Southwest Gas Holdings, Inc. · NYSE:SWX
Southwest Gas — Investor Presentation (May 2026)
55 slides from Southwest Gas's investor presentation, May 14, 2026
Slide 1: Investor Outreach Spring / Summer 2026
INVESTOR OUTREACH Spring / Summer 2026 May 14, 2026 1
Slide 2: Safe Harbor Statement
Safe Harbor Statement Forward-Looking Statements Unless context otherwise requires, in this presentation, references to “we”, “us” and “our” are to Southwest Gas Holdings, Inc. (NYSE: SWX) (“Southwest Gas Holdings” or the “Company” or “SWX”) together with its current consolidated subsidiaries, which
Slide 3: Table of Contents
Table of Contents Utility Optimization Progress ………………………………………………………………………... Cost Management (O&M) ………………………………………………………………….............. pg. 28 pg. 29 SWX at a Glance …………………………………………………………………………………….. pg. 04 Common Stock Dividend Information …………………………………….................................... pg
Slide 4: SWX at a Glance
SWX at a Glance Southwest Gas Corporation Financial Snapshot1: 2025 Revenue: $1.9 billion 2025 Adj. Net income: $284 million2 2025 Estimated Rate Base: $6.7 billion3 California: 208,000 customers –9% Nevada: 849,000 customers –37% Arizona: 1,224,000 customers – 54% 2,281,000 Total Customers Served1
Slide 5: Why SWX? Compelling Investment Thesis
Why SWX? Compelling Investment Thesis A premier, fully regulated natural gas business Attractive Rate Base Growth4 Strong and predictable earnings growth, ($ in billions) Safe, reliable, and affordable fully regulated improving ROEs, and stable cash flows ‒ SWX natural gas service with $6.7 billion
Slide 6: Advancing SWX's 2026 Strategic Priorities
Advancing SWX’s 2026 Strategic Priorities 2026 Utility and Regulatory Strategy AZ Rate Case Filing (requesting formula rates) ✓ 1Q 2026 AZ SIM Filing ($50 million capital tracker) ✓ 1Q 2026 NV Rate Case Filing ✓ 1Q 2026 CA Rate Case Approval (Decision approving proposed settlement issued May 14, 202
Slide 7: Delivering Strong Results – 1Q 2026 Update
Delivering Strong Results – 1Q 2026 Update The Company increased its quarterly common stock dividend to $0.645, representing a 4% increase over the 2025 dividend rate Finished the quarter with nearly $500 million in consolidated cash and nearly $1.2 billion in available liquidity Corporate and admin
Slide 8: Track Record of Prudent Capital Expenditures
Track Record of Prudent Capital Expenditures Strong Rate Base Growth Driven by Capital Spending in Support of the Growing Communities we Serve Regional Economic Growth Capital Expenditures2 Strong Rate Base3 Growth ($ in millions) ($ in billions) 5 Yr. Real GDP1 CAGR in SWG’s Service Territory 5 Yr.
Slide 9: Commitment to Strong Investor Returns
Commitment to Strong Investor Returns 1 2 Regulatory Strategy Utility Optimization » Strong execution of rate case strategy » Efficient capital investment aligned with rate case recovery » Collaborative regulatory relationships supporting constructive outcomes » Disciplined cost management Strategic
Slide 10: 2026 and Forward-Looking Financial Guidance
2026 and Forward-Looking Financial Guidance Affirmed1 2026 and long-term guidance metrics that include assumptions for alternative rate making in AZ and NV, and the Great Basin 2028 Expansion Project 12.0% – 14.0% $6.3 Billion 5-Year Capital Plan 9.5% – 11.5% 5-year Adj. EPS CAGR2 (2026E – 2030E) 5-
Slide 11: Financial Guidance Drivers and Assumptions
Financial Guidance Drivers and Assumptions 2026 2027 2028 2029 2030 Net Income Drivers FERC Filing Potential AZ and NV CA Filing AZ and NV Filings Tracking Periods AZ & NV Alternative Rate-making Adjustments Margin Assuming rate case outcomes in line with historical experience ~1.4% Annual Net Custo
Slide 12: Growth and Economic Expansion
Growth and Economic Expansion Exceptional Customer Growth Fueled by Economic Development in SWG’s Service Territory Strong Macroeconomic Tailwinds to Support Strong Growth Profile SWG has helped fuel regional economic development… SWG Net Customer Growth (in thousands) 5-Year Real GDP Population Gro
Slide 13: AZ & NV Economic Snapshot
AZ & NV Economic Snapshot Arizona AZ Large Customer Account Activity EV’s/Batteries Industrial/Manufacturing Kore Power, Lucid Motors, American Battery, Procter & Gamble, Nestle, Gold Bond Scion Power Building Products, Kohler, EFP Semiconductors & Technology Hospitals/Resorts NXP Semiconductors, TS
Slide 14: Economic Impact of Semiconductor Manufacturing & Data Centers
Economic Impact of Semiconductor Manufacturing & Data Centers » Arizona and Nevada are high-potential areas for data center growth » How might Southwest Gas stand to benefit from additional data center economic activity? Electric infrastructure constraints driving potential interstate pipeline We be
Slide 15: Great Basin 2028 Expansion Project Overview
Great Basin 2028 Expansion Project Overview Brownfield 2028 Expansion Project Highlights: • Executed binding precedent agreements in December 2025 for 2028 in-service date • Incremental capacity under contract: 0.6 bcf1/day (received surety) • Estimated incremental capital investment: ~$1.7B Expecte
Slide 16: 5-Year SWG Capital Plan
5-Year SWG Capital Plan $6.3 billion five-year capital plan supports rate base growth through 2030 with 73% of investment expected at SWG and 27% expected at Great Basin 5-Year Capital Plan1,3 5-Year Rate Base Growth1 (in billions) (in billions) Southwest Gas GB 2028 Expansion Project Incremental Ra
Slide 17: Regional Housing Development
Regional Housing Development Permits by Region Central Arizona Southern Arizona Southern Nevada 5,000 2,500 0 Jan '25 Feb '25 Mar '25 Apr '25 May '25 June '25 Jul '25 Aug '25 Sep '25 Oct '25 Nov '25 Dec '25 New Home Sales by Region 5,000 2,500 0 Jan '25 Feb '25 Mar '25 Apr '25 May '25 June '25 Jul '
Slide 18: Large Volume Customer Updates
Large Volume Customer Updates Nevada Cement Nevada Cement Company is the only cement manufacturer in Nevada, operating an integrated cement plant and limestone quarries in Fernley, NV, and supplying bulk and packaged cement across Northern Nevada and Northern California. Currently produces over 500,
Slide 19: Nevada Triennial Resource Plan
Nevada Triennial Resource Plan Nevada Triennial Resource Plan Approved by PUCN – April 2026 Prudency pre-determinations for ~$187 million of capital investment: To ensure increased energy demand is met, respond to economic growth, and fortify safety and system reliability Plan Outlines: » Anticipate
Slide 20: Opportunities for Alternative Ratemaking in Nevada and Arizona
Opportunities for Alternative Ratemaking in Nevada and Arizona NV SB 417 Arizona and Nevada Rate Case Roadmap In June of 2025, Governor Lombardo signed Senate Bill Potential 417 (“SB 417”), allowing Rates alternative alternative ratemaking plans Filed effective – ratemaking general rate in Nevada NV
Slide 21: 2026 Arizona Rate Case
2026 Arizona Rate Case Arizona Rate Case Filing Summary In February 2026, Southwest Gas filed a rate case requesting a revenue increase of approximately $101 million with rates anticipated to become effective by April 2027. Southwest Gas Request1 Actual Equity Ratio 50.08% ROE 10.25% Fair Value Retu
Slide 22: 2026 Nevada Rate Case
2026 Nevada Rate Case Nevada Rate Case Filing Summary In March 2026, Southwest Gas filed a rate case requesting a revenue increase of approximately $71 million with rates anticipated to become effective October 2026. Southwest Gas Request1 Actual Equity Ratio 50.05% ROE 10.00% SB 417 Rulemaking Upda
Slide 23: Regulatory Update – California
Regulatory Update – California California Rate Case Filing Summary In September 2024, SWG filed a rate case1 requesting a revenue increase of ~$50 million, updated to ~$44 million as of February 2025. Southwest Gas Public Advocate’s Office As Settled Decision approving proposed settlement issued on
Slide 24: Regulatory Update – GBGTC
Regulatory Update – GBGTC GBGTC Rate Case Outcome1 On March 3, 2025, FERC approved an increase in rates. Requested Approved Target Equity Ratio 56% 50% Return on Equity 13.05% 11.95%3 Pre-Tax Rate of 11.18% 9.76%4 Return Rate Base $206 million (~$99 million increase) $191 million (~$55 million incre
Slide 25: 2026 Expected Financing Plan
2026 Expected Financing Plan PLAN HIGHLIGHTS & ASSUMPTIONS Sources & Uses Sources & Uses ($ in billions)1 ($ in billions)1 Available for $1.7 $1.7 future • Significant beginning cash balance, investment primarily a result of remaining $0.1 proceeds from CTRI separation in $0.1 SWG Bond Retirement $1
Slide 26: Summary of Gas Cost Balances and Recovery Mechanisms
Summary of Gas Cost Balances and Recovery Mechanisms PGA1 Balance and Recovery Mechanism Summary March 20252 Dec. 20252 March 20262 Return of Nevada PGA Balance Receivable Gas Cost Rate Receivable (Payable) Receivable (Payable) State (Payable) Carrying Cost Rate Adjustment » Southwest Gas received a
Slide 27: Balance Sheet Strength
Balance Sheet Strength SWX and SWG are positioned to maintain an investment grade profile, targeting S&P FFO/Debt >17% over time Net Debt1 ($ in billions) Credit Ratings and Outlook3 Net Debt Moody’s Standard and Poor’s Fitch Total PGA2 Cash Net Debt less Debt Balance PGA Ratings Outlook Ratings Out
Slide 28: Utility Optimization Progress
Utility Optimization Progress SWG remains committed to its culture of continuous improvement and optimization and actively identifies opportunities to generate long-term benefits for all stakeholders and to support its goal of achieving flat O&M per customer over the current forecast period. 2026 Fo
Slide 29: Cost Management (O&M)
Cost Management (O&M) Historical & Projected O&M Per Customer1,2 ($ per customer)* 222 223 226 223 216 » Targeting nearly flat O&M per customer over the forecast period, excluding non-service pension costs 2022A 2023A 2024A 2025A 2026E 1 * Excludes Great Basin Notes: 1. Average customers and exclude
Slide 30: Common Stock Dividend Information
Common Stock Dividend Information SWX ANNUAL DIVIDEND PER SHARE 4% • Southwest Gas Holdings has paid a dividend every Increase $2.58 year since 1956 $2.48 $2.48 $2.48 $2.48 $2.38 $2.28 • February 25, 2026: Southwest Gas Holdings Board of $2.18 $2.08 Directors announced an increase in its annual $1.9
Slide 31: Positioned to Deliver Significant Stockholder Value
Positioned to Deliver Significant Stockholder Value 100% regulated natural gas utility earnings growth driven by customer 1 growth and improving regulatory frameworks supporting timely recovery of prudent investments Enhanced earnings profile with clear growth visibility driven by ~7% core 2 utility
Slide 32: Appendix
Ly Southwest Gas., HOLDINGS
Slide 33: Southwest Gas Holdings and Corporation History
Southwest Gas Holdings and Corporation History Largest distributor of natural gas in Arizona (including Phoenix and Tucson metropolitan areas) and Nevada (serving the majority of southern Nevada, including the Las Vegas Metropolitan area and portions of northern Nevada); also distributes and transpo
Slide 34: Stable Customer Base
Stable Customer Base Natural Gas Distribution Operations Customer and Operating Margin Distribution Year ended December 31, 2025 By State 4% 1 Other Sales Customers Margin Actual Rate Base 11% Customers Transportation Customers 9% 11% 12% 37% 54% 35% 53% 35% 51% 85% Residential and Small Commercial
Slide 35: Regulatory Framework
Regulatory Framework Arizona Nevada California Full revenue decoupling Full revenue decoupling (only utility in the state) Full revenue decoupling Historical test year with flexibility in filing rate cases based on need Historical test year with flexibility in Future test year (five-year rate case c
Slide 36: Regulatory Jurisdictions
Regulatory Jurisdictions Current Authorized Rate Base % of Authorized Authorized Authorized Common Rate Jurisdiction (in thousands) Rate Base ROE Equity Ratio Arizona $3,175,484 55% 9.84% 48.50% Southern Nevada 1,780,757 31% 9.50% 50.00% Northern Nevada 227,060 4% 9.50% 50.00% Southern California 28
Slide 37: Regulatory Commissioners
Regulatory Commissioners Arizona Nevada California Term Political Party Term Political Party Term Political Party Commissioner Commissioner Commissioner Expires Affiliation Expires Affiliation Expires Affiliation Nick Myers (chair) Jan. 2027 Republican Hayley Williamson Sept. John Reynolds Dec. Demo
Slide 38: Most Recent General Rate Case Outcome - Arizona
Most Recent General Rate Case Outcome - Arizona Arizona Rate Case Outcome On March 27, 2025, the ACC approved an increase in rates effective on approval. Southwest Gas and Staff Stipulation1 ACC Final Decision Rate Case Highlights Target Equity Ratio 48.5% 48.5% » The $80.2M revenue increase represe
Slide 39: Most Recent General Rate Case Outcome - Nevada
Most Recent General Rate Case Outcome - Nevada Nevada Rate Case1 Outcome Summary Dollars in millions Proposed Revenue Increase2 $73.9 ~98% of request after Depreciation Expense ($6.8) depreciation adjustment and Authorized $59 million revenue increase in Nevada; Cost of Service Adjustment ($1.6) bef
Slide 40: Select Recent Regulatory Activity
Select Recent Regulatory Activity Arizona Gas Cost Balancing Account (GCBA) Great Basin 2026 Expansion Project In response to lower purchased gas costs, Southwest Gas filed an application in Jan. 2025 to return an over-collected GCBA In April 2025, GBGTC filed an application with the FERC seeking ap
Slide 41: Affordability
Affordability Natural Gas is Often the Least Expensive Monthly Utility Bill for Customers $170 $142 $116 $58 $52 $48 Cable TV + Electric(3) Water and Mobile Streaming Natural Gas(5) Internet(1) Sewer(4) Phone(1) Services(1) $1,030 Savings 3.5x More Affordable Average saved by households using natura
Slide 42: Natural Gas Affordability Advantage
Natural Gas Affordability Advantage Natural Gas was 3.5x more affordable than electricity for the equivalent energy delivered in 2025. EIA’s long-term outlook shows natural gas will remain significantly more affordable, projected at 3.4x price ratio through 2050. National Residential Average Price F
Slide 43: Operating Cash Flows & Liquidity
Operating Cash Flows & Liquidity Cash Flows (millions) Three Months Ended Dec. 31 Net Cash Provided by Operating Activities 2026 2025 Southwest Gas Holdings (consolidated) $ 162 $ 291 Southwest Gas Corporation $ 214 $ 286 As of March 31, 2026 Southwest Gas Southwest Gas Liquidity (millions) Holdings
Slide 44: Strong Credit Profile Enables Efficient and Flexible Financing
Strong Credit Profile Enables Efficient and Flexible Financing of SWX’s Capital Plan 2025 S&P Adjusted FFO / Debt1 Downgrade Threshold Positioned to achieve long-term S&P Adjusted FFO / Debt targets of >17% while maintaining a 19.7% 18.6% balanced 50/50 capital structure at SWG Preserving a sizable
Slide 45: Debt Maturity Profile of Southwest Gas Corporation
Debt Maturity Profile of Southwest Gas Corporation $650 $600 $450 Limited near-term refinancing pressure, manageable refinancing needs and windows of opportunity throughout the debt tenor scale $333 $300 $300 $300 $250 $125 $75 $100 $50 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 203
Slide 46: Best-In-Class Governance
Best-In-Class Governance Board Tenure, Diversity, and Independence Established Governance Practices Southwest Gas Holdings’ Board composition is best-in-class from a diversity and independence perspective Southwest Gas Holdings’ corporate governance practices protect stockholder rights and drive acc
Slide 47: Safety and Damages Performance
Safety and Damages Performance Health Family We honor our commitment to safety in all that we do for: Company Community Responded to 76.4% of calls MILES OF Committed to reducing 14% EARLY within 30 minutes1 excavation damages VINTAGE $408 million PLASTIC PIPE1 As a result of our mitigation efforts,
Slide 48: System Reliability and Integrity
Distribution System Leak Rate System Reliability and Integrity 0.20 49,620 52,226 53,857 57,090 60,000 Miles of Distribution Pipe Leak Rate (Leaks/Mile) 0.18 41,362 50,000 0.15 33,490 40,000 27,149 0.10 30,000 0.09 20,000 0.05 0.07 0.05 10,000 0.05 0.04 0.03 - - 1990-1994 1995-1999 2000-2004 2005-20
Slide 49: Customer Satisfaction
Customer Satisfaction Recognizing Southwest Gas’ commitment to Customer Satisfaction Enhancing the Customer Experience At Southwest, we have achieved an 95% » Developed Customer Experience Department average overall customer satisfaction rating of 95% over the » Continuous process improvement Custom
Slide 50: Environmental Information
Environmental Information Supporting Innovative Low Carbon Energy Solutions Renewable Natural Gas Hydrogen With six interconnects located throughout our Southwest Gas has partnered with Universities service territory, Southwest Gas is working with & Utilities to study the performance of natural part
Slide 51: Community Giving
Community Giving Strengthening communities is part of the Southwest Gas culture, and we recognize the important role we play in helping foster a sustainable future for all. Employee Donations1 Employee contributions $2.4mm to local nonprofit organizations Foundation Donations1 Corporate donations $2
Slide 52: Workforce Highlights
Workforce Highlights Southwest recognizes that employees are our most valued assets. We strive to create a safe environment, meaningful work, and opportunities to grow and thrive. The Employee Experience 2024 Reporting Year Diversity Highlights1 Competitive, Market-Driven Pay Gender Diversity Ethnic
Slide 53: Non-GAAP Measures
Non-GAAP Measures ($ in millions) Adjusted income and adjusted EPS from continuing operations, Corporate & Administrative adjusted net loss and adjusted EPS, and Southwest Gas adjusted net income and adjusted EPS for the twelve months ended December 31, 2025, adjusts for state income tax apportionme
Slide 54: Non-GAAP Measures (Continued)
Non-GAAP Measures (Continued) ($ in millions) SWX S&P FFO Calculation 2025 SWG S&P FFO Calculation 2025 Revenue $ 1,940.4 Revenue $ 1,942.5 Cost of Goods Sold (497.6) Net Cost of Gas Sold (497.6) Operating Expenses (544.1) Operations and Maintenance (537.6) General Taxes (94.1) Taxes Other than Inco
Slide 55: Contact Information
Confidential Investors & Analysts Tyler Franek Manager, Investor Relations (702) 876-7263 tyler.franek@swgas.com CONTACT INFORMATION 55
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