Slides
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October 28, 2026 SUPPLEMENTAL SLIDES 3Q 2026 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 , anticipated savings for existing customers resulting from our partnerships with data center customers, 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 r eflecting 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 forwar d-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. 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, develop and place into service the generation and transmission assets we develop to support our current and any future data center customers on time or at all and consistent with initial cost estimates, as well as the performance of such assets once constructed and placed into service; our ability to obtain the significant additional financing required to construct such generation and transmission assets we develop to support our curr ent and any future data center contracts on favorable terms, if at all; our ability to recover our investments and realize our ex pected return under our current and any future data center contracts that we enter into; our ability to maintain our investment grade credit ratings as we fi nance and pursue our data center strategy, including our performance under our current and any future data center contracts that we enter into; performance by our customers under our current and any future data center contracts; any default by a current or future data center customer or any decision by a current or future data center customer, if applicable, to reduce the committed capacity under, or to terminat e, such contracts; potential changes in the MISO accreditation treatment of capacity resources; 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 t echnology; 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; fluctuat ions in demand from residential and commercial customers; fluctuations in the price of energy commodities and related transportation costs or an inability to obt ain an adequate, reliable and cost-effective fuel supply to meet customer 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 emis sion reduction goals, including our Net Zero Goal, including any future associated impact from business opportunities such as data center development as those oppor tunities evolve; regulation and the impact of regulatory rate reviews; our ability to obtain expected financial or regulatory outcomes; any damage to our reputation; the impacts of natural disasters, acts of terrorism, acts of war or other catastrophic events; the physical impac ts of climate change and the transition to a lower carbon future; potential cybersecurity attacks or security breaches; increased r equirements and costs related to cybersecurity; 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 inv estor sentiment; the actions of activist stockholders; economic conditions in certain industries; the ability of customers and suppliers to fulfill their payment and contractual obligations; the ability of our subsidiaries to generate cash; pension funding obligations; potential impairments of goodwill; the outcome of legal and regulatory proceedings, investigations, incidents, 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 ass ociated 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, I tem 7, "Management’s Discussion and Analysis 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 f orward-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 , investment base growth, rate base growth, adjusted EPS and adjusted EPS growth, are to NiSource’s investments and operations r elating to provision of electric service to current and future data center or other large load customers, and not necessarily to the legal entity NiS ource Generation Company LLC (“GenCo”), formerly known as NIPSCO Generation LLC, (except in the context of statements relating t o 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 began to present base plan adjusted EPS, GenCo/data center adjusted EPS, and consolidated adj usted EPS. This presentation includes financial results and guidance for NiSource with respect to adjusted net income available 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 EPS CAGR, which are non- GAAP financial measures as defined by the S ecurities and Exchange Commission. As presented herein, guidance with respect to base plan adjusted EPS, including annual base plan adj usted EPS growth, excludes, in addition to the items historically excluded from adjusted EPS, the impact of data center operations and development activities relating to the provision of electric service to current and future data center or other large load customers. Gui dance 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 activities relating to serving data center or other large load 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 provides guidance regarding base plan adjusted EPS because it ex pects that the earnings from its data center operations and development activities described above will experience a different grow th profile compared to the base plan adjusted EPS growth. Providing guidance with respect to base plan adjusted EPS growth, GenCo/data center adjust ed EPS growth and consolidated adjusted EPS growth provides 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 aspects of our busi ness 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 the comparable GAAP 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 equivalent s without unreasonable efforts. LEGAL DISCLAIMER 2
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3 1) Flat O&M commitment reflects base business only 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); 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 Schedules 1, 3 and 4 in the appendix of this presentation 13%-14% Expected Average Annual Total Shareholder Return 4 As of October 2026 8%-10% Base Plan Rate Base CAGR 2027-2033 9%-10% Consolidated Investment Base2 CAGR 2027-2033 $25.1B YE 2025 Regulated Electric and Gas Rate Base 6%-8% Annual Base Plan Adj EPS3 Growth 2027-2033 10%-11% Consolidated Adj EPS3 CAGR 2027-2033 55%-65% Dividend Payout Ratio Target Up to 4 GW Additional Data Center Load7 $8.0B GenCo Capital Investment 2027-2033 14%-16% Annual FFO/Debt3 Target Through 2033 $32.0B Base Plan Capital Investment6 2027-2033 $3.0B Base Plan Upside Capital Investment6 2027-2033 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 10%-11% 2027-2033 Consolidated Adjusted EPS CAGR 5) Represents anticipated savings for existing customers over the life of current data center contracts 6) Exclusive of data center capital investments 7) 2 GW of strategic negotiations and up to 2 GW of additional developing opportunities as shown on Slide 10 HIGHLY EXECUTABLE FINANCIAL COMMITMENTS $1.75B Customer Savings5 1
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KEY PRIORITIES 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 Schedules 1 and 4 in the appendix to this presentation 2) Inclusive of traditionally regulated assets and GenCo assets supporting data center customers • Building a Constructive Regulatory Foundation – Special contract to serve Microsoft announced in October expanding total GenCo customer savings to $1.75 billion – Columbia Gas of Ohio rate case filed in October • Operational Excellence – Continuing to enhance the value of our services through disciplined operations; operating with process and technological inno vation – AI utilization driving operational efficiency – Project Apollo continues to fuel continuous improvement culture • Highly Executable Financial Commitments – Narrowing 2026 consolidated adjusted EPS1 guidance to the upper half of $2.02-$2.07 and initiating 2027 consolidated adjusted EPS1 guidance of $2.22-$2.30 – Extending base plan expected non-GAAP adjusted EPS annual growth guidance of 6% -8% to 2027-2033 – Raising consolidated expected non-GAAP adjusted EPS compound annual growth rate to 10%-11% for 2027-2033 – Enterprise capital plan increased to $40.0 billion for 2027-2033, including $32.0 billion in Base Plan capital investments and $8.0 billion in data center-related capital investments projected for 2027-2033, supporting 9%-10% consolidated Investment Base2 CAGR through 2027-2033 • 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 o pportunities 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 • Building on August derecho response and lessons learned to strengthen reliability and resiliency 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 2024 2025 2026 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 NIPSCO Electric Rate Case Step 2 Rates Filed Settled Approved Step 1 Rates Step 2 Rates Trackers TDSIC 5 Approved TDSIC 6 Approved GCT 1 Approved GCT 2 TDSIC 7 Approved GCT 3 Approved TDSIC 8 Approved GCT 4 TDSIC 9 Approved NIPSCO Gas Rate Case Settled Approved Step 1 Rates Step 2 Rates Trackers TDSIC 7 Approved FMCA 2 Approved TDSIC 8 Approved FMCA 3 Approved FMCA 4 Approved TDSIC 9 Approved FMCA 5 Approved TDSIC 10 Approved FMCA 1 TDSIC 11 Approved Columbia Gas of Ohio Rate Case Filed Trackers IRP PHMSA 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 Filed Settled Rates Effective Approved Filed Rates Effective1 Trackers SAVE Approved SAVE Approved Columbia Gas of Kentucky Rate Case Filed Approved Rates Effective Filed Trackers SMRP Approved SMRP SMRP Approved SMRP Columbia Gas of Maryland Rate Cases Filed Approved In Rates Select capital trackers shown; does not include expense trackers See appendix for detailed regulatory program names 1) Subject to refund 6
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GenCo Announcements • Microsoft (October 16, 2026) – Executed a 20-year agreement backed by pooled resource assets to provide electric service and capacity • Alphabet (April 16, 2026) – Signed 15-year agreement to provide electric service and capacity using pool resource assets • Amazon (September 22, 2025) – Signed amendment accelerating the energization of Amazon sites and associated credits for residential customers (April 16, 2026) – Expanded agreement increasing capacity commitment by 400 megawatts (May 6, 2026) • Pool Strategy – ~1,900 MW diversified portfolio of generation and storage assets, PPAs, and contracted resources positioned to serve current and future customer demand GENCO DRIVING $1.75 BILLION OF CUSTOMER SAVINGS 7 $1.75 Billion Customer Savings
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Development of New Assets and Infrastructure (Supports 788 MW) ~1,100 megawatts of pool resource assets Transmission infrastructure General Contract Structure Microsoft will construct, commission and operate new data centers NIPSCO to provide long-term electric service and capacity Customer Demand Increasing annually starting in 2028, ramp to full demand by 2031 Term 20-year initial contract term Pricing Capacity charge + pass through charges Designed to ensure return on and of pool resource assets on an accelerated basis Termination Certain termination protections in place, including reimbursement of expenses Enables Customer Affordability Supports Economic Development Enhances Shareholder Value Prudent Risk Management 8 COMMERCIAL PARTNERSHIP WITH MICROSOFT Announced October 16, 2026
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9 2026-20322025 NiSource Strategy Ongoing GenCo Strategy Development GenCo Declination Final Order Updated Financial Plan Commitments Updated Financial Plan Commitments Sept 24th 3Q 2025 3Q 2026 Amazon Special Contract Announced Special Contract Filed with the IURC Zoning Application Approved Acceleration Amendment Filed with the IURC Incremental Load Announced IURC Special Contract Approved Incremental Amendment Filed with the IURC Schahfer CCGT Air Permit Issued Construction IURC Incremental Amendment Approval New 345 kV Delivery Substation and Transmission Infrastructure First Load Energization Full Ramp Sept 22nd Nov 7th Feb 2nd Apr 16th May 6th Jun 17th Jul 17th Jul 24th In Progress Expected by YE 2026 Expected 2027 Expected 2027 Expected by 2032 Alphabet Special Contract Filed with the IURC IURC Special Contract Approval First Load Energization Substation and Transmission Expansion Full Ramp Apr 16th July 27th Complete Expected by 2027 Expected by 2030 Microsoft Special Contract Announced Special Contract Filed with the IURC First Load Energization Full Ramp Oct 16th Expected by YE 2026 Expected 2028 Expected by 2031 GENCO UPCOMING MILESTONES
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Data Center Pipeline by 2035 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 Capacity1 Up To 3.0 GW 10 Note: Our ability to successfully execute on current and any 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 obtain 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 Item 1A, “Risk Factors” and Part II, Item 7, “Management’s Discussion of Analysis of Financial Condition and Results of Operations” of our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and Part I, Item 2 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and Part II, Item 1A, “Risk Factors” of our Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2026, June 30, 2026, and September 30, 2026. 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 Up To 2 GW ~5 GW 2 GW GenCo Signed Capacity ~5 GW Strategic Negotiations 2 GW Developing Opportunities Up to 2 GW 1) Future updates are expected to reflect opportunities beyond the current 9 GW pipeline UP TO 4 GW ACROSS GENCO STRATEGIC NEGOTIATIONS AND DEVELOPING OPPORTUNITIES
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THIRD QUARTER CONSOLIDATED RESULTS Note: figures in millions except per share data 1) Non-GAAP; for a reconciliation of GAAP net income available to common shareholders and diluted earnings per share to non- GAAP adjusted net income available to common shareholders and non-GAAP earnings per share, see Schedule 1 in the appendix to this presentation 11 GAAP RESULTS THIRD QUARTER YTD 2026 2025 Change Fav/(Unfav) 2026 2025 Change Fav/(Unfav) Net Income Available to Common Shareholders $129.5 $94.7 $34.8 $685.7 $671.7 $14.0 Diluted Earnings Per Share $0.27 $0.20 $0.07 $1.42 $1.42 $0.00 NON-GAAP RESULTS1 THIRD QUARTER YTD 2026 2025 Change Fav/(Unfav) 2026 2025 Change Fav/(Unfav) Adjusted Net Income Available to Common Shareholders1 $130.9 $91.8 $39.1 $718.1 $656.0 $62.1 Adjusted Earnings Per Share1 $0.27 $0.19 $0.08 $1.49 $1.38 $0.11
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THIRD QUARTER CONSOLIDATED RESULTS Note: figures in millions except per share data 1) Non-GAAP; for a reconciliation of GAAP operating income to non-GAAP adjusted operating income, see Schedule 1 and 2 in the appendix to this presentation 12 GAAP OPERATING INCOME THIRD QUARTER YTD 2026 2025 Change Fav/(Unfav) 2026 2025 Change Fav/(Unfav) Columbia Operations $119.2 $52.1 $67.1 $694.8 $620.1 $74.7 NIPSCO Operations $223.1 $232.6 ($9.5) $692.0 $678.5 $13.5 Total Reportable Segments $342.3 $284.7 $57.6 $1,386.8 $1,298.6 $88.2 Corporate & Other ($2.0) $12.8 ($14.8) $0.8 $21.2 ($20.4) Consolidated Operating Income $340.3 $297.5 $42.8 $1,387.6 $1,319.8 $67.8 ADJUSTED OPERATING INCOME1 THIRD QUARTER YTD 2026 2025 Change Fav/(Unfav) 2026 2025 Change Fav/(Unfav) Columbia Operations $123.1 $53.4 $69.7 $717.0 $614.1 $102.9 NIPSCO Operations $221.2 $227.3 ($6.1) $718.3 $663.4 $54.9 Total Reportable Segments $344.3 $280.7 $63.6 1,435.3 $1,277.5 $157.8 Corporate & Other ($2.0) $12.8 ($14.8) $0.8 $21.2 ($20.4) Consolidated Adjusted Operating Income $342.3 $293.5 $48.8 1,436.1 $1,298.7 $137.4
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7-Year Plan: $40.0B Capital Investment 5-Year Plan: $29.0B Capital Investment $21.0 billion Base Plan $8.0 billion GenCo SUSTAINABLE INVESTMENT OPPORTUNITIES FOR CUSTOMERS AND COMMUNITIES 13 $5.3 - $5.7B* $4.4 - $4.8B* $4.7 - $5.1B*$6.9 - $7.3B* $6.7 - $7.1B* 20312027 2028 2029 2030 Note: Capital investments include 100% of NIPSCO and GenCo * Total excluding upside capital investments 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 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0
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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), for the GAAP Diluted Earnings Per Share and the reconciliation of GAAP to non-GAAP Earnings Per Share, see Schedules 1 and 4 in the appendix to this presentation 3) Base Plan Adjusted Earnings Per Share (non-GAAP) 4) GenCo Adjusted Earnings Per Share (non-GAAP) Consolidated Plan1 • Narrowing 2026 consolidated adjusted EPS2 guidance to the upper half of $2.02-$2.07 and initiating 2027 consolidated adjusted EPS2 guidance of $2.22-$2.30 • Consolidated adjusted EPS2 CAGR of 10%-11% for 2027-2033 – Annual Base Plan adjusted EPS3 growth rate of 6%-8% for 2027-2033 • Consolidated Investment Base1 CAGR of 9%-10% for 2027-2033 – Base Plan Rate Base CAGR of 8%-10% across 2027-2033 • Annual average customer bill5 <4% increase • Continued commitment to 14%-16% FFO/Debt6 annually through 2033 5-Year Plan $29.0 billion 2027-2031 $21.0 billion Base Plan $8.0 billion GenCo Capital Investments Incremental Investments 2027+ incremental opportunity not included in Base or Upside Plans Base Plan Upside 7-Year Opportunity $3.0 billion 2027-2033 opportunity not included in Base Plan 14 GenCo Pipeline Up to 4 GW of strategic negotiations and developing opportunities for additional load 5) Total residential customer bill impact including commodity cost; weighted average electric and gas bills across all service territories; 2027-2031 6) Funds from Operations/Debt (non-GAAP) • 2026 Base Plan Contribution3: $2.01-$2.05 • 2027 Base Plan Contribution3: $2.17-$2.21 • 2026 GenCo Contribution4: $0.01-$0.02 • 2027 GenCo Contribution4: $0.05-$0.09 7-Year Plan $40.0 billion 2027-2033 $32.0 billion Base Plan $8.0 billion GenCo
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2026 2027 2028 2029 2030 2031 2032 2033 Consolidated Adjusted EPS CAGR1 (2027-2033): 10%-11% Base Plan Annual Adjusted EPS2 Growth (2027-2033) 6%-8% $0.32-$0.40 $0.52-$0.68 15 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) 2027 Base Plan Adjusted EPS2 Range $2.17-$2.21 GenCo Adjusted EPS3 Range $0.05-$0.09 NI Consolidated Adjusted EPS1 Range $2.22-$2.30 Adjusted EPS 1 Guidance Note: GenCo Adjusted Earnings Per Share (non-GAAP) contribution assumes 19.9% minority ownership. Based on midpoint of upper half of 2026 non-GAAP adjusted EPS guidance; GenCo EPS contribution range incorporates the recently announced data center agreements. The range contemplates multiple additional customers at the top end. The strategic negotiation pipeline of 2 gigawatts shown on Slide 10 creates the opportunity to exceed the top end of the range.
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Cash From Operations2 55%-60% Net New Debt1 30%-35% Equity 3 5%-8% Minority Interest Contributions4 3%-5% FUNDING SOURCES FOR $40.0B CONSOLIDATED CAPITAL INVESTMENT PLAN (2027-2033) STRENGTHENING CASH FLOW PROFILE THROUGH THE PLANNING HORIZON 1) Debt includes hybrid securities 2) Cash from operations to NiSource less common dividends, minority interest distribution, other investing and other financing cash flow 3) Equity excludes internal equity programs 4) Includes capital contributions Cash From Operations2 45%-50% Net New Debt1 40%-45% Equity 3 5%-10% Minority Interest Contributions4 3%-5% FUNDING SOURCES FOR $28.6B6 CONSOLIDATED CAPITAL INVESTMENT PLAN (2026-2030) 16 5) Funds from Operations/Debt (Non-GAAP), for the GAAP Net Cash Flows from Operating Activities/Debt and the reconciliation of GAAP Net Cash Flows from Operating Activities/Debt to non-GAAP FFO/Debt, see Schedule 3 in the appendix to this presentation 6) Inclusive of ~$0.4 billion of data center capital investment in 2025 Prior Plan New Plan TARGETING 14%-16% FFO/DEBT5 ANNUALLY THROUGH 2033 • Consolidated Plan Capital includes $400-$600 million of annual equity in the near term, stepping down through the planning horizon with minimal equity starting in 2032 • Equity sized to support current investment-grade credit ratings and maintain 14%-16% FFO/Debt 5 • Upside 7-year capital opportunities and incremental strategic data center negotiations may necessitate incremental debt and equity financing
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BUILDING ON OUR TRACK RECORD OF EXECUTION AND GROWTH 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 PROGRESS ADJUSTED EPS 1 (GROWTH) $1.37 $1.47 (+7%) $1.60 (+9%) $1.75 (+9%) $1.90 (+9%) $2.02- $2.07 $2.22- $2.30 6%-8% Annual Base Plan Adjusted EPS2 Growth 2027-2033 Consolidated Adjusted EPS3 CAGR of 10%-11% 2027-2033 On track DIVIDEND (ANNUAL GROWTH) $0.88 $0.94 (+7%) $1.00 (+6%) $1.06 (+6%) $1.12 (+6%) $1.20 (+7%) 13%-14% 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) $5.2-$5.6B $29.0B 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 5) Inclusive of $0.4 billion of data center contract capital investment in 2025 Note: For the GAAP Diluted Earnings Per Share and GAAP Net Cash Flows from Operating Activities/Debt and the reconciliation of G AAP net income available to common shareholders and GAAP diluted earnings per share to non- GAAP adjusted net income available to common shareholders and non- GAAP earnings per share and GAAP Net Cash Flows from Operating Activities/Debt to non- GAAP FFO/Debt, see Schedule 1, 3 and 4 in the appendix to this presentation 17 6) Data center pipeline of up to 9 GW capacity including signed customer capacity requirement of 3.9 GW to be fully supported through ~4.9 GW generation buildout/capacity purchases 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 3Q 2026 RESULTS
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CAPITAL INVESTMENTS 19 Capital Plan $ in Billions 2027 2028 2029 2030 2031 NIPSCO $1.8 – $1.9 $1.8 – $1.9 $2.5 – $2.6 $2.3 – $2.4 $2.5 – $2.6 COLUMBIA $2.0 – $2.1 $1.8 – $1.9 $1.8 – $1.9 $1.8 – $1.9 $2.2 – $2.3 BASE BUSINESS $3.8 – $4.0 $3.6 – $3.8 $4.3 – $4.5 $4.1 – $4.3 $4.7 – $4.9 GENCO $3.1 – $3.3 $3.1 – $3.3 $1.0 – $1.2 $0.3 – $0.5 $0.0 – $0.2 CONSOLIDATED TOTAL $6.9 – $7.3 $6.7 – $7.1 $5.3 – $5.7 $4.4 – $4.8 $4.7 – $5.1 Note: Capital investments include 100% of NIPSCO and GenCo Figures exclude upside capital investments
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2027-2031 Consolidated Plan by Recovery Timeframe2027-2031 Consolidated Plan By Spending Category DETAILED CAPITAL INVESTMENT BREAKDOWN 20 Note: Capital investments include 100% of NIPSCO and 100% of GenCo Total excluding upside capital investments Gas System Hardening ~33% GenCo ~28% Electric Generation ~13% Electric System Modernization ~10% IT and Facilities ~8% Growth ~8% 0-6 Month Recovery ~70% 7-12 Month Recovery ~23% 13+ Month Recovery ~7%
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2027-2031 Consolidated Plan by Operating Company DETAILED CAPITAL INVESTMENT BREAKDOWN 21 Note: Capital investments include 100% of NIPSCO and 100% of GenCo Total excluding upside capital investments NIPSCO E 25%-30% GenCo 25%-30% COH 15%-20% NIPSCO G 7%-12% CPA 5%-10% CVA 5%-10% CKY <5% CMD <5%
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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 to enhance safety • 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 22 Investment Themes Additive to Base and Upside Financial Plan
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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 1.2 1.2 0.5 0.7 2.1 2.1 2.1 ~5 GW 4 GW 2.7 2.7 3.4 3.6 5.2 5.2 5.2 Up to 9 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 Data Center Signed Contracts & Strategic Pipeline GW Coal Hydro + Wind Solar + Storage Data Center Signed Capacity Strategic Pipeline EXPANDING ELECTRIC GENERATION: POWERING GROWTH THROUGH FUEL DIVERSIFICATION AND RESILENCE 23 • 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 4 GW of incremental data center load emerging in 2027 and beyond 1) Hydro accounts for 10 MW 2) Inclusive of 722 MW ICAP related to continued operations of RMS Units 17 and 18 due to 202c DOE mandate 3) See Slide 10 1 2 2 3
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Development of New Assets and Infrastructure (Supports 300 MW) 340 megawatts of pool resource assets Transmission infrastructure General Contract Structure Alphabet will construct, commission and operate new data center NIPSCO to provide long-term electric service and capacity Customer Demand Increasing annually starting in 2026, ramp to full demand by 2030 Term 15-year initial contract term Pricing Capacity charge + pass through charges Designed to ensure return on and of pool resource assets on an accelerated basis 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 24 COMMERCIAL PARTNERSHIP WITH ALPHABET Announced April 16, 2026
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Enables Customer Affordability Supports Economic Development Enhances Shareholder Value Prudent Risk Management 25 COMMERCIAL COLLABORATION WITH AMAZON Development of New Assets and Infrastructure (Supports 2,800 MW) Two 1,300 megawatt combined-cycle, natural gas-fired turbines 400 megawatts of new battery storage 400 megawatts of pool resource assets Transmission infrastructure Investment Aggregate cost of contract 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 and pool resource assets over the life of the contract Termination Certain termination protections in place, including reimbursement of expenses, subject to a cap Initial Contract Announced September 22, 2025 Acceleration Announced April 16, 2026 Incremental Load Announced May 6, 2026
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– Supply backed by credit support from high- quality guarantors reduces counterparty and execution risk – Capacity is developed and procured in tranches, phasing asset development and reducing timing and overbuild risk – MISO energy, capacity, and transmission costs associated with large customers are tracked and passed through directly to large- load customers – Ring-fencing of major capital investments and risks through GenCo – Assets added to the pool reduces reliance on future market volatility 26 – Scalable and repeatable growth to support increasing large-load demand by efficiently developing and managing a diversified portfolio of generation and storage resources through GenCo – Provides flexibility to add assets over time as new customers are signed • Assets are planned in tranches, supporting phased load ramps and future customer additions – Enables optimization of resource use and participation in regional markets to manage system reliability and costs – Diversified energy delivery supported by a portfolio of solutions, combining in-service assets with future builds GENCO POOL STRATEGY ENABLES FLEXIBLE AND SCALABLE GROWTH GenCo Potential Pool Customers Existing Pool Customers Future Asset Pool Asset Pool1 Driving Value & Optionality Embedded Risk Management Alphabet Amazon2 Microsoft Market Capacity Purchases 1) Capacity alternatives through self-build, developer supplied, and market resources spanning a variety of resource types 2) Amazon also served through dedicated resource assets. See slide 27. Portfolio of Assets Deployed Across Multiple Customers Generation Capacity BESS
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DATA CENTER SUPPLY-SIDE SOLUTIONS 27 Supply-Side Solution Size1 Ownership Structure Investment2 Status Dedicated Resource Assets Mitchell Battery 400 MW Full Ownership ~$7.0B Construction CCGT 1,300 MW Full Ownership Construction CCGT 1,300 MW Full Ownership Construction Total 3,000 MW ~$7.0B Pool Resource Assets* Tipton Battery 167 MW BTA3 $0.6B Construction Mitchell Battery 100 MW Full Ownership Construction Combustion Turbine 1 239 MW Full Ownership $2.3B Pre-Construction Combustion Turbine 2 239 MW Full Ownership Pre-Construction AGP Battery 600 MW PPA -- Pre-Construction Nebo Battery 75 MW PPA -- Construction Contracted Generation ~500 MW -- -- -- Total ~1,900 MW $2.9B Total ~4,900 MW $9.9B *Multiple customers will be served through the Pool Resource Assets as additional Pool Resource customers are added over time. 1) Represents capacity associated with signed demand 2) Inclusive of transmission investment. Represented anticipated capital expenditures in connection with capacity resources expected to be owned. PPAs and market purchases will also require significant cash payments. Refer to Note 15, “Other Commitments and Contingencies” in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2026. 3) Assets transfer to GenCo upon completion of construction Amazon Microsoft Alphabet Amazon Expansions Future pool customers
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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 Total ~$3.2B 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: 195 MW Gibson Solar: 200 MW Fairbanks Solar: 250 MW Dunns Bridge I Solar: 265 MW Appleseed Solar: 200 MW KY 28 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
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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 3) Total Debt to Total Capitalization ratio calculated as defined in the revolving credit facility agreement 29 58.9% 58.2% 52.6% 51.0% 51.5% 52.6% 51.3% 46.0% 48.0% 50.0% 52.0% 54.0% 56.0% 58.0% 60.0% 62.0% 2022 2023 2024 2025 1Q2026 2Q2026 3Q2026 Total Debt / Total Capitalization3 • Debt level: ~$18.3B as of September 30, 2026 – ~$17.5B of long-term debt • Weighted average maturity ~11.2 years • Weighted average interest rate of ~4.93% – ~$0.8B of short-term debt • Solid liquidity position – ~$1.9B in net available liquidity as of September 30, 2026 1 – ~$2.7B of committed facilities in place as of September 30, 2026 • $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)
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SAFETY AND INFRASTRUCTURE INVESTMENT AND TRACKER FILINGS 1) Pipeline and Hazardous Materials Safety Administration 2) $140 million of tracked capital rolled into Step 2 base rates from TDSIC rider 3) Pending commission approval COMPANY MECHANISM INCREMENTAL INVESTMENTS RECOVERY PERIOD AMOUNT ($M) EFFECTIVE DATE Columbia Gas of Ohio Infrastructure Replacement Program (IRP) FY 2025 $206 May 2026 PHMSA1 IRP FY 2025 $102 May 2026 Capital Expenditure Program (CEP) FY 2025 $261 Sept 2026 Columbia Gas of Virginia Steps to Advance Virginia’s Energy Plan (SAVE) FY 2026 $87 Jan 2026 FY2027 $153 Jan 2027 Columbia Gas of Kentucky Safety Modification and Replacement Program (SMRP) FY 2026 $53 Jan 2026 FY 2027 $64 Jan 20273 NIPSCO – Gas Transmission, Distribution and Storage System Improvement Charge (TDSIC) TDSIC 10: Apr 2025 – Sep 2025 $56 Apr 2026 TDSIC 11: Oct 2025 – Dec 2025 $23 Oct 2026 Federally Mandated Cost Adjustment Rider (FMCA) FMCA 5: Jan 2025 – Jun 2025 $13 Jan 2026 FMCA 1: Jul 2025 – Dec 2025 $31 Jul 2026 FMCA 2: Jan 2026 – Jun 2026 $50 Jan 2027 NIPSCO – Electric Transmission, Distribution and Storage System Improvement Charge (TDSIC) TDSIC 7: Oct 2024 – Mar 2025 $1122 Oct 2025 TDSIC 9: Apr 2025 – Mar 2026 $276 Oct 2026 Generation Cost Tracker (GTC) GCT 3: May 2026 – Oct 2026 $156 May 2026 GCT 4: Nov 2026 – Apr 2027 $136 Nov 2026 30
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Environmental • Plan to retire remaining coal generation by 20281 • Executed ~$3.2 billion in renewable energy and storage investments from 2020-2025 that represent approximately 3,250 MW (PPA & BTA) • Continuing to implement our advanced leak 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 • 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 4%, 2027-2031 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 31 1) We are evaluating changes to our previously communicated resource timelines and alternative resource decisions
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INVESTMENT BY OPERATING COMPANY 32 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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33 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 contracts expected to be cash flow accretive to the business Establish industry leadership 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 partnerships with Amazon, Alphabet, and Microsoft validate data center thesis in northern Indiana with incremental pipeline of investment opportunities remaining Minimize risk for NiSource and shareholders Counterparties are large, investment-grade data center customers: Amazon, Alphabet, and Microsoft 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 as early as January 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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$3.04 $2.05 $1.37 $1.47 $1.60 $1.75 $1.90 $1.30 $1.50 $1.70 $1.90 $2.10 $2.30 $2.50 $2.70 $2.90 $3.10 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Q3'2026 Earnings Call (Consolidated Plan) Q1'2026 Earnings Call (Consolidated Plan) Q4'2025 Earnings Call (Consolidated Plan) Q4'2024 Earnings Call Q4'2023 Earnings Call Q4'2022 Earnings Call 2022 Investor Day Actuals 34 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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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 Consolidated Adjusted Earnings Per Share (Non-GAAP) (unaudited) Three Months Ended September 30, Nine Months Ended September 30, (in millions, except per share amounts) 2026 2025 2026 2025 GAAP Net Income Available to Common Shareholders $ 129.5 $ 94.7 $ 685.7 $ 671.7 Adjustments to Operating Income: Operating Revenues: Weather - compared to normal(1) (4.0) (4.0) 15.7 (21.1) Operating Expenses: Workplace continuity(2) — — 21.4 — Value Captured initiative(3) 6.0 — 11.4 — Total adjustments to operating income 2.0 (4.0) 48.5 (21.1) Income Taxes: Tax effect of above items(4) (0.6) 1.1 (12.5) 5.4 Preferred Dividends: Preferred dividends redemption premium(5) — — (3.6) — Total adjustments to net income 1.4 (2.9) 32.4 (15.7) Adjusted Net Income Available to Common Shareholders (Non- GAAP) $ 130.9 $ 91.8 $ 718.1 $ 656.0 Diluted Average Common Shares 481.1 473.7 481.1 472.8 GAAP Diluted Earnings Per Share(6) $ 0.27 $ 0.20 $ 1.42 $ 1.42 Adjustments to diluted earnings per share — (0.01) 0.07 (0.04) Consolidated Adjusted Earnings Per Share (Non-GAAP) $ 0.27 $ 0.19 $ 1.49 $ 1.38 (1)Represents the estimated impact of actual weather during the period compared to expected normal weather. (2)Represents incremental costs to support our NIPSCO work continuity plans during the April 2026 lockout period. Costs include external contractors, security and administrative costs, net of any internal labor savings, that would not have been incurred had a lockout been avoided. (3)Represents non-recurring third-party consulting costs and incremental severance incurred in connection with the Value Captured initiative. (4)Represents income tax expense associated with adjustments to GAAP amounts calculated using the applicable statutory tax rates. (5)Represents the excise tax refund from the 2023 preferred stock redemption premium. (6)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, 2026.
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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 September 30, 2026 (in millions) Columbia Operations NIPSCO Operations Corporate & Other Total Operating Revenues (GAAP) $ 505.6 $ 835.5 $ 8.3 $ 1,349.4 Adjustments Weather - compared to normal(1) (0.1) (3.9) — (4.0) Adjusted Operating Revenues (Non-GAAP) $ 505.5 $ 831.6 $ 8.3 $ 1,345.4 Operating Expenses (Benefit) (GAAP) $ 386.4 $ 612.4 $ 10.3 $ 1,009.1 Adjustments Value Captured initiative(2) 4.0 2.0 — 6.0 Operating Expenses (Benefit) (Non-GAAP) $ 382.4 $ 610.4 $ 10.3 $ 1,003.1 Operating Income (GAAP) $ 119.2 $ 223.1 $ (2.0) $ 340.3 Total Revenue and Expense Adjustments to Operating Income 3.9 (1.9) — 2.0 Adjusted Operating Income (Non-GAAP) $ 123.1 $ 221.2 $ (2.0) $ 342.3 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 (1)Represents the estimated impact of actual weather during the period compared to expected normal weather.. (2)Represents non-recurring third-party consulting costs and incremental severance incurred in connection with the Value Captured initiative. (1)Represents the estimated impact of actual weather during the period compared to expected normal weather. (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) Nine Months Ended September 30, 2026 (in millions) Columbia Operations NIPSCO Operations Corporate & Other Total Operating Revenues (GAAP) $ 2,432.7 $ 2,618.5 $ 3.7 $ 5,054.9 Adjustments Weather - compared to normal(1) 15.7 — — 15.7 Adjusted Operating Revenues (Non-GAAP) $ 2,448.4 $ 2,618.5 $ 3.7 $ 5,070.6 Operating Expenses (Benefit) (GAAP) $ 1,737.9 $ 1,926.5 $ 2.9 $ 3,667.3 Adjustments Workplace Continuity(2) — 21.4 — 21.4 Value Captured initiative(3) 6.5 4.9 — 11.4 Operating Expenses (Benefit) (Non-GAAP) $ 1,731.4 $ 1,900.2 $ 2.9 $ 3,634.5 Operating Income (GAAP) $ 694.8 $ 692.0 $ 0.8 $ 1,387.6 Total Revenue and Expense Adjustments to Operating Income 22.2 26.3 — 48.5 Adjusted Operating Income (Non-GAAP) $ 717.0 $ 718.3 $ 0.8 $ 1,436.1 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) $ 2,443.9 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 1)Represents the estimated impact of actual weather during the period compared to expected normal weather. (2)Represents incremental costs to support our NIPSCO work continuity plans during the April 2026 lockout period. Costs include external contractors, security and administrative costs, net of any internal labor savings, that would not have been incurred had a lockout been avoided. (3)Represents non-recurring third-party consulting costs and incremental severance incurred in connection with the Value Captured initiative. (1)Represents the estimated impact of actual weather during the period compared to expected normal weather. (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 FFO to Debt (Adjusted) is a liquidity measure 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