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© 2025 Xcel Energy Inc. EARNINGS REPORT PRESENTATION July 31, 2025 2025 Q2 1
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© 2025 Xcel Energy Inc. 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 EPS guidance, long-term EPS and dividend growth rate objectives, future sales, future expenses, future tax rates, future operating performance, estimated base capital expenditures and financing plans, projected capital additions and forecasted annual revenue requirements with respect to rider filings, expected rate increases or refunds to customers, expectations and intentions regarding regulatory proceedings, expected pension contributions, and expected impact on our results of operations, financial condition and cash flows of interest rate changes, increased credit exposure, and legal proceeding outcomes, as well as assumptions and other statements are intended to be identified in this document by the words “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “objective,” “outlook,” “plan,” “project,” “possible,” “potential,” “should,” “will,” “would” and similar expressions. Actual results may vary materially. Forward-looking statements speak only as of the date they are made, and we expressly disclaim any obligation to update any forward-looking information. The following factors, in addition to those discussed in Xcel Energy’s Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2024 and subsequent filings with the Securities and Exchange Commission, could cause actual results to differ materially from management expectations as suggested by such forward-looking information: operational safety, including our nuclear generation facilities and other utility operations; successful long- term operational planning; commodity risks associated with energy markets and production; rising energy prices and fuel costs; qualified employee workforce and third-party contractor factors; violations of our Codes of Conduct; our ability to recover costs and our subsidiaries’ ability to recover costs from customers; changes in regulation; reductions in our credit ratings and the cost of maintaining certain contractual relationships; general economic conditions, including recessionary conditions, inflation rates, monetary fluctuations, supply chain constraints and their impact on capital expenditures and/or the ability of Xcel Energy Inc. and its subsidiaries to obtain financing on favorable terms; availability or cost of capital; our customers’ and counterparties’ ability to pay their debts to us; assumptions and costs relating to funding our employee benefit plans and health care benefits; our subsidiaries’ ability to make dividend payments; tax laws; uncertainty regarding epidemics; effects of geopolitical events, including war and acts of terrorism; cybersecurity threats and data security breaches; seasonal weather patterns; changes in environmental laws and regulations; climate change and other weather events; natural disasters and resource depletion, including compliance with any accompanying legislative and regulatory changes; costs of potential regulatory penalties and wildfire damages in excess of liability insurance coverage; regulatory changes and/or limitations related to the use of natural gas as an energy source; challenging labor market conditions and our ability to attract and retain a qualified workforce; and our ability to execute on our strategies or achieve expectations related to environmental, social and governance matters including as a result of evolving legal, regulatory and other standards, processes, and assumptions, the pace of scientific and technological developments, increased costs, the availability of requisite financing, and changes in carbon markets. Contacts Website: https://investors.xcelenergy.com/ Xcel Energy app also availableRoopesh Aggarwal Vice President, Investor Relations (612) 215-4535 roopesh.k.aggarwal@xcelenergy.com Darin Norman Consultant, Investor Relations (612) 337-2310 darin.norman@xcelenergy.com 2
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© 2025 Xcel Energy Inc. 2025 Q2 HIGHLIGHTS 3 • 2025 Q2 GAAP EPS of $0.75 compared to $0.54 in 2024 Q2 • 2025 YTD GAAP EPS of $1.59 compared to $1.42 in 2024 YTD • Reaffirm 2025 EPS guidance of $3.75 to $3.85 • Invested $2.6 billion in resilient and reliable energy infrastructure in 2025 Q2 • In-serviced segments 2 and 3 of Colorado Power Pathway four months ahead of schedule • Line of sight to $15+ billion of additional capital investment pipeline • Filed recommended portfolio in SPS for ~5,200 MW of generation (~4,500 MW company-owned) • Wildfire risk mitigation highlights: – Colorado commission approval of settlement for Colorado Wildfire Mitigation Plan – Texas commission approval of settlement for SPS System Resiliency Plan – Constructive wildfire legislation passed in Texas and North Dakota
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© 2025 Xcel Energy Inc. EPS RESULTS BY OPERATING COMPANY 4 Second Quarter YTD Operating Company 2025 2024 2025 2024 PSCo $0.26 $0.21 $0.71 $0.61 NSPM 0.32 0.24 0.64 0.61 SPS 0.17 0.16 0.27 0.26 NSPW 0.05 0.04 0.12 0.12 Earnings from equity method investments 0.01 0.01 0.02 0.02 Regulated utility 0.81 0.66 1.76 1.62 Holding company and other (0.06) (0.12) (0.17) (0.20) Total GAAP and ongoing diluted EPS $0.75 $0.54 $1.59 $1.42
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© 2025 Xcel Energy Inc. ADDITIONAL INVESTMENT PIPELINE 5 Line of Sight $15+ Billion Pipeline of Additional Investment MN IRP / RFP settlement approved SPS recommended portfolio filed for approval (~4,500 MW company-owned) • Colorado resource plan for 5,000 - 14,000 MW Generation RFPs Awarded $1 - 2 billion of MISO Tranche 2.1 Awarded ~$2 billion SPP 2024 ITP Portfolio (designated short-term reliability projects) Transmission • Incremental generation and transmission required for future data center load Data Center Growth Every $1 billion of additional capital investment increases rate base growth by ~25 basis points. Investment pipeline opportunities in varying stages of RFP and / or commission review.
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© 2025 Xcel Energy Inc. RESOURCE PLAN UPDATES 6 Colorado Resource Plan Minnesota Resource Plan • Filed October 2024 • Forecasted need of 5,000 - 14,000 MW of new capacity from 2028 to 2031 • Assumes 3 - 7% annual sales growth in resource scenarios • Commission decision expected by Fall 2025 • RFPs expected in early 2026 • MPUC approved settlement February 2025 • Company-owned resources: 420 MW natural gas CT; 300 MW battery by 2028 • ~4,200 MW of additional resources, with 2,800 MW wind using Minnesota Energy Connection transmission line • Life extension of Prairie Island (2053 / 2054) and Monticello (2050) SPS Resource Plan • RFP issued in July 2024 for 5,000 - 10,000 MW of generation by 2030 • Recommended portfolio: ~5,200 MW resources (~4,500 MW company-owned) • CPCNs filed in 2025 2H • Commission decisions expected in 2026
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© 2025 Xcel Energy Inc. QUARTERLY GAAP AND ONGOING EPS CHANGE 7 $0.29 $0.07 $0.05 -$0.08 -$0.04 -$0.02 -$0.03 -$0.03 $0.54 $0.75 2024 Q2 EPS Electric Revenues AFUDC Debt & Equity Natural Gas Revenues Electric Fuel & Purchased Power* Interest Charges Cost of Natural Gas* D&A Other 2025 Q2 EPS * Cost of electric fuel and purchased power and natural gas sold and transported are generally recovered through regulatory recovery mechanisms and offset in revenue Fuel Cost Recovery 0.10 Non-Fuel Riders 0.08 Sales & Demand 0.08 Other 0.03 Rate Cases 0.02 Fuel Cost Recovery 0.02 Other 0.01
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© 2025 Xcel Energy Inc. YTD GAAP AND ONGOING EPS CHANGE 8 $0.49 $0.21 -$0.18 -$0.13 -$0.12 -$0.06 -$0.04 $1.42 $1.59 2024 YTD EPS Electric Revenues Natural Gas Revenues Electric Fuel & Purchased Power* O&M D&A Cost of Natural Gas* Other 2025 YTD EPS Fuel Cost Recovery 0.18 Non-Fuel Riders 0.15 Sales & Demand 0.07 Rate Cases 0.07 Other 0.02 Rate Cases 0.10 Fuel Cost Recovery 0.06 Other 0.05 * Cost of electric fuel and purchased power and natural gas sold and transported are generally recovered through regulatory recovery mechanisms and offset in revenue
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© 2025 Xcel Energy Inc. 2025 YTD W/A Natural Gas Sales Growth (leap year adjusted) SALES AND CUSTOMER DATA 9 2025 YTD W/A Retail Electric Sales Growth (leap year adjusted) 0.6% 0.8% 1.4% 7.3% 2.7% NSPM NSPW PSCo SPS Xcel Energy 1.1% 1.1% 1.0% 0.6% 1.0% NSPM NSPW PSCo SPS Xcel Energy 2025 Q2 YoY Electric Customer Growth 0.8% 4.4% -1.5% N/A -0.4% NSPM NSPW PSCo SPS Xcel Energy 0.9% 0.8% 0.9% N/A 0.9% NSPM NSPW PSCo SPS Xcel Energy 2025 Q2 YoY Natural Gas Customer Growth
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© 2025 Xcel Energy Inc. NSPM RATE CASE UPDATES 10 South Dakota Electric Proceeding No. EL25 - 024 North Dakota Electric Proceeding No. 24 - 376 Minnesota Electric Proceeding No. 24 - 320 November 2024 request • Base rate increase of ~$473 million over two years (revised) • ROE of 10.3%; equity ratio of 52.5% • Forward test year: ‒ 2025 rate base ~$13.2 billion ‒ 2026 rate base ~$14.0 billion • Interim rates of ~$192 million effective January 2025 • Procedural Schedule: ‒ Intervenor testimony: August 22, 2025 ‒ Rebuttal testimony: October 10, 2025 ‒ ALJ Report: April 30, 2026 ‒ Decision expected July 31, 2026 December 2024 request • Base rate increase of ~$45 million • ROE of 10.3%; equity ratio of 52.5% • 2025 forward test year • Interim rates of $27 million effective February 2025 • Procedural Schedule: ‒ Rebuttal testimony: August 2025 ‒ Decision expected in early 2026 June 2025 request • Base rate increase of ~$44 million • ROE of 10.3%; equity ratio of 52.87% • 2024 historic test year • Rate base of ~$1.2 billion
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© 2025 Xcel Energy Inc. NSPW RATE CASE UPDATES 11 Wisconsin Electric & Natural Gas Proceeding No. 4220 - UR - 127 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 ratio of 53.5% • Forward test year: ‒ 2026 rate base ~$2.9 billion (electric) and ~$0.3 billion (natural gas) ‒ 2027 rate base ~$3.2 billion (electric) and ~$0.4 billion (natural gas) • Procedural Schedule: ‒ Intervenor testimony: August 8, 2025 ‒ Rebuttal testimony: August 28, 2025 ‒ Hearing: September 16, 2025 ‒ Decision expected 2025 Q4
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© 2025 Xcel Energy Inc. DATA CENTER LOAD GROWTH 12 Data Center Load Growth 2024 2029 Contracted Data Centers Base Case Forecast Additional Opportunity Data Center Sales CAGR 1 GW Data Center ~1 Million Residential Customers ~3 GW Renewable & Firm Dispatchable +2.6% Total Customer Requests = ~8,900 MW
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© 2025 Xcel Energy Inc. 2025 ONGOING EPS GUIDANCE: $3.75 - $3.85 13 Earnings Drivers Key Assumptions (as compared to 2024 levels unless noted) Regulatory proceedings Constructive outcomes in all pending proceedings, including requests for deferral of incremental insurance costs associated with wildfire risk and recovery of O&M costs associated with wildfire mitigation plans Weather Normal weather patterns for the year W/A retail electric sales Increase of ~3% W/A retail firm natural gas sales Increase of ~1% Capital riders (net of PTCs) Increase $255 - $265 million (change from prior forecast primarily earnings neutral) O&M expenses Increase of ~4% (including the impact of regulatory deferrals; change from prior forecast primarily earnings neutral) Depreciation expense Increase $210 - $220 million Property taxes Increase $45 - $55 million Interest exp. (net of AFUDC-debt) Increase $160 - $170 million, net of interest income AFUDC-equity Increase $110 - $120 million Ongoing earnings is calculated using net income and adjusting for certain nonrecurring or infrequent items that are, in management’s view, not reflective of ongoing operations. Ongoing earnings could differ from those prepared in accordance with GAAP due to unplanned and/or unknown adjustments. Xcel Energy is unable to forecast if any of these items will occur or provide a quantitative reconciliation of the guidance for ongoing EPS to corresponding GAAP EPS.
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© 2025 Xcel Energy Inc. BALANCED INVESTMENT THESIS 14 ~9 - 11% Total Shareholder Return 6 - 8% EPS Growth ~3-4% Dividend Yield 4-6% CAGR | 50-60% Payout Ratio
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© 2025 Xcel Energy Inc. BALANCED INVESTMENT THESIS 15 • Met or exceeded earnings guidance for 20 consecutive years • Dividend increases for 22 consecutive years • Strong balance sheet and credit metrics Regulated Utility that Consistently Delivers • Base capital plan of $45 billion, reflecting 9.4% rate base growth • Line of sight to $15+ billion of incremental capital opportunities • Strong sales growth with further upside from data centers • TSR of 9-11%, reflecting 6-8% EPS growth and 4-6% dividend growth Transparent Long - Term Growth Plan • Low customer bills and declining share of customer wallet • Full coal retirement by 2030 • 80% reduction in carbon by 2030 for electric operations • Reducing operational risks and improving outcomes for stakeholders Resilient, Reliable and Affordable
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© 2025 Xcel Energy Inc. APPENDIX 16
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© 2025 Xcel Energy Inc. KEEPING CUSTOMER BILLS LOW 17 $83 $80 $81 $81 $84 $80 $84 $89 $98 $98 $99 $99 $62 $48 $42 $45 $48 $51 $44 $54 $81 $68 $58 $67 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025E Electric Natural Gas 2014-2025E Residential Electric CAGR = ~1.6% 2014-2025E Natural Gas CAGR = ~0.8% -28% -12% Electric Natural Gas Average Xcel Energy Residential Bill to National Average** * 2025E is an estimate based on weather-adjusted volumes and current / historical fuel prices, and is subject to change ** Based on trailing 5-year customer bill data from EIA (2020-2024 for electric; 2019-2023 for natural gas)
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© 2025 Xcel Energy Inc. RFP SCHEDULE 18 * Included in 4,200 MW NSP IRP settlement RFP In-Service By Status NSP 800 MW Firm Dispatchable 2028 • MPUC approved settlement February 2025 • 420 MW company-owned gas CT • 300 MW company-owned battery 1,200 MW Build-Own-Transfer Wind* 2028 • Multiple recommendation filings in 2025 - 2026 • ~2,800 MW company-owned wind • Commission decisions in 2025 - 2026 • Additional RFPs for remaining capacity under IRP settlement in 2025 - 2026 650 MW Solar + Storage* 2029 1,600 MW Solar, Wind, Storage, Hybrid* 2029 SPS 3,200 MW Accredited Capacity (5,000 - 10,000 MW nameplate capacity) 2030 • RFP for ~3,200 accredited capacity • Filed ~4,500 MW company-owned resources • Commission decision expected 2026 PSCo 5,000 - 14,000 MW Resource Plan 2031 • IRP filed October 2024 • Commission decision expected Fall 2025 • RFPs expected late 2025 / 2026
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© 2025 Xcel Energy Inc. ROE RESULTS – ONGOING EARNINGS 19 *Ongoing ROEs exclude impact of Sherco Unit 3 2011 outage refunds Ongoing ROE* Twelve Months Ended June 30, 2025 NSPM 37% NSPW 6% PSCo 41% SPS 16% 2024 Rate Base 9.17% 8.17% 7.78% 8.95% 8.49% 10.79% NSPM NSPW PSCo SPS Total OpCo Xcel Energy ~$47 Billion
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© 2025 Xcel Energy Inc. 2025 YTD W/A ELECTRIC SALES GROWTH 20 Leap year adjusted Extreme weather variations, windchill and cloud cover may not be reflected in estimates Residential C&I Total Retail PSCo SPSNSPWNSPM 1.4% 2.2% 1.3% 5.8% 0.2% 0.2% 1.6% 7.8% 0.6% 0.8% 1.4% 7.3%
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© 2025 Xcel Energy Inc. 2025 YTD W/A SALES GROWTH 21 1.2% 1.0% 1.0% 1.4% -0.1% 1.5% 1.0% -0.7% 2.1% 3.0% 2.7% -0.4% * Leap year adjusted Extreme weather variations, windchill and cloud cover may not be reflected in estimates Electric Natural Gas Total Retail Electric Natural GasC&IResidential 2023 2024* YTD 2025* 2023 2024* YTD 2025* 2023 2024* YTD 2025* 2023 2024* YTD 2025*
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© 2025 Xcel Energy Inc. BASE CAPITAL EXPENDITURES BY FUNCTION 22 2025 2026 2027 2028 2029 Total Electric Distribution $2,570 $3,000 $3,400 $3,320 $3,540 $15,830 Electric Transmission 2,260 2,860 2,740 2,390 2,310 12,560 Renewables 3,360 1,400 260 0 0 5,020 Electric Generation 1,210 1,150 910 580 620 4,470 Other 800 750 750 650 750 3,700 Natural Gas 800 680 690 630 620 3,420 Total $11,000 $9,840 $8,750 $7,570 $7,840 $45,000 $ Millions Base capital forecast excludes additional generation investment associated with resource plans and SPP and MISO Tranche 2 transmission projects
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© 2025 Xcel Energy Inc. BASE CAPITAL EXPENDITURES BY COMPANY 23 2025 2026 2027 2028 2029 Total NSPM $3,240 $2,500 $2,830 $2,080 $2,570 $13,220 NSPW 640 650 690 660 670 3,310 PSCo 5,820 5,190 3,940 3,780 3,550 22,280 SPS 1,400 1,540 1,280 1,040 1,040 6,300 Other* (100) (40) 10 10 10 (110) Total $11,000 $9,840 $8,750 $7,570 $7,840 $45,000 $ Millions Base capital forecast excludes additional generation investment associated with resource plans and SPP and MISO Tranche 2 transmission projects
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© 2025 Xcel Energy Inc. FINANCING PLAN 2025 - 2029* 24 $ Millions * Financing plans reflect tax credit transferability and are subject to change ** Cash from operations is net of dividends and pension funding Additional capital investment above the Base Plan would be funded with approximately 40% equity and 60% debt $25,320 $45,000 $3,730 $3,730 $15,180 $4,000 $500 CFO** Maturing LT Debt Refinanced LT Debt Incremental Debt Equity (Other) Equity (DRIP) Base Plan
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© 2025 Xcel Energy Inc. 2025 DEBT FINANCING PLAN 25 Financing plans are subject to change, depending on capital expenditures, regulatory outcomes, internal cash generation, market conditions, changes in tax policies, and other factors Issuer Security Amount Status Tenor Coupon Hold Co Unsecured Bonds $1,100 Complete 3-Yr 10-Yr 4.75% 5.60% PSCo First Mortgage Bonds $1,000 Complete 9-Yr 30-Yr 5.35% 5.85% NSPM First Mortgage Bonds $1,100 Complete 10-Yr 30-Yr 5.05% 5.65% SPS First Mortgage Bonds $500 Complete 10-Yr 5.30% NSPW First Mortgage Bonds $250 Complete 29-Yr 5.65% PSCo First Mortgage Bonds $1,000 Q3 10-Yr 30-Yr N/A $ Millions
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© 2025 Xcel Energy Inc. STRONG BALANCE SHEET AND CREDIT METRICS 26 Credit metrics based on base capital forecast, include tax credit transferability, and do not reflect rating agency adjustments. The FFO/Debt and Debt/EBITDA ratios are non-GAAP financial measures. FFO is generally calculated as GAAP-basis net cash provided by operating activities, adjusted for working capital and other items. EBITDA is generally calculated as GAAP-basis net income before interest, taxes, depreciation and amortization. Due to the forward-looking nature of these measures, Xcel Energy is unable to provide a reconciliation of these measures to the corresponding GAAP measures. Credit Ratings Moody’s S&P Fitch Xcel Energy Unsecured Baa1 BBB BBB+ NSPM Secured Aa3 A A+ NSPW Secured A1 A A+ PSCo Secured A1 A A+ SPS Secured A3 A- A- Plan 2025E 2026E 2027E 2028E 2029E FFO/Debt ~17% ~17% ~17% ~17% ~17% Debt/EBITDA 5.6x 5.4x 5.3x 5.1x 5.0x Equity Ratio 41% 41% 41% 41% 41% Hold Co Debt/Total Debt 23% 21% 22% 22% 22%
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© 2025 Xcel Energy Inc. CO WILDFIRE MITIGATION & TX RESILIENCY PLAN SETTLEMENTS 27 Settlement Details Colorado Wildfire Mitigation Plan • Verbal approval of unanimous settlement in June 2025 • ~$1.9 billion of investments (capital and O&M) • Cost recovery of proposed investments through a WMA rider • Transmission investments continue to be recovered through the TCA • Agree to request securitization of ~$1.2 billion of proposed WMP investments by 2029 • Extension of the excess liability insurance deferral Texas System Resiliency Plan • Approved July 2025 • ~$495 million of investments (capital and O&M) • Deferral mechanism for distribution related costs
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© 2025 Xcel Energy Inc. SMOKEHOUSE CREEK FIRE 28 • 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 established a claims process for those impacted by the Smokehouse Creek Fire – Resolved 187 of 253 claims received through claims process – 27 lawsuits filed. 11 have been settled or dismissed – Settlement in principle reached with subrogation insurer plaintiffs in 2025 Q2 • $290 million accrued as the low-end of range of estimated losses (liability based on current information and subject to change) • $176 million committed in finalized settlement agreements, of which $123 million paid through 2025 Q2 • We have approximately $500 million of insurance to cover potential 2024 policy period losses • Xcel Energy is unable to reasonably estimate an upper end of the loss range due to unknown facts and legal considerations that may impact the potential liability
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© 2025 Xcel Energy Inc. MARSHALL WILDFIRE 29 • Xcel Energy agrees with the Sheriff’s report that Twelve Tribes caused the first ignition – which was burning for more than an hour before the second ignition • We dispute the conclusions in the Sheriff’s report that our equipment caused the second ignition, which reportedly started 80 to 110 feet away from Xcel Energy’s power lines • The Sherriff’s report stated that it cannot be ruled out that the second ignition was caused by an underground coal fire • Colorado courts do not apply strict liability. For negligence claims, Colorado courts look to whether a utility operated its system with a heightened duty of care consistent with the practical conduct of its business, and liability does not extend to occurrences that cannot be reasonably anticipated • The Sheriff’s report stated that no design, installation or maintenance defects were identified on our electrical circuit in the area of the second ignition • Two additional theories about the cause of the second ignition have been put forth by various plaintiffs in expert reports that were submitted in Q1 2025 • Trial date: September 2025. Trial will focus on determination of liability (vs damages)
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© 2025 Xcel Energy Inc. MARSHALL FIRE SPREAD TIMELINE By the time of the second ignition (~12:20 p.m.), fire from first ignition had already spread to Superior 30 1 2 3 4 (1) Approximately 11 a.m. – First ignition on Twelve Tribe’s property (2) 12:03 p.m. – Fire reported past Howard Barry Water Treatment Plant (3) 12:06 p.m. – “Flames reported at the back of Sagamore subdivision” (4) 12:08 p.m. – Video shows embers showering Costco parking lot at 600 Marshall Road, approx. 3 miles from the location of first ignition (5) Approximately 12:20 p.m. – Second ignition at Marshall Mesa Trailhead Area 5
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© 2025 Xcel Energy Inc. MARSHALL FIRE SPREAD TIMELINE 31 Red/Orange Dots Show Property Damage Fire Spread Leading to Time of Second Ignition Source: Denver Post
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