Slide 1: September 2026 Investor Deck
SEPTEMBER 2026 INVESTOR DECK
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: NiSource: A Differentiated Value Proposition with Enduring Investment Thesis
NISOURCE: A DIFFERENTIATED VALUE PROPOSITION WITH ENDURING INVESTMENT THESIS SUSTAINABLE, PROGRAMMATIC Diversified $28.6B1 five-year plan spanning electric generation, gas modernization, and maintenance of CAPITAL EXPENDITURES distribution and transmission assets across six states. CONSTRUCTIVE Midw
Slide 4: A Premier, Innovative & Trusted Energy Partner
A PREMIER, INNOVATIVE & TRUSTED ENERGY PARTNER* We exist to deliver safe, reliable and competitive energy that drives value to our customers ENHANCED VALUE PROPOSITION DRIVING SUSTAINABLE GROWTH Value Proposition Rate Base by Jurisdiction6 As of August 5, 2026 NiSource offers a diversified and CMD C
Slide 5: Business Highlights September 2026
BUSINESS HIGHLIGHTS SEPTEMBER 2026 2Q26 Earnings Release •Reported $0.16 consolidated adjusted EPS •Reaffirmed 2026 non-GAAP consolidated adjusted EPS guidance, 2026-2033 non-GAAP consolidated adjusted EPS compound Aug 5th annual growth rate of 9%-10%, and $28.6 billion 2026-2030 consolidated capita
Slide 6: Sustainable Investment Opportunities for Customers and Communities
SUSTAINABLE INVESTMENT OPPORTUNITIES FOR CUSTOMERS AND COMMUNITIES 5-Year Plan: $28.6B1 Capital Investment $21.0 billion Base Plan 8.0 $7.6 billion1 GenCo 7.0 6.0 Base Plan Upside Electric Generation 5.0 Growth IT & Facilities 4.0 Electric System Modernization 3.0 GenCo Gas System Hardening 2.0 0 –
Slide 7: 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 $1.3 - $1.5
Slide 8: 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 9: Detailed Capital Investment Breakdown
DETAILED CAPITAL INVESTMENT BREAKDOWN 2026-2030 Consolidated Plan by Operating Company CKY CMD CVA <5% <5% 5%-10% GenCo CPA 23%-28% 5%-10% NIPSCO G 10%-15% NIPSCO E 22%-27% COH 15%-20% * Information as Q2 2026 Earnings Report, dated 8/5/2026 Note: Capital investments include 100% of NIPSCO and 100%
Slide 10: Detailed Capital Investment Breakdown
DETAILED 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% ~8% Gas System IT and Facilities Hardening ~9% ~38% 0-6 Month Recovery Electric System ~56% Modernization 7-
Slide 11: Building a Constructive Regulatory Foundation
BUILDING A CONSTRUCTIVE REGULATORY FOUNDATION 2023 2024 2025 2026 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 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 GCT 3 GCT 4, TDSIC Trackers Approved Approved Approved 7 Approved Approved
Slide 12: Balance Sheet Provides Flexible Base for Investment
BALANCE SHEET PROVIDES FLEXIBLE BASE FOR INVESTMENT FUNDING SOURCES FOR $28.6B6 CONSOLIDATED CAPITAL INVESTMENT PLAN (2026-2030) TARGETING 14%-16% FFO/DEBT5 Net New ANNUALLY THROUGH 2030 Debt1 40%-45% • Consolidated Plan Capital includes $400-$600 million of annual equity raised via ATM from 2026-20
Slide 13: A Differentiated Approach to Deliver Critical Power at a Critical Time
A DIFFERENTIATED APPROACH TO DELIVER CRITICAL POWER AT A CRITICAL TIME* Data Center Model Traditional Models Regulated by the Indiana Utility Regulatory Commission (IURC) Return-On and Return-Of Earning returns through commercial partnership; Traditional model returns through rate-making tariff Spe
Slide 14: NIPSCO and GenCo Structure
NIPSCO AND GENCO STRUCTURE* 80.1% 80.1% • New data center customers will enter into a NiSource Inc. contract with NIPSCO to provide long-term Blackstone Blackstone electric service – GenCo selects generation assets 19.9% 19.9% NIPSCO Holdings Generation Holdings – NIPSCO will bill the customer consi
Slide 15: GenCo Driving $1.4 Billion of Customer Savings
GENCO DRIVING $1.4 BILLION OF CUSTOMER SAVINGS 2025 & 2026 Announcements • Alphabet Partnership (April 16, 2026) – Signed agreement to provide long-term electric service and capacity using pool resource assets • Amazon Collaboration (September 22, 2025) – Signed amendment accelerating the energizati
Slide 16: 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 17: 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 18: 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 str
Slide 19: GenCo Upcoming Milestones
GENCO UPCOMING MILESTONES 2025 2026-2032 Updated GenCo Financial Declination Plan NiSource Final Order Commitments Ongoing GenCo Strategy Development Strategy Sept 24th 3Q 2025 Special Acceleration IURC Incremental IURC Special Contract Zoning Incremental Civil Site Amendment Special Amendment Incre
Slide 20: Ongoing GenCo Strategic Negotiations of 3 GW
ONGOING GENCO STRATEGIC NEGOTIATIONS OF 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 Up To ▪ Availability of land at attractive price
Slide 21: 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 22: Highly Executable Financial Commitments
HIGHLY EXECUTABLE FINANCIAL COMMITMENTS As of August 5, 2026 9%-11% 9%-10% Consolidated Consolidated Rate Base2 Adj EPS3 CAGR CAGR 2026-2033 2026-2033 55%-65% 8%-10% Dividend Payout 6%-8% Base Plan Ratio Target Annual Base Plan Rate Base Adj EPS3 Growth CAGR 2026-2030 $2.0B $25.1B 2026-2030 14%-16%
Slide 23: Appendix
NiSource OUR VISION IS TO BEA PREMIER, INNOVATIVE & TRUSTED Appendix ENERGY PARTNER
Slide 24: 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 25: Reconciliation of Consolidated Net Income to Adjusted Net Income (Non-GAAP)
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 Six Months Ended June 30, June 30, (in milli