NiSource (NI) investor relations material

Strategic vision and value proposition

• Aims to be a premier, innovative, and trusted energy partner, focusing on safe, reliable, and competitive energy delivery to customers.

• Differentiated by a diversified, regulated utility portfolio and significant opportunities in gas infrastructure and energy transition.

• Programmatic $28.6B five-year capital plan spans electric generation, gas modernization, and infrastructure maintenance across six states.

• Regulatory mechanisms enable rapid capital recovery, with about 85% of capital spend recovered within 12 months.

• Strong balance sheet targets 14%-16% FFO/Debt, supporting capital access and translating rate base growth into 9%-10% adjusted EPS CAGR through 2033.

Financial performance and guidance

• Expects 12%-13% average annual total shareholder return and 9%-10% consolidated adjusted EPS CAGR from 2026-2033.

• Annual base plan adjusted EPS growth projected at 6%-8% for 2026-2030.

• Consolidated rate base growth forecasted at 9%-11% from 2026-2033.

• Dividend payout ratio targeted at 55%-65%.

• Net Zero goal for Scope 1 and 2 emissions by 2040.

Capital investment strategy

• Five-year capital investment plan allocates $21.0B to base plan and $7.6B to GenCo/data center initiatives.

• Capital investments distributed across NIPSCO, Columbia, and GenCo, with annual consolidated investments ranging from $4.7B to $6.3B through 2030.

• Funding sources include 45%-50% cash from operations, 40%-45% net new debt, 5%-10% equity, and 3%-5% minority interest contributions.

• Capital plan supports both regulated and data center-related growth, with incremental opportunities in data centers, transmission, and modernization.