Pinnacle West Capital Corporation (PNW) and Arizona Public Service Company (APS) are participating in investor meetings in March 2026. APS serves 1.4 million customers with 6.3 GW of owned/leased generating capacity as of December 31, 2025, with 58% of current energy from clean sources. Residential customer growth is projected at 1.5%-2.5% for 2026E, compared to a national average of 2.5% in 2025. Arizona's economy is robust, with Maricopa County ranking high for economic development and population growth. Large Commercial & Industrial (C&I) customers are a significant growth driver, accounting for 4%-6% of the 5%-7% long-term weather-normalized sales growth guidance through 2030. APS has a strong track record of robust sales growth, with 9 consecutive quarters within or exceeding the original 4%-6% long-term guidance range. 2025 saw 2.0% residential sales growth and 7.5% C&I sales growth, with 2026 sales growth guidance of 4%-6% and long-term sales growth increased to 5%-7% through 2030. The company plans significant investments, including up to 2 GW of new gas generation by late 2029, $200 million incremental investment in Palo Verde nuclear capacity buyout, and an additional $500 million in Palo Verde capital program over 10 years. Cumulative transmission capital expenditure is projected to exceed $6 billion from 2026-2035. The 2025 APS rate case application requests a net revenue increase of $580 million, with a 13.99% customer net revenue impact on Day 1, and rates effective in the second half of 2026. The rate case proposes an Allowed Return on Equity (ROE) of 10.70% and an equity layer of 52.35%. The company aims for long-term EPS growth of 5%-7% off the original 2024 midpoint. The 2026-2028 capital investment plan totals $10.35 billion, with $2.40B for Generation, $2.60B for Transmission, $2.65B for Distribution, and $2.70B for Other. The 2026 financing plan includes approximately $3.8 billion cash from operations, $2.6 billion-$2.9 billion total capital investment, $300 million-$350 million APS debt, $550 million PNW debt, and $650 million PNW equity (net of $485 million already priced). O&M guidance for 2026E is $970-$980 million for Core O&M, $80-$90 million for Planned Outages, and $45-$55 million for RES/DSM. Annualized dividends per share have a ~3.7% CAGR from 2016-2025. Credit ratings are Baa1/BBB+/BBB+ for APS and Baa2/BBB+/BBB for Pinnacle West, all with a Stable outlook.