Xcel Energy entered into an Equity Distribution Agreement under which it may sell common stock, with a par value of $2.50 per share, up to $4,300,000,000 in aggregate gross sales price through the Sales Agents and Forward Sellers from time to time, the company said, dated May 1, 2026.

1. 01

   Xcel Energy entered into an Equity Distribution Agreement under which it may sell common stock, with a par value of $2.50 per share, up to $4,300,000,000 in aggregate gross sales price through the Sales Agents and Forward Sellers from time to time, the company said, dated May 1, 2026.

2. 02

   Xcel Energy said it will not initially receive any proceeds from the sale of borrowed shares under an Initially Priced Forward Transaction. It expects to receive proceeds on future physical settlement, equal to the initial forward sale price multiplied by the number of underlying shares. It said that if it elects cash settlement or net share settlement, it may not receive proceeds in the case of cash settlement or will not in the case of net share settlement, and it may owe cash or shares to the Forward Purchaser.

3. 03

   The company said the forward sale price of a Collared Forward Transaction will be set at or above the floor price and at or below the cap price. It also disclosed that on the Prepayment Date, the Collared Forward Purchaser will prepay an amount based on the floor price, less commissions and an amount of $2.50 per share, among other adjustments.

4. 04

   The company said the Sales Agents will receive a commission of not more than 1.00% of the sales price per share for shares they sell as agent. The shares were registered under Form S-3 registration statement (File No. 333-278797), and a prospectus supplement was filed on May 1, 2026.

Analysis scope · Filing bodyWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.