Slides
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February 11, 2026 SUPPLEMENTAL SLIDES YEAR END 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"). These f orward-looking statements include, but are not limited to, statements concerning our financial guidance, plans, strategies, objectives, expecte d performance, planned expenditures, recovery of expenditures through rates, stated on either a consolidated or segment basis , and any and all underlying assumptions and other statements that are not statements of historical fact. Expressions of future goals and expectations and similar expressions reflecting something other than historical fact, including "may," "will," "should," "could," "would," "aims ," "seeks," "expects," "plans," "anticipates," "intends," "believes," "estimates," "predicts," "potential," "targets," "forecast," and "continue," are intended to identify forward-looking statements. All forward-looking statements are based on assumptions that management believes to be r easonable; however, there can be no assurance that actual results will not differ materially. Investors and prospective investors should understand that many factors impact whether any forward-looking statement contained herein will or can be realized. Any one of those factors could cause actual results to differ materially from those projected. Factors that could cause actual results to differ materially from those projected in any forward- looking statement discussed in this presentation include, among other things: our ability to execute our business plan or growth strategy, including utility infrastructure investments, or business opportunities; our ability to manage data center growth in our service territories; potential incidents and other opera ting risks associated with our business; our ability to work successfully with our JV partners; our ability to construct, dev elop and place into service the generation or transmission assets we develop to support the customer under the data center contract (the “Contract Assets”) and any future data center contracts on time or at all and consistent with initial cost estimates, as well as the performance of suc h assets once constructed and placed into service; our ability to obtain the significant additional financing required to construct the Contract Assets and any other generation or transmission assets we develop to support future data center contracts on favorable terms, if at al l; our ability to recover our investments and realize our expected return under the data center contract and any future data center contracts that we enter into; our ability to maintain our investment grade credit ratings as we finance and pursue our data center strategy, including our performance under the data center contract and any future data center contracts that we enter into; our customers’ performance under the data center contra ct and any future data center contracts; any decision by our customer or future customers to terminate the data center contract or future data center contracts or reduce the committed capacity thereunder; potential changes in the MISO accreditation treatment of capacity resourc es; our ability to adapt to, and manage costs related to, advances in technology, including alternative energy sources and changes in related laws and regulations; our increased dependency on technology; impacts related to our aging infrastructure; our ability to obtain suffi cient insurance coverage and whether such coverage will protect us against significant losses; the success of our electric gener ation strategy; construction risks and supply risks; fluctuations in demand from residential and commercial customers; fluctuations in the price of energy commodit ies and related transportation costs or an inability to obtain an adequate, reliable and cost -effective fuel supply to meet cust omer demand; our ability to attract, retain or re-skill a qualified 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 reduction goals, including our Net Zero Goal, including any future associated impact from busin ess opportunities such as data center development as those opportunities 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 ratings or the credit ratings of certain of our subsidiaries; adverse economic and capital market conditions, including increases in inflation or interest rates, recession, or changes in investor s entiment; economic regulation and the impact of regulatory rate reviews; our ability to obtain expected financial or regulatory outcomes; economic conditions in certa in industries; the ability of customers and suppliers to fulfill their payment and contractual obligations; the ability of our s ubsidiaries to generate cash; pension funding obligations; potential impairments of goodwill; the outcome of legal and regulatory proceedings, investigations, inci dents, claims and litigation; compliance with changes in, or new interpretations of applicable laws, regulations and tariffs ; the cost of compliance with environmental laws and regulations and the costs of associated liabilities; changes in tax laws or the interpretation thereof ; and other matters set forth in Item 1, "Business," Item 1A, "Risk Factors" and Part II, Item 7, "Management’s Discussion and A nalysis of Financial Condition and Results of Operations," of our Annual Report on Form 10- K for the fiscal year ended December 31, 2025 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 statement to reflect changed assumptions, the occurrence of anticipated or unanticipated events or changes to expected 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, adjusted EPS and adjus ted EPS growth, are to NiSource’s investments and operations relating to provision of electric service to current and future data center or other large load customers, and not necessarily 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 Commencing in 2026, the company will begin to present base plan adjusted EPS, GenCo/data center adjusted EPS, and consolidat ed adjusted EPS. This presentation includes financial results and guidance for NiSource with respect to adjusted net income availa ble to common shareholders, base plan adjusted EPS, GenCo/data center adjusted EPS, consolidated adjusted EPS, segment adjusted operating r evenue/expense/income, funds 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 growth, excludes, in addition to the items historically excluded from adjusted EPS, the impact of data cent er operations and development activities relating to the provision of electric service to current and future data center or other large load custo mers. Guidance with respect to GenCo/data center adjusted EPS (which may also be referred to as GenCo 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 a ctivities relating to serving data center or other large load customers. For the avoidance of doubt, base plan adjusted EPS c ombined with data center adjusted EPS will equal NiSource’s consolidated adjusted EPS. The company is providing guidance regarding base plan adjusted EPS because it expects that the earnings from its data center operations and development activities described above will experi ence a different growth profile compared to the base plan adjusted EPS growth. Providing guidance with respect to base plan adjusted EPS growth, GenC o/data center adjusted EPS growth and consolidated adjusted EPS growth will provide investors with the same information that management considers to evaluate the company’s ongoing business performance and provide greater transparency into the performance of different aspect s of our business that are impacted by distinct trends and factors. Reconciliations of historical non-GAAP financial measures to the most comparable GAAP financial measures can be found 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, GenCo/data center adjusted EPS or consolidated adjusted EPS or its funds from operations/debt due to the i mpact of unpredictable factors such as fluctuations in weather, the impact of asset sales and impairments, and other unusual 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 GAA P measures and, as such, the company is not able to provide a reconciliation of its non- GAAP base plan adjusted EPS, GenCo/data center adjusted EPS or consolidated adjusted EPS or its funds from operations/debt guidance to the comparable GAAP equivalents without unreas onable efforts. 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 February 2026 8%-10% Base Plan Rate Base CAGR 2026-2030 9%-11% Consolidated Rate Base2 CAGR 2026-2033 $25.1B YE 2025 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 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 12 HIGHLY EXECUTABLE FINANCIAL COMMITMENTS
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KEY PRIORITIES 1) Adjusted Earnings Per Share (non-GAAP) 2) Funds from Operations/Debt (non-GAAP) 3) Inclusive of ~$0.4 billion of data center capital investment in 2025 4) Inclusive of traditionally regulated assets and GenCo assets supporting data center customers • Building a Constructive Regulatory Foundation – Columbia Gas of Pennsylvania rate case approved in December 2025 – Advancing natural gas rate making through legislation in Ohio – NIPSCO special contract with Amazon pending before the IURC; approval expected 1H2026 • 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 – Achieved 2025 adjusted EPS1 of $1.90 versus $1.85-$1.89 guidance – Achieved 16.1% FFO/Debt2 in 2025, exceeding guidance; reaffirming 14%-16% guidance through 2030 – Reaffirming 2026 consolidated adjusted EPS1 guidance of $2.02-$2.07 (Base Plan + GenCo) – Reaffirming 8%-9% consolidated adjusted EPS¹ CAGR for 2026-2033 and 6%-8% Base Plan adjusted EPS1 annual growth guidance for 2026-2030 – Expected consolidated capital investments totaling $28.0 billion for 2026-2030 including $21.0 billion in Base Plan investments and ~$7.0 billion3 in data center-related capital supporting 9%–11% consolidated Rate Base4 CAGR through 2026–2033 • Upside and Incremental Investment Opportunities Enhance Return – Robust portfolio of capital expenditures to support safety, reliability, and compliance – Investments to support data center strategies as well as onshoring and economic development across our service territory – 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 and 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 2026 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 NIPSCO Electric Rate Case Approved Step 1 Rates Step 2 Rates Filed Settled Approved Step 1 Rates Step 2 Rates Trackers TDSIC 3 Approved TDSIC 5 Approved TDSIC 6 Approved GCT 1 Approved GCT 2, TDSIC 7 Approved GCT 3, TDSIC 8 Filed NIPSCO Gas Rate Case 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 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 Approved In Rates Columbia Gas of Virginia Rate Case Approved Filed Settled Rates Effective Approved Trackers SAVE Approved 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 TDSIC 10 FiledFMCA 5 Approved
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UPCOMING MILESTONES 7 1) Consolidated Adjusted Earnings Per Share (non-GAAP) 2026-2032 Project Construction 2025 Benefits and Protections to Existing Customers Paving the Way for Future Development and Growth Full Refresh of Base, Upside, and GenCo Capital Plans Established Timeline for IURC Approval Construction Updates Updated Financial Commitments Ongoing GenCo Strategy Development Ongoing GenCo Strategy Development Contract Overview Shareholder Value through Cash Flow and Consolidated Adjusted EPS1 Growth Accretion Special Contract Announcement Sept 22nd GenCo Declination Final Order Sept 24th Updated Financial Plan Commitments 3Q 2025 Special Contract Filed with the IURC Nov 7th Zoning Application Approved Feb 2nd IURC Special Contract Approval Expected by 1H 2026 Civil Site Work Expected 2H 2026 First Load Energization Expected 2027 Full Ramp Expected By 2032
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GAAP RESULTS FOURTH QUARTER FULL-YEAR 2025 2024 Change Fav/(Unfav) 2025 2024 Change Fav/(Unfav) Net Income Available to Common Shareholders $257.8 $223.9 $33.9 $929.5 $739.7 $189.8 Diluted Earnings Per Share $0.53 $0.47 $0.06 $1.95 $1.62 $0.33 FOURTH QUARTER AND FULL-YEAR 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 8 NON-GAAP RESULTS(1) FOURTH QUARTER FULL-YEAR 2025 2024 Change Fav/(Unfav) 2025 2024 Change Fav/(Unfav) Adjusted Net Income Available to Common Shareholders $249.2 $231.2 $18.0 $905.2 $798.6 $106.6 Adjusted Earnings Per Share $0.51 $0.49 $0.02 $1.90 $1.75 $0.15
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FOURTH QUARTER AND FULL-YEAR RESULTS Note: figures in millions except per share data 1) Non-GAAP; for a reconciliation of GAAP to Adjusted Operating Income, see Schedule 2 in the appendix to this presentation ADJUSTED OPERATING INCOME(1) FOURTH QUARTER FULL-YEAR 2025 2024 Change Fav/(Unfav) 2025 2024 Change Fav/(Unfav) Columbia Operations $265.6 $235.5 $30.1 $879.7 $767.2 $112.5 NIPSCO Operations $257.5 $193.0 $64.5 $920.9 $741.7 $179.2 Total Reportable Segments $523.1 $428.5 $94.6 $1,800.6 $1,508.9 $291.7 Corporate & Other ($19.1) ($1.9) ($17.2) $2.1 $7.0 ($4.9) Consolidated Adjusted Operating Income $504.0 $426.6 $77.4 $1,802.7 $1,515.9 $286.8 9 GAAP OPERATING INCOME FOURTH QUARTER FULL-YEAR 2025 2024 Change Fav/(Unfav) 2025 2024 Change Fav/(Unfav) Columbia Operations $275.0 $228.9 $46.1 $895.1 $728.7 $166.4 NIPSCO Operations $259.6 $189.8 $69.8 $938.1 $719.8 $218.3 Total Reportable Segments $534.6 $418.7 $115.9 $1,833.2 $1,448.5 $384.7 Corporate & Other ($19.1) ($1.9) ($17.2) $2.1 $7.0 ($4.9) Consolidated Operating Income $515.5 $416.8 $98.7 $1,835.3 $1,455.5 $379.8
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0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 5-Year Plan: $28.0B1 Capital Investment $21.0 billion Base Plan ~$7.0 billion1 GenCo SUSTAINABLE INVESTMENT OPPORTUNITIES FOR CUSTOMERS AND COMMUNITIES 10 $5.5 - $5.9B* $5.9 - $6.3B* $4.7 - $5.1B*$5.1 - $5.5B* $5.2 - $5.6B* 20302026 2027 2028 2029 Capital investments include 100% of NIPSCO and GenCo * Total excluding Upside capital investments 1) Inclusive of ~$0.4 billion of data center capital investment in 2025 Base Plan Upside Electric Generation Growth IT & Facilities Electric System Modernization GenCo Gas System Hardening 0 – 6 Month Recovery 7 – 12 Month Recovery 13+ Month Recovery
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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 11 Investment Themes Additive to Base and Upside Financial Plan
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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 12 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 I. Business, Part I, Item IA. Risk Factors and Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and matters set forth in our subsequent Quarterly Reports on Form 10-Q.
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1.9 1.9 1.9 1.9 1.9 1.9 1.9 0.8 0.8 1.0 1.0 1.2 1.2 1.4 1.4 0.5 0.7 2.1 2.1 2.1 3.0 6.0 2.7 2.7 3.4 3.6 5.2 5.2 5.4 Up to 9.0 GW 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 2021 2022 2023 2024 2025 2026 2027 GenCo Signed Contracts & Strategic Pipeline GW Coal Hydro + Wind Solar + Storage GenCo Signed Capacity Strategic Pipeline EXPANDING ELECTRIC GENERATION: POWERING GROWTH AND THE ENERGY TRANSITION 13 • Investments strategically focused on reliability, sustainability, and responsiveness to evolving market needs • Balanced portfolio positioned to deliver safe, reliable, and affordable energy while enabling sustained clean-energy growth • Strong renewable pipeline supports long-term decarbonization objectives • Data center load represents a transformational multiyear growth catalyst • Potential 3-9 GW of incremental data center load emerging in 2027 and beyond 1) Hydro accounts for 10MW 2) Inclusive of 722 MW ICAP related to continued operations of RMS Units 17 and 18 due to 202c DOE mandate 3) See Slide 12 1 2 2 3
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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 2026 consolidated adjusted EPS2 guidance of $2.02-$2.07 – Base Plan3: $2.01-$2.05 – GenCo4: $0.01-$0.02 • Consolidated adjusted EPS2 CAGR of 8%-9% for 2026-2033 – Annual Base Plan adjusted EPS3 growth rate of 6%-8% for 2026-2030 • Consolidated Rate Base1 CAGR of 9%-11% for 2026-2033 – Base Plan Rate Base CAGR of 8%-10% across 2026-2030 • 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 14 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 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 15 4) Includes capital contributions and distributions 5) Funds from Operations/Debt (Non-GAAP) 6) Inclusive of ~$0.4 billion of data center capital investment in 2025
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16 FINANCIAL FORECAST ENHANCED WITH CONTINUED EXECUTION AND GENCO ADVANCEMENTS 1) 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 2) Base Plan Adjusted Earnings Per Share (non-GAAP) 3) GenCo Adjusted Earnings Per Share (non-GAAP) 2026 2027 2028 2029 2030 2031 2032 2033 $0.10-$0.15 $0.25-$0.45 2026 Base Plan Adjusted EPS2 Range $2.01-$2.05 GenCo Adjusted EPS3 Range $0.01-$0.02 NI Consolidated Adjusted EPS1 Range $2.02-$2.07 Adjusted EPS 1 Guidance Consolidated Adjusted EPS1 CAGR (2026-2033): 8%-9% Base Plan Annual Adjusted EPS2 Growth (2026-2030): 6%-8% 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 12 creates the opportunity to exceed the top end of the range.
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17 CONSISTENT EXECUTION DRIVES SUSTAINABLE GROWTH Achieving High End of Earnings Guidance Rebases Future Growth Upwards 1) Represents guidance as of December FY2021-2025 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) Represents the median non-GAAP Adjusted EPS CAGR for member companies of the PHLX Utility Sector index excluding Constellation Energy Group (CEG) as of 2/6/2026 market close Top Decile Historical Adjusted EPS Growth Projected Future Guidance Rebases Upwards Off Actual Results Implied Adjusted EPS1 based on applying midpoint of current 6%-8% annual Base Plan growth rate to actual results combined with GenCo earnings forecast for consolidated adjusted EPS2 2021-2025 Non-GAAP Adjusted EPS CAGR UTY Median3 6.4% 8.5% Adjusted EPS An Established Track Record of Achieving Adjusted EPS 2 Results 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): 8.5% $ 1.70 $ 1.74 $1.75 $ 1.85 $ 1.89 7% YoY 9% YoY 9% YoY 9% YoY $1.90
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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%) $1.90 (+9%) $2.02- $2.07 6%-8% Annual Base Plan Adjusted EPS2 2026-2030 Adjusted EPS3 Consolidated CAGR of 8%-9% 2026-2033 On track DIVIDEND (ANNUAL GROWTH) $0.88 $0.94 (+7%) $1.00 (+6%) $1.06 (+6%) $1.12 (+6%) $1.20 (+7%) 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) $4.5B5 (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 5.2 GW8 Up to 9 GW6 On track BALANCE SHEET FLEXIBILITY (FFO/DEBT)7 13.6% 13.4% 14.1% 14.6% 16.1% 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 18 5) Inclusive of ~$0.4 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) 8) Inclusive of 722 MW ICAP related to continued operations of RMS Units 17 and 18 due to 202c DOE mandate
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Appendix YEAR END 2025 RESULTS
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CAPITAL INVESTMENTS 20 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 and 2025 GenCo Capital investments $0.4-$0.5 billion
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2026-2030 Consolidated Plan by Recovery Timeframe2026-2030 Consolidated Plan By Spending Category DETAILED CAPITAL INVESTMENT BREAKDOWN 21 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 DETAILED CAPITAL INVESTMENT BREAKDOWN 22 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 Complete 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 23
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• Debt level: ~$16.2B as of December 31, 2025 – ~$15.5B of long-term debt • Weighted average maturity ~12.3 years • Weighted average interest rate of ~4.85% – ~$0.7B of short-term debt • Solid liquidity position – ~$2.0B in net available liquidity as of December 31, 2025 1 – ~$2.7B of committed facilities in place as of December 31, 2025 • ~$2.5B 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 24 58.9% 58.2% 52.6% 51.0% 46.0% 48.0% 50.0% 52.0% 54.0% 56.0% 58.0% 60.0% 62.0% 2022 2023 2024 2025 Total Debt / Total Capitalization
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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 $264 Sept 2025 Columbia Gas of Virginia Steps to Advance Virginia’s Energy Plan (SAVE) FY 2025 $72 Jan 2025 FY 2026 $87 Jan 2026 Columbia Gas of Kentucky Safety Modification and Replacement Program (SMRP) FY 2025 $47 Jan 2025 FY 2026 $53 Jan 2026 NIPSCO – Gas Transmission, Distribution and Storage System Improvement Charge (TDSIC) TDSIC 9: Mar 2024 – Mar 2025 $28 Oct 2025 TDSIC 10: Apr 2025 – Sep 2025 $56 Apr 20262 Federally Mandated Cost Adjustment Rider (FMCA) FMCA 4: Jul 2024 – Dec 2024 $7 Jul 2025 FMCA 5: Jan 2025 – Jun 2025 $13 Jan 2026 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 GCT 3: May 2026 – Oct 2026 $156 May 20262 25
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Environmental • Remain committed to goal of Net Zero Scope 1 & 2 emission by 2040 • Plan to retire remaining coal generation by 2028 • Executing on ~$3.6 billion in renewable energy and storage investments from 2020-2027 that represent approximately 3,450 MW (PPA & BTA) • Continuing to implement our advanced lead detection and repair program by surveying more than 41K miles of pipe (more than 75% of NiSource’s gas system) • Launched Project ReSource — NiSource’s circularity initiative that promotes waste reduction and more efficient material use across our business, generating value through employee engagement and cost reduction opportunities • Achieved top-quintile ratings on average across sustainability raters and received several awards including an MSCI AAA ESG rating and FTSE4Good Index Series Social • Board of directors comprised of 33% women and 33% diverse directors • Executive leadership comprised of 50% women and 50% diverse executives • Achieved “25 by 25” goal targeting 25% diverse supplier spend by YE2025 • Short-term incentive program included 20% weighting for operational excellence and safety in 2025 • Overall NiSource average annual residential customer bill projected change less than 5%, 2026-2030 Governance • 75%-89% of total executive compensation is at risk • Strong linkage between executive incentive compensation and financial, customer, and ESG objectives; Long-term metrics include non-GAAP adjusted EPS and relative stock price performance • Annual evaluations of the board and its committees, complemented by director peer reviews to maintain high performance standards • Regular assessment of corporate practices and governing documents to ensure alignment with evolving best practices and effective oversight DELIVERING A BEST-IN-CLASS SUSTAINABILITY PLAN 26
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INVESTMENT BY OPERATING COMPANY 27 Company Year-End 2025 Rate Base Last Authorized ROE(1) Columbia Gas of Kentucky $645M 9.75% Columbia Gas of Maryland $278M 9.80% Columbia Gas of Ohio $5.5B 9.60% Columbia Gas of Pennsylvania $3.5B 10.00% Columbia Gas of Virginia $1.5B N/A NIPSCO – Gas $3.9B(2) 9.75% NIPSCO – Electric $9.7B(2) 9.75% 1) ROE authorized in most recent base rate case proceeding 2) Effective equity = 53% with deferred taxes included in capital structure for NIPSCO electric and gas Note: all rate base figures exclude CWIP except VA and MD; NIPSCO Electric and Columbia Gas of Ohio exclude select regulatory assets
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Development of New Assets and 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 Amazon 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 28 COMMERCIAL PARTNERSHIP ESTABLISHED WITH AMAZON
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• Advances NiSource Strategic Priorities – Commercial partnership with Amazon 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 billion 1 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 29 Enables Customer Affordability Supports Economic Development Enhances Shareholder Value Prudent Risk Management AMAZON PARTNERSHIP ESTABLISHED NIPSCO to Power 3 GW of Generation Capacity to Support Amazon’s Data Center Development in Northern Indiana 1) Inclusive of ~$0.4 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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Enables Customer Affordability Supports Economic Development Enhances Shareholder Value Prudent Risk Management AMAZON 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 proposed mechanism to the IURC for savings starting in 2027 30
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Enables Customer Affordability Supports Economic Development Enhances Shareholder Value Prudent Risk Management AMAZON 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 31
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Enables Customer Affordability Supports Economic Development Enhances Shareholder Value Prudent Risk Management AMAZON 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 customer data center customer, Amazon 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) 32
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Enables Customer Affordability Supports Economic Development Enhances Shareholder Value Prudent Risk Management AMAZON 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, Amazon 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 33
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34 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 Amazon 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: Amazon 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 proposed 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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35 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 December 31, Twelve Months Ended December 31, (in millions, except per share amounts) 2025 2024 2023 2025 2024 2023 GAAP Net Income Available to Common Shareholders $ 257.8 $ 223.9 $ 225.6 $ 929.5 $ 739.7 $ 661.7 Adjustments to Operating Income: Operating Revenues: Weather - compared to normal(1) (11.5) 9.8 13.4 (32.6) 60.4 60.6 Total adjustments to operating income (11.5) 9.8 13.4 (32.6) 60.4 60.6 Income Taxes: Tax effect of above items(2) 2.9 (2.5) (3.3) 8.3 (15.5) (15.8) Preferred Dividends: Preferred dividends redemption premium(3) — — 3.6 — 14.0 9.8 Total adjustments to net income (8.6) 7.3 13.7 (24.3) 58.9 54.6 Adjusted Net Income Available to Common Shareholders (Non-GAAP) $ 249.2 $ 231.2 $ 239.3 $ 905.2 $ 798.6 $ 716.3 Diluted Average Common Shares 479.7 469.9 449.3 474.5 456.0 447.9 GAAP Diluted Earnings Per Share(4) $ 0.53 $ 0.47 $ 0.50 $ 1.95 $ 1.62 $ 1.48 Adjustments to diluted earnings per share (0.02) 0.02 0.03 (0.05) 0.13 0.12 Adjusted Earnings Per Share (Non-GAAP) $ 0.51 $ 0.49 $ 0.53 $ 1.90 $ 1.75 $ 1.60 (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 Annual Report on Form 10-K for the period ended December 31, 2025.
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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) Three Months Ended December 31, 2025 (in millions) Columbia Operations NIPSCO Operations Corporate & Other Total Operating Revenues (GAAP) $ 1,006.6 $ 898.7 $ (2.4) $ 1,902.9 Adjustments Weather - compared to normal(1) (9.4) (2.1) — (11.5) Adjusted Operating Revenues (Non-GAAP) $ 997.2 $ 896.6 $ (2.4) $ 1,891.4 Operating Expenses (2) $ 731.6 $ 639.1 $ 16.7 $ 1,387.4 Operating Income (Loss) (GAAP) $ 275.0 $ 259.6 $ (19.1) $ 515.5 Total Revenue and Expense Adjustments to Operating Income (9.4) (2.1) — (11.5) Adjusted Operating Income (Loss) (Non-GAAP) $ 265.6 $ 257.5 $ (19.1) $ 504.0 Three Months Ended December 31, 2024 (in millions) Columbia Operations NIPSCO Operations Corporate & Other Total Operating Revenues (GAAP) $ 841.9 $ 749.0 $ (3.1) $ 1,587.8 Adjustments Weather - compared to normal(1) 6.6 3.2 — 9.8 Adjusted Operating Revenues (Non-GAAP) $ 848.5 $ 752.2 $ (3.1) $ 1,597.6 Operating Expenses (Benefit)(2) $ 613.0 $ 559.2 $ (1.2) $ 1,171.0 Operating Income (Loss) (GAAP) $ 228.9 $ 189.8 $ (1.9) $ 416.8 Total Revenue and Expense Adjustments to Operating Income 6.6 3.2 — 9.8 Adjusted Operating Income (Loss) (Non-GAAP) $ 235.5 $ 193.0 $ (1.9) $ 426.6 (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)GAAP and Non-GAAP Operating Expenses (Benefit) are the same for the periods presented.
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37 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) Twelve months ended December 31, 2025 (in millions) Columbia Operations NIPSCO Operations Corporate & Other Total Operating Revenues (GAAP) $ 3,343.3 $ 3,308.5 $ (9.6) $ 6,642.2 Adjustments: Weather - compared to normal(1) (15.4) (17.2) — (32.6) Adjusted Operating Revenues (Non-GAAP) $ 3,327.9 $ 3,291.3 $ (9.6) $ 6,609.6 Operating Expenses (Benefit)(2) $ 2,448.2 $ 2,370.4 $ (11.7) $ 4,806.9 Operating Income (GAAP) $ 895.1 $ 938.1 $ 2.1 $ 1,835.3 Total Revenue and Expense Adjustments to Operating Income (15.4) (17.2) — (32.6) Adjusted Operating Income (Non-GAAP) $ 879.7 $ 920.9 $ 2.1 $ 1,802.7 Twelve months ended December 31, 2024 (in millions) Columbia Operations NIPSCO Operations Corporate & Other Total Operating Revenues (GAAP) $ 2,716.0 $ 2,752.0 $ (12.9) $ 5,455.1 Adjustments: Weather - compared to normal(1) 38.5 21.9 — 60.4 Adjusted Operating Revenues (Non-GAAP) $ 2,754.5 $ 2,773.9 $ (12.9) $ 5,515.5 Operating Expenses (Benefit)(2) $ 1,987.3 $ 2,032.2 $ (19.9) $ 3,999.6 Operating Income (GAAP) $ 728.7 $ 719.8 $ 7.0 $ 1,455.5 Total Revenue and Expense Adjustments to Operating Income 38.5 21.9 — 60.4 Adjusted Operating Income (Non-GAAP) $ 767.2 $ 741.7 $ 7.0 $ 1,515.9 (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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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) 2025 2024 2023 2022 2021 Net Cash Flows from Operating Activities 2,362 1,782 1,935 1,409 1,218 - Accounts receivable (273) (102) 184 (216) (40) - Inventories (60) 102 234 (259) (113) - Accounts payable 132 72 (172) 165 55 - Exchange gas receivable/payable 136 (134) 127 58 (114) - Other accruals 68 10 (103) 73 43 - Prepayments and other current assets (37) (76) 37 (10) (37) - Other adjustments (36) (35) 21 28 28 Funds from Operations (Adjusted) 2,434 1,944 1,607 1,570 1,396 Long-term debt 15,458 12,075 11,056 9,524 9,183 + Current portion of long-term debt 20 1,281 24 30 58 + Short-term borrowings 736 605 3,049 1,762 560 + Other adjustments (1,110) (657) (2,711) 440 440 Total Adjusted Debt 15,103 13,304 11,418 11,756 10,241 FFO to Debt (Adjusted) 16.1% 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 38
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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) 39