 998 1,015 Contractual protections include: 953 803 86
Slide 9: Advancing recovery and financing flexibility
Advancing recovery and financing flexibility Corporate structure update ✓ ✓ May 2025 July 2025 August 25, 2026 Holding Company Notified OPUC of Filed application Target intent to file for request with the Formation application order date OPUC Regulatory proceedings ✓ ✓ ✓ November 2025 April 2026 Apr
Slide 10: Investment opportunity from RFPs
Investment opportunity from RFPs 2023 RFP(1) Biglow Optimization Wheatridge Expansion • 125 MW solar & 125 MW BESS • 240 MW solar & 125 MW BESS • Full PGE ownership • Hybrid ownership – PGE owns 175 MW • Total investment of ~$540 million, • Total investment of ~$490 million, supported supported by t
Slide 11: Comprehensive wildfire risk management
Comprehensive wildfire risk management Strategy development Developing a year-round strategy through mitigation planning which is informed by risk methodology and assessment Planned mitigations Implementing a systematic, risk-informed approach through grid design & system hardening and improving sit
Slide 12: The Company
The Company
Slide 13: PGE, Oregon's largest utility
PGE, Oregon’s largest utility Quick facts • Single state service territory, vertically integrated energy company that generates, transmits and distributes electricity • Approximately 960,000 retail customers within a service area comprised of approximately 2 million residents(1) • Roughly two-thirds
Slide 14: Investment thesis
Investment thesis Investing in a reliable and Execution, operational High-growth service area clean energy future effectiveness and efficiency • 2,500 to 3,500 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 15: Strong capex outlook supports sustained rate base growth
Strong capex outlook supports sustained rate base growth 2026 $1.66B 2027 $1.74B 2028 $1.35B Total 2029 $1.44B Forecasted $7.63B 2030 $1.45B (1) Distribution Transmission Generation General, Technology, Strategic 2023 RFP Projects Note: Capital expenditures exclude allowance for funds used during co
Slide 16: Key Strengths
Key Strengths
Slide 17: Long-term financial performance
Long - term financial performance $3.53(1)(2) $3.14(1) $3.33(1)(2) $3.05(1) $2.74(1) $3.01 GAAP EPS $2.77 2.77 $2.60 $2.38(1) (diluted) $2.33 2.33 Long-term Non-GAAP EPS 5% to 7%(2) earnings (diluted) growth from $3.08, the midpoint of original Adjusted Non-GAAP 2024 adjusted earnings Guidance(1) gu
Slide 18: Proven dividend growth
Proven dividend growth (4) $2.18 Dividends $2.08 declared per $1.98 common share(3) $1.88 $1.79 $1.70 $1.59 $1.52 $1.43 $1.34 Target Payout 70% Ratio Actual Payout 60% Ratio 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026E Long-term dividend growth guidance of 5-7%(4) (1) Compound Annual Growth Ra
Slide 19: Stable, investment grade credit ratings and strong cash flow metrics
Stable, investment grade credit ratings and strong cash flow metrics Ratings S&P Moody’s Senior Unsecured / Outlook BBB+ / Stable A3 / Stable Total Liquidity: $979M As of June 30, 2026 2026 Credit Metric Estimate(1) 19.1% FFO 20.1% CFO pre-WC Equity Financing 2026 2027 Base $300M ✓ $50M Letters of C
Slide 20: 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 21: 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 22: 2025 Resources and Emissions at a Glance
2025 Resources and Emissions at a Glance Renewables in PGE’s total system have grown by 37% since 2021 1. Percentages above represent 2025 resource mix from PGE’s total system load, inclusive of wholesale and retail volumes. The percentage of 2025 retail loads as defined by Oregon Department of Envi
Slide 23: 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 0.17 1st Quartile 85.9% 2024: 0.26 2024: 2nd Quartile 2024: 85.9% Note: All data is as of December 31, 2025, unle
Slide 24: Customer focus
Customer focus CUSTOMER SATISFACTION TOP 10 Ranked as a Top 10 Utility in the United States for Customer Experience according to Forrester’s The US Customer Experience Index(1) PGE PROGRAMS #1 Continued position as number 1 ranked renewable power program in the United States for 16 years according t
Slide 25: Appendix
Appendix
Slide 26: Recovery of power costs
Recovery of power costs Annual power cost update tariff resets prices based on forecast of net variable power costs (NVPC) for the coming year 1. Power Cost Sharing 2. Earnings Test • PGE absorbs 100% of the power costs/benefits within Customer Surcharge Customer the deadband range Surcharge • Amoun
Slide 27: 2026 Earnings Sensitivities
2026 Earnings Sensitivities Sensitivity Full-Year Adjusted EPS Impact Load Growth - Residential(1) ± 1% ± $0.07 Load Growth – Commercial(1) ± 1% ± $0.03 Load Growth – Industrial(1) ± 1% ± $0.01 O&M Expense ± $10 million ± $0.06 Interest Rates(2) ± 25 bps ± $0.02 Effective Tax Rate ± 1% ± $0.04 (1) A
Slide 28: 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
Slide 29: Non-GAAP financial measures 2022-2025
Non - GAAP financial measures 2022- 2025 Non-GAAP Earnings Reconciliation for the year ended December 31, 2022 Non-GAAP Earnings Reconciliation for the year ended December 31, 2025 (Dollars in millions, except EPS) Net Income Diluted EPS (Dollars in millions, except EPS) Net Income Diluted EPS GAAP
Slide 30: Non-GAAP financial measures 2026
Non - GAAP financial measures 2026 Non-GAAP Earnings Reconciliation for the three months ended March 31, 2026 Non-GAAP Earnings Reconciliation for the three months ended June 30, 2026 (Dollars in millions, except EPS) Net Income Diluted EPS (Dollars in millions, except EPS) Net Income Diluted EPS GA
Portland General Electric — Q2 2026 Earnings Presentation on 6ix