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Q3 2026 Earnings & Business Update Conference Call October 28, 2026
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© 2026 OGE Energy Corp. | 2 Safe harbor Some of the matters discussed in this presentation may contain forward looking statements that are subject to certain risks, uncertainties and assumptions. Such forward-looking statements are intended to be identified in this document by the words "anticipate," "believe," "estimate," "expect," "forecast," "intend," "objective," "p lan," "possible," "potential," "project," "target" and similar expressions. Actual results may vary materially. Factors that could cause actual results to differ materially from the forward-looking statements include, but are not limited to: general economic conditions, including the availability of credit, access to existing lines of credit, access to the commercial paper markets, actions of rating agencies and inflation rates, and their impact on capital expenditures; the ability of the Company to access the capital markets and obtain financing on favorable terms, as well as inflation rates and monetary fluctuations; the ability to obtain timely and sufficient rate relief to allow for recovery of items such as capital expenditures, fuel and purchased power costs, operating costs, transmission costs and deferred expenditures; prices and avail ability of electricity, coal and natural gas; competitive factors, including the extent and timing of the entry of additional competition in the markets served by the Company, potentially through deregulation; the impact on demand for the Company’s services resulting from cost-competitive advances in technology, such as distributed electricity generation and customer energy efficiency programs; technological dev elopments, changing markets and other factors that result in competitive disadvantages and create the potential for impairment of existing assets; factors affecting utility operations such as unusual weather conditions; catastrophic weather-related damage; unscheduled generation outages; unusual maintenance or repairs; unanticipated changes to fossil fuel, natural gas or coal supply costs or availability due to higher demand, shortages, transportation problems or other developments; environmental incidents; or electric transmission or gas pipeline system constraints; availability and prices of raw materials and equipment for current and future construction projects; the effect of retroactive pricing of transactions in the SPP markets, adjustments in market pricing mechanisms by the SPP, or allocation of transmission upgrade costs; federal or state legislation and regulatory decisions and initiatives that affect cost and investment recovery, have an impact on rate structures or affect the speed and degree to which competiti on enters the Company’s markets; environmental laws, safety laws or other regulations that may impact the cost of operations, restrict or change the way the Company’s facilities are operated or resul t in stranded assets; the ability of the Company to meet future capacity requirements mandated by the SPP, which could be impacted by future load growth, environmental regulations, and the availability of resources; changes in accounting standards, rules or guidelines; the discontinuance of accounting principles for certain types of rate-regulated activities; the cost of protecting assets against, or damage due to, terrorism or cyberattacks, including the Company losing control of its assets and potential ransoms, and other catastrophic events; the availability, cost, coverage and terms of insurance; changes in the use, perception or regulation of generative artificial intelligence technologies, which could limit the Company’s ability to utilize such technology, create risk of enhanced regulatory scrutiny, generate uncertainty around intellectual property ownership, licensing or use, or which could otherwise result in risk of damage to the Company’s business, reputation or financial results; creditworthiness of suppliers, customers and other contractual parties, including large, new customers from industries such as cryptocurrency and data centers; social attitudes regarding the electric utility and power industries; identification of suitable investment opportunities to enhance shareholder returns and achieve long-term financial objectives through business acquisitions and divestitures; increased pension and healthcare costs; national and global events that could adversely affect and/or exacerbate macroeconomic conditions, including inflationary pressures, interest rate fluctuations, supply chain disruptions, economic recessions, pandemic health events, tariffs and uncertainty surrounding continued hostilities or sustained military campaigns, and their collateral consequences; costs and other effects of legal and administrative proceedings, settlements, i nvestigations, claims and matters, including, but not limited to, those described in the Company’s Form 10-Q for the quarter ended September 30, 2026; and other risk factors listed in the reports filed by the Company with the Securities and Exchange Commission, including those listed within the Company's most recent Form 10-K for the year ended December 31, 2025.
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© 2026 OGE Energy Corp. | 3 “We will continue our disciplined approach to serve growing demand and delivering investments that maintain our competitive low-rate advantage.” 3rd quarter financial highlights $1.52 Consolidated EPS $1.54 Electric company EPS ($0.02) HoldCo EPS Horseshoe Lake Units 11 and 12
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© 2026 OGE Energy Corp. | 4 Advancing key regulatory and investment milestones Next Steps January 12: Oklahoma Extra Large Power & Light tariff hearing scheduled Q4 2026: SPP Notices to construct - 765-kV line Q4 2026 – Q1 2027: Preapproval filings expected following completion of RFP evaluations and negotiations
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© 2026 OGE Energy Corp. | 5 Clear milestones ahead as we advance investment to serve growing demand SPP Transmission Update on Notices to Construct 4Q 2026 Earnings Call Oklahoma Rate Review & Horseshoe Lake Unit 15 Update on the OK rate review Expected pre- approval decision for Horseshoe Lake Unit 15 1Q 2027 Earnings Call Additional Generation Resources Expected additional generation pre- approval filing decisions 2Q 2027 Earnings Call
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© 2026 OGE Energy Corp. | 6 Q3 earnings driven by weather Q3 2026 Q3 2025 Drivers OG&E $1.54 $1.20 • Significantly warmer weather • Income tax expense Other Operations/HoldCo $(0.02) $(0.06) • Other income of energy-related investments • Lower interest expense Consolidated $1.52 $1.14 • Favorable weather drives consolidated earnings guidance higher to $2.62 to $2.68 per share
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© 2026 OGE Energy Corp. | 7 Financial and investment plan update 2026 earnings guidance raised, driven by favorable weather Launching inaugural $750m ATM equity program Frontier Energy Storage and transmission investment capital added to the 5-year plan Supported by up to $200m of equity to maintain a forecasted FFO to debt of approximately 17% annually through 2030 1 1. For the purpose of our forecast, we calculate FFO/debt consistent with rating agency methodology; FFO and FFO/debt is generally calculated by making adjustments to Cash Flow from Operations, such as excluding working capital and adjustments to debt for items such as leases and pensions; Forecast period 2026 to 2030 current 5-year investment plan of ~$7.8 billion (see Appendix) © 2026 OGE Energy Corp. | 7
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© 2026 OGE Energy Corp. | 8 Updated slide coming
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© 2026 OGE Energy Corp. | 9 Appendix
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© 2026 OGE Energy Corp. | 10 5-Year investment plan updated for Frontier Energy Storage and additional transmission Highlights • Investment plan addresses customers’ expectations of a safe, reliable and resilient electric system • Greater than 90% of plan driven by base investments in the transmission & distribution system and to address current generation reliability • Expect to continually evaluate capital prioritization for transmission, distribution, technology and generation investments based on evolving capacity, reliability, and economic growth needs of the system • Excludes 2026 IRP investment and the 765 kV project in the 2025 SPP ITP 1. 2025 year-end total rate base of approximately $9.6B; (~83% Oklahoma, ~8% Arkansas, ~9% FERC); rate base CAGR of ~9.6% throug h 2030. ($MM) 2026 2027 2028 2029 2030 Five-Year Plan Transmission $200 $310 $305 $270 $240 $1,325 Oklahoma Distribution 585 705 725 775 825 3,615 Arkansas Distribution 45 25 25 25 25 145 Generation Reliability 245 160 165 165 165 900 New Generation Capacity Projects 180 190 165 65 - 600 Technology, Fleet, and Facilities 130 135 145 145 145 700 New: Frontier Energy Storage System - 395 - - - 395 New: Transmission – NTCs from 2025 SPP ITP - 50 50 50 10 160 Investment Plan $1,385 $1,970 $1,580 $1,495 $1,410 $7,840
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© 2026 OGE Energy Corp. | 11 Strong credit ratings & balance sheet strength Moody’s (Stable) Rating OGE Energy Senior Notes Baa1 OGE Energy Commercial Paper P2 S&P (Stable) Rating OGE Energy Senior Notes BBB OGE Energy Commercial Paper A2 Fitch (Stable) Rating OGE Energy Senior Notes BBB+ OGE Energy Commercial Paper F2 $125 $100 $400 $300 $300 $350 Jul-27 Apr-28 Aug-28 May-29 Mar-30 Apr-30 OG&E Holdco 6.65% 2026 6.50% Debt Maturity Schedule ($MM) Credit Ratings Solid investment grade ratings; Forecasted FFO- to-debt metric1 of ~17% each year through 2030 1. For the purpose of our forecast, we calculate FFO/debt consistent with rating agency methodology; FFO and FFO/debt is generally calculated by making adjustments to Cash Flow from Operations, such as excluding working capital and adjustments to debt for items such as leases and pensions; Forecast period 2026 to 2030 current 5-year investment plan of ~$7.8 billion (see Appendix)
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© 2026 OGE Energy Corp. | 12 3rd quarter 2026 weather impacts 1. Degree days are calculated as follows: The high and low degrees of a particular day are added together and then averaged. If the calculated average is above 65 degrees, then the difference between the calculated average and 65 is expressed as cooling degree days, with each degree of difference equaling one cooling degree day. If the calculated average is below 65 degrees, then the difference between the calculated av erage and 65 is expressed as heating degree days, with each degree of difference equaling one heating degree day. The daily calc ulations are then totaled for the reporting period. The calculation of heating and cooling degree normal days is based on a 30 -year average and weighted on a jurisdictional split. Estimated 2026 normalized earnings per share impact of weather Q1 Q2 Q3 Q4 Total 2026 ($0.05) $0.03 $0.26 $0.24 Weather Variance Cooling Degree Days1 2026 2025 % Change Actuals 1,897 1,288 47% Normal 1,265 1,265 Variance from Normal 50% 2%
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© 2026 OGE Energy Corp. | 13 OG&E leads in low rates and cost discipline (1) S&P global ranking of 2025 price to ultimate customers by parent company, released in 2026 (2) EEI Ranking of Total Retail Average Rates, Residential, and Commercial 12 Months Ending 6/30/2025 Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 Peer 10 Peer 11 Peer 12 Peer 13 Peer 14 Peer 15 Peer 16 Peer 17 Peer 18 Peer 19 Peer 20 Peer 21 Peer 22 Peer 23 Peer 24 Peer 25 Peer 26 Peer 27 Peer 28 Peer 29 Peer 30 Peer 31 Peer 32 Peer 33 Peer 34 Peer 35 Peer 36 Peer 37 Peer 38 Peer 39 OGE Peer 40 Peer 41 Ultimate Retail Customer Rate (Cents per kWh)1 $0.0887/kWh Average: $0.1617/kWh Cost Discipline Keeping Rates Affordable Non-fuel rates have grown at a CAGR of 1.3% O&M per customer has grown at a CAGR of 0.76% O&M per net plant has declined at a CAGR of 3.8% OK non-fuel rates have grown less than half the rate of inflation 0 20 40 60 80 100 120 140 0 0 0 0 0 0 0 0 2015 2025 OK Non-Fuel Retail Rates Inflation +3.2% CAGR +1.3% CAGR 530 535 540 545 550 555 560 565 0 20 40 60 80 100 120 140 2015 2025 O&M per Customer Inflation +3.2% CAGR O&M per customer has grown less than a quarter the rate of inflation +0.76% CAGR Affordable Rates Among the lowest retail rates in the nation1 Lowest commercial rates in the nation2 Lowest rates in the states we serve2
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© 2026 OGE Energy Corp. | 14 Generation capacity Delivering 1.7 GW by 2029; Planning an additional 1.1 GW by 2032 2026 2027 2028 2029 2030 2031 2032 Tinker CTs: 96 MW HSL11/12 CTs: 448 MW Solar CPA: 40-120 accredited MW Frontier Battery: 300 MW Solar CPA: 80-240 accredited MW HSL13/14 CTs: 448 MW ~1.7 GW capacity added ~1.1 GW of remaining capacity need from the 2026 RFP RFP Capacity Availability 3/15/32 HSL15 CCGT: 755 MW