Pinnacle West Capital : October Investor Meetings

About this update from Pinnacle West Capital Corporation

Renewed, Reliable and Resilient October Investor Meetings Table of Contents Company Profile Growth Outlook & Energy Future Financial Outlook Company Profile Service Territory Key facts as of Dec. 31, 2024 Consolidated assets $26B Market cap $9.64B Generating capacity owned or leased (year end) 6.5GW Customers 1.4M Current % from clean energy 54% Retail sales mix (Residential/Non-Residential) 52%/48% As of December 31, 2024. Arizona's largest electric company Growth Outlook & Energy Future Phoenix housing is affordable compared to major cities in the region U.S. Census ranked Maricopa County third among U.S. counties for growth Phoenix is ranked #1 out of 15 top growth markets for manufacturing by Newmark Group, a global real estate firm Arizona State University ranked #1 in Innovation for 10 th straight year by U.S. News and World Report Phoenix remains #1 as best positioned industrial real estate market by Commercial Café Report Arizona economy continues to be robust and attractive New APS Customer Meter Sets 40,000 30,000 20,000 10,000 - 2012 2016 2020 2024 Residential Customer Growth 1 3% 2% 2.3% 2.4% 1.5%-2.5% 2.2% 2.1% 2.1% 1% 0% 2020 2021 2022 2023 2024 2025E APS Residential Growth Natn'l Avg.-Residential 1 National average from 2024 Itron Annual Energy Survey Report. Arizona continues to be an attractive service territory with strong customer growth Best-in-class service territory supports high tech growth and economic development Arizona is an attractive location for business growth Infrastructure ─ close proximity to major markets in the West with accessibility by rail or truck Weather predictability ─ low propensity for natural disasters and greatest solar irradiance in America Workforce availability ─ three major universities graduating a skilled labor force Affordability ─ business friendly policies and regulation Large C&I customers as a growth driver Accounts for 3%-5% of the 4%-6% long-term weather normalized sales growth 1 guidance Amplifier effect for jobs and surrounding communities leading to residential growth Proposed rate design modifications including direct assignment of generation costs to ensure growth pays for growth 1 Forecasted guidance range through 2027. Source: Arizona Commerce Authority Arizona's commercial and industrial growth is diverse We have an improved regulatory environment Improvements at the Arizona Corporation Commission Balanced, constructive and more consistent outcomes, including improved ROE to APS Approval of Formula Rate Policy Statement Reaffirmation of Rate Case Settlement Policy Continued support of adjustor mechanisms to improve cost recovery, including SRB Commitments by the Company Sustain investment in customer experience improvements Continue to find alignment with regulators and work with stakeholders on common issues Advocate for reduced regulatory lag Focus on customer affordability Attention : This is an excerpt of the original content. To continue reading it, access the original document here .

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