Slide 1: Supplemental Slides 2Q 2026 Results
SUPPLEMENTAL SLIDES 2Q 2026 RESULTS August 5, 2026
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"). These forw
Slide 3: Highly Executable Financial Commitments
HIGHLY EXECUTABLE FINANCIAL COMMITMENTS 9%-11% 9%-10% Consolidated Consolidated Rate Base2 Adj EPS3 CAGR CAGR 2026-2033 2026-2033 55%-65% 8%-10% Dividend Payout 6%-8% Base Plan Ratio Target Annual Base Plan Rate Base Adj EPS3 Growth $2.0B $25.1B CAGR 2026-2030 2026-2030 14%-16% Strategic YE 2025 Reg
Slide 4: Key Priorities
KEY PRIORITIES • Building a Constructive Regulatory Foundation – Filed a Section 205 application with FERC in August seeking recovery of costs associated with the continued operation of the Schahfer coal plant – Agreement with Alphabet approved by the Indiana Utility Regulatory Commission (IURC) in
Slide 5: Operational Excellence
OPERATIONAL EXCELLENCE Prioritizes Safety, While Driving Predictable, Reliable Operations and a Culture of Continuous Improvement Reliability Customer Satisfaction • Work & Asset Management program utilizing technology to prioritize and standardize work, system • Enhancing the Customer Experience re
Slide 6: Building a Constructive Regulatory Foundation
BUILDING A CONSTRUCTIVE REGULATORY FOUNDATION 2023 2024 2025 2026 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Rate Step 2 Step 1 Step 2 Filed Settled Approved NIPSCO Case Rates Rates Rates Electric TDSIC 5 TDSIC 6 GCT 1 GCT 2, TDSIC GCT 3 GCT 4, TDSIC Trackers Approved Approved Approved 7 Approved Approved
Slide 7: GenCo Driving $1.4 Billion of Customer Savings
GENCO DRIVING $1.4 BILLION OF CUSTOMER SAVINGS 2026 Announcements • Alphabet Partnership (April 16, 2026) – Signed agreement to provide long-term electric service and capacity using pool resource assets • Amazon Collaboration (September 22, 2025) – Signed amendment accelerating the energization of A
Slide 8: Ongoing GenCo Strategic Negotiations of 3 GW
ONGOING GENCO STRATEGIC NEGOTIATIONS OF 3 GW Data Center Pipeline by 2035 Northern Indiana’s Favorable Backdrop for Data Centers Up to 9 GW of Capacity Reliable electric system with robust transmission network 9.0 Low risk of natural disasters 8.0 Up To Availability of land at attractive price
Slide 9: GenCo Upcoming Milestones
GENCO UPCOMING MILESTONES 2025 2026-2032 Updated GenCo Financial Declination Plan NiSource Final Order Commitments Ongoing GenCo Strategy Development Strategy Sept 24th 3Q 2025 Special Acceleration IURC Incremental IURC Special Contract Zoning Incremental Civil Site Amendment Special Amendment Incre
Slide 10: Second Quarter Consolidated Results
SECOND QUARTER CONSOLIDATED RESULTS SECOND QUARTER YTD GAAP RESULTS Change Change 2026 2025 Fav/(Unfav) 2026 2025 Fav/(Unfav) Net Income Available to Common Shareholders $45.5 $102.2 ($56.7) $556.2 $577.0 ($20.8) Diluted Earnings Per Share $0.09 $0.22 ($0.13) $1.15 $1.22 ($0.07) SECOND QUARTER YTD N
Slide 11: Second Quarter Consolidated Results
SECOND QUARTER CONSOLIDATED RESULTS SECOND QUARTER YTD GAAP OPERATING INCOME Change Change 2026 2025 Fav/(Unfav) 2026 2025 Fav/(Unfav) Columbia Operations $103.3 $122.2 ($18.9) $575.6 $568.0 $7.6 NIPSCO Operations $120.4 $134.0 ($13.6) $468.9 $445.9 $23.0 Total Reportable Segments $223.7 $256.2 ($32
Slide 12: Sustainable Investment Opportunities for Customers and Communities
SUSTAINABLE INVESTMENT OPPORTUNITIES FOR CUSTOMERS AND COMMUNITIES 5-Year Plan: $28.6B1 Capital Investment $21.0 billion Base Plan 8.0 $7.6 billion1 GenCo 7.0 6.0 Base Plan Upside Electric Generation 5.0 Growth IT & Facilities 4.0 Electric System Modernization 3.0 GenCo Gas System Hardening 2.0 0 –
Slide 13: Incremental Investment Opportunities
INCREMENTAL INVESTMENT OPPORTUNITIES Investment Themes Additive to Base and Upside Financial Plan • Incremental data center generation related to the strategic negotiations and development pipeline, electric transmission and gas system investments to support demand pipeline • Distribution, transmiss
Slide 14: Expanding Electric Generation: Powering Growth Through Fuel Diversification
EXPANDING ELECTRIC GENERATION: POWERING GROWTH THROUGH FUEL DIVERSIFICATION AND RESILENCE 16.0 • Investments strategically focused on reliability, sustainability and responsiveness Up to 9 GW 3 14.0 to evolving market needs • Balanced portfolio positioned to deliver safe, reliable and affordable ene
Slide 15: Long-Term Financial Commitments
LONG-TERM FINANCIAL COMMITMENTS Consolidated Plan1 • Reaffirming 2026 consolidated adjusted EPS2 guidance of $2.02-$2.07 – Base Plan3: $2.01-$2.05 – GenCo4: $0.01-$0.02 • Consolidated adjusted EPS2 CAGR of 9%-10% for 2026-2033 – Annual Base Plan adjusted EPS3 growth rate of 6%-8% for 2026-2030 • Con
Slide 16: Financial Forecast Enhanced with Continued Execution and GenCo Advancements
FINANCIAL FORECAST ENHANCED WITH CONTINUED EXECUTION AND GENCO ADVANCEMENTS Adjusted EPS1 Guidance Consolidated Adjusted EPS1 CAGR (2026-2033): 9%-10% Base Plan Annual Adjusted EPS2 Growth (2026-2030): 6%-8% $0.40-$0.60 $0.25-$0.35 2026 Base Plan Adjusted EPS2 Range $2.01-$2.05 GenCo Adjusted EPS3 R
Slide 17: Balance Sheet Provides Flexible Base for Investment
BALANCE SHEET PROVIDES FLEXIBLE BASE FOR INVESTMENT FUNDING SOURCES FOR $28.6B6 CONSOLIDATED CAPITAL INVESTMENT PLAN (2026-2030) TARGETING 14%-16% FFO/DEBT5 Net New ANNUALLY THROUGH 2030 Debt1 40%-45% • Consolidated Plan Capital includes $400-$600 million of annual equity raised via ATM from 2026-20
Slide 18: 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 2030 PROGRESS ADJUSTED EPS 1 $1.47 $1.60 $1.75 $1.90 $2.02- 6%-8% Annual Base Plan Adjusted EPS2 Growth 2026-2030 $1.37 On track (GROWTH) (+7%) (+9%) (+9%) (+9%) $2.07 Adjusted EPS3 Consolidated CAGR of
Slide 19: Appendix
hiSource PREMIER, INNOVATIVE & TRUSTED Appendix ENERGY PARTNER 2Q 2026 RESULTS Lem. gal — on
Slide 20: Capital Investments
CAPITAL INVESTMENTS Capital Plan $ in Billions 2026 2027 2028 2029 2030 NIPSCO $2.1 – $2.2 $1.9 – $2.0 $1.7 – $1.8 $2.8 – $2.9 $2.0 – $2.1 COLUMBIA $1.8 – $1.9 $1.8 – $1.9 $2.0 – $2.1 $2.1 – $2.2 $2.3 – $2.4 BASE BUSINESS $3.9 – $4.1 $3.7 – $3.9 $3.7 – $3.9 $4.9 – $5.1 $4.3 – $4.5 GENCO $1.3 - $1.5
Slide 21: Detailed Capital Investment Breakdown
DETAILED CAPITAL INVESTMENT BREAKDOWN 2026-2030 Consolidated Plan By Spending Category 2026-2030 Consolidated Plan by Recovery Timeframe Electric 13+ Month Generation Recovery Growth ~6% ~15% ~8% Gas System IT and Facilities Hardening ~9% ~38% 0-6 Month Recovery Electric System ~56% Modernization 7-
Slide 22: Detailed Capital Investment Breakdown
DETAILED CAPITAL INVESTMENT BREAKDOWN 2026-2030 Consolidated Plan by Operating Company CKY CMD CVA <5% <5% 5%-10% GenCo CPA 23%-28% 5%-10% NIPSCO G 10%-15% NIPSCO E 22%-27% COH 15%-20% Note: Capital investments include 100% of NIPSCO and 100% of GenCo 22 Total excluding upside capital investments
Slide 23: Commercial Partnership with Alphabet
COMMERCIAL PARTNERSHIP WITH ALPHABET Announced April 16, 2026 Enables Customer Development of New 340 megawatts of pool resource assets Affordability Assets and Infrastructure (Supports 300 MW) Transmission infrastructure Alphabet will construct, commission and operate new data center Supports
Slide 24: Commercial Collaboration with Amazon
COMMERCIAL COLLABORATION WITH AMAZON Initial Contract Announced September 22, 2025 Acceleration Announced April 16, 2026 Incremental Load Announced May 6, 2026 Enables Two 1,300 megawatt combined-cycle, natural gas-fired turbines Customer Affordability Development of New 400 megawatts of new bat
Slide 25: GenCo Pool Strategy Enables Flexible and Scalable Growth
GENCO POOL STRATEGY ENABLES FLEXIBLE AND SCALABLE GROWTH Portfolio of Assets Deployed Across Multiple Customers Driving Value & Optionality Embedded Risk Management Potential Pool Customers – Scalable and repeatable growth to support increasing large-load demand by efficiently – Supply backed by str
Slide 26: Data Center Supply-Side Solutions
DATA CENTER SUPPLY-SIDE SOLUTIONS Supply-Side Solution Size1 Ownership Structure Investment2 Status Dedicated Resource Assets Mitchell Battery 400 MW Full Ownership Construction Amazon CCGT 1,300 MW Full Ownership ~$7.0B Construction CCGT 1,300 MW Full Ownership Construction Total 3,000 MW ~$7.0B Po
Slide 27: 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 2 Dunns Bridge I Solar: 265 MW Rosewater Wind 2020 Tax Equity JV Carpenter Wind: 195 MW Indiana Crossroads Wind 2021 Tax Equity JV Indiana Cross
Slide 28: NiSource Debt and Credit Profile
NISOURCE DEBT AND CREDIT PROFILE • Debt level: ~$17.4B as of June 30, 2026 Total Debt / Total Capitalization3 – ~$16.7B of long-term debt • Weighted average maturity ~11.5 years 62.0% • Weighted average interest rate of ~4.87% – ~$0.7B of short-term debt 60.0% 58.9% 58.2% 58.0% • Solid liquidity pos
Slide 29: Safety and Infrastructure Investment and Tracker Filings
SAFETY AND INFRASTRUCTURE INVESTMENT AND TRACKER FILINGS INCREMENTAL INVESTMENTS RECOVERY COMPANY MECHANISM PERIOD AMOUNT ($M) EFFECTIVE DATE Infrastructure Replacement Program (IRP) FY 2025 $206 May 2026 Columbia Gas of $102 PHMSA1 IRP FY 2025 May 2026 Ohio Sept 20262 Capital Expenditure Program (C
Slide 30: Delivering a Best-in-Class Sustainability Plan
DELIVERING A BEST-IN-CLASS SUSTAINABILITY PLAN Environmental • Remain committed to goal of Net Zero Scope 1 & 2 emission by 2040 • Plan to retire remaining coal generation by 2028 • Executing on ~$3.6 billion in renewable energy and storage investments from 2020-2027 that represent approximately 3,4
Slide 31: Investment by Operating Company
INVESTMENT BY OPERATING COMPANY Company Year-End 2025 Rate Base Last Authorized ROE(1) Columbia Gas of Kentucky $645M 9.75% Columbia Gas of Maryland $278M 9.80% Columbia Gas of Ohio $5.5B 9.60% Columbia Gas of Pennsylvania $3.5B 10.00% Columbia Gas of Virginia $1.5B N/A NIPSCO – Gas $3.9B(2) 9.75% N
Slide 32: Exceptional Outcome to Achieve All Stakeholder Objectives
EXCEPTIONAL OUTCOME TO ACHIEVE ALL STAKEHOLDER OBJECTIVES GenCo Objectives Objectives Accomplished Protect retail customer base GenCo's model allows NiSource to pursue investment opportunities while protecting existing customers from additional cost pressures Mechanism to flow savings back to retail
Slide 33: 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 Top Decile Historical Adjusted EPS Growth Adjusted EPS2 Results Off Actual Results 9% YoY 2021-2025
Slide 34: 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) and Consolidated Adjusted Earnings Per Share (Non-GAAP) (unaudited) Three Months Ended Six Months Ended June 30, June 30, (in milli
Slide 35: Reconciliation by Segment of Operating Revenues, Expenses, and Income
NiSource Inc. Schedule 2 - Reconciliation by Segment of Operating Revenues, Expenses (Benefit), and Income (GAAP) to Adjusted Operating Revenues, Expenses (Benefit), and Income (Non-GAAP) (unaudited) Columbia NIPSCO Corporate Three Months Ended June 30, 2026 (in millions) Operations Operations & Oth
Slide 36: Reconciliation by Segment of Operating Revenues, Expenses, and Income
NiSource Inc. Schedule 2 - Reconciliation by Segment of Operating Revenues, Expenses (Benefit), and Income (GAAP) to Adjusted Operating Revenues, Expenses (Benefit), and Income (Non-GAAP) (unaudited) Columbia NIPSCO Corporate Six Months Ended June 30, 2026 (in millions) Operations Operations & Other
Slide 37: 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) 2025 2024 2023 2022 2021 Net Cash Flows from Operating Activities 2,362 1,782 1,935 1,409 1,218 - Accounts receivable
Slide 38: Reconciliation of Consolidated Net Income Available to Common Shareholders
NiSource Inc. Schedule 4 - Reconciliation of Consolidated Net Income Available to Common Shareholders to Adjusted Net Income Available to Common Shareholders (Non-GAAP) (unaudited) 38