Financial Analysis

"Revenues from contracts with customers are primarily related to Idaho Powers regulated tariff-based sales of energy or related services. Generally, tariff-based sales do not involve a written contract, but are classified as revenues from contracts with customers. Idaho Power assesses revenues on a contract-by-contract basis to determine the nature, amount, timing, and uncertainty, if any, of revenues being recognized. The following table presents revenues from contracts with customers disaggregated by revenue source (in thousands of dollars): Year Ended December 31, 2025 2024 2023 Revenues from contracts with customers: Retail revenues: Residential (includes $3,972, $(2,686), and $37,233, respectively, related to the FCA (1) ) $ 708,126 $ 700,586 $ 684,649 Commercial (includes $(76), $(170), and $1,338, respectively, related to the FCA (1) ) 394,313 397,385 378,330 Industrial 270,571 267,211 244,538 Irrigation 198,468 196,401 173,929 Deferred revenue related to HCC relicensing AFUDC (2) (15,120) (8,803) (8,780) Total retail revenues 1,556,358 1,552,780 1,472,666 Less: FCA mechanism revenues (1) (3,896) 2,856 (38,571) Wholesale energy sales 55,989 73,908 63,421 Transmission wheeling-related revenues 72,231 79,173 80,357 Energy efficiency program revenues 30,480 27,581 31,948 Other revenues from contracts with customers 35,810 32,583 29,791 Total revenues from contracts with customers $ 1,746,972 $ 1,768,881 $ 1,639,612 (1) The FCA mechanism is an alternative revenue program i …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

"SHARE-BASED COMPENSATION IDACORP has one share-based compensation plan the LTICP. The LTICP (for officers, key employees, and directors) permits the grant of stock options, restricted stock and restricted stock units, performance shares and performance-based units, and several other types of share-based awards. At December 31, 2025, the maximum number of shares available under the LTICP was 1,119,104. Restricted Stock Unit and Performance-Based Unit Awards Restricted stock unit awards have three -year vesting periods, entitle the recipients to dividend equivalents, and units do not have voting rights until the units are vested and settled in shares. Unvested awards are restricted as to disposition and subject to forfeiture under certain circumstances. The fair value of these awards is based on the closing market price of common stock on the grant date and is charged to compensation expense over the vesting period, reduced for any forfeitures during the vesting period. Performance-based unit awards have three-year vesting periods and do not have voting rights until the units are vested and settled in shares. Unvested awards are restricted as to disposition, subject to forfeiture under certain circumstances, and subject to the attainment of specific performance conditions over the three-year vesting period. The performance conditions are two equally-weighted metrics, cumulative earnings per share (CEPS) and total shareholder return (TSR) relative to a peer group. Depending on …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

"FAIR VALUE MEASUREMENTS IDACORP and Idaho Power have categorized their financial instruments into a three-level fair value hierarchy, based on the priority of the inputs to the valuation technique. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument. Financial assets and liabilities recorded on the consolidated balance sheets are categorized based on the inputs to the valuation techniques as follows: Level 1: Financial assets and liabilities whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market that IDACORP and Idaho Power have the ability to access. Level 2: Financial assets and liabilities whose values are based on the following: a) quoted prices for similar assets or liabilities in active markets; b) quoted prices for identical or similar assets or liabilities in non-active markets; c) pricing models whose inputs are observable for substantially the full term of the asset or liability; and d) pricing models whose inputs are derived principally from or corroborated by observable market data through correlation or other means for substantially the full term of the …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

"INCOME TAXES Reconciliations between the statutory federal income tax rate and the effective tax rate for the years ended December 31 are presented below (in thousands of dollars, except percentages): IDACORP 2025 2024 2023 Income before income taxes (1) $ 309,757 $ 304,227 $ 288,491 US federal income tax expense at statutory rate 65,049 21.0 % 63,888 21.0 % 60,583 21.0 % State income taxes, net of federal income tax effect (2) 12,480 4.0 % 14,420 4.7 % 13,675 4.7 % Flow-through accounting and other effects of rate regulation: AFUDC (20,727) (6.7) % (17,015) (5.6) % (13,279) (4.6) % Capitalized interest 7,721 2.5 % 5,493 1.8 % 3,097 1.1 % Removal costs (5,707) (1.8) % (5,109) (1.7) % (6,312) (2.2) % Capitalized overhead costs (2,100) (0.7) % (2,100) (0.7) % (2,100) (0.7) % Capitalized repair costs (24,150) (7.8) % (19,320) (6.4) % (24,360) (8.4) % Depreciation 22,001 7.1 % 18,705 6.1 % 18,041 6.3 % Excess deferred income tax reversal (9,723) (3.1) % (10,047) (3.3) % (10,684) (3.7) % Income tax return adjustments (8,046) (2.6) % 1,844 0.6 % (8,229) (2.9) % State related 324 0.1 % 6,043 2.0 % 2,127 0.7 % Other, net (808) (0.3) % 776 0.3 % 1,874 0.6 % Tax credits: Investment tax credits - federal (7,208) (2.3) % (4,480) (1.5) % (2,344) (0.8) % Investment tax credits - Idaho % (3,791) (1.2) % (3,107) (1.1) % Accumulated deferred investment tax credits - federal (7,017) (2.3) % (8,712) (2.9) % % Accumulated deferred investment tax credits - Idaho (33,319) (10.8) % (21,119) (6.9) …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

The following table summarizes IDACORP's and Idaho Power's long-term debt at December 31 (in thousands of dollars): 2025 2024 First mortgage bonds: 1.90% Series due 2030 $ 80,000 $ 80,000 6.00% Series due 2032 100,000 100,000 4.99% Series due 2032 23,000 23,000 5.50% Series due 2033 70,000 70,000 5.50% Series due 2034 50,000 50,000 5.875% Series due 2034 55,000 55,000 5.20% Series due 2034 300,000 300,000 5.30% Series due 2035 60,000 60,000 6.30% Series due 2037 140,000 140,000 6.25% Series due 2037 100,000 100,000 4.85% Series due 2040 100,000 100,000 4.30% Series due 2042 75,000 75,000 5.06% Series due 2042 25,000 25,000 5.06% Series due 2043 60,000 60,000 4.00% Series due 2043 75,000 75,000 3.65% Series due 2045 250,000 250,000 4.05% Series due 2046 120,000 120,000 4.20% Series due 2048 450,000 450,000 5.20% Series due 2053 62,000 62,000 5.50% Series due 2053 400,000 400,000 5.80% Series due 2054 350,000 350,000 5.70% Series due 2055 400,000 Total first mortgage bonds 3,345,000 2,945,000 Pollution control revenue bonds: 1.70% Series due 2026 (1) 116,300 116,300 Total pollution control revenue bonds 116,300 116,300 American Falls Variable Rate bond guarantee due 2025 19,885 Unamortized premium/discount and issuance costs (13,962) (7,523) Total IDACORP and Idaho Power outstanding debt (2) 3,447,338 3,073,662 Current maturities of long-term debt (116,300) (19,885) Total long-term debt $ 3,331,038 $ 3,053,777 (1) Sweetwater County Pollution Control Revenue Bonds are secured by …

LongTermDebtTextBlock · excerpt; the full note is in the filing

"BENEFIT PLANS Idaho Power sponsors defined benefit and other postretirement benefit plans that cover the majority of its employees. Idaho Power also sponsors a defined contribution 401(k) employee savings plan and provides certain post-employment benefits. Pension Plans Idaho Power has a noncontributory defined benefit pension plan (pension plan) and two nonqualified defined benefit plans for certain senior management employees, the SMSP. Idaho Power also has a nonqualified defined benefit pension plan for directors that was frozen in 2002. Remaining vested benefits from that plan are included with the SMSP in the disclosures below. The benefits under these plans are based on years of service and the employee's final average earnings. The following table summarizes the changes in benefit obligations and plan assets of these plans (in thousands of dollars): Pension Plan SMSP 2025 2024 2025 2024 Change in projected benefit obligation: Benefit obligation at January 1 $ 998,166 $ 1,028,016 $ 102,318 $ 105,809 Service cost 31,774 33,992 1,172 1,051 Interest cost 56,151 52,181 5,640 5,332 Actuarial loss (gain) 5,237 (65,972) 2,401 (3,321) Plan amendment 7 15 Benefits paid (52,309) (50,051) (6,900) (6,568) Projected benefit obligation at December 31 1,039,019 998,166 104,638 102,318 Change in plan assets: Fair value at January 1 951,142 917,513 Actual return on plan assets 104,542 63,680 Employer contributions 20,000 20,000 Benefits paid (52,309) (50,051) Fair value at December 31 …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

RELATED PARTY TRANSACTIONS IDACORP: Idaho Power performs corporate functions such as financial, legal, and management services for IDACORP and its subsidiaries. Idaho Power charges IDACORP for the costs of these services based on service agreements and other specifically identified costs. For these services, Idaho Power billed IDACORP $1.5 million in 2025, $1.1 million in 2024, and $1.1 million in 2023. At December 31, 2025 and 2024, Idaho Power had a $3.3 million and $3.2 million payable to IDACORP, respectively, which was included in its accounts payable to affiliates balance on its consolidated balance sheets. At IDACORP, the receivable from Idaho Power is eliminated in consolidation. Ida-West: Idaho Power purchases all of the power generated by four of Ida-Wests 50 percent owned PURPA-qualifying hydropower projects located in Idaho. Idaho Power purchased $9.5 million in 2025, $9.6 million in 2024, and $9.1 million in 2023 of power from Ida-West. …

RelatedPartyTransactionsDisclosureTextBlock · excerpt; the full note is in the filing

"REVENUES The following table provides a summary of electric utility operating revenues for IDACORP and Idaho Power (in thousands of dollars): Year Ended December 31, 2025 2024 2023 Electric utility operating revenues: Revenue from contracts with customers $ 1,746,972 $ 1,768,881 $ 1,639,612 Alternative revenue programs and derivative revenues 62,637 54,084 123,282 Total electric utility operating revenues $ 1,809,609 $ 1,822,965 $ 1,762,894 Revenues from Contracts with Customers Revenues from contracts with customers are primarily related to Idaho Powers regulated tariff-based sales of energy or related services. Generally, tariff-based sales do not involve a written contract, but are classified as revenues from contracts with customers. Idaho Power assesses revenues on a contract-by-contract basis to determine the nature, amount, timing, and uncertainty, if any, of revenues being recognized. The following table presents revenues from contracts with customers disaggregated by revenue source (in thousands of dollars): Year Ended December 31, 2025 2024 2023 Revenues from contracts with customers: Retail revenues: Residential (includes $3,972, $(2,686), and $37,233, respectively, related to the FCA (1) ) $ 708,126 $ 700,586 $ 684,649 Commercial (includes $(76), $(170), and $1,338, respectively, related to the FCA (1) ) 394,313 397,385 378,330 Industrial 270,571 267,211 244,538 Irrigation 198,468 196,401 173,929 Deferred revenue related to HCC relicensing AFUDC (2) (15,120) (8,8 …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

SEGMENT INFORMATION IDACORPs only reportable segment is utility operations. The utility operations segments primary source of revenue is the regulated operations of Idaho Power. Idaho Powers regulated operations include the generation, transmission, distribution, purchase, and sale of electricity. This segment also includes income from IERCo, a wholly-owned subsidiary of Idaho Power that is also subject to regulation and is a one-third owner of BCC, an unconsolidated investment. IDACORPs other operating segments are below the quantitative and qualitative thresholds for reportable segments and are included in the All Other category in the table below. This category is comprised of IFSs investments in affordable housing and other real estate tax credits, Ida-Wests joint venture investments in small hydropower generation projects, and IDACORPs holding company expenses. The President and Chief Executive Officer of IDACORP and Idaho Power is the companies' chief operating decision maker (CODM). The CODM uses net income, compared with historical results and forecasted expectations, to monitor the utility segment's results, monitor and plan utility-specific regulatory strategy, allocate capital investments, and inform financing decisions. The CODM is regularly provided with segment expense information for utility operations at the same level of detail as presented in Idaho Power's consolidated statements of income. The table below summarizes the segment information for IDACORPs util …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

"SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES This Annual Report on Form 10-K is a combined report of IDACORP and Idaho Power. Therefore, these Notes to the Consolidated Financial Statements apply to both IDACORP and Idaho Power. However, Idaho Power makes no representation as to the information relating to IDACORPs other operations. Nature of Business IDACORP is a holding company formed in 1998 whose principal operating subsidiary is Idaho Power. Idaho Power is an electric utility engaged in the generation, transmission, distribution, sale, and purchase of electric energy and capacity with a service area covering approximately 24,000 square miles in southern Idaho and eastern Oregon. On February 13, 2026, Idaho Power signed an asset purchase agreement with OTEC for the sale of Idaho Power's electric distribution business and certain transmission assets in the state of Oregon. Refer to Note 22 - ""Sale of Oregon Assets"" for additional information regarding the Oregon Sale. Idaho Power is regulated primarily by the state utility regulatory commissions of Idaho and Oregon and the FERC. Idaho Power is the parent of IERCo, a joint-owner of BCC, which mines and supplies coal to the Jim Bridger plant owned in part by Idaho Power. IDACORPs other notable subsidiaries include IFS, an investor in affordable housing and other real estate tax credit investments, and Ida-West, an operator of small PURPA-qualifying hydropower generation projects. Principles of Consolidation IDACORPs and Ida …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

"COMMON STOCK IDACORP Common Stock The following table summarizes IDACORP common stock transactions during the last three years and shares reserved at December 31, 2025: Shares issued Shares reserved 2025 2024 2023 December 31, 2025 Balance at January 1 53,962,300 50,615,237 50,561,892 Dividend reinvestment and stock purchase plan 49,569 63,084 2,729,049 Employee savings plan 3,567,954 At-the-market offering program (1) 801,914 See table note (1) Equity forward sale agreements 3,221,982 5,180,180 Long-term incentive and compensation plan (2) 45,348 61,997 53,345 2,154,164 Continuous equity program (inactive) 3,000,000 Balance at December 31 54,859,131 53,962,300 50,615,237 (1) During 2024, IDACORP reserved shares of its common stock through the ATM offering program, up to an aggregate gross sales price of $300 million. At December 31, 2025, $155.5 million in shares of IDACORPs common stock remained reserved. For more details, see ""At-the-Market Offering Program"" below in this Note 6. (2) During 2025, 2024, and 2023, IDACORP granted 82,344, 103,771, and 75,295 restricted stock unit awards, respectively, to employees and 11,268, 15,616, and 12,459 shares of common stock, respectively, to directors. During 2025, 2024, and 2023, IDACORP issued 45,348, 61,997, and 53,345 shares of common stock, respectively, using original issuances of shares pursuant to the LTICP, including 9,273, 10,571, and 13,842 shares of common stock, respectively, issued to members of the board of directo …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

SALE OF OREGON ASSETS On February 13, 2026, Idaho Power executed a definitive agreement to sell its Oregon electric distribution business as well as certain Oregon transmission assets to OTEC. The base purchase price to be paid by OTEC for the Oregon Sale is $154 million, and is subject to certain adjustments at the closing of the transaction. Idaho Power has agreed to operate its Oregon electric distribution business and applicable transmission assets in the ordinary course of business and subject to certain operating covenants during the period between the date of the asset purchase agreement and the completion of the proposed transaction. The Oregon Sale is subject to various closing conditions, including approvals of the OPUC, IPUC, and FERC, as well as certain price adjustment and termination provisions. Any gain or loss resulting from the Oregon Sale is expected to be immaterial to the consolidated financial statements of both IDACORP and Idaho Power.

SubsequentEventsTextBlock

"The following table presents revenues from contracts with customers disaggregated by revenue source (in thousands of dollars): Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 Retail revenues: Residential (includes $(153), $(2,876), $16,484, and $(5,069), respectively, related to the FCA) (1) $ 168,764 $ 149,355 $ 372,360 $ 340,060 Commercial (includes $(10), $(36), $196, and $(80), respectively, related to the FCA) (1) 98,773 94,652 195,429 192,504 Industrial 76,081 64,840 145,684 133,446 Irrigation 97,306 92,370 99,247 93,482 Deferred revenue related to HCC relicensing AFUDC (2) (8,521) (1,930) (17,635) (3,993) Total retail revenues 432,403 399,287 795,085 755,499 Less: FCA mechanism revenues (1) 163 2,912 (16,680) 5,149 Wholesale energy sales 3,559 15,376 8,371 34,924 Transmission wheeling-related revenues 15,547 16,325 32,871 35,768 Energy efficiency program revenues 6,110 6,115 12,282 11,348 Other revenues from contracts with customers 10,468 9,298 19,936 17,768 Total revenues from contracts with customers $ 468,250 $ 449,313 $ 851,865 $ 860,456 (1) The FCA mechanism is an alternative revenue program in the Idaho jurisdiction and does not represent revenue from contracts with customers. (2) The IPUC allows Idaho Power to recover a portion of the AFUDC on construction work in progress related to the HCC relicensing process in its Idaho jurisdiction, even though the relicensing process is not yet complete and the costs have not been moved to utili …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

"FAIR VALUE MEASUREMENTS IDACORP and Idaho Power have categorized their financial instruments into a three-level fair value hierarchy, based on the priority of the inputs to the valuation technique. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument. Financial assets and liabilities recorded on the condensed consolidated balance sheets are categorized based on the inputs to the valuation techniques as follows: Level 1: Financial assets and liabilities whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market that IDACORP and Idaho Power have the ability to access. Level 2: Financial assets and liabilities whose values are based on the following: a) quoted prices for similar assets or liabilities in active markets; b) quoted prices for identical or similar assets or liabilities in non-active markets; c) pricing models whose inputs are observable for substantially the full term of the asset or liability; and d) pricing models whose inputs are derived principally from or corroborated by observable market data through correlation or other means for substantially the full te …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

"INCOME TAXES In accordance with interim reporting requirements, IDACORP and Idaho Power use an estimated annual effective tax rate for computing their provisions for income taxes. An estimate of annual income tax expense (or benefit) is made each interim period using estimates for annual pre-tax income, income tax adjustments, and tax credits. The estimated annual effective tax rates do not include discrete events such as tax law changes, examination settlements, accounting method changes, or adjustments to tax expense or benefits attributable to prior years. Discrete events are recorded in the interim period in which they occur or become known. The estimated annual effective tax rate is applied to year-to-date pre-tax income to determine income tax expense (or benefit) for the interim period consistent with the annual estimate. In subsequent interim periods, income tax expense (or benefit) for the period is computed as the difference between the year-to-date amount reported for the previous interim period and the current period's year-to-date amount. Income Tax Expense The following table provides a summary of income tax expense (benefit) (in thousands of dollars): IDACORP Idaho Power Six months ended June 30, Six months ended June 30, 2026 2025 2026 2025 Income tax at statutory rates (federal and state) $ 46,426 $ 34,196 $ 45,978 $ 32,928 Excess deferred income tax reversal (3,248) (4,862) (3,248) (4,862) Other (1) (22,288) (11,981) (20,716) (10,971) Income tax expense bef …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

LONG-TERM DEBT Long-Term Debt Issuances, Maturities, and Redemptions On February 27, 2026, Idaho Power issued $350 million in aggregate principal amount of 4.85% first mortgage bonds, secured medium-term notes, Series O, maturing on March 1, 2036. On July 15, 2026, Idaho Power repaid $116 million in aggregate principal amount of maturing 1.70% pollution control revenue bonds. Idaho Power First Mortgage Bonds Idaho Power's issuance of long-term indebtedness is subject to the approval of the IPUC, OPUC, and WPSC. In June and July 2026, Idaho Power received orders from the IPUC, OPUC, and WPSC authorizing the company to issue and sell from time to time up to $1.5 billion in aggregate principal amount of debt securities and first mortgage bonds, subject to conditions specified in the orders. Authority from the IPUC is effective through June 30, 2029, subject to extensions upon request to the IPUC. The OPUC's and WPSC's orders do not impose a time limitation for issuances, but the OPUC order does impose a number of other conditions, including a requirement that the interest rates for the debt securities or first mortgage bonds fall within either (a) designated spreads over comparable U.S. Treasury rates or (b) a maximum interest rate limit of 8 percent. At June 30, 2026, $1.5 billion was available for debt issuance under the IPUC and OPUC orders and $150 million remained available for debt issuance under the prior WPSC order, which subsequently increased to $1.5 billion in July 20 …

LongTermDebtTextBlock · excerpt; the full note is in the filing

"BENEFIT PLANS Idaho Power has a noncontributory defined benefit pension plan (pension plan) and two nonqualified defined benefit plans for certain senior management employees called the SMSP. Idaho Power also has a nonqualified defined benefit pension plan for directors that was frozen in 2002. Remaining vested benefits from that plan are included with the SMSP in the disclosures below. The benefits under the pension plan are based on years of service and the employees final average earnings. Idaho Power also maintains a defined benefit postretirement benefit plan (consisting of health care and death benefits) that covers all employees who were enrolled in the active-employee group plan at the time of retirement as well as their spouses and qualifying dependents. The table below shows the components of net periodic benefit costs for the pension, SMSP, and postretirement benefits plans for the three months ended June 30, 2026 and 2025 (in thousands of dollars). Pension Plan SMSP Postretirement Benefits Total 2026 2025 2026 2025 2026 2025 2026 2025 Service cost $ 8,030 $ 7,858 $ 240 $ 293 $ 143 $ 167 $ 8,413 $ 8,318 Interest cost 14,518 13,867 1,431 1,410 728 744 16,677 16,021 Expected return on plan assets (18,529) (17,234) (452) (443) (18,981) (17,677) Amortization of prior service cost 1 1 55 56 274 343 330 400 Amortization of net loss 240 172 (426) (443) (186) (271) Net periodic benefit cost 4,020 4,492 1,966 1,931 267 368 6,253 6,791 Regulatory deferral of net periodic be …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

"REVENUES The following table provides a summary of electric utility operating revenues for IDACORP and Idaho Power (in thousands of dollars): Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 Revenue from contracts with customers $ 468,250 $ 449,313 $ 851,865 $ 860,456 Alternative revenue programs and other revenues 423 359 19,570 21,169 Total electric utility operating revenues $ 468,673 $ 449,672 $ 871,435 $ 881,625 Revenues from Contracts with Customers The following table presents revenues from contracts with customers disaggregated by revenue source (in thousands of dollars): Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 Retail revenues: Residential (includes $(153), $(2,876), $16,484, and $(5,069), respectively, related to the FCA) (1) $ 168,764 $ 149,355 $ 372,360 $ 340,060 Commercial (includes $(10), $(36), $196, and $(80), respectively, related to the FCA) (1) 98,773 94,652 195,429 192,504 Industrial 76,081 64,840 145,684 133,446 Irrigation 97,306 92,370 99,247 93,482 Deferred revenue related to HCC relicensing AFUDC (2) (8,521) (1,930) (17,635) (3,993) Total retail revenues 432,403 399,287 795,085 755,499 Less: FCA mechanism revenues (1) 163 2,912 (16,680) 5,149 Wholesale energy sales 3,559 15,376 8,371 34,924 Transmission wheeling-related revenues 15,547 16,325 32,871 35,768 Energy efficiency program revenues 6,110 6,115 12,282 11,348 Other revenues from contracts with customers 10,468 9,298 19,936 17,768 Total r …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

"SEGMENT INFORMATION IDACORPs only reportable segment is utility operations. The utility operations segments primary source of revenue is the regulated operations of Idaho Power. Idaho Powers regulated operations include the power supply, transmission, distribution, purchase, and sale of electricity. This segment also includes income from IERCo, a wholly-owned subsidiary of Idaho Power that is also subject to regulation and is a one-third owner of BCC, an unconsolidated investment. IDACORPs other operating segments are below the quantitative and qualitative thresholds for reportable segments and are included in the ""All Other"" category in the table below. This category consists of IFSs investments in affordable housing and other real estate tax credit projects, Ida-Wests joint venture investments in small hydropower generation projects, and IDACORPs holding company expenses. IDACORPs and Idaho Powers chief operating decision maker is regularly provided with segment expense information for utility operations at the same level of detail as presented in Idaho Powers condensed consolidated statements of income. The table below summarizes the segment information for IDACORPs utility operations and the total of all other segments, and reconciles this information to total enterprise amounts (in thousands of dollars). Utility Operations All Other Eliminations Consolidated Total Three months ended June 30, 2026: Revenues $ 468,673 $ 1,125 $ $ 469,798 Depreciation and amortization 66 …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

"SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES This Quarterly Report on Form 10-Q is a combined report of IDACORP and Idaho Power. Therefore, these Notes to the Condensed Consolidated Financial Statements apply to both IDACORP and Idaho Power. However, Idaho Power makes no representation as to the information relating to IDACORPs other operations. Nature of Business IDACORP is a holding company formed in 1998 whose principal operating subsidiary is Idaho Power. Idaho Power is an electric utility engaged in the generation, transmission, distribution, sale, and purchase of electric energy and capacity with a service area covering approximately 24,000 square miles in southern Idaho and eastern Oregon. On February 13, 2026, Idaho Power signed an asset purchase agreement with OTEC for the sale of Idaho Power's electric distribution business and certain transmission assets in the state of Oregon. Refer to Note 16 - ""Assets Held For Sale"" for additional information regarding the Oregon Sale. Idaho Power is regulated primarily by the state utility regulatory commissions of Idaho and Oregon and the FERC. Idaho Power is the parent of IERCo, a joint-owner of BCC, which mines and supplies coal to the Jim Bridger plant owned in part by Idaho Power. IDACORPs other notable subsidiaries include IFS, an investor in affordable housing and other real estate tax credit investments, and Ida-West, an operator of small PURPA-qualifying hydropower generation projects. Regulation of Utility Operations …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing