Pinnacle West Q2 net income $178.6M ($1.43 EPS) vs $192.6M ($1.58) YoY; reaffirms FY2026 guidance $4.55-$4.75

PINNACLE WEST CAPITAL CORP

Net income $178.6M ($1.43 diluted EPS) vs $192.6M ($1.58) in Q2 2025, down ~$14M.
Higher interest charges, depreciation, and lower transmission revenues drove decline; partially offset by weather, customer growth, lower O&M.
Residential customer growth 2.1%; weather-normalized sales up 5.6%; total sales up 9.6% due to early summer heat.
Reaffirmed 2026 EPS guidance $4.55-$4.75 on weather-normalized basis.
Announced plan to convert two retired coal units at Cholla to natural gas (380 MW) by 2029, subject to regulatory approvals.

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