Earnings Conference Call 3rd Quarter 2026 October 29, 2026 Exhibit 99.2
Forward-Looking Statements This presentation (and oral statements relating to this presentation) contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements, other than statements of historical facts, that express or involve discussions of expectations, beliefs, plans, objectives, outlooks, assumptions, or future events or performance are forward-looking. Forward-looking statements are not guarantees of future performance, involve estimates, assumptions, risks, and uncertainties, and may differ materially from actual results, performance, or outcomes. Factors that may cause actual results or outcomes to differ materially from those contained in forward-looking statements include those listed in IDACORP, Inc.'s and Idaho Power Company's most recently filed periodic reports on Form 10-K and Form 10-Q, including (but not limited to) the “Risk Factors” and “Management's Discussion and Analysis of Financial Condition and Results of Operations” sections, and in other reports the companies file with the U.S. Securities and Exchange Commission. Those factors also include the following, among others: • Decisions or actions by state and federal regulators affecting Idaho Power's ability to recover costs and earn a return on investment; • Changes to or elimination of Idaho Power’s regulatory cost recovery mechanisms; • Ability to timely obtain permits and construct, and expenses and risks of capital expenditures and contractual obligations for, utility infrastructure, including the impacts of inflation, price volatility (including due to tariffs), supply chain constraints, availability of qualified suppliers and contractors, supplier and contractor capacity constraints, and supplier and contractor delays and failure to satisfy project quality and performance standards; • Impacts of economic conditions, including an inflationary or recessionary environment, higher interest rates, and tariffs, on items such as operations and capital investments and changes in customer demand; • The rapid addition of new industrial customer load, uncertainty of forecasted power usage ramp rates or volumes, and the volatility and timing of that new load demand and revenues, resulting in increased risks of power demand potentially exceeding available supply and revenue, cash flow, and earnings volatility; • Risks of operating an electric utility system, including compliance with regulatory obligations and potential liability for fires, outages, and personal injury or property damage; • Acts or threats of terrorism, cyber or physical security attacks, and other acts seeking to disrupt Idaho Power's operations or the electric power grid or compromise data; • Abnormal or severe weather conditions, wildfires, droughts, earthquakes, and other natural phenomena and natural disasters; • Ability to acquire equipment, materials, fuel, power, and transmission capacity on reasonable terms and prices; • Impacts of current and future governmental regulation and ability to timely obtain, and the cost of obtaining and complying with, government permits and approvals, licenses, and rights-of-way and siting for transmission and generation projects; • Ability to obtain debt and equity financing when necessary and on satisfactory terms; and • Ability to continue to pay dividends and achieve target dividend-payout ratios, and contractual and regulatory restrictions on those dividends. New factors emerge from time to time, and it is not possible for the companies to predict all such factors, nor can they assess the impact of any such factor on the business or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. IDACORP and Idaho Power disclaim any obligation to update publicly any forward-looking information, whether in response to new information, future events, or otherwise, except as required by applicable law. 2
Presenting Today Amy Shaw IDACORP Vice President of Finance, Compliance & Risk Brian Buckham IDACORP Executive Vice President, Chief Financial Officer & Treasurer Lisa Grow IDACORP President & Chief Executive Officer John Wonderlich IDACORP Investor Relations Manager 3
IDACORP Earnings Performance Three months ended September 30 Nine months ended September 30 2026 2025 2026 2025 Net income (thousands) $ 160,213 $ 124,437 $ 330,771 $ 279,865 Weighted average common shares outstanding – diluted (thousands) 58,656 55,055 57,402 54,522 Diluted earnings per share $ 2.73 $ 2.26 $ 5.76 $ 5.13 4
600,000 610,000 620,000 630,000 640,000 650,000 660,000 670,000 680,000 2022 2023 2024 2025 2026 Growing Load and Customer Growth 2.2% (Year-over- year) Idaho Power Customer Growth 5 Twelve Months Ended September 30, 2026
Large Customer Construction Sites 6
16,000 18,000 20,000 22,000 24,000 26,000 28,000 30,000 2027 2028 2029 2030 2031 2032 Preliminary 2027 IRP 2025 IRP 2023 IRP Preliminary IRP Forecast System Sales (GWh) (1) The Preliminary Load Growth rate is subject to change until the 2027 IRP is filed. 5-Year Forecasted Annual Growth Rate(1) 20-Year Forecasted Annual Growth Rate(1) Retail Sales (Billed MWh) Annual Peak (Peak Demand MW) Retail Sales (Billed MWh) Annual Peak (Peak Demand MW) Preliminary 2027 IRP 8.9% 5.4% 2.6% 2.0% 7
$0.06 $0.08 $0.10 $0.12 $0.14 $0.16 2021 2022 2023 2024 2025 Idaho Power National Average (1) $0.09 $0.11 $0.13 $0.15 $0.17 $0.19 2021 2022 2023 2024 2025 Idaho Power National Average Focused on Affordability (1) Edison Electric Institute “Typical Bills and Average Rates Report” 12 Months Ending 12/31/2025. Total Retail Residential (1) Average Rates (cents / kilowatt-hour) 8
Large Customer Contract Considerations(1) Take-or-Pay & Demand Commitments Credit & Security Termination & Exit Protections $ $ • Take-or-pay obligations tied to demand-related costs • Contract Demand & Minimum Billing Demand frameworks, including limits on demand reductions/changes • Intended to address exposure to partial ramp and timing risk • Credit requirements scaled to project size and risk • Defined collateral and security triggers • Intended to provide financial protections during ramp and post- ramp • Explicit termination payment provisions • Net Present Value-based or long- term cost recovery approaches • Intended to align exit exposure with underlying system investments 9 (1) The considerations outlined above are examples of potential contract terms for large customer contracts. Commission-approved energy services agreements (ESAs) with large contract customers are evaluated on a case-by-case basis and may not include one or more of the terms noted above.
Boardman-to-Hemingway 10 • Broke ground in June 2025 • ~1,200 of 1,300 structure pads completed • ~780 of 1,300 structures completed • ~100 miles of conductor installed • Project expected to be in-service in late 2027
Owned Generation and Storage Project Updates(1) 11 BESS Projects 250 MW Bennett Expansion 167 MW South Hills 222 MW Peregrine 430 MW 20292028 2030 DRAFT RENDERINGDRAFT RENDERING 2026 DRAFT RENDERING (1)The 250 MW BESS projects were placed in-service in June 2026. In March 2026, Idaho Power received approval for a CPCN for the Bennett expansion from the IPUC and submitted an application for a CPCN for South Hills and Peregrine.
2032 RFP Final Short List(1) (1) More information on the 2032 RFP is available on Idaho Power’s website (Request for New Resources - Idaho Power). Idaho Power is unlikely to contract with or construct all listed projects. Evaluation Year Nameplate and Technology Structure 2031 430 MW gas Self-Build 2031 149 MW solar PPA 2031 200 MW solar PPA 2031 250 MW Solar + 250 MW BESS PPA/BSA 2031 100 MW Market Purchase Market Purchase 2031 80 MW Market Purchase Market Purchase 2031 150 MW BESS BSA 2031 150 MW BESS BSA 2032 432 MW gas Self-Build 2032 22 MW wind PPA 2032 167 MW gas Self-Build 12
Comparing Q3 2025 to Q3 2026 IDACORP, Inc. Net Income (in millions and before tax unless otherwise noted) Net Income – For the Quarter Ended September 30, 2025 $ 124.4 Increase (decrease) in Idaho Power net income: Retail revenues per megawatt-hour, excluding large contract customers, net of power cost adjustment mechanisms $ 38.1 Customer growth, excluding large contract customers, net of associated power supply costs and power cost adjustment mechanisms 5.8 Usage per retail customer, excluding large contract customers, net of associated power supply costs and power cost adjustment mechanisms 0.2 Idaho fixed cost adjustment (FCA) revenues (3.7) Retail revenues from large contract customers, net of associated power supply costs and the Idaho power cost adjustment mechanism 11.8 Other operations and maintenance (O&M) expenses (22.5) Depreciation and amortization expense (7.4) Other changes in operating revenues and expenses, net 10.6 Increase in Idaho Power operating income 32.9 Non-operating expense, net (1.1) Additional accumulated deferred investment tax credits (ADITC) amortization (2.5) Income tax expense, excluding additional ADITC amortization 6.7 Total increase in Idaho Power net income 36.0 Other IDACORP changes (net of tax) (0.2) Net Income – For the Quarter Ended September 30, 2026 $ 160.2 13
Liquidity (millions) As of October 23, 2026 IDACORP(1) Idaho Power Net balance available(2) $ 100 $ 400 Liquidity and Equity Financing (1) Holding company only. (2) IDACORP’s and Idaho Power’s respective $100 million and $400 million revolving credit facilities, expiring in December 2030, net of commercial paper outstanding and amounts identified for other use. As of October 23, 2026, there was no commercial paper outstanding or amounts identified for other use. (3) IDACORP entered into an Equity Distribution Agreement (EDA) in May 2024 to issue, offer, and sell, from time to time, up to an aggregate gross sales price of $300 million of shares of its common stock through an ATM offering program (2024 ATM). In March 2026, IDACORP settled FSAs under its 2024 ATM for net cash proceeds of $52 million. The 2024 ATM has terminated for new issuances. As of October 23, 2026, IDACORP could have physically settled outstanding FSAs under the 2024 ATM for net cash proceeds of approximately $154 million. IDACORP may settle the outstanding FSAs under the 2024 ATM at any time through their respective maturity dates, which extend through March 31, 2027. (4)IDACORP entered into an EDA in May 2026 to issue, offer, and sell, from time to time, up to an aggregate gross sales price of $600 million of shares of its common stock through an ATM offering program (2026 ATM). As of October 23, 2026, IDACORP could have physically settled outstanding FSAs under the 2026 ATM for net cash proceeds of approximately $532 million. IDACORP may settle the outstanding FSAs under the 2026 ATM at any time through their respective maturity dates, which extend through February 29, 2028. As of October 23, 2026, IDACORP had $66 million of remaining capacity under its 2026 ATM. (5) IDACORP entered into FSAs with forward counterparties on May 8 and 9, 2025, outside of its ATM offering programs. In May, July, and October 2026, IDACORP physically settled a portion of these FSAs and received net cash proceeds of $373 million. As of October 23, 2026, pursuant to the terms of the remaining FSAs, IDACORP could have physically settled its outstanding FSAs for net cash proceeds of approximately $187 million. IDACORP may settle the remaining FSAs at any time through their maturity date of November 9, 2026. IDACORP Equity Financing (millions) Remaining as of October 23, 2026 Net Proceeds Available as of October 23, 2026 Settled To-Date ATM Offering Program – 2024 Series(3) – $ 154 $ 143 ATM Offering Program – 2026 Series(4) $ 66 $ 532 – Forward Sale Agreements(5) – $ 187 $ 373 14
$4,050 $(1,200) $2,900 $(200) $(7,350) $1,300 $750 $- $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 $7,000 $8,000 $9,000 Net Cash from Operations To be Issued To be Repaid(4) Capital Expenditures(5) Dividends -------------------------Debt ------------------------- To be Issued ---------------------------------------------Equity --------------------------------------------- $ M ill io n s (1) As of February 19, 2026, except with respect to Forward Sale Agreements (FSAs) and to be issued equity amounts, which are updated as of October 23, 2026. (2) Differences between cash inflow and cash outflow increases or decreases cash balance. (3) Includes all actual and expected settlements in 2026 and 2027 of FSAs outstanding under 2024 and 2026 ATM programs and May 2025 equity offering. (4) Of the $200 million of debt to be repaid, $116 million was repaid on July 15, 2026. (5) Forecast capital expenditures include allowance for borrowed funds used during construction. Financing Plan Forecast (1) (2) 2026 – 2030 FSAs(3) 15
2026 Earnings Per Share Guidance and Estimated Key Operating and Financial Metrics Current(1) Prior(2) IDACORP Earnings Guidance (per diluted share) $ 6.40 – $ 6.50 $ 6.30 – $ 6.45 Idaho Power additional ADITC amortization (millions) Less than $ 10 Less than $ 15 Idaho Power O&M Expense (millions) $ 535 – $ 545 $ 525 – $ 535 Idaho Power Capital Expenditures, Excluding Allowance for Funds Used During Construction (millions) No Change $ 1,300 – $ 1,500 Idaho Power Hydropower Generation (millions of megawatt-hours) 5.5 – 6.0 5.5 – 6.5 (1) As of October 29, 2026. Assumes normal weather conditions through the end of 2026. (2) As of July 30, 2026, the date of filing IDACORP’s and Idaho Power’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2026. 16
Contact Information John R. Wonderlich Investor Relations Manager (208) 388-5413 JWonderlich@idahopower.com Investors & Analysts Jordan Rodriguez Corporate Communications (208) 388-2460 JRodriguez@idahopower.com Media