Earnings release
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Page 1 Exhibit 99.1 Portland General Electric One World Trade Center 121 S.W. Salmon Street Portland, OR 97204 News Release October 29, 2026 Media Contact: Investor Contact: Drew Hanson Erin Schwartz Corporate Communications Investor Relations Phone: 503-464-2067 Phone: 503-464-7751 Portland General Electric Announces Third Quarter 2026 Results Third-quarter adjusted EPS of $1.06 reflects the unfavorable impact of historically mild weather Industrial customer demand grew 9% year over year, driven by continued growth from high-tech and data center customers Revising 2026 adjusted earnings guidance to $3.18 to $3.28 per diluted share, due to the impact of unusually mild weather during the third quarter; long-term guidance remains intact PORTLAND, Oregon -- Portland General Electric Company (NYSE: POR) today reported third quarter 2026 net income of $119 million, or $1.00 per diluted share, on a generally accepted accounting principles (GAAP) basis. After adjusting for business transformation, optimization and acquisition expenses, third quarter 2026 non-GAAP net income was $125 million, or $1.06 per diluted share. This compares with third quarter 2025 GAAP net income of $103 million, or $0.94 per diluted share, and non-GAAP net income of $110 million, or $1.00 per diluted share. “We continue to execute on our strategic priorities. Industrial demand grew 9% on a weather-adjusted basis year over year, and cooler summer weather reduced residential and small-commercial demand,” said Maria Pope, President and CEO. “Our October 1st go-live of the Extended Day-Ahead Market is reducing power-costs and energy market volatility, delivering an estimated $14 million in customer savings in 2027.” Third Quarter 2026 Earnings Compared to Third Quarter 2025 Earnings On an adjusted basis, third quarter earnings reflected continued execution on cost management initiatives, regulatory recovery and strong industrial load growth, partially offset by the impact of the mildest third quarter in a decade. Unfavorable weather reduced customer demand, resulting in a $0.15 year-over-year EPS headwind in the third quarter. On a year-to-date basis, weather has resulted in an estimated $0.20 EPS headwind relative to normal weather.
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Page 2 Additional Company Updates Corporate Structure / Holding Company Update Following the OPUC's September 25th order, the company filed a request for clarification and changes to two conditions. The proposed structure is intended to enhance financial flexibility while maintaining strong customer protections and utility financial strength. PGE's growth strategy, capital investment plan and earnings outlook do not depend on holding company implementation. The company supports $78 million in customer rate credits and $5 million in other community commitments. Extended Day-Ahead Market PGE successfully launched participation in the Extended Day-Ahead Market (EDAM) on October 1st, enabling lower power costs and enhanced tools to manage energy market volatility. PGE expects participation to provide meaningful customer value, including approximately $14 million in estimated customer savings in 2027. General Rate Case PGE filed its 2027 general rate case with the OPUC in August. As proposed, the case would result in an approximately 4.8% overall increase relative to currently approved prices with residential customers seeing an approximate 3.9% increase. If approved, new rates would take effect July 1, 2027. The increase is expected to be partially offset by lower net variable power costs in 2027, which are addressed separately through the Annual Power Cost Update Tariff. Parties’ opening testimony in the case is expected in mid-December. Resource Planning and Procurement In October, PGE filed its 2026 Clean Energy Plan and Integrated Resource Plan with the OPUC, proposing two pathways to meet projected resource needs while maintaining reliability and advancing Oregon’s decarbonization goals. Additionally, the company signed build-transfer agreements for two new solar and battery projects: a combined 200 MW solar and 250 MW battery storage facility at Biglow, selected from the 2025 RFP final shortlist, with an anticipated investment of approximately $900 million (excluding AFUDC); and Salmonfly, a combined 199 MW solar and 199 MW battery storage facility being developed with the Confederated Tribes of Warm Springs, with an anticipated investment of approximately $853 million (excluding AFUDC). The project was executed outside the 2025 RFP and remains subject to OPUC process as detailed in PGE's request for a waiver to the competitive bidding rules. Quarterly Dividend As previously announced on October 23, 2026, the board of directors of Portland General Electric Company declared a quarterly common stock dividend of 55.125 cents per share. The dividend is payable on or before January 15, 2027, to shareholders of record at the close of business on December 22, 2026. 2026 Earnings Guidance PGE is revising its full-year 2026 adjusted earnings guidance to $3.18 to $3.28 per diluted share based on the following assumptions: • An increase in energy deliveries between 1.0% and 2.0%, weather adjusted; • Execution of power cost and financing plans; • Execution of operating cost management plan; • Normal temperatures in its utility service area for November and December;
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Page 3 • Hydro conditions for the year that reflect current estimates; • Wind generation based on five years of historical levels or forecast studies when historical data is not available; • Normal thermal plant operations; • Operating and maintenance expense between $810 million and $830 million which includes approximately $160 million of wildfire, vegetation management, deferral amortization and other expenses that are offset in other income statement lines and $28 million of business transformation, optimization and acquisition expenses and $4 million of regulatory deferral adjustments related to the January 2024 storm and 2024 reliability contingency event; • Depreciation and amortization expense between $570 million and $590 million; • Effective tax rate of 15% to 20%; • Cash from operations of $950 to $1,150 million; • Capital expenditures of $1,565 million; and • Average construction work in progress balance of $815 million. Third Quarter 2026 Earnings Call and Webcast — October 29, 2026 PGE will host a conference call with financial analysts and investors on Thursday, October 29, 2026, 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 October 29, 2026. Maria Pope, President and CEO; Joe Trpik, Senior Vice President of Finance and CFO; and Erin Schwartz, Senior Manager of Investor Relations, will participate in the call. Management will respond to questions following formal comments. Non-GAAP Financial Measures 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 an alternative measure of the Company’s comparative earnings per share and enables investors to evaluate the Company’s operating financial performance trends, exclusive of items that are not normally associated with ongoing operations. 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: • Business transformation and optimization expenses, including strategic advisory, workforce realignment, corporate structure update costs and Washington acquisition related expenses including legal, financing and strategic advisory 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
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Page 4 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 September 30, 2026 is below. Non-GAAP Earnings Reconciliation for the quarter ended September 30, 2026 (Dollars in millions, except EPS) Net Income Diluted EPS GAAP as reported for the quarter ended September 30, 2026 $ 119 $ 1.00 Exclusion of business transformation, optimization and acquisition expenses 9 0.08 Tax effect (1) (3) (0.02) Non-GAAP as reported for the quarter ended September 30, 2026 $ 125 $ 1.06 (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 nearly 960,000 customers serving an area of approximately 2 million Oregonians. Since 1889, Portland General Electric (PGE) has been powering economies, delivering safe, affordable and reliable electricity while working to transform energy systems to meet evolving customer needs. PGE continues to make progress towards emissions reduction targets, and customers have set the standard for prioritizing clean energy with the No. 1 voluntary renewable energy program in the country. PGE is ranked a top ten utility in the 2025 Forrester U.S. Customer Experience Index. In 2025, PGE employees and retirees volunteered over 18,300 hours to more than 400 nonprofits organizations. Through the PGE Foundation, along with corporate contributions and the employee matching gift program, more than $5 million was directed to charitable organizations supporting economic growth and community resilience across our service area. For information: portlandgeneral.com/news.
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Page 5 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 press release, and PGE assumes no obligation to update or revise any forward-looking statement as a result of new information, future events or other factors, except as required by law. Investors should not rely unduly on any forward-looking statements. Forward-looking statements include statements, other than statements of historical or current fact, regarding PGE's earnings guidance (including all the assumptions and expectations upon which such guidance is based), expected customer demand and load growth, including industrial and data -center growth; the effects of weather on demand and earnings; expected benefits and customer savings from participation in the Extended Day-Ahead Market; PGE's proposed holding company reorganization; PGE's proposed purchase of electric utility operations and certain assets in Washington state from PacifiCorp (Acquisition), the 2027 general rate case; resource planning, procurement and capital investment, including the Biglow and Salmonfly projects; financing and operating plans, and expected dividends, as well as other statements containing words such as “anticipates,” “assumptions,” “believes,” “continue,” “could,” “estimates,” “expected,” “forecast,” “guidance,” “intended,” “may,” “outlook,” “plans,” “potentially,” “proposed,” “should,” “target,” “will,” and “working to” or similar expressions. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, which could cause future events and actual results to differ materially from those set forth in, contemplated by, or underlying the forward-looking statements. Such risks, uncertainties and other factors include, without limitation: wildfire and public safety risks, including the effectiveness of mitigation, vegetation management, system hardening, and public safety power shutoffs (PSPS), related liability, insurance and regulatory cost recovery; severe or unseasonable weather, climate, and catastrophe risks that may materially affect customer demand, operations, power and fuel availability, costs and cost recovery; electric-system operation, generation and energy-market risks, including outages, equipment failures, hydro and wind variability, fuel or transmission constraints, counterparty performance, and volatility in wholesale power and fuel prices; regulatory, legislative and policy risks, including the timing and outcome of rate cases, new or revised laws, regulations, executive actions, audits, investigations, and cost-recovery proceedings that could affect rates, operations, capital resource plans or financial results; Acquisition and corporate- structure risks, including approvals and conditions, financing and joint-venture arrangements, implementation and integration, cost recovery, customer commitments, and the possibility that anticipated benefits are delayed, reduced or not realized; capital-investment and resource procurement risks, including permitting and interconnection delays, supply chain constraints, inflation, labor availability, contractual disputes, counterparty failures, project performance or abandonment, and the ability to complete projects on schedule and recover costs; load growth, customer mix and demand risks, including accelerated or uneven growth from large customers such as data centers, substantial infrastructure needs, weather-driven variability, changes in residential, commercial and industrial usage patterns, and conservation, price response, distributed generation or cusotmer migration to alternative suppliers; cybersecurity, artificial intelligence, data privacy and physical security risks that could disrupt operations, damage assets or expose sensitive information; environmental, legal and litigation risks, including permitting and remediation obligations and the timing and outcome of judicial, administrative or regulatory proceedings; and financing and macroeconomic risks, including the availability and cost of capital, credit ratings, interest rates, inflation, tariffs and supply-chain or energy- market disruption arising from geopolitical events; and the other risks and uncertainties set forth in PGE’s Annual Report on Form 10-K for the year ended December 31, 2025 and Quarterly Reports on Form 10-Q filed thereafter with the U.S. Securities and Exchange Commission. Source: Portland General Electric Company
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Page 6 PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Dollars in millions, except per share amounts) (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Revenues: Revenues, net $ 969 $ 946 $ 2,643 $ 2,676 Alternative revenue programs, net of amortization 2 6 21 11 Total revenues 971 952 2,664 2,687 Operating expenses: Purchased power and fuel 383 372 1,040 1,034 Generation, transmission and distribution 115 112 337 336 Administrative and other 86 99 282 291 Depreciation and amortization 146 148 433 427 Taxes other than income taxes 54 47 157 139 Total operating expenses 784 778 2,249 2,227 Income from operations 187 174 415 460 Interest expense, net 62 60 183 173 Other income: Allowance for equity funds used during construction 8 4 17 15 Miscellaneous income, net 5 5 23 17 Other income, net 13 9 40 32 Income before income tax expense 138 123 272 319 Income tax expense 19 20 40 54 Net income 119 103 232 265 Other comprehensive income 1 1 1 1 Comprehensive income $ 120 $ 104 $ 233 $ 266 Weighted-average common shares outstanding (in thousands): Basic 118,199 110,170 116,534 109,708 Diluted 118,671 110,416 117,085 109,958 Earnings per share: Basic $ 1.01 $ 0.94 $ 1.99 $ 2.42 Diluted $ 1.00 $ 0.94 $ 1.98 $ 2.41
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Page 7 PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In millions) (Unaudited) September 30, 2026 December 31, 2025 ASSETS Current assets: Cash and cash equivalents $ 69 $ 76 Accounts receivable, net 442 460 Inventories 127 124 Regulatory assets—current 257 168 Other current assets 150 244 Total current assets 1,045 1,072 Electric utility plant, net 11,712 10,993 Regulatory assets—noncurrent 513 619 Nuclear decommissioning trust 44 42 Non-qualified benefit plan trust 38 36 Other noncurrent assets 463 468 Total assets $ 13,815 $ 13,230
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Page 8 PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS, continued (In millions, except share amounts) (Unaudited) September 30, 2026 December 31, 2025 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Accounts payable $ 310 $ 330 Liabilities from price risk management activities—current 113 158 Current portion of finance lease obligation 27 27 Accrued expenses and other current liabilities 462 478 Total current liabilities 912 993 Long-term debt, net of current portion 5,010 4,662 Regulatory liabilities—noncurrent 1,524 1,490 Deferred income taxes 668 601 Deferred investment tax credits 187 194 Unfunded status of pension and postretirement plans 89 107 Liabilities from price risk management activities—noncurrent 49 56 Asset retirement obligations 302 299 Non-qualified benefit plan liabilities 66 70 Finance lease obligations, net of current portion 253 263 Other noncurrent liabilities 423 362 Total liabilities 9,483 9,097 Commitments and contingencies (see notes) Shareholders’ Equity: Preferred stock, no par value, 30,000,000 shares authorized; none issued and outstanding as of September 30, 2026 and December 31, 2025 — — Common stock, no par value, 160,000,000 shares authorized; 118,907,598 and 115,559,079 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively 2,540 2,382 Accumulated other comprehensive loss (3 ) (4 ) Retained earnings 1,795 1,755 Total shareholders’ equity 4,332 4,133 Total liabilities and shareholders’ equity $ 13,815 $ 13,230
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Page 9 PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited) Nine Months Ended September 30, 2026 2025 Cash flows from operating activities: Net income $ 232 $ 265 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 433 427 Deferred income taxes 22 39 Allowance for equity funds used during construction (17 ) (15 ) Alternative revenue programs (21 ) (11 ) Regulatory assets 20 (6 ) Regulatory liabilities 16 (21 ) Tax credit sales 23 153 Other non-cash income and expenses, net 78 69 Changes in working capital: Accounts receivable, net 10 (9 ) Inventories (3 ) (10 ) Margin deposits 63 66 Accounts payable and accrued liabilities 20 43 Margin deposits from wholesale counterparties (19 ) — Other working capital items, net 20 37 Other, net (66 ) (57 ) Net cash provided by operating activities 811 970 Cash flows from investing activities: Capital expenditures (1,085 ) (899 ) Sales of Nuclear decommissioning trust securities 3 4 Purchases of Nuclear decommissioning trust securities (3 ) (9 ) Other, net (18 ) (12 ) Net cash used in investing activities (1,103 ) (916 )
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Page 10 PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS, continued (In millions) (Unaudited) Nine Months Ended September 30, 2026 2025 Cash flows from financing activities: Proceeds from issuance of common stock $ 156 $ 49 Proceeds from issuance of long-term debt 350 310 Payments on long-term debt — (102 ) Dividends paid (184 ) (167 ) Other (37 ) (19 ) Net cash provided by financing activities 285 71 Change in cash and cash equivalents (7 ) 125 Cash and cash equivalents, beginning of period 76 12 Cash and cash equivalents, end of period $ 69 $ 137 Supplemental cash flow information is as follows: Cash paid for interest, net of amounts capitalized $ 155 $ 146 Cash received for income taxes, net (3 ) (137 )
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Page 11 PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES SUPPLEMENTAL OPERATING STATISTICS (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Retail: Residential $ 362 37 % $ 375 39 % $ 1,090 41 % $ 1,115 42 % Commercial 261 27 262 28 744 28 738 27 Industrial 177 18 141 15 472 17 396 15 Subtotal 800 82 778 82 2,306 86 2,249 84 Direct access: Commercial 3 — 4 — 10 — 12 — Industrial 10 1 7 1 24 1 18 1 Subtotal 13 1 11 1 34 1 30 1 Subtotal Retail 813 83 789 83 2,340 87 2,279 85 Alternative revenue programs, net of amortization 2 — 6 1 21 1 11 1 Other accrued revenues, net (6 ) — (1 ) — (11 ) — 9 — Total retail revenues 809 83 794 84 2,350 88 2,299 86 Wholesale revenues 143 15 136 14 245 9 324 12 Other operating revenues 19 2 22 2 69 3 64 2 Total revenues $ 971 100 % $ 952 100 % $ 2,664 100 % $ 2,687 100 % Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 % Change % Change (Weather- Adjusted) 2026 2025 % Change % Change (Weather- Adjusted)* Energy deliveries: Retail: Residential 1,740 1,911 (8.9 )% (0.6 )% 5,418 5,708 (5.1 )% (2.4 )% Commercial 1,668 1,752 (4.8 ) (1.8 ) 4,791 4,930 (2.8 ) (1.8 ) Industrial 1,654 1,561 6.0 6.4 4,815 4,375 10.1 10.2 Subtotal 5,062 5,224 (3.1 ) 1.1 15,024 15,013 0.1 1.5 Direct access: Commercial 134 155 (13.5 ) (13.5 ) 368 419 (12.2 ) (12.2 ) Industrial 552 545 1.3 1.3 1,562 1,501 4.1 4.1 Subtotal 686 700 (2.0 ) (2.0 ) 1,930 1,920 0.5 0.5 Total retail 5,748 5,924 (3.0 ) 0.7 % 16,954 16,933 0.1 1.3 % Wholesale 2,379 2,741 (13.2 ) 5,293 7,159 (26.1 ) Total 8,127 8,665 (6.2 )% 22,247 24,092 (7.7 )%
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Page 12 Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 % Change 2026 2025 % Change Average number of retail customers: Residential 847,007 841,257 1 % 846,286 839,429 1 % Commercial 114,495 114,258 — 114,520 114,226 — Industrial 224 218 3 222 217 2 Direct access 497 747 (33 ) 511 688 (26 ) Total 962,223 956,480 1 % 961,539 954,560 1 %
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Page 13 PORTLAND GENERAL ELECTRIC COMPANY AND SUBSIDIARIES SUPPLEMENTAL OPERATING STATISTICS, continued (Unaudited) Heating Degree-days Cooling Degree-days 2026 2025 Avg. 2026 2025 Avg. First Quarter 1,737 1,772 1,828 — 4 — Second Quarter 477 464 580 133 102 115 July 6 2 3 190 209 208 August 2 — 2 202 277 240 September 61 17 49 23 102 92 Third Quarter 69 19 54 415 588 540 Year-to-date 2,283 2,255 2,462 548 694 655 (Decrease)/Increase from the 15-year average (7 )% (8 )% (16 )% 6 % Note: “Average” amounts represent the 15-year rolling averages provided by the National Weather Service (Portland Airport). Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Generation: Thermal: Natural gas 3,265 42 % 3,138 39 % 7,000 33 % 8,534 38 % Coal 544 7 581 7 1,059 5 1,408 6 Total thermal 3,809 49 3,719 46 8,059 38 9,942 44 Hydro 174 2 199 2 765 4 969 4 Wind 710 9 669 8 2,025 9 2,134 9 Total generation 4,693 60 4,587 56 10,849 51 13,045 57 Purchased power: Hydro 861 11 1,549 19 3,552 17 5,321 24 Wind 350 4 280 4 1,085 5 871 4 Solar 668 9 399 5 1,602 8 992 4 Natural Gas 518 7 522 7 1,142 5 522 2 Waste, Wood, and Landfill Gas 27 — 29 — 76 — 83 — Source not specified 736 9 765 9 2,949 14 1,935 9 Total purchased power 3,160 40 3,544 44 10,406 49 9,724 43 Total system load 7,853 100 % 8,131 100 % 21,255 100 % 22,769 100 % Less: wholesale sales (2,379 ) (2,741 ) (5,293 ) (7,159 ) Retail load requirement 5,474 5,390 15,962 15,610