Xcel Energy Inc. · NASDAQ:XEL

Xcel Energy — Q1 2026 Earnings Presentation

42 slides from Xcel Energy's earnings presentation, Apr 30, 2026

  1. Slide 1: 2026 Q1 Earnings Report Presentation

    2026 Q1 EARNINGS REPORT PRESENTATION April 30, 2026 © 2026 Xcel Energy Inc. 1

  2. Slide 2: Safe Harbor

    SAFE HARBOR Except for the historical statements contained in this presentation, the matters discussed herein are forward-looking statements that are subject to certain risks, uncertainties and assumptions. Such forward-looking statements, including those relating to 2026 EPS guidance, long-term EPS

  3. Slide 3: 2026 Q1 Highlights

    2026 Q1 HIGHLIGHTS • 2026 Q1 GAAP and ongoing EPS of $0.89 and $0.91, compared to EPS of $0.84 in 2025 Q1 • Reaffirmed 2026 ongoing EPS guidance of $4.04 to $4.16 • Invested over $3 billion to build and maintain infrastructure, supporting customer energy needs • Achieved line of sight on $7+ billion

  4. Slide 4: EPS Results by Operating Company

    EPS RESULTS BY OPERATING COMPANY First Quarter Operating Company 2026 2025 PSCo $0.42 $0.45 NSPM 0.30 0.32 SPS 0.13 0.10 NSPW 0.10 0.07 Earnings from equity method investments 0.01 0.01 Regulated utility 0.97 0.95 Holding company and other (0.08) (0.11) Total GAAP diluted EPS $0.89 $0.84 Prairie Isl

  5. Slide 5: Quarterly Ongoing EPS Change

    QUARTERLY ONGOING EPS CHANGE $0.10 $0.23 ($0.18) $0.03 ($0.05) ($0.03) ($0.01) ($0.04) Non-Fuel Rate 0.11 0.04 Riders Cases Sales and Weather* (0.07) 0.05 Demand Fuel Cost 0.04 Recovery $0.91 $0.89 $0.84 Rate 0.03 Cases Weather* (0.03) Other 0.03 2025 Q1 Electric AFUDC Interest D&A Gas Other 2026 Q1

  6. Slide 6: Q1 2026 W/A Sales Growth

    Q1 2026 W/A SALES GROWTH 2026 Q1 W/A Retail Electric Sales Growth 2026 Q1 YoY Electric Customer Growth 8.1% 0.8% 0.7% 0.7% 0.7% 2.8% 0.5% 2.1% 0.6% (0.5%) NSPM NSPW PSCo SPS Xcel Energy NSPM NSPW PSCo SPS Xcel Energy 2026 Q1 W/A Natural Gas Sales Growth 2026 Q1 YoY Natural Gas Customer Growth 0.9% 0

  7. Slide 7: Capital Forecast 2026 – 2030

    CAPITAL FORECAST 2026 – 2030 $60 billion total capital investment SPS and NSP Generation Portfolios MISO and SPP Transmission $15 Billion ~7,500 MW renewable generation ~3,000 MW natural gas generation ~1,900 MW energy storage 2025 - 2029 Capital Plan $45 Billion ~1,500 new transmission line miles ~

  8. Slide 8: $10+ Billion Pipeline of Additional Infrastructure Investment

    $10+ BILLION PIPELINE OF ADDITIONAL INFRASTRUCTURE INVESTMENT Line of sight on $7+ billion of additional investment  PSCo: Approval for ~800 MW company-owned generation (NTP)  NSP: ~2/3 of generation and storage contracted by Google for data center project 10 – 12+ GW in RFPs • NSP: RFP for ~4,100

  9. Slide 9: Base Plan Generation Execution

    BASE PLAN GENERATION EXECUTION 2025 2026 2027 2028 2029 – 2030 System ~935 MW ~2,100 MW ~2,640 MW ~3,815 MW ~2,840 MW 450 MW 300 MW 240 MW 300 MW 300 MW 300 MW NSP 210 MW 250 MW 300 MW 300 MW 300 MW 160 MW 140 MW 75 MW 200 MW 500 MW 600 MW 400 MW 450 MW PSCo 325 MW 250 MW 200 MW 335 MW 200 MW 200 MW

  10. Slide 10: Keeping Customer Bills Low

    KEEPING CUSTOMER BILLS LOW 2014 – 2025 Residential Electric CAGR = ~1.9% Average Xcel Energy Residential Bill to 2014 – 2025 Natural Gas CAGR = ~0.2% National Average* $98 $98 $99 $103 Electric Natural Gas $89 $83 $84 $84 $80 $81 $81 $80 $81 Electric $68 $62 $63 -11% $58 $54 $48 $51 $48 $42 $45 $44

  11. Slide 11: Low Customer Share of Wallet

    LOW CUSTOMER SHARE OF WALLET Residential Electric Share of Wallet* Residential Electric Share of Wallet by State** 1.6% Colorado 1.0% (#1 of 50) North Dakota 1.2% (#3 of 50) Michigan 1.3% (#4 of 50) Minnesota 1.3% (#5 of 50) 1.2% South Dakota 1.6% (#9 of 50) Wisconsin 1.6% (#12 of 50) Texas 1.9% (#2

  12. Slide 12: Committed to Affordability

    COMMITTED TO AFFORDABILITY Increase in Household Expenditures, 2021 – 2025 CAGR Minneapolis Denver 8.4% 8.5% 7.7% 5.8% 5.8% 5.0% 5.2% 4.2% 3.1% 1.5% Gasoline Groceries House Prices Average U.S. Xcel Energy Gasoline Groceries House Prices Average U.S. Xcel Energy Electric Bill Residential Electric Bi

  13. Slide 13: Committed to Affordability

    COMMITTED TO AFFORDABILITY Non-Fuel O&M per MWh, 2020 – 2024 Average $90 $80 $70 $60 $50 Peer Group Average $40 $30 $20 $10 $0 Peer Peer Peer Xcel Peer Peer Peer Peer Peer Peer Peer Peer Peer Peer Peer Peer Peer Peer Peer 1 2 3 Energy 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Source: EIA, FERC Form 1 n

  14. Slide 14: Data Center Pipeline

    DATA CENTER PIPELINE > 20 GW Additional Pipeline • Hyperscalers and large developers • Opportunities to upsize existing contracts ~4 GW • Align with large load tariff filings Contracted by • 15+ year terms Year End 2027 • Total capacity ranging from 200 MW – 1+ GW • Online by 2027 – 2030+ with ramps

  15. Slide 15: Development & Supply Chain Partnerships

    DEVELOPMENT & SUPPLY CHAIN PARTNERSHIPS • Landmark strategic alliance signed February 2026 • Support wind, natural gas generation, transmission and distribution projects into 2030s • Provides supply of critical components, operational flexibility and cost certainty GE Vernova • Bidding several GW of

  16. Slide 16: NSPM Rate Case Updates

    NSPM RATE CASE UPDATES Minnesota Electric South Dakota Electric Proceeding No. 24-320 Proceeding No. EL25-024 November 2024 request June 2025 request • Base rate increase of ~$365 million over two years (revised) • Base rate increase of ~$44 million – Includes proposed adjustments of $150 million re

  17. Slide 17: NSPM Rate Case Updates

    NSPM RATE CASE UPDATES Minnesota Natural Gas North Dakota Natural Gas Proceeding No. 25-356 Proceeding No. 26-052 October 2025 request January 2026 request • Base rate increase of ~$62 million • Base rate increase of ~$14 million • ROE of 10.65%; equity ratio of 52.5% • ROE of 10.85%; equity ratio o

  18. Slide 18: PSCo Rate Case Updates

    PSCo RATE CASE UPDATES Colorado Electric Colorado Natural Gas Proceeding No. 25AL-0494E Proceeding No. 25AL-0538G November 2025 request December 2025 request • Base rate increase of ~$356 million • Base rate increase of ~$190 million • ROE of 9.80%; equity ratio of 55.0% • ROE of 10.75%; equity rati

  19. Slide 19: SPS Rate Case Update

    SPS RATE CASE UPDATE November 2025 request • Base rate increase of ~$168 million (revised) • ROE of 10.50%; equity ratio of 56.0% • 2027 forward test year with rate base of $3.9 billion New Mexico Electric • Procedural Schedule Proceeding No. 25-00079-UT – Intervenor direct testimony May 1, 2026 – R

  20. Slide 20: 2026 Ongoing EPS Guidance: $4.04 - $4.16

    2026 ONGOING EPS GUIDANCE: $4.04 - $4.16 Earnings Drivers Key Assumptions (as compared to 2025 levels unless noted) Regulatory proceedings Constructive outcomes in all pending proceedings Weather Normal weather patterns for the remainder of the year W/A retail electric sales Increase of ~3% W/A reta

  21. Slide 21: Total Shareholder Return

    TOTAL SHAREHOLDER RETURN 6-8+% EPS Growth 10+% Total Shareholder Return ~3% Dividend Yield 4-6% CAGR | 45-55% Payout Ratio © 2026 Xcel Energy Inc. 21

  22. Slide 22: Balanced Investment Thesis

    BALANCED INVESTMENT THESIS • Met or exceeded earnings guidance for 21 consecutive years Regulated Utility that • Dividend increases for 23 consecutive years Consistently Delivers • Strong balance sheet and credit metrics • Average residential electric bills 29% below national average • Investment pl

  23. Slide 23: Appendix

    APPENDIX © 2026 Xcel Energy Inc. 23

  24. Slide 24: Financial Supplement

    FINANCIAL SUPPLEMENT © 2026 Xcel Energy Inc. 24

  25. Slide 25: ROE Results – Ongoing Earnings

    ROE RESULTS – ONGOING EARNINGS Ongoing ROE* 2025E Rate Base Twelve Months Ended March 31, 2026 10.06% 10.66% SPS 9.24% NSPM 8.57% 8.34% 16% 7.26% 35% ~$56 Billion PSCo 43% NSPM NSPW PSCo SPS Total Xcel Energy NSPW OpCo 6% *Ongoing ROEs exclude impact of Marshall Fire settlement and Prairie Island ou

  26. Slide 26: Reconciliation – Ongoing EPS to GAAP EPS

    RECONCILIATION – ONGOING EPS TO GAAP EPS $ Millions 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Ongoing EPS $2.21 $2.30 $2.47 $2.64 $2.79 $2.96 $3.17 $3.35 $3.50 $3.80 Impact of Tax Cuts - (0.05) - - - - - - - - & Jobs Act Loss on Comanche - - - - - - - (0.05) - - Unit 3 litigation Workforce r

  27. Slide 27: Q1 2026 W/A Sales Growth

    Q1 2026 W/A SALES GROWTH NSPM NSPW PSCO SPS 10.8% 8.1% 1.8% 2.2% 2.1% 1.3% 0.3% 0.6% 0.3% (0.5%) (1.9%) (5.4%) Residential C&I Total Retail Extreme weather variations, windchill and cloud cover may not be reflected in estimates © 2026 Xcel Energy Inc. 27

  28. Slide 28: W/A Sales Growth

    W/A SALES GROWTH Residential C&I Total Retail Electric Natural Gas 4.3% 2.8% 2.4% 2.2% 2.0% 1.5% 1.0% 0.1% (0.1%) (0.7%) (0.7%) (1.2%) FY FY YTD FY FY YTD FY FY YTD FY FY YTD 2024 * 2025 * 2026 2024 * 2025 * 2026 2024 * 2025 * 2026 2024 * 2025 * 2026 Electric Natural Gas * Leap year adjusted Extreme

  29. Slide 29: Base Capital Expenditures by Function

    BASE CAPITAL EXPENDITURES BY FUNCTION $ Millions 2026 2027 2028 2029 2030 Total Electric Transmission $3,060 $2,930 $2,890 $3,190 $3,370 $15,440 Renewables 3,560 4,620 3,380 1,150 1,210 13,920 Electric Distribution* 2,920 3,250 2,930 1,680 * 2,930 13,710 Electric Generation 2,220 2,420 2,500 1,810 5

  30. Slide 30: Base Capital Expenditures by Company

    BASE CAPITAL EXPENDITURES BY COMPANY $ Millions 2026 2027 2028 2029 2030 Total NSPM $3,740 $4,870 $4,210 $3,660 $3,650 $20,130 NSPW 910 1,210 760 570 580 4,030 PSCo* 5,980 3,940 2,960 1,760 * 2,960 17,600 SPS 3,050 5,120 5,350 3,240 2,270 19,030 Other** 110 (10) (630) (210) (50) (790) Total $13,790

  31. Slide 31: Strong Rate Base Growth

    STRONG RATE BASE GROWTH OpCo Base CAGRs Xcel Energy Consolidated Rate Base 2025 – 2030 $94 $90 $86 NSPM PSCo $ Billions $77 ~10% ~7% XEL $66 ~11% 2025 – 2030 CAGR: ~11% $56 NSPW SPS ~13% ~22% 2025 2026 2027 2028 2029 2030 © 2026 Xcel Energy Inc. 31

  32. Slide 32: Financing Plan 2026 – 2030

    FINANCING PLAN 2026 – 2030* $ Millions $7,000 $22,820 $3,580 $3,580 $60,000 $30,180 CFO** Maturing Refinanced Incremental Debt Equity & Base Plan LT Debt LT Debt Equity Content * Financing plans reflect tax credit transferability and are subject to change. Impact from planned 2029 securitization in

  33. Slide 33: 2026 Debt Financing Plan

    2026 DEBT FINANCING PLAN $ Millions Security Amount Status Tenor Coupon HoldCo Junior Subordinated Notes $800 Complete 30 Year (NC5) 5.75% 3 Year 4.15% PSCo First Mortgage Bonds $1,300 Complete 10 Year 5.05% 10 Year 4.85% NSPM First Mortgage Bonds $1,200 Complete 30 Year 5.55% NSPW First Mortgage Bo

  34. Slide 34: Strong Balance Sheet and Credit Metrics

    STRONG BALANCE SHEET AND CREDIT METRICS Plan 2025A 2026E 2027E 2028E 2029E 2030E FFO/Debt ~16% ~16% ~16% ~16% ~17% ~17% Debt/EBITDA 6.0x 5.7x 5.8x 5.9x 5.3x 5.0x Equity Ratio 41% 41% 42% 41% 40% 41% HoldCo Debt/Total Debt 25% 23% 22% 24% 23% 22% Credit Ratings Moody’s S&P Fitch Xcel Energy Unsecured

  35. Slide 35: 2025 Credit Metrics - GAAP to Non-GAAP Reconciliation

    2025 CREDIT METRICS - GAAP TO NON-GAAP RECONCILIATION 2025 FFO to Debt = ~16% FFO Calculation, $ Millions 2025 Adjusted Debt Calculation, $ Millions 2025 Using 2025 Form 10-K Statement of Cash Flows & Income Statement Actual Using 2025 Form 10-K Balance Sheet Actual Net cash from operating activitie

  36. Slide 36: Regulatory & RFP Calendar

    REGULATORY & RFP CALENDAR Rate Cases 2026 Resource & Resiliency Plans Q2 SD Electric rate case decision MN Electric rate case decision SPS RFP (1,500-3,000 MW) independent monitor report Q3 NSP RFP (1,200 MW) wind development transfer decision CO Electric rate case decision CO Gas rate case decision

  37. Slide 37: Large Load Tariff Filings

    LARGE LOAD TARIFF FILINGS Minnesota Large Load Tariff Colorado Large Load Tariff Proceeding No. E-002/M-25-289 Proceeding No. 26AL-0137E • Filed July 2025, decision expected in 2026 Q2 • Filed April 2026, decision expected in early 2027 • Applies to 100 MW+ new or expanded load • Applies to 50 MW+ n

  38. Slide 38: Wildfire Mitigation

    WILDFIRE MITIGATION © 2026 Xcel Energy Inc. 38

  39. Slide 39: Wildfire Risk Mitigation Strategy

    WILDFIRE RISK MITIGATION STRATEGY Aggressively deploy additional situational increase the number and frequency of  awareness tools – weather stations and AI cameras  Materially PSPS drills develop more mature meteorology, every ignition to ensure risk-  Rapidly fire science, and risk modeling cap

  40. Slide 40: State and Federal Policy

    STATE AND FEDERAL POLICY State Federal • Create authority for Wildfire Mitigation Plans and • Create federal fund as a liability backstop Public Safety Power Shutoffs • Address the broad scope of potential third-party • Reform state tort law applicable to wildfires: wildfire damages under state law

  41. Slide 41: Smokehouse Creek Fire

    SMOKEHOUSE CREEK FIRE • Our distribution poles appear to have been involved in an ignition of the Smokehouse Creek Fire and the smaller Reamer Fire (which burned into the Smokehouse Creek Fire) – We dispute claims that we acted negligently in maintaining and operating our infrastructure – We have es

  42. Slide 42: © 2026 Xcel Energy Inc.

    © 2026 Xcel Energy Inc.

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