Xcel Energy — Feb 5, 2026 release

• Capital rider revenue is projected to increase $535 million to $545 million. • O&M expenses are projected to increase ~3%. • Depreciation expense is projected to increase approximately $350 million to $360 million. • Property taxes are projected to increase $30 million to $40 million. • Interest expense (net of AFUDC - debt) is projected to increase $300 million to $310 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 share. •    Deliver annual dividend increases of 4% to 6%. •     Target a dividend payout ratio of 45% to 55%. •     Maintain senior secured debt credit ratings in