Slides
Page 1
© 2026 Xcel Energy Inc. EARNINGS REPORT PRESENTATION 2026 Q3 October 29, 2026 1
Page 2
© 2026 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 2026 and 2027 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, 2025 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; risks associated with wildfires; commodity risks associated with energy markets and production; rising energy prices and fuel costs; qualified employee workforce and third-party contractor factors; reputational impacts of actions by employees, directors, or third-parties; our ability to recover costs and our subsidiaries’ ability to recover costs from customers; risks associated with the growth of large load 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) 215-4535 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
Page 3
© 2026 Xcel Energy Inc. 2026 Q3 HIGHLIGHTS 3 • 2026 Q3 GAAP and ongoing EPS of $1.52, compared to GAAP EPS of $0.88 and ongoing EPS of $1.24 in 2025 Q3 • 2026 YTD GAAP and ongoing EPS of $3.34 and $3.37, compared to $2.47 and $2.84 in 2025 YTD • Narrowed 2026 ongoing EPS guidance to $4.10 to $4.16 from $4.04 to $4.16 • Initiated 2027 ongoing EPS guidance of $4.48 to $4.62 • Updated $70 billion five-year investment plan, extending 11% rate base and 9+% EPS growth through 2031 • Base investment plan driven by clean energy transition with data centers providing incremental opportunities • Reached constructive outcomes or settlements across most major rate cases • Continue to provide customers across our states with some of the lowest energy bills in the country • Invested $10 billion YTD in critical generation, transmission, and distribution infrastructure for our customers • Already contracted ~40% of $8 billion 2027 – 2031 equity financing plan, helping ensure a strong balance sheet
Page 4
© 2026 Xcel Energy Inc. $70 BILLION BASE CAPITAL PLAN 4 ~9,200 MW renewable generation ~3,300 MW natural gas generation ~2,300 MW energy storage ~2,400 miles new transmission ~$4 billion for wildfire mitigation ~$7 billion to serve contracted data centers 2027 – 2031 Base Capital Plan $70 Billion 2027 – 2031 Incremental Investment $10+ Billion Potential
Page 5
© 2026 Xcel Energy Inc. BASE CAPITAL PLAN 2027 – 2031 5 Investment by OpCo Electric Distribution 20%Natural Gas Generation 9% Electric Transmission 26% Natural Gas LDC 5% Other 9% $70 Billion NSPW 5% NSPM 35% PSCo 23% $70 Billion SPS 37% Renewable Generation 31% Investment by Function
Page 6
© 2026 Xcel Energy Inc. STRONG RATE BASE GROWTH 6 SPS ~21% NSPW ~9% PSCo ~5% NSPM ~11% Total ~11% OpCo CAGRs 2026 – 2031 Xcel Energy Consolidated Year End Rate Base Based on $70 Billion Base Plan $ Billions $68 $80 $90 $100 $107 $112 2026 2027 2028 2029 2030 2031 2026 – 2031 CAGR: ~11%
Page 7
© 2026 Xcel Energy Inc. ADDITIONAL INVESTMENT OPPORTUNITIES 7 High - Voltage Transmission • NSP: RFP for ~4,100 MW renewable generation and storage by 2030 • PSCo: RFP for ~500 MW of accredited capacity by 2031 (JTS Phase II) • SPS: IRP for ~2,000 MW of accredited capacity by 2034 • Additional IRP / RFPs across jurisdictions • Generation to support 4 GW incremental data center demand contracted by YE 2027 • Future SPP ITP portfolios and competitive bid projects (2030+) • Future MISO transmission (2030+) 15+ GW Additional Generation Need Every $1 billion of additional capital investment increases rate base growth by 15 to 20 basis points 1 GW data center, assuming balance of renewable, storage and natural gas generation, could require $6 – 8 billion of investment (including third-party generation)
Page 8
© 2026 Xcel Energy Inc. KEEPING CUSTOMER BILLS LOW 8 $83 $110 $62 $61 2014 2016 2018 2020 2022 2024 2026E* Electric Natural Gas 2014 – 2026E Residential Electric CAGR = ~2.3% 2014 – 2026E Residential Natural Gas CAGR = ~(0.1%) (29%) (11%) Electric Natural Gas Average Xcel Energy Residential Bill to National Average** * 2026E 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 (2021 – 2025 for electric; 2020 – 2024 for natural gas)
Page 9
© 2026 Xcel Energy Inc. LOW CUSTOMER SHARE OF WALLET Residential Electric Share of Wallet* Residential Electric Share of Wallet by State** 9 1.6% 1.3% 2014 2025 2.2% (#35 of 50) 1.8% (#22 of 50) 1.5% (#12 of 50) 1.5% (#8 of 50) 1.5% (#7 of 50) 1.5% (#6 of 50) 1.3% (#3 of 50) 1.1% (#1 of 50) New Mexico Texas Wisconsin South Dakota North Dakota Michigan Minnesota Colorado * Average Xcel Energy residential bill divided by household income ** Average Xcel Energy residential customer share of wallet as compared to average share of wallet for other states based on 2025 EIA data
Page 10
© 2026 Xcel Energy Inc. Data Center 3.0% Oil & Gas 1.5% Other 0.5% SALES FORECAST 2026 – 2031 10 8% 4% 4% 2% 5% SPS PSCo NSPM NSPW Total Base Retail Electric Sales CAGR by OpCo ~5% Base Retail Electric Sales CAGR by Source
Page 11
© 2026 Xcel Energy Inc. DATA CENTER PIPELINE 11 ~2 GW Contracted / Under Construction ~4 GW Contracted by Year End 2027 • Hyperscalers and large developers • Opportunities to upsize existing contracts • Align with large load tariff filings • 75 – 85% minimum bills secured with parent guarantee and / or letter of credit • Total capacity ranging from 200 MW to 1+ GW • Online by 2028 – 2031+ with ramps through mid 2030s • Expect ~1 GW signed in 2026; Additional ~3 GW by end of 2027 Total Capacity Planned Online Full Ramp 200 MW Online 2035 250 MW Online 2035 200 MW 2027 2028 780 MW * * * Not publicly disclosed 600 MW 2026 2029 > 20 GW Additional Pipeline
Page 12
© 2026 Xcel Energy Inc. LEADER IN GENERATION AND TRANSMISSION CONSTRUCTION 2015 – 2026 New Company Owned Generation* 2008 – 2025 Transmission Line Miles Built 12 Company 10 Company 9 Company 8 Company 7 Company 6 Company 5 Company 4 Company 3 Xcel Energy Company 1 * New company-owned renewable and natural gas generation; Source: S&P and company filings ~7 GW Company 10 Company 9 Company 8 Company 7 Company 6 Company 5 Company 4 Company 3 Company 2 Xcel Energy 3,500
Page 13
© 2026 Xcel Energy Inc. MAJOR PROJECTS PARTNERSHIPS 13 GE Vernova Development Partnerships • Support wind, natural gas generation, transmission and distribution projects into 2030s • Provides supply of critical components, operational flexibility and cost certainty • Bidding several GW of wind projects into near-term RFPs with GEV wind turbines • 12 gas CT reservations with options for additional slots into 2030s • Joint technology and innovation collaboration agreement • Co-developing generation solutions for data centers and other large-load capacity • Positioned to accelerate speed-to-market and increase company ownership • Four top-tier partners secured in 2026 with several GW of opportunities in development EPCs • Program-level top-tier EPCs secured across entire portfolio of wind and solar projects • Program-level top-tier EPCs secured across entire portfolio of natural gas generation • Program-level top-tier EPCs secured across transmission and distribution investments • Additional EPC firms and “flex” resources that are in position to add redundancy
Page 14
© 2026 Xcel Energy Inc. EPS RESULTS BY OPERATING COMPANY 14 Amounts may not sum due to rounding Third Quarter YTD Operating Company 2026 2025 2026 2025 PSCo $0.57 $0.08 $1.31 $0.79 NSPM 0.51 0.53 1.18 1.17 SPS 0.34 0.27 0.67 0.55 NSPW 0.08 0.07 0.25 0.19 Earnings from equity method investments 0.01 0.01 0.03 0.02 Regulated utility $1.52 0.96 3.44 2.72 Holding company and other - (0.07) (0.10) (0.24) Total GAAP diluted EPS $1.52 $0.88 $3.34 $2.47 Prairie Island outage refunds - - 0.04 - Marshall Wildfire litigation - 0.36 (0.02) 0.36 Total ongoing diluted EPS $1.52 $1.24 $3.37 $2.84
Page 15
© 2026 Xcel Energy Inc. $0.04 $0.12 ($0.23) ($0.08) $1.24 $0.32 $0.11 $1.52 2025 Q3 Ongoing EPS Electric Revenues AFUDC Equity & Debt Electric Fuel & Purchased Power Other Interest Charges & Equity O&M 2026 Q3 Ongoing EPS QUARTERLY ONGOING EPS CHANGE 15 Refer to slide 44 for reconciliation between GAAP and ongoing earnings for 2025 Cost of electric fuel and purchased power is generally recovered through regulatory recovery mechanisms and offset in revenue Amounts may not sum due to rounding Non-Fuel Riders 0.12 Rate Cases 0.10 Weather 0.07 Sales and Demand 0.05 PTCs Credited (0.07) Other 0.05
Page 16
© 2026 Xcel Energy Inc. YTD ONGOING EPS CHANGE 16 $0.37 $0.29 ($0.59) ($0.04) $0.02 $2.84 $0.35 $0.12 $3.37 $3.34 2025 YTD Ongoing EPS Electric Revenues Electric Fuel & Purchased Power AFUDC Equity & Debt Other Interest Charges & Equity 2026 YTD Ongoing EPS Prairie Island Outage Refunds Marshall Wildfire Litigation 2026 YTD GAAP EPS Refer to slide 44 for reconciliation between GAAP and ongoing earnings for 2025 Cost of electric fuel and purchased power is generally recovered through regulatory recovery mechanisms and offset in revenue Amounts may not sum due to rounding Non-Fuel Riders 0.38 Sales and Demand 0.14 Rate Cases 0.09 Weather 0.05 Fuel Cost Recovery (0.20) PTCs Credited (0.15) Other 0.06
Page 17
© 2026 Xcel Energy Inc. 0.9% 0.8% 0.5% N/A 0.6% NSPM NSPW PSCo SPS Xcel Energy 2026 W/A SALES GROWTH 17 2.5% 1.2% 0.3% 5.1% 2.5% NSPM NSPW PSCo SPS Xcel Energy Extreme weather variations, windchill and cloud cover may not be reflected in estimates 0.1% (2.3%) (2.4%) N/A (1.6%) NSPM NSPW PSCo SPS Xcel Energy 2026 YTD W/A Retail Electric Sales Growth 2026 YTD W/A Natural Gas Sales Growth 0.8% 0.9% 0.4% 0.7% 0.6% NSPM NSPW PSCo SPS Xcel Energy 2026 Q3 YoY Electric Customer Growth 2026 Q3 YoY Natural Gas Customer Growth
Page 18
© 2026 Xcel Energy Inc. NSPM RATE CASE UPDATES Minnesota Gas Proceeding No. 25-356 October 2025 request • Base rate increase of ~$62 million • ROE of 10.65%; equity ratio of 52.5% • 2026 forward test year with rate base of ~$1.5 billion • Interim rates of ~$51 million effective January 2026 • Settlement with select intervenors reached May 2026 ‒ Base rate increase of ~$38 million ‒ Weighted Average Cost of Capital of 7.21% • MPUC decision expected November 2026 North Dakota Gas Proceeding No. 26-052 January 2026 request • Base rate increase of ~$14 million • ROE of 10.85%; equity ratio of 52.5% • 2026 forward test year with rate base of ~$235 million • Interim rates of ~$12 million approved, effective April 2026 18
Page 19
© 2026 Xcel Energy Inc. PSCo RATE CASE UPDATES Colorado Electric Proceeding No. 25AL-0494E November 2025 request • Base rate increase of ~$356 million • ROE of 9.80%; equity ratio of 55.0% • 2025 test year with rate base of ~$13.2 billion • Settlement approved by CPUC in September 2026, with modification to rate base methodology ‒ Base rate increase of ~$184 million ‒ ROE of 9.30%; equity ratio of 54.50% ‒ 2025 test year with 13-month average rate base ‒ Revised final rates implemented in October 2026 Colorado Natural Gas Proceeding No. 25AL-0538G December 2025 request • Base rate increase of ~$190 million • ROE of 10.75%; equity ratio of 55.0% • 2025 test year with rate base of ~$4.7 billion • Settlement approved by CPUC in September 2026 ‒ Base rate increase of ~$123 million ‒ ROE of 9.20%; equity ratio of 54.50% ‒ 2025 average rate base with forward looking known and measurable adjustments ‒ Final rates implemented October 2026 19
Page 20
© 2026 Xcel Energy Inc. New Mexico Electric Proceeding No. 25-00079-UT November 2025 request • Base rate increase of ~$168 million (revised) • ROE of 10.50%; equity ratio of 56.0% • 2027 forward test year with rate base of $3.9 billion • Settlement with select intervenors reached in June 2026 – Base rate increase of ~$90 million, based on filed forward test year – ROE of 9.5%; equity ratio of 54.7% • NMPRC decision expected in 2026 Q4 SPS RATE CASE UPDATE 20
Page 21
© 2026 Xcel Energy Inc. 2026 ONGOING EPS GUIDANCE: $4.10 – $4.16 21 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 remainder of the year W/A retail electric sales Increase of ~3% W/A retail firm natural gas sales Flat Capital riders Increase $370 – $380 million; change largely offset in depreciation and AFUDC O&M expenses Increase of ~5% Depreciation expense Increase $100 – $110 million; change largely offset by lower revenue Property taxes Increase $30 – $40 million Interest exp. (net of AFUDC-debt) Increase $290 – $300 million, net of interest income AFUDC-equity Increase $180 – $190 million; change largely offset by lower revenue 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.
Page 22
© 2026 Xcel Energy Inc. 2027 ONGOING EPS GUIDANCE: $4.48 – $4.62 22 Earnings Drivers Key Assumptions (as compared to 2026 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 ~5% W/A retail firm natural gas sales Increase of ~1% Capital riders Increase $560 – $570 million O&M expenses Increase of ~4% Depreciation expense Increase $460 – $470 million Property taxes Increase $30 – $40 million Interest exp. (net of AFUDC-debt) Increase $320 – $330 million, net of interest income AFUDC-equity Increase $250 – $260 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.
Page 23
© 2026 Xcel Energy Inc. FINANCING PLAN 2027 – 2031* 23 $ Millions $35,810 $70,000$5,630 $5,630 $26,190 $8,000 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 ~40% of equity plan contracted and priced as of Q3 2026
Page 24
© 2026 Xcel Energy Inc. STRONG BALANCE SHEET AND CREDIT METRICS 24 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 2027E 2028E 2029E 2030E 2031E FFO/Debt ~16% ~17% ~17% ~17% ~18% Debt/EBITDA 5.8x 5.5x 5.2x 5.2x 4.8x Equity Ratio 44% 44% 43% 42% 42% HoldCo Debt/Total Debt 21% 22% 23% 23% 22%
Page 25
© 2026 Xcel Energy Inc. BALANCED INVESTMENT THESIS 25 • Met or exceeded earnings guidance for 21 consecutive years • Dividend increases for 23 consecutive years • Strong balance sheet and credit metrics • TSR of 11+%, reflecting 6 – 8+% long-term EPS growth and ~3% dividend yield Financial Discipline and Track Record of Execution • #1 builder of new transmission line miles since 2008 • #2 builder of new renewable and natural gas generation since 2015 • Base capital plan of $70 billion, reflecting ~11% rate base CAGR from 2026 – 2031 • Strategic and long-term partnerships with Tier 1 developers, EPCs and suppliers Proven Developer of Large - Scale Transmission and Generation • Average residential electric bills 29% below national average • Base capital plan driven by clean energy transition with data center upside • Investment plan that keeps long-term customer bill growth near inflation • ~58% reduction in carbon emissions for electric operations since 2005 • Significant progress reducing system risk from extreme weather Resilient, Reliable and Affordable
Page 26
© 2026 Xcel Energy Inc. TOTAL SHAREHOLDER RETURN 26 11+% Total Shareholder Return ~3% Dividend Yield 4 – 6% CAGR | 45 – 55% Payout Ratio 6 – 8+% Long - Term EPS Growth
Page 27
© 2026 Xcel Energy Inc. APPENDIX 27
Page 28
© 2026 Xcel Energy Inc. FINANCIAL SUPPLEMENT 28
Page 29
© 2026 Xcel Energy Inc. BASE CAPITAL EXPENDITURES BY FUNCTION 29 $ Millions 2027 2028 2029 2030 2031 Total Renewables $4,820 $4,320 $6,760 $3,800 $1,660 $21,360 Electric Transmission 3,550 3,630 3,810 3,750 3,820 18,560 Electric Distribution 3,070 2,850 1,770 3,030 2,940 13,660 Electric Generation 3,150 2,510 1,450 1,070 1,030 9,210 Natural Gas 840 650 650 810 770 3,720 Other 870 710 750 610 550 3,490 Total $16,300 $14,670 $15,190 $13,070 $10,770 $70,000 * Electric Distribution spend for 2029 = $2,980 million before recognizing impact of securitization of Colorado wildfire mitigation plan spend *
Page 30
© 2026 Xcel Energy Inc. BASE CAPITAL EXPENDITURES BY COMPANY 30 $ Millions 2027 2028 2029 2030 2031 Total NSPM $4,660 $4,860 $6,010 $4,920 $4,390 $24,840 NSPW 1,190 860 610 510 430 3,600 PSCo* 3,860 2,730 1,650 4,740 3,120 16,100 SPS 6,720 6,390 7,000 2,890 2,820 25,820 Other** (130) (170) (80) 10 10 (360) Total $16,300 $14,670 $15,190 $13,070 $10,770 $70,000 * PSCo spend for 2029 = $2,860 million before recognizing impact of securitization of Colorado wildfire mitigation plan spend ** Includes intercompany transfers for combustion turbines and renewable generation equipment
Page 31
© 2026 Xcel Energy Inc. NSPM BASE CAPITAL EXPENDITURES BY FUNCTION 31 $ Millions 2027 2028 2029 2030 2031 Total Renewables $930 $1,820 $3,250 $2,200 $1,580 $9,780 Electric Distribution 990 960 960 970 990 4,870 Electric Transmission 1,220 1,030 710 810 930 4,700 Electric Generation 880 540 590 500 510 3,020 Natural Gas 230 160 160 170 170 890 Other 410 350 340 270 210 1,580 Total $4,660 $4,860 $6,010 $4,920 $4,390 $24,840
Page 32
© 2026 Xcel Energy Inc. NSPW BASE CAPITAL EXPENDITURES BY FUNCTION 32 $ Millions 2027 2028 2029 2030 2031 Total Electric Transmission $440 $350 $240 $140 $70 $1,240 Electric Distribution 170 150 180 220 190 910 Renewables 360 140 - - - 500 Electric Generation 60 80 70 60 70 340 Natural Gas 70 50 50 50 50 270 Other 90 90 70 40 50 340 Total $1,190 $860 $610 $510 $430 $3,600
Page 33
© 2026 Xcel Energy Inc. PSCo BASE CAPITAL EXPENDITURES BY FUNCTION 33 $ Millions 2027 2028 2029 2030 2031 Total Electric Distribution $1,360 $1,130 $(50) $1,190 $1,210 $4,840 Electric Transmission 770 620 900 980 870 4,140 Natural Gas 540 440 440 590 550 2,560 Renewables 470 10 - 1,480 70 2,030 Electric Generation 460 310 170 310 240 1,490 Other 260 220 190 190 180 1,040 Total $3,860 $2,730 $1,650 $4,740 $3,120 $16,100 * PSCo Electric Distribution spend for 2029 = $1,160 million before recognizing impact of securitization of Colorado wildfire mitigation plan spend *
Page 34
© 2026 Xcel Energy Inc. SPS BASE CAPITAL EXPENDITURES BY FUNCTION 34 $ Millions 2027 2028 2029 2030 2031 Total Renewables $3,060 $2,350 $3,510 $120 $10 $9,050 Electric Transmission 1,120 1,630 1,960 1,820 1,950 8,480 Electric Generation 1,750 1,580 620 200 210 4,360 Electric Distribution 550 610 680 650 550 3,040 Other 240 220 230 100 100 890 Total $6,720 $6,390 $7,000 $2,890 $2,820 $25,820
Page 35
© 2026 Xcel Energy Inc. EQUITY FINANCING PLAN 2027 – 2031 35 Over 100% of prior 2026 – 2030 base plan contracted Contracted Upside, Current Value Contracted, Priced 2027 – 2031 Base Plan, Equity & Equity Content * $8 Billion Total Plan ~40% Complete * As of September 30, 2026 Collared forward equity contract value adjusts with arithmetic average of the volume weighted average price over the contract valuation period Contracted Upside, Further Value Remaining ATM Forward Collar Benefits • Bespoke structure • Downside protection with floor similar to discrete offering • Upside potential with ceiling mirroring LT EPS guidance
Page 36
© 2026 Xcel Energy Inc. 2026 DEBT FINANCING PLAN 36 Issuer Security Amount Status Tenor Coupon HoldCo Junior Subordinated Notes $800 Complete 30 Year (NC5) 5.75% PSCo First Mortgage Bonds $1,300 Complete 3 Year 10 Year 4.15% 5.05% NSPM First Mortgage Bonds $1,200 Complete 10 Year 30 Year 4.85% 5.55% NSPW First Mortgage Bonds $250 Complete 15 Year 5.48% SPS First Mortgage Bonds $1,200 Complete 10 Year 30 Year 5.30% 5.875% PSCo First Mortgage Bonds $800 Complete 8 Year 30 Year 5.35% 6.20% $ Millions Financing plans are subject to change, depending on capital expenditures, regulatory outcomes, internal cash generation, market conditions, changes in tax policies, and other factors
Page 37
© 2026 Xcel Energy Inc. 2027 DEBT FINANCING PLAN 37 Issuer Security Amount HoldCo Senior Unsecured Notes $500 SPS First Mortgage Bonds $2,800 NSPM First Mortgage Bonds $1,200 PSCo First Mortgage Bonds $1,000 NSPW First Mortgage Bonds $450 $ Millions Financing plans are subject to change, depending on capital expenditures, regulatory outcomes, internal cash generation, market conditions, changes in tax policies, and other factors
Page 38
© 2026 Xcel Energy Inc. LONG-TERM DEBT MATURITIES 38 $ Millions $500 $600 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 $1,480 $1,200 $1,850 $1,000 $900 $1,800 $2,900 $2,800 PSCo SPSHoldCo NSPM NSPW
Page 39
© 2026 Xcel Energy Inc. DIVERSE ASSET BASE 39 As measured by rate base Electric Distribution 27% Other Generation 11% Renewables 16% Electric Transmission 25% Natural Gas LDC 12% Other 7% Electric Distribution 23% Other Generation 14% Renewables 23% Electric Transmission 27% Natural Gas LDC 8% Other 5% Coal 3% $56 Billion $112 Billion 2031E2025
Page 40
© 2026 Xcel Energy Inc. ROE RESULTS – ONGOING EARNINGS 40 Ongoing ROE* Twelve Months Ended September 30, 2026 NSPM 35% NSPW 6% PSCo 43% SPS 16% 2025 Rate Base 9.47% 10.51% 7.57% 9.30% 8.68% 11.54% NSPM NSPW PSCo SPS Total OpCo Xcel Energy ~$56 Billion * Ongoing ROEs exclude impact of Marshall Wildfire litigation and Prairie Island outage refunds
Page 41
© 2026 Xcel Energy Inc. 2026 YTD W/A ELECTRIC SALES GROWTH 41 1.1% 3.3% 2.5% 1.6% 1.1% 1.2% 1.7% (0.3%) 0.3% 0.7% 5.9% 5.1% PSCO SPSNSPWNSPM Extreme weather variations, windchill and cloud cover may not be reflected in estimates Residential C&I Total Retail
Page 42
© 2026 Xcel Energy Inc. XCEL ENERGY W/A SALES GROWTH 42 (0.1%) 2.0% 1.3% 1.5% 2.4% 3.0% 1.0% 2.2% 2.5% (0.7%) (1.2%) (1.6%) FY 2024 * FY 2025 * YTD 2026 FY 2024 * FY 2025 * YTD 2026 FY 2024 * FY 2025 * YTD 2026 FY 2024 * FY 2025 * YTD 2026 Electric Natural Gas Total Retail Electric Natural GasC&IResidential * Leap year adjusted Extreme weather variations, windchill and cloud cover may not be reflected in estimates
Page 43
© 2026 Xcel Energy Inc. REGULATORY & RFP CALENDAR 43 Resource & Resiliency PlansRate Cases NSPM / NSPW PSCo SPS 2026 NM Electric rate case decision MN Gas rate case decision NSP RFP (4,100 MW) recommendation filing Q4 NSP Firm Dispatchable RFP 2027 1H WI Electric / Gas filing
Page 44
© 2026 Xcel Energy Inc. RECONCILIATION – ONGOING EPS TO GAAP EPS 44 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 & 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) - Marshall Wildfire settlement - - - - - - - - - (0.38) GAAP EPS $2.21 $2.25 $2.47 $2.64 $2.79 $2.96 $3.17 $3.21 $3.44 $3.42 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.
Page 45
© 2026 Xcel Energy Inc. MAJOR PROJECT EXECUTION 45
Page 46
© 2026 Xcel Energy Inc. BASE PLAN GENERATION EXECUTION 46 System 2026 2027 2028 2029 2030 – 2031 ~1,050 MW ~3,490 MW ~2,310 MW ~5,480 MW ~3,530 MW NSP 250 MW 300 MW 300 MW 140 MW 420 MW 300 MW 300 MW 75 MW 500 MW 200 MW 200 MW 100 MW 600 MW 470 MW 330 MW 300 MW 200 MW PSCo 335 MW 200 MW 600 MW 500 MW 450 MW 400 MW 250 MW 200 MW 200 MW 200 MW 600 MW SPS 150 MW 75 MW 40 MW 200 MW 150 MW 325 MW 300 MW 190 MW 1,160 MW 930 MW 800 MW 500 MW 260 MW 230 MW 500 MW 400 MW 380 MW 350 MW Wind Solar Battery Gas CT In Service
Page 47
© 2026 Xcel Energy Inc. MAJOR TRANSMISSION PROJECTS 47 System 2027 – 2028 2029 – 2030 2031+ NSP ~$6 billion investment ~930 miles new line MISO LRTP Tranche 1 (345 kV) Project #2 Big Stone S. – Alexandria – Big Oaks MN Energy Connection (345 kV) Enables up to 4,000 MW of new renewable energy with 2,100 MW interconnection capacity to replace existing coal generation MISO LRTP Tranche 1 (345 kV) Project #4 Wilmarth – N. Rochester – Tremval MISO LRTP Tranche 1 (345 kV) Project #5 Tremval – Eau Claire – Jump River MISO Tranche 2.1 (345 kV / 765 kV) 5 projects 2032 – 2034 in-service dates MISO-SPP Joint Targeted Interconnection Queue (345 kV) 2 projects 2032 – 2034 in-service dates PSCo ~$4 billion investment ~580 miles new line CO Power Pathway (345 kV) Segments 4 & 5 Denver Metro ERP 19 project portfolio supporting the Clean Energy Plan SPS ~$8 billion investment ~860 miles new line 2024 SPP ITP (345 kV) Beckham County – Potter Co. 2024 SPP ITP (765 kV) Potter – Crossroads – Phantom 2025 SPP ITP (765 kV) Phantom – Crawfish Draw
Page 48
© 2026 Xcel Energy Inc. FORMULA FOR GROWTH PLAN EXECUTION 48 Strategic Partnerships • Labor & equipment certainty • Integrated at early-stage • Customer of choice • Workforce development Project Standardization • Project design standardization • Integrated system planning • Repeatable methodologies • Robust governance Predictable Execution • On schedule, budget & scope • Reduced risk • Delivery at speed & scale + = Partnerships secure capacity Standardization makes execution repeatable Predictable delivery at budget, scope & speed customers need
Page 49
© 2026 Xcel Energy Inc. LARGE LOAD TARIFF FILINGS 49 Minnesota Proceeding No. M-25-289 Colorado Proceeding No. 26AL-0137E Wisconsin Proceeding No. 4220-TE-119 Texas Proceeding No. 60332 Status Approved Filed April 2026 Decision early 2027 Filed June 2026 Decision early 2027 Filed September 2026 Decision est. YE 2027 Applicable Load 100 MW+ 50 MW+ 100 MW+ 75 MW+ Minimum Term 15-year 15-year 15-year 15-year Minimum Bill 80% minimum demand charge 80% minimum demand charge 75% minimum demand charge 80% minimum demand charge Credit Requirements Yes Yes Yes Yes Incremental Cost Test Yes Yes Yes Yes Early Termination 12 months notice capacity reduction; 24 months notice ESA termination 24 months notice capacity reduction & ESA termination 24 months notice capacity reduction & ESA termination 24 months notice capacity reduction & ESA termination Exit Fee Minimum bill multiplied by remainder of contract term Minimum bill multiplied by lesser of remaining term or 10 years Minimum bill multiplied by lesser of remaining term or 10 years Minimum bill multiplied by lesser of remaining term or 15 years
Page 50
© 2026 Xcel Energy Inc. XCEL ENERGY’S DATA CENTER AGREEMENT WITH GOOGLE CLEAN ENERGY INVESTMENTS 1,900 MW of New Clean Energy • 15-year term • $1.5 billion in savings to existing customers • Fully funded by Google • 1,400 MW wind • 200 MW solar • 300 MW Form Energy long-duration storage • $50 million investment into Capacity*Connect COMMUNITY IMPACT Low Environmental Impact Air-cooled design → no water used for data operations; only normal office use Funding for Schools Google will establish $25 million fund for Pine Island Schools Support Essential Services Powers Workspace, Search, YouTube, Maps 50 “This is a model for other states – bravo to MN and Google and Xcel and Form Energy for showing how this can be done with benefit to all.” – Jennifer Granholm, former U.S. Secretary of Energy
Page 51
© 2026 Xcel Energy Inc. WILDFIRE MITIGATION 51
Page 52
© 2026 Xcel Energy Inc. WILDFIRE RISK MITIGATION STRATEGY 52 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
Page 53
© 2026 Xcel Energy Inc. PHYSICAL AND OPERATIONAL MITIGATIONS COMPLETED 53 900+ weather stations and AI cameras 52K poles replaced / reinforced ~15K miles vegetation management 10K+ miles transmission inspections System-Wide PSPS and WSO capabilities 50K+ distribution remediations Advanced risk mapping and modelling tools In-House meteorology and fire-science team ~375 enhanced powerline safety setting feeders Daily system-wide wildfire risk reviews
Page 54
© 2026 Xcel Energy Inc. WILDFIRE FRAMEWORKS 54 Colorado Minnesota North Dakota South Dakota Texas New Mexico Wisconsin No Strict Liability* ✓ ✓ ✓ ✓ ✓ ✓ ✓ Wildfire Mitigation Plan ✓ ✓ ✓ ✓ ✓ ✓ Legislation Passed** ✓ ✓ ✓ Legislation Introduced ✓ ✓ ✓ ✓ ✓ Limits on Liability*** ✓ ✓ ✓ ✓ * Neither inverse condemnation nor strict liability have been applied in utility wildfire cases ** Legislation providing supportive protections against future liabilities if in compliance with approved wildfire mitigation plans *** Limits on punitive and / or non-economic damages
Page 55
© 2026 Xcel Energy Inc. SMOKEHOUSE CREEK FIRE 55 • 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 – Settlement signed with subrogation insurer plaintiffs in 2025 Q3 – 358 complaints and claims have been settled – Outstanding complaints and claims representing an estimated 141 plaintiff groups • $475 million of total estimated losses and ~$50 million in legal costs incurred through 2026 Q3 • $410 million committed in finalized settlement agreements, of which $405 million paid through 2026 Q3 • $525 million of insurance for annual policy period • 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
Page 56
© 2026 Xcel Energy Inc. 56