Slide 1: Supplemental Slides 1Q 2026 Results
SUPPLEMENTAL SLIDES 1Q 2026 RESULTS May 6, 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%-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 $2.0B $25.1B CAGR 2026-2030 2026-2030 14%-16% Strategic YE 2025 Reg
Slide 4: Key Priorities
KEY PRIORITIES • Building a Constructive Regulatory Foundation – Special contracts with Alphabet and Amazon expand cost savings to approximately $1.4 billion for existing customers – Increasing Amazon’s total capacity commitment by 400 megawatts to a total of 2,800 megawatts by 2032 – Settlement wit
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 2026 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Approved Step 2 Step 1 Step 2 Rate Case Step 1 Rates Rates Filed Settled Approved Rates Rates NIPSCO Electric TDSIC 3 TDSIC 5 TDSIC 6 GCT 1 GCT 2, TDSIC 7 GCT 3 TDSIC 8 Trackers Approved Approved Ap
Slide 7: Recent GenCo Developments Driving $1.4 Billion of Customer Savings
RECENT GENCO DEVELOPMENTS DRIVING $1.4 BILLION OF CUSTOMER SAVINGS • Alphabet Announcement – Signed agreement to provide long-term electric service and capacity using pool resource assets • Amazon Collaboration – Signed amendment accelerating the energization of Amazon sites and associated credits f
Slide 8: Commercial Partnership Established with Alphabet
COMMERCIAL PARTNERSHIP ESTABLISHED WITH ALPHABET 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 General Cont
Slide 9: Commercial Collaboration Enhanced with Amazon
COMMERCIAL COLLABORATION ENHANCED WITH AMAZON Two 1,300 megawatt combined-cycle, natural gas-fired turbines Enables Customer Development of New Affordability 400 megawatts of new battery storage Assets and Infrastructure (Supports 2,800 MW) 400 megawatts of pool resource assets Transmission
Slide 10: 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 11: 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 12: Upcoming Milestones
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 Special Contract Zoning Incremental Amendment Special Civil Site First Load Full Contract Filed Applica
Slide 13: First Quarter Consolidated Results
FIRST QUARTER CONSOLIDATED RESULTS FIRST QUARTER GAAP RESULTS Change 2026 2025 Fav/(Unfav) Net Income Available to Common Shareholders $510.7 $474.8 $35.9 Diluted Earnings Per Share $1.06 $1.00 $0.06 FIRST QUARTER NON-GAAP RESULTS1 Change 2026 2025 Fav/(Unfav) Adjusted Net Income Available to Common
Slide 14: First Quarter Consolidated Results
FIRST QUARTER CONSOLIDATED RESULTS FIRST QUARTER GAAP OPERATING INCOME Change 2026 2025 Fav/(Unfav) Columbia Operations $472.3 $445.8 $26.5 NIPSCO Operations $348.5 $311.9 $36.6 Total Reportable Segments $820.8 $757.7 $63.1 Corporate & Other ($1.6) $1.7 ($3.3) Consolidated Operating Income $819.2 $7
Slide 15: 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 16: 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 17: Expanding Electric Generation: Powering Growth and the Energy Transition
EXPANDING ELECTRIC GENERATION: POWERING GROWTH AND THE ENERGY TRANSITION 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 energy while enabl
Slide 18: Long-Term Financial Commitments
LONG-TERM FINANCIAL COMMITMENTS Consolidated Plan1 • Reaffirming 2026 consolidated adjusted EPS2 guidance of $2.02-$2.07 – Base Plan3: $2.01-$2.05 – GenCo4: $0.01-$0.02 • Consolidated adjusted EPS2 CAGR of 9%-10% for 2026-2033 – Annual Base Plan adjusted EPS3 growth rate of 6%-8% for 2026-2030 • Con
Slide 19: Financial Forecast Enhanced with Continued Execution and GenCo Advancements
FINANCIAL FORECAST ENHANCED WITH CONTINUED EXECUTION AND GENCO ADVANCEMENTS Adjusted EPS1 Guidance Consolidated Adjusted EPS1 CAGR (2026-2033): 9%-10% Base Plan Annual Adjusted EPS2 Growth (2026-2030): 6%-8% $0.40-$0.60 $0.25-$0.35 2026 Base Plan Adjusted EPS2 Range $2.01-$2.05 GenCo Adjusted EPS3 R
Slide 20: 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 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 $1.90 $2.02- 6%-8% Annual Base Plan Adjusted EPS2 Growth 2026-2030 $1.37 On track (GROWTH) (+7%) (+9%) (+9%) (+9%) $2.07 Adjusted EPS3 Consolidated CAGR of
Slide 22: Appendix
hiSource PREMIER, INNOVATIVE & TRUSTED Appendix ENERGY PARTNER 1Q 2026 RESULTS Lem. gal — on
Slide 23: 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 24: 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 25: 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% Note: Capital investments include 100% of NIPSCO and 100% of GenCo 25 Total excluding Upside capital investments
Slide 26: GenCo Supply-Side Solutions
GENCO 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 Pool Res
Slide 27: 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 28: NiSource Debt and Credit Profile
NISOURCE DEBT AND CREDIT PROFILE • Debt level: ~$16.8B as of March 31, 2026 Total Debt / Total Capitalization3 – ~$15.5B of long-term debt • Weighted average maturity ~12 years 62.0% • Weighted average interest rate of ~4.85% – ~$1.3B of short-term debt 60.0% 58.9% 58.2% 58.0% • Solid liquidity posi
Slide 29: Safety and Infrastructure Investment and Tracker Filings
SAFETY AND INFRASTRUCTURE INVESTMENT AND TRACKER FILINGS INCREMENTAL INVESTMENTS RECOVERY COMPANY MECHANISM PERIOD AMOUNT ($M) EFFECTIVE DATE Infrastructure Replacement Program (IRP) FY 2025 $206 May 2026 Columbia Gas of $118 PHMSA1 IRP FY 2025 May 2026 Ohio Sept 20262 Capital Expenditure Program (C
Slide 30: Delivering a Best-in-Class Sustainability Plan
DELIVERING A BEST-IN-CLASS SUSTAINABILITY PLAN Environmental • Remain committed to goal of Net Zero Scope 1 & 2 emission by 2040 • Plan to retire remaining coal generation by 2028 • Executing on ~$3.6 billion in renewable energy and storage investments from 2020-2027 that represent approximately 3,4
Slide 31: 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 $3.9B(2) 9.75% N
Slide 32: Exceptional Outcome to Achieve All Stakeholder Objectives
EXCEPTIONAL OUTCOME TO ACHIEVE ALL STAKEHOLDER OBJECTIVES GenCo Objectives Objectives Accomplished Protect retail customer base GenCo's model allows NiSource to pursue investment opportunities while protecting existing customers from additional cost pressures Mechanism to flow savings back to retail
Slide 33: Consistent Execution Drives Sustainable Growth
CONSISTENT EXECUTION DRIVES SUSTAINABLE GROWTH Achieving High End of Earnings Guidance Rebases Future Growth Upwards An Established Track Record of Achieving Projected Future Guidance Rebases Upwards Top Decile Historical Adjusted EPS Growth Adjusted EPS2 Results Off Actual Results 9% YoY 2021-2025
Slide 34: Schedule 1 - Reconciliation of Consolidated Net Income Available to Common Shareholders
NiSource Inc. Schedule 1 - Reconciliation of Consolidated Net Income Available to Common Shareholders to Adjusted Net Income Available to Common Shareholders (Non-GAAP) and Consolidated Adjusted Earnings Per Share (Non-GAAP) (unaudited) Three Months Ended March 31, (in millions, except per share amo
Slide 35: Schedule 2 - Reconciliation by Segment of Operating Revenues, Expenses, and Income
NiSource Inc. Schedule 2 - Reconciliation by Segment of Operating Revenues, Expenses (Benefit), and Income (GAAP) to Adjusted Operating Revenues, Expenses (Benefit), and Income (Non-GAAP) (unaudited) (1) Represents the estimated impact of actual weather during the period compared to expected normal
Slide 36: Annual FFO/Debt Reconciliation
NiSource Inc. Schedule 3 - Reconciliation of Net Cash Flows from Operating Activities to FFO to Debt (Adjusted) (Non-GAAP) (unaudited) Annual FFO/Debt Reconciliation ($ 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 37: 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) 37