Slide 1: Supplemental Slides 3Q 2025 Results
SUPPLEMENTAL SLIDES 3Q 2025 RESULTS October 29, 2025
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"). Investors
Slide 3: Highly Executable Financial Commitments
HIGHLY EXECUTABLE FINANCIAL COMMITMENTS 9%-11% 8%-9% Consolidated Consolidated Rate Base2 Adj EPS3 CAGR Growth 2026-2033 2026-2033 55%-65% 8%-10% Dividend Payout 6%-8% Base Plan Ratio Target Annual Base Plan Rate Base Adj EPS3 Growth Growth 2026-2030 $2.0B $21.3B 2026-2030 14%-16% Strategic YE 2024
Slide 4: Key Priorities
KEY PRIORITIES • Building a Constructive Regulatory Foundation – Delivering incremental value to existing system customers by harnessing the strength of our robust network—$1 billion in savings to be flowed back to our existing customers – GenCo declination final order approved driving savings for e
Slide 5: Operational Excellence
OPERATIONAL EXCELLENCE Prioritizes Safety, While Driving Predictable, Reliable Operations and a Culture of Continuous Improvement Reliability Customer Satisfaction • Work & Asset Management program utilizing technology to prioritize and standardize work, system • Enhancing the Customer Experience re
Slide 6: Building a Constructive Regulatory Foundation
BUILDING A CONSTRUCTIVE REGULATORY FOUNDATION 2023 2024 2025 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Approved Step 2 Step 1 Rate Case Settled Step 1 Rates Rates Filed Settled Approved Rates NIPSCO Electric TDSIC 2 TDSIC 3 TDSIC 5 TDSIC 6 GCT TDSIC 7 Trackers Approved Approved Approved Approved Approved
Slide 7: Commercial Partnership Established with Large Investment-Grade Data Center Customer
COMMERCIAL PARTNERSHIP ESTABLISHED WITH LARGE INVESTMENT-GRADE DATA CENTER CUSTOMER NIPSCO to Power 3 GW of Generation Capacity to Support Data Center Development in Northern Indiana • Advances NiSource Strategic Priorities Enables – Commercial partnership with large, investment-grade customer desig
Slide 8: Commercial Partnership Established with Large Investment-Grade Data Center Customer
COMMERCIAL PARTNERSHIP ESTABLISHED WITH LARGE INVESTMENT-GRADE DATA CENTER CUSTOMER ◼ Two 1,300 megawatt combined-cycle, natural gas-fired turbines Enables Customer Development of New Affordability ◼ 400 megawatts of new battery storage Assets & Infrastructure ◼ Transmission infrastructure Supports
Slide 9: Commercial Partnership Enables Customer Affordability
COMMERCIAL PARTNERSHIP ENABLES CUSTOMER AFFORDABILITY Enables Customer Affordability Anticipated to provide Mechanism to flow approximately $1.0B of savings back to retail cost savings to existing customers for use of Supports customers over the life existing system in Economic Development of the co
Slide 10: Commercial Partnership Supports Economic Development
COMMERCIAL PARTNERSHIP SUPPORTS ECONOMIC DEVELOPMENT Driving billions of ~2,000+ jobs dollars created through Enables in capital multi-year Customer Affordability investment in construction and northern Indiana operations Supports Economic Development Supports local and Promotes state tax revenues w
Slide 11: Commercial Partnership Enhances Shareholder Value
COMMERCIAL PARTNERSHIP ENHANCES SHAREHOLDER VALUE Greater than regulated Earnings expected to rate of return on Enables be accretive to annual Customer invested capital under consolidated adjusted Affordability the base case1 over the EPS2 growth profile life of the contract Supports Economic Execut
Slide 12: Commercial Partnership Designed to Deliver Prudent Risk Management
COMMERCIAL PARTNERSHIP DESIGNED TO DELIVER PRUDENT RISK MANAGEMENT Supportive ratemaking Cash flow profile of treatment expected to project designed to enable efficient financing achieve full investment Large, investment-grade Enables plan which leverages recovery prior to the end data center custom
Slide 13: Upcoming Milestones
UPCOMING MILESTONES Special IURC Special GenCo Updated Contract Special Contract Contract Project Full Ramp Declination Financial Plan Filing with the Announcement Approval Construction Expected By Final Order Commitments IURC Sept 22nd Expected by 2026-2032 2032 Sept 24th 3Q 2025 Expected by 1H 202
Slide 14: Third Quarter Results
THIRD QUARTER RESULTS THIRD QUARTER YTD GAAP RESULTS Change Change 2025 2024 Fav/(Unfav) 2025 2024 Fav/(Unfav) Net Income Available to Common Shareholders $94.7 $85.7 $9.0 $671.7 $515.8 $155.9 Diluted Earnings Per Share $0.20 $0.19 $0.01 $1.42 $1.14 $0.28 THIRD QUARTER YTD NON-GAAP RESULTS(1) Change
Slide 15: Third Quarter Results
THIRD QUARTER RESULTS THIRD QUARTER YTD GAAP OPERATING INCOME Change Change 2025 2024 Fav/(Unfav) 2025 2024 Fav/(Unfav) Columbia Operations $52.1 $41.2 $10.9 $620.1 $499.8 $120.3 NIPSCO Operations $232.6 $171.3 $61.3 $678.5 $530.0 $148.5 Total Reportable Segments $284.7 $212.5 $72.2 $1,298.6 $1,029.
Slide 16: Sustainable Investment Opportunities for Customers and Communities
SUSTAINABLE INVESTMENT OPPORTUNITIES FOR CUSTOMERS AND COMMUNITIES 8.0 ~45% capital investment increase from prior 5-year plan 7.0 6.0 5.0 4.0 3.0 2.0 1.0 0.0 2026 2027 2028 2029 2030 $5.1 - $5.5B* $5.2 - $5.6B* $5.5 - $5.9B* $5.9 - $6.3B* $4.7 - $5.1B* Gas System Hardening GenCo Base Plan Upside 0
Slide 17: 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 18: Long-Term Financial Commitments
LONG-TERM FINANCIAL COMMITMENTS Consolidated Plan1 • Reaffirming upper half of 2025 adjusted EPS2 guidance of $1.85-$1.89 and initiating 2026 consolidated adjusted EPS2 guidance of $2.02-$2.07 – Base Plan3: $2.01-$2.05 – GenCo4: $0.01-$0.02 • Annual Base Plan adjusted EPS3 growth rate of 6%-8% in 20
Slide 19: Balance Sheet Provides Flexible Base for Investment
BALANCE SHEET PROVIDES FLEXIBLE BASE FOR INVESTMENT FUNDING SOURCES FOR $28.0B6 CONSOLIDATED CAPITAL INVESTMENT PLAN (2026-2030) TARGETING 14%-16% FFO/DEBT5 Net New ANNUALLY THROUGH 2030 Debt1 40%-45% • Consolidated Plan Capital includes $300-$500 million of annual equity raised via ATM from 2026-20
Slide 20: Financial Forecast Enhanced with Continued Execution and GenCo Advancements
FINANCIAL FORECAST ENHANCED WITH CONTINUED EXECUTION AND GENCO ADVANCEMENTS An Established Track Record of Achieving Adjusted EPS2 Results Adjusted EPS2 Guidance Adjusted EPS2 CAGR (2021-2025)3: 8.2% Consolidated Adjusted EPS2 CAGR (2026-2033): 8%-9% 7%-8% Base Plan Annual Adjusted EPS4 Growth (2026
Slide 21: 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 PROGRESS ADJUSTED EPS 1 $1.47 $1.60 $1.75 $1.85- $2.02- 6%-8% Annual Base Plan Adjusted EPS2 Growth $1.37 On track (GROWTH) (+7%) (+9%) (+9%) $1.89 $2.07 2033 Adjusted EPS3 Consolidated CAGR of 8%-
Slide 22: 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 23: Ongoing GenCo Strategic Negotiations of 1 to 3 GW
ONGOING GENCO STRATEGIC NEGOTIATIONS OF 1 TO 3 GW Data Center Pipeline by 2035 Northern Indiana’s Favorable Backdrop for Data Centers Up to 9 GW of Capacity ▪ Reliable electric system with robust transmission network 9.0 ▪ Low risk of natural disasters 8.0 ▪ Availability of land at attractive prices
Slide 24: Appendix
NiSource OUR VISION IS TO BEA PREMIER, INNOVATIVE & TRUSTED Appendix ENERGY PARTNER 3Q 2025 RESULTS
Slide 25: Capital Investments
CAPITAL INVESTMENTS Capital Plan $ in Billions 2026 2027 2028 2029 2030 NIPSCO $2.1 – $2.2 $1.9 – $2.0 $1.7 – $1.8 $2.8 – $2.9 $2.0 – $2.1 COLUMBIA $1.8 – $1.9 $1.8 – $1.9 $2.0 – $2.1 $2.1 – $2.2 $2.3 – $2.4 BASE BUSINESS $3.9 – $4.1 $3.7 – $3.9 $3.7 – $3.9 $4.9 – $5.1 $4.3 – $4.5 GENCO $1.2 - $1.4
Slide 26: Alternate Capital Investment Breakdown
ALTERNATE CAPITAL INVESTMENT BREAKDOWN 2026-2030 Consolidated Plan By Spending Category 2026-2030 Consolidated Plan by Recovery Timeframe Electric 13+ Month Generation Recovery Growth ~6% ~15% ~9% Gas System IT and Facilities Hardening ~9% ~39% 0-6 Month Recovery ~55% Electric System Modernization 7
Slide 27: Alternate Capital Investment Breakdown
ALTERNATE CAPITAL INVESTMENT BREAKDOWN 2026-2030 Consolidated Plan by Operating Company CKY CMD CVA <5% <5% 5%-10% NIPSCO E CPA 25%-30% 5%-10% NIPSCO G 10%-15% GenCo 20%-25% COH 15%-20% Capital investments include 100% of NIPSCO and 100% of GenCo Total excluding Upside capital investments 27
Slide 28: Robust Renewable Investments in Indiana
ROBUST RENEWABLE INVESTMENTS IN INDIANA 1 Ownership NIPSCO Dunns Bridge II Solar + Storage: 435 MW+56MW BTA Projects In-Service Structure 2 Status Investment Dunns Bridge I Solar: 265 MW Rosewater Wind 2020 Tax Equity JV Carpenter Wind: 200 MW Indiana Crossroads Wind 2021 Tax Equity JV Indiana Cross
Slide 29: NiSource Debt and Credit Profile
NISOURCE DEBT AND CREDIT PROFILE • Debt level: ~$15.8B as of September 30, 2025 – ~$14.5B of long-term debt Total Debt / Total Capitalization • Weighted average maturity ~12.6 years 62.0% • Weighted average interest rate of ~4.8% 60.0% – ~$1.3B of short-term debt 58.9% 58.2% 58.0% 57.4% • Solid liqu
Slide 30: Rate Case Details
RATE CASE DETAILS CPA Docket # R-2025-3053499 Filing Date 3/20/2025 Requested Rate Base $3.8B Requested ROE 11.35% Equity Layer 54.40% Requested Revenue Increase $110.5M Test Year 2026 Procedural Schedule Hearings Aug 2025 Final Order Expected Dec 2025 30
Slide 31: Safety and Infrastructure Investment and Tracker Filings
SAFETY AND INFRASTRUCTURE INVESTMENT AND TRACKER FILINGS INCREMENTAL INVESTMENTS RECOVERY COMPANY MECHANISM PERIOD AMOUNT ($M) EFFECTIVE DATE Infrastructure Replacement Program (IRP) FY 2024 $225 May 2025 Columbia Gas of $64 PHMSA1 IRP FY 2024 May 2025 Ohio Capital Expenditure Program (CEP) FY 2024
Slide 32: Delivering a Best-in-Class Sustainability Plan
DELIVERING A BEST-IN-CLASS SUSTAINABILITY PLAN Environmental • Net Zero Scope 1 & 2 by 2040 goal is among fastest in large capitalization utility peer group • Retiring all 2,105 MW of coal generation by 2028 • Installing 3,350 MW of renewable generation (PPA and BTA) from 2020 to 2027 • Investing ov
Slide 33: 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 Adjusted EPS2 Results Top Decile Historical Adjusted EPS Growth Off Actual Results 2021-2024 Non-GAA
Slide 34: 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 Adjusted Earnings Per Share (Non- GAAP) (unaudited) Three Months Ended Nine Months Ended September 30, September 30, (in millio
Slide 35: 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, 2025 (in millions) Operations Operation
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 & Nine months ended September 30, 2025 (in millions) Operations Operations
Slide 37: 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) 2024 2023 2022 2021 Net Cash Flows from Operating Activities 1,782 1,935 1,409 1,218 - Accounts receivable (102) 184 (
Slide 38: 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) For the Year Ended (in millions, except per share amounts) 2024 2023 2022 2021 GAAP Net Income Available to Common Shar