Xcel Energy — Apr 24, 2025 release

• Capital rider revenue is projected to increase $200 million to $210 million (net of PTCs). The update is primarily driven by earnings neutral changes, including PTC updates. • O&M expenses are projected to increase ~3%. • Depreciation expense is projected to increase approximately $210 million to $220 million. • Property taxes are projected to increase $45 million to $55 million. • Interest expense (net of AFUDC - debt) is projected to increase $165 million to $175 million, net of interest income. • AFUDC - equity is projected to increase $110 million to $120 million. (a) 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 for unplanned and/or unknown adjustments. As Xcel Energy is unable to quantify the financial impacts of any additional adjustments that may occur for the year, we are unable to provide a quantitative reconciliation of the guidance for ongoing EPS to corresponding GAAP EPS. 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% based off of $3.55 per share (the mid-point of 2024 original ongoing earnings guidance of $3.50 to $3.60 per share).