Atmos Energy Corporation · NYSE:ATO
Atmos Energy — FY2026 Earnings Presentation
39 slides from Atmos Energy's earnings presentation, Nov 5, 2026
Slide 1: Analyst Call to Review Fiscal 2026 Financial Results & Fiscal 2027-2031 Outlook
Analyst Call to Review Fiscal 2026 Financial Results & Fiscal 2027 – 2031 Outlook November 5, 2026 10:00 a.m. Eastern
Slide 2: Fiscal 2026 Review
Fiscal 2026 Review As of September 30, 2026 Page 2
Slide 3: Fiscal 2026 Highlights
Fiscal 2026 Financial Performance Fiscal 2026 Highlights • Consistent Track Record of Financial Performance • YTD Diluted EPS of $8.49; 24th consecutive year of EPS growth • $4.2 billion in capital spending; 88% allocated to safety and reliability spending • 14.9% increase in fiscal 2026 annual divi
Slide 4: Consolidated Financial Highlights
Fiscal 2026 Financial Performance Consolidated Financial Highlights Three Months Ended Twelve Months Ended September 30 September 30 Segment Net Income ($millions, except EPS) 2026 2025 2026 2025 Distribution $ 72 $ 55 $ 868 $ 747 Pipeline & Storage 127 120 559 452 Net Income $ 199 $ 175 $ 1,427 $ 1
Slide 5: Segment Operating Income Highlights - Three Months Ended
Fiscal 2026 Financial Performance Segment Operating Income Highlights Three Months Ended September 30 2026 2025 Change ($millions) Distribution $ 86.4 $ 68.2 $ 18.2 Pipeline & Storage 172.9 151.3 21.6 Operating Income $ 259.3 $ 219.5 $ 39.8 Distribution Key Drivers Pipeline & Storage Key Drivers • $
Slide 6: Segment Operating Income Highlights - Twelve Months Ended
Fiscal 2026 Financial Performance Segment Operating Income Highlights Twelve Months Ended September 30 2026 2025 Change ($millions) Distribution $ 1,110.7 $ 963.4 $ 147.3 Pipeline & Storage 748.6 596.6 152.0 Operating Income $ 1,859.3 $ 1,560.0 $ 299.3 Distribution Key Drivers Pipeline & Storage Key
Slide 7: Capital Spending Highlights
Fiscal 2026 Financial Performance Capital Spending Highlights $millions Fiscal 2026 YTD CapEx $ 2,125 Repair and replace transmission and distribution pipelines 499 Service line replacement 1% 395 Fortifications 11% 314 Install & replace measurement & regulating equipment 88% 210 Enhance storage and
Slide 8: Financing Highlights
Fiscal 2026 Financial Performance Financing Highlights • $1.3 billion of long-term debt financing issued as of September 30, 2026 • $600 million 5.45% 30-year senior notes issued October 20251 • $700 million 4.75% 5-year senior notes issued in June 2026 • Equity needs satisfied through our ATM progr
Slide 9: Strong Financial Foundation Supports Capital Spending Program
Fiscal 2026 Financial Performance Strong Financial Foundation Supports Capital Spending Program Capitalization and Liquidity Profile Total Capitalization Liquidity Profile as of September 30, 2026 1% $4,500 100% $4,000 $28 39% 40% 75% $3,500 $871 $3,000 $100 50% $2,500 $3.8 billion $1,500 $2,000 Ava
Slide 10: Manageable Debt Maturity Schedule Supports Capital Spending Program
Fiscal 2026 Financial Performance Manageable Debt Maturity Schedule Supports Capital Spending Program Weighted Average Maturity ~15.4 Years1 $1,100 4.168% $1,000 5.10% $950 3.73% $750 $725 $700 4.125% Total Amount Maturing 5.90% 6.00% $650 $600 $600 5.00% $600 1.50% 4.30% 5.45% $500 $500 $500 $500 $
Slide 11: Strong Investment Grade Ratings Support Affordable Customer Bills
Fiscal 2026 Financial Performance Strong Investment Grade Ratings Support Affordable Customer Bills Weighted Average Cost of Debt $14,000 5.0% 4.5% 4.3% 4.5% 4.2% $12,000 4.0% 4.1% Strong Investment 4.0% Grade Credit Ratings $10,000 Standard & 3.5% Moody’s Poor’s Net Long Term Debt 3.0% Senior Unsec
Slide 12: Fiscal 2027-2031 Financial Outlook
Fiscal 2027-2031 Financial Outlook Page 12
Slide 13: Leading Natural Gas Delivery Platform
Leading Natural Gas Delivery Platform Eight-state distribution territory Business Mix Intrastate pipeline system ~36% Pipeline & Storage ~64% Distribution 2027 Estimated Net Income Favorably positioned pipeline spans Diversified LDC platform in 8 states Texas shale gas supply basins • Largest pure-p
Slide 14: Safety Driven, Organic Growth Strategy
Safety Driven, Organic Growth Strategy Constructive Regulatory Mechanisms Support Efficient Conversion of Safety and Reliability Investments into Financial Results ~ $29 billion in capital investment Constructive rate mechanisms 6% - 8% Consolidated EPS through 2031; over 85% allocated that reduce r
Slide 15: Constructive Regulation Focused on Safety and Reliability
Constructive Regulation Focused on Safety and Reliability Over 90% of Annual Capital Spend Begins to Earn Within Six Months Regulatory Mechanisms Recovery Method Service Territory Detail CapEx Deferral/ Rate Base1 Annual General 2027E Jurisdiction Infrastructure Forward- Meters (000s) % of Filing Ca
Slide 16: Financial Outlook - Five Year Plan Key Themes
Financial Outlook FY 2027 Five Year Plan Key Themes • FY 2027 Guidance of $9.05 - $9.25 Earnings and • Planned 6.0% - 8.0% annual EPS growth through FY 2031 Dividends Per • FY 2031 Guidance of $12.35 - $12.55 Share • $4.36 Indicated Dividend for FY 2027 • Incremental financing summarized below refle
Slide 17: Fiscal 2027E Guidance
Financial Outlook Fiscal 2027E Guidance ($millions, except EPS) FY 2026 FY 2027E1 Distribution $ 868 $ 1,030 - 1,040 Pipeline & Storage 559 580 - 590 Total Net Income $ 1,427 $ 1,610 - 1,630 Average Diluted Shares 168 176 – 178 Diluted EPS2 $ 8.49 $ 9.05 - 9.25 Capital Spending $ 4,174 $ ~4,500 1. C
Slide 18: Fiscal 2027E Guidance - Selected Expenses
Financial Outlook Fiscal 2027E Guidance Selected Expenses FY 2026 FY 2027E1 ($millions) O&M, excluding bad debt expense $ 875 $ 870 - 890 D&A $ 800 $ 900 - 910 Interest $ 153 $ 210 - 220 Income Tax $ 351 $ 465 - 475 Effective Tax Rate 19.7% 21% - 23% 1. Changes in events or other circumstances that
Slide 19: Capital Spending Focused on System Modernization and Growth
Financial Outlook Capital Spending Focused on System Modernization and Growth Consolidated 2027E Capital Expenditures of ~$4.5 billion $8,000 $7,000 $6,000 $5,000 $ millions $4,000 $3,000 $2,000 $1,000 $0 FY2028E FY2029E FY2030E FY2031E FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 FY2026
Slide 20: Capital Spending Drives Rate Base Growth
Financial Outlook Capital Spending Drives Rate Base Growth Enhancing System Safety and Reliability1 $50,000 $45.0B - $47.0B $45,000 $40,000 $35,000 $30,000 $ millions $25,000 $24.7B $21.4B $20,000 $15,000 $10,000 $5,000 $0 FY2027E FY2028E FY2029E FY2030E FY2031E FY2018 FY2019 FY2020 FY2021 FY2022 FY
Slide 21: Sustainable Financial Performance Supports Sustained Dividend Increases
Financial Outlook Sustainable Financial Performance Supports Sustained Dividend Increases 43 Consecutive Years* of Dividend Increases $4.50 $4.36E $4.00 $3.50 $3.00 $2.50 $2.00 $1.50 $1.00 $0.50 $0.00 Indicated dividend increase of 9.0% for Fiscal 2027. *Fiscal year Note: Amounts are adjusted for me
Slide 22: Residential use of natural gas remains competitive
Financial Outlook Residential use of natural gas remains competitive Average Monthly Customer Bill Key Assumptions $140 • Normal weather and $132 consumption • ~$29 billion of CAPEX $120 spending through 2031 • Commodity pricing $100 • FY 27-31: $2.75 to $3.75 • Delivery cost/Securitization $82 • FY
Slide 23: Natural Gas Price Advantage Over Electricity
Financial Outlook Natural Gas Price Advantage Over Electricity Electricity1 vs Natural Gas2 - kWh Equivalent 16.56 16.59 16.00 15.10 14.95 15 14.26 13.67 13.07 10 9.19 7.93 6.56 4.69 4.74 4.66 5 4.43 3.95 0 Colorado Kansas Kentucky Louisiana Mississippi Tennessee Texas Virginia Electric Natural Gas
Slide 24: Residential Gas Bill Wallet Share by State
Consolidated Residential Bill Residential Gas Bill Wallet Share by State1 Wallet Share Wallet Share Median Income Low Income2 Tennessee 0.62% 0.77% Colorado 0.76% 0.95% Kentucky 0.85% 1.07% Kansas 0.90% 1.13% Virginia 0.93% 1.16% Louisiana 0.95% 1.19% Texas 1.06% 1.33% Mississippi 1.46% 1.83% ATO Av
Slide 25: Wallet Share as a % of Household Income: Median vs. Low-Income
Consolidated Residential Bill Wallet Share as a % of Household Income: Median vs. Low-Income 2005-2024 for ATO States 4.0% 3.5% 3.0% 2.5% CO Electric — 2024 KS 2.0% 2.0% ▼ 0.65 pts vs 2005 KY TN 1.5% Gas — 2024 1.0% LA 1.0% ▼ 0.20 pts vs 2005 0.5% 0.0% 2005 2007 2009 2011 2013 2015 2017 2019 2021 20
Slide 26: Residential Natural Gas Bills Remain the Lowest Monthly Utility Bill
Financial Outlook Residential Natural Gas Bills Remain the Lowest Monthly Utility Bill Water3 Cable & Internet3 $88 $125 CO KS KY TN LA Natural Gas1 $82 Electric2 Mobile Phone3 $170 $100 1. FY2026 Atmos Energy enterprise-wide average monthly residential bill 2. Based on Energy Information Administra
Slide 27: Regulatory Information
Regulatory Information Page 27
Slide 28: Regulatory Highlights
FY 2026 Financial Performance Regulatory Highlights Approved Annualized Key Rate Activity Operating Income Increases1,2 Through November 4, 2026 $450 • $264.0 Implemented • $244.4MM – Mid-Tex Cities RRM $400 • $10.9MM – WTX Cities RRM • $4.8MM – Kentucky PRP & PM Rider $350 $300 $41.7 • $41.7MM In-P
Slide 29: 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 Stabilization GCA Recovery1 Recovery Computing Trackers Colorado Kansas Kentuc
Slide 30: Key Regulatory Filings - Fiscal 2027E
Key Regulatory Filings – Fiscal 2027E Rate Filing Planned Timing Q1 Q2 Q3 Q4 October – December January – March April – June July – September Mid-Tex Dallas – Anticipate filing Dallas Mid-Tex and WTX Cities – Anticipate filing Kansas – Anticipate filing General Case in Mid-Tex Cities – Implemented R
Slide 31: Regulatory Summary
Regulatory Summary Date of Authorized Requested Effective Date Requested Authorized Requested Authorized Requested Authorized Requested Last Rate Operating Operating Rate Base Meters Mechanism Fn. of Last Rate (1) Rate Base Rate of Rate of Return on Return on Debt/ Equity Debt/Equity Filing Income I
Slide 32: Regulatory Summary (continued)
Regulatory Summary (continued) Date of Authorized Requested Effective Date Requested Authorized Requested Authorized Requested Authorized Requested Last Rate Operating Operating Rate Base Meters Mechanism Fn. of Last Rate (1) Rate Base Rate of Rate of Return on Return on Debt/ Equity Debt/Equity Fil
Slide 33: Kansas
Kansas • Kansas: Implemented Gas Safety Reliability Surcharge (GSRS) on October 20, 2026 • Authorized an increase in annual operating income of $3.2 million • Authorized rate base: $34.0 million • Test year ending June 30, 2026 As of November 4, 2026 Page 33
Slide 34: Kentucky
Kentucky • Kentucky: Implemented Annual PRP on October 1, 2026 • Authorized an annual operating income increase of $4.6 million • Authorized ROE: 9.65%; ROR: 7.10% • Authorized capital structure: 46% debt / 54% equity • Authorized rate base: $147.0 million • Kentucky: Implemented* Annual PM Rider on
Slide 35: Virginia
Virginia • Virginia: Implemented SAVE Infrastructure Program on October 1, 2026 • Authorized an annual operating income increase of $0.6 million • Authorized ROE: 9.90%; ROR: 7.57% • Authorized capital structure: 39% debt / 61% equity • Authorized rate base: $34.4 million • Virginia: Filed General R
Slide 36: Mississippi
Mississippi • 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 months e
Slide 37: Mid-Tex
Mid-Tex • Mid-Tex Cities: Implemented Rate Review Mechanism (RRM) on October 1, 2026 • Authorized an increase in annual operating income of $244.4 million • Authorized ROE: 9.80%; ROR: 7.47% • Authorized capital structure: 42% debt / 58% equity • Authorized rate base: $9.9 billion • Test year ending
Slide 38: West Texas
West Texas • West Texas Cities: Implemented Rate Review Mechanism (RRM) on October 1, 2026 • Authorized an increase in annual operating income of $10.9 million • Authorized ROE: 9.80%; ROR: 7.47% • Authorized capital structure: 42% debt / 58% equity • Authorized rate base: $1.4 billion • Test year e
Slide 39: 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