PNW · Pinnacle West Capital Corp

Lower second-quarter financial results align with company expectations as operating performance, reliability remain strong Robust customer growth and increased energy demand driven by early summer heat Customer support and financial assistance resources enhanced for peak summer season Pinnacle West Capital Corp. (NYSE: PNW) today reported consolidated net income attributable to common shareholders of $178.6 million, or $1.43 per diluted share of common stock, for the quarter ended June 30, 2026. This result compares with consolidated net income of $192.6 million, or $1.58 per diluted share, for the same period in 2025. The 2026 quarterly results reflect a decrease of about $14 million, primarily as a result of higher interest charges; higher depreciation and amortization; and lower transmission service revenues. These negative factors were partially offset by the favorable impacts of the effects of weather; customer growth and usage; decreased operations and maintenance expenses; and

PHOENIX – As sustained high summer temperatures pushed energy use to a new high late last week, Arizona Public Service (APS) customers counted on reliable power to keep homes, businesses and air conditioners running. And APS delivered, as customers set a new all-time peak energy demand record on Friday, July 24, 2026, using 9,053 megawatts (MW) between 5:00 and 6:00 p.m., according to preliminary figures. The previous record was set Aug. 7, 2025, when APS customers’ energy use hit a peak of 8,648 MW. One MW of energy is enough to serve about 160 Arizona homes. As high temperatures impact many parts of the country, the U.S. Department of Energy issued an emergency order on July 26 directing the deployment of backup generation resources in a number of states to ensure grid reliability. The order does not apply to Arizona Public Service and does not impact APS customers. APS has sufficient generation and reserves to serve our customers throughout the state. APS provides top-tier reliable

Pinnacle West Capital Corp. (NYSE: PNW) announced today that it plans to release its 2026 second-quarter financial results before U.S. financial markets open on Tuesday, Aug. 4, 2026. That same day at noon ET (9 a.m. Arizona time), management will host a live webcast and conference call to discuss financial results and recent developments. To access the live session: Join the webcast at www.pinnaclewest.com/presentations for audio of the call and slides; or Dial (888) 506-0062 or (973) 528-0011 for international callers and enter participant access code 293662 . To access the replay: Visit www.pinnaclewest.com/presentations within 30 days for the webcast recording; or An audio recording will be available by phone until 11:59 p.m. ET, Tuesday, Aug. 11, 2026, by calling (877) 481-4010 in the U.S. and Canada or (919) 882-2331 internationally and entering replay passcode 54218 . Pinnacle West Capital Corp. , an energy holding company based in Phoenix, has consolidated assets of about $31

PHOENIX – Arizona Public Service (APS) announced today it plans to convert two units at its Cholla Power Plant in Joseph City, Navajo County, Arizona to natural gas. The repurposed resource, with operations beginning in 2029, will help meet the state’s growing energy demand while maintaining reliable, affordable electric service for customers. Originally commissioned in 1962, the Cholla Power Plant played a vital role in powering Arizona for decades, providing a critical power supply to the state. Beginning in the last decade, federal environmental mandates forced the phased retirement of the plant’s coal units, completed in March 2025. APS plans to convert two units at the site to natural gas, preserving its legacy in the state while leveraging existing transmission lines and infrastructure to support Arizona’s energy future. “Cholla has been an important part of the communities of Joseph City, Holbrook, Navajo County and northeastern Arizona for decades and has been

Pinnacle West Capital Corporation’s (NYSE: PNW) board of directors today declared a quarterly dividend of $0.91 per share of common stock, payable on Sept. 1, 2026, to shareholders of record at the close of business on Aug. 3, 2026. General Information Pinnacle West Capital Corp. , an energy holding company based in Phoenix, has consolidated assets of about $31 billion, about 6,200 megawatts of generating capacity and approximately 6,600 employees in Arizona and New Mexico. Through its principal subsidiary, Arizona Public Service , the company provides retail electricity service to about 1.5 million Arizona homes and businesses. For more information about Pinnacle West, visit the company’s website at pinnaclewest.com . Media Contact: Alan Bunnell (602) 250-3376 Analyst Contact: Amanda Ho (602) 250-3334 Website: pinnaclewest.com Source: Pinnacle West Capital Corporation

PHOENIX and TUCSON - Arizona Public Service (APS), Salt River Project (SRP) and Tucson Electric Power (TEP) continue to work together to explore adding nuclear generation in Arizona, including through a preliminary siting study now underway. New nuclear generation will take time to develop, which is why it’s essential that Arizona’s leading energy providers begin these initial steps now. APS, SRP and TEP are utilizing industry guidance to evaluate locations throughout Arizona, including sites that have been used for coal-fired power generation. The study will use a phased screening methodology to narrow down areas in the state to a short list of leading candidates, culminating with the selection of a preferred site. As part of the site selection process, the energy providers will begin stakeholder engagement and community outreach, and plan to hold community meetings near potential nuclear generating sites in late 2026 to share information and seek feedback. The siting study, which is

Hotter-than-normal weather drives increase in customer sales and usage Customer growth of 2.2% continues to underscore a strong Arizona economy APS employees focus on critical summer preparedness and reliability Pinnacle West Capital Corp. (NYSE: PNW) today reported consolidated net income attributable to common shareholders of $32.9 million, or $0.27 per diluted share of common stock, for the quarter ended March 31, 2026. This result compares with a consolidated net loss attributable to common shareholders of $4.6 million, or a loss of $0.04 per diluted share, for the same period in 2025. The results reflect an increase of approximately $38 million, primarily as a result of higher transmission revenues; lower operations and maintenance expenses; the effects of weather; and customer growth, usage and related pricing. These positive factors were partially offset by higher interest charges; higher income taxes; and higher depreciation and amortization expenses. “Phoenix and much of

First-Quarter Financial Results, Conference Call Scheduled for May 4 Pinnacle West Capital Corporation’s (NYSE: PNW) board of directors today declared a quarterly dividend of $0.91 per share of common stock, payable on June 1, 2026, to shareholders of record at the close of business on May 4, 2026. Earnings Release, Webcast and Conference Call In addition, as previously announced, Pinnacle West plans to release its 2026 first-quarter financial results before the U.S. financial markets open on Monday, May 4, 2026. That same day at noon ET (9 a.m. Arizona time), management will host a live webcast and conference call to discuss financial results and recent developments. The webcast can be accessed at pinnaclewest.com/presentations and will be available for replay on the website for 30 days. To access the live conference call by telephone, dial (888) 506-0062 or (973) 528-0011 for international callers and enter participant access code 699156. A replay of the call also will be available

Pinnacle West Capital Corp. (NYSE: PNW) announced today that it plans to release its 2026 first-quarter financial results before the U.S. financial markets open on Monday, May 4, 2026. That same day at noon ET (9 a.m. Arizona time), management will host a live webcast and conference call to discuss financial results and recent developments. To access the live session: Join the webcast at www.pinnaclewest.com/presentations for audio of the call and slides; or Dial (888) 506-0062 or (973) 528-0011 for international callers and enter participant access code 699156 . To access the replay: Visit www.pinnaclewest.com/presentations within 30 days for the webcast recording; or An audio recording will be available by phone until 11:59 p.m. ET, Monday, May 11, 2026, by calling (877) 481-4010 in the U.S. and Canada or (919) 882-2331 internationally and entering replay passcode 53811 . Pinnacle West Capital Corp. , an energy holding company based in Phoenix, has consolidated assets of about $30

Full-year financial results positively impacted by robust customer and sales growth Operating performance, customer reliability remain strong Company continues prioritizing keeping bills as low as possible for customers Pinnacle West Capital Corp. (NYSE: PNW) today reported consolidated net income attributable to common shareholders of $616.5 million, or $5.05 per diluted share, for full-year 2025. This result compares with net income of $608.8 million, or $5.24 per diluted share, in 2024. For the quarter ended Dec. 31, 2025, Pinnacle West reported consolidated net income attributable to common shareholders of $15.4 million, or $0.13 per diluted share, compared with a net loss of $6.8 million, or a loss of $0.06 per diluted share, for the same period in 2024. The higher 2025 full-year results reflect an increase of about $8 million, primarily as a result of increased customer usage, customer growth and related pricing; higher transmission revenues; and impacts of the 2022 rate case,

Pinnacle West Capital Corp. (NYSE: PNW) announced today that it plans to release its 2025 fourth-quarter and full-year financial results before the U.S. financial markets open on Wednesday, Feb. 25, 2026. That same day at 11 a.m. ET (9 a.m. Arizona time), management will host a live webcast and conference call to discuss financial results and recent developments. To access the live session: Join the webcast at www.pinnaclewest.com/presentations for audio of the call and slides; or Dial (888) 506-0062 or (973) 528-0011 for international callers and enter participant access code 131060 . To access the replay: Visit www.pinnaclewest.com/presentations within 30 days for the webcast recording; or An audio recording will be available by phone until 11:59 p.m. ET, Wednesday, March 4, 2026, by calling (877) 481-4010 in the U.S. and Canada or (919) 882-2331 internationally and entering replay passcode 53534 . Pinnacle West Capital Corp. , an energy holding company based in Phoenix, has