Avista : May 2026 Investor Outreach (c97ea5)

Published: 2026-05-13 17:47:16 ET AVA

Published on 05/13/2026 at 05:47 pm EDT

INVESTED IN

PROGRESS

GROUNDED IN

MAY 2026

Committing to financial strength

Wildfire mitigation improves resiliency and reliability

RFP presents pathway for new generation resources, including self-build and build-transfer

North Plains Connector part of preferred resource strategy

$3.4 billion capital spend 2026-2030

Ensuring robust energy supply and delivery

Regulatory outcomes demonstrate Commission support and alignment with strategic priorities

Strengthened S&P rating outlook to stable

Long-term utility earnings growth from midpoint of 2025 earnings guidance of 4-6%

Over the long-term, expected ROE of 9.0%

Partnering in the shared clean energy economy

Fostering internal innovation to support strategic opportunities

Ensuring safe, effective, and efficient operations

Continued focus on business value from operational improvements

Inspiring engaged and thriving employees

Continued investment in and operationalization of innovations enabling our aspirational goals of 100% clean electricity and 100% carbon neutral gas operations by 2045

Engaged with data center developers and operators

Electrification opportunities

Prioritizing tribal partnerships

Primarily a regulated electric and gas utility

Already one of the lowest carbon-emitting electric utilities in the U.S.*

Incorporated in the territory of

Washington in 1889

Generation portfolio is 68% renewable

Natural

Gas 32%

Hydro

53%

Renewables

15%

as of 1/1/2026

FINANCIALS AT A GLANCE

2.0

billion

2025 OPERATING REVENUE

193

million

2025 NET INCOME

2.38

2025 DILUTED EARNINGS PER SHARE

1.97

2026 ANNUALIZED DIVIDEND PER SHARE

2.7

billion

AVISTA CORPORATION SHAREHOLDERS' EQUITY AS OF 12/31/2025

1% CUSTOMER

GROWTH IN 2025

$0.98

$(0.03)

$1.01

$0.37 $-

$0.04

$(0.01)

$0.04 $0.02

$(0.03)

$0.01 $1.10 $0.01 $1.11

$(0.16)

$0.14

$(0.33)

1Q25 GAAP EPS

1Q25

other business loss

1Q25

non-GAAP

utility EPS

Electric revenue (incl. intra-company)

Natural gas revenue (incl. intra-company)

Electric resource costs (incl. intra-company)

Natural gas resource costs (incl. intra-company)

Other operating expenses

Depreciation and amortization

Interest expense

Other Income tax at effective

rate

Dilution on earnings

AEL&P

earnings

1Q26

non-GAAP

utility EPS

1Q26

other business gain

1Q26 GAAP EPS

5 The chart above includes non-GAAP financial measures, including non-GAAP utility EPS. Refer to the Appendix for a reconciliation of this

$200

$150

$800

$710

$680

$615

$635

Other 8%

Enterprise Technology 12%

Natural Gas 13%

Transmission and Distribution 47%

Generation

20%

2026 2027 2028 2029 2030

Avista Utilities Expected Capital Spend 2026-2030 Allocation of Avista Utilities

$ in millions

Potential additional spend of up to $350 million represents estimated costs to integrate a potential new large load customer. Our estimates for capital expenditures do not include any incremental capital that could result from transmission projects like regional grid expansion or additional generation pulled forward from our 2025 RFP.

The North Plains Connector project is not included and likely lies outside the 5-year planning horizon.

Expected Base Capital

Spend 2026-2030

The North Plains Connector Transmission Line:

3,000 megawatts

420 miles

High-voltage direct-current

Connecting east and west

Current phase: Permitting

Avista Involvement:

Signed MOU seeking

10% ownership

Definitive agreements next 6-9 months

Financial commitments likely to occur at conclusion of project in 2032

Proposed Route

Rate Year

Rates Effective

Overall Rate of Return

ROE /

Equity Ratio

Electric Revenue

$ %

Natural Gas Revenue

$ %

2027

7.50%

10.2% / 48.5%

$111 million

13.9%

$12 million

4.7%

2028

7.50%

10.2% / 48.5%

$43 million

4.7%

$7 million

2.4%

2029

7.67%

10.5% / 48.5%

$34 million

3.5%

$6 million

2.1%

2030

7.67%

10.5% / 48.5%

$28 million

2.8%

$3 million

1.1%

Wildfire 4%

Regulatory amortizations 5%

Insurance 6%

Proposed changes to the calculation of baseline power supply cost designed to address

changing market dynamics

Baseline power supply cost for years 3 and 4 will be established in later filings

New deferral mechanism proposed for employee benefits costs

Law allows utilities filing rate plans of 3 or 4 years to file a new rate plan for years 3 and 4

Employee benefits 6%

Other 12%

Components of RY1 Electric Revenue Requirement

Power supply cost 41%

Capital additions

26%

Washington

▪

New rates effective 1/1/2026.

Base electric revenue increase of $68.9M ($44.5M net) (11.6%). Base gas revenue increase of $4.0M (2.8%).

Overall rate of return 7.32% and ROE 9.8%.

Four-year MYRP filed with the WUTC January 2026.

Idaho

New rates effective 9/1/2025.

Base electric revenue increase of $19.5M (6.3%) in year 1, and $14.7M (4.5%) in year 2.

Base gas revenue increase of $4.6M (9.2%) in year 1, and $0.2M (0.4%) in year 2.

Overall rate of return 7.28% (9.6% ROE and 50% equity ratio).

Year 2 rates effective 9/1/2026.

Oregon

▪

New rates effective 9/1/2025.

Base revenue increase of $4.2M (2% net of tax customer credits).

Overall rate of return of 7.219% (9.5% ROE).

Alaska

▪

General rate case filed May 2026.

Proposed ROE of 13.2% and 58.33% equity ratio.

Base rate increase of $10M (25.1%), with proposed interim rate increase of 12.5% effective late June 2026.

Expect a decision by August 2027.

Incorporates grid hardening, vegetation management, situational awareness, and emergency response and operations

WUI 2 and 3 zones to be addressed first

In 2026, expect $45 million in capital and $20 million in O&M

Wildfire Resiliency Plan

Leading-edge fire weather dashboard enables prediction of wildfire risk at a feeder-level granularity

Fire Safety Mode utilizes a risk-informed approach to operating our system, employs higher sensitivities

Public safety power shutoffs (PSPS) when conditions warrant

Proactive Operations

Deferral treatment for wildfire resiliency costs beyond amounts authorized in rates

Deferral treatment for insurance costs beyond amounts authorized in rates

Regulatory Support

Partnering with neighboring utilities and EEI to seek Federal support for wildfire risk

Legislation passed in

Washington and Idaho

WA HB 1522 Approval of Wildfire Mitigation Plans

WA HB 1990

Securitization

ID SB 1124 Standard of

Care

Legislative

Action

Non-GAAP utility earnings guidance for 2026: $2.52 to $2.72 per diluted share

Guidance Assumptions

Normal weather

A negative impact from the ERM of $(0.10) per diluted share, within the 90% customer / 10% company sharing band

Effective tax rate of 12%

Capital expenditures of $615 million

The ERM resulted in a 1 cent expense in the first quarter. We expect to recognize the remaining 9 cents of the ERM spread evenly over the second and third quarters.

Our guidance does not include the effect of unusual or non-recurring items until the effects are probable. Various factors could cause actual results to differ materially from our expectations. Please refer to the cautionary statements included in this presentation, to our 10-K for 2025, and to our 10-Q for the quarter ended March 31, 2026, for a full discussion of these factors.

We are unable to provide GAAP earnings guidance or present a quantitative reconciliation of forward-looking non-GAAP utility earnings and utility growth guidance without unreasonable effort because certain reconciling items are not estimable. For instance, realized and unrealized investment gains and losses, which have historically made up the majority of our non-regulated other business earnings and can be significant to our overall results, are difficult to predict due to various factors outside of management's control. These items are uncertain, depend on various factors, and may have a material impact on our future GAAP results.

As of May 5, 2026

Appendix

Corporate responsibility

Avista Utilities' service territory covers 34,000 square miles with a population of 1.5 million

429,000

ELECTRIC

CUSTOMERS

386,000

NATURAL GAS CUSTOMERS

8 HYDRO FACILITIES

6 THERMAL PLANTS

2,800 MILES OF TRANSMISSION LINE

20,000 MILES OF DISTRIBUTION LINE

8,300 MILES GAS DISTRIBUTION MAIN

As of 12/31/2025

Director Age

Tenure Committee Membership

Balanced Board Tenure Board Diversity

years

years 8

Environmental Finance

Julie A. Bentz

Independent

Donald C. Burke

Independent

4 years

14 years

•

Board Vice Chair Audit (Chair)

Executive

Governance

Diverse

Kevin B. Jacobsen

Independent

Rebecca A. Klein

Independent

Sena Kwawu

Independent

Scott H. Maw

Independent

3 years

16 years

5 years

9 years

19 years

6 years

Heather L. Rosentrater

Non-Independent

Heidi B. Stanley

Independent

Janet D. Widmann

Independent

1 year

•

Audit Environmental

Compensation Environmental (Chair)

Environmental

Finance (Chair)

Compensation (Chair) Governance

Scott L. Morris*

Independent

Jeffry L. Philipps

Independent

Board Chair Executive (Chair)

Audit Compensation

Finance

Executive

20 years

•

Audit Executive

Governance

12 years

Finance Governance (Chair)

Non-Diverse

Summary of Board Competencies

Financial

Leadership

Business Innovation

Energy and Utilities

Technology

Regulatory, Environmental, and Risk

Mergers and Acquisitions

* Mr. Morris retired as an executive officer of Avista Corp. on October 1, 2019, and now meets NYSE independence requirements. The Company continues to maintain an independent Vice Chair.

Rates, regulation, and resource planning

Jurisdiction and Service

Estimated Rate Base as of Mar. 31,

2026 (1)

($ in millions)

Authorized Overall Rate of Return

Authorized Return on Equity

Authorized Common Equity Ratio

Washington electric

$2,422

7.32%

9.8%

48.5%

Washington natural gas

598

7.32%

9.8%

48.5%

Idaho electric

1,156

7.28%

9.6%

50%

Idaho natural gas

236

7.28%

9.6%

50%

Oregon natural gas

398

7.219%

9.5%

50%

Total

$4,810

(1) Based on average-of-monthly averages for the prior 13-month period.

Jurisdiction and Service

Supply Costs

Decoupling / FCA (1)

Wildfire Resiliency

Insurance (2)

Decarbonization Plans (2)

Washington electric

ERM (3)

Yes

Clean Energy Implementation Plan (CEIP)

Washington natural gas

PGA (4)

Yes

N/A

Yes

Climate Commitment

Act (CCA)

Idaho electric

PCA (5)

Yes

N/A

Idaho natural gas

PGA (4)

Yes

N/A

Yes

N/A

Oregon natural gas

PGA (4)

Yes

N/A

Climate Protection Plan (CPP) (new rules expected)

Decoupling (also known as the Fixed Cost Adjustment (FCA) in Idaho) is a mechanism designed to sever the link between a utility's revenues and consumers' energy usage. The difference between revenues based on the number of customers and "normal" sales and revenues based on actual usage is deferred and either surcharged or rebated to customers beginning in the following year. Only residential and certain commercial customer classes are included in our decoupling mechanisms.

The respective regulatory authorities will determine the appropriateness and prudency of any deferred expenses when the Company seeks recovery.

The Energy Recovery Mechanism (ERM) is an accounting method used to track certain differences between actual power supply costs, net of wholesale sales and sales of fuel, and the amount included in

base retail rates for our Washington customers.

Purchased Gas Adjustments (PGAs) are designed to pass through changes in natural gas costs to customers with no change in net income.

Under the Power Cost Adjustment (PCA) mechanism, we defer 90 percent of the difference between certain actual net power supply expenses and the amount included in base retail rates for our Idaho customers.

Washington passes the Clean Energy Transformation Act (CETA)

2019

Oregon passes the Climate Protection Plan (CPP)

2020

Washington passes the Climate Commitment Act (CCA)

2021

Washington State building codes altered

2022

Washington State ballot initiatives to ensure energy choice and to repeal the CCA

2024

Eliminates coal from use to serve Washington customers by the end of 2025

All retail sales of electricity to Washington customers must be carbon-neutral by 1/1/2030

Requires development and filing of Clean Energy Implementation Plans (CEIP)

Outlines greenhouse gas emissions reductions of 50% by 2035 and 90% by

2050 from a 1990 baseline

After challenge, judicial review declared the CPP invalid

New regulations were issued, substantially the same as original

New challenge to CPP filed in Oregon courts April 2026

Establishes a cap and trade program to reduce greenhouse gas emissions

Act has been challenged in the courts; legislature contemplating amendments

Requires most new construction to install all-electric space heating

Lawsuits pending

Washington voters passed I-2066 to ensure energy choice and prohibit laws discouraging the use of natural gas (including alterations to the building codes); initiative ruled invalid in March 2025; appeal pending

I-2117 to repeal the CCA and prohibit carbon tax credit trading failed

Disclaimer

Avista Corporation published this content on May 13, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 13, 2026 at 21:46 UTC.