Southwest Gas Holdings, Inc. · NYSE:SWX
Southwest Gas — Q1 2026 Earnings Presentation
35 slides from Southwest Gas's earnings presentation, May 5, 2026
Slide 1: First Quarter 2026 Results
EARNINGS CONFERENCE CALL First Quarter 2026 Results M AY 5 , 2 0 2 6
Slide 2: Safe Harbor Statement
Safe Harbor Statement Forward-Looking Statements Unless context otherwise requires, in this presentation, references to “we”, “us” and “our” are to Southwest Gas Holdings, Inc. (NYSE: SWX) (“Southwest Gas Holdings” or the “Company” or “SWX”) together with its current consolidated subsidiaries, which
Slide 3: Non-GAAP Measures
Non-GAAP Measures This presentation contains financial measures that have not been calculated in accordance with accounting principles generally accepted in the U.S. (“GAAP”). These non-GAAP measures include (i) Southwest Gas Holdings adjusted earnings (loss) per share, (ii) Southwest Gas Holdings a
Slide 4: Speakers and Agenda
Speakers and Agenda PRESENTATION AGENDA Strategic and Business Update Regulatory and Economic Update Financial Update Guidance and Karen Haller Justin Brown Justin Forsberg Outlook PRESIDENT PRESIDENT AND CEO SOUTHWEST GAS CORPORATION CFO AND TREASURER SOUTHWEST GAS HOLDINGS INCOMING PRESIDENT AND C
Slide 5: Key Messages
Key Messages A PURE PLAY FULLY REGULATED NATURAL GAS BUSINESS POSITIONED FOR GROWTH AND COMMITTED TO DELIVERING LONG-TERM VALUE • Safe, reliable, and affordable natural gas service anchored by a strong safety culture, pursuit of operational excellence, and commitment to continuous improvement 1Q 202
Slide 6: Advancing SWX's 2026 Strategic Priorities
Advancing SWX’s 2026 Strategic Priorities 2026 Utility and Regulatory Strategy AZ Rate Case Filing (requesting formula rates) ✓ 1Q 2026 AZ SIM Filing ($50 million capital tracker) ✓ 1Q 2026 NV Rate Case Filing ✓ 1Q 2026 CA Rate Case Approval 2Q 2026 NV Triennial Resource Planning Approval ✓ 2Q 2026
Slide 7: Delivering Strong Results
Delivering Strong Results The Company increased its quarterly common stock dividend to $0.645, representing a 4% increase over the 2025 dividend rate Finished the quarter with nearly $500 million in consolidated cash and nearly $1.2 billion in available liquidity Corporate and administrative expense
Slide 8: Regulatory and Economic Update
Regulatory and Economic Update
Slide 9: Regulatory Updates - Arizona
Regulatory Updates - Arizona Arizona Rate Case Filing Summary In February 2026, Southwest Gas filed a rate case requesting a revenue increase of approximately $101 million with rates anticipated to become effective April 2027. Southwest Gas Request1 Actual Equity Ratio 50.08% ROE 10.25% Fair Value R
Slide 10: Regulatory Update - Nevada
Regulatory Update - Nevada Nevada Rate Case Filing Summary In March 2026, Southwest Gas filed a rate case requesting a revenue increase of approximately $71 million with rates anticipated to become effective October 2026. Southwest Gas Request1 Actual Equity Ratio 50.05% Rulemaking Update ROE 10.00%
Slide 11: 2028 Great Basin Expansion Project Overview
2028 Great Basin Expansion Project Overview 2028 Brownfield Expansion Project Highlights: • Executed binding precedent agreements in December 2025 for 2028 in-service date • Incremental capacity under contract: 0.6 bcf1/day (received surety) • Estimated incremental capital investment: ~$1.7B Expecte
Slide 12: Financial Update
a Southwest Gas.. HOLDINGS Financial Update
Slide 13: 1Q 2026 SWX EPS Walk
1Q 2026 SWX EPS Walk CONTINUING OPERATIONS FINANCIAL HIGHLIGHTS EARNINGS PER DILUTED SHARE • SWG results primarily impacted by increases in margin from RELATED TO CONTINUING OPERATIONS rate relief in Arizona and continued customer growth, more FAVORABLE UNFAVORABLE than offset by delayed California
Slide 14: 1Q 2026 SWG Net Income
1Q 2026 SWG Net Income Year-over-year net income key drivers include: NATURAL GAS DISTRIBUTION SEGMENT (parentheses indicate unfavorable net income drivers) Net Income ($ in millions) Favorable impact Unfavorable impact Favorable Unfavorable Operating Margin • $13.2 million – Combined rate relief (p
Slide 15: 2026 Expected Sources & Uses
2026 Expected Sources & Uses PLAN HIGHLIGHTS & ASSUMPTIONS Sources & Uses Sources & Uses ($ in billions)1 ($ in billions)1 Available for • Significant beginning cash balance, $1.7 $1.7 future investment primarily a result of remaining $0.1 proceeds from CTRI separation in $0.1 SWG Bond Retirement $1
Slide 16: Balance Sheet Strength
Balance Sheet Strength SWX and SWG are positioned to maintain an investment grade profile, targeting S&P FFO/Debt >17% over time Net Debt1 ($ in billions) Credit Ratings and Outlook3 Total PGA2 Net Debt Moody’s Standard and Poor’s Fitch Cash Net Debt Debt Balance less PGA Ratings Outlook Ratings Out
Slide 17: Guidance and Outlook
Guidance and : Outlook a Southwest Gas.. HOLDINGS
Slide 18: 2026 and Forward-Looking Financial Guidance
2026 and Forward-Looking Financial Guidance Affirming 2026 and long-term guidance metrics that include assumptions for alternative rate making in AZ and NV, and the 2028 Great Basin Expansion Project 12.0% – 14.0% $6.3 Billion 5-Year Capital Plan 9.5% – 11.5% 5-year Adj. EPS CAGR1 (2026E – 2030E) 5-
Slide 19: Closing Remarks
Closing Remarks 100% regulated natural gas utility earnings growth driven by customer 1 growth and improving regulatory frameworks supporting timely recovery of prudent investments Enhanced earnings profile with clear growth visibility driven by ~7% core 2 utility rate base growth and ~$1.7 billion
Slide 20: Contact
Contact INVESTORS & ANALYSTS: Tyler Franek MANAGER, INVESTOR RELATIONS (702) 876-7263 tyler.franek@swgas.com MEDIA: Sean Corbett MANAGER, CORPORATE COMMUNICATIONS (702) 364-3310 corpcomms@swgas.com
Slide 21: Appendices
Appendices A Southwest Gas. HOLDINGS
Slide 22: Opportunities for Alternative Ratemaking in Nevada and Arizona
Opportunities for Alternative Ratemaking in Nevada and Arizona NV SB 417 Arizona and Nevada Anticipated Rate Case Roadmap In June of 2025, Governor Lombardo signed Senate Bill Potential 417 (“SB 417”), allowing Rates alternative alternative ratemaking plans General rate effective – ratemaking in Nev
Slide 23: 5-Year SWG Capital Plan
5-Year SWG Capital Plan $6.3 billion five-year capital plan supports rate base growth through 2030 with 73% of investment expected at SWG and 27% expected at Great Basin 5-Year Capital Plan1,3 5-Year Rate Base Growth1 (in billions) (in billions) Southwest Gas 2028 GB Expansion Project Incremental Ra
Slide 24: Committed to Delivering Value Through Continuous Dividend Growth
Committed to Delivering Value Through Continuous Dividend Growth SWX ANNUAL DIVIDEND PER SHARE 4% • Southwest Gas Holdings has paid a dividend every year Increase $2.58 since 1956 $2.48 $2.48 $2.48 $2.48 $2.38 $2.28 • February 25, 2026: Southwest Gas Holdings Board of $2.18 $2.08 Directors announced
Slide 25: Financial Guidance Drivers and Assumptions
Financial Guidance Drivers and Assumptions 2026 2027 2028 2029 2030 Net Income Drivers FERC Filing Potential AZ and NV CA Filing AZ and NV Filings Tracking Periods AZ & NV Formula Rate Adjustments Margin Assuming rate case outcomes in line with historical experience ~1.4% Annual Net Customer Growth
Slide 26: Summary of Gas Cost Balances and Recovery Mechanisms
Summary of Gas Cost Balances and Recovery Mechanisms PGA1 Balance and Recovery Mechanism Summary March 20252 Dec. 20252 March 20262 Gas Cost Rate Return of Nevada PGA Balance Receivable (Payable) Receivable (Payable) Receivable State Carrying Cost Rate Adjustment Balance Balance (Payable) Balance »
Slide 27: 2025 Arizona General Rate Case
2025 Arizona General Rate Case Arizona Rate Case Outcome On March 27, 2025, the ACC approved an increase in rates effective on approval. Southwest Gas and Rate Case Highlights Staff Stipulation1 ACC Final Decision » The $80.2M revenue increase represents 64% of the original request Target Equity Rat
Slide 28: 2024 Nevada General Rate Case
2024 Nevada General Rate Case Nevada Rate Case1 Outcome Summary Dollars in millions ~98% Proposed Revenue Increase2 Depreciation Expense $73.9 ($6.8) of request after depreciation Authorized $59 million Cost of Service Adjustment ($1.6) adjustment and before adjustments to revenue increase in Nevada
Slide 29: Nevada Gas Resource Plan
Nevada Gas Resource Plan Nevada Gas Resource Plan required by Senate Bill 281, filed September 2025 Prudency pre-determinations for ~$225 million of capital investment: To ensure increased energy demand is met, respond to economic growth, and fortify safety and system reliability Plan Outlines: » An
Slide 30: Regulatory Update - California
Regulatory Update - California California Rate Case Filing Summary In September 2024, SWG filed a rate case1 requesting a revenue increase of ~$50 million, updated to ~$44 million as of February 2025. Southwest Gas Public Advocate’s Office As Settled Partial settlement in principle reached by partie
Slide 31: 2025 GBGTC General Rate Case
2025 GBGTC General Rate Case GBGTC Rate Case Outcome1 On March 3, 2025, FERC approved an increase in rates. Requested Approved Target Equity Ratio 56% 50% Return on Equity 13.05% 11.95%3 Pre-Tax Rate of 11.18% 9.76%4 Return Rate Base $206 million (~$99 million increase) $191 million (~$55 million in
Slide 32: SWG Regulatory Update – Other Regulatory Activity
SWG Regulatory Update – Other Regulatory Activity Arizona Gas Cost Balancing Account (GCBA) Great Basin 2026 Expansion Project In response to lower purchased gas costs, Southwest Gas filed an application in Jan. 2025 to return an over-collected GCBA In April 2025, GBGTC filed an application with the
Slide 33: 1Q 2026 Financial Results
1Q 2026 Financial Results CONSOLIDATED Three Months Ended Twelve Months Ended 1 Results of Consolidated Operations March 31, (in millions, except per share items) 2026 2025 Natural gas distribution income $ 137.8 $ 142.9 Corporate and administrative income (loss) 0.6 (8.7) Income from continuing ope
Slide 34: Summary of Operating Results
Summary of Operating Results NATURAL GAS DISTRIBUTION SEGMENT Three Months Ended Twelve Months Ended Results of Natural Gas Distribution 1 March 31, (in thousands of dollars) 2026 2025 Regulated operations revenues $ 585,119 $ 746,416 Net cost of gas sold 108,154 284,579 Operating margin 476,965 461
Slide 35: Non-GAAP Measures
Non-GAAP Measures Twelve Months Ended December 31, Adjusted income and adjusted EPS from continuing operations, Corporate & Administrative adjusted net loss and adjusted EPS, and Southwest Gas adjusted net income and adjusted EPS for the twelve months ended December 31, 2025, adjusts for state incom
Southwest Gas Holdings — Q1 2026 Earnings Presentation on 6ix