# EDGAR Filing Document

**Accession Number:** 0000784977
**File Stem:** 0000784977-25-000141
**Filing Date:** 2025-7
**Character Count:** 62570
**Document Hash:** ded7b9ede48a6504cbb1604ea4e1c23d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000784977-25-000141.hdr.sgml**: 20250725

**ACCESSION NUMBER**: 0000784977-25-000141

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 28

**CONFORMED PERIOD OF REPORT**: 20250725

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250725

**DATE AS OF CHANGE**: 20250725

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PORTLAND GENERAL ELECTRIC CO /OR/
- **CENTRAL INDEX KEY:** 0000784977
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRIC SERVICES [4911]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 930256820
- **STATE OF INCORPORATION:** OR
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-05532-99
- **FILM NUMBER:** 251149005

**BUSINESS ADDRESS:**
- **STREET 1:** 121 SW SALMON ST
- **STREET 2:** 1WTC0501
- **CITY:** PORTLAND
- **STATE:** OR
- **ZIP:** 97204
- **BUSINESS PHONE:** 5034648000

**MAIL ADDRESS:**
- **STREET 1:** 121 SW SALMON STREET
- **CITY:** PORTLAND
- **STATE:** OR
- **ZIP:** 97204

?xml version='1.0' encoding='ASCII'? por-20250725

**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): July 25, 2025** 

---

| | | |
|:---|:---|:---|
| **PORTLAND GENERAL ELECTRIC COMPANY** | **PORTLAND GENERAL ELECTRIC COMPANY** | **PORTLAND GENERAL ELECTRIC COMPANY** |
| **(Exact name of registrant as specified in its charter)** | **(Exact name of registrant as specified in its charter)** | **(Exact name of registrant as specified in its charter)** |
| **Oregon** | **001-5532-99** | **93-0256820** |
| **(State or other jurisdiction<br>of incorporation)** | **(Commission<br>File Number)** | **&nbsp;&nbsp;&nbsp;&nbsp; (I.R.S. Employer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>&nbsp;&nbsp;&nbsp;&nbsp; Identification No.)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** |

---

**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:

☐&nbsp;&nbsp;&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐&nbsp;&nbsp;&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐&nbsp;&nbsp;&nbsp;&nbsp;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) <br> 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&nbsp;&nbsp;&nbsp;&nbsp;Results of Operations and Financial Condition.**

The following information is furnished pursuant to Item 2.02.

On July 25, 2025, Portland General Electric Company (the Company) issued a press release announcing its financial results for the three and six months ended June 30, 2025. The press release is furnished herewith as Exhibit 99.1 to this Report.

**Item 7.01&nbsp;&nbsp;&nbsp;&nbsp;Regulation FD Disclosure.**

The following information is furnished pursuant to Item 7.01.

At 11:00 a.m. ET on Friday, July 25, 2025, 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&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits.**

---

| | |
|:---|:---|
| **(d)** | **Exhibits.** |
| 99.1 | <u>[Second](ex99120250630pressrelease.htm)[Quarter Financial Results Press Release](ex99120250630pressrelease.htm)[i](ex99120250630pressrelease.htm)[ssued by Portland General Electric Company dated](ex99120250630pressrelease.htm)[July](ex99120250630pressrelease.htm)[25, 2025](ex99120250630pressrelease.htm)[.](ex99120250630pressrelease.htm)</u> |
| 99.2 | <u>[Portland General Electric Company Second Quarter 2025 Slides dated July 25, 2025](ex992earningsslides_fina.htm)</u>. |
| 104 | Cover page information from Portland General Electric Company's Current Report on Form 8-K filed July 25, 2025, formatted in iXBRL (Inline Extensible Business Reporting Language). |

---

**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.

---

| | | | |
|:---|:---|:---|:---|
| | | | <u>PORTLAND GENERAL ELECTRIC COMPANY</u> |
| | | | (Registrant) |
| Date: | July 25, 2025 | By: | /s/ Joseph R. Trpik |
|  |  |  | Joseph R. Trpik |
|  |  |  | *Senior Vice President, Finance<br>and Chief Financial Officer* |

---

## Exhibit 99.1

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Exhibit 99.1**

---

| | |
|:---|:---|
| ![image.jpg](image.jpg) | **Portland General Electric**<br>***One World Trade Center<br>121 S.W. Salmon Street<br>Portland, Oregon 97204***<br>***News Release*** |
| ![image.jpg](image.jpg) | **Portland General Electric**<br>***One World Trade Center<br>121 S.W. Salmon Street<br>Portland, Oregon 97204***<br>***News Release*** |
| July 25, 2025 |  |
| **Media Contact:** | **Investor Contact:** |
| Drew Hanson | Nick White |
| Corporate Communications | Investor Relations |
| Phone: 503-464-2067 | Phone: 503-464-8073 |

---

**Portland General Electric Announces Second Quarter 2025 Results**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Second quarter financial results reflect significant demand growth from data center customers, driving 16.5% industrial load growth quarter-over-quarter

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Advancing recovery of the Seaside battery, distribution system investments and holding company structure

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reaffirming 2025 adjusted earnings guidance of $3.13 to $3.33 per diluted share

**PORTLAND, Ore. --** Portland General Electric Company (NYSE: POR) today reported net income based on generally accepted accounting principles (GAAP) of $62 million, or $0.56 per diluted share, for the second quarter of 2025. After adjusting for the impact of business transformation and optimization expenses, second quarter 2025 non-GAAP net income was $73 million, or $0.66 per diluted share. This compares with GAAP net income of $72 million, or $0.69 per diluted share, for the second quarter of 2024.

"The second quarter was a period of execution and solid progress at Portland General Electric," said Maria Pope, President and CEO. "We are focused on safely and reliably serving customers, engaging with stakeholders, driving efficiencies and updating our corporate structure to lower costs and deliver results."

**<u>Second Quarter 2025 Compared to Second Quarter 2024</u>**

On a GAAP basis, total revenues increased due to continued demand growth from semiconductor manufacturing and technology infrastructure customers, partially offset by lower average price of deliveries from changing customer mix. Purchased power and fuel expense increased given rising prices for purchased power and fuel. Operating and maintenance expenses increased due to wildfire mitigation, vegetation management, and business transformation expenses. Depreciation and amortization expense and interest expense increased due to ongoing capital investment. Income tax expense increased as a result of lower production tax credit generation.

**<u>Company Updates</u>**

**Corporate Structure** 

Today, PGE is submitting a formal application to the Oregon Public Utilities Commission (OPUC) for approval of a holding company reorganization. The structure contemplated involves placing a non-operating corporate entity over the Company's existing structure. It would also allow for the formation of a subsidiary to hold existing and future transmission assets. The intent of the reorganization is to provide benefits to customers and shareholders by taking advantage of the financial flexibility provided by a holding company structure, and to support construction of new transmission assets, reliability planning, and economic development.

**Regulatory Updates**

------

Also today, PGE is submitting a request to the OPUC for recovery of costs associated with PGE's Distribution System Plan (DSP). PGE's request includes an annualized revenue requirement increase of $72 million, with a proposed rate effective date of April 1, 2026.

On May 30, 2025, PGE submitted a request for recovery of the revenue requirement associated with the Seaside Battery Energy Storage System (Seaside), consistent with the option presented by the OPUC in the 2025 GRC order. PGE's request includes an annualized revenue requirement increase of $46 million, with a proposed rate effective date of October 31, 2025.

PGE entered into a memorandum of understanding with intervenors, which establishes the scope of recovery mechanisms for both Seaside and costs associated with PGE's DSP. PGE is committed to continuing to collaborate with key stakeholders and providing safe, reliable service at the lowest possible cost for customers.

**2023 Request for Proposals**

Following the passage of the One Big Beautiful Bill (OBBB), PGE plans to provide an opportunity for all conforming 2023 RFP bidders to refresh their pricing. PGE, in collaboration with an independent evaluator, will work to update scoring and ranking to reflect pricing changes from bidders in the coming months.

PGE continues to expect finalization of contracts in the second half of 2025, with projects in service by the end of 2027. This timing will allow PGE to maximize the impact of important federal tax credits received for each project, as allowed by the OBBB, keeping customer prices as low as possible.

**Quarterly Dividend**

As previously announced, on July 18, 2025, the board of directors of Portland General Electric Company approved a quarterly common stock dividend of $0.525 per share. The quarterly dividend is payable on or before October 15, 2025 to shareholders of record at the close of business on September 25, 2025.

**<u>2025 Earnings Guidance</u>**

PGE is reaffirming its estimate for full-year 2025 adjusted earnings guidance of $3.13 to $3.33 per diluted share based on the following assumptions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An increase in energy deliveries between 2.5% and 3.5%, weather adjusted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Execution of power cost and financing plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Execution of operating cost controls;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Normal temperatures in its utility service territory;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hydro conditions for the year that reflect current estimates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Wind generation based on five years of historical levels or forecast studies when historical data is not available;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Normal thermal plant operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Operating and maintenance expense between $795 million and $815 million which includes approximately $135 million of wildfire, vegetation management, deferral amortization and other expenses that are offset in other income statement lines;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Depreciation and amortization expense between $550 million and $575 million;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Effective tax rate of 15% to 20%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cash from operations of $900 to $1,000 million;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Capital expenditures of $1,215 million; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Average construction work in progress balance of $595 million.

**<u>Second Quarter 2025 Earnings Call and Webcast — July 25, 2025</u>**

PGE will host a conference call with financial analysts and investors on Friday, July 25, 2025, 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 July 25, 2025.

------

Maria Pope, President and CEO; Joe Trpik, Senior Vice President of Finance and CFO; and Nick White, Manager of Investor Relations, will participate in the call. Management will respond to questions following formal comments.

The attached unaudited condensed consolidated statements of income and comprehensive income, balance sheets and statements of cash flows, as well as the supplemental operating statistics, are an integral part of this earnings release.

**<u>Non-GAAP Financial Measures</u>**

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 a meaningful representation of the Company's comparative earnings per share and enables investors to evaluate the Company's ongoing operating financial performance. 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 quarter ended June 30, 2025 is below.

**Non-GAAP Earnings Reconciliation for the quarter ended June 30, 2025**

---

| | | |
|:---|:---|:---|
| **(Dollars in millions, except EPS)** | **Net Income** | **Diluted EPS** |
| **GAAP as reported for the quarter ended June 30, 2025** | $62 | $0.56 |
| Exclusion of business transformation and optimization expenses | 15 | 0.14 |
| Tax effect <sup>(1)</sup> | (4) | (0.04) |
| **Non-GAAP as reported for the quarter ended June 30, 2025** | $73 | $0.66 |

---

(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 over 950,000 customers serving an area of 1.9 million Oregonians. Since 1889, Portland General Electric (PGE) has been powering social progress, delivering safe, affordable, reliable and increasingly clean electricity while working to transform energy systems to meet evolving customer needs. PGE customers have set the standard for prioritizing clean energy with the No. 1 voluntary renewable energy program in the country. PGE was ranked the No. 1 utility in the 2024 Forrester U.S. Customer Experience Index and is committed to reducing emissions from its retail power supply by 80% by 2030 and 100% by 2040. In 2024, PGE employees, retirees and the PGE Foundation donated $5.5 million and volunteered nearly 23,000 hours to more than 480 nonprofit organizations. For more information visit www.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. The Company assumes no obligation to update or revise any forward-looking statement as a result of new information, future events or other factors.

Forward-looking statements include statements regarding the Company's full-year earnings guidance (including assumptions and expectations regarding annual retail deliveries, average hydro conditions, wind generation, normal thermal plant operations, operating and maintenance expense and depreciation and amortization expense) as well as other statements containing words such as "anticipates," "assumptions," "based on," "believes," "conditioned upon," "considers," "could," "estimates," "expects," "expected," "forecast," "goals," "intends," "needs," "plans," "predicts," "projects," "promises," "seeks," "should," "subject to," "targets," "will continue," "will likely result," or similar expressions.

Investors are cautioned that any such forward-looking statements are subject to risks and uncertainties, including, without limitation: the timing or outcome of various legal and regulatory actions; governmental policies, executive orders, legislative action, and regulatory audits, investigations and actions with respect to allowed rates of return, financings, electricity pricing and price structures, acquisition and disposal of facilities and other assets, construction and operation of plant facilities, transmission of electricity, recovery of power costs, operating expenses, deferrals, timely recovery of costs, and capital investments, energy trading activities, and current or prospective wholesale and retail competition; changing customer expectations and choices that may reduce demand for electricity; the sale of excess energy during periods of low demand or low wholesale market prices; impaired financial stability of vendors and service providers and elevated levels of uncollectible customer accounts; uncertainties associated with energy demand to new data centers, including the concentration of data centers, and the ability to obtain regulatory approvals, environmental, and other permits to construct new facilities in a timely manner; operational risks relating to the Company's generation and battery storage facilities, including hydro conditions, wind conditions, disruption of transmission and distribution, disruption of fuel supply, and unscheduled plant outages, which may result in unanticipated operating, maintenance and repair costs, as well as replacement power costs; delays in the supply chain and increased supply costs, including the application of trade tariffs, available tax credits, failure to complete capital projects on schedule or within budget, failure of counterparties to perform under agreement, or the abandonment of capital projects, which could result in the Company's inability to recover project costs, or impact our competitive position, market share, revenues and project margins in material ways; default or nonperformance of counterparties from whom PGE purchases capacity or energy, which require the purchase of replacement power and renewable attributes at increased costs; complications arising from PGE's jointly-owned plant, including ownership changes, regulatory outcomes or operational failures; changes in, and compliance with, and general uncertainty surrounding environmental laws and policies, including those related to threatened and endangered species, fish, and wildfire; future laws, regulations, and proceedings that could increase the Company's costs of operating its thermal generating plants, or affect the operations of such plants by imposing requirements for additional emissions controls or significant emissions fees or taxes, particularly with respect to

------

coal-fired generating facilities, in order to mitigate carbon dioxide, mercury, and other gas emissions; volatility in wholesale power and natural gas prices including but not limited to volatility caused by macroeconomic and international issues and capital market conditions, that could require PGE to post additional collateral or issue additional letters of credit pursuant to power and natural gas purchase agreements; changes in the availability and price of wholesale power and fuels; changes in customer growth, or demographic patterns, including changes in load resulting in future transmission constraints, in PGE's service territory; changes in capital and credit market conditions, including volatility of equity markets as well as changes in PGE's credit ratings and outlook on such credit ratings, reductions in demand for investment-grade commercial paper or interest rates, which could affect the access to and availability or cost of capital and result in delay or cancellation of capital projects or execution of the Company's strategic plan as currently envisioned; trade tariffs, inflation and volatility in interest rates; the impacts of changes in the tax code, including tax rates, minimum tax rates, adjustments made to deferred tax assets and liabilities, and changes impacting the availability of and ability to transfer renewable tax credits; risks and uncertainties related to current or future All-Source RFP projects; the effects of climate change, whether global or local in nature; unseasonable or severe weather conditions, wildfires, and other natural phenomena and natural disasters that could result in operational disruptions, unanticipated restoration costs, third party liability or that may affect energy costs or consumption; the effectiveness of PGE's risk management policies and procedures; ignitions caused by PGE assets or PGE's ability to effectively implement a Public Safety Power Shutoffs (PSPS) and de-energize its system in the event of heightened wildfire risk or implement effective system hardening programs; impacts from the lack of legislation limiting wildfire-related liability or providing a wildfire relief fund; cybersecurity attacks, data security breaches, physical attacks and security breaches, or other malicious acts against the Company or against Company vendors, which could disrupt operations, require significant expenditures, or result in the release of confidential customer, vendor, employee, or Company information; reputational damage from negative publicity, protests, fines, penalties and other negative consequences resulting in regulatory and/or legal actions; employee workforce factors, including potential strikes, work stoppages, transitions in senior management, and the ability to recruit and retain key employees and other talent and turnover due to macroeconomic trends physical attacks upon company employees; widespread health emergencies or outbreaks of infectious diseases, which may affect our financial position, results of operations and cash flows; failure to achieve the Company's greenhouse gas emission goals or being perceived to have either failed to act responsibly with respect to the environment or effectively responded to legislative requirements concerning greenhouse gas emission reductions; social attitudes regarding the electric utility and power industries; political and economic conditions; acts of war, terrorism or civil disruption; changes in financial or regulatory accounting principles or policies imposed by governing bodies; new federal, state, and local laws that could have adverse effects on operating results; risks and uncertainties related to generation and transmission projects, including, but not limited to, regulatory processes, transmission capabilities, system interconnections, permitting and construction delays, legislative uncertainty, inflationary impacts, supply costs and supply chain constraints; and trade tariffs and related market volatility and supply chain disruptions that could increase PGE's operating costs, impair PGE's ability to complete capital projects, and impede access to capital markets. As a result, actual results may differ materially from those projected in the forward-looking statements.

Risks and uncertainties to which the Company are subject are further discussed in the reports that the Company has filed with the United States Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov and on the Company's website, investors.portlandgeneral.com. Investors should not rely unduly on any forward-looking statements.

POR

Source: Portland General Company

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**PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED STATEMENTS OF INCOME**

**AND COMPREHENSIVE INCOME**

(Dollars in millions, except per share amounts)

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Revenues:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Revenues, net | $798 | $761 | $1730 | $1701 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alternative revenue programs, net of amortization | 9 | (3) | 5 | (14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 807 | 758 | 1735 | 1687 |
| **Operating expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchased power and fuel | 294 | 275 | 662 | 680 |
| &nbsp;&nbsp;&nbsp;&nbsp;Generation, transmission and distribution | 114 | 107 | 224 | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative and other | 96 | 97 | 192 | 192 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 139 | 122 | 279 | 243 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxes other than income taxes | 46 | 41 | 92 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 689 | 642 | 1449 | 1409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Income from operations** | **118** | **116** | **286** | **278** |
| **Interest expense, net** | 57 | 52 | 113 | 103 |
| **Other income:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Allowance for equity funds used during construction | 6 | 6 | 11 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous income, net | 7 | 9 | 12 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income, net | 13 | 15 | 23 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Income before income tax expense** | **74** | **79** | **196** | **201** |
| Income tax expense | 12 | 7 | 34 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net income** | **62** | **72** | **162** | **181** |
| Other comprehensive income |  |  |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net income and Comprehensive income** | $**62** | $**72** | $**162** | $**182** |
| Weighted-average common shares outstanding (in thousands): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 109522 | 103034 | 109473 | 102167 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 109765 | 103232 | 109725 | 102338 |
| **Earnings per share:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $0.56 | $0.69 | $1.48 | $1.77 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $0.56 | $0.69 | $1.47 | $1.77 |

---

------

**PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED BALANCE SHEETS**

(Dollars in millions)

(Unaudited)

---

| | | |
|:---|:---|:---|
| | **June 30, 2025** | **December 31, 2024** |
| **<u>ASSETS</u>** | | |
| **Current assets:** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $56 | $12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | 397 | 456 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories | 123 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;Regulatory assets—current | 188 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current assets | 126 | 238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total current assets** | **890** | **1025** |
| Electric utility plant, net | 10645 | 10345 |
| Regulatory assets—noncurrent | 581 | 632 |
| Nuclear decommissioning trust | 42 | 30 |
| Non-qualified benefit plan trust | 35 | 34 |
| Other noncurrent assets | 488 | 478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $**12681** | $**12544** |

---

------

**PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED BALANCE SHEETS, continued**

(Dollars in millions)

(Unaudited)

---

| | | |
|:---|:---|:---|
| | **June 30, 2025** | **December 31, 2024** |
| **<u>LIABILITIES AND SHAREHOLDERS' EQUITY</u>** | | |
| **Current liabilities:** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $267 | $365 |
| &nbsp;&nbsp;&nbsp;&nbsp;Liabilities from price risk management activities—current | 112 | 147 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current portion of long-term debt | 68 | 170 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current portion of finance lease obligation | 27 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities | 439 | 410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total current liabilities** | **913** | **1119** |
| Long-term debt, net of current portion | 4663 | 4354 |
| Regulatory liabilities—noncurrent | 1420 | 1440 |
| Deferred income taxes | 606 | 564 |
| Deferred investment tax credits | 65 | 61 |
| Unfunded status of pension and postretirement plans | 133 | 140 |
| Liabilities from price risk management activities—noncurrent | 43 | 72 |
| Asset retirement obligations | 293 | 292 |
| Non-qualified benefit plan liabilities | 71 | 74 |
| Finance lease obligations, net of current portion | 270 | 276 |
| Other noncurrent liabilities | 352 | 358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | **8829** | **8750** |
| **Commitments and contingencies** |  |  |
| **Shareholders' Equity:** |  |  |
| Preferred stock, no par value, 30,000,000 shares authorized; none issued and outstanding as of June 30, 2025 and December 31, 2024 |  |  |
| Common stock, no par value, 160,000,000 shares authorized; 109,561,888 and 109,342,251 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively | 2127 | 2118 |
| Accumulated other comprehensive loss | (4) | (4) |
| Retained earnings | 1729 | 1680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total shareholders' equity** | **3852** | **3794** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and shareholders' equity** | $**12681** | $**12544** |

---

------

**PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

(In millions)

(Unaudited)

---

| | | |
|:---|:---|:---|
| | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** |
| **Cash flows from operating activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income | $162 | $181 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 279 | 243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | 25 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allowance for equity funds used during construction | (11) | (11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alternative revenue programs | (5) | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regulatory assets | (3) | (118) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regulatory liabilities | (16) | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax credit sales | 13 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-cash income and expenses, net | 49 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in working capital: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | 52 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | (9) | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Margin deposits | 85 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | (35) | (34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other working capital items, net | 22 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other, net | (41) | (38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash provided by operating activities** | **567** | **364** |

---

------

**PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS, continued**

(In millions)

(Unaudited)

---

| | | |
|:---|:---|:---|
| | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2024** |
| **Cash flows from investing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital expenditures | $(596) | $(623) |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales of Nuclear decommissioning trust securities | 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of Nuclear decommissioning trust securities | (3) | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other, net | (11) | (12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash used in investing activities** | **(609)** | **(639)** |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of common stock |  | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of long-term debt | 310 | 450 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments on long-term debt | (102) |  |
| &nbsp;&nbsp;&nbsp;Maturities of commercial paper, net |  | (146) |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends paid | (109) | (96) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | (13) | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash provided by financing activities** | **86** | **276** |
| **Change in cash and cash equivalents** | **44** | **1** |
| **Cash and cash equivalents, beginning of period** | **12** | **5** |
| **Cash and cash equivalents, end of period** | $**56** | $**6** |
| **Supplemental cash flow information is as follows:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash paid for interest, net of amounts capitalized | $94 | $81 |
| &nbsp;&nbsp;&nbsp;Cash received for income taxes, net | (3) | (10) |

---

------

**PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES**

**SUPPLEMENTAL OPERATING STATISTICS**

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2025** | **2024** | **2024** |
| **Revenues (dollars in millions):** |  |  |  |  |
| Retail: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential | $740 | 43% | $722 | 43% |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial | 476 | 27 | 446 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrial | 255 | 15 | 206 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Direct Access | 19 | 1 | 15 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Subtotal Retail | 1490 | 86 | 1389 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alternative revenue programs, net of amortization | 5 |  | (14) | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other accrued revenues, net | 10 | 1 | 5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total retail revenues | 1505 | 87 | 1380 | 82 |
| Wholesale revenues | 188 | 11 | 275 | 16 |
| Other operating revenues | 42 | 2 | 32 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | $1735 | 100% | $1687 | 100% |
| **Energy deliveries (MWhs in thousands):** |  |  |  |  |
| Retail: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential | 3797 | 25% | 3851 | 26% |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial | 3178 | 20 | 3176 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrial | 2814 | 18 | 2390 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal | 9789 | 63 | 9417 | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;Direct access: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial | 264 | 2 | 247 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial | 956 | 6 | 847 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subtotal | 1220 | 8 | 1094 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total retail energy deliveries | 11009 | 71 | 10511 | 71 |
| Wholesale energy deliveries | 4418 | 29 | 4283 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total energy deliveries | 15427 | 100% | 14794 | 100% |
| **Average number of retail customers:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential | 838516 | 88% | 826297 | 88% |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial | 114211 | 12 | 113223 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrial | 217 |  | 206 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Direct access | 659 |  | 505 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | 953603 | 100% | 940231 | 100% |

---

------

**PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES**

**SUPPLEMENTAL OPERATING STATISTICS, continued**

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| | **2025** | **2025** | **2024** | **2024** |
| **Sources of energy (MWhs in thousands):** |  |  |  |  |
| Generation: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Thermal: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Natural gas | 5396 | 37% | 4669 | 32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coal | 827 | 6 | 781 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total thermal | 6223 | 43 | 5450 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hydro | 770 | 5 | 738 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wind | 1465 | 10 | 1538 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total generation | 8458 | 58 | 7726 | 53 |
| Purchased power: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Hydro | 3772 | 26 | 3415 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wind | 591 | 4 | 721 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Solar | 593 | 4 | 497 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Natural Gas |  |  | 94 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Waste, Wood, and Landfill Gas | 54 |  | 85 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Source not specified | 1170 | 8 | 1846 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total purchased power | 6180 | 42 | 6658 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total system load | 14638 | 100% | 14384 | 100% |
| Less: wholesale sales | (4418) |  | (4283) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail load requirement | 10220 |  | 10101 |  |

---

The following table indicates the number of heating and cooling degree-days for the three and six months ended June 30, 2025 and 2024, along with 15-year averages based on weather data provided by the National Weather Service, as measured at Portland International Airport:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Heating Degree-days** | **Heating Degree-days** | **Heating Degree-days** | **Cooling Degree-days** | **Cooling Degree-days** | **Cooling Degree-days** |
| | **2025** | **2024** | **Avg.** | **2025** | **2024** | **Avg.** |
| First Quarter | 1772 | 1755 | 1819 | 4 |  |  |
| &nbsp;&nbsp;April | 248 | 310 | 360 |  |  | 3 |
| &nbsp;&nbsp;May | 160 | 192 | 179 | 14 | 23 | 25 |
| &nbsp;&nbsp;June | 56 | 45 | 67 | 88 | 85 | 81 |
| Second Quarter | 464 | 547 | 606 | 102 | 108 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year-to-date | 2236 | 2302 | 2425 | 106 | 108 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Decrease) from the 15-year average | (8)% | (5)% |  | (3)% | (1)% |  |

---

## Exhibit 99.2

![](ex992earningsslides_fina001.jpg)

Portland General Electric EARNINGS CONFERENCE CALL SECOND QUARTER 2025 Exhibit 99.2

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![](ex992earningsslides_fina002.jpg)

Cautionary statement Information Current as of July 25, 2025 Except as expressly noted, the information in this presentation is current as of July 25, 2025 – the date on which PGE filed its Quarterly Report on Form 10-Q for the quarter ended June 30, 2025 - 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 Statement 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. These forward-looking statements represent our estimates and assumptions as of the date of this report. The Company assumes no obligation to update or revise any forward-looking statement as a result of new information, future events or other factors. Forward-looking statements include statements regarding the Company's full-year earnings guidance (including assumptions and expectations regarding annual retail deliveries, average hydro conditions, wind generation, normal thermal plant operations, operating and maintenance expense and depreciation and amortization expense) as well as other statements containing words such as "anticipates," "assumptions," "based on," "believes," "conditioned upon," "considers," "could," "estimates," "expects," "expected," "forecast," "goals," "intends," "needs," "plans," "predicts," "projects," "promises," "seeks," "should," "subject to," "targets," "will continue," "will likely result," or similar expressions. Investors are cautioned that any such forward-looking statements are subject to risks and uncertainties, including, without limitation: the timing or outcome of various legal and regulatory actions; governmental policies, executive orders, legislative action, and regulatory audits, investigations and actions with respect to allowed rates of return, financings, electricity pricing and price structures, acquisition and disposal of facilities and other assets, construction and operation of plant facilities, transmission of electricity, recovery of power costs, operating expenses, deferrals, timely recovery of costs, and capital investments, energy trading activities, and current or prospective wholesale and retail competition; changing customer expectations and choices that may reduce demand for electricity; the sale of excess energy during periods of low demand or low wholesale market prices; impaired financial stability of vendors and service providers and elevated levels of uncollectible customer accounts; uncertainties associated with energy demand to new data centers, including the concentration of data centers, and the ability to obtain regulatory approvals, environmental, and other permits to construct new facilities in a timely manner; operational risks relating to the Company's generation and battery storage facilities, including hydro conditions, wind conditions, disruption of transmission and distribution, disruption of fuel supply, and unscheduled plant outages, which may result in unanticipated operating, maintenance and repair costs, as well as replacement power costs; delays in the supply chain and increased supply costs, including the application of trade tariffs, available tax credits, failure to complete capital projects on schedule or within budget, failure of counterparties to perform under agreement, or the abandonment of capital projects, which could result in the Company's inability to recover project costs, or impact our competitive position, market share, revenues and project margins in material ways; default or nonperformance of counterparties from whom PGE purchases capacity or energy, which require the purchase of replacement power and renewable attributes at increased costs; complications arising from PGE's jointly-owned plant, including ownership changes, regulatory outcomes or operational failures; changes in, and compliance with, and general uncertainty surrounding environmental laws and policies, including those related to threatened and endangered species, fish, and wildfire; future laws, regulations, and proceedings that could increase the Company's costs of operating its thermal generating plants, or affect the operations of such plants by imposing requirements for additional emissions controls or significant emissions fees or taxes, particularly with respect to coal-fired generating facilities, in order to mitigate carbon dioxide, mercury, and other gas emissions; volatility in wholesale power and natural gas prices including but not limited to volatility caused by macroeconomic and international issues and capital market conditions, that could require PGE to post additional collateral or issue additional letters of credit pursuant to power and natural gas purchase agreements; changes in the availability and price of wholesale power and fuels; changes in customer growth, or demographic patterns, including changes in load resulting in future transmission constraints, in PGE's service territory; changes in capital and credit market conditions, including volatility of equity markets as well as changes in PGE's credit ratings and outlook on such credit ratings, reductions in demand for investment-grade commercial paper or interest rates, which could affect the access to and availability or cost of capital and result in delay or cancellation of capital projects or execution of the Company's strategic plan as currently envisioned; trade tariffs, inflation and volatility in interest rates; the impacts of changes in the tax code, including tax rates, minimum tax rates, adjustments made to deferred tax assets and liabilities, and changes impacting the availability of and ability to transfer renewable tax credits; risks and uncertainties related to current or future All-Source RFP projects; the effects of climate change, whether global or local in nature; unseasonable or severe weather conditions, wildfires, and other natural phenomena and natural disasters that could result in operational disruptions, unanticipated restoration costs, third party liability or that may affect energy costs or consumption; the effectiveness of PGE's risk management policies and procedures; ignitions caused by PGE assets or PGE's ability to effectively implement a Public Safety Power Shutoffs (PSPS) and de-energize its system in the event of heightened wildfire risk or implement effective system hardening programs; impacts from the lack of legislation limiting wildfire-related liability or providing a wildfire relief fund; cybersecurity attacks, data security breaches, physical attacks and security breaches, or other malicious acts against the Company or against Company vendors, which could disrupt operations, require significant expenditures, or result in the release of confidential customer, vendor, employee, or Company information; reputational damage from negative publicity, protests, fines, penalties and other negative consequences resulting in regulatory and/or legal actions; employee workforce factors, including potential strikes, work stoppages, transitions in senior management, and the ability to recruit and retain key employees and other talent and turnover due to macroeconomic trends physical attacks upon company employees; widespread health emergencies or outbreaks of infectious diseases, which may affect our financial position, results of operations and cash flows; failure to achieve the Company's greenhouse gas emission goals or being perceived to have either failed to act responsibly with respect to the environment or effectively responded to legislative requirements concerning greenhouse gas emission reductions; social attitudes regarding the electric utility and power industries; political and economic conditions; acts of war, terrorism or civil disruption; changes in financial or regulatory accounting principles or policies imposed by governing bodies; new federal, state, and local laws that could have adverse effects on operating results; risks and uncertainties related to generation and transmission projects, including, but not limited to, regulatory processes, transmission capabilities, system interconnections, permitting and construction delays, legislative uncertainty, inflationary impacts, supply costs and supply chain constraints; and trade tariffs and related market volatility and supply chain disruptions that could increase PGE's operating costs, impair PGE's ability to complete capital projects, and impede access to capital markets. As a result, actual results may differ materially from those projected in the forward-looking statements. Risks and uncertainties to which the Company are subject are further discussed in the reports that the Company has filed with the United States Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov and on the Company's website, investors.portlandgeneral.com. Investors should not rely unduly on any forward-looking statements. 2

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![](ex992earningsslides_fina003.jpg)

Topics for today's call 3 Business Update Maria Pope, President and CEO • Second quarter highlights • Financial results Financial Update Joe Trpik, Senior Vice President of Finance and CFO • Load trends • Q2 2025 earnings drivers • Capital investments and resource planning update • Liquidity and financing

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![](ex992earningsslides_fina004.jpg)

Advancing strategic priorities Risk management Customer growth Clean energy Customer affordability An investable energy future for Oregon Reducing risk through operational execution, system hardening and wildfire policies Supporting data center and high tech growth and the region's economic development Investing in customer-driven clean energy goals Working to keep customer prices as low as possible Updating our corporate structure and aligning legislative and regulatory policies 4

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![](ex992earningsslides_fina005.jpg)

Q2 2025 Q2 2024 2025 YTD 2024 YTD GAAP net income (in millions) $62 $72 $162 $181 GAAP diluted earnings per share (EPS) $0.56 $0.69 $1.47 $1.77 Non-GAAP adjusted diluted earnings per share(2) $0.66 NA $1.57 $1.90 (1) 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 (2) PGE believes that excluding the effects of the business transformation and optimization expenses in 2025 and previously disclosed January 2024 storm costs 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) (3) Quarterly values may not sum to annual totals due to rounding (4) Return on average equity, calculated using GAAP net income (5) 2025E Accounting ROE represents return on average equity, calculated based on adjusted earnings guidance range of $3.13 to $3.33 Second quarter 2025 financial results 5 $1.08 Q1 Q2 Q3 Q4 2024 Quarterly Diluted EPS $1.21(2) $0.36 $0.69 $0.90 2024 Accounting ROE(4) 8.8% 2024 GAAP Diluted EPS(3) $3.01 2024 Non-GAAP Diluted EPS(3) $3.14 $0.91 Q1 Q2 Q3 Q4 2025 Quarterly Diluted EPS 2025E Accounting ROE(5) 8.8% - 9.3% $1.56-$1.76(5) Reaffirming • 2025 adjusted earnings guidance of $3.13 to $3.33 per diluted share • 2025 load growth of 2.5% to 3.5%, weather adjusted • Long-term load growth of 3%, through 2029 • 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) 2025 Adjusted Earnings Guidance $3.13 - $3.33 $0.56 $0.66(2)

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![](ex992earningsslides_fina006.jpg)

$0.69 $0.32 $(0.20) $0.06 $(0.13) $(0.08) $0.66 $(0.10) $0.56 6 Q2 2024 GAAP EPS Note: Dollar values are earnings per diluted share Net variable power costs Retail revenue Q2 2025 GAAP EPS Dilution & other Q2 2025 Non-GAAP EPS Q2 2025 earnings bridge D&A & interest Business transformation & optimization O&M

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![](ex992earningsslides_fina007.jpg)

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 (1) Values presented do not include incremental potential investments for future RFP cycles Reliability and resiliency investments Capital expenditures forecast(1) $160 $165 $170 $175 $175 $570 $610 $600 $625 $615 $120 $120 $120 $120 $130 $165 $200 $255 $390 $420 $515 2025 2026 2027 2028 2029 Generation Distribution General, Technology, Strategic BESS Projects Transmission $1,340 $1,280 $1,435 $1,215 $1,150 7

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![](ex992earningsslides_fina008.jpg)

✓ Filed request with the OPUC May 2025 Requested effective date October 2025 Filed request with the OPUC July 2025 Requested effective date April 2026 Regulatory milestones ahead Corporate structure updates Regulatory proceedings 8 ✓ Distribution System Plan ARM Seaside ARM ✓ ✓ Notified OPUC of intent to file for application May 2025 Filed application request with the OPUC July 2025 Estimated effective date Mid-2026Holding Company & Transmission Company Formation

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![](ex992earningsslides_fina009.jpg)

Reprice opportunity Q3'25 Execution of final contracts with winning bidders expected in the 2nd half of 2025 2nd half 2025 Projects in-service by the end of 2027 2027 Resource planning and procurement 2023 RFP(1) (1) Timelines subject to change depending on the quantity and complexity of bids received, should circumstances require, and regulatory processes 9 Issue to market Q3'25 Final shortlist available 1st half 2026 Execution of final contracts with winning bidders expected in the 2nd half of 2026 2nd half 2026 2025 RFP(1) PGE is focused on navigating the uncertainty surrounding renewable-energy tax incentives. We are working to secure least cost, least risk clean energy projects that meet the timing and procurement criteria outlined in the One Big Beautiful Bill • Pricing refresh captures tariff and tax credit policy changes • 2027 COD aligned with OBBB to maximize tax credit eligibility to dampen customer price impacts • Launched to address continued resource needs • Incorporating additional requirements for tax credit eligibility, supply chain risks, and cost implications

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![](ex992earningsslides_fina010.jpg)

Ratings S&P Moody's Senior Secured A A1 Senior Unsecured BBB+ A3 Commercial Paper A-2 P-2 Outlook Stable Negative Credit Facilities $750 Letters of Credit $174 Total Liquidity: $980 million as of June 30, 2025 Liquidity and financing Actual and expected 2025 debt financings(1) (dollars in millions) Q1 Q2 Q3 Q4 Long-term debt $310 $140 10 (1) PGE expects 2025 debt financing up to the amounts presented in each quarter above. Actual amounts may vary (2) On July 26, 2024, PGE entered into an equity distribution agreement under which it could sell up to $400 million of its common stock through at-the-market offering programs. In the fourth quarter of 2024 the Company entered into forward sale agreements for 1,420,049 shares. In December 2024, the Company issued 1,066,549 shares pursuant to the forward sale agreements and received net proceeds of $50 million. The Company entered into forward sale agreements for 1,996,890 shares and 1,707 shares in the first quarter and the second quarter of 2025, respectively. The Company could have physically settled the remaining amount by delivering 2,352,097 shares in exchange for cash of $104 million as of June 30, 2025. Any proceeds from the issuances of common stock will be used for general corporate purposes and investments in renewables and non-emitting dispatchable capacity. Estimated equity financings 2025 - 2026 Base equity ~$300 million/year Equity for potential RFP ownership Financed in line with 50/50 capital structure ATM Program • $400 million(2) facility to support future base and potential RFP ownership equity needs, with $50 million settled to date dollars in millions Cash $56

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![](ex992earningsslides_fina011.jpg)

Appendix

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![](ex992earningsslides_fina012.jpg)

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 a meaningful representation of the Company's comparative earnings per share and enables investors to evaluate the Company's ongoing operating financial performance. 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: • 2025: Business transformation and optimization expenses, including strategic advisory, workforce realignment and corporate structure update costs • 2024: Non-deferrable Reliability Contingency Event (RCE) costs resulting from the January 2024 winter storm 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 June 30, 2025, the six months ended June 30, 2025, the three months ended March 31, 2024, and the year ended December 31, 2024 are on the following slide. 12 Non-GAAP financial measures

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![](ex992earningsslides_fina013.jpg)

Non-GAAP Earnings Reconciliation for the three months ended March 31, 2024 (Dollars in millions, except EPS) Net Income Diluted EPS GAAP as reported for the three months ended March 31, 2024 $109 $1.08 Exclusion of January 2024 storm costs 19 0.18 Tax effect (1) (5) (0.05) Non-GAAP as reported for the three months ended March 31, 2024 $123 $1.21 Non-GAAP financial measures (1) Tax effects were determined based on the Company's full-year blended federal and state statutory tax rate 13 Non-GAAP Earnings Reconciliation for the year ended December 31, 2024 (Dollars in millions, except EPS) Net Income Diluted EPS GAAP as reported for the year ended December 31, 2024 $313 $3.01 Exclusion of January 2024 storm costs 19 0.18 Tax effect (1) (5) (0.05) Non-GAAP as reported for the year ended December 31, 2024 $327 $3.14 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 six months ended June 30, 2025 (Dollars in millions, except EPS) Net Income Diluted EPS GAAP as reported for the six months ended June 30, 2025 $162 $1.47 Exclusion of business transformation and optimization expenses 15 0.14 Tax effect (1) (4) (0.04) Non-GAAP as reported for the six months ended June 30, 2025 $173 $1.57

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