Atmos Energy Corporation · NYSE:ATO
Atmos Energy — Q2 2026 Earnings Presentation
29 slides from Atmos Energy's earnings presentation, May 7, 2026
Slide 1: Analyst Call to Review Fiscal 2026 Second Quarter Financial Results
Analyst Call to Review Fiscal 2026 Second Quarter Financial Results May 7, 2026 10:00 a.m. Eastern
Slide 2: Fiscal Q2 2026 Review
Fiscal Q2 2026 Review As of May 6, 2026 Page 2
Slide 3: Q2 Fiscal 2026 Financial Performance: Highlights
Q2 Fiscal 2026 Financial Performance Fiscal 2026 Highlights • Financial Performance • YTD Diluted EPS of $5.92 • $2.0 billion in capital spending; 89% allocated to safety and reliability spending • Raised fiscal 2026 EPS guidance range to $8.40 to $8.50 from $8.15 to $8.35 • 14.9% increase in fiscal
Slide 4: Consolidated Financial Highlights
Q2 Fiscal 2026 Financial Performance Consolidated Financial Highlights Three Months Ended Six Months Ended March 31 March 31 Segment Net Income ($millions, except EPS) 2026 2025 2026 2025 Distribution $ 437 $ 381 $ 707 $ 621 Pipeline & Storage 145 105 278 216 Net Income $ 582 $ 486 $ 985 $ 837 Dilut
Slide 5: Segment Operating Income Highlights: Three Months
Q2 Fiscal 2026 Financial Performance Segment Operating Income Highlights Three Months Ended March 31 2026 2025 Change ($millions) Distribution $ 565.9 $ 483.7 $ 82.2 Pipeline & Storage 198.9 145.2 53.7 Operating Income $ 764.8 $ 628.9 $ 135.9 Distribution Key Drivers Pipeline & Storage Key Drivers •
Slide 6: Segment Operating Income Highlights: Six Months
Q2 Fiscal 2026 Financial Performance Segment Operating Income Highlights Six Months Ended March 31 2026 2025 Change ($millions) Distribution $ 915.1 $ 799.8 $ 115.4 Pipeline & Storage 364.4 288.7 75.8 Operating Income $ 1,279.6 $ 1,088.4 $ 191.2 Distribution Key Drivers Pipeline & Storage Key Driver
Slide 7: Capital Spending Highlights
Q2 Fiscal 2026 Financial Performance Capital Spending Highlights $millions Fiscal 2026 YTD CapEx Repair and replace transmission and $ 992 distribution pipelines 276 Fortifications 239 Service line replacement Install & replace measurement & regulating 150 equipment 103 Enhance storage and compressi
Slide 8: Strong Financial Foundation Supports Capital Spending Program
Q2 Fiscal 2026 Financial Performance Strong Financial Foundation Supports Capital Spending Program Capitalization and Liquidity Profile Total Capitalization Liquidity Profile as of March 31, 2026 100% $6,000 $5,000 39% 40% 75% $126 $4,000 $890 $4.1 billion 50% $3,000 Available $100 Liquidity as $1,5
Slide 9: Financing Highlights
Q2 Fiscal 2026 Financial Performance Financing Highlights • $600 million of long-term debt financing issued • $600 million 5.45% 30-year senior notes issued in October 20251 • Equity needs satisfied through our ATM program • $672.0 million in settled equity forward arrangements • $0.9 billion availa
Slide 10: Manageable Debt Maturity Schedule Supports Capital Spending Program
Q2 Fiscal 2026 Financial Performance Manageable Debt Maturity Schedule Supports Capital Spending Program Weighted Average Maturity ~17.2 Years $1,100 4.168% $950 3.73% $750 $725 Total Amount Maturing 4.125% 5.90% $650 $600 $600 5.00% $600 1.50% 4.30% 5.45% $500 $500 $500 $500 3.00% 2.625% 4.15% 6.20
Slide 11: Strong Investment Grade Ratings Support Affordable Customer Bills
Q2 Fiscal 2026 Financial Performance Strong Investment Grade Ratings Support Affordable Customer Bills Weighted Average Cost of Debt $12,000 5.0% 4.3% 4.5% 4.1% 4.2% $10,000 3.8% 4.0% 4.0% Strong Investment Grade Credit Ratings 3.5% Standard & $8,000 Moody’s Poor’s Interest Rate % Net Long Term Debt
Slide 12: Regulatory Highlights
Q2 Fiscal 2026 Financial Performance Regulatory Highlights Approved Annualized Key Rate Activity Operating Income Increases1,2 Through May 6, 2026 $800 • $136.1MM Implemented $750 • $138.5MM – Mid-Tex Cities RRM $700 • $ 12.3MM – Kansas General Case $650 • $ 4.7MM – Kentucky PRP $600 • ($ 23.2MM) –
Slide 13: Financial Outlook: Fiscal 2026E Guidance
Financial Outlook Fiscal 2026E Guidance ($millions, except EPS) FY 2025 FY 2026E1 Distribution $ 747 $ 865 - 875 Pipeline & Storage 452 545 - 555 Total Net Income $ 1,199 $ 1,410 - 1,430 Average Diluted Shares 161 168 – 171 Diluted EPS2 $ 7.46 $ 8.40 - 8.50 Capital Spending $ 3,561 $ ~4,200 1. Chang
Slide 14: Financial Outlook: Selected Expenses Guidance
Financial Outlook Fiscal 2026E Guidance Selected Expenses FY 2025 FY 2026E1 ($millions) O&M, excluding bad debt expense $ 874 $ 865 - 885 D&A $ 735 $ 795 - 805 Interest $ 172 $ 155 - 160 Income Tax $ 279 $ 360 - 370 Effective Tax Rate 19% 19% - 21%2 1. Changes in events or other circumstances that t
Slide 15: Regulatory Information
Regulatory Information As of May 6, 2026 Page 15
Slide 16: Regulatory Mechanisms To Support Recovery
Regulatory Mechanisms To Support Recovery Annual Revenue and Revenue Stability and Lag Mechanisms Lag Mechanisms Pension and Annual Rate Bad Debt in SSI CAMT Cloud Jurisdiction Infrastructure Retirement Cost WNA 1 Stabilization GCA Recovery Recovery Computing Trackers Colorado Kansas Ken
Slide 17: Key Regulatory Filings – Fiscal 2026E
Key Regulatory Filings – Fiscal 2026E Rate Filing Planned Timing Q1 Q2 Q3 Q4 October – December January – March April – June July – September Kansas – Anticipate filing Gas Safety Colorado – Implemented System Safety & Kansas – Implemented System Integrity Virginia – Implemented SAVE filing of $0.5M
Slide 18: Regulatory Summary
Regulatory Summary Date of Authorized Requested Authorized Effective Date Requested Authorized Requested Authorized Requested Requested Last Rate Operating Operating Rate Base Debt/ Meters Jurisdiction Fn. of Last Rate (1) Rate Base Rate of Rate of Return on Return on Debt/Equity Filing Income Incom
Slide 19: Regulatory Summary (continued)
Regulatory Summary (continued) Effective Date of Authorized Requested Authorized Requested Authorized Requested Authorized Requested Requested Date of Last Rate Operating Operating Rate Base Debt/ Meters Jurisdiction Fn. Rate Base Rate of Rate of Return on Return on Debt/Equity Last Rate Filing Inco
Slide 20: Atmos Pipeline - Texas
Atmos Pipeline - Texas • Atmos Pipeline: Filed 2026 GRIP on February 13, 2026 • Requested an increase in annual operating income of $112.2 million • Requested ROE: 11.45%; ROR: 8.49% • Requested capital structure: 40% debt / 60% equity • Requested rate base: $5.9 billion • Test year ended: December
Slide 21: Colorado - Kansas Division
Colorado - Kansas Division • Kansas: Implemented System Integrity Program (SIP) on April 1, 2026 • Authorized an increase in annual operating income of $0.8 million • Authorized rate base: $32.8 million • Test year ending December 31, 2025 • Kansas: Implemented General Rate Case on March 1, 2026 • A
Slide 22: Colorado - Kansas Division
Colorado - Kansas Division • Kansas: Implemented Gas Safety Reliability Surcharge (GSRS) on December 4, 2025 • Authorized an increase in annual operating income of $1.9 million • Authorized rate base: $54.1 million • Test year ending June 30, 2025 • Colorado: Filed General Rate Case on November 25,
Slide 23: Kentucky/Mid-States Division
Kentucky/Mid-States Division • Tennessee: Filed Annual Review Mechanism (ARM) on January 30, 2026 • Requested an annual operating income increase of $14.7 million • Requested ROE: 9.80%; ROR: 7.56% • Requested capital structure: 40% debt / 60% equity • Requested rate base: $694.3 million • Kentucky:
Slide 24: Louisiana Division
Louisiana Division • Louisiana: Filed Annual Rate Stabilization Clause (RSC) on March 31, 2026 • Requested an annual operating income increase of $30.8 million • Requested ROE: 9.80%; ROR: 7.49% • Requested capital structure: 42% debt / 58% equity • Requested rate base: $1.5 billion • Test year endi
Slide 25: Mid-Tex Division
Mid-Tex Division • Mid-Tex Cities: Filed RRM on April 1, 2026 • Requested an increase in annual operating income of $273.2 million • Requested ROE: 9.80%; ROR: 7.60% • Requested capital structure: 40% debt / 60% equity • Requested rate base: $9.9 billion • Test year ending December 31, 2025 • Mid-Te
Slide 26: Mid-Tex Division
Mid-Tex Division • Mid-Tex Cities: Filed Dallas Annual Rate Review on January 15, 2026 • Requested an increase in annual operating income of $35.8 million • Requested ROE: 9.80%; ROR: 7.56% • Requested capital structure: 40% debt / 60% equity • Requested rate base: $9.4 billion • Test year ending Se
Slide 27: Mississippi Division
Mississippi Division • Mississippi: Filed Stable Rate Filing (SRF) on March 31, 2026 • Requested an increase in annual operating income of $37.8 million • Requested ROE: 9.40%; ROR: 6.82% • Requested capital structure: 50% debt / 50% equity • Requested rate base: $1.3 billion • Historic test year 12
Slide 28: West Texas Division
West Texas Division • West Texas Cities: Filed RRM on April 1, 2026 • Requested an increase in annual operating income of $13.4 million • Requested ROE: 9.80%; ROR: 7.60% • Requested capital structure: 40% debt / 60% equity • Requested rate base: $1.4 billion • Test year ending December 31, 2025 • W
Slide 29: Forward Looking Statements
Forward Looking Statements The matters discussed or incorporated by reference in this presentation may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than statements of