Xcel Energy Inc. · NASDAQ:XEL

Xcel Energy — FY2025 Earnings Presentation

41 slides from Xcel Energy's earnings presentation, Feb 5, 2026

Slide 1: 2025 Year End Earnings Report Presentation
2025 YEAR END EARNINGS REPORT PRESENTATION February 5, 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: 2025 Highlights
2025 HIGHLIGHTS • 2025 GAAP EPS of $3.42 and ongoing EPS of $3.80 • 21st consecutive year meeting or exceeding ongoing earnings guidance • Initiated 2026 ongoing EPS guidance of $4.04 to $4.16 • Updated long-term EPS growth objective to 6-8+% • Maintained electric & natural gas customer bills amongs
Slide 4: EPS Results by Operating Company
EPS RESULTS BY OPERATING COMPANY Fourth Quarter Full Year Operating Company 2025 2024 2025 2024 NSPM $0.36 $0.35 $1.53 $1.41 PSCo 0.36 0.33 1.15 1.39 SPS 0.13 0.12 0.67 0.70 NSPW 0.08 0.05 0.27 0.24 Earnings from equity method investments 0.01 0.01 0.03 0.03 Regulated utility 0.94 0.85 3.65 3.76 Hol
Slide 5: Annual Ongoing EPS Change
ANNUAL ONGOING EPS CHANGE $0.27 $0.29 $1.27 -$0.46 Fuel Cost 0.12 -$0.35 Recovery -$0.28 Rate 0.11 -$0.25 Cases -$0.19 Non-Fuel Other 0.06 -$0.38 0.33 Riders Fuel Cost 0.28 Recovery PTCs 0.23 Credited $3.80 $3.50 Rate $3.42 0.15 Cases Sales & 0.13 Demand Other 0.15 2024 Electric Natural Gas AFUDC In
Slide 6: Quarterly Ongoing EPS Change
QUARTERLY ONGOING EPS CHANGE $0.05 $0.09 $0.51 -$0.15 -$0.08 -$0.07 -$0.06 -$0.14 -$0.01 PTCs 0.20 Credited Non-Fuel 0.13 Riders $0.96 $0.95 $0.81 Fuel Cost 0.07 Recovery Other 0.11 2024 Q4 Electric AFUDC Natural Gas Interest O&M D&A Natural Gas Other 2025 Q4 Marshall Wildfire 2025 Q4 Ongoing EPS Re
Slide 7: Sales and Customer Data
SALES AND CUSTOMER DATA 2025 W/A Retail Electric Sales Growth 2025 YoY Electric Customer Growth (leap year adjusted) 5.8% 0.9% 0.9% 2.2% 0.6% 0.7% 1.6% 0.6% 0.3% 0.9% NSPM NSPW PSCo SPS Xcel Energy NSPM NSPW PSCo SPS Xcel Energy 2025 W/A Natural Gas Sales Growth 2025 YoY Natural Gas Customer Growth
Slide 8: 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 9: $10+ Billion Pipeline of Additional Infrastructure Investment
$10+ BILLION PIPELINE OF ADDITIONAL INFRASTRUCTURE INVESTMENT • PSCo: Recommended ~2,100 MW company-owned generation by 2030 (~4,900 MW total) • NSP: RFP for ~4,100 MW renewable generation and storage by 2030 10-12+ GW in RFPs • SPS: RFP for ~1,500-3,000 MW nameplate capacity • PSCo: Incremental RFP
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 $58 $63 -12% $54 $48 $51 $48 $42 $45 $44
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
Slide 12: 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
Slide 13: Data Center Pipeline
DATA CENTER PIPELINE > 20 GW Additional Pipeline • Hyperscalers and large developers • Includes potential opportunities to upsize existing contracts ~4 GW • Align with large load tariff filings High-Probability • 15 – 20+ year terms Pipeline • Total capacity ranging from 200 MW – 1+ GW • Online by 2
Slide 14: 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 15: 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 ~$63 million • Base rate increase of ~$14 million • ROE of 10.65%; equity ratio of 52.5% • ROE of 10.85%; equity ratio o
Slide 16: 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) • ROE of 10.0%; equity
Slide 17: 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 18: SPS Rate Case Update
SPS RATE CASE UPDATE November 2025 request • Base rate increase of ~$175 million • 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 – Motion to intervene February 12, 2026 – Intervenor di
Slide 19: 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 year W/A retail electric sales Increase of ~3% W/A retail firm natural g
Slide 20: Balanced Investment Thesis
BALANCED INVESTMENT THESIS • Met or exceeded earnings guidance for 21 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 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 24: ROE Results – Ongoing Earnings
ROE RESULTS – ONGOING EARNINGS Ongoing ROE* 2024 Rate Base Twelve Months Ended December 31, 2025 10.38% SPS 9.19% 9.09% 8.70% 8.40% 16% NSPM 7.55% 37% ~$47 Billion PSCo 41% NSPM NSPW PSCo SPS Total Xcel Energy NSPW OpCo 6% *Ongoing ROEs exclude impact of Marshall Fire settlement © 2026 Xcel Energy I
Slide 25: 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 26: 2025 W/A Electric Sales Growth
2025 W/A ELECTRIC SALES GROWTH NSPM NSPW PSCo SPS 6.3% 5.8% 4.3% 2.1% 1.5% 1.7% 1.6% 1.6% 0.9% 0.3% 0.4% -0.3% Residential C&I Total Retail Leap year adjusted Extreme weather variations, windchill and cloud cover may not be reflected in estimates © 2026 Xcel Energy Inc. 26
Slide 27: 2025 W/A Sales Growth
2025 W/A SALES GROWTH Residential C&I Total Retail Electric Natural Gas 2.4% 2.2% 2.0% 1.5% 1.4% 1.2% 1.0% 1.0% 1.0% -0.1% 2023 2024* 2025* 2023 2024* 2025* 2023 2024* 2025* -0.7% -1.2% 2023 2024* 2025* Electric Natural Gas * Leap year adjusted Extreme weather variations, windchill and cloud cover m
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 $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. 30
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: 2026 Debt Financing Plan
2026 DEBT FINANCING PLAN $ Millions Security Amount HoldCo Senior Unsecured Notes $1,000 PSCo First Mortgage Bonds $2,400 NSPM First Mortgage Bonds $1,000 SPS First Mortgage Bonds $1,000 NSPW First Mortgage Bonds $250 Financing plans are subject to change, depending on capital expenditures, regulato
Slide 33: 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% HoldCo Debt/Total Debt 23% 22% 24% 23% 22% Credit Ratings Moody’s S&P Fitch Xcel Energy Unsecured Baa1 BBB BBB+ NSPM Secu
Slide 34: Regulatory & RFP Calendar
REGULATORY & RFP CALENDAR Rate Cases 2026 Resource & Resiliency Plans ND Electric rate case decision CO Near-Term RFP decisions NSP RFP (4,100 MW) bids due 1H NSP RFP (1,600 MW) decision NSP RFP (1,200 MW) wind development transfer filing SPS RFP (1,500-3,000 MW) independent monitor report SD Electr
Slide 35: Committed to Affordability
COMMITTED TO AFFORDABILITY Increase in Household Expenditures, 2020-2024 CAGR Minneapolis Denver 11.0% 9.3% 7.4% 6.1% 4.9% 5.4% 4.9% 3.9% 3.0% 0.7% Gasoline Groceries House Prices Average U.S. Xcel Energy Gasoline Groceries House Prices Average U.S. Xcel Energy Electric Bill Residential Electric Bil
Slide 36: 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 38: 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 39: 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 40: 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 — FY2025 Earnings Presentation on 6ix

Xcel Energy — FY2025 Earnings Presentation

Slide 1: 2025 Year End Earnings Report Presentation

Slide 2: Safe Harbor

Slide 3: 2025 Highlights

Slide 4: EPS Results by Operating Company

Slide 5: Annual Ongoing EPS Change

Slide 6: Quarterly Ongoing EPS Change

Slide 7: Sales and Customer Data

Slide 8: Capital Forecast 2026 – 2030

Slide 9: $10+ Billion Pipeline of Additional Infrastructure Investment

Slide 10: Keeping Customer Bills Low

Slide 11: Low Customer Share of Wallet

Slide 12: Development & Supply Chain Partnerships

Slide 13: Data Center Pipeline

Slide 14: NSPM Rate Case Updates

Slide 15: NSPM Rate Case Updates

Slide 16: NSPW Rate Case Updates

Slide 17: PSCO Rate Case Updates

Slide 18: SPS Rate Case Update

Slide 19: 2026 Ongoing EPS Guidance: $4.04 - $4.16

Slide 20: Balanced Investment Thesis

Slide 21: Total Shareholder Return

Slide 22: Appendix

Slide 23: Financial Supplement

Slide 24: ROE Results – Ongoing Earnings

Slide 25: Reconciliation – Ongoing EPS to GAAP EPS

Slide 26: 2025 W/A Electric Sales Growth

Slide 27: 2025 W/A Sales Growth

Slide 28: Base Capital Expenditures by Function

Slide 29: Base Capital Expenditures by Company

Slide 30: Strong Rate Base Growth

Slide 31: Financing Plan 2026 – 2030

Slide 32: 2026 Debt Financing Plan

Slide 33: Strong Balance Sheet and Credit Metrics

Slide 34: Regulatory & RFP Calendar

Slide 35: Committed to Affordability

Slide 36: Committed to Affordability

Slide 37: Wildfire Mitigation

Slide 38: Wildfire Risk Mitigation Strategy

Slide 39: State and Federal Policy

Slide 40: Smokehouse Creek Fire

Slide 41: © 2026 Xcel Energy Inc.