IDA

EX-99.1

2 exhibit991-july302026.htm

EX-99.1

Document

Exhibit 99.1

July 30, 2026

IDACORP, Inc. Announces Second Quarter 2026 Results, Increases Lower-End of Earnings Guidance Range

BOISE, Idaho--IDACORP, Inc. (NYSE: IDA) reported second quarter 2026 net income attributable to IDACORP of $102.6 million, or $1.79 per diluted share, compared with $95.8 million, or $1.76 per diluted share, in the second quarter of 2025.

"Continued customer growth along with rate changes and revenues from large contract customers led to strong second quarter results even without recording any additional tax credits for the second quarter under the company's Idaho regulatory mechanism," said IDACORP President and Chief Executive Officer Lisa Grow.

"The first half of 2026 has been a busy one, with 250 MWs of batteries coming online in June, progress on construction of our major transmission and generation projects, and notable new revenues coming in from our large contract customers that will help fund our substantial infrastructure development," Grow added.

IDACORP is increasing the lower-end of its previously reported full-year 2026 earnings guidance to the range of $6.30 to $6.45 per diluted share, with the expectation that Idaho Power will use less than $15 million of additional tax credits available under the Idaho regulatory mechanism in 2026. The earnings guidance assumes normal weather conditions through the end of the year.

Summary of Financial Results

The following is a summary of net income attributable to IDACORP and IDACORP's earnings per diluted share (in thousands of dollars or shares, except earnings per share amounts):

Three months ended June 30,Six months ended June 30,

2026202520262025

Net income attributable to IDACORP, Inc.$102,577 $95,781 $170,558 $155,428

Weighted average outstanding shares – diluted57,229 54,380 56,767 54,249

IDACORP, Inc. earnings per diluted share$1.79 $1.76 $3.00 $2.87

The table below provides a reconciliation of net income attributable to IDACORP for the three months and six months ended June 30, 2026, from the same periods in 2025 (items are in millions of dollars and are before related income tax impact unless otherwise noted):

Three months endedSix months ended

Net income attributable to IDACORP, Inc. - June 30, 2025 $95.8 $155.4

Increase (decrease) in Idaho Power net income:

Retail revenues per megawatt-hour (MWh), excluding large contract customers, net of power cost adjustment mechanisms27.5 44.0

Customer growth, excluding large contract customers, net of associated power supply costs and power cost adjustment mechanisms4.5 8.2

Usage per retail customer, excluding large contract customers, net of associated power supply costs and power cost adjustment mechanisms(0.1)(12.4)

Idaho fixed cost adjustment (FCA) revenues2.7 21.8

Retail revenues from large contract customers, net of associated power supply costs and the Idaho-jurisdiction power cost adjustment (PCA) mechanism6.5 8.9

Other operations and maintenance (O&M) expenses(11.7)(24.8)

Depreciation and amortization expense(5.2)(10.9)

Other changes in operating revenues and expenses, net6.3 22.0

Increase in Idaho Power operating income30.5 56.8

Non-operating expense, net(0.5)(4.6)

Additional accumulated deferred investment tax credits (ADITC) amortization(17.2)(30.2)

Income tax expense, excluding additional ADITC amortization(4.4)(5.0)

Total increase in Idaho Power net income8.4 17.0

Other IDACORP changes (net of tax) (1.6)(1.8)

Net income attributable to IDACORP, Inc. - June 30, 2026$102.6 $170.6

Net Income - Second Quarter 2026

IDACORP's net income increased $6.8 million for the second quarter of 2026 compared with the second quarter of 2025, due primarily to higher net income at Idaho Power.

The net increase in retail revenues per MWh, excluding large contract customers, and net of power cost adjustment mechanisms, increased operating income by $27.5 million in the second quarter of 2026 compared with the second quarter of 2025. This benefit was due primarily to an overall increase in Idaho base rates, effective January 1, 2026, from the outcome of the settlement stipulation for Idaho Power's 2025 Idaho general rate case (2025 Settlement Stipulation).

Customer growth, excluding large contract customers, and net of associated power supply costs and power cost adjustment mechanisms, increased operating income by $4.5 million in the second quarter of 2026 compared with the second quarter of 2025, as the number of Idaho Power customers grew by approximately 15,000, or 2.3 percent, during the twelve months ended June 30, 2026. Usage per retail customer, excluding large contract customers, and net of associated power supply costs and power cost adjustment mechanisms, was relatively consistent in the second quarter of 2026 compared with the second quarter of 2025, as a 2 percent decrease in usage per residential customer was mostly offset by an increase in usage per customer for irrigation customers.

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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):  February 19, 2026

Exact name of registrants as specified in Commission their charters, address of principal executiveIRS Employer File Number offices and registrants' telephone numberIdentification Number 1-14465 IDACORP, Inc.82-0505802 1-3198 Idaho Power Company82-0130980 1221 W. Idaho Street Boise,Idaho83702-5627 (208)388-2200 State or Other Jurisdiction of Incorporation:Idaho Former name or former address, if changed since last report:None

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: ☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) ☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:

Title of each classTrading Symbol(s)Name of each exchange on which registered Common StockIDANew 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 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. □

Item 2.02 Results of Operations and Financial Condition.

On February 19, 2026, IDACORP, Inc. ("IDACORP”) issued a press release reporting its financial results for the quarter and year ended December 31, 2025. A copy of the press release is furnished herewith as Exhibit 99.1. As previously announced, on the same day, members of IDACORP’s management will hold a teleconference to discuss the financial results, and the presentation slides furnished herewith as Exhibit 99.2 will accompany management’s comments.

Item 7.01 Regulation FD Disclosure.

The information set forth in Item 2.02 above is hereby incorporated herein by reference.

The information in Items 2.02 and 7.01 of this report, including the press release and presentation furnished as Exhibits 99.1 and 99.2 hereto, respectively, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, and shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing. In addition, the exhibits furnished herewith contain statements intended as “forward-looking statements” that are subject to the cautionary statements about forward-looking statements set forth in such exhibits.

The exhibits furnished with this report contain business segment information for Idaho Power Company. Accordingly, this report is also being furnished on behalf of such registrant.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.  The following exhibits are being furnished as part of this report.

Exhibit Number Description

99.1 IDACORP, Inc. press release, dated February 19, 2026

99.2IDACORP, Inc. year end 2025 financial teleconference presentation, dated February 19, 2026

104Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned hereunto duly authorized. Dated:  February 19, 2026

IDACORP, INC.

By:   /s/ Lisa A. Grow Lisa A. Grow President and Chief Executive Officer

IDAHO POWER COMPANY

By:   /s/ Lisa A. Grow Lisa A. Grow President and Chief Executive Officer