One Gas, Inc. · NYSE:OGS
One Gas — Corporate Update (December 2025)
24 slides from One Gas's corporate update, Dec 2, 2025
Slide 1: 2026 Financial Guidance
2026 Financial Guidance December 2025
Slide 2: About Us
71% market share, the largest in Kansas About Us 89% market ONE Gas, Inc. (NYSE: OGS) is a 100-percent regulated share, the largest natural gas utility and is one of the largest natural gas in Oklahoma utilities in the United States. ONE Gas provides natural gas distribution services 13% market shar
Slide 3: Financial Outlook
Financial Outlook
Slide 4: 2026 Guidance Summary
2026 Guidance Summary1 Creating long-term value and serving a growing and dynamic customer base EARNINGS OUTLOOK • Net income for 2026 in a range of $294 - $302 million • EPS range of $4.65 - $4.77 per diluted share • Assumes ~63.4 million diluted shares outstanding • CAPITAL INVESTMENTS • 2026 capi
Slide 5: Financing Requirements and Activities
Financing Requirements and Activities Investing in growth while 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
Slide 6: Five-Year Financial Highlights
Five-Year Financial Highlights Building sustainable long-term value CAPITAL INVESTMENTS & RATE BASE SUSTAINABLE ANNUAL GROWTH RATES • Capital investments of ~$4.3 billion • Based on updated 2025 Net Income and EPS ̶ ~$2.5 billion investment in system integrity and midpoints of $264 million and $4.37
Slide 7: Long-Term EPS Performance & Outlook
Long-Term EPS Performance & Outlook EPS CAGR 5 - 7% $6.00 EPS CAGRs $5.85 2 5-Year Forecast (2025-2030 ) 6.0% $5.50 10-Year (2014-2024) 6.6% 1 $5.00 10-Year (2015-2025G ) 6.9% 1 $4.71 10-Year (2016-2026G ) 5.9% $4.50 $4.37 $4.08 $4.14 $3.85 $3.91 $4.00 $3.68 $3.51 $3.50 $3.25 $3.08 $3.00 $2.65 $2.50
Slide 8: 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% 4.96%2 • $1.5 billion limit 2025 2026 2029
Slide 9: Capital Investments
Capital Investments
Slide 10: Well-Defined Capital Investment Plan
Well-Defined Capital Investment Plan Investments ~3x depreciation CAPITAL INVESTMENTS 2026G CAPITAL INVESTMENTS (MILLIONS) BY STATE ~$800 (MILLIONS) $762 ~$750 $47 $729 $32 $31 $26 $658 $32 $178 $179 $228 $178 Kansas $177 $176 $552 $525 $540 $525 Texas $449 $313 $283 $295 Oklahoma $234 $255 $216 $31
Slide 11: Capital Investments
Capital Investments KANSAS OKLAHOMA TEXAS 2026G: 1.9X DEPRECIATION 2026G: 2.8X DEPRECIATION 2026G: 3.5X DEPRECIATION $306 $311 $311 $313 $286 $288 $287 $257 $256 $242 $185 $176 $159 $169 $151 (MILLIONS) $83 $90 $108 $112 $63 $71 $92 $93 $93 $100 $53 $75 $78 $84 $88 2022 2023 2024 2025G 2026G 2022 20
Slide 12: Rate Base
Rate Base AVERAGE RATE BASE* 2026G AVERAGE RATE BASE* (BILLIONS) BY STATE TOTAL: $6.3 BILLION $6.30 $5.52 $5.80 $5.15 $4.69 $1.49 billion $2.12 billion $2.69 billion 2022 2023 2024 2025G 2026G Kansas Oklahoma Texas * See Appendix for definition. ~9% growth expected in 2026 CAPITAL INVESTMENTS 12
Slide 13: Our Strategy
Our Strategy
Slide 14: 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 our service territories Attainable growth plans
Slide 15: 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 produced in Texas and Robust economic growth drives res
Slide 16: 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 Investment in workforc
Slide 17: Approved Capital Structures Support a Strong Balance Sheet
Approved Capital Structures Support a Strong Balance Sheet REGULATORY FRAMEWORK LIQUIDITY PROFILE3 $1,000M $226.3M $961.9M LDC Equity Ratio Allowed ROE $900M 1 1 KGS 60.2% 9.5% $800M $150.0M ONG 58.5% 9.4% $700M TGS 59.9% 2 9.8% 2 $585.6M $600M $500M BALANCE SHEET STRENGTH $400M • Expect adjusted CF
Slide 18: Affordability Anchored in Strategic Cost Management
Affordability Anchored in Strategic Cost Management Cash flow stability AVERAGE MONTHLY RESIDENTIAL CUSTOMER BILL • ~92% of customers are residential • ~70% of revenue less the cost of gas is $81 $77* $79* fixed charges $73* $60 $64* $58 $30 Focus remains on customer $50 $51 $55 $54 $50 $43 $33 $31
Slide 19: Appendix
Appendix
Slide 20: Completed Regulatory Filings
Regulatory Filings PROGRESS JURISDICTION RATES REQUESTED FILING DATE EQUITY RETURN ON (MILLIONS) RATIO EQUITY IN Texas – Rate Case1 $15.0 M Jun-2025 59.90% 9.8% APPROVED RATES EFFECTIVE EQUITY RETURN ON JURISDICTION (MILLIONS) DATE RATIO EQUITY Rio Grande Valley – GRIP $3.0 M Sep-2025 59.10% 9.7% Ka
Slide 21: Authorized Rate Base
Authorized Rate Base As of November 30, 2025 KANSAS OKLAHOMA TEXAS $2,453 $2,273 $2,067 (MILLIONS) $1,854 $1,895 $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 21
Slide 22: Rate Base Definition
Rate Base Definition Authorized Rate Base $5.8 billion (as of November 30, 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 $6.3 billion • Averag
Slide 23: 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 24: Investor Information
Investor Information Contact information and forward-looking statements Statements contained in this presentation that include or refer to Company expectations, our business outlook, our future plans or predictions relating to ONE Gas, Inc. any matters should be considered forward-looking statements