Atmos Energy Corporation · NYSE:ATO
Atmos Energy — Q3 2026 Earnings Presentation
32 slides from Atmos Energy's earnings presentation, Aug 6, 2026
Slide 1: Analyst Call to Review Fiscal 2026 Third Quarter Financial Results
Analyst Call to Review Fiscal 2026 Third Quarter Financial Results August 6, 2026 10:00 a.m. Eastern
Slide 2: Fiscal Q3 2026 Review
Fiscal Q3 2026 Review As of August 5, 2026 Page 2
Slide 3: Q3 Fiscal 2026 Financial Performance: Fiscal 2026 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 $8.50 • 14.9% increase in fiscal 2026 indicated
Slide 4: Consolidated Financial Highlights
Q3 Fiscal 2026 Financial Performance Consolidated Financial Highlights Three Months Ended Nine Months Ended June 30 June 30 Segment Net Income ($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 5: 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 6: 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 7: 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 8: 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 9: 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 10: Manageable Debt Maturity Schedule Supports Capital Spending Program
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 11: 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 12: Regulatory Highlights
Q3 Fiscal 2026 Financial Performance Regulatory Highlights Approved Annualized Key Rate Activity Operating Income Increases1,2 Through August 5, 2026 $800 • $396.1MM Implemented $750 • $138.5MM – Mid-Tex Cities RRM $700 • $112.2MM – Atmos Pipeline GRIP $650 • $ 32.1MM – Dallas DARR $600 • $ 30.3MM –
Slide 13: 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 14: Fiscal 2026E Guidance: Selected Expenses
Financial Outlook Fiscal 2026E Guidance Selected Expenses FY 2025 FY 2026E1 ($millions) O&M, excluding bad debt expense $ 874 $ 875 - 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 15: Regulatory Information
Regulatory Information As of August 5, 2026 Page 15
Slide 16: 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 17: 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 18: Regulatory Summary
Regulatory Summary Date of Authorized Requested Authorized Effective Date Requested Authorized Requested Authorized Requested Requested Last Rate Operating Operating Rate Base Debt/ Meters Jurisdiction Fn. of Last Rate (1) Rate Base Rate of Rate of Return on Return on Debt/Equit Filing Income Income
Slide 19: Regulatory Summary (continued)
Regulatory Summary (continued) Effective Date of Authorized Requested Authorized Requested Authorized Requested Authorized Requested Requested Date of Last Rate Operating Operating Rate Base Debt/ Meters Jurisdiction Fn. Rate Base Rate of Rate of Return on Return on Debt/Equity Last Rate Filing Inco
Slide 20: 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 21: 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 22: 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 23: 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: Implemented Gas Safety Reliabili
Slide 24: Kentucky/Mid-States Division
Kentucky/Mid-States Division • Kentucky: Filed Annual PRP on July 31, 2026 • Requested an annual operating income increase of $5.0 million • Requested ROE: 9.65%; ROR: 7.10% • Requested capital structure: 46% debt / 54% equity • Requested rate base: $146.9 million • Kentucky: Filed Annual PM Rider o
Slide 25: 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 26: 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 27: Louisiana Division
Louisiana Division • Louisiana: Implemented Annual Rate Stabilization Clause (RSC) on July 1, 2026 • Authorized an annual operating income increase of $30.3 million • Authorized ROE: 9.80%; ROR: 7.49% • Authorized capital structure: 42% debt / 58% equity • Authorized rate base: $1.5 billion • Test y
Slide 28: 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 29: 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 30: 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 31: 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 32: 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