Pinnacle West Capital (PNW) Investor presentation summary

Company profile and service territory

• Operates Arizona's largest electric utility with 1.4 million customers and $30B in consolidated assets as of December 31, 2025.

• Owns or leases 6.3GW of generating capacity, with 58% from clean energy sources.

• Retail sales are evenly split between residential and non-residential customers.

Growth outlook and energy future

• Arizona is experiencing robust economic and population growth, with Phoenix leading in manufacturing and semiconductor investment.

• Residential customer growth is projected at 2.1%-2.4% annually through 2026, outpacing the national average.

• Commercial and industrial (C&I) growth is diverse, driven by sectors like technology, manufacturing, and biosciences.

• Long-term weather-normalized sales growth guidance increased to 5%-7% through 2030.

Investment and infrastructure plans

• Significant investments planned to meet rising demand, including up to 2GW new gas generation and $440M for Cholla plant conversion.

• Over $6B in cumulative transmission capital expenditures planned, with major projects to support reliability and access to new markets.

• Capital plan for 2025-2028 totals $10.35B, focused on generation, transmission, and distribution.