Xcel Energy Inc. · NASDAQ:XEL
Xcel Energy — Q2 2026 Earnings Presentation
43 slides from Xcel Energy's earnings presentation, Jul 30, 2026
Slide 1: 2026 Q2 Earnings Report Presentation
2026 Q2 EARNINGS REPORT PRESENTATION July 30, 2026 © 2026 Xcel Energy Inc. 1
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
Slide 3: 2026 Q2 Highlights
2026 Q2 HIGHLIGHTS • 2026 Q2 GAAP and ongoing EPS of $0.93, compared to $0.75 in 2025 Q2 • 2026 YTD GAAP and ongoing EPS of $1.82 and $1.84, compared to EPS of $1.59 in 2025 YTD • Reaffirmed 2026 ongoing EPS guidance of $4.04 to $4.16 • Invested over $6 billion YTD to support growing energy needs, e
Slide 4: EPS Results by Operating Company
EPS RESULTS BY OPERATING COMPANY Second Quarter YTD Operating Company 2026 2025 2026 2025 PSCo $0.32 $0.26 $0.74 $0.71 NSPM 0.37 0.32 0.67 0.64 SPS 0.19 0.17 0.33 0.27 NSPW 0.06 0.05 0.17 0.12 Earnings from equity method investments 0.01 0.01 0.02 0.02 Regulated utility 0.95 0.81 1.92 1.76 Holding c
Slide 5: Quarterly Ongoing EPS Change
QUARTERLY ONGOING EPS CHANGE $0.12 $0.08 $0.08 $0.30 ($0.18) ($0.18) ($0.04) Non-Fuel Rate 0.14 0.01 Riders Cases Sales and Fuel Cost 0.03 (0.05) Demand Recovery Fuel Cost $0.93 (0.25) Recovery $0.75 Rate Cases* (0.05) Other (0.05) 2025 Q2 GAAP & Electric Fuel & AFUDC D&A Other Interest Electric Gas
Slide 6: YTD Ongoing EPS Change
YTD ONGOING EPS CHANGE $0.14 $0.18 $0.05 $0.31 Non-Fuel Riders 0.26 ($0.36) $0.02 ($0.07) ($0.04) Sales and 0.09 Demand Rate 0.05 Fuel Cost Cases (0.22) Recovery Weather** (0.08) Rate (0.03) Cases* Fuel Cost (0.05) Recovery Weather** (0.02) $1.84 $1.82 $1.59 Other (0.03) Other 0.01 2025 YTD Electric
Slide 7: 2026 W/A Sales Growth
2026 W/A SALES GROWTH 2026 YTD W/A Retail Electric Sales Growth 2026 Q2 YoY Electric Customer Growth 4.8% 0.8% 0.8% 0.8% 0.7% 2.0% 1.8% 2.1% 0.5% (0.1%) NSPM NSPW PSCo SPS Xcel Energy NSPM NSPW PSCo SPS Xcel Energy 2026 YTD W/A Natural Gas Sales Growth 2026 Q2 YoY Natural Gas Customer Growth 0.3% N/
Slide 8: Capital Forecast 2026 – 2030
CAPITAL FORECAST 2026 – 2030 $70+ billion investment* 2026 - 2030 Incremental Investment $10+ Billion Line of Sight ~11,400 MW renewable generation ~3,400 MW natural gas generation ~2,200 MW energy storage 2026 - 2030 Base Capital Plan $60 Billion ~1,700 new transmission line miles ~$5 billion for w
Slide 9: Line of Sight to $10+ Billion of Additional Investment
LINE OF SIGHT TO $10+ 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 SPS: Recommendation for ~2,600 MW company-owned generation • NSP: RFP for ~4,100
Slide 10: 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
Slide 11: Keeping Customer Bills Low
KEEPING CUSTOMER BILLS LOW 2014 – 2026E Residential Electric CAGR = ~2.0% Average Xcel Energy Residential Bill to 2014 – 2026E Residential Natural Gas CAGR = ~0.1% National Average* $105 Electric Natural Gas $83 Electric $62 $62 -11% Natural Gas -29% 2014 2016 2018 2020 2022 2024 2026E * Based on tr
Slide 12: 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
Slide 13: 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
Slide 14: 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
Slide 15: 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
Slide 16: Example Partnerships
EXAMPLE PARTNERSHIPS • 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 wind projects into near-term RFPs with GEV wind turbines • 12 gas CT
Slide 17: NSPM Rate Case Updates
NSPM RATE CASE UPDATES Minnesota Electric Minnesota Natural Gas North Dakota Natural Gas Proceeding No. 24-320 Proceeding No. 25-356 Proceeding No. 26-052 November 2024 request October 2025 request January 2026 request • Base rate increase of ~$365 million • Base rate increase of ~$62 million • Base
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
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 • Settlement with select intervenors reached in June 2026 Proceeding No. 25-00079-UT – Base ra
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
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
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
Slide 23: Appendix
APPENDIX © 2026 Xcel Energy Inc. 23
Slide 24: Financial Supplement
FINANCIAL SUPPLEMENT © 2026 Xcel Energy Inc. 24
Slide 25: ROE Results – Ongoing Earnings
ROE RESULTS – ONGOING EARNINGS Ongoing ROE* 2025 Rate Base Twelve Months Ended June 30, 2026 10.31% 10.96% 9.59% SPS 16% NSPM 8.51% 8.43% 35% 7.22% ~$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 outa
Slide 26: 2026 YTD W/A Electric Sales Growth
2026 YTD W/A ELECTRIC SALES GROWTH NSPM NSPW PSCO SPS 6.2% 4.8% 2.4% 2.0% 1.7% 1.9% 1.8% 1.1% 0.0% (0.1%) (0.1%) (2.9%) Residential C&I Total Retail Extreme weather variations, windchill and cloud cover may not be reflected in estimates © 2026 Xcel Energy Inc. 26
Slide 27: Xcel Energy W/A Sales Growth
XCEL ENERGY W/A SALES GROWTH Residential C&I Total Retail Electric Natural Gas 3.0% 2.4% 2.2% 2.0% 2.1% 1.5% 1.0% 0.1% (0.1%) (0.7%) (1.2%) (1.5%) 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 adju
Slide 28: 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
Slide 29: 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
Slide 30: Strong Rate Base Growth
STRONG RATE BASE GROWTH OpCo Base CAGRs Xcel Energy Consolidated Rate Base 2025 – 2030 Based on $60 Billion Base Plan $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 * $10+ billion of incremental line of sight ca
Slide 31: 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
Slide 32: Equity Financing Plan 2026 – 2030
EQUITY FINANCING PLAN 2026 – 2030 2026-2030 Base Plan, Equity & Equity Content * $7 Billion Total Plan Completed 85% Contracted, Priced Complete Contracted Upside, Current Value Contracted Upside, Further Value Remaining * As of June 30, 2026 Collared forward equity contract value adjusts with arith
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
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
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
Slide 36: Regulatory & RFP Calendar
REGULATORY & RFP CALENDAR Rate Cases 2026 Resource & Resiliency Plans MN Electric rate case written order Q3 NSP RFP (1,200 MW) wind development transfer decision CO Electric rate case decision PSCo JTS RFP Issued (2027 – 2031 capacity needs) CO Gas rate case decision NM Electric rate case decision
Slide 37: Large Load Tariff Filings
LARGE LOAD TARIFF FILINGS Minnesota Colorado Wisconsin Proceeding No. M-25-289 Proceeding No. 26AL-0137E Proceeding No. 4220-TE-119 Filed April 2026 Filed June 2026 Status Approved Decision early 2027 Decision early 2027 Applicable Load 100 MW+ 50 MW+ 100 MW+ Minimum Term 15-Year 15-Year 15-Year 75%
Slide 38: 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
Slide 39: Wildfire Mitigation
WILDFIRE MITIGATION © 2026 Xcel Energy Inc. 39
Slide 40: 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
Slide 41: Wildfire Frameworks
WILDFIRE FRAMEWORKS North South New Colorado Minnesota Texas Wisconsin Dakota Dakota Mexico No Strict Liability* ✓ ✓ ✓ ✓ ✓ ✓ ✓ Wildfire Mitigation Plan ✓ ✓ ✓ ✓ ✓ ✓ Legislation Passed** ✓ ✓ ✓ Legislation Introduced ✓ ✓ ✓ ✓ ✓ Limits on Liability*** ✓ ✓ ✓ ✓ * Neither inverse condemnation nor strict lia
Slide 42: 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
Slide 43: © 2026 Xcel Energy Inc.
© 2026 Xcel Energy Inc.