Atmos Energy Corporation · NYSE:ATO
Atmos Energy — Q4 2025 Earnings Presentation
37 slides from Atmos Energy's earnings presentation, Nov 6, 2025
Slide 1: Analyst Call to Review Fiscal 2025 Financial Results & Fiscal 2026–2030 Outlook
Analyst Call to Review Fiscal 2025 Financial Results & Fiscal 2026 – 2030 Outlook November 6, 2025 10:00 a.m. Eastern
Slide 2: Fiscal 2025 Review
Fiscal 2025 Review As of November 5, 2025 Page 2
Slide 3: Fiscal 2025 Financial Performance
Fiscal 2025 Financial Performance Fiscal 2025 Highlights • Consistent Track Record of Financial Performance • YTD Diluted EPS of $7.46; 23rd consecutive year of EPS growth • $3.6 billion in capital spending; 87% allocated to safety and reliability spending • 8.1% increase in fiscal 2025 annual divid
Slide 4: Consolidated Financial Highlights
Fiscal 2025 Financial Performance Consolidated Financial Highlights Three Months Ended Twelve Months Ended September 30 September 30 Segment Net Income 2025 2024 2025 2024 ($millions, except EPS) Distribution $ 55 $ 41 $ 747 $ 671 Pipeline & Storage 120 93 452 372 Net Income $ 175 $ 134 $ 1,199 $ 1,
Slide 5: Segment Operating Income Highlights (Three Months)
Fiscal 2025 Financial Performance Segment Operating Income Highlights Three Months Ended September 30 2025 2024 Change ($millions) Distribution $ 68.2 $ 64.6 $ 3.6 Pipeline & Storage 151.3 120.4 30.9 Operating Income $ 219.5 $ 185.0 $ 34.5 Distribution Key Drivers Pipeline & Storage Key Drivers • $1
Slide 6: Segment Operating Income Highlights (Twelve Months)
Fiscal 2025 Financial Performance Segment Operating Income Highlights Twelve Months Ended September 30 2025 2024 Change ($millions) Distribution $ 963.4 $ 854.5 $ 108.9 Pipeline & Storage 596.6 500.9 95.7 Operating Income $ 1,560.0 $ 1,355.4 $ 204.6 Distribution Key Drivers Pipeline & Storage Key Dr
Slide 7: Capital Spending Highlights
Fiscal 2025 Financial Performance Capital Spending Highlights $millions Fiscal 2025 YTD Capital Spending Repair and replace transmission and distribution $ 1,614 pipelines 516 Fortifications 1% 391 Service line replacement 12% Install & replace measurement & regulating 87% 264 equipment 168 Enhance
Slide 8: Financing Highlights
Fiscal 2025 Financial Performance Financing Highlights • $1.15 billion of long-term debt financing issued • $650 million 5.00% 30-year senior notes issued October 20241 • $500 million 5.20% 10-year senior notes issued in June 202521 • Equity needs satisfied through our ATM program • $871.5 million o
Slide 9: Strong Financial Foundation Supports Capital Spending Program
Fiscal 2025 Financial Performance Strong Financial Foundation Supports Capital Spending Program Capitalization and Liquidity Profile Liquidity Profile as of Total Capitalization September 30, 2025 $6,000 100% $5,000 40% 39% $203 75% $4,000 $1,559 50% $3,000 $100 $4.9 billion Available $1,500 Liquidi
Slide 10: Manageable Debt Maturity Schedule Supports Capital Spending Program
Fiscal 2025 Financial Performance Manageable Debt Maturity Schedule Supports Capital Spending Program Weighted Average Maturity ~17.5 Years1 $1,100 4.168% $950 3.73% $750 $725 4.125% Total Amount Maturing 5.90% $650 $600 $600 5.00% $600 1.50% 4.30% 5.45% $500 $500 $500 $500 $500 3.00% 2.625% 5.20% 4
Slide 11: Strong Investment Grade Ratings Support Affordable Customer Bills
Fiscal 2025 Financial Performance Strong Investment Grade Ratings Support Affordable Customer Bills Weighted Average Cost of Debt $12,000 5.0% 4.3% 4.5% 4.2% 4.1% $10,000 3.8% 4.0% Strong Investment 4.0% Grade Credit Ratings 3.5% Standard & $8,000 Moody’s Poor’s Net Long Term Debt Interest Rate % 3.
Slide 12: Fiscal 2026-2030 Financial Outlook
Fiscal 2026-2030 Financial Outlook As of November 5, 2025 Page 12
Slide 13: Leading Natural Gas Delivery Platform
Leading Natural Gas Delivery Platform Eight-state distribution territory Business Mix Intrastate pipeline system ~38% Pipeline & Storage ~62% Distribution 2026 Estimated Net Income Favorably positioned pipeline spans Diversified LDC platform in 8 states Texas shale gas supply basins • Largest pure-p
Slide 14: Safety Driven, Organic Growth Strategy
Safety Driven, Organic Growth Strategy Constructive Regulatory Mechanisms Support Efficient Conversion of Safety and Reliability Investments into Financial Results ~ $26 billion in capital investment Constructive rate mechanisms 6% - 8% Consolidated EPS through 2030; 85% allocated to that reduce reg
Slide 15: Constructive Regulation Focused on Safety and Reliability
Constructive Regulation Focused on Safety and Reliability Over 95% of Annual Capital Spend Begins to Earn Within Six Months Regulatory Mechanisms Recovery Method Service Territory Detail CapEx Deferral/ Rate Base1 Annual General 2026E Jurisdiction Infrastructure Forward- Meters (000s) % of Filing Ca
Slide 16: Financial Outlook
Financial Outlook FY 2026 Five Year Plan Key Themes • Rebased FY 2026 Guidance of $8.15 - $8.35 Earnings and • Planned 6.0% - 8.0% annual EPS growth through FY 2030 Dividends Per • FY 2030 Guidance of $10.80 - $11.20 Share • $4.00 Indicated Dividend for FY 2026 • Incremental financing summarized bel
Slide 17: Fiscal 2026E Guidance
Financial Outlook Fiscal 2026E Guidance ($millions, except EPS) FY 2025 FY 2026E1 Distribution $ 747 $ 865 - 875 Pipeline & Storage 452 515 - 525 Total Net Income $ 1,199 $ 1,380 - 1,400 Average Diluted Shares 161 168 – 171 Diluted EPS2 $ 7.46 $ 8.15 - 8.35 Capital Spending $ 3,561 $ ~4,200 1. Chang
Slide 18: Fiscal 2026E Guidance: Selected Expenses
Financial Outlook Fiscal 2026E Guidance Selected Expenses FY 2025 FY 2026E1 ($millions) O&M, excluding bad debt expense $ 874 $ 865 - 885 D&A $ 735 $ 785 - 795 Interest $ 172 $ 80 - 90 Income Tax $ 279 $ 340 - 350 Effective Tax Rate 19% 19% - 21%2 1. Changes in events or other circumstances that the
Slide 19: Capital Spending Focused on System Modernization and Growth
Financial Outlook Capital Spending Focused on System Modernization and Growth Consolidated 2026E Capital Expenditures of ~$4.2 billion $7,000 $6,000 $5,000 $4,000 $ millions $3,000 $2,000 $1,000 $0 FY2026E FY2027E FY2028E FY2029E FY2030E FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024
Slide 20: Capital Spending Drives Rate Base Growth
Financial Outlook Capital Spending Drives Rate Base Growth Enhancing System Safety and Reliability1 $45,000 $41.0B - $43.0B $40,000 $35,000 $30,000 $25,000 $ millions $21.4B $18.8B $20,000 $15,000 $10,000 $5,000 $0 FY2026E FY2027E FY2028E FY2029E FY2030E FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2
Slide 21: Sustainable Financial Performance Supports Sustained Dividend Increases
Financial Outlook Sustainable Financial Performance Supports Sustained Dividend Increases 42 Consecutive Years* of Dividend Increases $4.00E $4.00 $3.50 $3.00 $2.50 $2.00 $1.50 $1.00 $0.50 $0.00 '85 '86 '87 '88 '89 '90 '91 '92 '93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '
Slide 22: Residential use of natural gas remains competitive
Financial Outlook Residential use of natural gas remains competitive Average Monthly Customer Bill Key Assumptions $140 • Normal weather and consumption $121 $120 • ~$26 billion of CAPEX spending through 2030 • Commodity pricing $100 • FY 26-30: $2.75 to $3.75 $80 • Delivery cost/Securitization $80
Slide 23: Natural Gas Price Advantage Over Electricity
Financial Outlook Natural Gas Price Advantage Over Electricity Electricity1 vs Natural Gas2 - kWh Equivalent 18 15.51 15.24 14.99 14.40 13.77 13.29 13.25 13 12.24 7.63 8 6.86 6.27 4.31 3.64 3.75 3.94 3.56 3 Colorado Kansas Kentucky Louisiana Mississippi Tennessee Texas Virginia -2 Electric Natural G
Slide 24: Consolidated Residential Bill
Consolidated Residential Bill Residential Gas Bill Wallet Share by Jurisdiction Wallet Share Wallet Share Median Income1 Low Income2 Tennessee 0.66% 0.82% Louisiana 0.85% 1.07% Virginia 0.90% 1.13% Mid-Tex 1.00% 1.25% Kansas 1.00% 1.25% West Texas 1.05% 1.31% Kentucky 1.06% 1.32% Colorado 1.14% 1.43
Slide 25: Residential Natural Gas Bills Remain the Lowest Monthly Utility Bill
Financial Outlook Residential Natural Gas Bills Remain the Lowest Monthly Utility Bill Water2 Cable & Internet3 $127 $121 CO KS KY TN LA Natural Gas1 $80 Electric4 Mobile Phone5 $162 $141 1. FY2025E Atmos Energy enterprise-wide average monthly residential bill 2. Bluefield Research February 2025 3.
Slide 26: Regulatory Information
Regulatory Information As of November 5, 2025 Page 26
Slide 27: Regulatory Highlights
FY 2025 Financial Performance Regulatory Highlights Approved Annualized Key Rate Activity Operating Income Increases1,2 Through November 5, 2025 $400 • $146.3MM Implemented $350 • $138.5MM – Mid-Tex Cities RRM • $ 7.2MM – Kentucky PRP3 $300 $250 • $ 18.3MM In-Progress • $ 16.0MM – Kansas General Cas
Slide 28: Regulatory Mechanisms To Support Recovery
Regulatory Mechanisms To Support Recovery Annual Revenue and Revenue Stability and Lag Mechanisms Lag Mechanisms Pension and Annual Rate Bad Debt in SSI CAMT Cloud Jurisdiction Infrastructure Retirement Cost WNA 1 Stabilization GCA Recovery Recovery Computing Trackers Colorado Kansas Ken
Slide 29: Key Regulatory Filings – Fiscal 2026E
Key Regulatory Filings – Fiscal 2026E Rate Filing Planned Timing Q1 Q2 Q3 Q4 October – December January – March April – June July – September Mid-Tex Dallas – Anticipate filing Dallas Mid-Tex and WTX Cities – Anticipate filing Mississippi – Anticipate filing Stable Rate Virginia – Implemented SAVE f
Slide 30: Regulatory Summary
Regulatory Summary Date of Authorized Requested Authorized Effective Date Requested Authorized Requested Authorized Requested Requested Last Rate Operating Operating Rate Base Debt/ Meters Jurisdiction Fn. of Last Rate (1) Rate Base Rate of Rate of Return on Return on Debt/Equity Filing Income Incom
Slide 31: Regulatory Summary (continued)
Regulatory Summary (continued) Effective Date of Authorized Requested Authorized Requested Authorized Requested Authorized Requested Requested Date of Last Rate Operating Operating Rate Base Debt/ Meters Jurisdiction Fn. Rate Base Rate of Rate of Return on Return on Debt/Equity Last Rate Filing Inco
Slide 32: Atmos Pipeline - Texas
Atmos Pipeline - Texas • Atmos Pipeline: Implemented 2025 System Safety & Integrity (SSI) Rider on November 1, 2025 • Allows for the recovery of certain system safety and integrity costs incurred each year • Costs above a benchmark are deferred onto the balance sheet as incurred • Revenue and expens
Slide 33: Colorado - Kansas Division
Colorado - Kansas Division • Colorado: Filed Final System Safety & Integrity Rider (SSIR) on November 3, 2025 • Requested an increase in annual operating income of $0.4 million • Requested rate base: $79.9 million • Test year ending December 31, 2026 • Kansas: Filed Gas Safety Reliability Surcharge
Slide 34: Kentucky/Mid-States Division
Kentucky/Mid-States Division • Kentucky: Implemented Annual PRP on October 2, 2025 • Authorized an annual operating income increase of $7.2 million • Authorized ROE: 10.95%; ROR: 8.30% • Authorized capital structure: 39% debt / 61% equity • Authorized rate base: $107.8 million • Implemented subject
Slide 35: Mid-Tex Division
Mid-Tex Division • Mid-Tex Cities: Implemented Rate Review Mechanism (RRM) on October 1, 2025 • Authorized an increase in annual operating income of $138.5 million • Authorized ROE: 9.80%; ROR: 7.42% • Authorized capital structure: 42% debt / 58% equity • Authorized rate base: $8.3 billion • Test ye
Slide 36: Mississippi Division
Mississippi Division • Mississippi: Completed General Rate Case (SIR and SRF) on November 4, 2025 • Authorized ROE: 9.40%; ROR: 6.80% • Authorized capital structure: 50% debt / 50% equity • Atmos Energy is required to file tariffs consistent with the Final Order by November 11, 2025, which will dete
Slide 37: Forward Looking Statements
Forward Looking Statements The matters discussed or incorporated by reference in this presentation may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than statements of