Nisource Inc · NYSE:NI
Nisource — 2026 AGA Financial Conference
23 slides from Nisource's conference presentation, May 17, 2026
Slide 1: Supplemental Slides: 2026 AGA Conference
SUPPLEMENTAL SLIDES 2026 AGA Conference May 16-19, 2026
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"). These forw
Slide 3: Highly Executable Financial Commitments
HIGHLY EXECUTABLE FINANCIAL COMMITMENTS 9%-11% 9%-10% Consolidated Consolidated Rate Base2 Adj EPS3 CAGR CAGR 2026-2033 2026-2033 55%-65% 8%-10% Dividend Payout 6%-8% Base Plan Ratio Target Annual Base Plan Rate Base Adj EPS3 Growth $2.0B $25.1B CAGR 2026-2030 2026-2030 14%-16% Strategic YE 2025 Reg
Slide 4: Recent GenCo Developments Driving $1.4 Billion of Customer Savings
RECENT GENCO DEVELOPMENTS DRIVING $1.4 BILLION OF CUSTOMER SAVINGS • Alphabet Announcement – Signed agreement to provide long-term electric service and capacity using pool resource assets • Amazon Collaboration – Signed amendment accelerating the energization of Amazon sites and associated credits f
Slide 5: GenCo Pool Strategy Enables Flexible and Scalable Growth
GENCO POOL STRATEGY ENABLES FLEXIBLE AND SCALABLE GROWTH Portfolio of Assets Deployed Across Multiple Customers Driving Value & Optionality Embedded Risk Management Potential Pool Customers – Scalable and repeatable growth to support increasing large-load demand by efficiently – Supply backed by str
Slide 6: Ongoing GenCo Strategic Negotiations of 3 GW
ONGOING GENCO STRATEGIC NEGOTIATIONS OF 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 Up To Availability of land at attractive price
Slide 7: Upcoming Milestones
UPCOMING MILESTONES 2025 2026-2032 Updated GenCo Financial Declination Plan NiSource Final Order Commitments Ongoing GenCo Strategy Development Strategy Sept 24th 3Q 2025 Special Acceleration IURC Special Contract Zoning Incremental Amendment Special Civil Site First Load Full Contract Filed Applica
Slide 8: GenCo: A Differentiated Approach to Deliver Critical Power
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 9: 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 10: Expanding Electric Generation: Powering Growth and the Energy Transition
EXPANDING ELECTRIC GENERATION: POWERING GROWTH AND THE ENERGY TRANSITION 16.0 • Investments strategically focused on reliability, sustainability, and responsiveness Up to 9 GW 3 14.0 to evolving market needs • Balanced portfolio positioned to deliver safe, reliable, and affordable energy while enabl
Slide 11: Financial Forecast Enhanced with Continued Execution and GenCo Advancements
FINANCIAL FORECAST ENHANCED WITH CONTINUED EXECUTION AND GENCO ADVANCEMENTS Adjusted EPS1 Guidance Consolidated Adjusted EPS1 CAGR (2026-2033): 9%-10% Base Plan Annual Adjusted EPS2 Growth (2026-2030): 6%-8% $0.40-$0.60 $0.25-$0.35 2026 Base Plan Adjusted EPS2 Range $2.01-$2.05 GenCo Adjusted EPS3 R
Slide 12: 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 Top Decile Historical Adjusted EPS Growth Adjusted EPS2 Results Off Actual Results 9% YoY 2021-2025
Slide 13: Sustainable Investment Opportunities for Customers and Communities
SUSTAINABLE INVESTMENT OPPORTUNITIES FOR CUSTOMERS AND COMMUNITIES 5-Year Plan: $28.6B1 Capital Investment $21.0 billion Base Plan 8.0 $7.6 billion1 GenCo 7.0 6.0 Base Plan Upside Electric Generation 5.0 Growth IT & Facilities 4.0 Electric System Modernization 3.0 GenCo Gas System Hardening 2.0 0 –
Slide 14: 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 $1.3 - $1.5
Slide 15: 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, transmiss
Slide 16: Detailed Capital Investment Breakdown
DETAILED CAPITAL INVESTMENT BREAKDOWN 2026-2030 Consolidated Plan by Operating Company CKY CMD CVA <5% <5% 5%-10% GenCo CPA 23%-28% 5%-10% NIPSCO G 10%-15% NIPSCO E 22%-27% COH 15%-20% Note: Capital investments include 100% of NIPSCO and 100% of GenCo 16 Total excluding Upside capital investments
Slide 17: 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% ~8% Gas System IT and Facilities Hardening ~9% ~38% 0-6 Month Recovery Electric System ~56% Modernization 7-
Slide 18: Balance Sheet Provides Flexible Base for Investment
BALANCE SHEET PROVIDES FLEXIBLE BASE FOR INVESTMENT FUNDING SOURCES FOR $28.6B6 CONSOLIDATED CAPITAL INVESTMENT PLAN (2026-2030) TARGETING 14%-16% FFO/DEBT5 Net New ANNUALLY THROUGH 2030 Debt1 40%-45% • Consolidated Plan Capital includes $400-$600 million of annual equity raised via ATM from 2026-20
Slide 19: Building a Constructive Regulatory Foundation
BUILDING A CONSTRUCTIVE REGULATORY FOUNDATION 2023 2024 2025 2026 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Approved Step 2 Step 1 Step 2 Rate Case Step 1 Rates Rates Filed Settled Approved Rates Rates NIPSCO Electric TDSIC 3 TDSIC 5 TDSIC 6 GCT 1 GCT 2, TDSIC 7 GCT 3 TDSIC 8 Trackers Approved Approved Ap
Slide 20: Appendix
hiSource OUR VISION IS TO BEA PREMIER, INNOVATIVE & TRUSTED Appendix ENERGY PARTNER on
Slide 21: GenCo Supply-Side Solutions
GENCO SUPPLY-SIDE SOLUTIONS Supply-Side Solution Size1 Ownership Structure Investment2 Status Dedicated Resource Assets Mitchell Battery 400 MW Full Ownership Construction Amazon CCGT 1,300 MW Full Ownership ~$7.0B Construction CCGT 1,300 MW Full Ownership Construction Total 3,000 MW ~$7.0B Pool Res
Slide 22: Schedule 1 - Reconciliation of Consolidated Net Income Available to Common Shareholders
NiSource Inc. Schedule 1 - Reconciliation of Consolidated Net Income Available to Common Shareholders to Adjusted Net Income Available to Common Shareholders (Non-GAAP) and Consolidated Adjusted Earnings Per Share (Non-GAAP) (unaudited) Three Months Ended March 31, (in millions, except per share amo
Slide 23: Schedule 2 - Reconciliation of Consolidated Net Income Available to Common Shareholders
NiSource Inc. Schedule 2 - Reconciliation of Consolidated Net Income Available to Common Shareholders to Adjusted Net Income Available to Common Shareholders (Non-GAAP) (unaudited) 23