PNW · Pinnacle West Capital Corporation

This filing conveys Pinnacle West’s strategic and financial outlook via its April 2026 investor presentation (Exhibit 99.1), which constitutes a Regulation FD disclosure under Item 7.01. The guidance is materially significant because it outlines a multi-year capital deployment framework anchored in robust, structurally supported demand growth — with 2025 C&I sales up 7.5% and residential at 2.0%, reinforcing the 5%–7% long-term weather-normalized sales growth target extended through 2030. The $10.35B capital plan (2025–2028) is heavily weighted toward transmission ($6B+ through 2035) and nuclear infrastructure (e.g., $500M incremental Palo Verde investment over 10 years), reflecting both reliability imperatives and regulatory tailwinds — notably the FERC-approved 10.75% allowed ROE and reaffirmed adjustor mechanisms. Management explicitly links EPS growth (5%–7% CAGR off 2024) to disciplined rate base expansion, declining O&M per MWh, and constructive ACC/FERC engagement, including reduced regulatory lag and formula rate adoption. The emphasis on data center growth, semiconductor manufacturing leadership, and AI-related load underscores geographic and sectoral specificity in demand drivers — not generic projections. Critically, all forward-looking statements are accompanied by an extensive risk factor summary referencing regulatory uncertainty, climate impacts, fuel volatility, cybersecurity, and nuclear liability — signaling that execution hinges on continued alignment with Arizona regulators and federal agencies. No earnings results, executive changes, or transactions are disclosed; the materiality stems entirely from the scope, duration, and regulatory grounding of the disclosed financial and operational trajectory.