NiSource (NI) Q1 2025 earnings summary

Executive summary

• Q1 2025 GAAP net income rose to $474.8M ($1.00 per diluted share) from $344.3M ($0.77 per share) year-over-year, with adjusted EPS up 15% to $0.98, driven by regulated revenue growth, capital recovery, and higher customer demand.

• Reaffirmed 2025 adjusted EPS guidance of $1.85–$1.89 and 6%–8% annual EPS growth through 2029, supported by operational excellence and sustainable infrastructure investment.

• Continued focus on energy transition, retiring coal-fired generation, expanding renewables, and advancing data center and mega-load customer strategies in Indiana.

• Operational excellence initiatives, including AI-driven productivity improvements and Project Apollo, continue to deliver cost savings and efficiency gains.

• Ongoing commercial negotiations and regulatory filings to support data center build-out and mega-load customers in Indiana.

Financial highlights

• Q1 2025 GAAP net income available to common shareholders was $474.8M, up $130.5M from Q1 2024; adjusted net income was $462.3M, up $79.5M year-over-year; adjusted EPS rose to $0.98 from $0.85.

• Operating revenues for Q1 2025 were $2,183.2M, up $476.9M year-over-year, with operating income at $759.4M, up $176.0M.

• Achieved 52% of projected midpoint earnings for 2025 by Q1, an 8% increase over the same period last year.

• All planned regulated revenue increases for 2025 are in rates or pending approval.

• Ahead of schedule on financing, securing half of 2025 equity issuances and issuing $750M in long-term debt.

Outlook and guidance

• Reaffirmed 2025–2029 annual adjusted EPS growth of 6%–8% and rate base growth of 8%–10%.

• Targeting 14%–16% FFO to debt throughout the plan horizon.

• Over $19.4B in capital investment planned over five years, with $2.2B in identified upside opportunities.

• Flexible capital plan with additional upside from data center and transmission projects not yet included in base guidance.

• Dividend payout ratio targeted at 60%–70%.