Xcel Energy Inc. · NASDAQ:XEL

Xcel Energy — Q3 2025 Earnings Presentation

46 slides from Xcel Energy's earnings presentation, Oct 30, 2025

Slide 1: 2025 Q3 Earnings Report Presentation
2025 Q3 EARNINGS REPORT PRESENTATION October 30, 2025 © 2025 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 2025 and 2026 EPS guidance, long
Slide 3: 2025 Q3 Highlights
2025 Q3 HIGHLIGHTS • 2025 Q3 GAAP and ongoing EPS of $0.88 and $1.24, compared to ongoing EPS of $1.25 in 2024 Q3 • 2025 YTD GAAP and ongoing EPS of $2.47 and $2.84, compared to ongoing EPS of $2.69 in 2024 YTD • Comprehensive settlement reached to resolve Marshall Fire litigation • Updated $60 bill
Slide 4: 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 ~$5
Slide 5: Capital Forecast 2026 – 2030
CAPITAL FORECAST 2026 – 2030 Investment by Function Electric Generation Capacity Mix Other 6% Natural Gas Electric LDC 6% Distribution Natural Gas SPS Storage NSPM 23% 24% 15% 16% 37% Other 25% $60 $22.5 Electric ~12 GW Billion Billion Transmission Electric 26% Renewables 20% Solar Wind Generation 2
Slide 6: 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 © 2025 Xcel Energy Inc. 6
Slide 7: Additional Infrastructure Investment
ADDITIONAL INFRASTRUCTURE INVESTMENT • Near-term procurement for ~4,000 MW renewables and ~500 MW thermal / firm PSCo dispatchable resources • Additional resources from IRP to serve sales and data center growth beyond base plan • Future RFPs to fill remainder of approved IRP need NSP • MISO tranche
Slide 8: Keeping Customer Bills Low
KEEPING CUSTOMER BILLS LOW 2014 – 2025E Residential Electric CAGR = ~1.6% Average Xcel Energy Residential Bill to 2014 – 2025E Natural Gas CAGR = ~0.8% National Average** $98 $98 $99 $99 Electric Natural Gas $89 $83 $84 $84 $80 $81 $81 $80 $81 Electric $68 $67 $62 $58 -12% $54 $48 $51 $48 $42 $45 $4
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 1.0% (#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 10: Sales Forecast 2025 – 2030
SALES FORECAST 2025 – 2030 Base Retail Electric Sales CAGR by OpCo Base Retail Electric Sales CAGR by Source 8% EV & Other 0.5% 5% 4% Data Center 4% 4% 3.0% ~5% Oil & Gas 1.5% SPS NSPW PSCo NSPM Xcel Energy © 2025 Xcel Energy Inc. 10
Slide 11: Data Center Pipeline
DATA CENTER PIPELINE > 20 GW Additional Pipeline • ~5 opportunities with hyperscalers / large developers • 15 – 20+ year term contracts ~2 GW • Total capacity ranging from 200 – 800 MW High-Probability • Online by 2026 – 2030 with ~2 – 3 years to full ramp Pipeline • Expect contracts signed between
Slide 12: EPS Results by Operating Company
EPS RESULTS BY OPERATING COMPANY Third Quarter YTD Operating Company 2025 2024 2025 2024 NSPM $0.53 $0.45 $1.17 $1.06 PSCo 0.08 0.45 0.79 1.06 SPS 0.27 0.31 0.55 0.58 NSPW 0.07 0.07 0.19 0.19 Earnings from equity method investments 0.01 0.01 0.02 0.02 Regulated utility 0.96 1.29 2.72 2.91 Holding co
Slide 13: Quarterly Ongoing EPS Change
QUARTERLY ONGOING EPS CHANGE $0.08 $0.28 -$0.09 -$0.08 -$0.07 -$0.05 -$0.08 Rate 0.06 Cases Sales & 0.06 Demand Non-Fuel 0.05 -$0.36 Riders Fuel Cost $1.25 Recovery 0.04 $1.24 Other 0.07 $0.88 2024 Q3 Electric Revenues AFUDC D&A Interest Equity O&M Other 2025 Q3 Marshall Fire 2025 Q3 Ongoing EPS Deb
Slide 14: YTD Ongoing EPS Change
YTD ONGOING EPS CHANGE $0.24 $0.76 -$0.23 -$0.21 Rate 0.11 -$0.17 Cases -$0.17 -$0.07 Fuel Cost 0.07 Recovery Fuel Cost 0.21 -$0.36 Recovery Other 0.06 Non-Fuel 0.20 Riders Rate 0.13 Cases $2.69 Sales & $2.84 Demand 0.13 $2.47 Other 0.09 2024 YTD Electric Revenues Natural Gas Electric Fuel & D&A O&M
Slide 15: Sales and Customer Data
SALES AND CUSTOMER DATA 2025 YTD W/A Retail Electric Sales Growth 2025 Q3 YoY Electric Customer Growth (leap year adjusted) 6.8% 2.0% 2.5% 1.0% 0.9% 0.9% 0.9% 0.2% 0.6% 0.5% NSPM NSPW PSCo SPS Xcel Energy NSPM NSPW PSCo SPS Xcel Energy 2025 YTD W/A Natural Gas Sales Growth 2025 Q3 YoY Natural Gas Cu
Slide 16: NSPM Rate Case Updates
NSPM RATE CASE UPDATES Minnesota Electric North Dakota Electric South Dakota Electric Proceeding No. 24-320 Proceeding No. 24-376 Proceeding No. EL25-024 November 2024 request December 2024 request June 2025 request • Base rate increase of ~$473 million • Base rate increase of ~$45 million • Base ra
Slide 17: NSPW Rate Case Updates
NSPW RATE CASE UPDATES March 2025 request • Electric: base rate increase of ~$94 million in 2026 and an incremental ~$57 million in 2027 (~$151 million total) • Natural Gas: base rate increase of ~$20 million in 2026 and an incremental ~$4 million in 2027 (~$24 million total) Wisconsin Electric & Na
Slide 18: 2025 Ongoing EPS Guidance
2025 ONGOING EPS GUIDANCE: $3.75 - $3.85 Earnings Drivers Key Assumptions (as compared to 2024 levels unless noted) Constructive outcomes in all pending proceedings, including requests for deferral of Regulatory proceedings incremental insurance costs associated with wildfire risk and recovery of O&
Slide 19: 2026 Ongoing EPS Guidance
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 year W/A retail electric sales Increase of ~3% W/A retail firm natural g
Slide 20: 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 21: Strong Balance Sheet and Credit Metrics
STRONG BALANCE SHEET AND CREDIT METRICS Plan 2026E 2027E 2028E 2029E 2030E FFO/Debt ~16% ~16% ~16% ~17% ~17% Debt/EBITDA 5.7x 5.8x 5.9x 5.3x 5.0x Equity Ratio 41% 42% 41% 40% 41% Hold Co Debt/Total Debt 23% 22% 24% 23% 22% Credit Ratings Moody’s S&P Fitch Xcel Energy Unsecured Baa1 BBB BBB+ NSPM Sec
Slide 22: Balanced Investment Thesis
BALANCED INVESTMENT THESIS • Met or exceeded earnings guidance for 20 consecutive years Regulated Utility that • Dividend increases for 22 consecutive years Consistently Delivers • Strong balance sheet and credit metrics • Average residential electric bills 28% below national average • Five-year cap
Slide 23: Total Shareholder Return
TOTAL SHAREHOLDER RETURN 6-8+% EPS Growth 10+% Total Shareholder Return ~3% Dividend Yield 4-6% CAGR | 45-55% Payout Ratio © 2025 Xcel Energy Inc. 23
Slide 26: ROE Results – Ongoing Earnings
ROE RESULTS – ONGOING EARNINGS Ongoing ROE* 2024 Rate Base Twelve Months Ended September 30, 2025 SPS 16% NSPM 9.35% 10.50% 37% 8.06% 8.60% 8.41% 7.59% ~$47 Billion PSCo 41% NSPM NSPW PSCo SPS Total Xcel Energy NSPW OpCo 6% *Ongoing ROEs exclude impact of Marshall Fire settlement © 2025 Xcel Energy
Slide 27: Reconciliation – Ongoing EPS to GAAP EPS
RECONCILIATION – ONGOING EPS TO GAAP EPS $ Millions 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Ongoing EPS $2.09 $2.21 $2.30 $2.47 $2.64 $2.79 $2.96 $3.17 $3.35 $3.50 Loss on Monticello (0.16) - - - - - - - - - LCM/EPU Project Impact of Tax Cuts - - (0.05) - - - - - - - & Jobs Act Loss on Com
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 1,810 590
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 $1
Slide 30: NSPM Base Capital Expenditures by Function
NSPM BASE CAPITAL EXPENDITURES BY FUNCTION $ Millions 2026 2027 2028 2029 2030 Total Renewables $630 $1,380 $1,320 $1,100 $1,180 $5,610 Electric Distribution 860 1,090 1,010 1,010 980 4,950 Electric Transmission 1,060 850 740 590 640 3,880 Electric Generation 550 930 590 510 440 3,020 Other 440 440
Slide 31: NSPW Base Capital Expenditures by Function
NSPW BASE CAPITAL EXPENDITURES BY FUNCTION $ Millions 2026 2027 2028 2029 2030 Total Electric Transmission $320 $410 $280 $230 $190 $1,430 Electric Distribution 210 200 180 180 220 990 Renewables 120 370 120 0 0 610 Other 140 120 90 80 70 500 Electric Generation 60 60 50 40 50 260 Natural Gas 60 50
Slide 32: PSCo Base Capital Expenditures by Function
PSCo BASE CAPITAL EXPENDITURES BY FUNCTION $ Millions 2026 2027 2028 2029 2030 Total Electric Distribution $1,290 $1,370 $1,160 ($50)* $1,150 $4,920 Electric Transmission 1,120 870 770 920 970 4,650 Natural Gas 600 600 510 460 470 2,640 Renewables 1,770 360 50 10 10 2,200 Electric Generation 880 410
Slide 33: SPS Base Capital Expenditures by Function
SPS BASE CAPITAL EXPENDITURES BY FUNCTION $ Millions 2026 2027 2028 2029 2030 TOTAL Renewables $1,040 $2,510 $1,890 $40 $20 $5,500 Electric Transmission 560 800 1,100 1,450 1,570 5,480 Electric Generation 730 1,020 1,630 1,090 0 4,470 Electric Distribution 560 590 580 540 580 2,850 Other 160 200 150
Slide 34: 2025 Debt Financing
2025 DEBT FINANCING $ Millions Security Amount Status Tenor Coupon 3-Yr 4.75% Hold Co Senior Unsecured Notes $1,100 Complete 10-Yr 5.60% 9-Yr 5.35% PSCo First Mortgage Bonds $1,000 Complete 30-Yr 5.85% 10-Yr 5.05% NSPM First Mortgage Bonds $1,100 Complete 30-Yr 5.65% SPS First Mortgage Bonds $500 Co
Slide 35: 2026 Debt Financing Plan
2026 DEBT FINANCING PLAN $ Millions Security Amount Hold Co Senior Unsecured Notes $1,000 NSPM First Mortgage Bonds $900 NSPW First Mortgage Bonds $250 PSCo First Mortgage Bonds $2,400 SPS First Mortgage Bonds $1,000 Financing plans are subject to change, depending on capital expenditures, regulator
Slide 36: Debt Maturities
DEBT MATURITIES $ Millions $2,000 $1,600 $1,200 $800 $400 $0 2026 2027 2028 2029 2030 2031 2032 2033 2034 Hold Co NSPM NSPW PSCo SPS © 2025 Xcel Energy Inc. 36
Slide 37: 2025 YTD W/A Electric Sales Growth
2025 YTD W/A ELECTRIC SALES GROWTH NSPM NSPW PSCo SPS 7.4% 6.8% 4.8% 2.8% 1.6% 2.1% 1.6% 2.0% 0.2% 0.6% 0.1% -0.5% Residential C&I Total Retail Leap year adjusted Extreme weather variations, windchill and cloud cover may not be reflected in estimates © 2025 Xcel Energy Inc. 37
Slide 38: 2025 YTD W/A Sales Growth
2025 YTD W/A SALES GROWTH Residential C&I Total Retail Electric Natural Gas 2.5% 2.6% 2.5% 1.5% 1.4% 1.2% 1.0% 1.0% 1.0% -0.1% -0.3% -0.7% 2023 2024* YTD 2023 2024* YTD 2023 2024* YTD 2023 2024* YTD 2025* 2025* 2025* 2025* Electric Natural Gas Leap year adjusted Extreme weather variations, windchill
Slide 39: Regulatory & RFP Calendar
REGULATORY & RFP CALENDAR Rate Cases 2025 Resource & Resiliency Plans 3Q MN Natural Gas rate case filed Colorado Resource Plan (5,000-14,000 MW) decision NM Electric rate case filed 2025 SPS RFP issued 4Q CO Electric and Natural Gas rate case filed NSP RFPs recommendation filings WI Electric and Nat
Slide 41: 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 42: Recently Approved Wildfire Mitigation & Resiliency Plans
RECENTLY APPROVED WILDFIRE MITIGATION & RESILIENCY PLANS Updated Colorado Wildfire Mitigation Plan Texas System Resiliency Plan • ~$1.9 billion investment (Capital and O&M) • ~$495 million investment (Capital and O&M) • Investments include: • Investments include: – 50 miles undergrounding – 16K pole
Slide 43: 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
Slide 44: Marshall Fire
MARSHALL FIRE • On September 23, 2025, Xcel Energy, Qwest and Teleport Communications America reached settlement agreements in principle that resolve all claims asserted by the subrogation insurers and individual plaintiffs – Definitive agreements will be executed with insurance carriers, who have a
Slide 45: 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

Xcel Energy — Q3 2025 Earnings Presentation on 6ix

Xcel Energy — Q3 2025 Earnings Presentation

Slide 1: 2025 Q3 Earnings Report Presentation

Slide 2: Safe Harbor

Slide 3: 2025 Q3 Highlights

Slide 4: Capital Forecast 2026 – 2030

Slide 5: Capital Forecast 2026 – 2030

Slide 6: Strong Rate Base Growth

Slide 7: Additional Infrastructure Investment

Slide 8: Keeping Customer Bills Low

Slide 9: Low Customer Share of Wallet

Slide 10: Sales Forecast 2025 – 2030

Slide 11: Data Center Pipeline

Slide 12: EPS Results by Operating Company

Slide 13: Quarterly Ongoing EPS Change

Slide 14: YTD Ongoing EPS Change

Slide 15: Sales and Customer Data

Slide 16: NSPM Rate Case Updates

Slide 17: NSPW Rate Case Updates

Slide 18: 2025 Ongoing EPS Guidance

Slide 19: 2026 Ongoing EPS Guidance

Slide 20: Financing Plan 2026 – 2030

Slide 21: Strong Balance Sheet and Credit Metrics

Slide 22: Balanced Investment Thesis

Slide 23: Total Shareholder Return

Slide 24: Appendix

Slide 25: Financial Supplement

Slide 26: ROE Results – Ongoing Earnings

Slide 27: Reconciliation – Ongoing EPS to GAAP EPS

Slide 28: Base Capital Expenditures by Function

Slide 29: Base Capital Expenditures by Company

Slide 30: NSPM Base Capital Expenditures by Function

Slide 31: NSPW Base Capital Expenditures by Function

Slide 32: PSCo Base Capital Expenditures by Function

Slide 33: SPS Base Capital Expenditures by Function

Slide 34: 2025 Debt Financing

Slide 35: 2026 Debt Financing Plan

Slide 36: Debt Maturities

Slide 37: 2025 YTD W/A Electric Sales Growth

Slide 38: 2025 YTD W/A Sales Growth

Slide 39: Regulatory & RFP Calendar

Slide 40: Wildfire Mitigation

Slide 41: Wildfire Risk Mitigation Strategy

Slide 42: Recently Approved Wildfire Mitigation & Resiliency Plans

Slide 43: State and Federal Policy

Slide 44: Marshall Fire

Slide 45: Smokehouse Creek Fire

Slide 46: © 2025 Xcel Energy Inc.