AVISTA CORP

Operating Activities

Net cash provided by operating activities was $179 million for the three months ended March 31, 2026, compared to $184 million for the three months ended March 31, 2025. There was a decrease of $31 million associated with net decoupling deferrals and amortizations, primarily associated with decoupling surcharges recognized in the first quarter of 2026 due to milder weather and decreased customer usage. Changes in other current liabilities and accounts payable decreased operating cash flows by $37 million compared to the first quarter of 2025, primarily due to the timing of a litigation settlement accrual during the first quarter of 2025, as well as decreased payables for natural gas purchases as volumes purchased in 2026 decreased. These decreases were partially offset by the change in other current assets, which increased operating cash flows by $60 million, due to timing of prepayments and insurance proceeds receivables recorded during the first quarter of 2025.

Investing Activities

Net cash used in investing activities was $148 million for the three months ended March 31, 2026, compared to $103 million for the three months ended March 31, 2025. We paid $150 million for utility capital expenditures in 2026, compared to $103 million in 2025.

Financing Activities

Net cash used in financing activities was $32 million for the three months ended March 31, 2026, compared to $94 million for the three months ended March 31, 2025. In the first quarter of 2026, we repaid $3 million in short term borrowings, compared to $67 million in the first quarter of 2025. We issued $14 million of common stock and paid $41 million in dividends in the three months ended March 31, 2026, compared to issuing $16 million of common stock and paying $40 million in dividends in the three months ended March 31, 2025.