AVISTA CORP

Refer to the 2024 Form 10-K for disclosure of risk factors that could have a significant impact on our results of operations, financial condition or cash flows and could cause actual results or outcomes to differ materially from those discussed in our reports filed with the SEC (including this Quarterly Report on Form 10-Q), and elsewhere. These risk factors have not materially changed from the disclosures provided in the 2024 Form 10-K. However, due to recent legislation and changes in public sentiment, we are providing the following enhanced discussion of risks inherent in our investments:

As discussed in Note 11 of the Notes to Condensed Consolidated Financial Statements under “Equity Investments” and in Management’s Discussion and Analysis of Financial Condition and Results of Operations under “Executive Overview – Overall Results” and “Results of Operations – Other Businesses”, the fair values of our respective equity investments fluctuate from period to period, and such changes in fair value directly affect our net income. While we make these investments after prudent analysis and with the expectation of eventual financial gains, there is no assurance that these investments will ultimately be successful. However, it is likely that the value of these investments will continue to fluctuate as the businesses continue to mature, causing corresponding changes in our net income. In addition, the risks faced by these businesses differ from the risks faced by our utility operations.