Slide 1: Supplemental Slides 1Q 2025 Results
SUPPLEMENTAL SLIDES 1Q 2025 RESULTS May 7, 2025
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"). Investors
Slide 3: Highly Executable Financial Commitments
HIGHLY EXECUTABLE FINANCIAL COMMITMENTS 6%-8% 8%-10% Annual 2025-2029 Rate Base Adj EPS(1) Growth Growth 14%-16% 2025-2029 60%-70% Annual FFO/ Dividend Payout Ratio Debt(1) Target Target Through 2029 $21.3B $19.4B YE 2024 Regulated Base Plan 9%-11% Electric and Gas Rate Capital Investment Base 2025-
Slide 4: Key Priorities
KEY PRIORITIES • Building a Constructive Regulatory Foundation – Columbia Gas of Maryland rate case final order approved – Columbia Gas of Pennsylvania rate case filed in March – Promoting natural gas ratemaking legislation in Ohio • Operational Excellence – AI utilization driving operational effici
Slide 5: Operational Excellence
OPERATIONAL EXCELLENCE Prioritizes Safety, While Driving Predictable, Reliable Operations and a Culture of Continuous Improvement Reliability • Work and Asset Management Program utilizing risk to prioritize and standardize work, system reliability and data quality • Distribution & Substation Automat
Slide 6: Building a Constructive Regulatory Foundation
BUILDING A CONSTRUCTIVE REGULATORY FOUNDATION 2022 2023 2024 2025 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Approved Step 2 Rate Case Filed Settled Step 1 Rates Rates Filed Settled NIPSCO Electric TDSIC 1 TDSIC 2 TDSIC 3 TDSIC 5 TDSIC 6 GCT Trackers Approved Approved Approved Approved Approved Approved Ap
Slide 7: 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 Dunns Bridge I Solar: 265 MW Rosewater Wind 2020 Tax Equity JV Carpenter Wind: 200 MW Indiana Crossroads Wind 2021 Tax Equity JV Dunns Bridge
Slide 8: Sustainable Investment Opportunities for Customers and Communities
SUSTAINABLE INVESTMENT OPPORTUNITIES FOR CUSTOMERS AND COMMUNITIES $ in Billions 5.0 4.5 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 2025 2026 2027 2028 2029 $4.0 - $4.3B* $3.4 - $3.7B* $3.6 - $3.9B* $3.7 - $4.0B* $3.8 - $4.1B* Gas System Hardening Growth Upside 0 - 6 Month Recovery Electric System Moderniz
Slide 9: Incremental Investment Opportunities
INCREMENTAL INVESTMENT OPPORTUNITIES Investment Themes Additive to Base and Upside Financial Plan • Data center generation, electric transmission and gas system investments to support incremental demand • Distribution, transmission, and other infrastructure to support growing communities and manufac
Slide 10: First Quarter Consolidated Results
FIRST QUARTER CONSOLIDATED RESULTS FIRST QUARTER GAAP RESULTS Change 2025 2024 Fav/(Unfav) Net Income Available to Common Shareholders $474.8 $344.3 $130.5 Diluted Earnings Per Share $1.00 $0.77 $0.23 FIRST QUARTER NON-GAAP RESULTS(1) Change 2025 2024 Fav/(Unfav) Adjusted Net Income Available to Com
Slide 11: First Quarter Consolidated Results
FIRST QUARTER CONSOLIDATED RESULTS FIRST QUARTER GAAP OPERATING INCOME Change 2025 2024 Fav/(Unfav) Columbia Operations $445.8 $362.0 $83.8 NIPSCO Operations $311.9 $216.4 $95.5 Total Reportable Segments $757.7 $578.4 $179.3 Corporate & Other $1.7 $5.0 ($3.3) Consolidated Operating Income $759.4 $58
Slide 12: Long-Term Financial Commitments
LONG-TERM FINANCIAL COMMITMENTS Base 5-Year Plan • Annual adjusted EPS(1) growth rate of 6%-8% in 2025-2029 • Rate base growth of 8%-10% across 2025-2029 • Annual average customer bill(2) <5% increase • Continued commitment to 14%-16% FFO/Debt(3) annually through 2029 Capital Investments Base 5-Year
Slide 13: Balance Sheet Provides Flexible Base for Investment
BALANCE SHEET PROVIDES FLEXIBLE BASE FOR INVESTMENT $19.4B CAPITAL INVESTMENT FUNDING SOURCES (2025-2029) TARGETING 14%-16% FFO/DEBT(5) Net New ANNUALLY THROUGH 2029 Debt(1) 35%-40% • Base Capital Plan includes $200-$300 million of annual equity raised via ATM from 2025-2029 • 2025+ equity needs con
Slide 14: 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 PROGRESS ADJUSTED EPS (1) $1.47 $1.60 $1.75 Deliver 6%-8% Annual Adjusted $1.37 $1.85-$1.89 On track (GROWTH) (+7%) (+9%) (+9%) EPS(1) Growth 9%-11% Total Shareholder DIVIDEND $0.94 $1.00 $1.06 $1.12 $0
Slide 15: Appendix
hiSource PREMIER, INNOVATIVE & TRUSTED Appendix ENERGY PARTNER 1Q 2025 RESULTS Lem. gal — on
Slide 16: Base Plan Capital Investments
BASE PLAN CAPITAL INVESTMENTS Capital Plan by Segment $ in Billions 2025 2026 2027 2028 2029 NIPSCO $2.7 – $2.8 $2.0 – $2.1 $1.8 – $1.9 $1.9 – $2.0 $2.0 – $2.1 COLUMBIA $1.3 – $1.5 $1.4 – $1.6 $1.8 – $2.0 $1.8 – $2.0 $1.8 – $2.0 TOTAL $4.0 – $4.3 $3.4 – $3.7 $3.6 – $3.9 $3.7 – $4.0 $3.8 – $4.1 Capit
Slide 17: Alternate Capital Investment Breakdown
ALTERNATE CAPITAL INVESTMENT BREAKDOWN 2025-2029 Base Plan By Spending Category IT & Facilities ~10% Growth ~11% Gas System Hardening ~48% Electric Generation ~14% Electric System Modernization ~17% Capital investments include 100% of NIPSCO Total excluding upside capital investments 17
Slide 18: Alternate Capital Investment Breakdown
ALTERNATE CAPITAL INVESTMENT BREAKDOWN 2025-2029 Base Plan by Operating Company 2025-2029 Base Plan by Recovery Timeframe CKY CMD CVA <5% <5% 13+ Month 5%-10% Recovery NIPSCO E ~19% 35%-40% 0 - 6 Month CPA Recovery 10%-15% ~48% COH 20%-25% 7 - 12 Month Recovery ~33% NIPSCO G 15%-20% Capital investme
Slide 19: Rate Case Details
RATE CASE DETAILS NIPSCO Electric CVA CPA Docket # 46120 Docket # PUR-2024-00030 Docket # R-2025-3053499 Filing Date 9/12/2024 Filing Date 4/29/2024 Filing Date 3/20/2025 Requested Rate Base $9.2B Requested Rate Base $1.2B Requested Rate Base $3.8B Requested ROE 10.60% Requested ROE 10.85% Requested
Slide 20: NiSource Debt and Credit Profile
NISOURCE DEBT AND CREDIT PROFILE • Debt level: ~$14.9B as of March 31, 2025 – ~$14.1B of long-term debt Total Debt / Total Capitalization • Weighted average maturity ~11 years 62.0% • Weighted average interest rate of 4.35% 60.0% 58.9% – ~$0.8B of short-term debt 58.2% 58.0% 57.4% • ~$0.5B of commer
Slide 21: Safety and Infrastructure Investment and Tracker Filings
SAFETY AND INFRASTRUCTURE INVESTMENT AND TRACKER FILINGS INCREMENTAL INVESTMENTS RECOVERY COMPANY MECHANISM PERIOD AMOUNT ($M) EFFECTIVE DATE Infrastructure Replacement Program (IRP) FY 2024 $225 May 2025 Columbia Gas of $64 PHMSA(1) IRP FY 2024 May 2025 Ohio Capital Expenditure Program (CEP) FY 202
Slide 22: Delivering a Best-in-Class Sustainability Plan
DELIVERING A BEST-IN-CLASS SUSTAINABILITY PLAN Environmental • Net Zero Scope 1 & 2 by 2040 goal is among fastest in large capitalization utility peer group • Retiring all 2,105 MW of coal generation by 2028 • Installing 3,350 MW of renewable generation (PPA and BTA) from 2020 to 2027 • Investing ov
Slide 23: Consistent Execution Drives Sustainable Growth
CONSISTENT EXECUTION DRIVES SUSTAINABLE GROWTH Achieving High End of Earnings Guidance Rebases Future Growth Upwards An Established Track Record of Achieving Projected Future Guidance Rebases Upwards Adjusted EPS(2) Results Top Decile Historical Adjusted EPS Growth Off Actual Results 2021-2024 Non-G
Slide 24: Reconciliation of Consolidated Net Income Available to Common Shareholders
NiSource Inc. Schedule 1 - Reconciliation of Consolidated Net Income Available to Common Shareholders to Adjusted Net Income Available to Common Shareholders (Non-GAAP) (unaudited) Three Months Ended March 31, (in millions, except per share amounts) 2025 2024 GAAP Net Income Available to Common Shar
Slide 25: Reconciliation by Segment of Operating Revenues, Expenses, and Income
NiSource Inc. Schedule 2 - Reconciliation by Segment of Operating Revenues, Expenses, and Income (Loss) (GAAP) to Operating Revenues, Expenses, and Income (Loss) (Non-GAAP) (unaudited) Columbia NIPSCO Corporate & Three Months Ended March 31, 2025 (in millions) Operations Operations Other Total Opera
Slide 26: Annual FFO/Debt Reconciliation
NiSource Inc. Schedule 3 - Reconciliation of Net Cash Flows from Operating Activities to FFO to Debt (Adjusted) (Non-GAAP) (unaudited) Annual FFO/Debt Reconciliation ($ in millions) 2024 2023 2022 2021 Net Cash Flows from Operating Activities 1,782 1,935 1,409 1,218 - Accounts receivable (102) 184 (