IDACORP — Third Quarter 2026 Earnings Summary

Financial Performance:

• Net income attributable to IDACORP for the three months ended September 30, 2026, was $160.2 million ($2.73 per diluted share), compared to $124.4 million ($2.26 per diluted share) in the same period in 2025.
• Net income attributable to IDACORP for the nine months ended September 30, 2026, was $330.8 million ($5.76 per diluted share), compared to $279.9 million ($5.13 per diluted share) in the same period in 2025.
• The increase in third-quarter net income was primarily driven by higher net income at Idaho Power, specifically from a $38.1 million increase in retail revenues per MWh (excluding large contract customers) and a $5.8 million increase from customer growth.
• Other O&M expenses increased by $22.5 million in the third quarter and $47.4 million year-to-date, driven by amortization of deferred costs for coal-to-natural gas conversions at Jim Bridger and North Valmy plants and higher wildfire mitigation costs.
• Depreciation and amortization expense increased by $7.4 million in the third quarter and $18.4 million year-to-date, primarily due to an increase in plant-in-service.
• Non-operating expense, net, increased by $1.1 million in the third quarter and $5.7 million year-to-date, resulting from higher long-term debt balances increasing interest expense, partially offset by increased AFUDC income.
• Income tax expense decreased in the third quarter due to plant-related flow-through items and a reduction in additional accumulated deferred investment tax credit (ADITC) amortization, which was $0 in Q3 2026 compared to $2.5 million in Q3 2025.

Guidance and Future Outlook:

• IDACORP increased its full-year 2026 earnings guidance to a range of $6.40 to $6.50 per diluted share, up from the previous range of $6.30 to $6.45.
• The updated guidance assumes normal weather conditions through the end of 2026 and expects Idaho Power to use less than $10 million of additional tax credits under the Idaho regulatory mechanism, down from the previous expectation of less than $15 million.
• Idaho Power O&M expense guidance for 2026 is increased to a range of $535 million to $545 million, up from $525 million to $535 million.
• Idaho Power capital expenditures (excluding AFUDC) guidance remains unchanged from the prior range of $1,300 million to $1,500 million.
• Idaho Power hydropower generation guidance for 2026 is adjusted to a range of 5.5 to 6.0 million MWh, down from the previous range of 5.5 to 6.5 million MWh.

Business Segments and Product Lines:

• Idaho Power customer growth, excluding large contract customers, increased by approximately 15,000 customers (2.2 percent) during the twelve months ended September 30, 2026.
• Retail revenues from large contract customers increased operating income by $11.8 million in the third quarter and $20.1 million year-to-date, driven by the commencement of revenue under a new large customer contract on June 1, 2026, base rate increases, and increased usage per large contract customer.
• The company reported the installation of battery storage projects and significant progress on the development and construction of transmission and generation projects.
• Residential usage per customer decreased significantly year-to-date due to more moderate temperatures in the first six months of 2026 compared to 2025, while usage per irrigation customer increased by 3 percent.

Market and Competitive Landscape:

• Idaho Power serves a 24,000-square-mile service area in Idaho and Oregon with over 670,000 customers.
• The company operates 17 low-cost hydropower projects as the core of its diverse energy mix.
• Base rate increases effective January 1, 2026, resulted from the 2025 Idaho general rate case settlement stipulation, contributing to higher retail revenues per MWh.

Risks and Challenges:

• Risks include regulatory decisions by the Idaho and Oregon public utilities commissions and the Federal Energy Commission regarding cost recovery and returns on investment.
• Capital expenditure risks involve potential delays, cost increases due to tariffs or supply chain constraints, and the possibility that projects may not be deemed prudent by regulators.
• Operational risks include the rapid addition of new industrial customer load, uncertainty in forecasted power usage ramp rates, and potential volatility in power demand and revenues.
• Weather and natural disaster risks include abnormal weather, wildfires, droughts, and earthquakes affecting customer sales, hydropower generation, and repair costs.
• Hydrological risks involve variable conditions and over-appropriation of surface and groundwater in the Snake River Basin impacting hydropower generation.
• Workforce risks include the costs of unionization, attracting skilled workers, and adjusting to labor cost fluctuations.

Management Commentary and Tone:

• CEO Lisa Grow described the third quarter results as "strong," driven by continued customer growth, base rate revenues, and large contract customers ramping up operations.
• Management characterized the year as "exciting," citing the installation of battery storage projects and progress on transmission and generation projects.
• The tone reflects confidence in the ability to recover costs through regulatory mechanisms, including the 2025 Settlement Stipulation and approved rates in Idaho and Oregon.

Other Key Points:

• The company held an analyst conference call on October 29, 2026, at 2:30 p.m. Mountain Time, with a live webcast and slide deck available on its website.
• IDACORP is a holding company comprising Idaho Power (regulated electric utility), IDACORP Financial (investor in affordable housing and tax credit investments), and Ida-West Energy (operator of small hydroelectric generation projects).
• Idaho Power recorded no additional ADITC amortization in the third quarter of 2026, compared to $2.5 million in the same period in 2025; year-to-date 2026 amortization was $6.3 million compared to $39.0 million in 2025.
• Lower property tax expense contributed to increased operating income in the third quarter and year-to-date periods due to legislative changes in Idaho.