Slide 1: Supplemental Slides Year End 2024 Results
SUPPLEMENTAL SLIDES YEAR END 2024 RESULTS February 12, 2025 NiSource | NYSE: NI | nisource.com |
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 6%-8% 8%-10% Annual 2025-2029 Rate Base Adj EPS (1) Growth Growth 14%-16% 2025-2029 60%-70% Annual FFO/ Dividend Payout Ratio Debt(1) Target Target Through 2029 $21.3B $19.4B YE 2024 Regulated Base Plan Capex 9%-11% Electric and Gas Rate 2025-2029 Base Net Zer
Slide 4: Key Priorities
KEY PRIORITIES • Building a Constructive Regulatory Foundation – Columbia Gas of Pennsylvania and Columbia Gas of Kentucky rate case settlements approved – Columbia Gas of Virginia rate case settlement reached in December – NIPSCO Electric rate case settlement reached in February • Operational Excel
Slide 5: Operational Excellence
OPERATIONAL EXCELLENCE Prioritizes Safety, While Driving Predictable, Reliable Operations and a Culture of Continuous Improvement Reliability • Work and Asset Management Program utilizing risk to prioritize and standardize work, system reliability and data quality • Distribution & Substation Automat
Slide 6: Building a Constructive Regulatory Foundation
BUILDING A CONSTRUCTIVE REGULATORY FOUNDATION 2022 2023 2024 2025 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Approved Step 2 Rate Case Filed Settled Step 1 Rates Rates Filed Settled NIPSCO Electric TDSIC 1 TDSIC 2 TDSIC 3 TDSIC 5 Trackers TDSIC 6(2) Approved Approved Approved Approved Approved Step 2 Appro
Slide 7: 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 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 8: NIPSCO Integrated Resource Plan
NIPSCO INTEGRATED RESOURCE PLAN • A mix of incremental generation resources is likely required to meet energy and capacity needs in all demand development scenarios; key considerations include: – Data center developer interest for NIPSCO’s service territory has been substantial in 2024 • State of In
Slide 9: Sustainable Investment Opportunities for Customers and Communities
SUSTAINABLE INVESTMENT OPPORTUNITIES FOR CUSTOMERS AND COMMUNITIES $ in Billions 5.0 4.5 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 Capital expenditures include 100% of NIPSCO 2025 2026 2027 2028 * Total excluding upside capital expenditures 2029 $4.0 - $4.3B* $3.4 - $3.7B* $3.6 - $3.9B* $3.7 - $4.0B* $3.8
Slide 10: Incremental Investment Opportunities
INCREMENTAL INVESTMENT OPPORTUNITIES Investment Themes Additive to Base and Upside Financial Plan • Data center generation, electric transmission and gas system investments to support incremental demand • Distribution, transmission, and other infrastructure to support growing communities and manufac
Slide 11: Fourth Quarter & YTD Consolidated Results
FOURTH QUARTER & YTD CONSOLIDATED RESULTS FOURTH QUARTER YTD GAAP RESULTS Change Change 2024 2023 Fav/(Unfav) 2024 2023 Fav/(Unfav) Net Income Available to Common Shareholders $223.9 $225.6 ($1.7) $739.7 $661.7 $78.0 Diluted Earnings Per Share $0.47 $0.50 ($0.03) $1.62 $1.48 $0.14 FOURTH QUARTER YTD
Slide 12: Fourth Quarter & YTD Consolidated Results
FOURTH QUARTER & YTD CONSOLIDATED RESULTS FOURTH QUARTER YTD GAAP OPERATING INCOME Change Change 2024 2023 Fav/(Unfav) 2024 2023 Fav/(Unfav) Columbia Operations $228.9 $230.8 ($1.9) $728.7 $738.3 ($9.6) NIPSCO Operations $189.8 $127.8 $62.0 $719.8 $541.7 $178.1 Total Reportable Segments $418.7 $358.
Slide 13: Long-Term Financial Commitments
LONG-TERM FINANCIAL COMMITMENTS Base 5-Year Plan • Raising 2025 adjusted EPS(1) guidance to $1.85-$1.89 • Annual adjusted EPS(1) growth rate of 6%-8% in 2025-2029 • Rate base growth of 8%-10% across 2025-2029 • Annual average customer bill(2) <5% increase • Continued commitment to 14%-16% FFO/Debt(3
Slide 14: Balance Sheet Provides Flexible Base for Investment
BALANCE SHEET PROVIDES FLEXIBLE BASE FOR INVESTMENT $19.4B CAPITAL INVESTMENT FUNDING SOURCES (2025-2029) TARGETING 14%-16% FFO/DEBT(5) Net New ANNUALLY THROUGH 2029 Debt(1) 35%-40% • Base Capital Plan includes $200-$300 million of annual equity raised via ATM from 2025-2029 • 2025+ equity needs con
Slide 15: 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 EPS(2) Results Top Decile Historical Adjusted EPS Growth Off Actual Results 2021-2024 Non-G
Slide 16: 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 PROGRESS ADJUSTED EPS (1) $1.47 $1.60 $1.75 Deliver 6%-8% Annual Adjusted $1.37 $1.85-$1.89 On track (GROWTH) (+7%) (+9%) (+9%) EPS(1) Growth 9%-11% Total Shareholder DIVIDEND $0.94 $1.00 $1.06 $1.12 $0
Slide 17: Appendix
Appendix YEAR END 2024 RESULTS NiSource | NYSE: NI | nisource.com |
Slide 18: Base Plan Capital Expenditures
BASE PLAN CAPITAL EXPENDITURES Capital Plan by Segment $ in Billions 2025 2026 2027 2028 2029 NIPSCO $2.7 – $2.8 $2.0 – $2.1 $1.8 – $1.9 $1.9 – $2.0 $2.0 – $2.1 COLUMBIA $1.3 – $1.5 $1.4 – $1.6 $1.8 – $2.0 $1.8 – $2.0 $1.8 – $2.0 TOTAL $4.0 – $4.3 $3.4 – $3.7 $3.6 – $3.9 $3.7 – $4.0 $3.8 – $4.1 Capi
Slide 19: Alternate Capital Expenditure Breakdown
ALTERNATE CAPITAL EXPENDITURE BREAKDOWN 2025-2029 Base Plan By Spending Category IT & Facilities ~10% Growth ~11% Gas System Hardening ~48% Electric Generation ~14% Electric System Modernization ~17% Capital expenditures include 100% of NIPSCO Total excluding upside capital expenditures 19 NiSource
Slide 20: Alternate Capital Expenditure Breakdown
ALTERNATE CAPITAL EXPENDITURE BREAKDOWN 2025-2029 Base Plan by Operating Company 2025-2029 Base Plan by Recovery Timeframe CKY CMD CVA <5% <5% 13+ Month 5%-10% Recovery NIPSCO E ~19% 35%-40% 0 - 6 Month CPA Recovery 10%-15% ~48% COH 20%-25% 7 - 12 Month Recovery ~33% NIPSCO G 15%-20% Capital expendi
Slide 21: Rate Case Details
RATE CASE DETAILS NIPSCO Electric CMD CVA Docket # 46120 Docket # 9754 Docket # PUR-2024-00030 Filing Date 9/12/2024 Filing Date 9/24/2024 Filing Date 4/29/2024 Requested Rate Base $9.2B Requested Rate Base $250.5M Requested Rate Base $1.2B Requested ROE 10.60% Requested ROE 11.05% Requested ROE 10.
Slide 22: NiSource Debt and Credit Profile
NISOURCE DEBT AND CREDIT PROFILE • Debt level: ~$14.0B as of December 31, 2024 – ~$13.4B of long-term debt • Weighted average maturity ~10.5 years Total Debt / Total Capitalization • Weighted average interest rate of 4.27% 62.0% – ~$0.6B of short-term debt 60.0% 58.9% • ~$0.6B of commercial paper is
Slide 23: Safety and Infrastructure Investment and Tracker Filings
SAFETY AND INFRASTRUCTURE INVESTMENT AND TRACKER FILINGS INCREMENTAL INVESTMENTS RECOVERY COMPANY MECHANISM PERIOD AMOUNT ($M) EFFECTIVE DATE Infrastructure Replacement Program (IRP) FY 2023 $231 May 2024 Columbia Gas of $15 PHMSA(1) IRP FY 2023 May 2024 Ohio Capital Expenditure Program (CEP) FY 202
Slide 24: 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 25: Investment by Operating Company
INVESTMENT BY OPERATING COMPANY Company Year-end 2024 Rate Base Last Authorized ROE(1) Columbia Gas of Kentucky $586M 9.35% Columbia Gas of Maryland $266M N/A Columbia Gas of Ohio $5.0B 9.60% Columbia Gas of Pennsylvania $3.2B N/A Columbia Gas of Virginia $1.4B N/A NIPSCO – Gas $3.6B(2) 9.75% NIPSCO
Slide 26: Schedule 1 - Reconciliation of Consolidated Net Income to Adjusted Net Income
NiSource Inc. Schedule 1 - Reconciliation of Consolidated Net Income Available to Common Shareholders to Adjusted Net Income Available to Common Shareholders (Non-GAAP) (unaudited) Three Months Ended Twelve Months Ended December 31, December 31, (in millions, except per share amounts) 2024 2023 2022
Slide 27: Schedule 2 - Reconciliation by Segment of Operating Revenues, Expenses, and Income
NiSource Inc. Schedule 2 - Reconciliation by Segment of Operating Revenues, Expenses, and Income (Loss) (GAAP) to Operating Revenues, Expenses, and Income (Loss) (Non-GAAP) (unaudited) Columbia NIPSCO Corporate & Three Months Ended December 31, 2024 (in millions) Operations Operations Other Total Op
Slide 28: Schedule 2 - Reconciliation by Segment of Operating Revenues, Expenses, and Income
NiSource Inc. Schedule 2 - Reconciliation by Segment of Operating Revenues, Expenses, and Income (Loss) (GAAP) to Operating Revenues, Expenses, and Income (Loss) (Non-GAAP) (unaudited) Columbia NIPSCO Corporate & Twelve months ended December 31, 2024 (in millions) Operations Operations Other Total O
Slide 29: Annual FFO/Debt Reconciliation
NiSource Inc. Schedule 3 - Reconciliation of Net Cash Flows from Operating Activities to FFO to Debt (Adjusted) (Non-GAAP) (unaudited) Annual FFO/Debt Reconciliation ($ in millions) 2024 2023 2022 2021 Net Cash Flows from Operating Activities 1,782 1,935 1,409 1,218 - Accounts receivable (102) 184 (