CRGI Holds 15.1M Pinnacle West Shares, Reports 12.6% Ownership

Rhea-AI Filing Summary

Capital Research Global Investors (CRGI), an investment management division of Capital Research and Management Company and affiliated entities, reports beneficial ownership of 15,095,112 shares of Pinnacle West Capital Corp common stock, representing 12.6% of the 119,399,009 shares believed to be outstanding. CRGI states it has sole voting power and sole dispositive power over these shares and is classified as an investment adviser (IA). The filing notes these securities are held in the ordinary course of business and were not acquired to change or influence control of the issuer.

Positive

• Institutional ownership disclosed: CRGI reports beneficial ownership of 15,095,112 shares, equal to 12.6% of outstanding shares.
• Clear authority: CRGI reports sole voting and sole dispositive power over the reported shares.

Negative

• None.

Insights

Financial Analyst

TL;DR: CRGI reports a material 12.6% stake in Pinnacle West but affirms a passive, ordinary-course holding.

CRGI's reported 15,095,112 shares equal a meaningful minority position that could attract market attention, yet the filing explicitly classifies the position as held in the ordinary course and not for the purpose of influencing control. The filing also confirms sole voting and dispositive authority, meaning CRGI controls trading decisions for this block. From a shareholder-structure perspective, this increases institutional concentration but, per the filer, does not signal an active control campaign.

Corporate Governance Expert

TL;DR: A large institutional holding is disclosed, accompanied by a certification denying intent to influence control.

The disclosure identifies CRGI as an investment adviser (IA) and details that the reported shares are held under the CRGI name across related investment management entities. The certification that the securities were not acquired to change or influence control is material for governance readers because it frames the position as passive under Schedule 13G rules. The combination of a >5% stake with an explicit passive certification points to heightened monitoring by other investors but does not, by itself, indicate activist intent.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 4)

Pinnacle West Capital Corp.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

723484101

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 723484101

1

Names of Reporting Persons

Capital Research Global Investors

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 15,095,112.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 15,095,112.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

15,095,112.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

12.6 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Pinnacle West Capital Corp.
(b)	Address of issuer's principal executive offices: 400 NORTH FIFTH STREET, PHOENIX, AZ 85004
Item 2.
(a)	Name of person filing: Capital Research Global Investors
(b)	Address or principal business office or, if none, residence: 333 South Hope Street, 55th Fl, Los Angeles, CA 90071
(c)	Citizenship: N/A
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 723484101
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 15,095,112 ** **Capital Research Global Investors ("CRGI") is a division of Capital Research and Management Company ("CRMC"), as well as its investment management subsidiaries and affiliates Capital Bank and Trust Company, Capital International, Inc., Capital International Limited, Capital International Sarl, Capital International K.K., Capital Group Private Client Services, Inc., and Capital Group Investment Management Private Limited (together with CRMC, the "investment management entities"). CRGI's divisions of each of the investment management entities collectively provide investment management services under the name "Capital Research Global Investors." CRGI is deemed to be the beneficial owner of 15,095,112 shares or 12.6% of the 119,399,009 shares believed to be outstanding.
(b)	Percent of class: 12.6 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 15,095,112
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 15,095,112
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Capital Research Global Investors

Signature:	Jae Won Chung
Name/Title:	Vice President and Senior Counsel II, Capital Research and Management Company
Date:	08/05/2025

FAQ

How many Pinnacle West (PNW) shares does Capital Research Global Investors report owning?

CRGI reports beneficial ownership of 15,095,112 Pinnacle West shares.

What percentage of Pinnacle West (PNW) does that stake represent?

The filing states this position represents 12.6% of 119,399,009 shares believed outstanding.

Does CRGI have voting or dispositive power over these PNW shares?

Yes. The filing reports CRGI has sole voting power and sole dispositive power with respect to the 15,095,112 shares.

What type of filer is Capital Research Global Investors in this filing?

CRGI is classified as an IA (investment adviser).

Was the position acquired to influence control of Pinnacle West (PNW)?

The certification states the securities were acquired and are held in the ordinary course of business and were not acquired to change or influence control.