AVISTA CORP

Operating Activities

Net cash provided by operating activities was $224 million for the six months ended June 30, 2025, compared to $317 million for the six months ended June 30, 2024. A decrease of $81 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 half of 2025. The change in other current assets also decreased operating cash flows by $44 million compared to the prior year, which is associated with increased balances for insurance proceeds receivable and prepayments. These decreases were partially offset by an increase of $44 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 $248 million for the six months ended June 30, 2025, compared to $254 million for the six months ended June 30, 2024. We paid $246 million for utility capital expenditures in 2025, compared to $251 million in 2024.

Financing Activities

Net cash provided by financing activities was $3 million for the six months ended June 30, 2025, compared to $83 million used in financing activities for the six months ended June 30, 2024. We increased our short-term borrowings by $51 million in the six months ended June 30, 2025, compared to a decrease of $105 million in the six months ended June 30, 2024. We issued $84 million of long-term debt in the six months ended June 30, 2024, with no issuances of long-term debt in the first half of 2025. In addition, we issued $35 million of common stock and paid $79 million in dividends in the six months ended June 30, 2025, compared to issuing $18 million of common stock and paying $75 million in dividends in the first half of 2024.