Xcel Energy (XEL) Investor presentation summary

Investment strategy and growth outlook

• $60 billion base capital plan for 2026–2030, with an additional $7+ billion in line-of-sight investments, targeting an 11% rate base CAGR and strong sales growth, especially from data centers.

• Partnerships with GE Vernova and NextEra Energy support wind, natural gas, and data center generation projects, enhancing supply chain resilience and accelerating project delivery.

• Over 20 GW of data center pipeline, with ~4 GW contracted by 2027 and opportunities to upsize contracts, aligning with large load tariff filings and 15+ year terms.

• Balanced asset mix with increasing renewables and storage, and a declining share of coal in the rate base from 3% to 1% by 2030.

• Strong track record of meeting or exceeding earnings guidance for 21 consecutive years and increasing dividends for 23 years.

Financial performance and shareholder returns

• Ongoing EPS CAGR of 6.2% and dividend CAGR of 4.9% over the past two decades, with 2026 EPS guidance of $4.04–$4.16.

• Total shareholder return (TSR) target of 10%+, driven by 6–8%+ EPS growth and ~3% dividend yield.

• Strong balance sheet with FFO/debt ~16%, debt/EBITDA declining to 5.0x by 2030, and equity ratio around 41%.

• $7 billion equity financing plan for 2026–2030, with 51% already completed or contracted as of March 2026.

• Credit ratings remain strong across all operating companies, supporting access to capital for growth.

Customer affordability and operational excellence

• Average residential electric bills are 29% below the national average, with bill growth near inflation (1.9% CAGR for electric, 0.2% for natural gas, 2014–2025).

• Residential electric share of wallet is among the lowest in the U.S., with most states served ranking in the top quartile for affordability.

• Non-fuel O&M costs are below peer group averages, supporting competitive rates.

• Declining fuel component of bills due to increased wind and renewable generation, resulting in significant customer savings.

• Comprehensive wildfire mitigation and resiliency plans approved in Colorado and Texas, with over $2.4 billion in investments.