Pinnacle West Capital Corporation filed an 8-K on September 4, 2026, announcing that it will distribute investor materials during meetings with securities analysts and investors scheduled for September 2026. The filing confirms that copies of these handouts are attached as Exhibit 99.1.
The attached presentation, titled "Powering Arizona’s Future," provides a detailed profile of the company and its subsidiary, Arizona Public Service Company (APS). As of December 31, 2025, the consolidated assets of Pinnacle West/APS were valued at $30 billion, with a market capitalization of $10.62 billion. The company serves approximately 1.4 million customers and owns or leases generating capacity of 6.3 gigawatts. As of the end of 2025, 58% of retail sales were derived from clean energy sources.
The deck outlines a robust growth outlook for Arizona, citing the state's economic development and manufacturing potential. It notes that Phoenix has been ranked as a top growth market for manufacturing and that Arizona State University was ranked #1 in Innovation for the 11th consecutive year. The company forecasts residential customer growth between 1.5% and 2.5% annually through 2026.
Regarding future financial goals, the presentation states that Pinnacle West aims for long-term earnings per share (EPS) growth of 5% to 7% off the original 2024 midpoint. The company projects weather-normalized retail sales growth of 4% to 6% for 2026 and an extended long-term range of 5% to 7% through 2030.
To support this growth, the company is pursuing significant capital investments. It has announced plans for new gas generation of up to 2 GWs and an incremental investment of up to $440 million to convert the retired Cholla power plant to 380 MWs of natural gas generation. Additionally, the company has invested approximately $200 million to exercise a buyout option for nearly 100 MW of nuclear capacity at the Palo Verde station and plans to increase capital investment in the Palo Verde program by approximately $500 million over the next 10 years.
The presentation highlights a cumulative transmission investment strategy of over $6 billion from 2026 through 2035, including major projects such as the Helios to Milligan line (planned in-service 2027) and the Cotton Transmission Corridor (planned in-service 2030/2031). The company emphasizes maintaining customer affordability, noting that its rates have remained well below the rate of inflation in recent years.
