AVISTA CORP

Operating Activities

Net cash provided by operating activities was $394 million for the nine months ended September 30, 2025, compared to $444 million for the nine months ended September 30, 2024. A decrease of $127 million is associated with net power and natural gas cost deferrals and amortizations. In 2024, we recovered previously deferred costs from customers compared to returning deferred benefits in the first three quarters of 2025. The change in other current assets also decreased operating cash flows by $30 million compared to the prior year, which is associated with increased balances for income tax receivable and prepayments. These decreases were partially offset by an increase of $53 million related to the change in other regulatory asset and liability balances, including the impacts of amortization and deferral activity associated with the CCA.

Investing Activities

Net cash used in investing activities was $373 million for the nine months ended September 30, 2025, compared to $410 million for the nine months ended September 30, 2024. We paid $379 million for utility capital expenditures in 2025, compared to $405 million in 2024.

Financing Activities

Net cash provided by financing activities was $7 million for the nine months ended September 30, 2025, compared to $60 million used in financing activities for the nine months ended September 30, 2024. We issued $140 million of long-term debt in the nine months ended September 30, 2025, compared to $84 million of long-term debt issued in the nine months ended September 30, 2024. In addition, we issued $45 million of common stock and paid $119 million in dividends in the nine months ended September 30, 2025, compared to issuing $36 million of common stock and paying $112 million in dividends in the nine months ended September 30, 2024.