Xcel Energy

Xcel Energy s long-term annual growth objectives reflect earnings per share growth of 6-8+% and dividend growth of 4-6%.

SEC original ↗Xcel Energy — Earnings release (8-K exhibit)EX-99Oct 29, 2026

Current estimated financing plans of Xcel Energy for 2027-2031 (includes the impact of tax credit transferability) (Millions of Dollars) Funding Capital Expenditures Cash from operations (a) $ 35,810 New debt (b) 26,190 Equity issuances (c) 8,000 Base capital expenditures 2027-2031 $ 70,000 Maturing Debt $ 5,630 (a) Net of dividends and pension funding.

SEC original ↗Xcel Energy — Earnings release (8-K exhibit)EX-99Oct 29, 2026

Earnings Guidance and Long-Term EPS and Dividend Growth Rate Objectives Xcel Energy 2026 Earnings Guidance Xcel Energy s 2026 ongoing earnings guidance is a narrowed range of $4.10 to $4.16 per share, from the original guidance of $4.04 to $4.16 per share.

SEC original ↗Xcel Energy — Earnings release (8-K exhibit)EX-99Oct 29, 2026

Long-Term EPS and Dividend Growth Rate Objectives Xcel Energy expects to deliver an attractive total return to our shareholders through a combination of earnings growth and dividend yield, based on the following long-term objectives Deliver long-term annual EPS growth of 6% to 8+%.

SEC original ↗Xcel Energy — Earnings release (8-K exhibit)EX-99Oct 29, 2026

Deliver annual dividend increases of 4% to 6%.

SEC original ↗Xcel Energy — Earnings release (8-K exhibit)EX-99Oct 29, 2026

Target a dividend payout ratio of 45% to 55%.

SEC original ↗Xcel Energy — Earnings release (8-K exhibit)EX-99Oct 29, 2026

As one of the nation s largest builders of clean generation and high-voltage transmission, Xcel Energy continues to make critical investments in the infrastructure our customers and communities need, while staying focused on delivering safe, clean, reliable and affordable energy.

SEC original ↗Xcel Energy — Earnings release (8-K exhibit)EX-99Oct 29, 2026

We ve made considerable progress on our priorities this quarter and our updated five-year investment plan gives us a clear path to extend this growth cycle and continue to deliver affordable and reliable energy our customers need well into the next decade, said Bob Frenzel, chairman, president and CEO of Xcel Energy.

SEC original ↗Xcel Energy — Earnings release (8-K exhibit)EX-99Oct 29, 2026

The year-to-date change was primarily due to system expansion, partially offset by the recognition of 2025 and 2026 depreciation reductions (nuclear life extensions) in the second quarter of 2026.

SEC original ↗Xcel Energy — Earnings release (8-K exhibit)EX-99Oct 29, 2026

Actual capital expenditures may vary from estimates due to changes in electric and natural gas projected load growth, safety and reliability needs, regulatory decisions, legislative initiatives, tax policy, reserve requirements, availability of purchased power, alternative plans for meeting long-term energy needs, environmental initiatives and regulation, and merger, acquisition and divestiture opportunities.

SEC original ↗Xcel Energy — Earnings release (8-K exhibit)EX-99Oct 29, 2026

and Other (0.07) (0.10) (0.24) GAAP diluted EPS (a) $ 1.52 $ 0.88 $ 3.34 $ 2.47 Prairie Island outage refunds (b) 0.04 Marshall Wildfire litigation (b) 0.36 (0.02) 0.36 Ongoing diluted EPS (a) $ 1.52 $ 1.24 $ 3.37 $ 2.84 (a) Amounts may not add due to rounding.

SEC original ↗Xcel Energy — Earnings release (8-K exhibit)EX-99Oct 29, 2026

The difference between GAAP and ongoing earnings was driven by the impact of Marshall Wildfire litigation (See Note 6).

SEC original ↗Xcel Energy — Earnings release (8-K exhibit)EX-99Oct 29, 2026

2025 Marshall Wildfire litigation (See Note 6) 0.36 0.38 Lower electric fuel and purchased power 0.04 0.35 Higher electric revenues 0.32 0.32 Higher AFUDC equity and debt 0.11 0.29 Higher earnings from equity method investments 0.09 0.21 Higher interest charges (0.13) (0.35) Common equity financing (0.10) (0.24) Higher O M expenses (0.08) (0.09) Other, net 0.03 GAAP EPS 2026 $ 1.52 $ 3.34 Prairie Island outage refunds (See Note 6) 0.04 Marshall Wildfire litigation (See Note 6) (0.02) Ongoing EPS 2026 (a) $ 1.52 $ 3.37 (a) Amounts may not add due to rounding.

SEC original ↗Xcel Energy — Earnings release (8-K exhibit)EX-99Oct 29, 2026

Wildfire Litigation 2024 Smokehouse Creek Fire Complex On February 26, 2024, multiple wildfires began in the Texas Panhandle, including the Smokehouse Creek Fire and the 687 Reamer Fire, which burned into the perimeter of the Smokehouse Creek Fire (together, referred to herein as the Smokehouse Creek Fire Complex ).

SEC original ↗Xcel Energy — Earnings release (8-K exhibit)EX-99Oct 29, 2026

In December 2025, the Texas Attorney General s office filed a lawsuit against SPS regarding the Smokehouse Creek Fire, seeking monetary damages and civil penalties for losses to property and wildlife resulting from the fires.

SEC original ↗Xcel Energy — Earnings release (8-K exhibit)EX-99Oct 29, 2026

In February 2026, pending resolution of the lawsuit, SPS and the Texas Attorney General s office jointly filed a temporary injunction agreeing to certain distribution pole replacement procedures, largely consistent with current procedures.

SEC original ↗Xcel Energy — Earnings release (8-K exhibit)EX-99Oct 29, 2026

EPS — prior quarter passage and this quarter's passage are both cited.

SEC original ↗Xcel Energy — Earnings release (8-K exhibit)EX-99Oct 29, 2026

EPS — prior quarter passage and this quarter's passage are both cited.

SEC original ↗Xcel Energy — Earnings release (8-K exhibit)EX-99Oct 29, 2026

Revenue — prior quarter passage and this quarter's passage are both cited.

SEC original ↗Xcel Energy — Earnings release (8-K exhibit)EX-99Oct 29, 2026