8-K
PORTLAND GENERAL ELECTRIC CO /OR/ (POR)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 1, 2026
| PORTLAND GENERAL ELECTRIC COMPANY | ||
|---|---|---|
| (Exact name of registrant as specified in its charter) | ||
| Oregon | 001-5532-99 | 93-0256820 |
| (State or other jurisdiction<br><br>of incorporation) | (Commission<br><br>File Number) | (I.R.S. Employer<br><br>Identification No.) |
121 SW Salmon Street, Portland, Oregon 97204
(Address of principal executive offices, including zip code)
Registrant’s telephone number, including area code: (503) 464-8000
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
| (Title of class) | (Trading Symbol) | (Name of exchange on which registered) |
|---|---|---|
| Common Stock, no par value | POR | New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]
Item 2.02 Results of Operations and Financial Condition.
The following information is furnished pursuant to Item 2.02.
On May 1, 2026, Portland General Electric Company (the Compay) issued a press release announcing its financial results for the three months ended March 31, 2026. The press release is furnished herewith as Exhibit 99.1 to this Report.
Item 7.01 Regulation FD Disclosure.
The following information is furnished pursuant to Item 7.01.
At 11:00 a.m. ET on Friday, May 1, 2026, the Company will hold its quarterly earnings call and webcast, and will use a slide presentation in conjunction with the earnings call. A copy of the slide presentation is furnished herewith as Exhibit 99.2 to this Report.
Item 9.01 Financial Statements and Exhibits.
| (d) | Exhibits. |
|---|---|
| 99.1 | Press release issued by Portland General Electric Company dated May 1, 2026. |
| 99.2 | Portland General Electric Company First Quarter 2026 Slides dated May 1, 2026. |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| PORTLAND GENERAL ELECTRIC COMPANY | |||
|---|---|---|---|
| (Registrant) | |||
| Date: | May 1, 2026 | By: | /s/ Joseph R. Trpik |
| Joseph R. Trpik | |||
| Senior Vice President, Finance<br><br>and Chief Financial Officer |
EX-99.1
Exhibit 99.1
 |
Portland General Electric<br><br>One World Trade Center<br>121 S.W. Salmon Street<br>Portland, OR 97204<br><br><br><br>News Release |
|---|---|
| May 1, 2026 | |
| Media Contact: | Investor Contact: |
| Drew Hanson | Erin Schwartz |
| Corporate Communications | Investor Relations |
| Phone: 503-464-2067 | Phone: 503-464-7751 |
Portland General Electric Announces First Quarter 2026 Results
- First quarter financial results reflect unusual mild winter weather and lower residential and commercial seasonal usage
- Industrial customer demand grew 10% quarter-over-quarter, driven by continued growth from data center and high tech customers
- Reaffirming 2026 adjusted earnings guidance of $3.33 to $3.53 per diluted share
PORTLAND, Oregon -- Portland General Electric Company (NYSE: POR) today reported net income based on generally accepted accounting principles (GAAP) of $45 million, or $0.38 per diluted share, for the first quarter of 2026. After adjusting for the impact of regulatory deferral adjustments related to the January 2024 storm and 2024 reliability contingency event and business transformation, optimization and acquisition expenses, 2026 non-GAAP net income was $68 million, or $0.58 per diluted share. This compares with GAAP net income of $100 million, or $0.91 per diluted share, for the first quarter 2025.
“We are focused on disciplined execution as we move through the year,” said Maria Pope, PGE President and CEO. “Strong operational performance and cost control are allowing us to navigate the impact of an unusually mild winter.”
First Quarter 2026 Earnings Compared to First Quarter 2025 Earnings
On a GAAP basis, total revenues increased due to higher cost recovery. Total energy demand was flat to 2025, with variances between customer classes largely offsetting. Purchased power and fuel expense increased due to less favorable wholesale and environmental credit market conditions and due to the regulatory adjustment related to the January 2024 reliability contingency event deferral. Operations and maintenance expense increased due to the regulatory adjustment related to the January 2024 storm recovery deferral and business transformation and acquisition expenses. Depreciation and interest expense increased due to ongoing capital investment. Income tax increased due to the timing of production tax credit recognition.
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Additional Company Updates
Washington Acquisition Update
On March 30, PGE and PacifiCorp submitted a joint application with the Washington Utility and Transportation (WUTC) Commission seeking approval of PGE's proposed acquisition of PacifiCorp's Washington utility operations.
On April 2, PGE submitted an application with the Public Utility Commission of Oregon (OPUC) for the proposed Washington acquisition.
The transaction is expected to consummate approximately twelve months after submission of regulatory filings, subject to customary closing conditions and regulatory approvals. PGE anticipates the transaction closing in 2027.
Quarterly Dividend
As previously announced, on April 24, 2026, the board of directors of Portland General Electric Company approved a quarterly common stock dividend of 55.125 cents per share. The quarterly dividend is payable on or before July 15, 2026 to shareholders of record at the close of business on June 25, 2026.
2026 Earnings Guidance
PGE is reaffirming its estimate for 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 1.5% and 2.5%, weather adjusted;
- Execution of power cost and financing plans;
- Execution of operating cost management plan;
- Normal temperatures in its utility service area for the remainder of the year;
- 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 $810 million and $830 million which includes approximately $150 million of wildfire, vegetation management, deferral amortization and other expenses that are offset in other income statement lines and $26 million of business transformation, optimization and acquisition expenses and $4 million of regulatory deferral adjustments related to the January 2024 storm and 2024 reliability contingency event;
- Depreciation and amortization expense between $570 million and $590 million;
- Effective tax rate of 15% to 20%;
- Cash from operations of $1,000 to $1,200 million;
- Capital expenditures of $1,655 million; an
- Average construction work in progress balance of $830 million.
First Quarter 2026 Earnings Call and Webcast — May. 1, 2026
PGE will host a conference call with financial analysts and investors on Friday, May 1, 2026, at 11 a.m. ET. The conference call will be webcast live on the PGE website at investors.portlandgeneral.com. A webcast replay will also be available on PGE's investor website “Events & Presentations” page beginning at 2 p.m. ET on May 1, 2026.
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Maria Pope, President and CEO; Joe Trpik, Senior Vice President of Finance and CFO; and Erin Schwartz, Senior Manager of Investor Relations, will participate in the call. Management will respond to questions following formal comments.
2025 Purpose and Progress Report
On March 17, PGE released its 2025 Purpose and Progress Report, which provides insight into how PGE is managing its carbon footprint, supporting its workforce and local communities, and maintaining ethical leadership and accountability. The report also highlights the Company's clean energy performance in 2025, with non-emitting resources making up 46% of PGE's energy mix.
Non-GAAP Financial Measures
This press release contains certain non-GAAP measures, such as adjusted earnings, adjusted EPS and adjusted earnings guidance. These non-GAAP financial measures exclude significant items that are generally not related to our ongoing business activities, are infrequent in nature, or both. PGE believes that excluding the effects of these items provides an alternative measure of the Company’s comparative earnings per share and enables investors to evaluate the Company’s operating financial performance trends, exclusive of items that are not normally associated with ongoing operations. Management utilizes non-GAAP measures to assess the Company’s current and forecasted performance, and for communications with shareholders, analysts and investors. Non-GAAP financial measures are supplementary information that should be considered in addition to, but not as a substitute for, the information prepared in accordance with GAAP.
Items in the periods presented, which PGE believes impact the comparability of comparative earnings and do not represent ongoing operating financial performance, include the following:
- Non-cash charge related to final orders on the January 2024 storm and damage and 2024 Reliability Contingency Event regulatory deferrals
- Business transformation and optimization expenses, including strategic advisory, workforce realignment, corporate structure update costs and Washington acquisition related expenses including legal, financing and strategic advisory costs.
Due to the forward-looking nature of PGE’s non-GAAP adjusted earnings guidance, and the inherently unpredictable nature of items and events which could lead to the recognition of non-GAAP adjustments (such as, but not limited to, regulatory disallowances or extreme weather events), management is unable to estimate the occurrence or value of specific items requiring adjustment for future periods, which could potentially impact the Company’s GAAP earnings. Therefore, management cannot provide a reconciliation of non-GAAP adjusted earnings per share guidance to the most comparable GAAP financial measure without unreasonable effort. For the same reasons, management is unable to address the probable significance of unavailable information.
PGE’s reconciliation of non-GAAP earnings for the quarters ended March 31, 2026 is below.
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Non-GAAP Earnings Reconciliation for the quarter ended March 31, 2026
| (Dollars in millions, except EPS) | Net Income | Diluted EPS |
|---|---|---|
| GAAP as reported for the quarter ended March 31, 2026 | $ 45 | $ 0.38 |
| Exclusion of regulatory deferral adjustment charge related to 2024 | 15 | 0.13 |
| Exclusion of business transformation, optimization and acquisition expenses | 17 | 0.15 |
| Tax effect (1) | (9) | (0.08) |
| Non-GAAP as reported for the quarter ended March 31, 2026 | $ 68 | $ 0.58 |
(1) Tax effects were determined based on the Company’s full-year blended federal and state statutory rate.
#
About Portland General Electric Company
Portland General Electric (NYSE: POR) is an integrated energy company that generates, transmits and distributes electricity to nearly 960,000 customers serving an area of approximately 2 million Oregonians. Since 1889, Portland General Electric (PGE) has been powering economies, delivering safe, affordable and reliable electricity while working to transform energy systems to meet evolving customer needs. PGE continues to make progress towards emissions reduction targets, and customers have set the standard for prioritizing clean energy with the No. 1 voluntary renewable energy program in the country. PGE is ranked a top ten utility in the 2025 Forrester U.S. Customer Experience Index. In 2025, PGE employees and retirees volunteered over 18,300 hours to more than 400 nonprofits organizations. Through the PGE Foundation, along with corporate contributions and the employee matching gift program, more than $5 million was directed to charitable organizations supporting economic growth and community resilience across our service area. For information: portlandgeneral.com/news.
Safe Harbor Statement
Statements in this press release that relate to future plans, objectives, expectations, performance, events and the like may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements represent our estimates and assumptions as of the date of this report, and PGE assumes no obligation to update or revise any forward-looking statement as a result of new information, future events or other factors. Investors should not rely unduly on any forward-looking statements.
Forward-looking statements include statements, other than statements of historical or current fact, regarding PGE's earnings guidance (including all the assumptions and expectations upon which such guidance is based), PGE's proposed purchase of electric utility operations and certain assets in Washington state from PacifiCorp (Acquisition), the and PGE's operating and financing plans, as well as other statements containing words such as “anticipates,” “assumptions,” “believes,” “continue,” “could,” “estimates,” “expected,” “forecast,” “guidance,” “may,” “plans,” “proposed,” “seeks,” “should,” “will,” “working to,” or similar expressions.
Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, which could cause future events and actual results to differ materially from those set forth in, contemplated by, or underlying the forward-looking statements. Such risks, uncertainties and other factors include, without limitation: wildfire and public safety risks, including ignitions caused by PGE assets, the effectiveness of wildfire mitigation, vegetation management, and system hardening, the ability to implement public safety power shutoffs (PSPS), related liability exposure, and the timing and extent of regulatory cost recovery; severe weather, climate, and
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catastrophe risks, including extreme or unseasonable weather and other natural or human caused disasters that could endanger public safety, disrupt operations, damage assets, limit access to power or fuel supplies, increase costs, or adversely affect cost recovery; electric system operational risks, including forced outages, fires, equipment failures, adverse hydro or wind conditions, fuel supply disruptions, and complications at jointly owned facilities, resulting in increased costs or the need to procure replacement power; power and fuel supply and price risks, including availability, counterparty nonperformance, and volatility in wholesale electricity, natural gas, coal, and other fuel markets; regulatory, legislative, and policy risks, including new or revised laws, regulations, executive actions, audits, investigations, and proceedings that could affect rates, cost recovery, operations, capital plans, or financial results; Acquisition risks, including risks related to regulatory approvals, financing and joint‑venture arrangements, integration and operational execution, cost recovery, and the possibility that the anticipated benefits of the Acquisition are delayed, not realized, or cost more than expected; environmental compliance and permitting risks, including evolving environmental laws and permitting requirements and site specific remediation obligations, such as Superfund liabilities, where uncertainties regarding remediation scope, cost allocation, litigation, and regulatory cost recovery could result in material costs or adversely affect PGE’s financial position, results of operations, or cash flows; capital investment and execution risks, including supply chain disruptions, cost inflation, labor constraints, permitting delays, contractual disputes, counterparty failures, or project abandonment, which could impair timely completion or cost recovery; load growth and demand uncertainty, including accelerated or uneven growth from large customers such as data centers, changes in customer usage patterns requiring substantial capital investment, variability in demand driven by weather variations, and reduced consumption or load shifting resulting from energy efficiency measures or other changes in customer behavior; customer choice and market structure risks, including reduced demand or usage shifts due to distributed generation or increased procurement from alternative providers, such as registered Electricity Service Suppliers (ESSs) or community choice aggregation programs; cybersecurity and physical security risks, including cyberattacks, data breaches, physical attacks, or other malicious acts that could damage assets, disrupt systems, or result in the disclosure of sensitive information; geopolitical and macroeconomic risks, including acts of war, terrorism, or civil unrest—such as the war involving the United States and Iran—that could disrupt energy markets or supply chains, increase costs, or contribute to volatility in capital markets, inflation, or interest rates; economic and financial market risks, including availability and cost of capital, interest rate and equity market volatility, inflation, and trade tariffs affecting operating or capital costs; legal and litigation risks, including the timing and outcome of judicial, administrative, or regulatory proceedings, which may result in material liabilities or costs; workforce and labor risks, including the ability to attract and retain skilled employees, transitions in senior management, and potential labor disputes or work stoppages; resource procurement and All-Source Request for Proposals (RFP) project risks, including uncertainties related to the availability, cost, permitting, financing, and performance of resources selected through RFP processes and associated regulatory and counterparty risks; insurance availability and cost, particularly for wildfire or catastrophe related coverage; accounting, tax, and policy changes, including changes in accounting standards, tax laws, or regulatory accounting policies that could affect reported results or cash flows; and the other risks and uncertainties set forth in PGE’s Annual Report on Form 10‑K for the year ended December 31, 2025, as filed with the SEC.
Source: Portland General Electric Company
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PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Dollars in millions, except per share amounts)
(Unaudited)
| Three Months Ended March 31, | |||||
|---|---|---|---|---|---|
| 2026 | 2025 | ||||
| Revenues: | |||||
| Revenues, net | $ | 863 | $ | 932 | |
| Alternative revenue programs, net of amortization | 16 | (4 | ) | ||
| Total revenues | 879 | 928 | |||
| Operating expenses: | |||||
| Purchased power and fuel | 361 | 368 | |||
| Generation, transmission and distribution | 110 | 110 | |||
| Administrative and other | 106 | 96 | |||
| Depreciation and amortization | 144 | 140 | |||
| Taxes other than income taxes | 51 | 46 | |||
| Total operating expenses | 772 | 760 | |||
| Income from operations | 107 | 168 | |||
| Interest expense, net | 60 | 56 | |||
| Other income: | |||||
| Allowance for equity funds used during construction | 3 | 5 | |||
| Miscellaneous income, net | 4 | 5 | |||
| Other income, net | 7 | 10 | |||
| Income before income tax expense | 54 | 122 | |||
| Income tax expense | 9 | 22 | |||
| Net income and Comprehensive income | $ | 45 | $ | 100 | |
| Weighted-average common shares outstanding (in thousands): | |||||
| Basic | 115,641 | 109,423 | |||
| Diluted | 116,140 | 109,683 | |||
| Earnings per share: | |||||
| Basic | $ | 0.39 | $ | 0.91 | |
| Diluted | $ | 0.38 | $ | 0.91 |
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PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions)
(Unaudited)
| March 31, 2026 | December 31, 2025 | |||
|---|---|---|---|---|
| ASSETS | ||||
| Current assets: | ||||
| Cash and cash equivalents | $ | 8 | $ | 76 |
| Accounts receivable, net | 405 | 460 | ||
| Inventories | 130 | 124 | ||
| Regulatory assets—current | 243 | 168 | ||
| Other current assets | 224 | 244 | ||
| Total current assets | 1,010 | 1,072 | ||
| Electric utility plant, net | 11,103 | 10,993 | ||
| Regulatory assets—noncurrent | 552 | 619 | ||
| Nuclear decommissioning trust | 40 | 42 | ||
| Non-qualified benefit plan trust | 35 | 36 | ||
| Other noncurrent assets | 464 | 468 | ||
| Total assets | $ | 13,204 | $ | 13,230 |
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PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS, continued
(In millions, except share amounts)
(Unaudited)
| March 31, 2026 | December 31, 2025 | |||||
|---|---|---|---|---|---|---|
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||
| Current liabilities: | ||||||
| Accounts payable | $ | 277 | $ | 330 | ||
| Liabilities from price risk management activities—current | 167 | 158 | ||||
| Short-term debt | 9 | — | ||||
| Current portion of finance lease obligation | 27 | 27 | ||||
| Accrued expenses and other current liabilities | 449 | 478 | ||||
| Total current liabilities | 929 | 993 | ||||
| Long-term debt, net of current portion | 4,658 | 4,662 | ||||
| Regulatory liabilities—noncurrent | 1,503 | 1,490 | ||||
| Deferred income taxes | 623 | 601 | ||||
| Deferred investment tax credits | 193 | 194 | ||||
| Unfunded status of pension and postretirement plans | 93 | 107 | ||||
| Liabilities from price risk management activities—noncurrent | 73 | 56 | ||||
| Asset retirement obligations | 301 | 299 | ||||
| Non-qualified benefit plan liabilities | 68 | 70 | ||||
| Finance lease obligations, net of current portion | 259 | 263 | ||||
| Other noncurrent liabilities | 384 | 362 | ||||
| Total liabilities | 9,084 | 9,097 | ||||
| Commitments and contingencies (see notes) | ||||||
| Shareholders’ Equity: | ||||||
| Preferred stock, no par value, 30,000,000 shares authorized; none issued and outstanding as of March 31, 2026 and December 31, 2025 | — | — | ||||
| Common stock, no par value, 160,000,000 shares authorized; 115,729,030 and 115,559,079 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively | 2,386 | 2,382 | ||||
| Accumulated other comprehensive loss | (4 | ) | (4 | ) | ||
| Retained earnings | 1,738 | 1,755 | ||||
| Total shareholders’ equity | 4,120 | 4,133 | ||||
| Total liabilities and shareholders’ equity | $ | 13,204 | $ | 13,230 |
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PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
| Three Months Ended March 31, | ||||||
|---|---|---|---|---|---|---|
| 2026 | 2025 | |||||
| Cash flows from operating activities: | ||||||
| Net income | $ | 45 | $ | 100 | ||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
| Depreciation and amortization | 144 | 140 | ||||
| Deferred income taxes | 14 | 20 | ||||
| Allowance for equity funds used during construction | (3 | ) | (5 | ) | ||
| Alternative revenue programs | (16 | ) | 4 | |||
| Regulatory assets | 12 | (5 | ) | |||
| Regulatory liabilities | 31 | (8 | ) | |||
| Tax credit sales | 3 | 3 | ||||
| Other non-cash income and expenses, net | 43 | 32 | ||||
| Changes in working capital: | ||||||
| Accounts receivable, net | 52 | (25 | ) | |||
| Inventories | (6 | ) | 3 | |||
| Margin deposits | 45 | 55 | ||||
| Accounts payable and accrued liabilities | (48 | ) | (37 | ) | ||
| Margin deposits from wholesale counterparties | 3 | 5 | ||||
| Other working capital items, net | (3 | ) | (28 | ) | ||
| Other, net | (48 | ) | (23 | ) | ||
| Net cash provided by operating activities | 268 | 231 | ||||
| Cash flows from investing activities: | ||||||
| Capital expenditures | $ | (259 | ) | $ | (359 | ) |
| Sales of Nuclear decommissioning trust securities | 3 | — | ||||
| Purchases of Nuclear decommissioning trust securities | (3 | ) | (2 | ) | ||
| Other, net | (3 | ) | (15 | ) | ||
| Net cash used in investing activities | (262 | ) | (376 | ) |
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PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS, continued
(In millions)
(Unaudited)
| Three Months Ended March 31, | ||||||
|---|---|---|---|---|---|---|
| 2026 | 2025 | |||||
| Cash flows from financing activities: | ||||||
| Proceeds from issuance of long-term debt | — | 310 | ||||
| Payments on long-term debt | — | (102 | ) | |||
| Issuance of commercial paper, net | 9 | — | ||||
| Dividends paid | (60 | ) | (55 | ) | ||
| Other | (23 | ) | (9 | ) | ||
| Net cash (used) provided by financing activities | (74 | ) | 144 | |||
| Change in cash and cash equivalents | (68 | ) | (1 | ) | ||
| Cash and cash equivalents, beginning of period | 76 | 12 | ||||
| Cash and cash equivalents, end of period | $ | 8 | $ | 11 | ||
| Supplemental cash flow information is as follows: | ||||||
| Cash paid for interest, net of amounts capitalized | $ | 51 | $ | 43 | ||
| Cash paid (received) for income taxes, net | 1 | (1 | ) |
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PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES
SUPPLEMENTAL OPERATING STATISTICS
(Unaudited)
| Three Months Ended March 31, | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 2025 | |||||||||
| Retail: | ||||||||||
| Residential | $ | 394 | 45 | % | $ | 429 | 46 | % | ||
| Commercial | 235 | 27 | 242 | 26 | ||||||
| Industrial | 139 | 16 | 127 | 14 | ||||||
| Subtotal | 768 | 87 | 798 | 86 | ||||||
| Direct access: | ||||||||||
| Commercial | 3 | — | 4 | — | ||||||
| Industrial | 6 | 1 | 5 | 1 | ||||||
| Subtotal | 9 | 1 | 9 | 1 | ||||||
| Subtotal Retail | 777 | 88 | 807 | 87 | ||||||
| Alternative revenue programs, net of amortization | 16 | 2 | (4 | ) | — | |||||
| Other accrued revenues, net | (3 | ) | — | 4 | — | |||||
| Total retail revenues | 790 | 90 | 807 | 87 | ||||||
| Wholesale revenues | 63 | 7 | 100 | 11 | ||||||
| Other operating revenues | 26 | 3 | 21 | 2 | ||||||
| Total revenues | $ | 879 | 100 | % | $ | 928 | 100 | % | ||
| Three Months Ended March 31, | ||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 2026 | 2025 | % <br>Change | % Change (Weather- Adjusted)* | |||||||
| Energy deliveries: | ||||||||||
| Retail: | ||||||||||
| Residential | 2,087 | 2,226 | (6.2 | )% | (4.6 | )% | ||||
| Commercial | 1,594 | 1,632 | (2.3 | ) | (1.7 | ) | ||||
| Industrial | 1,528 | 1,398 | 9.3 | 9.3 | ||||||
| Subtotal | 5,209 | 5,256 | (0.9 | ) | — | |||||
| Direct access: | ||||||||||
| Commercial | 116 | 129 | (10.1 | ) | (10.1 | ) | ||||
| Industrial | 497 | 443 | 12.2 | 12.2 | ||||||
| Subtotal | 613 | 572 | 7.2 | 7.2 | ||||||
| Total retail | 5,822 | 5,828 | (0.1 | ) | 0.7 | % | ||||
| Wholesale | 1,399 | 1,979 | (29.3 | ) | ||||||
| Total | 7,221 | 7,807 | (7.5 | )% | ||||||
| Three Months Ended March 31, | ||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | |||
| 2026 | 2025 | % Change | ||||||||
| Average number of retail <br>customers: | ||||||||||
| Residential | 845,485 | 837,109 | 1 | % | ||||||
| Commercial | 114,543 | 114,191 | — | |||||||
| Industrial | 220 | 216 | 2 | |||||||
| Direct access | 533 | 589 | (10 | ) | ||||||
| Total | 960,781 | 952,105 | 1 | % |
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PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES
SUPPLEMENTAL OPERATING STATISTICS, continued
(Unaudited)
| Heating Degree-days | ||||||||
|---|---|---|---|---|---|---|---|---|
| 2026 | 2025 | Avg. | ||||||
| January | 715 | 725 | 711 | |||||
| February | 566 | 613 | 604 | |||||
| March | 456 | 434 | 513 | |||||
| Year-to-date | 1,737 | 1,772 | 1,828 | |||||
| (Decrease) from the 15-year average | (5 | )% | (3 | )% |
Note: “Average” amounts represent the 15-year rolling averages provided by the National Weather Service (Portland Airport).
| Three Months Ended March 31, | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 2025 | |||||||||
| Generation: | ||||||||||
| Thermal: | ||||||||||
| Natural gas | 2,340 | 34 | % | 3,117 | 41 | % | ||||
| Coal | 322 | 5 | 533 | 7 | ||||||
| Total thermal | 2,662 | 39 | 3,650 | 48 | ||||||
| Hydro | 349 | 5 | 442 | 6 | ||||||
| Wind | 548 | 8 | 599 | 8 | ||||||
| Total generation | 3,559 | 52 | 4,691 | 62 | ||||||
| Purchased power: | ||||||||||
| Hydro | 1,495 | 22 | 1,748 | 23 | ||||||
| Wind | 319 | 5 | 289 | 4 | ||||||
| Solar | 262 | 4 | 174 | 2 | ||||||
| Natural Gas | 431 | 6 | — | — | ||||||
| Waste, Wood, and Landfill Gas | 23 | — | 25 | — | ||||||
| Source not specified | 815 | 11 | 616 | 9 | ||||||
| Total purchased power | 3,345 | 48 | 2,852 | 38 | ||||||
| Total system load | 6,904 | 100 | % | 7,543 | 100 | % | ||||
| Less: wholesale sales | (1,399 | ) | (1,979 | ) | ||||||
| Retail load requirement | 5,505 | 5,564 |
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Portland General Electric EARNINGS CONFERENCE CALL FIRST QUARTER 2026 Exhibit 99.2
Cautionary statement Information Current as of May 1, 2026 Except as expressly noted, the information in this presentation is current as of May 1, 2026 – the date on which Portland General Electric Company (PGE) filed its Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 - and should not be relied upon as being current as of any subsequent date. PGE undertakes no duty to update this presentation, except as may be required by law. Forward-Looking Statements Statements in this presentation that relate to future plans, objectives, expectations, performance, events and the like may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Investors should not rely unduly on any forward-looking statements. Forward-looking statements include statements, other than statements of historical or current fact, regarding PGE’s earnings guidance (including all the assumptions and expectations upon which such guidance is based), PGE’s proposed purchase of electric utility operations and certain assets in Washington state from PacifiCorp (Acquisition), and PGE’s operating and financing plans, as well as other statements containing words such as "anticipates," "assumptions," "believes," "continue,” "could," "estimates," "expects," "expected," "forecast," "goals," "guidance,” "intends," “may,” "plans," "predicts," “proposed,” "seeks," "should," well-positioned to execute,” "will," “working to,” or similar expressions. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, which could cause future events and actual results to differ materially from those set forth in, contemplated by, or underlying the forward-looking statements. Such risks, uncertainties and other factors include, without limitation: wildfire and public safety risks, including ignitions caused by PGE assets, the effectiveness of wildfire mitigation, vegetation management, and system hardening, the ability to implement public safety power shutoffs (PSPS), related liability exposure, and the timing and extent of regulatory cost recovery; severe weather, climate, and catastrophe risks, including extreme or unseasonable weather and other natural or human caused disasters that could endanger public safety, disrupt operations, damage assets, limit access to power or fuel supplies, increase costs, or adversely affect cost recovery; electric system operational risks, including forced outages, fires, equipment failures, adverse hydro or wind conditions, fuel supply disruptions, and complications at jointly owned facilities, resulting in increased costs or the need to procure replacement power; power and fuel supply and price risks, including availability, counterparty nonperformance, and volatility in wholesale electricity, natural gas, coal, and other fuel markets; regulatory, legislative, and policy risks, including new or revised laws, regulations, executive actions, audits, investigations, and proceedings that could affect rates, cost recovery, operations, capital plans, or financial results; Acquisition risks, including risks related to regulatory approvals, financing and joint‑venture arrangements, integration and operational execution, cost recovery, and the possibility that the anticipated benefits of the Acquisition are delayed, not realized, or cost more than expected; environmental compliance and permitting risks, including evolving environmental laws and permitting requirements and site specific remediation obligations, such as Superfund liabilities, where uncertainties regarding remediation scope, cost allocation, litigation, and regulatory cost recovery could result in material costs or adversely affect PGE’s financial position, results of operations, or cash flows; capital investment and execution risks, including supply chain disruptions, cost inflation, labor constraints, permitting delays, contractual disputes, counterparty failures, or project abandonment, which could impair timely completion or cost recovery; load growth and demand uncertainty, including accelerated or uneven growth from large customers such as data centers, changes in customer usage patterns requiring substantial capital investment, variability in demand driven by weather variations, and reduced consumption or load shifting resulting from energy efficiency measures or other changes in customer behavior; customer choice and market structure risks, including reduced demand or usage shifts due to distributed generation or increased procurement from alternative providers, such as registered Electricity Service Suppliers (ESSs) or community choice aggregation programs; cybersecurity and physical security risks, including cyberattacks, data breaches, physical attacks, or other malicious acts that could damage assets, disrupt systems, or result in the disclosure of sensitive information; geopolitical and macroeconomic risks, including acts of war, terrorism, or civil unrest—such as the war involving the United States and Iran—that could disrupt energy markets or supply chains, increase costs, or contribute to volatility in capital markets, inflation, or interest rates; economic and financial market risks, including availability and cost of capital, interest rate and equity market volatility, inflation, and trade tariffs affecting operating or capital costs; legal and litigation risks, including the timing and outcome of judicial, administrative, or regulatory proceedings, which may result in material liabilities or costs; workforce and labor risks, including the ability to attract and retain skilled employees, transitions in senior management, and potential labor disputes or work stoppages; resource procurement and All-Source Request for Proposals (RFP) project risks, including uncertainties related to the availability, cost, permitting, financing, and performance of resources selected through RFP processes and associated regulatory and counterparty risks; insurance availability and cost, particularly for wildfire or catastrophe related coverage; accounting, tax, and policy changes, including changes in accounting standards, tax laws, or regulatory accounting policies that could affect reported results or cash flows; and the other risks and uncertainties set forth in PGE’s Annual Report on Form 10‑K for the year ended December 31, 2025, as filed with the SEC.
Today’s presenters Maria Pope, President and CEO Joe Trpik, Senior Vice President of Finance and CFO
2026 Accounting ROE(4) 8.8 – 9.3% $0.38 $2.75 - $2.95 2026 Earnings Guidance $3.33 - $3.53 Q1 2026 Q1 2025 GAAP net income (in millions) $45 $100 GAAP diluted earnings per share (EPS) $0.38 $0.91 Non-GAAP adjusted diluted earnings per share(2) $0.58 NA The amount and timing of dividends payable and the dividend policy are at the sole discretion of the Portland General Electric Board of Directors and, if declared and paid, dividends may be in amounts that are less than projected PGE believes that excluding the effects of the business transformation and optimization expenses and regulatory deferral adjustments related to 2024 provides a meaningful representation of the Company’s comparative earnings and reflects the present operating financial performance (see appendix for important information about non-GAAP measures) Quarterly values may not sum to annual totals due to rounding Return on average equity calculated using GAAP net income Q1 2026 financial results Reaffirming 2026 adjusted earnings guidance of $3.33 to $3.53 per diluted share Long-term load growth of 3%, through 2030 Long-term EPS growth of 5% to 7% using the mid-point of original 2024 adjusted earnings guidance of $3.08 per share 5% to 7% long-term dividend growth (1) Updating 2026 weather adjusted load growth of 2.5% - 3.5% to 1.5% - 2.5% $1.00(2) 2025 Accounting ROE 7.7% $0.56 $0.66(2) $0.94 $0.47(2) $0.36 2025 GAAP Diluted EPS $2.77 2025 Non-GAAP Diluted EPS $3.05
Advancing strategic priorities Investable Energy Future for the Pacific Northwest Updating our corporate structure and aligning legislative and regulatory policies Customer Growth Customer Affordability Supporting the region’s economic development, including data center and high-tech growth Working to keep customer prices as low as possible while serving safe, reliable power Clean Energy Investing in customer-driven clean energy goals and advancing state policy Risk Management Reducing risk through operational execution, system hardening and wildfire preparation, mitigation and policy
Note: dollar values are earnings per diluted share Q1 2026 GAAP Diluted EPS Q1 2025 GAAP diluted EPS Residential & Commercial Revenue Other Q1 2026 Non-GAAP EPS Regulatory Disallowances, Business Optimization & Acquisition Costs D&A and financing Additional Cost Recovery Seaside Higher demand Lower demand Execution of capital plan NVPC Industrial Revenue PY reversal & wholesale market conditions Q1 2026 earnings bridge
Note: Dollar values in millions. Capital expenditures exclude allowance for funds used during construction. These are projections based on assumptions of future investment. Actual amounts expended will depend on various factors, including, but not limited to, siting, permitting, tariffs and supply chain constraints, and may differ materially from the amounts reflected in this capital expenditure forecast 2023 RFP project amounts are presented gross of federal tax credits Reliability and resiliency investments Capital expenditures forecast (1) Values above do not include potential capital expenditures for the WA Utility, the 2025 RFP or for future RFP cycles
Credit Facilities $741 Letters of Credit $205 Total Liquidity: $954 million as of March 31, 2026 dollars in millions Cash $8 Ratings S&P Moody’s Senior Unsecured BBB+ A3 Outlook Stable Stable 2026 Credit Metric Estimate(1) 19.4% FFO 19.7% CFO pre WC Liquidity and financing Expected 2026 debt financings (dollars in millions) Q1 Q2 Q3 Q4 Long-term debt $350 Metrics are estimated as of 3/31/2026 Estimated equity financings 2026 2027 Base equity ~$300 million ~$50 million 2023 RFP equity ~$250 million ~$100 million Equity for future RFP ownership Financed in line with 50/50 capital structure, net of tax credit monetization Equity Forward Sale Agreement Executed $550 million equity forward sale agreement in February 2026 to address 2026 base and 2023 RFP equity needs ATM Program Entered into a $500 million ATM facility in February 2026 to further support base and RFP ownership equity needs Stable, investment grade credit ratings and strong cash flow metrics Estimated financing above does not include potential impacts of proposed corporate structure updates or financing for the WA Utility
Appendix
Washington acquisition update Regulatory Status Overview 10 Electric Service Area Operating Transmission Lines Power Plants Chehalis Natural Gas Plant 477 MW Seattle Goodnoe Hills Wind Farm 94 MW Marengo I/II Wind Farm 234 MW Lewiston Walla Walla Kennewick Yakima Initial Filings Complete: OR & WA (PGE and PacifiCorp) CA, ID, UT & WY (PacifiCorp) Upcoming Filings: FERC (PGE and PacifiCorp) anticipated in Q2’26 On track for mid-2027 closing
Rate effective date November 2025 Rate effective date April 2026 Advancing recovery and financing flexibility Regulatory proceedings 11 Distribution System Plan ARM Seaside ARM Corporate structure update Notified OPUC of intent to file for application May 2025 Filed application request with the OPUC July 2025 Target order date Q3 2026 Holding Company Formation
This presentation contains certain non-GAAP measures, such as adjusted earnings, adjusted EPS and adjusted earnings guidance. These non-GAAP financial measures exclude significant items that are generally not related to our ongoing business activities, are infrequent in nature, or both. PGE believes that excluding the effects of these items provides an alternative measure of the Company’s comparative earnings per share and enables investors to evaluate the Company’s operating financial performance trends, exclusive of items that are not normally associated with ongoing operations. Management utilizes non-GAAP measures to assess the Company’s current and forecasted performance, and for communications with shareholders, analysts and investors. Non-GAAP financial measures are supplementary information that should be considered in addition to, but not as a substitute for, the information prepared in accordance with GAAP. Items in the periods presented, which PGE believes impact the comparability of comparative earnings and do not represent ongoing operating financial performance, include the following: 2026: Business transformation and optimization expenses, including strategic advisory, workforce realignment and corporate structure update costs; acquisition costs, including legal, financing and strategic advisory costs; Non-cash charge related to final orders on the January 2024 storm and damage and 2024 Reliability Contingency Event regulatory deferrals 2025: Business transformation and optimization expenses, including strategic advisory, workforce realignment and corporate structure update costs Due to the forward-looking nature of PGE’s non-GAAP adjusted earnings guidance, and the inherently unpredictable nature of items and events which could lead to the recognition of non-GAAP adjustments (such as, but not limited to, regulatory disallowances or extreme weather events), management is unable to estimate the occurrence or value of specific items requiring adjustment for future periods, which could potentially impact the Company’s GAAP earnings. Therefore, management cannot provide a reconciliation of non-GAAP adjusted earnings per share guidance to the most comparable GAAP financial measure without unreasonable effort. For the same reasons, management is unable to address the probable significance of unavailable information. PGE’s reconciliation of non-GAAP earnings for the three months ended March 31, 2026, June 30, 2025, September 30, 2025 and December 31, 2025 and the year ended December 31, 2025 are on the following slide. Non-GAAP financial measures
Non-GAAP Earnings Reconciliation for the three months ended March 31, 2026 (Dollars in millions, except EPS) Net Income Diluted EPS GAAP as reported for the three months ended March 31, 2026 $45 $0.38 Exclusion of regulatory deferral adjustment charge related to 2024 15 0.13 Exclusion of business transformation and optimization expenses 17 0.15 Tax effect (1) (9) (0.08) Non-GAAP as reported for the three months ended March 31, 2026 $68 $0.58 Non-GAAP financial measures Tax effects were determined based on the Company’s full-year blended federal and state statutory tax rate Non-GAAP Earnings Reconciliation for the three months ended June 30, 2025 (Dollars in millions, except EPS) Net Income Diluted EPS GAAP as reported for the three months ended June 30, 2025 $62 $0.56 Exclusion of business transformation and optimization expenses 15 0.14 Tax effect (1) (4) (0.04) Non-GAAP as reported for the three months ended June 30, 2025 $73 $0.66 Non-GAAP Earnings Reconciliation for the three months ended December 31, 2025 (Dollars in millions, except EPS) Net Income Diluted EPS GAAP as reported for the three months ended December 31, 2025 $41 $0.36 Exclusion of business transformation and optimization expenses 17 0.15 Tax effect (1) (5) (0.04) Non-GAAP as reported for the three months ended December 31, 2025 $53 $0.47 Non-GAAP Earnings Reconciliation for the three months ended September 30, 2025 (Dollars in millions, except EPS) Net Income Diluted EPS GAAP as reported for the three months ended September 30, 2025 $103 $0.94 Exclusion of business transformation and optimization expenses 10 0.09 Tax effect (1) (3) (0.03) Non-GAAP as reported for the three months ended September 30, 2025 $110 $1.00 Non-GAAP Earnings Reconciliation for the year ended December 31, 2025 (Dollars in millions, except EPS) Net Income Diluted EPS GAAP as reported for the year ended December 31, 2025 $306 $2.77 Exclusion of business transformation and optimization expenses 42 0.38 Tax effect (1) (12) (0.10) Non-GAAP as reported for the year ended December 31, 2025 $336 $3.05