PORTLAND GENERAL ELECTRIC CO /OR/

This summary highlights selected information to assist you in your review of this Proxy Statement. It does not contain all of the information you should consider, and you should read the entire Proxy Statement carefully before voting. Information regarding our performance is available in our 2025 Annual Report, which accompanies this Proxy Statement and is available on our website at https://investors.portlandgeneral.com/financial-information/annual-reports. For additional information about the Annual Meeting and voting, please see the Questions and Answers section. This Proxy Statement and the accompanying form of proxy card or voting instruction form are first being made available to shareholders on or about March 13, 2026. All website references in our proxy materials are inactive textual references, and the information on, or that can be accessed through, such websites does not constitute a part of these materials.

SHAREHOLDER VOTING MATTERS

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The Board, acting upon the recommendation of the Nominating, Governance and Sustainability Committee, has nominated each of the nine nominees for election to our Board.

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The Board believes its members encompass a range of talents, skills, expertise and qualifications to sufficiently provide sound and prudent oversight of PGE's business and oversee its operations, risks and long-term strategy. The directors reflect the diversity of PGE's shareholders, employees, customers and the communities that we serve.

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Shareholders are being asked to elect each director to serve until the 2027 Annual Meeting of Shareholders.

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Our executive compensation program is described in the Compensation Discussion and Analysis section of the Proxy Statement.

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The Compensation, Culture and Talent Committee and the Board believe our executive compensation structure is competitive, rewards performance and aligns compensation with shareholder value and serves stakeholders well.

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Shareholders are being asked for an advisory vote to approve the compensation of our named executive officers described in the Compensation Discussion and Analysis section and related compensation tables.

Compensation Best Practices

Pay for Performance

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Shareholders are being asked to ratify the Audit and Risk Committee's selection of Deloitte & Touche LLP (Deloitte) as our independent registered public accounting firm for fiscal year 2026.

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The Audit and Risk Committee and the Board believe the continued retention of Deloitte is in the best interest of PGE and its shareholders.

Cautionary Note Regarding Forward-Looking Statements

This Proxy Statement contains forward-looking statements, including those regarding implementation of our business plans, acquisitions, technology transitions, our business, strategies and financial performance, our offerings of new services and other statements that are not historical fact. Actual results could differ materially from these forward-looking statements. Risk factors that could cause actual results to differ are set forth in the “Risk Factors” section of our 2025 Annual Report, available on our website at https://investors.portlandgeneral.com/financial-information/sec-filings, and in subsequent reports filed with the SEC. All forward-looking statements are based on management’s estimates, projections and assumptions as of the date of this Proxy Statement, and we undertake no obligation to update any such statements.