Atmos Energy Corporation · NYSE:ATO
Atmos Energy — Investor Presentation (September 2026)
63 slides from Atmos Energy's investor presentation, September 2026
Slide 1: Our vision is for Atmos Energy to be the Safest provider of natural gas
Our vision is for Atmos Energy to be the Safest provider of natural gas services. We will be recognized for Exceptional Customer Service, for being a Great Employer and for achieving Superior Financial Results. September 2026
Slide 2: Leading Natural Gas Delivery Platform
Leading Natural Gas Delivery Platform Eight-state distribution territory Business Mix Intrastate pipeline system ~38% Pipeline & Storage ~62% Distribution 2026 Estimated Net Income Favorably positioned pipeline spans Diversified LDC platform in 8 states Texas shale gas supply basins • Largest pure-p
Slide 3: Sustainable Performance Supported By Focused Business Model
Sustainable Performance Supported By Focused Business Model • Safety-driven, organic growth strategy supports 6% - 8% earnings per share and dividend per Attractive pure-play share growth through Fiscal 2030 total return supported • 100% of earnings from fully regulated, leading natural gas delivery
Slide 4: Safety Driven, Organic Growth Strategy
Safety Driven, Organic Growth Strategy Constructive Regulatory Mechanisms Support Efficient Conversion of Safety and Reliability Investments into Financial Results ~ $26 billion in capital investment Constructive rate mechanisms 6% - 8% Consolidated EPS through 2030; 85% allocated to that reduce reg
Slide 5: Constructive Regulation Focused on Safety and Reliability
Constructive Regulation Focused on Safety and Reliability ~90% of Annual Capital Spend Begins to Earn Within Six Months Regulatory Mechanisms Recovery Method Service Territory Detail CapEx Deferral/ Rate Base1 Annual General 2026E Jurisdiction Infrastructure Forward- Meters (000s) % of Filing Case (
Slide 6: Constructive Regulation Focused on Safety and Reliability
Constructive Regulation Focused on Safety and Reliability Ongoing Modernization Supported By Efficient Recovery Mechanisms Constructive Regulation Supports Constructive Regulation Provides • System Modernization • Reduced Regulatory Lag • Annual mechanisms / Infrastructure mechanisms • Risk models •
Slide 7: Leading Natural Gas Delivery Platform
Leading Natural Gas Delivery Platform 96% of Rate Base in states that offer policy support for investment in natural gas infrastructure 27 states have passed “All Fuels” legislation Atmos Jurisdictions (Passed) Passed As of September 11, 2026 Page 7
Slide 8: Diversified LDC Platform in Eight States
Leading Natural Gas Delivery Platform Diversified LDC Platform in Eight States • Largest pure-play natural gas LDC with over 3.4 million customers • Largest Natural Gas Distributor in Texas with ~ 2.1 million customers • ~76,000 miles of distribution and transmission mains • Connected to 38 differen
Slide 9: Modernizing Our Distribution System
Modernizing Our Distribution System ~$26 Billion Capital Plan Through 2030; > 85% Focused On Safety and Reliability 1 Distribution Miles Replaced • Replace 5,500 – 6,000 miles of 1750 distribution system pipe through 2030 1500 1250 • 6% - 8% of total system 1000 • Replace 120,000-170,000 steel servi
Slide 10: APT Favorably Positioned Intrastate Pipeline
Leading Natural Gas Delivery Platform APT is a Favorably Positioned Intrastate Pipeline that Spans Texas Shale Gas Supply Basins • Regulated by the Railroad Commission of Texas • Established to provide gas transportation service for Mid-Tex and other LDCs • 100% of LDC revenue derived from tariff- b
Slide 11: Modernizing our Transmission System
Modernizing our Transmission System ~$6 Billion Capital Plan for APT Through 2030 • Pipeline Integrity Management • Upgrading pigging facilities • Replacing valves, fittings, and pipe to allow In-Line Inspection tools to travel through pipeline • Prioritized replacement based on risk assessment • Su
Slide 12: Significant APT Capital Projects
Modernizing our Transmission System Significant APT Capital Projects 12 As of August 5, 2026 Page 12
Slide 13: Sustainability Integrated Into Strategy
Sustainability Integrated Into Strategy Page 13
Slide 14: Formal Board of Director Oversight Over Sustainability
Sustainability Integrated Into Strategy Formal Board of Director Oversight Over Sustainability Board of Directors Corporate Responsibility, Sustainability, & Safety Committee Strong Corporate Governance Diverse Board & Senior Leadership Accountable to Shareholders Providing Value to Customers Sa
Slide 15: Environmental Strategy Overview
Sustainability Integrated Into Strategy Environmental Strategy Overview • Atmos Energy's comprehensive environmental strategy is focused on reducing our Scope 1, 2, and 3 emissions and environmental impact from our operations in five key focus areas: Operations, Fleet, Facilities, Gas Supply, and Cu
Slide 16: Supporting research and development initiatives to reduce emissions
Sustainability Integrated Into Strategy Supporting research and development initiatives to further reduce emissions The ONE Future Coalition is a group of more than 50 natural gas companies working together to voluntarily reduce methane emissions across the Natural Gas value chain to 1% (or less) by
Slide 17: Residential use of natural gas remains competitive
Sustainability Integrated Into Strategy Residential use of natural gas remains competitive Average Monthly Customer Bill Key Assumptions $140 • Normal weather and consumption $121 • ~$26 billion of CAPEX $120 spending through 2030 • Commodity pricing $100 • FY 26-30: $2.75 to $3.75 $80 • Delivery co
Slide 18: Natural Gas Price Advantage Over Electricity
Sustainability Integrated Into Strategy Natural Gas Price Advantage Over Electricity Electricity1 vs Natural Gas2 - kWh Equivalent 16.40 15.90 16.31 14.98 15 14.75 14.17 13.63 13.02 10 9.13 7.86 6.56 5 4.66 4.44 4.69 4.67 3.95 0 Colorado Kansas Kentucky Louisiana Mississippi Tennessee Texas Virginia
Slide 19: Consolidated Residential Bill: Median Income Wallet Share
Consolidated Residential Bill Residential Gas and Electric Bill Median Income Wallet Share by Jurisdiction 2023 Wallet Share 2024 Wallet Share Gas - ATO Electric Gas - ATO Electric Tennessee2 0.66% 2.66% 0.62% 2.49% Louisiana 0.85% 2.95% 0.95% 2.74% Virginia 0.90% 2.02% 0.93% 2.19% Texas 1.01% 2.10%
Slide 20: Consolidated Residential Bill: Low Income Wallet Share
Consolidated Residential Bill Residential Gas and Electric Bill Low Income Wallet Share by Jurisdiction 2023 Wallet Share 2024 Wallet Share Gas - ATO Electric Gas - ATO Electric Tennessee2 0.82% 3.33% 0.77% 3.12% Louisiana 1.07% 3.69% 1.19% 3.43% Virginia 1.13% 2.53% 1.16% 2.73% Texas 1.26% 2.62% 1.
Slide 21: Residential Natural Gas Bills Remain the Lowest Monthly Utility Bill
Sustainability Integrated Into Strategy Residential Natural Gas Bills Remain the Lowest Monthly Utility Bill Water3 Cable & Internet3 $86 $121 CO KS KY TN LA Natural Gas1 $82 Electric2 Mobile Phone3 $165 $96 1. FY2026 Atmos Energy enterprise-wide average monthly residential bill 2. Based on Energy I
Slide 22: Financial Performance and Outlook
Financial Performance and Outlook Page 22
Slide 23: Q3 Fiscal 2026 Financial Performance: Highlights
Q3 Fiscal 2026 Financial Performance Fiscal 2026 Highlights • Financial Performance • YTD Diluted EPS of $7.33 • $3.1 billion in capital spending; 88% allocated to safety and reliability spending • Reaffirmed fiscal 2026 EPS guidance range of $8.40 to $8.50 • 14.9% increase in fiscal 2026 indicated
Slide 24: Consolidated Financial Highlights
Q3 Fiscal 2026 Financial Performance Consolidated Financial Highlights Three Months Ended Nine Months Ended June 30 June 30 Segment Net Income ($millions, except EPS) 2026 2025 2026 2025 Distribution $ 90 $ 70 $ 796 $ 691 Pipeline & Storage 153 116 432 333 Net Income $ 243 $ 186 $ 1,228 $ 1,024 1 Di
Slide 25: Segment Operating Income Highlights: Three Months
Q3 Fiscal 2026 Financial Performance Segment Operating Income Highlights Three Months Ended June 30 2026 2025 Change ($millions) Distribution $ 109.1 $ 95.5 $ 13.6 Pipeline & Storage $ 211.3 $ 156.6 $ 54.7 Operating Income $ 320.4 $ 252.1 $ 68.3 Distribution Key Drivers Pipeline & Storage Key Driver
Slide 26: Segment Operating Income Highlights: Nine Months
Q3 Fiscal 2026 Financial Performance Segment Operating Income Highlights Nine Months Ended June 30 2026 2025 Change ($millions) Distribution $ 1,024.2 $ 895.2 $ 129.0 Pipeline & Storage $ 575.8 $ 445.3 $ 130.5 Operating Income $ 1,600.0 $ 1,340.5 $ 259.5 Distribution Key Drivers Pipeline & Storage K
Slide 27: Capital Spending Highlights
Q3 Fiscal 2026 Financial Performance Capital Spending Highlights $millions Fiscal 2026 YTD CapEx Repair and replace transmission and distribution $ 1,522 pipelines 367 Service line replacement 328 Fortification Install & replace measurement & regulating 236 equipment 170 Enhance storage and compress
Slide 28: Strong Financial Foundation Supports Capital Spending Program
Q3 Fiscal 2026 Financial Performance Strong Financial Foundation Supports Capital Spending Program Capitalization and Liquidity Profile Liquidity Profile as of Total Capitalization June 30, 2026 100% $6,000 $5,000 40% 40% 75% $521 $4,000 $937 50% $3,000 $100 $4.6 billion $1,500 Available $2,000 60%
Slide 29: Financing Highlights
Q3 Fiscal 2026 Financial Performance Financing Highlights • $1.3 billion of long-term debt financing • $600 million 5.45% 30-year senior notes issued in October 20251 • $700 million 4.75% 5-year senior notes issued in June 20262 • Equity needs satisfied through our ATM program • $942.0 million in se
Slide 30: Manageable Debt Maturity Schedule
Q3 Fiscal 2026 Financial Performance Manageable Debt Maturity Schedule Supports Capital Spending Program Weighted Average Maturity ~16.1 Years $1,100 4.168% $1,000 4.96% $950 3.73% $750 $725 Total Amount Maturing 4.125% 5.90% $650 $600 $600 5.00% $600 1.50% 4.30% 5.45% $500 $500 $500 $500 $500 3.00%
Slide 31: Strong Investment Grade Ratings Support Affordable Customer Bills
Q3 Fiscal 2026 Financial Performance Strong Investment Grade Ratings Support Affordable Customer Bills Weighted Average Cost of Debt $12,000 5.0% 4.5% 4.2% 4.2% 4.1% $10,000 3.8% 4.0% 4.0% Strong Investment Grade Credit Ratings 3.5% Standard & $8,000 Moody’s Poor’s Interest Rate % Net Long Term Debt
Slide 32: Regulatory Highlights
Q3 Fiscal 2026 Financial Performance Regulatory Highlights Approved Annualized Key Rate Activity Operating Income Increases1,2 Through September 11, 2026 $800 $750 • $395.4MM Implemented $700 • $138.5MM – Mid-Tex Cities RRM $650 • $112.2MM – Atmos Pipeline GRIP $600 • $ 32.1MM – Dallas DARR $550 • $
Slide 33: Fiscal 2026E Guidance
Financial Outlook Fiscal 2026E Guidance ($millions, except EPS) FY 2025 FY 2026E1 Distribution $ 747 $ 865 - 875 Pipeline & Storage 452 545 - 555 Total Net Income $ 1,199 $ 1,410 - 1,430 Average Diluted Shares 161 168 – 171 Diluted EPS2 $ 7.46 $ 8.40 - 8.50 Capital Spending $ 3,561 $ ~4,200 1. Chang
Slide 34: Fiscal 2026E Guidance: Selected Expenses
Financial Outlook Fiscal 2026E Guidance Selected Expenses FY 2025 FY 2026E1 ($millions) O&M, excluding bad debt expense $ 874 $ 865 - 885 D&A $ 735 $ 795 - 805 Interest $ 172 $ 155 - 160 Income Tax $ 279 $ 360 - 370 Effective Tax Rate 19% 19% - 21%2 1. Changes in events or other circumstances that t
Slide 35: Capital Spending Focused on System Modernization and Growth
Financial Outlook Capital Spending Focused on System Modernization and Growth Consolidated 2026E Capital Expenditures of ~$4.2 billion $7,000 $6,000 $5,000 $4,000 $ millions $3,000 $2,000 $1,000 $0 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 FY2026E FY2027E FY2028E FY2029E
Slide 36: Capital Spending Drives Rate Base Growth
Financial Outlook Capital Spending Drives Rate Base Growth Enhancing System Safety and Reliability1 $45,000 $41.0B - $43.0B $40,000 $35,000 $30,000 $25,000 $ millions $21.4B $18.8B $20,000 $15,000 $10,000 $5,000 $0 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 FY2026E FY2027E
Slide 37: Sustained Dividend Increases
Financial Outlook Sustainable Financial Performance Supports Sustained Dividend Increases 42 Consecutive Years* of Dividend Increases $4.00E $4.00 $3.50 $3.00 $2.50 $2.00 $1.50 $1.00 $0.50 $0.00 '85 '86 '87 '88 '89 '90 '91 '92 '93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '
Slide 38: Regulatory Developments Appendix
Regulatory Developments Appendix Page 38
Slide 39: Regulatory Mechanisms To Support Recovery
Regulatory Mechanisms To Support Recovery Annual Revenue and Revenue Stability and Lag Mechanisms Lag Mechanisms Pension and Annual Rate Bad Debt in SSI CAMT Cloud Jurisdiction Infrastructure Retirement Cost WNA 1 Stabilization GCA Recovery Recovery Computing Trackers Colorado Kansas Ken
Slide 40: Key Regulatory Filings – Fiscal 2026E
Key Regulatory Filings – Fiscal 2026E Rate Filing Planned Timing Q1 Q2 Q3 Q4 October – December January – March April – June July – September Colorado – Implemented System Safety & Kansas – Implemented System Integrity Louisiana – Implemented Rate Stabilization Virginia – Implemented SAVE filing of
Slide 41: Regulatory Summary
Regulatory Summary Date of Authorized Requested Effective Date Requested Authorized Requested Authorized Requested Authorized Requested Last Rate Operating Operating Rate Base Meters Jurisdiction Fn. of Last Rate (1) Rate Base Rate of Rate of Return on Return on Debt/ Equity Debt/Equity Filing Incom
Slide 42: Regulatory Summary (continued)
Regulatory Summary (continued) Date of Authorized Requested Effective Requested Authorized Requested Authorized Requested Authorized Requested Last Rate Operating Operating Rate Base Meters Jurisdiction Fn. Date of Last Rate Base Rate of Rate of Return on Return on Debt/ Equity Debt/Equity Filing In
Slide 43: Atmos Pipeline - Texas
Atmos Pipeline - Texas • Atmos Pipeline: Filed 2026 System Safety & Integrity (SSI) Rider on June 15, 2026 • Allows for the recovery of certain system safety and integrity costs incurred each year • Costs above a benchmark are deferred onto the balance sheet as incurred • Revenue and expense are rec
Slide 44: Atmos Pipeline - Texas
Atmos Pipeline - Texas • Atmos Pipeline: Implemented 2025 System Safety & Integrity (SSI) Rider on November 1, 2025 • Allows for the recovery of certain system safety and integrity costs incurred each year • Costs above a benchmark are deferred onto the balance sheet as incurred • Revenue and expens
Slide 45: Colorado - Kansas Division
Colorado - Kansas Division • Colorado: Implemented General Rate Case on July 1, 2026 • Authorized an increase in annual operating income of $10.8 million • Authorized ROE: 9.25%-9.45%; ROR: 7.00% • Authorized capital structure: 45-47% debt / 53-55% equity • Authorized rate base: $319.6 million • Tes
Slide 46: Colorado - Kansas Division
Colorado - Kansas Division • Colorado: Implemented Final System Safety & Integrity Rider (SSIR) on January 1, 2026 • Authorized an increase in annual operating income of $0.4 million • Authorized rate base: $79.9 million • Test year ending December 31, 2026 • Kansas: Filed Gas Safety Reliability Sur
Slide 47: Kentucky/Mid-States Division
Kentucky/Mid-States Division • Kentucky: Completed Annual PRP on September 10, 2026 • Authorized an annual operating income increase of $5.0 million • Authorized ROE: 9.65%; ROR: 7.10% • Authorized capital structure: 46% debt / 54% equity • Authorized rate base: $146.9 million • Rates will become ef
Slide 48: Kentucky/Mid-States Division
Kentucky/Mid-States Division • Virginia: Filed General Rate Case on July 13, 2026 • Requested an annual operating income increase of $3.9 million • Requested ROE: 11.15%; ROR: 8.54% • Requested capital structure: 39% debt / 61% equity • Requested rate base: $82.4 million • Virginia: Filed SAVE Infra
Slide 49: Kentucky/Mid-States Division
Kentucky/Mid-States Division • Tennessee: Implemented Annual Review Mechanism (ARM) on June 1, 2026 • Authorized an annual operating income increase of $11.9 million • Authorized ROE: 9.80%; ROR: 7.42% • Authorized capital structure: 42% debt / 58% equity • Authorized rate base: $660.7 million • Ken
Slide 50: Louisiana Division
Louisiana Division • Louisiana: Implemented Annual Rate Stabilization Clause (RSC) on July 1, 2026 • Authorized an annual operating income increase of $29.7 million • Authorized ROE: 9.80%; ROR: 7.49% • Authorized capital structure: 42% debt / 58% equity • Authorized rate base: $1.5 billion • Test y
Slide 51: Mid-Tex Division
Mid-Tex Division • Mid-Tex Cities: Filed RRM on April 1, 2026 • Requested an increase in annual operating income of $273.2 million • Requested ROE: 9.80%; ROR: 7.60% • Requested capital structure: 40% debt / 60% equity • Requested rate base: $9.9 billion • Test year ending December 31, 2025 • Mid-Te
Slide 52: Mid-Tex Division
Mid-Tex Division • Mid-Tex Cities: Implemented Dallas Annual Rate Review on June 1, 2026 • Requested an increase in annual operating income of $32.1 million • Requested ROE: 9.80%; ROR: 7.56% • Requested capital structure: 40% debt / 60% equity • Requested rate base: $9.4 billion • Test year ending
Slide 53: Mississippi Division
Mississippi Division • Mississippi: Filed Stable Rate Filing (SRF) on March 31, 2026 • Requested an increase in annual operating income of $37.8 million • Requested ROE: 9.40%; ROR: 6.82% • Requested capital structure: 50% debt / 50% equity • Requested rate base: $1.3 billion • Historic test year 12
Slide 54: West Texas Division
West Texas Division • West Texas Cities: Filed RRM on April 1, 2026 • Requested an increase in annual operating income of $13.4 million • Requested ROE: 9.80%; ROR: 7.60% • Requested capital structure: 40% debt / 60% equity • Requested rate base: $1.4 billion • Test year ending December 31, 2025 • W
Slide 55: Jurisdictional Summaries
Jurisdictional Summaries Page 55
Slide 56: Mid-Tex Division - Overview
Mid-Tex Division - Overview Key Regulatory Features: Mechanism Regulator Cities % Cust. % ROE Equity • Each municipality has original jurisdiction Annual Rate Review • Railroad Commission of Texas (RRC) has appellate ACSC Cities 72% 72% 9.8% 58% Cap jurisdiction and original jurisdiction over enviro
Slide 57: West Texas Division - Overview
West Texas Division - Overview Key Regulatory Features: Mechanism Regulator ROE Equity • Each municipality has original jurisdiction Systemwide SOI RRC 9.8% Actual • Railroad Commission of Texas (RRC) has appellate jurisdiction and original jurisdiction over environs customers • Weather normalizatio
Slide 58: Louisiana Division - Overview
Louisiana Division - Overview Key Regulatory Features: Regulator ROE Equity LPSC 9.8% 58% Cap • Public Service Commission – 5 elected commissioners, serve staggered 6-year terms • Rates updated annually through the Rate Stabilization Clause (RSC), which contains a safety and reliability mechanism (S
Slide 59: Mississippi Division - Overview
Mississippi Division - Overview Key Regulatory Features: Regulator ROE Equity PSC 9.40% 50% • Public Service Commission – 3 elected commissioners with 4-year terms • Rates updated annually through Stable Rate Filing (SRF) for capital and expenses • Weather normalization in place from November – Apri
Slide 60: Kentucky/Mid-States Division - Overview
Kentucky/Mid-States Division - Overview Key Regulatory Features: Jurisdiction Regulator ROE Equity • KY: 5 appointed commissioners, 4-year staggered Kentucky PSC 9.75% 53.5% Cap terms Tennessee TPUC 9.8% Actual • Traditional ratemaking, forward-looking basis • Annual forward-looking infrastructure m
Slide 61: Colorado-Kansas Division - Overview
Colorado-Kansas Division - Overview Key Regulatory Features: Jurisdiction Regulator ROE Equity • CO: 3 appointed commissioners, 4-year staggered Kansas KCC Unspecified Unspecified terms Colorado CPUC 9.25%-9.45% 53% – 55% • KS: 3 appointed commissioners, 4-year staggered terms • Annual infrastructur
Slide 62: Atmos Pipeline – Texas - Overview
Atmos Pipeline – Texas - Overview Key Regulatory Features: • Railroad Commission of Texas (RRC): 3 elected commissioners, with six-year staggered terms • Rates updated annually through GRIP (Gas Reliability Infrastructure Program) • Approved change in net utility plant investment incurred in the pri
Slide 63: Forward Looking Statements
Forward Looking Statements The matters discussed or incorporated by reference in this presentation may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than statements of
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