Xcel Energy — Apr 30, 2026 release

(a) Key assumptions as compared with 2025 actual levels unless noted: • Constructive outcomes in all pending rate case and regulatory proceedings. • Normal weather patterns for the remainder of the year. • 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 $505 million to $515 million. • O&M expenses are projected to increase ~3%. • Depreciation expense is projected to increase approximately $330 million to $340 million. • Property taxes are projected to increase $30 million to $40 million. • Interest expense (net of AFUDC - debt) is projected to increase $270 million to $280 million, net of interest income. • AFUDC - equity is projected to increase $130 million to $140 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