Rgc Resources Inc. · NASDAQ:RGCO
Rgc Resources — 2026 AGA Financial Forum
45 slides from Rgc Resources's conference presentation, May 18, 2026
Slide 1: 2026 AGA Financial Forum
2026 AGA Financial Forum May 18, 2026
Slide 2: Forward-Looking Statements
Forward-Looking Statements Risk Factors” and 1C “Cybersecurity” of Item 1A “Rick Factors” /s “anticipate,” projection,” “potential,” ese will)” “would,” “should, “believe,” “intend,” “plan,” “estimate,” “predict,” “target,” “expect,” “objective,” “ budget,” “assume,” “indicate’ ‘could,” “may,” or “m
Slide 3: Agenda
Agenda QO) About RGC Q) Milestones QC) Roanoke Gas (J RGC Midstream O) Financials and Capital O) Why Invest in RGC?
Slide 4: About RGC Resources, Inc.
About RGC Resources, Inc. Nasdaq: RGCO Publicly traded utility holding company providing energy and related products and services through Roanoke Gas Company and RGC Midstream. () e Gas Initiated service in ae ee safe, reliable natural than 64,500 customers in the greater Roanoke Valley in southwest
Slide 5: Organizational Structure
Organizational Structure Regulated Non-Utility Roanoke Gas RGC Midstream An RGC Resources Company An RGC Resources Company Q Local Distribution Company Q Inservice: MVP (= 0.73%) (LDC) in Roanoke, VA der construction: Q_ Founded in 1883 Southpste (= 0.51%) Q Permitting: Boost (= 0.73%) RGC|Resources
Slide 6: Milestones since May 2025
Milestones since May 2025 Q Largest (11.5 DTHs) | send out in fiscal 2025 QO) Expedited rate case $4.3M new revenue ROE Excellent safety record and system reliability Refinanced all Mid debt with maturiti Eliminated final master meters Oooo New technology infrastructure Q Revenue system — April 2026
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Slide 8: Roanoke Gas Service Territory
Roanoke Gas Service Territory _ Q_ Serve = 64,500 customers QQ Customer breakdown og eat 9% = Residential aii C&l | ee Bedford Co. Q~ Volume breakdown
Slide 9: Roanoke Gas
Roanoke Gas (SCC) In business since 1883 Q ized 59% equity Q Alternative cost recovery mechanisms Predictable, reliable, stable revenues GQ Weather normalization Revenue sharing Most recent final rate Q Purchase gas adjustment (Qtrly) order April 2025 a Infrastructure riders SAVE 2026 rate case pend
Slide 10: Roanoke Gas RNG Facility
Roanoke Gas RNG Facility In service March 2023 == Generating RIN credits Rider oO oO O ODO Record RNG production in fiscal 2025
Slide 11: Roanoke Gas Top Customers
Roanoke Gas Top Customers Building Materials Manufacturing Z TITAN Z AMERICA i $> Stee! dynamics: MBO, M General Shale Metalsa a U Healthcare =| Aitec DNAX TRIVIUM PACKAGING = LewisGale Medical Center Higher Education Transportation = Municipal [iawarres w=, ROANOKE i R ROANOKE P| COUNTY VA
Slide 12: RRHA (2022 — 2025)
RRHA (2022 — 2025) Q $2.1 million of gross utility plant Q 5 properties Q 211 meters Q Enhanced safety oO Roanoke Gas owns and operates % Q Master meters retired Resources’
Slide 13: Customer Growth
Customer Growth COVID limited non-pay turnoff 63,000 62,000 61,000 — + = 60,000 an | 59,000 | F | 58,000 201 16 2017 2018 2019 2020 2021 202 2028 2008 2025 2026F
Slide 14: Volumes & Heating Degree Days
Volumes & Heating Degree Days 3,500 2,500 | ——f— 2,000 1,500 Millions — 1,000 2019 1 2022-2023 «2024 = 2025 -2026F 2016 © 2017.-— «2018 202 Total Volumes (DTH) |~——DTH per HDI
Slide 15: Rate Base
Rate Base $300 $250 2017 2018, 2019 2020 2021 2022 2023 2024 2025 2026F Resources
Slide 16: YTD DTHs Delivered
YTD DTHs Delivered m2026 = 12025 Thousands Residential Commercial Industrial 2026 vs 2025 Total (3)% Commercial & Industrial (5)% Heating Degree Days 3%
Slide 17: Rate Case Update
Rate Case Update Q Q Q oO o Resources’ = $4.3M incremental annual revenue Based on authorized 9.90% ROE Rates effective January 2026, subject to refund Staff testimony — June Hearing — mid-July Expect final resolution in Q1 of fiscal 2027
Slide 18: RGC Midstream
A \) RGC Midstream
Slide 19: RGC Midstream
RGC Midstream Q RGC y Q- Our share of earnings Q_ Income from amortization of basis difference from 2022 impairment Q- = Modest pale EPS contributio q ld y capacity Excess cash flows distributed quarterly — $3.6M Southgate Boost | Investment in MVP Joined in 2015 Pipeline completed r shipper -yea ag
Slide 20: Mountain Valley Pipeline
Mountain Valley Pipeline Pennsylvania aC Maryland Ohio & Pipeline interconnection West 1 _ Compressor station Virginia Pipelines —— Mountain Valley Pipeline — Equitrans Midstream ——~ Transcontinental Pipeline Other existing natural gas Roanoke Gas Interconnects
Slide 21: Midstream Debt Refinance
Midstream Debt Refinance Q Completed September 2025 Q Refinanced $53M Midstream debt to 2032 Q Existing low-rate, swapped-out rates maintained until maturities Q Swapped remaining facility at 5.06% Q Established new project LOCs that mature 2030 Q Southgate $1.85M Q Boost $3.65M Resources’
Slide 22: MVP Southgate Proposed Route
A] H} Pic MVP Southgate Proposed Route (Amendment Application)
Slide 23: Southgate
Southgate QO) Extends MVP mainline 31 miles into NC OQ) 550k DTHs / day UO) Targeted in-service 2028 O) Precedent shipper agreements with: QQ PSNC Q Duke Energy O Total project cost: = $404M Resources’
Slide 24: Boost compressor station work
at LY WP: Lh — mp EQUITRANS, LP. ‘TRANSCO PIPELINE Mvp BOOST COMPRESSOR STATION WORK RGC
Slide 25: Boost
Boost O) Compression to allow 600k DTH additional daily capacity UO) Targeted in-service 2028 O) Precedent shipper agreements with: Q_ EQT Energy a PSNC Duke Energy a) Q Dominion VA Power UO Total project cost: = $453M
Slide 26: Financials and Capital
Financials and Capital
Slide 27: Net Income By Year
Net Income By Year Millions 2025 2024 2023 @ Roanoke Gas Midstream
Slide 28: EBITDA + MVP Cash
EBITDA + MVP Cash!’ Received cash distributions from MVP totaling $3.6M 2023 Net Income “Interest. © mTaxes. «= D&A Cash from MVP Resources
Slide 29: Consolidated Financial Results
Consolidated Financial Results For th sod: h 31 p (Presented in thousands, except per share data) [Three Months Ended | Year to Date ] [2026 [| 2025 | 2026 | 202 ‘| Operating revenues $ 45,457 $ 36,462]$ 75,717 $ 63,752 Operating expenses 34,173 26,062 57,883 46,024 Operating income 11,284 17,834 17
Slide 30: Consolidated Balance Sheet
Consolidated Balance Sheet As of March 31, (Presented in thousands) ssets Current as: Utility pro “re Other non- vorent assets Total Asst Liabilities and Stockholders’ Equity Other current liabilities Long-term debt $ 25,713 $ 25,778 278,880 267,560 32,512 33,083 2 _ 337,105 _$ 326,421 Total Liabili
Slide 31: Roanoke Gas CapEx YTD
Roanoke Gas CapEx YTD Customer Growth & System Expansion $3.2 System Enhancements $2.6 Millions SAVE Rider $4.0 $0.9 million, or 8.2% decrease
Slide 32: CapEx History
CapEx History 2021 2022 2024 2025 5-year cumulative totals: 3 $ 50.0 Customer Growth & System Expansion 32.2 Utility Maintenance 19.6 RN‘ 8.6 3.
Slide 33: Equity and Debt Profile
Equity and Debt Profile a Top shareholders a 2M Market Capitalization 1 Anita G. Zucker 13% ‘ iat 3] Gabelli Funds 6% Q_ Common shares issued and outstanding: Blackrock % 10,416,941 Columbia Threadneedle 4% Q Vanguard Group 3% Q 7. 2% insider ownership Remaining $50M on private shelf facility a EAL
Slide 34: Why Invest in RGC?
Why Invest in RGC?
Slide 35: Outlook and Shareholder Return
Outlook and Shareholder Return Q Growth Q CapEx a EPS Q Dividends
Slide 36: Growth Strategy
Growth Strategy QO Regulated eis a te c a Fillyes earning (inflation) Q > Continued investment in plant QO Regional opportunities Q Franklin {Summit View & Rocky | Mount) tial) Q Montgomery (near a Bétetourt ae center related) Q mvp Qa & — a Compre: - Boost QO Strategic spportuntties
Slide 37: Regional Opportunities
Regional Opportunities Rocky “OF
Slide 38: Summit View Business Park
Summit View Business Park Q Stik-Pak Solutions OQ Continuing economic development interest QO Near commercial and residential
Slide 39: Rocky Mount
Rocky Mount
Slide 40: CapEx Forecast 2026 — 2030
CapEx Forecast 2026 — 2030 2026 2027 2028 2029 2030 5-year cumulative totals: $ 29.5 Customer Growth & System Expansion 27.8 Utility Maintenance 53.0 MVP Growth 11.2 Total $ 121.5
Slide 41: Earnings Per Share
Earnings Per Share 2024 Actual 2025 Actual 2026 Guidance @ Range Resources
Slide 42: Earnings Per Share — Second-half 2026
Earnings Per Share — Second-half 2026 O) Rate case OU One large customer loss QO Expenses — inflation QO) Property taxes QO Repricing of $15M note (mid-August) Uncertainties Inflation Economy Rate Case Interest Rates
Slide 43: Shareholder Return: Dividends
Shareholder Return: Dividends QO 329 consecutive en dividends 555 (82+ years) 95.0% Q Annual dividend increase 22 consecutive years 2022 2023 2024 2025 2026F mm Annual Dividend/Share | —Payout Ratio
Slide 44: Why Buy RGCO?
Why Buy RGCO? Demonstrated Tr. ack Record of Delivering Shareholder Value High ly Stable O Consistent regulatory environment Business Model Attractive Fundamental Environment He Growth ote ntial
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