One Gas, Inc. · NYSE:OGS
One Gas — Q1 2026 Earnings Presentation
42 slides from One Gas's earnings presentation, May 5, 2026
Slide 1: Investor Update February and March 2026
Investor Update February and March 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: Recent Highlights
Recent Highlights Creating Value for a Better Tomorrow 2026 adjusted EPS guidance $800 million in Replaced over 400 miles of $4.83 – $4.95 & long-term planned 2026 capital of transmission, main growth of 5 – 7%* investments and service lines in 2025 Storage of ~61 Bcf, 8th consecutive AGA ~23,000 ne
Slide 4: Our Strategy
Our Strategy
Slide 5: Distinct Advantages Driving Sustained Growth
Distinct Advantages Driving Sustained Growth Delivering consistent value through strategic investment and financial discipline Favorable regional dynamics with strong in-migration, robust economic development and supportive regulatory frameworks across all states we serve Robust and attainable growt
Slide 6: 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 7: 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 workfor
Slide 8: Approved Capital Structures Support a Strong Balance Sheet
Approved Capital Structures Support a Strong Balance Sheet REGULATORY FRAMEWORK LIQUIDITY PROFILE2 $21.2M $783.8M LDC Equity Ratio Allowed ROE $800M $762.6M KGS 60.2%1 9.5%1 $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 9: Executing Large-Load Strategy
Executing Large-Load Strategy DISCIPLINED DEVELOPMENT FRAMEWORK System Integration Infrastructure-First Siting Speed to Market Capital Discipline Project investments Near existing assets; short Internal experience; Investment approach aligned with system extensions and targeted streamlined process p
Slide 10: Financial Outlook
Financial Outlook
Slide 11: 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 12: 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 13: 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 14: Long-Term Adjusted EPS Performance & Outlook
Long-Term Adjusted EPS Performance & Outlook Adjusted EPS CAGR 5 - 7% $6.00 $6.00 Adj. EPS CAGRs 5-Year Forecast (2025-20302) 6.0% $5.50 10-Year (2014-2024) 6.5% $5.00 10-Year (2015-2025 ) 1 7.0% $4.89 1 10-Year (2016-2026G ) 6.2% $4.48 $4.50 $4.11 $4.17 $3.88 $3.94 $4.00 $3.72 $3.54 $3.50 $3.28 $3.
Slide 15: 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 REVOLVING CREDIT FACILITY $250 4.50% 2.00% 4.25% 4.48%2 • $1.5 billion limit 2025 2026 2029
Slide 16: Capital Investments
Capital Investments
Slide 17: 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 18: 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 $257 $284 $256 $242 $185 $172 $176 $159 $143 (MILLIONS) $81 $90 $105 $112 $71 $93 $93 $100 $53 $63 $84 $89 $88 $75 $78 2022 2023 2024 2025 2026G 2022 202
Slide 19: 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 19
Slide 20: Regulatory Update
Regulatory Update
Slide 21: Regulatory Cycle Complete; Near-Term Reliance on Interim Mechanisms
Regulatory Cycle Complete; Near-Term Reliance on Interim Mechanisms REQUESTED APPROVED EFFECTIVE EQUITY RETURN JURISDICTION RATES RATES DATE RATIO ON EQUITY (MILLIONS) (MILLIONS) Texas – Rate Case (Consolidation) 1 $41.1 M $14.4 M Jan-2026 59.90% 9.8% Rio Grande Valley – GRIP $3.2 M $3.0 M Sep-2025
Slide 22: Oklahoma Natural Gas
Oklahoma Natural Gas PBRC approved and effective June 2025 Performance-based rate change (PBRC) interim filing for annual rate reviews between full rate cases allows recovery of capital investments and operating expenses. 2025 PBRC Filing Incremental Revenue $41.1 million annual revenue increase app
Slide 23: Kansas Gas Service
Kansas Gas Service GSRS approved July; rates effective August 2025 Gas System Reliability Surcharge (GSRS) allows for recovery of investments in safety-related projects (includes physical and cyber security) and government-mandated relocations between rate cases 2025 GSRS FILING File GSRS Annually
Slide 24: Texas Gas Service
Texas Gas Service Approved February; rates effective January 2026 TGS 2026 CONSOLIDATION RATE CASE Incremental Revenue $14.4 million annual revenue increase Capital Expenditures $0 million* Pre-Tax Rate of Return 9.22% File GRIP Annually in 1Q, Former Residential Residential rate case filing as need
Slide 25: Customer Affordability
Customer Affordability G ONE Gas
Slide 26: 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 14.94¢ 14.22¢ 12.24¢ 2.3x advantage 2.7x advantage 3.2x advantage 6.49¢ 4.50¢ 4.40¢ Texas Oklahoma Kansas ² Avg. retail price of electricity/kWh ³ ONE Gas deliver
Slide 27: 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 $79* fixed charges $73* $74* $60 $64* Focus remains on customer $55 $54 $58 $43 $28 $30 $50 $51 $50 $33 affordability $46 $22 $32 $22 $21 $23 • As
Slide 28: Delivering Foundational Energy
Delivering Foundational Energy
Slide 29: 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, w
Slide 30: 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 31: ESG Ratings & Company Recognition
ESG Ratings & Company Recognition Robust Disclosures RATING ORGANIZATION 2025 2024 2023 • Full alignment with SASB • Following TCFD recommendations MSCI AAA AAA AA • Disclosure of Scope 1 and 2 emissions Sustainalytics 30.4 25.8 28.6 Additional governance documents and reports ISS Corporate Rating C
Slide 32: Appendix
Appendix
Slide 33: 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, multiple ▪ ~ 70% of fixed charges gas distribution utility pipeline replacement jurisdictions for recovery of revenue
Slide 34: 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 35: 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 36: 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 36
Slide 37: Rate Base Definition
Rate Base Definition Authorized Rate Base $5.8 billion (as of December 31, 2025) • 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 • Averag
Slide 38: Comprehensive Regulatory Mechanisms
Comprehensive Regulatory Mechanisms KEY MECHANISMS: KANSAS OKLAHOMA TEXAS General Rate Case Filing Deadline 2030 June 2027 2030 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 39: Regulatory Construct
Regulatory Construct Governance KANSAS OKLAHOMA TEXAS “Home Rule” with three jurisdictions; Kansas Corporation Commission Oklahoma Corporation Commission Texas Railroad Commission has appellate authority Appointed by the governor to four-year Railroad Commission elected to Elected to six-year stagge
Slide 40: Non-GAAP Reconciliation
Non-GAAP Reconciliation Cash flow from operations before changes in working capital (MILLIONS) 2026 GUIDANCE* 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 midpoints as con
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. Year Ended December 31, (THOUSANDS) 2025 2024 2023 Net income - GAAP $ 264,224 $ 222,850 $ 231,232 Other income - deferred carrying cost*
Slide 42: 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