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 assets as of Dec. 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's robust economy and affordable housing drive strong customer and industrial growth.

• Large commercial and industrial customers are key growth drivers, amplifying job creation and residential demand.

• Diverse business ecosystem includes leading sectors in aerospace, automotive, semiconductors, biosciences, and clean energy.

• Retail sales growth has consistently met or exceeded long-term guidance, with 2025 C&I sales up 7.5%.

Regulatory and investment environment

• Improved regulatory environment with constructive outcomes and support for cost recovery mechanisms.

• Significant investment planned to meet rising demand, including new gas generation, nuclear capacity buyout, and major transmission projects.

• Over $6B in cumulative transmission CapEx planned, with projects enabling access to new resources and markets.