In Micron We Trust, Raise Est On Large Load Stacking; Buy

Research evidence excerpt

In Micron We Trust, Raise Est On Large Load Stacking; Buy

ID2. We assume IDA extends its track record of self-building

gas gen. We expect the 2027 IRP filing to include a new load forecast approaching double digits, Exhibit 1 - IDA - FY2 (2028) PE Multiple %

incl Micron Fab 2. There is some undefined capital in the base capital plan that could help serve a Premium/Discount (5-Year Average)

portion of Fab 2 but only in the earliest years. Long-term planning would suggest more resources

will be needed. IDA is working with Micron to determine the size/ability to serve; ESA expected by

year-end if not sooner.

High-Tech manufacturing drives more generation, Micron moving forward with ID2. Micron

emphasized (as recently as F3Q26 earnings call on June 24) that ID2 should benefit from .Source: Jefferies LLC and FactSet

manufacturing economies of scale alongside ID1. Construction is well underway and ID1 is on track We have seen share re-rating, but admittedly

JuliencompanyDumoulin-Smithis in the best* |positionEquity Analystit has beenfor first wafer output in mid-calendar 2027 and ID2 in late calendar 2028. IDA derisked operationally

+1 (281) 774-2066 | jds@jefferies.com

and from a credit perspective through the large load special contracts. in years. Still see further re-rating above

Paul2021Zimbardolevels as* |growthEquity Analystsignificantly better.

B/S simplicity a strength. Prudent equity financing, combined with cash flow generation as large +1 (212) 778-8497 | pzimbardo@jefferies.com Investors likely underappreciate just how

loads ramps and rate relief, drives a steady increase in annual FFO-to-debt of +300bp from 15% in Brian Russo, CFA * | Equity Analyst much of a premium shares have historically

FY26 to 18% by FY30. No Holding company debt.