Slides
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October 29, 2025 SUPPLEMENTAL SLIDES 3Q 2025 RESULTS
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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"). Investo rs and prospective investors should understand that many factors govern whether any forward-looking statement contained herein will be or can be realized. Any one of those factors could cause actual results to differ materially from those projected. These forward -looking statements include, but are not limited to, statements concerning our financial guidance, plans, strategies, objectives, expected performance, expenditures, recovery of exp enditures through rates or commercial counterparties, stated on either a consolidated or segment basis, and any and all underlying assumptions and other statements that are other than statements of historical fact. Expressions of future goals and expectations and similar expres sions, including "may," "will," "should," "could," "would," "aims," "seeks," "expects," "plans," "anticipates," "intends," "believes," "estimates," "predicts," "potential," "targets," "forecast," and "continue," reflecting something other than historical fact are intended to identify forward- looking statements. All forward-looking statements are based on assumptions that management believes to be reasonable; however, there can be no assurance that actual results will not differ materially. Factors that could cause actual results to differ materially from the projections, forecasts, estimates and expectations disc ussed in this presentation include, among other things: our ability to execute our business plan or growth strategy, including u tility infrastructure investments, or business opportunities, such as data center development and related generation sources and transmission capabilities to meet pot ential load growth; our ability to manage data center growth in our service territories; potential incidents and other operat ing risks associated with our business; our ability to work successfully with our third-party investors; our ability to adapt to, and manage costs related to, advances in technology, including alternative energy sources and changes in laws and regulations; our increased dependency on technology; impacts related to our aging infrastructure; our ability to obtain sufficient insurance coverage and whether such coverage will protect us against significant losses; the success of our electric generation strategy; construction risks and supply risks; fluctuations in dem and from residential and commercial customers; fluctuations in the price of energy commodities and related transportation costs or an inability to obtain an adeq uate, reliable and cost-effective fuel supply to meet customer demand; our ability to attract, retain or re -skill a qualified, diverse workforce and maintain good labor relations; our ability to manage new initiatives and organizational changes; the performance and quality of third -party suppliers and service providers; our ability to manage the financial and operational risks related to achieving our carbon emission r eduction goals, including our Net Zero Goal, including any future associated impact from business opportunities such as data center development as those opport unities evolve; potential cybersecurity attacks or security breaches; increased requirements and costs related to cybersecurity; the actions of activist stockholders; any damage to our reputation; the impacts of natural disasters, potential terrorist attacks or other catastrophic events; the physical impacts of climate change and the transition to a lower carbon future; our debt obligations; any changes to our credit rating or the credit rating of certain of our subsidiaries; adverse economic and capital market conditions, including increases in inflation or in terest rates, recession, or changes in investor sentiment; economic regulation and the impact of regulatory rate reviews; our ab ility to obtain expected financial or regulatory outcomes; economic conditions in certain industries; the reliability of customers and suppliers to fulfill their paym ent and contractual obligations; the ability of our subsidiaries to generate cash; pension funding obligations; potential imp airments of goodwill; the outcome of legal and regulatory proceedings, investigations, incidents, claims and litigation; compliance with changes in, or new interp retations of applicable laws, regulations and tariffs, including impacts of state and federal orders on our ability to carry out our business plan and growth strategy; the cost of compliance with environmental laws and regulations and the costs of associated liabilities; changes in tax laws o r the interpretation thereof; our ability to construct, develop and place into service the generation and transmission assets w e plan to construct to serve the customer under the data center contract (the “Contract Assets”) and any future data center customers on time or at all and c onsistent with initial cost estimates, as well as the performance of these assets once constructed and placed into service; o ur ability to obtain the significant additional financing that will be required to construct the Contract Assets and assets we may develop to support future data cen ter contracts on favorable terms, if at all; our ability to recover our investments and realize our expected return under the data center contract and any future data center contracts; our ability to maintain our investment grade credit ratings as we finance and pursue our data center s trategy, including our performance under the data center contract and any future data center contracts; our customers’ performan ce under the data center contract and any future data center contracts and any decision by our customer or future customers to terminate the data cent er contract or future data center contracts or reduce the committed capacity thereunder; potential changes in the MISO accredita tion treatment of generation resources; and other matters set forth in Item 1, "Business," Item 1A, "Risk Factors" and Part II, Item 7, "Management’s Disc ussion and Analysis of Financial Condition and Results of Operations," of our Annual Report on Form 10 -K for the fiscal year ended December 31, 2024, and matters set forth in our subsequent Quarterly Reports on Form 10-Q, some of which risks are beyond our control. In addition, the relative contributions to profitability by each business segment, and the assumptions underlying the forward -looking statements relating thereto, may change over time. All forward-looking statements are expressly qualified in their entirety by the foregoing cautionary statements. We undertake no obligation to, and expressly disclaim any such obligation to, update or revise any forward-looking statements to reflect changed assumptions, the occurrence of anticipated or unanticipated events or changes to the future results over time or otherwise, except as required by law. In this presentation, references to “GenCo” operations, including in the context of guidance with respect to capital investments, rate base growth, GenCo adjusted EPS and adjusted EPS growth, are to NiSource’s investments and operations relating to provision of electric service to current and future data center customers in its Indiana service territory, and not to the legal entity NIPSCO Generation LLC (“GenCo”) (except in the context of statements relating to the formation or launch of GenCo, the approval of GenCo’s declination filing with the IURC or GenCo’s operating model under such declination filing). Non-GAAP Disclosure Statement Beginning with the first quarter of 2024, NiSource Inc. changed its disclosure of non-GAAP results and guidance for net operating earnings available to common shareholders to adjusted net income available to common shareholders and for net operating EPS to adjusted EPS to better align with the presentation used by many companies to report their non-GAAP results. The change reflects a name change only and the calculations of each of these non-GAAP metrics remains consistent with the historical calculations. Commencing in 2026, the company will begin to present base plan adjusted EPS and consolidated adjusted EPS. As presented herein, guidan ce with respect to base plan adjusted EPS, including annual base plan adjusted EPS growth, excludes, in addition to the items hi storically excluded from adjusted EPS, the impact of data center operations and development activities relating to provision of electric service to current and future data center customers in NIPSCO’s Indiana service territory. The company is providing guidance re garding base plan adjusted EPS because it expects that the earnings from its data center operations and development activities described above will experien ce a different growth profile compared to the base plan adjusted EPS growth. Providing guidance with respect to base plan adjust ed EPS growth, together with guidance regarding consolidated adjusted EPS growth, will provide investors with the same information that management conside rs to evaluate the company’s ongoing business performance and provide greater transparency into the performance of different asp ects of our business that are impacted by distinct trends and factors. This presentation includes financial results and guidance for NiSource with respect to adjusted net income available to common shareholders, ba se plan adjusted EPS, data center adjusted EPS; consolidated adjusted EPS, segment adjusted operating revenue/expense/income, fu nds from operations/debt, and adjusted earnings CAGR, which are non-GAAP financial measures as defined by the Securities and Exchange Commission. As presented herein, guidance with respect to base plan adjusted EPS, including annual base plan adjusted EPS grow th, excludes, in addition to the items historically excluded from adjusted EPS, the impact of data center operations and development activitie s relating to serving data center or other large load customers. Guidance with respect to data center adjusted EPS excludes, in addition to the items historically excluded from adjusted EPS, the impact of all of our operations other than data center operations and development activities relating to serving data center or other large lo ad customers. For the avoidance of doubt, base plan adjusted EPS combined with data center adjusted EPS will equal NiSource’s consolidated adjusted EPS. The company includes these measures because management believes they permit inves tors to view the company’s performance using the same tools that management uses and to better evaluate the company’s ongoing bu siness performance. Reconciliations of historical non-GAAP financial measures to the most comparable GAAP financial measures can be fo und in the Appendix to these materials. With respect to guidance, NiSource reminds investors that it does not provide a GAAP equivalent of its guidance on base plan adjusted EPS, data center adjusted EPS or consolidated adjusted EPS or its funds from operations/debt d ue to the impact of unpredictable factors such as fluctuations in weather, the impact of asset sales and impairments, and other unu sual or infrequent items included in the comparable GAAP measures, which may be material. The company is not able to estimate the impact of such factors on GAAP measures and, as such, the company is not able to provide a reconciliation of its non-GAAP base plan adjusted EPS, data center adjusted EPS or consolidated adjusted EPS or its funds from operations/debt guidance to the comparable GAAP equivalents without unreas onable efforts. Segment Reporting Beginning with the period ended March 31, 2024 our operations are now evaluated through two primary reportable segments, Columbia Operations and NIPSCO Operations rather th an Gas Distribution Operations and Electric Operations. Prior period amounts have been reclassified to conform to the current year presentation. LEGAL DISCLAIMER 2
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Net Zero By 2040 1 3 1) Goal for Scope 1 and 2 emissions 2) Inclusive of traditionally regulated assets and GenCo assets supporting data center customers 3) Consolidated Adjusted Earnings Per Share, Base Plan Adjusted Earnings Per Share, and FFO/Debt (non-GAAP) 11%-12% Expected Average Annual Total Shareholder Return 4 As of October 2025 8%-10% Base Plan Rate Base Growth 2026-2030 9%-11% Consolidated Rate Base2 Growth 2026-2033 $21.3B YE 2024 Regulated Electric and Gas Rate Base 6%-8% Annual Base Plan Adj EPS3 Growth 2026-2030 8%-9% Consolidated Adj EPS3 CAGR 2026-2033 55%-65% Dividend Payout Ratio Target Strategic Negotiations 1-3 GW Additional Load7 ~$7.0B GenCo Capital Investment5 14%-16% Annual FFO/ Debt3 Target Through 2030 $21.0B Base Plan Capital Investment6 2026-2030 $2.0B Base Plan Upside Capital Investment 6 2026-2030 Flat O&M Operational Excellence drives Customer Affordability Building a Constructive Regulatory Foundation Operational Excellence 4) Total shareholder return assumes constant P/E ratio, 3.0% dividend yield, and 8%-9% 2026-2033 Consolidated Adjusted EPS CAGR 5) Inclusive of $0.4-$0.5 billion of data center capital investment in 2025 6) Exclusive of data center capital investments 7) Up to 3 GW of additional developing opportunities as shown on Slide 23 HIGHLY EXECUTABLE FINANCIAL COMMITMENTS
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KEY PRIORITIES 1) Adjusted Earnings Per Share (non-GAAP) 2) Base Plan Adjusted Earnings Per Share (non-GAAP) 3) Funds from Operations/Debt (non-GAAP) 4) Inclusive of $0.4-$0.5 billion of data center capital investment in 2025 5) Inclusive of traditionally regulated assets and GenCo assets supporting data center customers • Building a Constructive Regulatory Foundation – Delivering incremental value to existing system customers by harnessing the strength of our robust network—$1 billion in savings to be flowed back to our existing customers – GenCo declination final order approved driving savings for existing customers, flexibility, and speed to market • Operational Excellence – Continuing to enhance the value of our services through disciplined operations; operating with process and technological innovation – AI utilization driving operational efficiency – Project Apollo continues to fuel continuous improvement culture • Highly Executable Financial Commitments – Reaffirming upper half of 2025 adjusted EPS1 of $1.85-$1.89 and initiating 2026 consolidated adjusted EPS1 guidance of $2.02-$2.07 (Base Plan + GenCo) – Extending 6%-8% annual Base Plan adjusted EPS2 growth guidance 2026-2030; introducing 8%-9% consolidated adjusted EPS1 CAGR 2026-2033 – Enterprise capital plan increased to $28.0 billion4 for 2026-2030, representing ~45% increase from prior 5-year plan – Base Plan capital investments of $21.0 billion 2026-2030 and ~$7.0 billion4 data center capital investment supporting 9%-11% consolidated Rate Base5 CAGR 2026-2033 – 14%-16% FFO/Debt3 annually through 2030 • Upside & Incremental Investment Opportunities Enhance Return – Robust portfolio of capital expenditures to support safety, reliability, and compliance with $1.6 billion of increased investment identified in the Base Plan – Investments to support data center strategies as well as onshoring and economic development across our service territory create new capital investment opportunities – Commercial partnership established with large investment-grade data center customer, while actively advancing strategic negotiations with additional potential customers and further strengthening pipeline of identified opportunities 4
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5 Prioritizes Safety, While Driving Predictable, Reliable Operations and a Culture of Continuous Improvement OPERATIONAL EXCELLENCE Expansion of Human Performance Training equipping employees with the tools and skills to minimize error and foster a culture of continuous improvement • Work & Asset Management program utilizing technology to prioritize and standardize work, system reliability and data quality • Distribution & Substation Automation enhancing system awareness and reducing customer impacts • Underground Storage Modernization & Well Inspections maintain NiSource's ability to keep gas moving during times of supply constraints • State of the Art Procedures developed to promote safe, reliable work execution Enterprise Continuous Improvement Organization driving process efficiencies and waste reduction, delivering value for our customers and shareholders • Advanced Leak Survey Technology and Repair accelerating the elimination of large volume leaks • Accelerated In-Line Inspection Capabilities supporting the health of our most critical transmission assets • System Hardening via large scale substation and circuit rebuilds • Gas and Electric Probabilistic Risk Modeling used to maximize risk reduction in our work plans Customer Satisfaction Safety Reliability Efficiency Culture e • Enhancing the Customer Experience • More accurate and predictable communication and service • Thoughtful and considerate planning, application and execution of resources to promote Customer Affordability Investing in Execution Readiness • Building the talent and tools needed to meet the evolving demands of data center clients • Strengthening our ability to execute large-scale construction projects with precision and speed • Aligning our workforce development with our commitment to Operational Excellence
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BUILDING A CONSTRUCTIVE REGULATORY FOUNDATION 2023 2024 2025 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 NIPSCO Electric Rate Case Settled Approved Step 1 Rates Step 2 Rates Filed Settled Approved Step 1 Rates Trackers TDSIC 2 Approved TDSIC 3 Approved TDSIC 5 Approved TDSIC 6 Approved GCT Approved TDSIC 7 Approved NIPSCO Gas Rate Case Step 2 Rates Filed Settled Approved Step 1 Rates Step 2 Rates Trackers FMCA 2 Approved TDSIC 6 Approved FMCA 1 Approved TDSIC 7 Approved FMCA 2 Approved TDSIC 8 Approved FMCA 3 Approved FMCA 4 Approved TDSIC 9 Approved Columbia Gas of Ohio Rate Case Approved In Rates Trackers IRP Approved CEP Approved IRP PHMSA CEP Approved IRP PHMSA CEP Approved Columbia Gas of Pennsylvania Rate Cases Filed Settled Approved In Rates Filed Columbia Gas of Virginia Rate Case Approved Filed Settled Rates Effective Approved Trackers SAVE Approved SAVE Approved Columbia Gas of Kentucky Rate Case Filed Approved Rates Effective Trackers SMRP Approved SMRP SMRP Approved Columbia Gas of Maryland Rate Cases Filed Settled Approved In Rates Filed Approved In Rates Select capital trackers shown; does not include expense trackers See appendix for detailed regulatory program names 6
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• Advances NiSource Strategic Priorities – Commercial partnership with large, investment-grade customer designed to absorb new investment costs and ringfence liabilities from existing customers – Local communities benefit from increased investment in data center development and ~$6.0-$7.0 billion1 power generation assets – Incremental to the Base and Upside capital expenditure plans, creates an investment inventory to support new customer growth, and is expected to be earnings accretive starting in 2026 – Disciplined commercial agreement structured with terms and conditions demonstrating prudent risk management to protect shareholder value • Enhances Existing NiSource Financial Commitments – We remain on track to deliver 6%–8% annual Base Plan adjusted EPS2 growth in each year from 2026-2030 • Agreement is expected to provide incremental and growing consolidated adjusted EPS3 accretion in 2026 and each year thereafter as the investment ramps, strengthening the growth outlook across our business • We will continue to reset guidance on actual performance from Base Plan and rebase Base Plan performance off actual consolidated adjusted EPS 3 each year – All existing credit commitments expected to be maintained: 14%-16% FFO/Debt4 annually through 2030 – Over the life of the contract, commercial agreement is expected to be cash flow accretive to the business 7 Enables Customer Affordability Supports Economic Development Enhances Shareholder Value Prudent Risk Management COMMERCIAL PARTNERSHIP ESTABLISHED WITH LARGE INVESTMENT-GRADE DATA CENTER CUSTOMER NIPSCO to Power 3 GW of Generation Capacity to Support Data Center Development in Northern Indiana 1) Inclusive of $0.4-$0.5 billion of data center capital investment in 2025 2) Base Plan Adjusted Earnings Per Share (non-GAAP) 3) Consolidated Adjusted Earnings Per Share (non-GAAP) 4) Funds from Operations/Debt (non-GAAP)
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Development of New Assets & Infrastructure Two 1,300 megawatt combined-cycle, natural gas-fired turbines 400 megawatts of new battery storage Transmission infrastructure Investment Aggregate cost of assets, including cost to develop related transmission infrastructure, ~$6.0-$7.0 billion General Contract Structure Customer will construct, commission and operate new data center(s) NIPSCO to provide long-term electric service and capacity Customer Demand Increasing annually starting in 2027, ramp to full demand by 2032 Term 15-year initial contract term Pricing Fixed + variable charges designed to ensure return on and of capital Termination Certain termination protections in place, including reimbursement of expenses, subject to a cap Enables Customer Affordability Supports Economic Development Enhances Shareholder Value Prudent Risk Management 8 COMMERCIAL PARTNERSHIP ESTABLISHED WITH LARGE INVESTMENT-GRADE DATA CENTER CUSTOMER
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Enables Customer Affordability Supports Economic Development Enhances Shareholder Value Prudent Risk Management COMMERCIAL PARTNERSHIP ENABLES CUSTOMER AFFORDABILITY Anticipated to provide approximately $1.0B of cost savings to existing customers over the life of the contract Mechanism to flow savings back to retail customers for use of existing system in 20271 Creates optionality for existing system customers for low-cost energy in the post- contract period Generation and grid investment will improve system reliability, reducing long-term operational expenses 1) NIPSCO will propose mechanism to the IURC for savings starting in 2027 9
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Enables Customer Affordability Supports Economic Development Enhances Shareholder Value Prudent Risk Management COMMERCIAL PARTNERSHIP SUPPORTS ECONOMIC DEVELOPMENT Driving billions of dollars in capital investment in northern Indiana ~2,000+ jobs created through multi-year construction and operations Supports local and state tax revenues enhancing community value Promotes workforce development and skills training Attraction of top-talent for new career opportunities 10
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Enables Customer Affordability Supports Economic Development Enhances Shareholder Value Prudent Risk Management COMMERCIAL PARTNERSHIP ENHANCES SHAREHOLDER VALUE Greater than regulated rate of return on invested capital under the base case1 over the life of the contract Earnings expected to be accretive to annual consolidated adjusted EPS2 growth profile Over the life of the contract expected to be cash flow accretive to the business Execution timeline capitalizes on the large-load growth thesis occurring across the globe Establishes a “proof-set” of the GenCo development model, paving the way for future development and growth Strong partnership with large, investment- grade data center customer 1) Base case assumes actual capital expenditures in line with expectations and on-time execution and delivery of generation assets and capacity among other assumptions. See "Legal Disclaimers-- Forward-Looking Statements" for a discussion of factors that could cause actual results to differ from base case assumptions. 2) Consolidated Adjusted Earnings Per Share (Non-GAAP) 11
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Enables Customer Affordability Supports Economic Development Enhances Shareholder Value Prudent Risk Management COMMERCIAL PARTNERSHIP DESIGNED TO DELIVER PRUDENT RISK MANAGEMENT Supportive ratemaking treatment expected to enable efficient financing plan which leverages internally generated cash flows Cash flow profile of project designed to achieve full investment recovery prior to the end of contract life, limiting residual value risk Large, investment-grade data center customer Partnership with reputable engineering developers strengthens construction execution Proven and familiar technology reduces complexity Preserves the re- affirmation of existing credit ratings and outlook Regulated by the Indiana Utility Regulatory Commission (IURC) Opportunity for expedited Commission CPCN approval through the GenCo Model Fixed capacity payments and pass-through charges mitigating commodity exposure Cost-sharing provisions mitigate construction related cost over-runs Termination protections in place, including reimbursement of expenses, subject to a cap Contract provisions and fixed/variable pricing account for changes in federal/state policy 12
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UPCOMING MILESTONES 13 Special Contract Announcement Sept 22nd GenCo Declination Final Order Sept 24th Updated Financial Plan Commitments 3Q 2025 Special Contract Filing with the IURC Expected by YE 2025 IURC Special Contract Approval Expected by 1H 2026 Project Construction 2026-2032 Full Ramp Expected By 2032 Benefits and Protections to Existing Customers Paving the Way for Future Development and Growth Full Refresh of Base, Upside, and GenCo Capital Plans Establish Timeline for IURC Approval Construction Updates Updated Financial Commitments Ongoing GenCo Strategy Development Contract Overview Shareholder Value through Cash Flow and Consolidated Adjusted EPS1 Growth Accretion 1) Consolidated Adjusted Earnings Per Share (non-GAAP)
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GAAP RESULTS THIRD QUARTER YTD 2025 2024 Change Fav/(Unfav) 2025 2024 Change Fav/(Unfav) Net Income Available to Common Shareholders $94.7 $85.7 $9.0 $671.7 $515.8 $155.9 Diluted Earnings Per Share $0.20 $0.19 $0.01 $1.42 $1.14 $0.28 THIRD QUARTER RESULTS Note: figures in millions except per share data 1) Non-GAAP; for a reconciliation of GAAP to non-GAAP financial measures, see Schedule 1 and 2 in the appendix to this presentation 14 NON-GAAP RESULTS(1) THIRD QUARTER YTD 2025 2024 Change Fav/(Unfav) 2025 2024 Change Fav/(Unfav) Adjusted Net Income Available to Common Shareholders $91.8 $89.9 $1.9 $656.0 $567.4 $88.6 Adjusted Earnings Per Share $0.19 $0.20 ($0.01) $1.38 $1.26 $0.12
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THIRD QUARTER RESULTS Note: figures in millions except per share data 1) Non-GAAP; for a reconciliation of GAAP to non-GAAP Earnings Per Share, see Schedule 1 and 2 in the appendix to this presentation ADJUSTED OPERATING INCOME(1) THIRD QUARTER YTD 2025 2024 Change Fav/(Unfav) 2025 2024 Change Fav/(Unfav) Columbia Operations $53.4 $42.7 $10.7 $614.1 $531.7 $82.4 NIPSCO Operations $227.3 $175.4 $51.9 $663.4 $548.7 $114.7 Total Reportable Segments $280.7 $218.1 $62.6 $1,277.5 $1,080.4 $197.1 Corporate & Other $12.8 $5.8 $7.0 $21.2 $8.9 $12.3 Consolidated Adjusted Operating Income $293.5 $223.9 $69.6 $1,298.7 $1,089.3 $209.4 15 GAAP OPERATING INCOME THIRD QUARTER YTD 2025 2024 Change Fav/(Unfav) 2025 2024 Change Fav/(Unfav) Columbia Operations $52.1 $41.2 $10.9 $620.1 $499.8 $120.3 NIPSCO Operations $232.6 $171.3 $61.3 $678.5 $530.0 $148.5 Total Reportable Segments $284.7 $212.5 $72.2 $1,298.6 $1,029.8 $268.8 Corporate & Other $12.8 $5.8 $7.0 $21.2 $8.9 $12.3 Consolidated Operating Income $297.5 $218.3 $79.2 $1,319.8 $1,038.7 $281.1
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0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 SUSTAINABLE INVESTMENT OPPORTUNITIES FOR CUSTOMERS AND COMMUNITIES 16 $5.5 - $5.9B* $5.9 - $6.3B* $4.7 - $5.1B*$5.1 - $5.5B* $5.2 - $5.6B* 20302026 2027 2028 2029 Gas System Hardening Growth 0 - 6 Month Recovery 13+ Month Recovery Base Plan Upside Electric System Modernization Electric Generation IT & Facilities 7 - 12 Month Recovery Capital investments include 100% of NIPSCO and GenCo * Total excluding Upside capital investments GenCo ~45% capital investment increase from prior 5-year plan
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INCREMENTAL INVESTMENT OPPORTUNITIES • Incremental data center generation related to the strategic negotiations and development pipeline, electric transmission and gas system investments to support demand pipeline • Distribution, transmission, and other infrastructure to support growing communities and manufacturing revitalization across the region, including onshoring and new technology innovation • FERC regulated electric transmission projects in MISO’s multi-year Long Range Transmission Planning initiative • Gas system modernization risk-based programs replacing legacy plastic mains and services installed prior to early 1980s • Gas transmission inspection retrofits and reconfirmations to comply with PHMSA regulations • New programs to accelerate deployment of advanced metering infrastructure (AMI) for gas systems • Electric transmission and distribution reliability and performance investments focused on infrastructure replacement, continued grid modernization, system hardening and transportation electrification • Renewable natural gas infrastructure and investments to support production, transportation, storage and consumption • Information technology investments to support safe and efficient operations and enhance customer experience 17 Investment Themes Additive to Base and Upside Financial Plan
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LONG-TERM FINANCIAL COMMITMENTS 1) Inclusive of traditionally regulated assets and GenCo assets supporting data center customers 2) Adjusted Earnings Per Share (non-GAAP) 3) Base Plan Adjusted Earnings Per Share (non-GAAP) 4) GenCo Adjusted Earnings Per Share (non-GAAP) Consolidated Plan1 • Reaffirming upper half of 2025 adjusted EPS2 guidance of $1.85-$1.89 and initiating 2026 consolidated adjusted EPS2 guidance of $2.02-$2.07 – Base Plan3: $2.01-$2.05 – GenCo4: $0.01-$0.02 • Annual Base Plan adjusted EPS3 growth rate of 6%-8% in 2026-2030 – 2026-2033 consolidated adjusted EPS2 CAGR of 8%-9% • Base Plan Rate Base growth of 8%-10% across 2026-2030 – 9%-11% consolidated Rate Base1 CAGR 2026-2033 • Annual average customer bill5 <5% increase • Continued commitment to 14%-16% FFO/Debt6 annually through 2030 5-Year Plan $28.0 billion7 2026-2030 $21.0 billion Base Plan ~$7.0 billion7 GenCo Capital Investments Incremental Investments 2026+ incremental opportunity not included in Base or Upside Plans Upside 5-Year Opportunity $2.0 billion 2026-2030 opportunity not included in Base Plan 18 GenCo Pipeline 1-3 GW of strategic negotiations for additional load 5) Total residential customer bill impact including commodity cost; weighted average electric and gas bills across all service territories; 2026-2030 6) Funds from Operations/Debt (non-GAAP) 7) Inclusive of $0.4-$0.5 billion of data center capital investment in 2025
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TARGETING 14%-16% FFO/DEBT5 ANNUALLY THROUGH 2030 39 BALANCE SHEET PROVIDES FLEXIBLE BASE FOR INVESTMENT 3939 1) Debt includes hybrid securities 2) Cash from operations to NiSource less common dividends, other investing and other financing cash flow 3) Equity excludes internal equity programs Cash From Operations 2 45%-50% Net New Debt1 40%-45% Equity 3 5%-10% Minority Interest Contribution4 3%-5% FUNDING SOURCES FOR $28.0B6 CONSOLIDATED CAPITAL INVESTMENT PLAN (2026-2030) • Consolidated Plan Capital includes $300-$500 million of annual equity raised via ATM from 2026-2030 • Equity sized to support current investment-grade credit ratings and maintain 14%-16% FFO/Debt5 • Upside 5-year capital opportunities and incremental strategic data center negotiations may necessitate incremental debt and equity financing 19 4) Includes capital contributions and distributions 5) Funds from Operations/Debt (Non-GAAP) 6) Inclusive of $0.4-$0.5 billion of data center capital investment in 2025
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20 FINANCIAL FORECAST ENHANCED WITH CONTINUED EXECUTION AND GENCO ADVANCEMENTS An Established Track Record of Achieving Adjusted EPS 2 Results 1) Represents guidance as of December FY2021-2024; as of October FY2025 2) Adjusted Earnings Per Share (non-GAAP); For the GAAP Diluted Earnings Per Share and the reconciliation of GAAP to non-GAAP Earnings Per Share see Schedule 1 and 4 in the appendix of this presentation 3) Assuming 2025 midpoint of upper-half guidance achieved 4) Base Plan Adjusted Earnings Per Share (non-GAAP) Actuals Guidance1 Adjusted EPS 2021 2022 2023 2024 2025 $1.37 $1.47 $1.60 $ 1.32 $ 1.42 $ 1.54 $ 1.36 $ 1.48 $ 1.60 Adjusted EPS2 CAGR (2021-2025)3: 8.2% $ 1.70 $ 1.74 $1.75 $ 1.85 $ 1.89 2026 2027 2028 2029 2030 2031 2032 2033 $0.10-$0.15 $0.25-$0.45 7% YoY 9% YoY 9% YoY 7%-8% YoY3 2026 Base Plan Adjusted EPS4 Range $2.01-$2.05 GenCo Adjusted EPS5 Range $0.01-$0.02 NI Consolidated Adjusted EPS2 Range $2.02-$2.07 Adjusted EPS 2 Guidance Consolidated Adjusted EPS2 CAGR (2026-2033): 8%-9% Base Plan Annual Adjusted EPS4 Growth (2026-2030): 6%-8% 5) GenCo Adjusted Earnings Per Share (non-GAAP) Note: GenCo Adjusted Earnings Per Share (non-GAAP) contribution assumes 19.9% minority ownership. Based on midpoint of 2026 non-GAAP adjusted EPS guidance; GenCo EPS contribution range incorporates the recently announced data center agreement. The range contemplates multiple customers at the top end. The strategic negotiation pipeline of 1 to 3 gigawatts shown on Slide 23 creates the opportunity to exceed the top end of the range.
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BUILDING ON OUR TRACK RECORD OF EXECUTION AND GROWTH 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 PROGRESS ADJUSTED EPS 1 (GROWTH) $1.37 $1.47 (+7%) $1.60 (+9%) $1.75 (+9%) $1.85- $1.89 $2.02- $2.07 6%-8% Annual Base Plan Adjusted EPS2 Growth 2033 Adjusted EPS3 Consolidated CAGR of 8%-9% On track DIVIDEND (ANNUAL GROWTH) $0.88 $0.94 (+7%) $1.00 (+6%) $1.06 (+6%) $1.12 (+6%) 11%-12% Total Shareholder Return4 55%-65% Payout On track CAPITAL INVESTMENTS $1.9B (Guide: $1.9- $2.1B) $2.6B (Guide: $2.4- $2.7B) $3.6B (Guide: $3.3- $3.6B) $3.3B (Guide: $3.3- $3.5B) $4.4- $4.8B5 (Guide: $4.0- $4.3B) $28.0B5 Sustainable Investment Opportunities For Customers and Communities On track COMMITTED GENERATION CAPACITY 2.7 GW 2.7 GW 3.4 GW 3.6 GW 5.2 GW Up to 9 GW6 On track BALANCE SHEET FLEXIBILITY (FFO/DEBT)6 13.6% 13.4% 14.1% 14.6% 14%-16% FFO/Debt7 Annually On track CONSTRUCTIVE REGULATORY FOUNDATION Formation of GenCo Tracking Mechanisms Sustained Constructive Regulatory Execution On track OPERATIONAL EXCELLENCE (SAFETY, O&M MANAGEMENT, CAPITAL ALLOCATION) Continuing to Prioritize Safety & Reliability while Optimizing Long-Term Cost Profile On track 1) Adjusted Earnings Per Share (non-GAAP) 2) Base Plan Adjusted Earnings Per Share (non-GAAP) 3) Consolidated Adjusted Earnings Per Share (non-GAAP) 4) Total shareholder return assumes constant P/E ratio and 3.0% dividend yield, through 2033 Note: For the GAAP Diluted Earnings Per Share and GAAP Net Cash Flows from Operating Activities/Debt and the reconciliation of GAAP to non- GAAP Earnings Per Share and GAAP Net Cash Flows from Operating Activities/Debt to non-GAAP FFO/Debt, see Schedule 3 and 4 in the appendix to this presentation 21 5) Inclusive of $0.4-$0.5 billion of data center contract capital investment in 2025 6) Data center pipeline of up to 9 GW capacity including signed customer capacity requirement of 2.4 GW to be fully supported through a 3 GW generation buildout 7) Funds from Operations/Debt (non-GAAP)
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22 GenCo Objectives Objectives Accomplished Protect retail customer base GenCo's model allows NiSource to pursue investment opportunities while protecting existing customers from additional cost pressures Generate benefits for retail customers and local communities Mechanism to flow savings back to retail customers for use of existing system in 20271 Expands local tax base supporting community infrastructure and public services Enhance shareholder value Stable, predictable, contracted earnings and cash flow without commodity exposure2 Diversify and increase earnings and cash flow power Earnings expected to be accretive to annual consolidated adjusted EPS3 growth starting in 2026 Deliver on shareholder expectations Over the life of the contract expected to be cash flow accretive to the business Establish industry leadership Successful launch of GenCo positions NiSource as an industry trailblazer providing speed to market in an innovative business model Capitalize on load growth and data center opportunities Commercial partnership with large, investment-grade customer validates data center thesis in northern Indiana with incremental pipeline of investment opportunities remaining Minimize risk for NiSource and shareholders Counterparty is large, investment-grade data center customer EXCEPTIONAL OUTCOME TO ACHIEVE ALL STAKEHOLDER OBJECTIVES Highly successful outcome | A win for all stakeholders | Reinforces NiSource’s best-in-class execution capabilities 1) NIPSCO will propose mechanism to the IURC for savings starting in 2027 2) As modeled under the base case, which assumes actual capital expenditures in line with expectations and on-time execution and delivery of generation assets and capacity among other assumptions. See "Legal Disclaimers--Forward-Looking Statements" for a discussion of factors that could cause actual results to differ from base case assumptions 3) Consolidated Adjusted Earnings Per Share (non-GAAP)
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ONGOING GENCO STRATEGIC NEGOTIATIONS OF 1 TO 3 GW Data Center Pipeline by 2035 GenCo Signed Capacity 3,000 MW Strategic Negotiations - Low End 1,000 MW Strategic Negotiations - High End 3,000 MW Developing Opportunities Up to 3,000 MW Reliable electric system with robust transmission network Low risk of natural disasters Availability of land at attractive prices Desirable access to water and fiber Proximity to key metropolitan areas Availability of strong-skilled labor Pro-business economic environment and tax incentives Favorable legislative and regulatory environment GenCo speed to market advantage Policies supporting natural gas Northern Indiana’s Favorable Backdrop for Data Centers Up to 9 GW of Capacity 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 GenCo Signed Capacity Strategic Negotiations Developing Opportunities GW 3.0 GW Up To 3.0 GW 2.0 GW 1.0 GW Up To 3.0 GW 23 Note: Our ability to successfully execute on future data center opportunities will depend on, among other factors, our ability to successfully develop any additional generation and transmission resources required to serve such customers and our ability to obtaining financing to support such development on acceptable terms. For a discussion of our data center strategy and certain considerations and risks relating to potential further data center contracts, refer to Part I, Item 2 and Part II, Item 1A of the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2025.
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Appendix 3Q 2025 RESULTS
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CAPITAL INVESTMENTS 25 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 $1.2 - $1.4 $1.5 - $1.7 $1.8 - $2.0 $1.0 – $1.2 $0.4 – $0.6 CONSOLIDATED TOTAL $5.1 – $5.5 $5.2 – $5.6 $5.5 – $5.9 $5.9 – $6.3 $4.7 – $5.1 Capital investments include 100% of NIPSCO and GenCo Figures exclude Upside capital investments 2025 GenCo Capital investments $0.5-$0.7 billion
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2026-2030 Consolidated Plan by Recovery Timeframe2026-2030 Consolidated Plan By Spending Category ALTERNATE CAPITAL INVESTMENT BREAKDOWN 26 Capital investments include 100% of NIPSCO and 100% of GenCo Total excluding Upside capital investments 0-6 Month Recovery ~55% 7-12 Month Recovery ~30% 13+ Month Recovery ~15% Gas System Hardening ~39% GenCo ~23% Electric System Modernization ~14% IT and Facilities ~9% Growth ~9% Electric Generation ~6%
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2026-2030 Consolidated Plan by Operating Company ALTERNATE CAPITAL INVESTMENT BREAKDOWN 27 NIPSCO E 25%-30% GenCo 20%-25% COH 15%-20% NIPSCO G 10%-15% CPA 5%-10% CVA 5%-10% CKY <5% CMD <5% Capital investments include 100% of NIPSCO and 100% of GenCo Total excluding Upside capital investments
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ROBUST RENEWABLE INVESTMENTS IN INDIANA BTA Projects In-Service 1 Ownership Structure NIPSCO Investment 2 Status Rosewater Wind 2020 Tax Equity JV ~$3.2B (In Rate Base) Complete Indiana Crossroads Wind 2021 Tax Equity JV Dunns Bridge I Solar 2023 Tax Equity JV Crossroads Solar 2023 Tax Equity JV Transmission Projects 2023 Full Ownership Cavalry Solar + Storage 2024 Full Ownership Dunns Bridge II Solar + Storage 2025 Full Ownership Fairbanks Solar 2025 Full Ownership Gibson Solar 2025 Full Ownership Templeton Wind 2027 Full Ownership ~$0.4B Construction Total ~$3.6B PPA Projects In-Service 1 Status Jordan Creek Wind 2020 Complete Crossroads II Wind 2023 Complete Green River Solar 2025 Complete Carpenter Wind 2025 Construction Appleseed Solar 2025 Complete BTA Project PPA Project Dunns Bridge II Solar + Storage: 435 MW+56MW Jordan Creek Wind: 400 MW Green River Solar: 200 MW Cavalry Solar + Storage: 200 MW+45 MW Rosewater Wind: 100 MW Indiana Crossroads II Wind: 200 MW IN Crossroads Wind: 300 MW IN Crossroads Solar: 200 MW Carpenter Wind: 200 MW Gibson Solar: 200 MW Fairbanks Solar: 250 MW Dunns Bridge I Solar: 265 MW Templeton Wind: 200 MW Appleseed Solar: 200 MW 1) Represents anticipated in-service timing for projects under construction 2) Investment amounts represent base capital plan only and assume full ownership of the Cavalry, Dunns Bridge II, Fairbanks, Gibson, and Templeton projects KY 28
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• Debt level: ~$15.8B as of September 30, 2025 – ~$14.5B of long-term debt • Weighted average maturity ~12.6 years • Weighted average interest rate of ~4.8% – ~$1.3B of short-term debt • Solid liquidity position – ~$0.9B in net available liquidity as of September 30, 2025 1 – ~$2.1B of committed facilities in place as of September 30, 2025 • ~$1.9B revolving credit facility • ~$0.2B accounts receivable securitization facilities2 • Committed to maintaining current investment- grade credit ratings – S&P (BBB+), Moody's (Baa2), and Fitch (BBB) NISOURCE DEBT AND CREDIT PROFILE 1) Consisting of cash and available capacity under credit facilities 2) Capacity on accounts receivable securitization facilities changes with seasonality 29 57.4% 58.9% 58.2% 52.6% 53.8% 55.2% 54.7% 46.0% 48.0% 50.0% 52.0% 54.0% 56.0% 58.0% 60.0% 62.0% 2021 2022 2023 2024 1Q2025 2Q2025 3Q2025 Total Debt / Total Capitalization
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RATE CASE DETAILS 30 CPA Docket # R-2025-3053499 Filing Date 3/20/2025 Requested Rate Base $3.8B Requested ROE 11.35% Equity Layer 54.40% Requested Revenue Increase $110.5M Test Year 2026 Procedural Schedule Hearings Aug 2025 Final Order Expected Dec 2025
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SAFETY AND INFRASTRUCTURE INVESTMENT AND TRACKER FILINGS 1) Pipeline and Hazardous Materials Safety Administration 2) Pending commission approval 3) $351 million of tracked capital rolled into Step 1 base rates from TDSIC rider COMPANY MECHANISM INCREMENTAL INVESTMENTS RECOVERY PERIOD AMOUNT ($M) EFFECTIVE DATE Columbia Gas of Ohio Infrastructure Replacement Program (IRP) FY 2024 $225 May 2025 PHMSA1 IRP FY 2024 $64 May 2025 Capital Expenditure Program (CEP) FY 2024 $267 Sept 2025 Columbia Gas of Virginia Steps to Advance Virginia’s Energy Plan (SAVE) FY 2025 $72 Jan 2025 Columbia Gas of Kentucky Safety Modification and Replacement Program (SMRP) FY 2025 $47 Jan 2025 NIPSCO – Gas Transmission, Distribution and Storage System Improvement Charge (TDSIC) TDSIC 9: Mar 2024 – Mar 2025 $29 Oct 2025 Federally Mandated Cost Adjustment Rider (FMCA) FMCA 4: Jul 2024 – Dec 2024 $7 Jul 2025 FMCA 5: Jan 2025 – Jun 2025 $13 Jan 20262 NIPSCO – Electric Transmission, Distribution and Storage System Improvement Charge (TDSIC) TDSIC 6: Apr 2024 – Sep 2024 $2083 Apr 2025 TDSIC 7: Oct 2024 – Mar 2025 $112 Oct 2025 Generation Cost Tracker (GTC) GCT 1: Sep 2023 – Oct 2025 $149 May 2025 GCT 2: Nov 2025 – Apr 2026 $80 Nov 2025 31
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Environmental • Net Zero Scope 1 & 2 by 2040 goal is among fastest in large capitalization utility peer group • Retiring all 2,105 MW of coal generation by 2028 • Installing 3,350 MW of renewable generation (PPA and BTA) from 2020 to 2027 • Investing over $4B cumulatively across NIPSCO-owned renewables and energy storage projects • Retired 184 miles of priority pipe and installed 288 miles of replacement pipe in 2024 • Surveyed 33K miles or more than 62% of NiSource’s total distribution lines in 2024 Social • Board of directors comprised of 33% women and 33% diverse directors • Executive leadership comprised of 50% women and 50% diverse executives • 34% of 2024 external hires were racially or ethnically diverse and 40%were female • Introduced “25 by 25” in 2022, creating a goal targeting 25% diverse supplier spend by YE2025 • Short-term incentive compensation added 10% weighting to operational excellence and safety from 2020 to 2024 • Overall NiSource average annual residential customer bill projected change less than 5%, 2023-2029 Governance • 73%-86% of total executive compensation is at risk • Non-GAAP adjusted EPS and relative stock price performance are key long-term compensation metrics DELIVERING A BEST-IN-CLASS SUSTAINABILITY PLAN 32
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33 CONSISTENT EXECUTION DRIVES SUSTAINABLE GROWTH Achieving High End of Earnings Guidance Rebases Future Growth Upwards An Established Track Record of Achieving Adjusted EPS 2 Results 1) Represents guidance as of December of that calendar year 2) Adjusted Earnings Per Share (non-GAAP); For the GAAP Diluted Earnings Per Share and the reconciliation of GAAP to non-GAAP Earnings Per Share see Schedule 4 in the appendix of this presentation 3) Represents the median non-GAAP Adjusted EPS CAGR for member companies of the PHLX Utility Sector index excluding Constellation Energy Group (CEG) as of 2/7/2025 market close Top Decile Historical Adjusted EPS Growth Projected Future Guidance Rebases Upwards Off Actual Results Implied Adjusted EPS based on applying midpoint of current 6%-8% annual growth rate to actual results and stated guidance range 2021-2024 Non-GAAP Adjusted EPS CAGRActuals Guidance1 UTY Median32021 2022 2023 2024 $1.37 $1.47 $1.60 9% YoY 7% YoY $ 1.32 $ 1.42 $ 1.54 $ 1.36 $ 1.48 $ 1.60 9% YoY $ 1.70 $ 1.74 $1.75 5.9% 8.5% Adjusted EPS Adjusted EPS
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34 NiSource Inc. Schedule 1 - Reconciliation of Consolidated Net Income Available to Common Shareholders to Adjusted Net Income Available to Common Shareholders (Non-GAAP) and Adjusted Earnings Per Share (Non- GAAP) (unaudited) Three Months Ended September 30, Nine Months Ended September 30, (in millions, except per share amounts) 2025 2024 2025 2024 GAAP Net Income Available to Common Shareholders $ 94.7 $ 85.7 $ 671.7 $ 515.8 Adjustments to Operating Income: Operating Revenues: Weather - compared to normal(1) (4.0) 5.6 (21.1) 50.6 Total adjustments to operating income (4.0) 5.6 (21.1) 50.6 Income Taxes: Tax effect of above items(2) 1.1 (1.4) 5.4 (13.0) Preferred Dividends: Preferred dividends redemption premium(3) — — — 14.0 Total adjustments to net income (2.9) 4.2 (15.7) 51.6 Adjusted Net Income Available to Common Shareholders (Non-GAAP) $ 91.8 $ 89.9 $ 656.0 $ 567.4 Diluted Average Common Shares 473.7 454.5 472.8 451.4 GAAP Diluted Earnings Per Share(4) $ 0.20 $ 0.19 $ 1.42 $ 1.14 Adjustments to diluted earnings per share (0.01) 0.01 (0.04) 0.12 Adjusted Earnings Per Share (Non-GAAP) $ 0.19 $ 0.20 $ 1.38 $ 1.26 (1)Represents the estimated impact of actual weather during the period compared to expected normal weather. Beginning in 2024, t he adjustment for NIPSCO Operations excludes the impact of non-controlling interest. (2)Represents income tax expense associated with adjustments to GAAP amounts calculated using the applicable statutory tax rates for legal entities. (3)Represents the difference between the carrying value on the redemption date of the Series B Preferred Stock and the total amo unt of consideration paid to redeem. (4)GAAP Diluted Earnings Per Share includes the effects of income allocated to participating securities. Please refer to Note 5 , "Earnings Per Share," within the Company's Quarterly Report on Form 10-Q for the period ended September 30, 2025.
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35 NiSource Inc. Schedule 2 - Reconciliation by Segment of Operating Revenues, Expenses (Benefit), and Income (GAAP) to Adjusted Operating Revenues, Expenses (Benefit), and Income (Non-GAAP) (unaudited) Three Months Ended September 30, 2025 (in millions) Columbia Operations NIPSCO Operations Corporate & Other Total Operating Revenues (GAAP) $ 488.2 $ 787.3 $ (2.4) $ 1,273.1 Adjustments Weather - compared to normal(1) 1.3 (5.3) — (4.0) Adjusted Operating Revenues (Non-GAAP) $ 489.5 $ 782.0 $ (2.4) $ 1,269.1 Operating Expenses (Benefit)(2) $ 436.1 $ 554.7 $ (15.2) $ 975.6 Operating Income (GAAP) $ 52.1 $ 232.6 $ 12.8 $ 297.5 Total Revenue and Expense Adjustments to Operating Income 1.3 (5.3) — (4.0) Adjusted Operating Income (Non-GAAP) $ 53.4 $ 227.3 $ 12.8 $ 293.5 Three Months Ended September 30, 2024 (in millions) Columbia Operations NIPSCO Operations Corporate & Other Total Operating Revenues (GAAP) $ 426.7 $ 652.9 $ (3.3) $ 1,076.3 Adjustments Weather - compared to normal(1) 1.5 4.1 — 5.6 Adjusted Operating Revenues (Non-GAAP) $ 428.2 $ 657.0 $ (3.3) $ 1,081.9 Operating Expenses (Benefit)(2) $ 385.5 $ 481.6 $ (9.1) $ 858.0 Operating Income (GAAP) $ 41.2 $ 171.3 $ 5.8 $ 218.3 Total Revenue and Expense Adjustments to Operating Income 1.5 4.1 — 5.6 Adjusted Operating Income (Non-GAAP) $ 42.7 $ 175.4 $ 5.8 $ 223.9 (1)Represents the estimated impact of actual weather during the period compared to expected normal weather. Beginning in 2024, t he adjustment for NIPSCO Operations excludes the impact of non-controlling interest. (2)GAAP and Non-GAAP Operating Expenses (Benefit) are the same for the periods presented.
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36 NiSource Inc. Schedule 2 - Reconciliation by Segment of Operating Revenues, Expenses (Benefit), and Income (GAAP) to Adjusted Operating Revenues, Expenses (Benefit), and Income (Non-GAAP) (unaudited) Nine months ended September 30, 2025 (in millions) Columbia Operations NIPSCO Operations Corporate & Other Total Operating Revenues (GAAP) $ 2,336.7 $ 2,409.8 $ (7.2) $ 4,739.3 Adjustments: Weather - compared to normal(1) (6.0) (15.1) — (21.1) Adjusted Operating Revenues (Non-GAAP) $ 2,330.7 $ 2,394.7 $ (7.2) $ 4,718.2 Operating Expenses (Benefit)(2) $ 1,716.6 $ 1,731.3 $ (28.4) $ 3,419.5 Operating Income (GAAP) $ 620.1 $ 678.5 $ 21.2 $ 1,319.8 Total Revenue and Expense Adjustments to Operating Income (6.0) (15.1) — (21.1) Adjusted Operating Income (Non-GAAP) $ 614.1 $ 663.4 $ 21.2 $ 1,298.7 Nine months ended September 30, 2024 (in millions) Columbia Operations NIPSCO Operations Corporate & Other Total Operating Revenues (GAAP) $ 1,874.1 $ 2,003.0 $ (9.8) $ 3,867.3 Adjustments: Weather - compared to normal(1) 31.9 18.7 — 50.6 Adjusted Operating Revenues (Non-GAAP) $ 1,906.0 $ 2,021.7 $ (9.8) $ 3,917.9 Operating Expenses (Benefit)(2) $ 1,374.3 $ 1,473.0 $ (18.7) $ 2,828.6 Operating Income (GAAP) $ 499.8 $ 530.0 $ 8.9 $ 1,038.7 Total Revenue and Expense Adjustments to Operating Income 31.9 18.7 — 50.6 Adjusted Operating Income (Non-GAAP) $ 531.7 $ 548.7 $ 8.9 $ 1,089.3 (1)Represents the estimated impact of actual weather during the period compared to expected normal weather. Beginning in 2024, t he adjustment for NIPSCO Operations excludes the impact of non-controlling interest. (2)GAAP and Non-GAAP Operating Expenses (Benefit) are the same for the periods presented.
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NiSource Inc. Schedule 3 - Reconciliation of Net Cash Flows from Operating Activities to FFO to Debt (Adjusted) (Non-GAAP) (unaudited) Annual FFO/Debt Reconciliation ($ in millions) 2024 2023 2022 2021 Net Cash Flows from Operating Activities 1,782 1,935 1,409 1,218 - Accounts receivable (102) 184 (216) (40) - Inventories 102 234 (259) (113) - Accounts payable 72 (172) 165 55 - Exchange gas receivable/payable (134) 127 58 (114) - Other accruals 10 (103) 73 43 - Prepayments and other current assets (76) 37 (10) (37) - Other adjustments (35) 21 28 28 Funds from Operations (Adjusted) 1,944 1,607 1,570 1,396 Long-term debt 12,075 11,056 9,524 9,183 + Current portion of long-term debt 1,281 24 30 58 + Short-term borrowings 605 3,049 1,762 560 + Other adjustments (657) (2,711) 440 440 Total Adjusted Debt 13,304 11,418 11,756 10,241 FFO to Debt (Adjusted) 14.6% 14.1% 13.4% 13.6% Note: Other adjustments include hybrid securities, cash and cash equivalents, payments for asset retirement obligations, and the minority interest transaction 37
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NiSource Inc. Schedule 4 - Reconciliation of Consolidated Net Income Available to Common Shareholders to Adjusted Net Income Available to Common Shareholders (Non-GAAP) (unaudited) 38 Interest rate swap settlement gain — — (10.0) — For the Year Ended (in millions, except per share amounts) 2024 2023 2022 2021 GAAP Net Income Available to Common Shareholders $ 739.7 $ 661.7 $ 749.0 529.8 Adjustments to Operating Income: Operating Revenues: Weather - compared to normal(1) 60.4 60.6 (24.9) 1.2 FAC adjustment(2) — — 8.0 — Operating Expenses: Greater Lawrence Incident — — — 9.2 Plant retirement costs — — — 14.1 NiSource Next initiative(3) — — 3.3 24.7 Massachusetts Business related amounts(4) — — (105.0) 6.8 Total adjustments to operating income 60.4 60.6 (118.6) 56.0 Other Income (Deductions): Income Taxes: Preferred Dividends: Preferred dividends redemption premium(6) 14.0 9.8 — — Total adjustments to net income 58.9 54.6 (100.8) 41.4 Adjusted Net Income Available to Common Shareholders $ 798.6 $ 716.3 $ 648.2 $ 571.2 Diluted Average Common Shares 456.0 447.9 442.7 417.3 GAAP Diluted Earnings Per Share(7) $ 1.62 $ 1.48 $ 1.70 $ 1.27 % Growth in Diluted Earnings Per Share 2024 to 2021 8.5 % Adjustments to diluted earnings per share 0.13 0.12 (0.23) 0.10 Adjusted Earnings Per Share $ 1.75 $ 1.60 $ 1.47 $ 1.37 % Growth in Adjusted Earnings Per Share 2024 to 2021 8.5 % Tax effect of above items(5) (15.5) (15.8) 27.8 (14.6) (1)Represents the estimated impact of actual weather during the period compared to expected normal weather. Beginning in 2024, t he adjustment for NIPSCO Operations excludes the impact of non-controlling interest. (2)Represents fuel costs deemed over-collected from customers through the FAC mechanism and ordered to be refunded to customers. (3)Represents incremental severance and third-party consulting costs incurred in connection with the NiSource Next initiative. (4)2022 represents proceeds from a property insurance settlement related to the Greater Lawrence Incident. 2021 primarily repres ents final net working capital adjustments to the purchase price for the loss incurred on the sale of the Massachusetts Business. (5)Represents income tax expense associated with adjustments to GAAP amounts calculated using the applicable statutory tax rates for legal entities. (6)2024 represents the difference between the carrying value on the redemption date of the Series B Preferred Stock and the tota l amount of consideration paid to redeem. 2023 represents the difference between the carrying value on the redemption date of the Series A Preferred Stock and the total amount of consideration paid to redeem plus an excise tax liability incurred under the IRA, net of the fair val ue of common shares issued during 2023. (7)GAAP Diluted Earnings Per Share includes the effects of income allocated to participating securities.