One Gas, Inc. · NYSE:OGS
One Gas — American Gas Association Financial Forum (May 2026)
44 slides from One Gas's conference presentation, May 2026
Slide 1: Investor Update
Investor Update May 2026
Slide 2: About Us
72% market share, the largest in Kansas 89% market About Us share, the largest in Oklahoma ONE Gas, Inc. (NYSE: OGS) is a 100-percent regulated natural gas utility and is one of the largest natural gas 13% market utilities in the United States. share, the third largest in Texas ONE Gas provides natu
Slide 3: Our Strategy
Our Strategy
Slide 4: Distinct Advantages Delivering Durable Growth and Value
Distinct Advantages Delivering Durable Growth and Value 100% regulated utility with strong growth trajectory and healthy balance sheet Favorable regional dynamics driven by in-migration, economic momentum and supportive regulatory frameworks across all states we serve Clear, achievable growth strate
Slide 5: Regional Strengths Propel Sustainable Growth
Regional Strengths Propel Sustainable Growth Increased demand and support for natural gas provide expansion opportunities Natural gas is a core energy resource, backed by energy choice legislation in all jurisdictions o ~30% of U.S. natural gas Robust economic growth drives residential and produced
Slide 6: Expanding Capacity, Enhancing Affordability
Expanding Capacity, Enhancing Affordability Building a solid foundation for sustainable growth Improved processes and workforce investments increase operating efficiency, capacity and capabilities Managing expenses and increasing efficiency help maintain customer affordability Investments in technol
Slide 7: Approved Capital Structures Support a Strong Balance Sheet
Approved Capital Structures Support a Strong Balance Sheet REGULATORY FRAMEWORK1 LIQUIDITY PROFILE $800M $41.5M $781.8M LDC Equity Ratio Allowed ROE $740.3M KGS 60.2%2 9.5%2 $700M ONG 58.5% 9.4% $600M TGS 59.9% 9.8% $500M $400M BALANCE SHEET STRENGTH $300M • Expect adjusted CFO/Debt of 19-20% $200M
Slide 8: Recent Legislation Supports Timely Investments
Recent Legislation Supports Timely Investments Kansas and Texas policy updates expand recovery mechanisms and help reduce regulatory lag on utility plant investments Kansas HB 2435 Texas HB 4384 Amends the GSRS statute to broaden eligible Allows gas utilities to defer and later recover specific infr
Slide 9: Executing Large-Load Strategy
Executing Large-Load Strategy DISCIPLINED DEVELOPMENT FRAMEWORK System Integration Infrastructure-First Siting Speed to Market Capital Discipline Project investments Preference for projects near Intentional siting and Investment approach produce both system existing infrastructure, streamlined proce
Slide 10: Technology-Driven Efficiency Enhances Cost Control
Technology-Driven Efficiency Enhances Cost Control Automation and artificial intelligence initiatives reduce costs, increase productivity and improve operational efficiencies Workforce 02 Cost 01 Safety 03 & Controls 04 & Productivity Management Compliance Decision Support AI-enabled Process AI Invo
Slide 11: Financial Outlook
Financial = pee ) Outlook Miia A G one Gas Ge OT MMAMaliay | Ek
Slide 12: 2026 Guidance Summary
2026 Guidance Summary1 Creating long-term value and serving a growing and dynamic customer base EARNINGS OUTLOOK • Adjusted net income for 2026 in a range of $306 - $314 million • Adjusted EPS range of $4.83 - $4.95 per diluted share • Assumes ~63.4 million diluted shares outstanding CAPITAL INVESTM
Slide 13: Financing Requirements and Activities
Financing Requirements and Activities Investing in growth and maintaining a strong balance sheet 2026 dividends and capital investments primarily funded by cash flow from operations of approximately $650-$700 million1 • Expected 2026 short- and long-term net financing need of $250-$300 million ~$1.3
Slide 14: Five-Year Financial Highlights
Five-Year Financial Highlights Building sustainable long-term value 3 CAPITAL INVESTMENTS & RATE BASE SUSTAINABLE ANNUAL GROWTH RATES • Capital investments of ~$4.3 billion • Based off actual 2025 adjusted net income and ̶ ~$2.5 billion investment in system integrity and EPS of $271 million and $4.4
Slide 15: Long-Term Adjusted EPS Performance & Outlook
Long-Term Adjusted EPS Performance & Outlook 2028: LT Guidance Adjusted EPS CAGR 5 - 7% Above LT 5 – 7% trend 3 $6.00 $6.00 Adj. EPS CAGRs 5-Year Forecast (2025-20304) 6.0% $5.50 10-Year (2014-2024) 6.5% $4.89 2027: $5.00 1 10-Year (2015-2025 ) 7.0% Below LT $4.48 trend 2 $4.50 10-Year (2016-2026G1)
Slide 16: Balance Sheet Strength
Balance Sheet Strength Strong credit rating and financing flexibility RATING AGENCY RATING OUTLOOK LONG-TERM DEBT MATURITIES 1 (MILLIONS) Moody’s A3 Stable S&P A- Stable $600 $550 4.66% 5.10% $400 $300 $3001 4.50% REVOLVING CREDIT FACILITY $250 2.00% 4.25% 4.48%2 • $1.5 billion limit 2026 2029 2030
Slide 17: Customer Affordability
Customer Affordability G ONE Gas 7
Slide 18: ~3-to-1 Average Advantage in ONE Gas Territories
~3-to-1 Average Advantage in ONE Gas Territories 1 Natural gas price advantage over electricity KWH EQUIVALENT ELECTRICITY VS. NATURAL GAS 15.47¢ 14.56¢ 13.12¢ 2.1x advantage 2.8x advantage 3.1x advantage 7.36¢ 4.69¢ 4.76¢ Texas Oklahoma Kansas ² Avg. retail price of electricity/kWh ³ ONE Gas delive
Slide 19: Affordability Anchored in Strategic Cost Management
Affordability Anchored in Strategic Cost Management Cash flow stability • ~92% of customers are residential • ~70% of revenue less the cost of gas is $81 $73* $74* $74* fixed charges $60 $64* Focus on customer affordability $55 $54 $58 $43 $28 $26 $50 $51 $50 $33 $46 $22 • Assumes ~$6.33/Mcf average
Slide 20: Capital Investments
Capital Investments
Slide 21: Well-Defined Capital Investment Plan
Well-Defined Capital Investment Plan Investments ~3x depreciation CAPITAL INVESTMENTS 2026G CAPITAL INVESTMENTS (MILLIONS) BY STATE ~$800 (MILLIONS) $762 $760 $47 $729 $32 $30 $26 $658 $32 $178 $168 $228 $178 Kansas $177 $562 $176 $552 $525 $525 Texas $449 $313 $275 $295 Oklahoma $234 $255 $216 $311
Slide 22: Capital Investments
Capital Investments KANSAS OKLAHOMA TEXAS 2026G: 1.9X DEPRECIATION 2026G: 2.8X DEPRECIATION 2026G: 3.5X DEPRECIATION $331 $307 $311 $313 $286 $287 $284 $257 $256 $242 $185 $172 $176 $159 $143 (MILLIONS) $81 $90 $112 $63 $71 $100 $105 $53 $84 $89 $93 $88 $93 $75 $78 2022 2023 2024 2025 2026G 2022 202
Slide 23: Rate Base
Rate Base AVERAGE RATE BASE* 2026E AVERAGE RATE BASE* (BILLIONS) BY STATE TOTAL: $6.4 BILLION $6.40 $5.96 $5.52 $5.15 $4.69 $1.52 billion $2.19 billion $2.68 billion 2022 2023 2024 2025 2026E Kansas Oklahoma Texas * See Appendix for definition. ~7% growth expected in 2026 CAPITAL INVESTMENTS 23
Slide 24: Regulatory Update
Regulatory Update GONEGas 4
Slide 25: Near-Term Reliance on Effective Interim Mechanisms
Near-Term Reliance on Effective Interim Mechanisms PROGRESS RATES REQUESTED FILING EQUITY RETURN ON JURISDICTION (MILLIONS) DATE RATIO EQUITY IN Texas – GRIP $36.9 M Mar-2026 59.9% 9.8% Oklahoma – PBRC $28.7 M Feb-2026 58.5% 9.4% REQUESTED EFFECTIVE EQUITY RETURN ON JURISDICTION APPROVED RATES RATES
Slide 26: Oklahoma Natural Gas
Oklahoma Natural Gas PBRC filed February 2026 Performance-based rate change (PBRC) interim filing for annual rate reviews between full rate cases allows recovery of capital investments and operating expenses. 2026 PBRC Filing – ESTIMATED EFFECTIVE DATE JUNE 2026 Incremental Revenue $28.7 million ann
Slide 27: Texas Gas Service
Texas Gas Service GRIP filed March 2026 Gas Reliability Infrastructure Program (GRIP) interim filing allows for recovery of capital investments made between rate cases. The 2026 filing incorporates expanded deferral and recovery provisions under Texas HB 4384 beginning in June 2025.* 2026 GRIP Filin
Slide 28: Kansas Gas Service
Kansas Gas Service GSRS approved July; rates effective August 2025 Gas System Reliability Surcharge (GSRS) in effect in 2025 allowed for recovery of investments in safety-related projects and government-mandated relocations between rate cases. The components of GSRS were expanded effective July 1, 2
Slide 29: Delivering Foundational Energy
Delivering Foundational Energy
Slide 30: Reducing Emissions
Reducing Emissions Operating in an environmentally responsible manner Emissions Reduction Goal By 2035, we expect to achieve a 55% reduction in Scope 1 emissions due to leaks from mains and services, measured from a 2005 baseline and accounting for projected system growth As of December 31, 2025, we
Slide 31: Emissions Reduction Strategy
Emissions Reduction Strategy Aligned with overall strategy Tightening our system • Pipeline replacement and protection replaces higher emitting pipe with lower-emitting pipe • Advanced leak detection reduces time leaks are active Reducing customer gas usage • Energy efficiency and customer education
Slide 32: ESG Ratings & Company Recognition
ESG Ratings & Company Recognition Robust Disclosures • Full alignment with SASB • Following TCFD recommendations • Disclosure of Scope 1 and 2 emissions Additional governance documents and reports • Statement on Human Rights • EEO-1 report • Supplier Code of Conduct Boosted employee engagement score
Slide 33: Appendix
2 3 3) sre) Ss < Appendix
Slide 34: Sustainable Business Model
Sustainable Business Model Focused Business Capital Investment Regulatory Cash Flow Strategy Opportunities Construct Stability ▪ 100% regulated natural ▪ 20+ year vintage ▪ 3 states, 3 jurisdictions ▪ ~70% of fixed charges gas distribution utility pipeline replacement ▪ ~90% of capital for recovery
Slide 35: Sustainable Business Model
Sustainable Business Model Customer Safe & Reliable Delivering Affordability Energy Foundational Energy ▪ Customer growth and ▪ Industry-leading ▪ Committed large-load projects performance in to sustainability help moderate employee safety ▪ Energy efficiency and per-customer costs ▪ Demonstrated sy
Slide 36: Corporate Structure and State Figures
Corporate Structure and State Figures INCORPORATED ENTITY 100% regulated natural gas distribution No levered holding company; all debt issued by ONE Gas, Inc.1 Division capital structures match Corporate capital structure KEY FIGURES 2 Average Number of Customers 653,000 931,000 711,000 Distribution
Slide 37: Authorized Rate Base
Authorized Rate Base As of December 31, 2025 KANSAS OKLAHOMA TEXAS $2,453 $2,273 $2,067 (MILLIONS) $1,854 $1,887 $1,726 $1,720 $1,468 $1,528 $1,330 $1,412 $1,197 $1,261 $1,239 $1,336 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 APPENDIX 37
Slide 38: Rate Base Definition
Rate Base Definition Authorized Rate Base $5.8 billion (as of April 30, 2026) • Includes capital investments authorized in most recent rate cases and interim filings • Excludes any capital investments since last approved rate cases or filings 2026 Estimated Average Rate Base $6.4 billion • Average o
Slide 39: Comprehensive Regulatory Mechanisms
Comprehensive Regulatory Mechanisms KEY MECHANISMS: KANSAS OKLAHOMA TEXAS General Rate Case Filing Deadline 2030 June 2027 2031 Interim capital recovery GSRS PBRC GRIP Weather normalization ✓ ✓ ✓ Purchased gas riders (including gas cost portion of bad debts) ✓ ✓ ✓ Pension and other post-retirement b
Slide 40: Regulatory Construct
Regulatory Construct Governance KANSAS OKLAHOMA TEXAS “Home Rule” with one consolidated Kansas Corporation Commission Oklahoma Corporation Commission jurisdiction; Texas Railroad Commission has appellate authority Appointed by the governor to four-year Railroad Commission elected to Elected to six-y
Slide 41: GAAP and Non-GAAP Adjustment Reconciliation
GAAP and Non-GAAP Adjustment Reconciliation The following table reconciles GAAP net income and GAAP EPS to adjusted net income and adjusted net income per share Quarter Ended March 31, Year Ended December 31, (THOUSANDS) 2026 2025 2025 2024 Net income - GAAP $ 128,673 $ 119,419 $ 264,224 $ 222,850 O
Slide 42: GAAP and Non-GAAP Adjusted Guidance Reconciliation
GAAP and Non-GAAP Adjusted Guidance Reconciliation The following table reconciles GAAP net income and GAAP EPS guidance to adjusted net income and adjusted net income per share guidance 2026 Financial Guidance (THOUSANDS) Low Mid High Net income - GAAP $ 294,000 $ 298,000 $ 302,000 Other income - de
Slide 43: Non-GAAP Reconciliation – Cash Flow From Operations Before Changes in Working Capital
Non-GAAP Reconciliation – Cash Flow From Operations Before Changes in Working Capital (MILLIONS) 2026 GUIDANCE* Adjusted Net income $ 299 Depreciation and amortization 306 Deferred taxes 51 Other 24 Cash flow from operations before changes in working capital $ 680 * Amounts shown are estimated midpo
Slide 44: Forward-Looking Statements and Use of Non-GAAP Measures
Forward-Looking Statements and Use of Non-GAAP Measures Statements contained in this presentation that include or refer to Company expectations, our business outlook, our future plans or predictions relating to any matters should be considered forward-looking statements that are covered by the safe
ONE Gas — American Gas Association Financial Forum (May 2026) on 6ix