IDACORP, Inc.

Good afternoon, everyone, and welcome to IDACORP's third quarter 2026 earnings call. Today's call is being recorded and our webcast is live. A replay will be available later today and for the next 12 months on the IDACORP website. If you need assistance at any time during the presentation, please press star zero on your phone. I will now turn the call over to Amy Shaw, Vice President of Finance, Compliance, and Risk.

Thank you. Good afternoon, everyone. We appreciate you joining our call. The slides we'll reference during today's call are available at IDACORP's website. As noted on slide two, our discussion today includes forward-looking statements, including things like earnings guidance, spending forecasts, financing plans, regulatory plans and actions, and estimates and assumptions that reflect our current views on what the future holds. These are all subject to risks and uncertainties. Those risks and uncertainties may cause actual results to differ materially from statements made today, and we caution against placing undue reliance on any forward-looking statements. We've included our cautionary note on forward-looking statements and various risk factors in more detail for your review in our filings with the Securities and Exchange Commission. As shown on slide three, also presenting today, we have Lisa Grow, President and CEO, Brian Buckham, CFO, and John Wonderlich, Investor Relations Manager. Slide four has a summary of our third quarter financial results. Ita Corp's diluted earnings per share were 273 compared with 226 for last year's third quarter. For the first nine months of 2026, diluted earnings per share were 576 versus 513 in 2025. And those results only include additional tax credit amortization of 6.3 million in the first nine months of 2026 versus 39 million in the first nine months of last year, which showcases the strong performance so far for 2026. For our key operating metrics, we're raising our full-year IDACORP diluted earnings per share guidance range by 10 cents on the bottom and 5 cents at the top of the range. Our new range is 640 to 650 per share. This increase is driven by our strong operational results in the third quarter. It includes our expectation that Idaho Power will use less than $10 million of additional tax credit amortization for the full year, which is a reduction from the less than $15 million in our prior guidance. These estimates also assume historically normal weather conditions for the rest of the year. Now I'll turn the call over to Lisa.

Thank you, Amy, and thanks to everyone for joining us today. I'll start by highlighting the impressive growth we continue to see across our service area. This growth is diverse, happening across all customer types in a wide variety of industries. As you can see on slide five, our customer count has increased 2.2% since last year's third quarter, including 2.4% growth in the residential segment. A particular note for this quarter are industrial revenues, which increased by an incredible 27% since last year's third quarter. After years of diligent planning and project execution, we're seeing significant revenues coming in from large contract customers as they construct their facilities and come online. We're excited to be part of their success. Meta officially began operations at its data center south of Boise in September and is now ramping up. While Micron Fab 1 and Fab 2 expansions in Boise continue to make impressive progress. We've included photos on slide six so you can see the scale of these projects as well as a couple others. Our preliminary load growth TAGR for the 2027 IRP is 8.9% for retail sales for the next five years. That increase includes the higher base year load in the calculation. While this is still preliminary, you can see the substantial growth on slide seven. To put this in perspective, that's a load forecast of about 19,000 gigawatt hours in 2027, growing to about 29,000 gigawatt hours by 2032. This growth is substantial, and we're working hard to ensure Idaho Power stays ready to meet it, and that we do so responsibly. As a reminder, for large contract customers, our preliminary load projections only include the customers who have signed contracts or made significant financial commitment to Idaho Power for infrastructure build out. In addition to large customers that we've already discussed, there's a diverse group of new and expanding customers interested in investing in our service area, including manufacturing, mining, food processing, transportation, data centers, and other energy intensive industries. To date in 2026, we've received 76 inquiries from projects with energy needs greater than one megawatt, which is on pace for another year of historically high project activity. These projects have the potential to bring new jobs, investment, and long-term economic opportunities. They also reinforce the importance of thoughtful planning to ensure we continue providing affordable and reliable service to our customers. To highlight a few other projects, Idaho Power broke ground this month on transmission facilities needed to provide electric service to Perpetua Resources' Stibnite project, which will support domestic production of critical minerals and strengthen U.S. supply chains. We also recently celebrated the grand opening of Tractor Supply Company's new distribution center in Nampa, another great example of economic growth and business investment happening across our service area. Idaho Power is focused on affordability as we grow. and we're proud that our prices remain 20 to 30% lower than the national average. As shown on slide eight, since 2016, average national electric rates have increased 41%. Rent in Boise has increased 85% and CPI inflation has grown 39% while Idaho power residential rates have increased 24% over that same period, an average of just 2.2% a year. were strong advocates of Idaho's growth pays for growth regulatory approach and our contracts with large contract customers seek to protect Idaho Power and our existing customers from risk and cost shifting. On slide nine, you can see some of the contract protections we target in energy service agreements with large contract customers. As I mentioned on last boarder's call, the substantial increase in revenues we're seeing from these customers was a key driver for Idaho Power not filing a rate case in 2026. which helps demonstrate the benefit of the growth pace for growth model in Idaho. We're moving full speed ahead, executing on projects to serve our growing customer base and enhance our grid. As shown on slide 10, we're making great progress on the Boardman to Hemingway transmission line. To date, more than 1,200 structure pads have been built, 1,100 foundations have been installed, and about 780 towers have gone up, which represents about 60% of the project total. And additionally, we've installed around 100 miles of conductor. B2H remains on schedule for an in-service date in late 2027. In addition, construction in Nevada continues on the Swift North transmission project, which we expect to be completed in 2028. On Gateway West transmission project, we continue to make progress and we have the transmission line construction out for bid. Moving to slide 11, we're continuing to make progress on three company-owned natural gas fuel projects. Construction is underway on a 167 megawatt resource we're building next to our existing Bennett Mountain gas plant. The new Bennett facility has a scheduled in-service date of 2028, and we have a CPCN, air permit, and EPC contract in place. We have CPCN applications filed for South Hills a 222 megawatt project scheduled for operation in 2029, as well as the 430 megawatt Peregrine project, which is slated for 2030. We've executed equipment supply agreements for all three projects. Additionally, we signed an EPC contract for the Peregrine project, and we're negotiating a contract for the South Hills project. The dispatchable energy from these plants will help us meet our projected load deficits and serve our customers with the least cost, least risk resources. Looking ahead to additional capacity and energy needs, our evaluation team received more than 100 bids for our 2032 RFP and has developed a final shortlist of 11 projects, as shown on slide 12. As has been the case in past RFPs, Idaho Power has multiple company-owned projects on the final shortlist, and we were pleased to have competitive bids. In fact, the 2031 self-built project on the slide is the top-ranked project. The list also includes third-party-owned solar, wind, and battery facilities, along with a few market purchase bids. We don't intend to contract with every project on the list as of now. It's a substantial number of megawatts in total, more megawatts than in our updated load forecast through 2032. However, consistent with what we've done previously, our final shortlist can accommodate potential incremental growth, and it's good to have that optionality. We're working to get contracts in place and expect to move forward with the selected projects by the end of this year, so keep an eye out for CPCN filings. And finally, as the Oregon sale goes, we continue to expect the sale to close in the spring of 2027, pending successful regulatory outcomes. We recently received Burke's approval, and the Oregon and Idaho state regulatory processes continue. And with that, I will turn the time over to Brian.