Nisource Inc · NYSE:NI
Nisource — Q3 2026 Earnings Presentation
39 slides from Nisource's earnings presentation, Oct 28, 2026
Slide 1: Supplemental Slides 3Q 2026 Results
SUPPLEMENTAL SLIDES 3Q 2026 RESULTS October 28, 2026
Slide 2: Legal Disclaimer
LEGAL DISCLAIMER Forward-Looking Statements This presentation contains "forward-looking statements," within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). These forw
Slide 3: Highly Executable Financial Commitments
HIGHLY EXECUTABLE FINANCIAL COMMITMENTS 9%-10% 10%-11% Consolidated Consolidated Investment Base2 Adj EPS3 CAGR CAGR 2027-2033 2027-2033 55%-65% 8%-10% Dividend Payout 6%-8% Ratio Target Annual Base Plan Base Plan Adj EPS3 Growth Rate Base 2027-2033 $3.0B $25.1B CAGR 14%-16% Up to Base Plan YE 2025
Slide 4: Key Priorities
KEY PRIORITIES • Building a Constructive Regulatory Foundation – Special contract to serve Microsoft announced in October expanding total GenCo customer savings to $1.75 billion – Columbia Gas of Ohio rate case filed in October • Operational Excellence – Continuing to enhance the value of our servic
Slide 5: Operational Excellence
OPERATIONAL EXCELLENCE Prioritizes Safety, While Driving Predictable, Reliable Operations and a Culture of Continuous Improvement Reliability • Work & Asset Management program utilizing technology to prioritize and standardize work, system reliability and data quality Customer Satisfaction • Distrib
Slide 6: Building a Constructive Regulatory Foundation
BUILDING A CONSTRUCTIVE REGULATORY FOUNDATION 2024 2025 2026 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Rate Step 2 Step 1 Step 2 Filed Settled Approved NIPSCO Case Rates Rates Rates Electric TDSIC 5 TDSIC 6 GCT 1 GCT 2 TDSIC 7 GCT 3 TDSIC 8 GCT 4 TDSIC 9 Trackers Approved Approved Approved Approved Approv
Slide 7: GenCo Driving $1.75 Billion of Customer Savings
GENCO DRIVING $1.75 BILLION OF CUSTOMER SAVINGS GenCo Announcements • Microsoft (October 16, 2026) – Executed a 20-year agreement backed by pooled resource assets to provide electric service and capacity • Alphabet (April 16, 2026) – Signed 15-year agreement to provide electric service and capacity
Slide 8: Commercial Partnership with Microsoft
COMMERCIAL PARTNERSHIP WITH MICROSOFT Announced October 16, 2026 Enables Customer Development of New ~1,100 megawatts of pool resource assets Affordability Assets and Infrastructure (Supports 788 MW) Transmission infrastructure Microsoft will construct, commission and operate new data centers
Slide 9: GenCo Upcoming Milestones
GENCO UPCOMING MILESTONES 2025 2026-2032 NiSource Strategy Ongoing GenCo Strategy Development Updated Updated GenCo Financial Financial Declination Plan Plan Final Order Commitments Commitments Sept 24th 3Q 2025 3Q 2026 Amazon New 345 kV Special Acceleration IURC Incremental Schahfer IURC Delivery S
Slide 10: Up to 4 GW Across GenCo Strategic Negotiations and Developing Opportunities
UP TO 4 GW ACROSS GENCO STRATEGIC NEGOTIATIONS AND DEVELOPING OPPORTUNITIES Data Center Pipeline by 2035 Northern Indiana’s Favorable Backdrop for Data Centers Up to 9 GW of Capacity1 Reliable electric system with robust transmission network 9.0 Low risk of natural disasters 8.0 Up To Availabi
Slide 11: Third Quarter Consolidated Results
THIRD QUARTER CONSOLIDATED RESULTS THIRD QUARTER YTD GAAP RESULTS Change Change 2026 2025 Fav/(Unfav) 2026 2025 Fav/(Unfav) Net Income Available to Common Shareholders $129.5 $94.7 $34.8 $685.7 $671.7 $14.0 Diluted Earnings Per Share $0.27 $0.20 $0.07 $1.42 $1.42 $0.00 THIRD QUARTER YTD NON-GAAP RES
Slide 12: Third Quarter Consolidated Results
THIRD QUARTER CONSOLIDATED RESULTS THIRD QUARTER YTD GAAP OPERATING INCOME Change Change 2026 2025 Fav/(Unfav) 2026 2025 Fav/(Unfav) Columbia Operations $119.2 $52.1 $67.1 $694.8 $620.1 $74.7 NIPSCO Operations $223.1 $232.6 ($9.5) $692.0 $678.5 $13.5 Total Reportable Segments $342.3 $284.7 $57.6 $1,
Slide 13: Sustainable Investment Opportunities for Customers and Communities
SUSTAINABLE INVESTMENT OPPORTUNITIES FOR CUSTOMERS AND COMMUNITIES 7-Year Plan: $40.0B Capital Investment 5-Year Plan: $29.0B Capital Investment $21.0 billion Base Plan $8.0 billion GenCo 7.0 Base Plan Upside 6.0 Electric Generation 5.0 Growth IT & Facilities 4.0 Electric System Modernization GenCo
Slide 14: Long-Term Financial Commitments
LONG-TERM FINANCIAL COMMITMENTS Consolidated Plan1 • Narrowing 2026 consolidated adjusted EPS2 guidance to the upper half of $2.02-$2.07 and initiating 2027 consolidated adjusted EPS2 guidance of $2.22-$2.30 • 2026 Base Plan Contribution3: $2.01-$2.05 • 2027 Base Plan Contribution3: $2.17-$2.21 • 20
Slide 15: Financial Forecast Enhanced with Continued Execution and GenCo Advancements
FINANCIAL FORECAST ENHANCED WITH CONTINUED EXECUTION AND GENCO ADVANCEMENTS Adjusted EPS1 Guidance Consolidated Adjusted EPS CAGR1 (2027-2033): 10%-11% Base Plan Annual Adjusted EPS2 Growth (2027-2033) 6%-8% $0.52-$0.68 2027 $0.32-$0.40 Base Plan Adjusted EPS2 Range $2.17-$2.21 GenCo Adjusted EPS3 R
Slide 16: Strengthening Cash Flow Profile Through the Planning Horizon
STRENGTHENING CASH FLOW PROFILE THROUGH THE PLANNING HORIZON Prior Plan New Plan TARGETING 14%-16% FFO/DEBT5 FUNDING SOURCES FOR $28.6B6 FUNDING SOURCES FOR $40.0B ANNUALLY THROUGH 2033 CONSOLIDATED CAPITAL INVESTMENT CONSOLIDATED CAPITAL INVESTMENT PLAN PLAN (2026-2030) (2027-2033) • Consolidated P
Slide 17: Building on Our Track Record of Execution and Growth
BUILDING ON OUR TRACK RECORD OF EXECUTION AND GROWTH 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 PROGRESS ADJUSTED EPS1 $1.47 $1.60 $1.75 $1.90 $2.02- $2.22- 6%-8% Annual Base Plan Adjusted EPS2 Growth 2027-2033 $1.37 On track (GROWTH) (+7%) (+9%) (+9%) (+9%) $2.07 $2.30 Consolidated Adju
Slide 18: Appendix
hiSource PREMIER, INNOVATIVE & TRUSTED Appendix ENERGY PARTNER 3Q 2026 RESULTS Lem. gal — on
Slide 19: Capital Investments
CAPITAL INVESTMENTS Capital Plan $ in Billions 2027 2028 2029 2030 2031 NIPSCO $1.8 – $1.9 $1.8 – $1.9 $2.5 – $2.6 $2.3 – $2.4 $2.5 – $2.6 COLUMBIA $2.0 – $2.1 $1.8 – $1.9 $1.8 – $1.9 $1.8 – $1.9 $2.2 – $2.3 BASE BUSINESS $3.8 – $4.0 $3.6 – $3.8 $4.3 – $4.5 $4.1 – $4.3 $4.7 – $4.9 GENCO $3.1 – $3.3
Slide 20: Detailed Capital Investment Breakdown
DETAILED CAPITAL INVESTMENT BREAKDOWN 2027-2031 Consolidated Plan By Spending Category 2027-2031 Consolidated Plan by Recovery Timeframe Growth 13+ Month ~8% Recovery ~7% IT and Facilities ~8% Gas System Hardening 7-12 Month ~33% Recovery Electric System ~23% Modernization ~10% Electric Generation ~
Slide 21: Detailed Capital Investment Breakdown
DETAILED CAPITAL INVESTMENT BREAKDOWN 2027-2031 Consolidated Plan by Operating Company CKY CMD <5% <5% CVA 5%-10% NIPSCO E 25%-30% CPA 5%-10% NIPSCO G 7%-12% COH 15%-20% GenCo 25%-30% Note: Capital investments include 100% of NIPSCO and 100% of GenCo 21 Total excluding upside capital investments
Slide 22: Incremental Investment Opportunities
INCREMENTAL INVESTMENT OPPORTUNITIES Investment Themes Additive to Base and Upside Financial Plan • Incremental data center generation related to the strategic negotiations and development pipeline, electric transmission and gas system investments to support demand pipeline • Distribution, transmiss
Slide 23: Expanding Electric Generation: Powering Growth Through Fuel Diversification and Resilience
EXPANDING ELECTRIC GENERATION: POWERING GROWTH THROUGH FUEL DIVERSIFICATION AND RESILENCE 16.0 • Investments strategically focused on reliability, sustainability and responsiveness Up to 9 GW 3 14.0 to evolving market needs • Balanced portfolio positioned to deliver safe, reliable and affordable ene
Slide 24: Commercial Partnership with Alphabet
COMMERCIAL PARTNERSHIP WITH ALPHABET Announced April 16, 2026 Enables Customer Development of New 340 megawatts of pool resource assets Affordability Assets and Infrastructure (Supports 300 MW) Transmission infrastructure Alphabet will construct, commission and operate new data center Supports
Slide 25: Commercial Collaboration with Amazon
COMMERCIAL COLLABORATION WITH AMAZON Initial Contract Announced September 22, 2025 Acceleration Announced April 16, 2026 Incremental Load Announced May 6, 2026 Enables Two 1,300 megawatt combined-cycle, natural gas-fired turbines Customer Affordability Development of New 400 megawatts of new bat
Slide 26: GenCo Pool Strategy Enables Flexible and Scalable Growth
GENCO POOL STRATEGY ENABLES FLEXIBLE AND SCALABLE GROWTH Portfolio of Assets Deployed Across Multiple Customers Driving Value & Optionality Embedded Risk Management Potential Pool Customers – Scalable and repeatable growth to support increasing large-load demand by efficiently – Supply backed by cre
Slide 27: Data Center Supply-Side Solutions
DATA CENTER SUPPLY-SIDE SOLUTIONS Supply-Side Solution Size1 Ownership Structure Investment2 Status Dedicated Resource Assets Mitchell Battery 400 MW Full Ownership Construction Amazon CCGT 1,300 MW Full Ownership ~$7.0B Construction CCGT 1,300 MW Full Ownership Construction Total 3,000 MW ~$7.0B Po
Slide 28: Robust Renewable Investments in Indiana
ROBUST RENEWABLE INVESTMENTS IN INDIANA Ownership NIPSCO Dunns Bridge II Solar + Storage: 435 MW+56MW BTA Projects In-Service Status 1 Structure Investment 2 Dunns Bridge I Solar: 265 MW Rosewater Wind 2020 Tax Equity JV Carpenter Wind: 195 MW Indiana Crossroads Wind 2021 Tax Equity JV Indiana Cross
Slide 29: NiSource Debt and Credit Profile
NISOURCE DEBT AND CREDIT PROFILE • Debt level: ~$18.3B as of September 30, 2026 Total Debt / Total Capitalization3 – ~$17.5B of long-term debt • Weighted average maturity ~11.2 years 62.0% • Weighted average interest rate of ~4.93% – ~$0.8B of short-term debt 60.0% 58.9% 58.2% 58.0% • Solid liquidit
Slide 30: Safety and Infrastructure Investment and Tracker Filings
SAFETY AND INFRASTRUCTURE INVESTMENT AND TRACKER FILINGS INCREMENTAL INVESTMENTS RECOVERY COMPANY MECHANISM PERIOD AMOUNT ($M) EFFECTIVE DATE Infrastructure Replacement Program (IRP) FY 2025 $206 May 2026 Columbia Gas of $102 PHMSA1 IRP FY 2025 May 2026 Ohio Sept 2026 Capital Expenditure Program (CE
Slide 31: Delivering a Best-in-Class Sustainability Plan
DELIVERING A BEST-IN-CLASS SUSTAINABILITY PLAN Environmental • Plan to retire remaining coal generation by 20281 • Executed ~$3.2 billion in renewable energy and storage investments from 2020-2025 that represent approximately 3,250 MW (PPA & BTA) • Continuing to implement our advanced leak detection
Slide 32: Investment by Operating Company
INVESTMENT BY OPERATING COMPANY Company Year-End 2025 Rate Base Last Authorized ROE(1) Columbia Gas of Kentucky $645M 9.75% Columbia Gas of Maryland $278M 9.80% Columbia Gas of Ohio $5.5B 9.60% Columbia Gas of Pennsylvania $3.5B 10.00% Columbia Gas of Virginia $1.5B N/A NIPSCO – Gas $3.9B(2) 9.75% N
Slide 33: Exceptional Outcome to Achieve All Stakeholder Objectives
EXCEPTIONAL OUTCOME TO ACHIEVE ALL STAKEHOLDER OBJECTIVES GenCo Objectives Objectives Accomplished Protect retail customer base GenCo's model allows NiSource to pursue investment opportunities while protecting existing customers from additional cost pressures Mechanism to flow savings back to retail
Slide 34: Consistent Execution Drives Sustainable Growth
CONSISTENT EXECUTION DRIVES SUSTAINABLE GROWTH Achieving High End of Earnings Guidance Rebases Future Growth Upwards An Established Track Record of Achieving Projected Future Guidance Rebases Upwards Top Decile Historical Adjusted EPS Growth Adjusted EPS2 Results Off Actual Results 9% YoY 2021-2025
Slide 35: Schedule 1 - Reconciliation of Consolidated Net Income Available to Common Shareholders
NiSource Inc. Schedule 1 - Reconciliation of Consolidated Net Income Available to Common Shareholders to Adjusted Net Income Available to Common Shareholders (Non-GAAP) and Consolidated Adjusted Earnings Per Share (Non-GAAP) (unaudited) Three Months Ended Nine Months Ended September 30, September 30
Slide 36: Schedule 2 - Reconciliation by Segment of Operating Revenues, Expenses and Income
NiSource Inc. Schedule 2 - Reconciliation by Segment of Operating Revenues, Expenses (Benefit), and Income (GAAP) to Adjusted Operating Revenues, Expenses (Benefit), and Income (Non-GAAP) (unaudited) Columbia NIPSCO Corporate Three Months Ended September 30, 2026 (in millions) Operations Operations
Slide 37: Schedule 2 - Reconciliation by Segment of Operating Revenues, Expenses and Income
NiSource Inc. Schedule 2 - Reconciliation by Segment of Operating Revenues, Expenses (Benefit), and Income (GAAP) to Adjusted Operating Revenues, Expenses (Benefit), and Income (Non-GAAP) (unaudited) Columbia NIPSCO Corporate Nine Months Ended September 30, 2026 (in millions) Operations Operations &
Slide 38: Annual FFO/Debt Reconciliation
NiSource Inc. Schedule 3 - Reconciliation of Net Cash Flows from Operating Activities to FFO to Debt (Adjusted) (Non-GAAP) (unaudited) Annual FFO/Debt Reconciliation ($ in millions) 2025 2024 2023 2022 2021 Net Cash Flows from Operating Activities 2,362 1,782 1,935 1,409 1,218 - Accounts receivable
Slide 39: Schedule 4 - Reconciliation of Consolidated Net Income Available to Common Shareholders
NiSource Inc. Schedule 4 - Reconciliation of Consolidated Net Income Available to Common Shareholders to Adjusted Net Income Available to Common Shareholders (Non-GAAP) (unaudited) 39