Xcel Energy — Oct 30, 2025 release

(a) Key assumptions as compared with 2024 actual levels unless noted: • Constructive outcomes in all pending rate case and regulatory proceedings, including requests for deferral of incremental insurance costs associated with wildfire risk and recovery of O&M costs associated with wildfire mitigation plans. • Normal weather patterns for the year. • Weather-normalized retail electric sales are projected to increase ~3%. • Weather-normalized retail firm natural gas sales are projected to be flat. • Capital rider revenue is projected to increase $255 million to $265 million (net of PTCs). • O&M expenses are projected to increase ~5%. The increase from prior guidance is primarily due to increasing benefit costs in the third quarter of 2025. • Depreciation expense is projected to increase approximately $220 million to $230 million. The increase from prior guidance is largely earnings neutral and is offset by changes in electric fuel and purchased power. • Property taxes are projected to increase $45 million to $55 million. • Interest expense (net of AFUDC - debt) is projected to increase $180 million to $190 million, net of interest income. The increase from prior guidance is largely earnings neutral and is offset by changes in electric fuel and purchased power. • AFUDC - equity is projected to increase $110 million to $120 million. Xcel Energy 2026 Earnings Guidance — Xcel Energy’s 2026 ongoing earnings guidance is a range of $4.04 to $4.16 per share. (a) Key assumptions as compared with 2025 actual levels unless noted: • Constructive outcomes in all pending rate case and regulatory proceedings. •