Rgc Resources Inc. · NASDAQ:RGCO
Rgc Resources — Investor Presentation (September 2026)
43 slides from Rgc Resources's investor presentation, Sep 14, 2026
Slide 1: Investor Update
Investor Update September 14, 2026
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: Agenda
Agenda Safety Natural Gas Macro Environment Operational and Financial Highlights RGC Midstream Roanoke Gas Outlook Questions 3
Slide 4: Safety Moment
Safety Moment Call Before You Dig Dig with C.A.R.E. Keep Virginia Safe! Marking Colors O Electric > Gas-Oil @ Communication QO Water Sewer Call Miss Utility before you dig. Allow required time for marking. Respect the marks. Excavate carefully. Temporary Survey Irrigation Proposed Excavation Call Mi
Slide 5: Operational Training Center
Operational Training Center 5
Slide 6: Industry Leader Accident Prevention Award
RGC|Resources | INDUSTRY LEADER ACCIDENT PREVENTION AWARD Roanoke Gas Company 2025 Local Distribution Company Medium-Small
Slide 7: Natural Gas Macro Environment
Natural Gas Macro Environment
Slide 8: Natural Gas Affordability
Natural Gas Affordability Households heating with natural gas have seen inflation adjusted energy costs decline over time while an equivalent annual electric bill has remained flat. 8
Slide 9: US Energy Consumption by Source (as a %)
US Energy Consumption by Source (as a %) 9
Slide 10: Natural Gas Forecast
Natural Gas Forecast Domestic and international demand drive natural gas production growth U.S. dry natural gas production billion cubic feet per day 2025 180 a High Oil and Gas 160 projections Supply 140 Counterfactual Baseline 120 Combination 100 other cases 80 Low Oil and Gas 60 Supply 40 20 0 |
Slide 11: RGC Midstream
RGC Midstream [&
Slide 12: RGC Midstream, LLC
RGC Midstream, LLC Cash distributions for fiscal 2026: $3.3M Midstream making a contribution to consolidated net income Debt supporting investment stable into 2030s Two projects that will enhance cash flow Southgate Boost 12
Slide 13: Mountain Valley Pipeline
Mountain Valley Pipeline Roanoke Gas Interconnects 13
Slide 14: MVP – Mainline
MVP – Mainline In service June 14, 2024 with two RGC interconnects 2B+ DTH/day capacity Safe and reliable Capacity crucial during WS Fern Source: Mountain Valley Pipeline (https://www.mountainvalleypipeline.info/project-overview) 14
Slide 15: Roanoke Gas Interconnects Map
EQUITRANS, L.P. MOUNTAIN VALLEY PIPELINE TRANSCO PIPELINE ©) INTERCONNECT (“COMPRESSOR STATION RGC|Resources Q) MOBLEY | INTERCONNECT BRADSHAW | COMPRESSOR STATION ( 5 HARRIS | COMPRESSOR STATION i MOUNTAIN VALLEY PIPELINE (MVP) ( STALLWORTH | COMPRESSOR STATION \ TRANSCO @ PIPELINE SYSTEM “=T SWANN
Slide 16: MVP – Boost
MVP – Boost Compression to allow 600k DTH additional daily capacity Shipper agreements with: EQT Energy PSNC Duke Energy Dominion VA Power In permitting phase Total project cost: ≈ $453M Source: MVP Boost (https://www.mvpboost.info/contact) 16
Slide 17: MVP Southgate Proposed Route
Sie... MVP Southgate Proposed Route (Amendment Application) Ay Interconnect === MVP Southgate Proposed Route Mountain Valley Pipeline —— East Tennessee RGC|Resources v7
Slide 18: MVP – Southgate
MVP – Southgate New pipeline from Chatham, VA into North Carolina 550M DTH/day capacity Shipper agreements with: PSNC Duke Energy In existing right-of-way Construction expected to be complete early 2027 Total project cost ≈ $404M Source: MVP Southgate 18
Slide 19: Roanoke Gas
Roanoke Gas
Slide 20: LNG Update
LNG Update Will not have use of tank for winter, evaluating long-term options Gas supply enhancements Added winter capacity on TCO Main extension underway to bring MVP gas farther into the distribution system Negotiating trucked CNG and LNG 20
Slide 21: 2026 Operational Performance
2026 Operational Performance On pace for second consecutive record annual send out (11.7M DTHs) Recorded our lowest ever third-party damage rate in fiscal 2025; slightly better in fiscal 2026 Successfully reached settlement with SCC Staff on rate case: $3.85M of new annual revenue Expect to
Slide 22: Delivered Volumes
Delivered Volumes Record Sendout 12 11 10 Millions 9 8 7 6 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026F 22
Slide 23: Customer Growth
Customer Growth 64,000 63,596 COVID limited non-pay turnoffs 63,074 62,937 63,000 62,741 62,650 62,639 61,930 62,000 61,208 61,000 60,789 60,339 59,989 60,000 59,000 58,000 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026F 23
Slide 24: Roanoke Gas Top Customers
Roanoke Gas Top Customers Building Materials Manufacturing Healthcare Higher Education Transportation Municipal 24
Slide 25: Capital Investment
Capital Investment New five-year SAVE $30 program approved (2024 – 2028) $25 $20 Millions $15 $10 $5 $0 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026F SAVE Cap Ex 25
Slide 26: Rate Base
Rate Base $300 $250 $200 Millions $150 $100 $50 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026F 26
Slide 27: Rate Case Update
Rate Case Update Reached settlement with SCC Staff Expect final order in Q1 of fiscal 2027 $3.85M incremental annual revenue Based on authorized ROE of 9.90% Stipulated rates effective August 1 Customer refund ($275k) included on balance sheet First 3 months of fiscal 2027 will see lif
Slide 28: Outlook
Outlook
Slide 29: 10-Year & 30-Year Treasury (2020–present)
10-Year & 30-Year Treasury (2020–present) 6% 5% 4% Interest Rate 3% 2% 1% 0% 10-Year Treasury Bonds 30-Year Treasury Bonds 29
Slide 30: Interest Rate Environment
Interest Rate Environment EMBEDDED RECENT DEBT ISSUANCE GAP UTILITY DEBT COST (new minus MATURING (used in RATE(S) embedded) (through ratemaking) (2025–2026 offerings) Dec 2030) Duke Energy ~4.0–4.5% ~5.0–5.5% (est.) +1.46% ~$1.5–2.5B (NC/SC) Duke Energy Corp ~3.8–4.3% 5.45% / 5.80% +1.79% ~$7–9B (H
Slide 31: 2026 Capital Forecast
2026 Capital Forecast SAVE Rider $ 9.7 23% Customer Growth & 5.0 System Expansion 45% 32% Utility Maintenance 7.0 Total $ 21.7 31
Slide 32: Upcoming Projects
Upcoming Projects urray Farm Relocation ee? pak Hun ing Hills ~~ = Eagle Valley.Ranch Crossover 2028 \ eae) wa RGC|Resources 32
Slide 33: CapEx Forecast 2027 – 2031
CapEx Forecast 2027 – 2031 $30 $25 $20 Millions $15 $10 $5 $- 2027 2028 2029 2030 2031 5-year cumulative totals: SAVE (Authorized until 2028; beyond needs approval) $ 44.6 Customer Growth & System Expansion 57.6 Utility Maintenance 28.9 Total $ 131.1 33
Slide 34: Equity and Debt Profile
Equity and Debt Profile Equity: Top shareholders: $223M Market Capitalization (as of Sep 9, 2026) Anita G. Zucker 13% Common shares issued and outstanding: Gabelli Funds 6% 10,430,106 Blackrock 4% Columbia Threadneedle 4% 6.5% insider ownership Vanguard Group 3% Debt: $50M on pri
Slide 35: 2027 Income Statement Impact
2027 Income Statement Impact Margin Expenses Rate case (3 months) Depreciation SAVE annual update Interest Rates Increased customers Property Taxes Large industrial usage Inflation Yokohama closure UPS usage : Accretive to EPS : Negative to EPS 35
Slide 36: Earnings Per Share
Earnings Per Share $1.39 $1.36 $1.35 $1.32 Dividend $1.33 Payout $1.30 $1.29 Ratio: $1.27 $1.29 $1.29 $0.06 $1.24 67% $1.21 $1.18 $1.16 $1.15 71% $1.12 $0.06 $1.09 $1.06 $1.03 $1.00 2024 Actual 2025 Actual 2026 Forecast 2027 Guidance EPS Range RRHA Impact 36 36
Slide 37: Shareholder Return: Dividends
Shareholder Return: Dividends 330 consecutive $0.87 95.0% quarterly $0.85 dividends $0.83 (82+ years) $0.80 85.0% $0.78* $0.79 75.0% Annual dividend $0.75 increase 22 consecutive 65.0% years $0.65 55.0% 2022 2023 2024 2025 2026F Annual Dividend/Share Payout Ratio * 2022 excludes non-cash impairm
Slide 38: Stock Price and Dividends Per Share
Stock Price and Dividends Per Share $32.00 $0.90 $30.00 $0.85 $28.00 $0.80 $26.00 $0.75 Dividends per share $24.00 $0.70 Stock price $22.00 $0.65 $20.00 $0.60 $18.00 $0.55 $16.00 $14.00 $0.50 Share Price Dividends / share $12.00 $0.45 $10.00 $0.40 Data through August 31, 2026 38
Slide 39: Why Buy RGCO?
Why Buy RGCO? Business Model Industry • Track record of rate base • Domestic shift from coal to growth natural gas • Positive regulatory state • International appetite for LNG executed well • Worldwide demand for power • Strong balance sheet ensures • Recognition of natural gas’ debt capital availab
Slide 40: Q&A
Q&A 40
Slide 41: Slide 41
Slide 42: 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 2026 2025 2026 2025 Operating revenues $ 17,106 $ 17,265 $ 92,823 $ 81,016 Operating expenses 15,933 16,068 73,816 62,092 Operating income 1,173 1,19
Slide 43: Consolidated Balance Sheet
Appendix Consolidated Balance Sheet As of June 30, (Presented in thousands) 2026 2025 Assets Current assets $ 22,007 $ 21,596 Utility property, net 282,506 270,538 Other non-current assets 35,146 32,624 Total Assets $ 339,659 $ 324,758 Liabilities and Stockholders' Equity Current maturities of long-
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