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Research Alert: Pnw Delivers Strong Q1 On Record Heat, Data Center Demand, And Cost Discipline

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-- CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:

Pinnacle West delivered strong Q1 2026 results with EPS of $0.27 versus a loss of $0.04 in the prior year, driven by Arizona's warmest winter on record and continued economic growth. Operating revenues rose 11.4% to $1,149.6M with 2.2% customer growth and 9.4% weather-normalized retail sales growth, while commercial and industrial sales surged 14.6%. The company demonstrated strong operational execution with O&M expenses declining 7.8% despite expansion, though interest expense increased 22.3% from higher financing costs. PNW maintains 2026 EPS guidance of $4.55-$4.75 while extending long-term sales growth outlook to 5%-7% through 2030. The pending 2025 APS rate case remains a critical catalyst, with PNW seeking a $611M net revenue increase and final decision expected in Q4 2026. We believe successful rate recovery will be essential for earning adequate returns on PNW's $10.35B capital investment plan designed to capture over 20GW of potential demand growth opportunities.

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