Xcel Energy, Inc.

Strong 3Q results; raising/confirming earnings trajectory - Reported ongoing earnings: $1.52/share in 3Q’26 vs $1.24/share in 3Q’25. - Key quarterly drivers: higher electric revenues (+$0.32) (non-fuel riders/reg outcomes/sales growth/favorable weather), higher AFUDC (+$0.11), other (+$0.16); partly offset by higher interest expense (-$0.13), lower common equity financing (-$0.10), and higher O&M (-$0.08) (generation maintenance, wildfire mitigation, vegetation management). - Updated guidance: narrowing 2026 ongoing EPS to $4.10–$4.16 (from a broader range implied previously); reiterated confidence for full-year guidance and 22nd consecutive year of meeting guidance.

Clear forward growth model: rate base up ~double-digit; EPS growth ~high single to low double digits - Management reiterated the “rule of thumb” that rate base growth typically runs ~200–250 bps above EPS growth, and positioned the plan as consistent with that framework. - Guidance horizon expanded: initiating 2027 ongoing EPS guidance: $4.48–$4.62. - Growth expectations: extending to 2031 with average 9%+ EPS growth; from 2027–2030 average 10%+ EPS growth. - Sales outlook: weather-adjusted electric sales +3% for full-year 2026; YTD +2.5%.

New capital plan is the center of the investment/opportunity story: $70B 5-year - Announced an updated ~$70B five-year investment plan (2027–2031 framing), designed to support demand growth, grid modernization, reliability, and a cleaner generation mix. - Planned outcomes (in the plan): - >9 GW renewable - >3 GW natural gas-fired - >2 GW energy storage - ~2,400 miles of high-voltage transmission - ~$4B distribution/transmission aimed at resiliency and wildfire risk reduction - Management claims a pipeline beyond the base plan: > $10B incremental opportunities, including multi-GW data center driven needs and RFP/tansmission opportunities into early 2030s. - Financing/credit stance: updated plan includes ~$26B incremental debt and $8B equity, with >40% of the equity already contracted; they cited improved credit metrics (e.g., FFO-to-debt ~18% by 2031) to preserve flexibility.