Xcel Energy, Inc.

Strong Q2 earnings + reaffirmed 2026 guidance (financial performance) - Reported Q2 2026 earnings of $0.93/share vs. $0.75/share in Q2 2025. - Key positives driving the quarter: higher electric revenues (non-fuel riders + sales growth), higher AFUDC, and lower depreciation & amortization. - Key headwinds: higher interest expense and common equity financing impacts. - Reaffirmed 2026 ongoing EPS guidance: $4.04–$4.16. - Outlook/expectations: management expects ~6% to 8%+ long-term earnings growth and ~9%+ EPS growth on average through 2030.

Capital investment “tailwinds” from SPS + expanded line-of-sight for new opportunities - Independent monitor report (SPS competitive RFP): 2,600 MW total new company-owned generation selected (about 70% renewables + 30% natural gas) implying ~$6B of investment supporting Texas/New Mexico economic growth. - Company emphasized incremental investment visibility expanding to “$10B+” line of sight beyond the base plan (from prior ~$7B line of sight). - What’s “good/surprising”: despite the large capex pipeline, management’s EPS growth framing (9%+ through 2030) remains intact, suggesting they believe execution and regulated economics will keep performance aligned. - Timing note (important for investors): some investment could roll into early 2030s, so near-term rate base math may not fully capture all $10B+ benefits.

Rate base growth vs. EPS growth: long-run framework unchanged; near-term delta noted - Investor question focused on whether the upside capex should lift growth materially; CFO reiterated the company historically expects about a 200–250 bps gap between rate base growth and EPS growth. - Management indicated nothing fundamentally changed in the growth construct; however, there may be more delta in the nearer part of the plan due to financing/ROE dynamics and rate case progression (implying execution and regulatory timing remain the swing factors).