Slide 1: Supplemental Slides Year End 2025 Results
SUPPLEMENTAL SLIDES YEAR END 2025 RESULTS February 11, 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% 8%-9% 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 Regu
Slide 4: Key Priorities
KEY PRIORITIES • Building a Constructive Regulatory Foundation – Columbia Gas of Pennsylvania rate case approved in December 2025 – Advancing natural gas rate making through legislation in Ohio – NIPSCO special contract with Amazon pending before the IURC; approval expected 1H2026 • Operational Exce
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 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 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 A
Slide 7: Upcoming Milestones
UPCOMING MILESTONES 2026-2032 2025 Project Construction Special IURC Updated First Special GenCo Contract Zoning Special Civil Site Full Ramp Financial Load Contract Declination Filed Application Contract Work Expected Plan Energization Announcement Final Order with the Approved Approval Expected By
Slide 8: Fourth Quarter and Full-Year Results
FOURTH QUARTER AND FULL-YEAR RESULTS FOURTH QUARTER FULL-YEAR GAAP RESULTS Change Change 2025 2024 Fav/(Unfav) 2025 2024 Fav/(Unfav) Net Income Available to Common Shareholders $257.8 $223.9 $33.9 $929.5 $739.7 $189.8 Diluted Earnings Per Share $0.53 $0.47 $0.06 $1.95 $1.62 $0.33 FOURTH QUARTER FULL
Slide 9: Fourth Quarter and Full-Year Results
FOURTH QUARTER AND FULL-YEAR RESULTS FOURTH QUARTER FULL-YEAR GAAP OPERATING INCOME Change Change 2025 2024 Fav/(Unfav) 2025 2024 Fav/(Unfav) Columbia Operations $275.0 $228.9 $46.1 $895.1 $728.7 $166.4 NIPSCO Operations $259.6 $189.8 $69.8 $938.1 $719.8 $218.3 Total Reportable Segments $534.6 $418.
Slide 10: Sustainable Investment Opportunities for Customers and Communities
SUSTAINABLE INVESTMENT OPPORTUNITIES FOR CUSTOMERS AND COMMUNITIES 5-Year Plan: $28.0B1 Capital Investment $21.0 billion Base Plan 8.0 ~$7.0 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 11: 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 12: Ongoing GenCo Strategic Negotiations of 1 to 3 GW
ONGOING GENCO STRATEGIC NEGOTIATIONS OF 1 TO 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 Availability of land at attractive prices
Slide 13: 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 3 Up to 9.0 GW 14.0 to evolving market needs • Balanced portfolio positioned to deliver safe, reliable, and affordable energy while ena
Slide 14: 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 8%-9% for 2026-2033 – Annual Base Plan adjusted EPS3 growth rate of 6%-8% for 2026-2030 • Cons
Slide 15: Balance Sheet Provides Flexible Base for Investment
BALANCE SHEET PROVIDES FLEXIBLE BASE FOR INVESTMENT FUNDING SOURCES FOR $28.0B6 CONSOLIDATED CAPITAL INVESTMENT PLAN (2026-2030) TARGETING 14%-16% FFO/DEBT5 Net New ANNUALLY THROUGH 2030 Debt1 40%-45% • Consolidated Plan Capital includes $300-$500 million of annual equity raised via ATM from 2026-20
Slide 16: 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): 8%-9% Base Plan Annual Adjusted EPS2 Growth (2026-2030): 6%-8% $0.25-$0.45 $0.10-$0.15 2026 Base Plan Adjusted EPS2 Range $2.01-$2.05 GenCo Adjusted EPS3 Ra
Slide 17: 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 18: 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 2026-2030 $1.37 On track (GROWTH) (+7%) (+9%) (+9%) (+9%) $2.07 Adjusted EPS3 Consolidated CAGR of 8%-9%
Slide 19: Appendix
Appendix YEAR END 2025 RESULTS
Slide 20: 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 $1.2 - $1.4
Slide 21: 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% ~9% Gas System IT and Facilities Hardening ~9% ~39% 0-6 Month Recovery ~55% Electric System Modernization 7-
Slide 22: Detailed Capital Investment Breakdown
DETAILED CAPITAL INVESTMENT BREAKDOWN 2026-2030 Consolidated Plan by Operating Company CKY CMD CVA <5% <5% 5%-10% NIPSCO E CPA 25%-30% 5%-10% NIPSCO G 10%-15% GenCo 20%-25% COH 15%-20% Capital investments include 100% of NIPSCO and 100% of GenCo Total excluding Upside capital investments 22
Slide 23: 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: 200 MW Indiana Crossroads Wind 2021 Tax Equity JV Indiana Cross
Slide 24: NiSource Debt and Credit Profile
NISOURCE DEBT AND CREDIT PROFILE • Debt level: ~$16.2B as of December 31, 2025 Total Debt / Total Capitalization – ~$15.5B of long-term debt • Weighted average maturity ~12.3 years 62.0% • Weighted average interest rate of ~4.85% – ~$0.7B of short-term debt 60.0% 58.9% 58.2% 58.0% • Solid liquidity
Slide 25: Safety and Infrastructure Investment and Tracker Filings
SAFETY AND INFRASTRUCTURE INVESTMENT AND TRACKER FILINGS INCREMENTAL INVESTMENTS RECOVERY COMPANY MECHANISM PERIOD AMOUNT ($M) EFFECTIVE DATE Infrastructure Replacement Program (IRP) FY 2024 $225 May 2025 Columbia Gas of $64 PHMSA1 IRP FY 2024 May 2025 Ohio Sept 2025 Capital Expenditure Program (CEP
Slide 26: 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 27: 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 28: Commercial Partnership Established with Amazon
COMMERCIAL PARTNERSHIP ESTABLISHED 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 Transmission infrastructure Supports Aggregate cost of assets, includi
Slide 29: Amazon Partnership Established
AMAZON PARTNERSHIP ESTABLISHED NIPSCO to Power 3 GW of Generation Capacity to Support Amazon’s Data Center Development in Northern Indiana • Advances NiSource Strategic Priorities Enables – Commercial partnership with Amazon designed to absorb new investment costs and Customer ringfence liabilities
Slide 30: Amazon Partnership Enables Customer Affordability
AMAZON PARTNERSHIP ENABLES CUSTOMER AFFORDABILITY Enables Customer Affordability Anticipated to provide Mechanism to flow approximately $1.0B of savings back to retail cost savings to existing customers for use of Supports customers over the life existing system in Economic Development of the contra
Slide 31: Amazon Partnership Supports Economic Development
AMAZON PARTNERSHIP SUPPORTS ECONOMIC DEVELOPMENT Driving billions of ~2,000+ jobs dollars created through Enables in capital multi-year Customer Affordability investment in construction and northern Indiana operations Supports Economic Supports local and Promotes Development state tax revenues workf
Slide 32: Amazon Partnership Enhances Shareholder Value
AMAZON PARTNERSHIP ENHANCES SHAREHOLDER VALUE Greater than regulated Earnings expected to rate of return on Enables be accretive to annual Customer invested capital under consolidated adjusted Affordability the base case1 over the EPS2 growth profile life of the contract Supports Economic Execution
Slide 33: Amazon Partnership Designed to Deliver Prudent Risk Management
AMAZON PARTNERSHIP DESIGNED TO DELIVER PRUDENT RISK MANAGEMENT Supportive ratemaking Cash flow profile of treatment expected to project designed to enable efficient financing achieve full investment Large, investment-grade Enables data center customer, Customer plan which leverages recovery prior to
Slide 34: 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 35: 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 Adjusted Earnings Per Share (Non- GAAP) (unaudited) Three Months Ended Twelve Months Ended December 31, December 31, (in millio
Slide 36: 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) Columbia NIPSCO Corporate & Three Months Ended December 31, 2025 (in millions) Operations Operations
Slide 37: 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) Columbia NIPSCO Corporate & Twelve months ended December 31, 2025 (in millions) Operations Operation
Slide 38: 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 39: 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) 39