Pinnacle West Capital (PNW) AGM 2026 summary

Opening remarks and agenda

• Welcomed shareholders, acknowledged Arizona's rapid growth, and highlighted the company's role in powering the state's future.

• Recognized retiring board member Rick Fox for 12 years of service and outlined meeting rules and Q&A procedures.

• Officially called the meeting to order and opened polls for voting on directors, executive compensation, and auditor ratification.

Financial performance review

• Achieved strong growth across all customer classes in 2025, with record residential additions and robust commercial/industrial sales.

• Weather-normalized sales increased 5% and customer growth was 2.4% in 2025; overall sales growth of 5%-7% annually expected through decade's end.

• Ended the year at the upper range of updated earnings guidance, supported by disciplined cost management.

• Completed largest-ever long-term debt issuance and maintained strong credit metrics.

Board and executive committee updates

• Board increased shareholder dividend for the 14th consecutive year.

• Acknowledged the retirement of board member Rick Fox and introduced 10 director nominees.