NiSource — Third Quarter 2026 Earnings Summary

Financial Performance:

• GAAP net income available to common shareholders for the quarter ended September 30, 2026, was $129.5 million ($0.27 per diluted share), compared to $94.7 million ($0.20 per diluted share) in the same period of 2025.
• GAAP net income available to common shareholders for the nine months ended September 30, 2026, was $685.7 million ($1.42 per diluted share), compared to $671.7 million ($1.42 per diluted share) in the same period of 2025.
• Non-GAAP adjusted net income available to common shareholders for the quarter ended September 30, 2026, was $130.9 million ($0.27 consolidated adjusted EPS), compared to $91.8 million ($0.19 consolidated adjusted EPS) in the same period of 2025.
• Non-GAAP adjusted net income available to common shareholders for the nine months ended September 30, 2026, was $718.1 million ($1.49 consolidated adjusted EPS), compared to $656.0 million ($1.38 consolidated adjusted EPS) in the same period of 2025.
• Adjustments to operating income for the quarter included $6.0 million for the Value Captured initiative and a $4.0 million weather impact; for the nine months, adjustments included $21.4 million for workplace continuity, $11.4 million for the Value Captured initiative, and a $15.7 million weather impact.

Guidance and Future Outlook:

• Narrowed 2026 non-GAAP consolidated adjusted EPS guidance to the upper half of the $2.02-$2.07 range.
• Introduced 2027 non-GAAP consolidated adjusted EPS guidance in the range of $2.22-$2.30.
• Extended base plan expected non-GAAP adjusted EPS annual growth guidance of 6%-8% to the 2027-2033 period.
• Raised consolidated expected non-GAAP adjusted EPS compound annual growth rate (CAGR) to 10%-11% for the 2027-2033 period.
• Extended the capital plan through 2033 with a consolidated seven-year total capital expenditure of $40.0 billion.
• The $40.0 billion capital plan includes $32.0 billion in base plan capital expenditures and $8.0 billion for data center investments.
• The plan supports 9%-10% consolidated investment base growth and 8%-10% rate base growth from 2027-2033.

Business Segments and Product Lines:

• Expanded GenCo cost savings for existing customers to approximately $1.75 billion through a new agreement with Microsoft.
• Signed GenCo agreements expected to deliver approximately $1.75 billion in customer savings.
• The company serves approximately 3.3 million natural gas customers and 500,000 electric customers across six states through Columbia Gas and NIPSCO brands.

Market and Competitive Landscape:

• Extreme weather events reinforced the importance of infrastructure investments in safety, reliability, and resiliency.
• Opportunities such as the Microsoft partnership and the GenCo pipeline are strengthening the company's outlook.

Risks and Challenges:

• Forward-looking statements note risks including the ability to execute the business plan, manage data center growth, and construct/develop generation and transmission assets on time and within cost estimates.
• Risks include the ability to obtain financing, recover investments, maintain investment grade credit ratings, and performance by data center customers.
• Potential risks include changes in MISO accreditation, technology advances, aging infrastructure, cybersecurity attacks, natural disasters, climate change impacts, and regulatory changes.
• Factors such as fluctuations in weather, asset sales, impairments, and other unusual items prevent the company from providing a GAAP reconciliation for its non-GAAP EPS guidance.

Management Commentary and Tone:

• Lloyd Yates, President and CEO, stated the extension of the long-term plan reflects significant opportunities and confidence in delivering results.
• Management emphasized that the seven-year capital plan supports critical infrastructure investments and enables economic development.
• Management thanked employees for their dedication in restoring service during severe weather events and acknowledged support from regulators, policymakers, and community partners.

Other Key Points:

• The company is a member of the Dow Jones Sustainability - North America Index and is on Forbes lists of America's Best Employers for Women and Diversity.
• NiSource has approximately 7,700 employees.
• The press release includes a reconciliation of GAAP measures to non-GAAP measures in Schedule 1.
• The company intends to use its website and social media channels to disseminate important information to investors.