Brian Buckham

“I'm going to jump right into the drivers of the quarter's results on slide 13. You can see the biggest driver was higher retail revenues resulting from a combination of incremental benefits from current base rates and customer growth.”

“We spent a lot of time talking about the financial side of the company on our recent earnings call. So I'll be brief in my comment now that we had another strong year in 2025.”

“I'm going to start on slide 13, which has our usual reconciliation. Just running through the table, IACORP's net income increased over $34 million compared to operating income at Idaho Power from the January rating.”

“I'm going to start today with the financial results on slide 12. As you can see Ivy Corp's net income increased 10.8 million dollars for the third quarter this year when compared with the third quarter last year.”

“No surprise, those benefits were partially offset by higher depreciation and interest expense. We also had higher O&M expense, in large part from labor cost increases, but I'd say we're still on track with our own.”