Xcel Energy — Oct 30, 2025 release

• Weather-normalized retail electric sales are projected to increase ~3%. • Weather-normalized retail firm natural gas sales are projected to increase ~1%. • Capital rider revenue is projected to increase $550 million to $560 million. • O&M expenses are projected to increase ~3%. • Depreciation expense is projected to increase approximately $370 million to $380 million. • Property taxes are projected to increase $30 million to $40 million. • Interest expense (net of AFUDC - debt) is projected to increase $290 million to $300 million, net of interest income. • AFUDC - equity is projected to increase $140 million to $150 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 $3.80 per