2026 Earnings Guidance

PGE is reaffirming 5% to 7% long-term earnings per share growth using a base of $3.08 per diluted share, the mid-point of original 2024 adjusted earnings guidance.

PGE is also initiating full-year 2026 adjusted earnings guidance of $3.33 to $3.53 per diluted share based on the following assumptions:

• An increase in energy deliveries between 2.5% and 3.5%, weather adjusted;
• Execution of power cost and financing plans;
• Execution of operating cost controls;
• Normal temperatures in its utility service area;
• Hydro conditions for the year that reflect current estimates;
• Wind generation based on five years of historical levels or forecast studies when historical data is not available;
• Normal thermal plant operations;
• Operating and maintenance expense between $820 million and $840 million which includes approximately $155 million of wildfire, vegetation management, deferral amortization and other expenses that are offset in other income statement lines and $15 million of business transformation and optimization expenses;
• Depreciation and amortization expense between $560 million and $580 million;
• Effective tax rate of 15% to 20%;
• Cash from operations of $1,000 to $1,200 million;
• Capital expenditures of $1,655 million; and
• Average construction work in progress balance of $850 million.