Southwest Gas Holdings, Inc. · NYSE:SWX
Southwest Gas — Q3 2026 Earnings Presentation
33 slides from Southwest Gas's earnings presentation, Nov 4, 2026
Slide 1: Third Quarter 2026 Results
EARNINGS CONFERENCE CALL Third Quarter 2026 Results November 4, 2026
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: Non-GAAP Measures
Non-GAAP Measures This presentation contains financial measures that have not been calculated in accordance with accounting principles generally accepted in the U.S. (“GAAP”). These non-GAAP measures include (i) Southwest Gas Holdings adjusted earnings (loss) per diluted share from continuing operat
Slide 4: Speakers and Agenda
Speakers and Agenda PRESENTATION AGENDA Strategic and Business Update Regulatory and Economic Update Financial Update Guidance and Justin Brown Justin Forsberg Outlook PRESIDENT AND CEO PRESIDENT AND CEO CFO AND TREASURER SOUTHWEST GAS HOLDINGS SOUTHWEST GAS HOLDINGS SOUTHWEST GAS HOLDINGS
Slide 5: Key Messages
Key Messages A PURE PLAY FULLY REGULATED NATURAL GAS BUSINESS POSITIONED FOR GROWTH AND COMMITTED TO DELIVERING LONG-TERM VALUE • Safe, reliable, and affordable natural gas service anchored by a strong safety culture, pursuit of operational excellence, and commitment to continuous improvement 3Q 202
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) ü 1Q 2026 AZ System Integrity Mechanism ("SIM") Filing ($50 million capital tracker) ü 1Q 2026 NV Rate Case Filing ü 1Q 2026 CA Rate Case Approval Excluding Cost of Capital ü
Slide 7: Delivering Strong Results
Delivering Strong Results Finished the quarter with nearly $0.7 billion in available liquidity Corporate and administrative expenses for the third quarter of 2026 reflect $2.8 million lower interest expense related to repayment of all debt that was outstanding throughout the same period in 2025 and
Slide 8: Regulatory and Economic Update
Regulatory and Economic Update
Slide 9: 2026 Nevada General Rate Case
2026 Nevada General Rate Case Nevada Rate Case1 Outcome Summary In March 2026, Southwest Gas filed a rate case requesting a revenue increase of approximately $74 million2. Rate Case was completed in October of 2026 with rates effective in October 2026. Southwest Gas Request As Approved3 at Certifica
Slide 10: Regulatory Update - Arizona
Regulatory Update - Arizona Arizona Rate Case Filing Summary In February 2026, Southwest Gas filed a rate case requesting a revenue increase of approximately $91.3 million1, with rates anticipated to become effective April 2027. Intervenor testimony filed for cost-of-capital, rate design, and revenu
Slide 11: Great Basin 2028 Expansion Project Overview
Great Basin 2028 Expansion Project Overview 2028 Brownfield Expansion Project Highlights: • Executed binding precedent agreements for 2028 in-service date • Contracted demand: 1.0 Bcf/day (executed BPAs1 and received surety) • Estimated incremental capital investment: ~$2.3B Expected Project Schedul
Slide 12: Financial Update
& Southwest Gas.. HOLOINGS Financial Update
Slide 13: 3Q 2026 SWX Adjusted EPS Walk
3Q 2026 SWX Adjusted EPS Walk CONTINUING OPERATIONS ADJ. EARNINGS PER DILUTED SHARE FINANCIAL HIGHLIGHTS RELATED TO CONTINUING OPERATIONS1 • Natural Gas Distribution segment adjusted results primarily Favorable impact benefited from rate relief in California and Arizona, continued customer growth, l
Slide 14: 3Q 2026 Natural Gas Distribution Segment Adjusted Net Income
3Q 2026 Natural Gas Distribution Segment Adjusted Net Income Year-over-year net income key drivers include: NATURAL GAS DISTRIBUTION SEGMENT (parentheses indicate unfavorable net income drivers) Favorable impact Unfavorable impact Adj. Net Income1 ($ in millions) Operating Margin • $3.2 million of i
Slide 15: 2026 Expected Sources & Uses
2026 Expected Sources & Uses PLAN HIGHLIGHTS & ASSUMPTIONS • Significant beginning cash balance, primarily a result of remaining proceeds from Centuri Holdings, Inc. separation in September 2025 Available for future investment • Potential of up to ~$325 million net SWG debt issuance, and up to SWG B
Slide 16: Balance Sheet Strength
Balance Sheet Strength SWX and SWG are positioned to maintain an investment grade profile, targeting S&P FFO/Debt >17% over time Net Debt1 ($ in billions) Credit Ratings and Outlook3 Net Debt Moody’s Standard and Poor’s Fitch Total PGA2 Cash Net Debt net of Debt Balance Ratings Outlook Ratings Outlo
Slide 17: 2026 and Forward-Looking Financial Guidance
2026 and Forward-Looking Financial Guidance Reaffirmed 2026 and long-term guidance metrics that include assumptions for alternative rate making in AZ and NV, and the Great Basin 2028 Expansion Project4 12.0% – 14.0% $6.3 Billion 5-Year Capital Plan 9.5% – 11.5% 5-year Adj. EPS CAGR1 (2026E – 2030E)
Slide 18: Contact
Contact INVESTORS & ANALYSTS: Will Batista DIRECTOR, INVESTOR RELATIONS, SUSTAINABILITY AND STAKEHOLDER ENGAGEMENT (702) 364-3406 will.batista@swgas.com MEDIA: Sean Corbett MANAGER, CORPORATE COMMUNICATIONS (702) 364-3310 corpcomms@swgas.com
Slide 19: Appendices
Appendices ® Southwest Gas. HOLDINGS
Slide 20: Regulatory Update
Regulatory Update SWG remains committed to a purposeful regulatory strategy intended to support the timely recovery of prudent investments California Nevada Arizona Requested Requested Requested Docket # 24-09-001 Docket # 26-03021 Docket # G-01551A-26-0018 Filing Date September 6, 2024 Filing Date
Slide 21: Opportunities for Alternative Ratemaking in Nevada and Arizona
Opportunities for Alternative Ratemaking in Nevada and Arizona NV SB 417 Arizona and Nevada Anticipated Rate Case Roadmap In June of 2025, Governor Lombardo signed Senate Potential Bill 417 (“SB 417”), allowing General alternative ratemaking plans Rates alternative rate case ratemaking in Nevada NV
Slide 22: 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 Basin7 5-Year Capital Plan1,3 5-Year Rate Base Growth1 (in billions) (in billions) Southwest Gas GB 2028 Expansion Project Incremental R
Slide 23: Committed to Delivering Value Through Continuous Dividend Growth
Committed to Delivering Value Through Continuous Dividend Growth SWX ANNUAL DIVIDEND PER SHARE 4% • Southwest Gas Holdings has paid a dividend every Announced Increase year since 1956 • February 25, 2026: Southwest Gas Holdings Board of Directors announced an expected increase in its annual dividend
Slide 24: Financial Guidance Drivers and Assumptions
Financial Guidance Drivers and Assumptions 2026 2027 2028 2029 2030 Net Income Drivers Potential AZ and NV FERC Filing AZ and NV Filings Tracking Periods CA Filing AZ & NV Formula Rate Adjustments Margin Assuming rate case outcomes in line with historical experience ~1.4% Annual Net Customer Growth
Slide 25: Summary of Gas Cost Balances and Recovery Mechanisms
Summary of Gas Cost Balances and Recovery Mechanisms PGA1 Balance and Recovery Mechanism Summary September 30, 20252 Receivable (Payable) June 30, 20262 Receivable (Payable) September 30, 20262 Receivable Gas Cost Rate Return of Nevada PGA Balance State Carrying Cost Rate Adjustment Balance Balance
Slide 26: 2025 California General Rate Case
2025 California General Rate Case 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 Request As Approved Target Equity Ratio 50% 50% Return on Equity 11.35% 10% Rate B
Slide 27: 2025 Arizona General Rate Case
2025 Arizona General Rate Case Arizona Rate Case Outcome On March 27, 2025, the ACC approved an increase in rates effective on approval. Rate Case Highlights Southwest Gas and Staff Stipulation1 ACC Final Decision » The $80.2M revenue increase represents 64% of the original request Target Equity Rat
Slide 28: 2025 Great Basin General Rate Case
2025 Great Basin General Rate Case 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 mill
Slide 29: Nevada Gas Resource Plan
Nevada Gas Resource Plan Nevada Gas Resource Plan required by Senate Bill 281, filed September 2025 and approved in April of 2026 Prudency pre-determinations for ~$186 million of capital investment: To ensure increased energy demand is met, respond to economic growth, and fortify safety and system r
Slide 30: SWG Regulatory Update – Other Regulatory Activity
SWG Regulatory Update – Other Regulatory Activity Arizona Gas Cost Balancing Account (GCBA) California Hydrogen Demonstration Project In response to lower purchased gas costs, Southwest Gas filed an application in Jan. 2025 to return an over-collected Application pending before California Public Uti
Slide 31: 3Q 2026 Financial Results
3Q 2026 Financial Results CONSOLIDATED Three Months Ended Nine Months Ended Results of Consolidated Operations September 30, September 30, (in millions, except per share items) 2026 2025 2026 2025 Natural gas distribution income1 $ 13.3 $ 6.3 $ 191.8 $ 194.9 Corporate and administrative income (loss
Slide 32: Summary of Operating Results
Summary of Operating Results NATURAL GAS DISTRIBUTION SEGMENT Three Months Ended Nine Months Ended Results of Operations1 September 30, September 30, (in thousands of dollars) 2026 2025 2026 2025 Regulated operations revenues $ 298,183 $ 316,911 $ 1,241,456 $ 1,459,645 Net cost of gas sold 20,119 42
Slide 33: Non-GAAP Measures
Non-GAAP Measures Three Months Ended Nine Months Ended (in thousands, except per share items) September 30, September 30, Adjusted Net Income and Adjusted EPS from Continuing Operations 2026 2025 2026 2025 Net income (loss) from continuing operations $ 12,783 $ (3,667) $ 193,279 $ 129,890 State inco
Southwest Gas Holdings — Q3 2026 Earnings Presentation on 6ix