Xcel Energy Inc. · NASDAQ:XEL

Xcel Energy — Q3 2026 Earnings Presentation

56 slides from Xcel Energy's earnings presentation, Oct 29, 2026

  1. Slide 1: 2026 Q3 Earnings Report Presentation

    2026 Q3 EARNINGS REPORT PRESENTATION October 29, 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 and 2027 EPS guidance, long

  3. Slide 3: 2026 Q3 Highlights

    2026 Q3 HIGHLIGHTS • 2026 Q3 GAAP and ongoing EPS of $1.52, compared to GAAP EPS of $0.88 and ongoing EPS of $1.24 in 2025 Q3 • 2026 YTD GAAP and ongoing EPS of $3.34 and $3.37, compared to $2.47 and $2.84 in 2025 YTD • Narrowed 2026 ongoing EPS guidance to $4.10 to $4.16 from $4.04 to $4.16 • Initi

  4. Slide 4: $70 Billion Base Capital Plan

    $70 BILLION BASE CAPITAL PLAN ~9,200 MW renewable generation 2027 – 2031 Incremental Investment $10+ Billion Potential ~3,300 MW natural gas generation ~2,300 MW energy storage ~2,400 miles new transmission 2027 – 2031 Base Capital Plan $70 Billion ~$4 billion for wildfire mitigation ~$7 billion to

  5. Slide 5: Base Capital Plan 2027 – 2031

    BASE CAPITAL PLAN 2027 – 2031 Investment by Function Investment by OpCo Natural Gas LDC 5% Other 9% Electric Distribution SPS 20% NSPM Natural Gas 37% 35% Generation 9% $70 $70 Billion Billion Renewable Electric Generation Transmission 31% 26% PSCo 23% NSPW 5% © 2026 Xcel Energy Inc. 5

  6. Slide 6: Strong Rate Base Growth

    STRONG RATE BASE GROWTH Xcel Energy Consolidated Year End Rate Base OpCo CAGRs Based on $70 Billion Base Plan 2026 – 2031 $112 $107 $ Billions $100 $90 NSPM PSCo $80 ~11% ~5% $68 Total 2026 – 2031 CAGR: ~11% ~11% NSPW SPS ~9% ~21% 2026 2027 2028 2029 2030 2031 © 2026 Xcel Energy Inc. 6

  7. Slide 7: Additional Investment Opportunities

    ADDITIONAL INVESTMENT OPPORTUNITIES • NSP: RFP for ~4,100 MW renewable generation and storage by 2030 • PSCo: RFP for ~500 MW of accredited capacity by 2031 (JTS Phase II) 15+ GW Additional • SPS: IRP for ~2,000 MW of accredited capacity by 2034 Generation Need • Additional IRP / RFPs across jurisdi

  8. Slide 8: Keeping Customer Bills Low

    KEEPING CUSTOMER BILLS LOW 2014 – 2026E Residential Electric CAGR = ~2.3% Average Xcel Energy Residential Bill to 2014 – 2026E Residential Natural Gas CAGR = ~(0.1%) National Average** $110 Electric Natural Gas $83 Electric (11%) $62 $61 Natural Gas (29%) 2014 2016 2018 2020 2022 2024 2026E* * 2026E

  9. Slide 9: 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 1.1% (#1 of 50) Minnesota 1.3% (#3 of 50) 1.3% Michigan 1.5% (#6 of 50) North Dakota 1.5% (#7 of 50) South Dakota 1.5% (#8 of 50) Wisconsin 1.5% (#12 of 50) Texas 1.8% (#2

  10. Slide 10: Sales Forecast 2026 – 2031

    SALES FORECAST 2026 – 2031 Base Retail Electric Sales CAGR by OpCo Base Retail Electric Sales CAGR by Source SPS 8% Other 0.5% PSCo 4% Oil & Gas Data NSPM 4% 1.5% ~5% Center 3.0% NSPW 2% Total 5% © 2026 Xcel Energy Inc. 10

  11. Slide 11: 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 • 75 – 85% minimum bills secured with parent guarantee and / or letter of credit Year End 2027 • Total capacity

  12. Slide 12: Leader in Generation and Transmission Construction

    LEADER IN GENERATION AND TRANSMISSION CONSTRUCTION 2015 – 2026 New Company Owned Generation* 2008 – 2025 Transmission Line Miles Built Company 1 Xcel Energy 3,500 Xcel Energy ~7 GW Company 2 Company 3 Company 3 Company 4 Company 4 Company 5 Company 5 Company 6 Company 6 Company 7 Company 7 Company 8

  13. Slide 13: Major Projects Partnerships

    MAJOR PROJECTS 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

  14. Slide 14: EPS Results by Operating Company

    EPS RESULTS BY OPERATING COMPANY Third Quarter YTD Operating Company 2026 2025 2026 2025 PSCo $0.57 $0.08 $1.31 $0.79 NSPM 0.51 0.53 1.18 1.17 SPS 0.34 0.27 0.67 0.55 NSPW 0.08 0.07 0.25 0.19 Earnings from equity method investments 0.01 0.01 0.03 0.02 Regulated utility $1.52 0.96 3.44 2.72 Holding c

  15. Slide 15: Quarterly Ongoing EPS Change

    QUARTERLY ONGOING EPS CHANGE $0.12 $0.11 $0.04 $0.32 ($0.23) ($0.08) Non-Fuel 0.12 Riders Rate Cases 0.10 Weather 0.07 $1.52 $1.24 Sales and 0.05 Demand PTCs (0.07) Credited Other 0.05 2025 Q3 Electric AFUDC Electric Fuel & Other Interest O&M 2026 Q3 Ongoing EPS Revenues Equity & Debt Purchased Powe

  16. Slide 16: YTD Ongoing EPS Change

    YTD ONGOING EPS CHANGE $0.12 $0.29 $0.35 $0.02 $0.37 ($0.59) ($0.04) Non-Fuel 0.38 Riders Sales and 0.14 Demand Rate 0.09 Cases $3.37 $3.34 $2.84 Weather 0.05 Fuel Cost (0.20) Recovery PTCs (0.15) Credited Other 0.06 2025 YTD Electric Electric Fuel & AFUDC Other Interest 2026 YTD Prairie Island Mars

  17. Slide 17: 2026 W/A Sales Growth

    2026 W/A SALES GROWTH 2026 YTD W/A Retail Electric Sales Growth 2026 Q3 YoY Electric Customer Growth 5.1% 0.8% 0.9% 0.7% 0.6% 2.5% 2.5% 1.2% 0.4% 0.3% NSPM NSPW PSCo SPS Xcel Energy NSPM NSPW PSCo SPS Xcel Energy 2026 YTD W/A Natural Gas Sales Growth 2026 Q3 YoY Natural Gas Customer Growth 0.1% N/A

  18. Slide 18: NSPM Rate Case Updates

    NSPM RATE CASE UPDATES Minnesota Gas North Dakota 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 of 52.5% • 2026 f

  19. Slide 19: 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

  20. Slide 20: 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

  21. Slide 21: 2026 Ongoing EPS Guidance: $4.10 – $4.16

    2026 ONGOING EPS GUIDANCE: $4.10 – $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

  22. Slide 22: 2027 Ongoing EPS Guidance: $4.48 – $4.62

    2027 ONGOING EPS GUIDANCE: $4.48 – $4.62 Earnings Drivers Key Assumptions (as compared to 2026 levels unless noted) Regulatory proceedings Constructive outcomes in all pending proceedings Weather Normal weather patterns for the year W/A retail electric sales Increase of ~5% W/A retail firm natural g

  23. Slide 23: Financing Plan 2027 – 2031

    FINANCING PLAN 2027 – 2031* $ Millions $8,000 ~40% of equity plan $26,190 contracted and priced as of Q3 2026 $5,630 $5,630 $70,000 $35,810 CFO** Maturing Refinanced Incremental Debt Equity & Base Plan LT Debt LT Debt Equity Content * Financing plans reflect tax credit transferability and are subjec

  24. Slide 24: Strong Balance Sheet and Credit Metrics

    STRONG BALANCE SHEET AND CREDIT METRICS Plan 2027E 2028E 2029E 2030E 2031E FFO/Debt ~16% ~17% ~17% ~17% ~18% Debt/EBITDA 5.8x 5.5x 5.2x 5.2x 4.8x Equity Ratio 44% 44% 43% 42% 42% HoldCo Debt/Total Debt 21% 22% 23% 23% 22% Credit Ratings Moody’s S&P Fitch Xcel Energy Unsecured Baa1 BBB BBB+ NSPM Secu

  25. Slide 25: Balanced Investment Thesis

    BALANCED INVESTMENT THESIS • Met or exceeded earnings guidance for 21 consecutive years Financial Discipline and • Dividend increases for 23 consecutive years Track Record of Execution • Strong balance sheet and credit metrics • TSR of 11+%, reflecting 6 – 8+% long-term EPS growth and ~3% dividend y

  26. Slide 26: Total Shareholder Return

    TOTAL SHAREHOLDER RETURN 6 – 8+% Long-Term EPS Growth 11+% Total Shareholder Return ~3% Dividend Yield 4 – 6% CAGR | 45 – 55% Payout Ratio © 2026 Xcel Energy Inc. 26

  27. Slide 27: Appendix

    APPENDIX © 2026 Xcel Energy Inc. 27

  28. Slide 28: Financial Supplement

    FINANCIAL SUPPLEMENT © 2026 Xcel Energy Inc. 28

  29. Slide 29: Base Capital Expenditures by Function

    BASE CAPITAL EXPENDITURES BY FUNCTION $ Millions 2027 2028 2029 2030 2031 Total Renewables $4,820 $4,320 $6,760 $3,800 $1,660 $21,360 Electric Transmission 3,550 3,630 3,810 3,750 3,820 18,560 Electric Distribution 3,070 2,850 1,770* 3,030 2,940 13,660 Electric Generation 3,150 2,510 1,450 1,070 1,0

  30. Slide 30: Base Capital Expenditures by Company

    BASE CAPITAL EXPENDITURES BY COMPANY $ Millions 2027 2028 2029 2030 2031 Total NSPM $4,660 $4,860 $6,010 $4,920 $4,390 $24,840 NSPW 1,190 860 610 510 430 3,600 PSCo* 3,860 2,730 1,650 4,740 3,120 16,100 SPS 6,720 6,390 7,000 2,890 2,820 25,820 Other** (130) (170) (80) 10 10 (360) Total $16,300 $14,6

  31. Slide 31: NSPM Base Capital Expenditures by Function

    NSPM BASE CAPITAL EXPENDITURES BY FUNCTION $ Millions 2027 2028 2029 2030 2031 Total Renewables $930 $1,820 $3,250 $2,200 $1,580 $9,780 Electric Distribution 990 960 960 970 990 4,870 Electric Transmission 1,220 1,030 710 810 930 4,700 Electric Generation 880 540 590 500 510 3,020 Natural Gas 230 16

  32. Slide 32: NSPW Base Capital Expenditures by Function

    NSPW BASE CAPITAL EXPENDITURES BY FUNCTION $ Millions 2027 2028 2029 2030 2031 Total Electric Transmission $440 $350 $240 $140 $70 $1,240 Electric Distribution 170 150 180 220 190 910 Renewables 360 140 - - - 500 Electric Generation 60 80 70 60 70 340 Natural Gas 70 50 50 50 50 270 Other 90 90 70 40

  33. Slide 33: PSCo Base Capital Expenditures by Function

    PSCo BASE CAPITAL EXPENDITURES BY FUNCTION $ Millions 2027 2028 2029 2030 2031 Total Electric Distribution $1,360 $1,130 $(50)* $1,190 $1,210 $4,840 Electric Transmission 770 620 900 980 870 4,140 Natural Gas 540 440 440 590 550 2,560 Renewables 470 10 - 1,480 70 2,030 Electric Generation 460 310 17

  34. Slide 34: SPS Base Capital Expenditures by Function

    SPS BASE CAPITAL EXPENDITURES BY FUNCTION $ Millions 2027 2028 2029 2030 2031 Total Renewables $3,060 $2,350 $3,510 $120 $10 $9,050 Electric Transmission 1,120 1,630 1,960 1,820 1,950 8,480 Electric Generation 1,750 1,580 620 200 210 4,360 Electric Distribution 550 610 680 650 550 3,040 Other 240 22

  35. Slide 35: Equity Financing Plan 2027 – 2031

    EQUITY FINANCING PLAN 2027 – 2031 Over 100% of prior 2026 – 2030 base plan contracted 2027 – 2031 Base Plan, Equity & Equity Content * ATM Forward Collar Benefits ~40% • Bespoke structure Complete • Downside protection with floor similar to discrete offering • Upside potential with ceiling $8 Billio

  36. Slide 36: 2026 Debt Financing Plan

    2026 DEBT FINANCING PLAN $ Millions Issuer 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 Mort

  37. Slide 37: 2027 Debt Financing Plan

    2027 DEBT FINANCING PLAN $ Millions Issuer Security Amount HoldCo Senior Unsecured Notes $500 SPS First Mortgage Bonds $2,800 NSPM First Mortgage Bonds $1,200 PSCo First Mortgage Bonds $1,000 NSPW First Mortgage Bonds $450 Financing plans are subject to change, depending on capital expenditures, reg

  38. Slide 38: Long-Term Debt Maturities

    LONG-TERM DEBT MATURITIES $ Millions $2,900 $2,800 $1,850 $1,800 $1,480 $1,200 $1,000 $900 $600 $500 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 HoldCo NSPM PSCo SPS NSPW © 2026 Xcel Energy Inc. 38

  39. Slide 39: Diverse Asset Base

    DIVERSE ASSET BASE As measured by rate base 2025 2031E Natural Gas LDC 8% Other Other 5% 7% Electric Electric Distribution Natural Gas Distribution 23% LDC 12% 27% Other Generation Other 14% Generation $56 $112 11% Billion Billion Electric Electric Coal Renewables Transmission Renewables Transmissio

  40. Slide 40: ROE Results – Ongoing Earnings

    ROE RESULTS – ONGOING EARNINGS Ongoing ROE* 2025 Rate Base Twelve Months Ended September 30, 2026 11.54% 10.51% SPS 9.47% 9.30% NSPM 8.68% 16% 7.57% 35% ~$56 Billion PSCo 43% NSPM NSPW PSCo SPS Total Xcel Energy NSPW OpCo 6% * Ongoing ROEs exclude impact of Marshall Wildfire litigation and Prairie I

  41. Slide 41: 2026 YTD W/A Electric Sales Growth

    2026 YTD W/A ELECTRIC SALES GROWTH NSPM NSPW PSCO SPS 5.9% 5.1% 3.3% 2.5% 1.6% 1.7% 1.1% 1.1% 1.2% 0.7% 0.3% (0.3%) Residential C&I Total Retail Extreme weather variations, windchill and cloud cover may not be reflected in estimates © 2026 Xcel Energy Inc. 41

  42. Slide 42: Xcel Energy W/A Sales Growth

    XCEL ENERGY W/A SALES GROWTH Residential C&I Total Retail Electric Natural Gas 3.0% 2.4% 2.5% 2.2% 2.0% 1.5% 1.3% 1.0% (0.1%) (0.7%) (1.2%) (1.6%) 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

  43. Slide 43: Regulatory & RFP Calendar

    REGULATORY & RFP CALENDAR Rate Cases 2026 Resource & Resiliency Plans NM Electric rate case decision Q4 MN Gas rate case decision NSP RFP (4,100 MW) recommendation filing 2027 NSP Firm Dispatchable RFP 1H WI Electric / Gas filing NSPM / NSPW PSCo SPS © 2026 Xcel Energy Inc. 43

  44. Slide 44: Reconciliation – Ongoing EPS to GAAP EPS

    RECONCILIATION – ONGOING EPS TO GAAP EPS 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 reduction -

  45. Slide 45: Major Project Execution

    MAJOR PROJECT EXECUTION © 2026 Xcel Energy Inc. 45

  46. Slide 46: Base Plan Generation Execution

    BASE PLAN GENERATION EXECUTION 2026 2027 2028 2029 2030 – 2031 System ~1,050 MW ~3,490 MW ~2,310 MW ~5,480 MW ~3,530 MW 600 MW 420 MW 500 MW 300 MW 470 MW 300 MW 200 MW NSP 250 MW 300 MW 330 MW 300 MW 200 MW 140 MW 300 MW 75 MW 100 MW 200 MW 600 MW 500 MW 335 MW 450 MW 200 MW PSCo 600 MW 200 MW 400

  47. Slide 47: Major Transmission Projects

    MAJOR TRANSMISSION PROJECTS System 2027 – 2028 2029 – 2030 2031+ MISO LRTP Tranche 1 (345 kV) MISO Tranche 2.1 (345 kV / 765 kV) MISO LRTP Tranche 1 (345 kV) Project #2 NSP Big Stone S. – Alexandria – Big Oaks Project #4 5 projects 2032 – 2034 in-service dates Wilmarth – N. Rochester – Tremval ~$6 b

  48. Slide 48: Formula for Growth Plan Execution

    FORMULA FOR GROWTH PLAN EXECUTION Strategic Partnerships Project Standardization Predictable Execution + = • Labor & equipment certainty • Project design standardization • On schedule, budget & scope • Integrated at early-stage • Integrated system planning • Reduced risk • Customer of choice • Repea

  49. Slide 49: Large Load Tariff Filings

    LARGE LOAD TARIFF FILINGS Minnesota Colorado Wisconsin Texas Proceeding No. M-25-289 Proceeding No. 26AL-0137E Proceeding No. 4220-TE-119 Proceeding No. 60332 Filed April 2026 Filed June 2026 Filed September 2026 Status Approved Decision early 2027 Decision early 2027 Decision est. YE 2027 Applicabl

  50. Slide 50: Xcel Energy's Data Center Agreement with Google

    XCEL ENERGY’S DATA CENTER AGREEMENT WITH GOOGLE CLEAN ENERGY INVESTMENTS COMMUNITY IMPACT 1,900 MW of New Clean Energy Low Environmental Impact • 15-year term Air-cooled design → no water used for data operations; only normal office use • $1.5 billion in savings to existing customers • Fully funded

  51. Slide 51: Wildfire Mitigation

    WILDFIRE MITIGATION © 2026 Xcel Energy Inc. 51

  52. Slide 52: Wildfire Risk Mitigation Strategy

    WILDFIRE RISK MITIGATION STRATEGY increase the number and frequency of  Aggressively deploy additional situational 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

  53. Slide 53: Physical and Operational Mitigations Completed

    PHYSICAL AND OPERATIONAL MITIGATIONS COMPLETED 900+ weather stations and AI cameras Daily system-wide wildfire risk reviews 52K poles replaced / reinforced System-Wide PSPS and WSO capabilities ~15K miles vegetation management ~375 enhanced powerline safety setting feeders 10K+ miles transmission in

  54. Slide 54: 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

  55. Slide 55: 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

  56. Slide 56: © 2026 Xcel Energy Inc.

    © 2026 Xcel Energy Inc. 56

Xcel Energy — Q3 2026 Earnings Presentation on 6ix