Slide 1: January 2026 Investor Deck
NiSource OUR VISION IS TO BEA PREMIER, INNOVATIVE & TRUSTED ENERGY PARTNER JANUARY 2026 INVESTOR DECK
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"). Investors
Slide 3: NiSource: A Differentiated Value Proposition with Enduring Investment Thesis
NISOURCE: A DIFFERENTIATED VALUE PROPOSITION WITH ENDURING INVESTMENT THESIS SUSTAINABLE, PROGRAMMATIC Diversified $28B1 five-year plan spanning electric generation, gas modernization, and maintenance of CAPITAL EXPENDITURES distribution and transmission assets across six states. CONSTRUCTIVE Midwes
Slide 4: A Premier, Innovative & Trusted Energy Partner
A PREMIER, INNOVATIVE & TRUSTED ENERGY PARTNER* We exist to deliver safe, reliable and competitive energy that drives value to our customers ENHANCED VALUE PROPOSITION DRIVING SUSTAINABLE GROWTH Value Proposition Rate Base by Jurisdiction6 As of October 29, 2025 NiSource offers a diversified and CMD
Slide 5: 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 Adjusted EPS2 Results Top Decile Historical Adjusted EPS Growth Off Actual Results4 2021-2024 Non-GA
Slide 6: Business Updates January 2026
BUSINESS UPDATES JANUARY 2026 Columbia Gas of Pennsylvania Rate Case: The Pennsylvania Public Utility Commission approved a $55.6 million revenue December increase effective January 1, 2026, an authorized ROE of 10.00%, and a 54.4% equity layer. 4th Governor Braun announced appointments to fill the
Slide 7: Sustainable Investment Opportunities for Customers and Communities
SUSTAINABLE INVESTMENT OPPORTUNITIES FOR CUSTOMERS AND COMMUNITIES $28.0B1 capital investment over 5-year plan 8.0 $21.0 billion Base Plan ~$7.0 billion1 GenCo 7.0 6.0 5.0 4.0 3.0 2.0 1.0 0.0 2026 2027 2028 2029 2030 $5.1 - $5.5B* $5.2 - $5.6B* $5.5 - $5.9B* $5.9 - $6.3B* $4.7 - $5.1B* Gas System Ha
Slide 8: 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 $1.2 - $1.4
Slide 9: 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, transmis
Slide 10: Detailed Capital Investment Breakdown
DETAILED CAPITAL INVESTMENT BREAKDOWN* 2026-2030 Consolidated Plan by Operating Company CKY CMD CVA <5% <5% 5%-10% NIPSCO E CPA 25%-30% 5%-10% NIPSCO G 10%-15% GenCo 20%-25% COH 15%-20% * Information as of 3Q2025 Earnings Report, dated 10/29/2025 Capital investments include 100% of NIPSCO and 100% o
Slide 11: 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% ~9% Gas System IT and Facilities Hardening ~9% ~39% 0-6 Month Recovery ~55% Electric System Modernization 7
Slide 12: Building a Constructive Regulatory Foundation
BUILDING A CONSTRUCTIVE REGULATORY FOUNDATION 2023 2024 2025 2026 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Approved Step 2 Step 1 Rate Case Step 1 Rates Rates Filed Settled Approved Rates NIPSCO Electric TDSIC 3 TDSIC 5 TDSIC 6 GCT TDSIC 7 TDSIC 8 Trackers Approved Approved Approved Approved Approved Fil
Slide 13: Balance Sheet Provides Flexible Base for Investment
BALANCE SHEET PROVIDES FLEXIBLE BASE FOR INVESTMENT* FUNDING SOURCES FOR $28.0B6 CONSOLIDATED CAPITAL INVESTMENT PLAN (2026-2030) TARGETING 14%-16% FFO/DEBT5 Net New ANNUALLY THROUGH 2030 Debt1 40%-45% • Consolidated Plan Capital includes $300-$500 million of annual equity raised via ATM from 2026-2
Slide 14: GenCo: A Differentiated Approach to Deliver Critical Power at a Critical Time
GENCO: A DIFFERENTIATED APPROACH TO DELIVER CRITICAL POWER AT A CRITICAL TIME* GenCo Traditional Models Regulated by the Indiana Utility Regulatory Commission (IURC) Return-On and Return-Of GenCo returns through commercial partnership; Traditional model returns through rate-making tariff Speed to M
Slide 15: NIPSCO and GenCo Structure
NIPSCO AND GENCO STRUCTURE* 80.1% 80.1% • New data center customers will enter into a NiSource Inc. contract with NIPSCO to provide long-term Blackstone Blackstone electric service – GenCo selects generation assets 19.9% 19.9% NIPSCO Holdings Generation Holdings – NIPSCO will bill the customer consi
Slide 16: Highlights from the Special Contract Filing with Amazon
HIGHLIGHTS FROM THE SPECIAL CONTRACT FILING WITH AMAZON NIPSCO residential customers are expected to receive a monthly bill credit beginning in 2027, reaching $7-$9 per month in 20331 Enables Customer Affordability Anticipated to provide ~$1 billion of cost savings to existing customers over the lif
Slide 17: Key Milestones
KEY MILESTONES IURC Special GenCo Updated Special Special Contract Contract Project Full Ramp Declination Financial Plan Contract Announcement Approval Construction Expected By Final Order Commitments Filed with the Sept 22nd Expected by 2026-2032 2032 Sept 24th 3Q 2025 IURC Nov 7th 1H 2026 Benefits
Slide 18: Ongoing GenCo Strategic Negotiations of 1 to 3 GW
ONGOING GENCO STRATEGIC NEGOTIATIONS OF 1 TO 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 ▪ Availability of land at attractive price
Slide 19: Highly Executable Financial Commitments
HIGHLY EXECUTABLE FINANCIAL COMMITMENTS As of October 29, 2025 9%-11% 8%-9% Consolidated Consolidated Rate Base2 Adj EPS3 CAGR Growth 2026-2033 2026-2033 55%-65% 8%-10% Dividend Payout 6%-8% Base Plan Ratio Target Annual Base Plan Rate Base Adj EPS3 Growth Growth 2026-2030 $2.0B $21.3B 2026-2030 14%
Slide 20: Appendix
NiSource OUR VISION IS TO BEA PREMIER, INNOVATIVE & TRUSTED Appendix ENERGY PARTNER
Slide 21: Schedule 1 - Reconciliation of Consolidated Net Income to Adjusted Net Income
NiSource Inc. Schedule 1 - Reconciliation of Consolidated Net Income Available to Common Shareholders to Adjusted Net Income Available to Common Shareholders (Non-GAAP) (unaudited) For the Year Ended (in millions, except per share amounts) 2024 2023 2022 2021 GAAP Net Income Available to Common Shar