Rgc Resources Inc. · NASDAQ:RGCO
Rgc Resources — Investor Presentation (September 2025)
39 slides from Rgc Resources's investor presentation, Sep 8, 2025
Slide 1: Investor Update
Slide 2: Forward-Looking Statements
Forward-Looking Statements The statements in this presentation contain forward-looking statements that relate to future transactions, events or expectations. In addition, Resources may announce or publish forward-looking statements relating to such matters as anticipated financial performance, busin
Slide 3: Safety Moment: Carbon Monoxide Poisoning
Safety M oment -5 T0 5 PPM CARBON MONOXIDE POISONING Normal level in home Acceptable level near fumace 51015 PPM National Institute for Occupational Safety and Health (NIOSH) has established a recommended exposure limit (REL) for carbon monoxide of 35 ppm as an 8-hour TWA and 200 ppmasa ceiling [NIO
Slide 4: Agenda
Agenda = Operational and Financial Highlights = Roanoke Gas = RGC Midstream = Outlook = Questions
Slide 5: Roanoke Gas
( Roanoke Gas
Slide 6: 2025 Operational Performance
2025 Operational Performance = No system outages Delivered 1.9M DTH in January 2"4 highest month ever On pace to deliver 11M+ DTH Installed 50% more main miles than fiscal 2024 Expect to add 700+ gross new services
Slide 7: Volumes & Heating Degree Days
Volumes & Heating Degree Days 2 3,500 3,000 10 2,500 8 2,000 is 86 S 1,500 4 1,000, 2 500 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025F mE Total Volumes (Dth) ~—=Dth per HDD
Slide 8: Customer Growth
Customer Growth 64,000 63,000 62,000 61,000 60,000 59,000 58,000 57,000 56,000 55,000 2020 202 2024 2013 201420157016. 20170182019
Slide 9: Roanoke Gas Top Customers
Roanoke Gas Top Customers — a GQ - ™ SS steel oynamics wy Metalsa General Shale 'BIMBO) as) I DYNAX Healthcare CARILIONCLINIC &S =|\Attec TRIVIUM PACKAGING =~ LewisGale hw Mesca center | HCA ign Hea Higher Education Transportation HOLLINS ps Municipal PZ _groanoxe a IN ROANOKE COUNTY VA
Slide 10: Capital Investment
Capital Investment 30 Low pressure, cast New five-year SAVE iron and bare steel program. approved $25 replacement Hill i] complete ams $20 * $15 $10 $5 $o 2016 2017 MSAVE mCap Ex Millions
Slide 11: Rate Base
Rate Base $300 $250 cE $150 Al | $50 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025F 8
Slide 12: Regulatory
Regulatory = Rate case final order received in April = $4.08M in new annual revenue = 9.9% ROE on 59% equity ratio = Positive staff reports on SAVE and RNG rider updates = Pending approval would be effective October 1 = Evaluating 2026 rate case
Slide 13: RRHA (2022 – 2025)
RRHA (2022 — 2025) = $2.1M gross utility plant = 5 properties [tee = 211 meters = Enhanced safety = Roanoke Gas owns _ and operates = Master meters removed
Slide 14: Upcoming Projects
Upcoming Projects = Flatwoods e Crossover * we y ( ai a 0 wy, : IP A C “Hyde Pan Ot Hunting Hills f
Slide 15: Regional Opportunities
Regional Opportunities
Slide 16: Summit View Business Park
Summit View Business Park Stik-Pak Solutions = Near commercial and residential Continuing economic development interest
Slide 17: Rocky Mount
Rocky Mount
Slide 18: Medical
Medical
Slide 19: Operational Training Center
Operational Training Center
Slide 20: A Culture of Continuous Learning
A Culture of Continuous Learning op 600+ hours Cit 25 employees \(z= G= ~= go ) Succession Planning VIRGINIA WESTERN
Slide 21: Q & A
Slide 22: RGC Midstream
( RGC Midstream
Slide 23: Mountain Valley Pipeline (MVP)
_ Mountain Valley Pipeline (MVP) = Inservice June 14, 2024 with two interconnects = System stability = Capacity improves attractiveness for existing and new employers
Slide 24: Mountain Valley Pipeline
7" Mountain Valley PIPELINE The MVP played a “crucial role” in According to a keeping the comprehensive report i by the Federal Energy power on in Regulatory Virginia, North Commission (FERC), along with the North Ca rolina, and American Electric Reliability Corp. South Carolina.
Slide 25: RGC Midstream, LLC
RGC Midstream, LLC = Cash distributions for fiscal 2025 totaled $3.64M = Expect Midstream to have a modest contribution to consolidated net income = Two cash flow enhancement projects = Southgate = Boost (Expansion) = Separate LOC facilities for capital investment in Southgate and Boost
Slide 26: MVP — New Projects
MVP — New Projects = Southgate (2028) | fess = = New pipeline from BW Proveescs Station 165 into North ANH Carolina HX f = 550M DTH/day capacity 7 = Indesign / permitting phase Staliwoeth = Boost (2029) = Additional compression = Increase capacity by 0.5B DTH/day to 2.5B 4 Southgate
Slide 27: Midstream Debt Refinancing
Midstream Debt Refinancing = Refinanced all four Midstream loans totaling $53.6M into one new note = Interest rate SOFR + 155bps » Matures 2032 » Amortize principal of =$711k / quarter beginning October 1, 2025 = New interest rate swaps, in conjunction with existing swaps, yield an effective rate fo
Slide 28: Debt Profile
Debt Profile _ Remaining $120M on private shelf facilities Up to $30M availability on LOC facility - Matures March 2027 Long-term Debt Maturities September 8, 2024 $40 $35 $30 $25 $20 $15 Y $10 Yy $5 y | 4 | $- 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 S Gas-Bank m™ Gas-Private m™ MidStream
Slide 29: Q & A
Slide 30: Outlook
Outlook
Slide 31: Natural Gas Reserves
Natural Gas Reserves U.S. total natural gas proved reserves, 1990-2022 fa 100 «© “= 20 ‘0 » ° > Source: US Energy Information Administration
Slide 32: Natural Gas: Fueling Data Centers
Natural Gas: Fueling Data Centers U.S. Data Center Electricity Generation Base Case NGI @Coal @ Naturalgas @ Nuclear @ SolarPV © Wind @ Otherrenewables @ Other 600 2020 2022 2024 2026 2028 2030 2032 2034 Source: International Energy Agency
Slide 33: 2026 Capital Forecast
2026 Capital Forecast SAVE & Renewals $10.5 Utility Upgrades 6.4 Customer Growth 4.9 & System MVP Growth 2.8 bs CAC (2.8) Total $21.8
Slide 34: 2026 Drivers
2026 Drivers Helping Hurting $22M capital plan SAVE annual update RRHA completion Discount rate (pension / post-retirement) System growth Inflation Medical expansion = Interest Timing of rate case = Depreciation
Slide 35: Earnings Per Share
Earnings Per Share $1.30 1.28 $1.27 $ $1.24 1,18 i $1.16 0. $1.12 90:06 $1.18 $1.06 $1.00 2024 Actual 2025 Forecast 2026 Preliminary Guidance @EPS RRHAlmpact MRange
Slide 36: Stock Price and Dividends Per Share
Stock Price and Dividends Per Share $32.00 $0.90 $30.00 fi $0.85 $28.00 $0.80 $26.00 $0.75 5 24.00 = g : $0.70 § © $22.00 Es 5 & z —_— nse ° $18.00 saeo i $16.00 yooee $14.00 $0.50 —— Share Price === Dividends / share $12.00 7 $0.45 $10.00 $0.40 FH HPF P FH SF LKIP LI MS Data through August 29, 2025
Slide 37: Why Buy RGCO?
Why Buy RGCO? Total Shareholder return of 217% since 2010 Dividend payments ever year since WWII (80+ years) 20+ years of consecutive dividend increases Consistent regulatory environment Prospective cost recovery mechanisms Private shelf agreements to support debt capital needs Natural gas has cost/
Slide 38: RGC Resources
RGC| Resources:
Slide 39: Consolidated Financial Results
Appendix Consolidated Financial Results For the periods ended June 30, (Presented in thousands, except per share data) Three Months Ended Year to Date 2025 | 2024 2025 | 2024 Operating revenues $ 17,265 $ 14,458 |$ 81,016 $ 71,537 Operating expenses 16,068 12,901 62,092 54,698 Operating income 1,197
RGC Resources — Investor Presentation (September 2025) on 6ix