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© 2025 Xcel Energy Inc. EARNINGS REPORT PRESENTATION 2025 Q3 October 30, 2025 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 and 2026 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 disaster 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. 2 Contacts Website: https://investors.xcelenergy.com/Xcel Energy app also available Roopesh Aggarwal Vice President, Investor Relations (612) 215-4525 roopesh.k.aggarwal@xcelenergy.com Darin Norman Consultant, Investor Relations (612) 337-2310 darin.norman@xcelenergy.com Jessica Noren Director, Investor Relations (612) 330-5512 jessica.r.noren@xcelenergy.com
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© 2025 Xcel Energy Inc. 2025 Q3 HIGHLIGHTS 3 • 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 billion five-year investment plan that provides ~11% annual rate base growth • Energized Meta datacenter in Minnesota. Updated base plan to ~3 GW of data center load contracted by 2026 • Issued RFPs for 6,000+ MW of incremental resources in SPS and PSCo • Reaffirmed 2025 ongoing EPS guidance of $3.75 to $3.85 • Initiated 2026 ongoing EPS guidance of $4.04 to $4.16 • Updated long-term EPS growth objective to 6-8+%
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© 2025 Xcel Energy Inc. CAPITAL FORECAST 2026 – 2030 4 $60 billion total capital investment ~7,500 MW renewable generation ~3,000 MW natural gas generation ~1,900 MW energy storage ~1,500 new transmission line miles ~$5 billion for wildfire mitigation 2025 - 2029 Capital Plan $45 Billion SPS and NSP Generation Portfolios MISO and SPP Transmission $15 Billion
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© 2025 Xcel Energy Inc. CAPITAL FORECAST 2026 – 2030 5 Renewables 20% Other 25% Electric Generation Capacity MixInvestment by Function Electric Distribution 23% Electric Generation 39% Electric Transmission 26% Natural Gas LDC 6% Other 6% $60 Billion NSPM 37% NSPW 10% SPS 15% $22.5 Billion Wind 36% Natural Gas 24% Solar 24% ~12 GW Storage 16%
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© 2025 Xcel Energy Inc. STRONG RATE BASE GROWTH 6 $56 $66 $77 $86 $90 $94 2025 2026 2027 2028 2029 2030 SPS ~22% NSPW ~13% PSCo ~7% NSPM ~10% XEL ~11% OpCo Base CAGRs 2025 – 2030Xcel Energy Consolidated Rate Base 2025 – 2030 CAGR: ~11% $ Billions
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© 2025 Xcel Energy Inc. ADDITIONAL INFRASTRUCTURE INVESTMENT 7 NSP • Near-term procurement for ~4,000 MW renewables and ~500 MW thermal / firm 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 • MISO tranche 2.2 • Resources to serve additional data center growth beyond base plan SPS • 2025 RFP for ~870 MW accredited capacity (~1,500 – 3,000 MW nameplate) • SPP ITP 2025 portfolio • Resources to serve additional data center growth beyond base plan PSCo Every $1 billion of additional capital investment increases rate base growth by ~20-25 basis points
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© 2025 Xcel Energy Inc. KEEPING CUSTOMER BILLS LOW 8 $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 2016 2018 2020 2022 2024 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) 2025E*
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© 2025 Xcel Energy Inc. LOW CUSTOMER SHARE OF WALLET Residential Electric Share of Wallet* Residential Electric Share of Wallet by State** 9 1.6% 1.2% 2014 2024 2.2% (#35 of 50) 1.9% (#25 of 50) 1.6% (#12 of 50) 1.6% (#9 of 50) 1.3% (#5 of 50) 1.3% (#4 of 50) 1.2% (#3 of 50) 1.0% (#1 of 50) New Mexico Texas Wisconsin South Dakota Minnesota Michigan North Dakota Colorado * Average Xcel Energy residential bill divided by household income ** Average Xcel Energy residential customer as compared to average share of wallet for other states based on 2024 EIA data
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© 2025 Xcel Energy Inc. SALES FORECAST 2025 – 2030 10 8% 4% 4% 4% 5% SPS NSPW PSCo NSPM Xcel Energy Base Retail Electric Sales CAGR by OpCo Data Center 3.0% Oil & Gas 1.5% EV & Other 0.5% ~5% Base Retail Electric Sales CAGR by Source
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© 2025 Xcel Energy Inc. DATA CENTER PIPELINE 11 ~1 GW Contracted / Under Construction ~2 GW High-Probability Pipeline > 20 GW Additional Pipeline • ~5 opportunities with hyperscalers / large developers • 15 – 20+ year term contracts • Total capacity ranging from 200 – 800 MW • Online by 2026 – 2030 with ~2 – 3 years to full ramp • Expect contracts signed between year-end 2025 and 2026 • Contracted / high-probability projects compose 3% of 5% 2025 – 2030 sales CAGR Total Capacity Planned Online Full Ramp 250 MW 2026 2035 250 MW Online 2035 600 MW 2026 2029
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© 2025 Xcel Energy Inc. EPS RESULTS BY OPERATING COMPANY 12 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 company and other (0.07) (0.08) (0.24) (0.28) Total GAAP diluted EPS $0.88 $1.21 $2.47 $2.63 Sherco Unit 3 2011 outage refunds - 0.04 - 0.06 Marshall Fire settlement 0.36 - 0.36 - Total ongoing diluted EPS $1.24 $1.25 $2.84 $2.69 Amounts may not sum due to rounding
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© 2025 Xcel Energy Inc. QUARTERLY ONGOING EPS CHANGE 13 $0.28 $0.08 -$0.09 -$0.08 -$0.07 -$0.05 -$0.08 -$0.36 $1.25 $1.24 $0.88 2024 Q3 Ongoing EPS Electric Revenues AFUDC Debt & Equity D&A Interest Charges Equity Financing O&M Other 2025 Q3 Ongoing EPS Marshall Fire Settlement 2025 Q3 GAAP EPS Rate Cases 0.06 Sales & Demand 0.06 Non-Fuel Riders 0.05 Fuel Cost Recovery 0.04 Other 0.07 Please refer to slide 12 for reconciliation between GAAP and ongoing earnings for 2024 and 2025 Cost of electric fuel and purchased power and natural gas sold and transported are generally recovered through regulatory recovery mechanisms and offset in revenue Amounts may not sum due to rounding
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© 2025 Xcel Energy Inc. $0.76 $0.24 -$0.23 -$0.21 -$0.17 -$0.17 -$0.07 -$0.36 $2.69 $2.84 $2.47 2024 YTD Ongoing EPS Electric Revenues Natural Gas Revenues Electric Fuel & Purchased Power D&A O&M Interest Charges Other 2025 YTD Ongoing EPS Marshall Fire Settlement 2025 YTD GAAP EPS YTD ONGOING EPS CHANGE 14 Fuel Cost Recovery 0.21 Non-Fuel Riders 0.20 Rate Cases 0.13 Sales & Demand 0.13 Other 0.09 Rate Cases 0.11 Fuel Cost Recovery 0.07 Other 0.06 Please refer to slide 12 for reconciliation between GAAP and ongoing earnings for 2024 and 2025 Cost of electric fuel and purchased power and natural gas sold and transported are generally recovered through regulatory recovery mechanisms and offset in revenue Amounts may not sum due to rounding
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© 2025 Xcel Energy Inc. 2025 YTD W/A Natural Gas Sales Growth (leap year adjusted) SALES AND CUSTOMER DATA 15 2025 YTD W/A Retail Electric Sales Growth (leap year adjusted) 0.2% 0.6% 2.0% 6.8% 2.5% NSPM NSPW PSCo SPS Xcel Energy 1.0% 0.9% 0.9% 0.5% 0.9% NSPM NSPW PSCo SPS Xcel Energy 2025 Q3 YoY Electric Customer Growth 0.9% 3.3% -1.2% N/A -0.3% NSPM NSPW PSCo SPS Xcel Energy 0.9% 0.7% 0.8% N/A 0.8% NSPM NSPW PSCo SPS Xcel Energy 2025 Q3 YoY Natural Gas Customer Growth
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© 2025 Xcel Energy Inc. NSPM RATE CASE UPDATES 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: – ALJ Report April 30, 2026 – Decision expected 2026 Q3 North Dakota Electric Proceeding No. 24-376 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: – Decision expected in early 2026 South Dakota Electric Proceeding No. EL25-024 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 • Procedural Schedule: – Direct testimony March 20, 2026 – Rebuttal testimony April 14, 2026 – Hearings April 28-30, 2026 – Decision expected in 2026 Q2 16
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© 2025 Xcel Energy Inc. NSPW RATE CASE UPDATES 17 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: ‒ Decision expected in 2025 Q4
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© 2025 Xcel Energy Inc. 2025 ONGOING EPS GUIDANCE: $3.75 - $3.85 18 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 Flat Capital riders (net of PTCs) Increase $255 - $265 million O&M expenses Increase of ~5% (including the impact of regulatory deferrals; increase from prior assumption driven by benefits in 2025 Q3) Depreciation expense Increase $220 - $230 million (change from prior forecast primarily earnings neutral) Property taxes Increase $45 - $55 million Interest exp. (net of AFUDC-debt) Increase $180 - $190 million, net of interest income (change from prior forecast primarily earnings neutral) 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. 2026 ONGOING EPS GUIDANCE: $4.04 - $4.16 19 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 gas sales Increase of ~1% Capital riders Increase $550 - $560 million O&M expenses Increase of ~3% Depreciation expense Increase $370 - $380 million Property taxes Increase $30 - $40 million Interest exp. (net of AFUDC-debt) Increase $290 - $300 million, net of interest income AFUDC-equity Increase $140 - $150 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. FINANCING PLAN 2026 – 2030* 20 $ Millions $30,180 $60,000$3,580 $3,580 $22,820 $7,000 CFO** Maturing LT Debt Refinanced LT Debt Incremental Debt Equity & Equity Content Base Plan * Financing plans reflect tax credit transferability and are subject to change. Impact from planned 2029 securitization in Colorado reflected in lower capital spend ** 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
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© 2025 Xcel Energy Inc. STRONG BALANCE SHEET AND CREDIT METRICS 21 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- 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. 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%
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© 2025 Xcel Energy Inc. BALANCED INVESTMENT THESIS 22 • 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 • Capital plan of $60 billion, reflecting ~11% rate base growth from 2025 – 2030 • Balanced sales growth, including upside from data centers • TSR of 10+%, reflecting 6-8+% EPS growth and ~3% dividend yield Transparent Long - Term Growth Plan • Average residential electric bills 28% below national average • Five-year capital plan forecast keeps long-term customer bill growth at inflation • Significant progress reducing system risk from extreme weather • 57% reduction in carbon for electric operations Resilient, Reliable and Affordable
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© 2025 Xcel Energy Inc. TOTAL SHAREHOLDER RETURN 23 10+% Total Shareholder Return 6 - 8+% EPS Growth ~3% Dividend Yield 4-6% CAGR | 45-55% Payout Ratio
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© 2025 Xcel Energy Inc. APPENDIX 24
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© 2025 Xcel Energy Inc. FINANCIAL SUPPLEMENT 25
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© 2025 Xcel Energy Inc. ROE RESULTS – ONGOING EARNINGS 26 *Ongoing ROEs exclude impact of Marshall Fire settlement Ongoing ROE* Twelve Months Ended September 30, 2025 NSPM 37% NSPW 6% PSCo 41% SPS 16% 2024 Rate Base 9.35% 8.06% 7.59% 8.60% 8.41% 10.50% NSPM NSPW PSCo SPS Total OpCo Xcel Energy ~$47 Billion
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© 2025 Xcel Energy Inc. RECONCILIATION – ONGOING EPS TO GAAP EPS 27 $ 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 LCM/EPU Project (0.16) - - - - - - - - - Impact of Tax Cuts & Jobs Act - - (0.05) - - - - - - - Loss on Comanche Unit 3 litigation - - - - - - - - (0.05) - Workforce reduction expenses - - - - - - - - (0.09) - Sherco Unit 3 2011 outage refunds - - - - - - - - - (0.06) GAAP EPS $1.94 $2.21 $2.25 $2.47 $2.64 $2.79 $2.96 $3.17 $3.21 $3.44 * Amounts may not sum due to rounding. Xcel Energy’s management believes that ongoing earnings reflects management’s performance in operating the company and provides a meaningful representation of the performance of Xcel Energy’s core business. In addition, Xcel Energy’s management uses ongoing earnings internally for financial planning and analysis, for reporting of results to the Board of Directors, and when communicating its earnings outlook to analysts and investors.
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© 2025 Xcel Energy Inc. BASE CAPITAL EXPENDITURES BY FUNCTION 28 $ 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 9,540 Natural Gas 860 830 700 650 680 3,720 Other 1,170 1,080 250 540 630 3,670 Total $13,790 $15,130 $12,650 $9,020 $9,410 $60,000 * Electric Distribution spend for 2029 = $2,890 million before recognizing impact of securitization of Colorado wildfire mitigation plan spend 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 29 $ 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 $15,130 $12,650 $9,020 $9,410 $60,000 * PSCo spend for 2029 = $2,970 million before recognizing impact of securitization of Colorado wildfire mitigation plan spend ** Includes intercompany transfers for renewable equipment 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. NSPM BASE CAPITAL EXPENDITURES BY FUNCTION 30 $ 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 440 440 400 300 250 1,830 Natural Gas 200 180 150 150 160 840 Total $3,740 $4,870 $4,210 $3,660 $3,650 $20,130
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© 2025 Xcel Energy Inc. NSPW BASE CAPITAL EXPENDITURES BY FUNCTION 31 $ 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 40 40 50 240 Total $910 $1,210 $760 $570 $580 $4,030
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© 2025 Xcel Energy Inc. PSCo BASE CAPITAL EXPENDITURES BY FUNCTION 32 $ 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 880 410 230 170 100 1,790 Other 320 330 240 250 260 1,400 Total $5,980 $3,940 $2,960 $1,760 $2,960 $17,600 * PSCo Electric Distribution spend for 2029 = $1,160 million before recognizing impact of securitization of Colorado wildfire mitigation plan spend
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© 2025 Xcel Energy Inc. SPS BASE CAPITAL EXPENDITURES BY FUNCTION 33 $ 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 160 200 150 120 100 730 Total $3,050 $5,120 $5,350 $3,240 $2,270 $19,030
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© 2025 Xcel Energy Inc. 2025 DEBT FINANCING 34 $ Millions Security Amount Status Tenor Coupon Hold Co Senior Unsecured Notes $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 Complete 10-Yr 30-Yr 5.15% 5.85% Hold Co Junior Subordinate Notes $900 Complete 60-Yr 6.25%
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© 2025 Xcel Energy Inc. 2026 DEBT FINANCING PLAN 35 $ 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, regulatory outcomes, internal cash generation, market conditions, changes in tax policies, and other factors
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© 2025 Xcel Energy Inc. $0 $400 $800 $1,200 $1,600 $2,000 2026 2027 2028 2029 2030 2031 2032 2033 2034 DEBT MATURITIES 36 $ Millions PSCo SPSHold Co NSPM NSPW
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© 2025 Xcel Energy Inc. 2025 YTD W/A ELECTRIC SALES GROWTH 37 Leap year adjusted Extreme weather variations, windchill and cloud cover may not be reflected in estimates Residential C&I Total Retail PSCo SPSNSPWNSPM 1.6% 2.1% 2.8% 4.8% -0.5% 0.1% 1.6% 7.4% 0.2% 0.6% 2.0% 6.8%
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© 2025 Xcel Energy Inc. 2025 YTD W/A SALES GROWTH 38 1.2% 1.0% 1.0% 1.4% -0.1% 1.5% 1.0% -0.7% 2.5% 2.6% 2.5% -0.3% 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. REGULATORY & RFP CALENDAR 39 2025 Resource & Resiliency PlansRate Cases NSPM / NSPW PSCo SPS 3Q 4Q NSP RFPs recommendation filings Colorado Resource Plan (5,000-14,000 MW) decision WI Electric and Natural Gas rate case decision 2026 1H CO Electric and Natural Gas rate case filed Colorado Near-Term RFP (4,000-4,500 MW) decision NM Electric rate case filed 2025 SPS RFP issued 2025 SPS RFP IM report issued MN Natural Gas rate case filed ND Electric rate case decision
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© 2025 Xcel Energy Inc. WILDFIRE MITIGATION 40
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© 2025 Xcel Energy Inc. WILDFIRE RISK MITIGATION STRATEGY 41 Aggressively deploy additional situational awareness tools – weather stations and AI cameras Rapidly develop more mature meteorology, fire science, and risk modeling capabilities Harden the system and deploy EPSS capabilities and system segmentation to reduce scope of PSPS customer impact Materially increase the number and frequency of PSPS drills Investigate every ignition to ensure risk- informed investment decisions Pursue State and Federal legislative outcomes to protect our customers, and successfully conclude regulatory proceedings Public facing mitigation plans in each of our states with approved plans in Colorado, New Mexico and Texas
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© 2025 Xcel Energy Inc. RECENTLY APPROVED WILDFIRE MITIGATION & RESILIENCY PLANS Updated Colorado Wildfire Mitigation Plan • ~$1.9 billion investment (Capital and O&M) • Investments include: – 50 miles undergrounding – 165 miles small conductor replacement – 33 miles open wire / bare secondary conductor – 10K poles replaced – 82K overhead defect remediations – 125 miles of transmission line rebuilds – 300 EPSS reclosers – 135 AI-enabled cameras – 27K non-expulsion fuses • Securitization mechanism for up to $1.2 billion of proposed investments Texas System Resiliency Plan • ~$495 million investment (Capital and O&M) • Investments include: – 16K poles replaced or installed – 783 miles primary / small conductor replacement – 11 miles open wire / bare secondary conductor – 151 EPSS feeder upgrades – 68 AI-enabled cameras – 110 weather stations – Communications modernization (Private LTE) • Deferral mechanism for distribution related costs
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© 2025 Xcel Energy Inc. STATE AND FEDERAL POLICY 43 FederalState • Create federal fund as a liability backstop • Address the broad scope of potential third party wildfire damages under state law • Require wildfire mitigation plans to access federal fund • Address insurance, federal lands and other associated issues • Create authority for Wildfire Mitigation Plans and Public Safety Power Shutoffs • Reform state tort law applicable to wildfires: ‒ Legislation passed in Texas and North Dakota in 2025 with standard of care / prudence if following approved plan • Develop cooperative plans with other local partners and industries • Secure state programs for wildfire prevention • Create backstop state fund
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© 2025 Xcel Energy Inc. MARSHALL FIRE 44 • 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 authorized the settlement – Individual plaintiffs' attorneys, who have agreed to the settlement, are in process of executing individual settlement agreements with clients • Xcel Energy expects to pay ~$640 million related to the settlements; ~$350 million of this will be funded by remaining insurance coverage • Xcel Energy recognized a ~$290 million (pre-tax), one-time charge to earnings as a result of these settlement agreements in the quarterly period ending September 30, 2025 • Xcel Energy disputes that its power lines caused the fire, and does not admit any fault or wrongdoing in connection with these settlement agreements
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© 2025 Xcel Energy Inc. SMOKEHOUSE CREEK FIRE 45 • 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 212 of 254 claims received through claims process – Resolved 71 of 83 potential claims presented for mediation by parties represented by attorneys – 34 lawsuits filed. 21 have been settled or dismissed – Settlement signed with subrogation insurer plaintiffs in 2025 Q3 • $410 million accrued as the low-end of range of estimated losses (liability based on current information and subject to change) • $361 million committed in finalized settlement agreements, of which $219 million paid through 2025 Q3 • 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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