Slides
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Earnings Conference Call Third Quarter 2025 Results November 5, 2025
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Forward-Looking Statements Unless context otherwise requires, in this presentation, references to “we”, “us” and “our” are to Southwest Gas Holdings, Inc. (NYSE: SWX) (“Southwest Gas Holdings” or the “Company” or “SWX”) together with its current and former consolidated subsidiaries, which include, among others, Southwest Gas Corporation ("Southwest Gas", “SWG”, “Utility” or “Natural Gas Distribution” segment), Centuri Holdings, Inc. (“Centuri” or “CTRI”), Great Basin Gas Transmission Company (“Great Basin”, “GB”, or “GBGTC”), and Corporate and Administrative (“HoldCo”). This presentation contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements include, without limitation, statements regarding the Company and the Company's expectations or intentions regarding the future and underlying assumptions. These forward-looking statements can often be identified by the use of words such as "will", "predict", "continue", "forecast", "expect", "believe", "anticipate", "outlook", "could", "target", "project", "intend", "plan", “pursue”, "seek", "estimate", "should", "may", “potential”, and "assume", as well as variations of such words and similar expressions referring to the future, and include (without limitation) statements regarding our expectations for our natural gas operations, estimated future capital expenditures, projected rate base growth, O&M per customer expectations, our 2025 financial guidance and expected value drivers, 2025 – 2029 financial guidance and expected value drivers, 2025 financing plan, expectations with respect to future dividends, expectations with respect to the use of net sales proceeds from Centuri separation transactions, estimated timing of rate case filings, approvals and effectiveness of such rates, the potential 2028 Great Basin Expansion Project and the associated projected demand, capacity, capital expenditures, and investment opportunity, and the future performance of the Company and Southwest Gas Corporation. A number of important factors affecting the business and financial results could cause actual results to differ materially from those stated in the forward-looking statements. These factors include, but are not limited to, the timing and amount of rate relief, changes in rate design, customer growth rates, the effects of regulation/deregulation, the timing and magnitude of utility optimization opportunities, tax reform and related regulatory decisions, the potential for, and the impact of, a credit rating downgrade, future earnings trends, inflation, increasing interest rates, sufficiency of labor markets and similar resources, seasonal patterns, current and future litigation, the costs and effect of stockholder activism, regulatory approvals for the 2028 Great Basin Expansion Project along with negotiation and execution of binding transportation service agreements and capital construction costs, and the impacts of stock market volatility. In addition, the Company can provide no assurance that its discussions about future operating margin, operating income, COLI earnings, interest expense, and capital expenditures of the natural gas distribution segment will occur. The Company does not assume any obligation to update the forward-looking statements, whether written or oral, that may be made from time to time, whether as a result of new information, future developments, or otherwise. Forward-looking statements are based on assumptions which we believe are reasonable, based on current expectations and projections about future events and industry conditions and trends affecting our business. However, whether actual results and developments will conform to our expectations and predictions are subject to a number of risks and uncertainties that, among other things, could cause actual results to differ materially from those contained in the forward-looking statements, including without limitation, those discussed under the heading “Risk Factors”, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and “Quantitative and Qualitative Disclosure about Market Risk” in the Company’s most recent Annual Report on Form 10-K and in the Company’s and Southwest Gas Corporation’s current and periodic reports, including our Quarterly Reports on Form 10-Q, filed from time to time with the SEC, and other reports that we file with the SEC from time to time. New factors that could cause actual results to differ materially from those described in forward-looking statements emerge from time to time, and it is not possible for us to predict all such factors, or the extent to which any such factor or combination of factors may cause actual results to differ from those contained in any forward-looking statement. The statements in this presentation are made as of the date hereof, even if subsequently made available on our website or otherwise. We do not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made. Safe Harbor Statement November 5, 2025 | 2
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This presentation contains a financial measure that has not been calculated in accordance with accounting principles generally accepted in the U.S. (“GAAP”). This non-GAAP measure is Utility operating margin. Management uses this non-GAAP measure internally to evaluate performance and in making financial and operational decisions. Management believes that its presentation of this measure provides investors greater transparency with respect to its results of operations and that this measure is useful for a period-to-period comparison of results. Management also believes that providing this non-GAAP financial measure helps investors evaluate the Company’s operating performance, profitability, and business trends in a way that is consistent with how management evaluates such performance. We do not provide a reconciliationof forward-looking Non-GAAP Measures to the correspondingforward-looking GAAP measure due to our inability to project special charges and certain expenses. Non-GAAP Measures November 5, 2025 | 3
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Speakers and Agenda ROB STEFANI CFO SOUTHWEST GAS HOLDINGS KAREN HALLER PRESIDENT AND CEO SOUTHWEST GAS HOLDINGS PRESENTATION AGENDA Strategic and Business Update Regulatory and Economic Update Financial Update Guidance and Outlook SPEAKERS JUSTIN BROWN PRESIDENT SOUTHWEST GAS CORPORATION
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SWX: A Premier, Fully Regulated Natural Gas Business Positioned for Continued Growth and Success » Safely delivering reliable, sustainable and affordable energy solutions to growing, high-demand service territories » Clear strategic focus on optimizing utility performance » Working collaboratively with regulators to drive constructive regulatory outcomes to complement strong organic rate base growth » Partnering with stakeholders to support investment opportunities in emerging technology energy initiatives » Significant regional energy demand driving potential incremental investment opportunity at Great Basin » Committed to focus on pure-play, fully regulated natural gas business strategy following the full disposition of Centuri, generating an additional ~$879 million of net sales proceeds during the quarter Committed to Delivering Value for SWX Stockholders » 2025 Utility net income expected toward the top end of the $265 - $275 million guidance range » Utility targeting 6.0% to 8.0% net income growth and 6.0% to 8.0% rate base growth from 2025-20291,2 » Improving earned return on equity through constructive regulatory outcomes, utility optimization, and cost management efforts » Delivering competitive dividend to stockholders » Maintaining strong investment grade balance sheet Notes: 1. Net income and rate base CAGR: base year 2025 2. Excludes potential impacts of 2028 Great Basin expansion opportunity and AZ / NV alternative ratemaking opportunities | 5| 5November 5, 2025
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Completed Full Separation of CTRI | 6| 6November 5, 2025 Beginning in May 2025, SWX completed four follow-on offerings and three private placements of CTRI common stock, completing the full separation in September 2025. • Generated ~$1.35 billion of total net2 sales proceeds to SWX • SWX fully divested CTRI stake • SWX Term Loan and bank debt fully repaid • ~$600 million cash at HoldCo3 expected to support CapEx at SWG – including the potential 2028 GB expansion project, as well as general corporate purposes April 2024 $329M Net Proceeds to CTRI Follow-on Offerings and Private Placements May 2025 $225M Net Sales Proceeds June 2025 $246M Net Sales Proceeds1 Aug. 2025 $355M Net Sales Proceeds Sept. 2025 $524M Net Sales Proceeds ~$1.35 billion of total net sales proceeds to SWX Third Quarter IPO Notes: 1. Includes $22 million proceeds received from private placement that closed in July 2025 2. Net of transaction costs 3. As of 9/30/2025
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2025 Utility and Regulatory Strategy AZ Rate Case Approval 1Q 2025 GBGTC Rate Case Approval 1Q 2025 NV Senate Bill 417 (“SB 417”) Alternative Ratemaking Approval 2Q 2025 AZ SIM1 Capital Tracker Approval 3Q 2025 NV Gas Planning Filing 3Q 2025 CA Rate Case Approval 4Q 2025 Utility Optimization Executing Planned Initiatives Ongoing Advancing SWX’s 2025 Strategic Priorities November 5, 2025 | 7 2025 Financing Plan SWX $225M2 Term Loan Extension and Payoff 3Q 2025 SWX $300M Revolving Credit Facility Extension 2Q 2025 Near-term Equity Needs2 None expected in 2025 Centuri Separation Completed Full Separation September 2025 Complete ✓ ✓Complete ✓ ✓ ✓Complete Complete ✓ ✓Complete Complete ✓Complete Potential Great Basin Expansion Opportunity Closed 2028 Expansion Project Binding Open Season 2Q 2025 Execution of Precedent Agreements with shippers 4Q 2025 Environmental assessment 3Q 2025 – 3Q 2026 ✓ Notes: Checkmark denotes items that have been completed 1. System Integrity Mechanism (“SIM”) 2. 2025 Financing Plan originally included less than $100 million equity issuance under At-the-Market Program, proceeds from follow-on offerings of CTRI common stock eliminated 2025 equity needs, paid off the term loan and the revolving credit facility in full Complete ✓Complete In process
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Q3 Net income of ~$5.5 million, a significant improvement over Q3 2024 and YTD $182.1 million, an improvement of 11.1% vs. YTD 2024 Approximately 40,000 new meter sets added during the last 12 months, leading to a 1.8% customer growth rate over the same period Advancing regulatory strategy: expect rate case filings in the first half of 2026 requesting alternative forms of rate making in AZ and NV Operations and maintenance (“O&M”) expense increased by 2.5% over the first nine months of 2025 compared with the same period in 2024, which is less than the rate of inflation1, reflecting utility optimization and cost discipline New rates in CA expected to be effective January 1, 2026 Great Basin has recently begun executing precedent agreements with shippers for its potential 2028 expansion project and is actively working to finalize outstanding agreements Cash balance as of September 30, 2025, of $182 million Completed the full separation of CTRI with two follow-on offerings during the quarter that generated ~$879 million net2 sales proceeds On September 22, 2025, S&P upgraded SWX and Southwest Gas credit ratings to BBB+ (previously BBB- and BBB respectively) No anticipated equity needs through the end of 2025; finished the quarter with ~$779 million in consolidated cash and nearly $1.5 billion in available liquidity Corporate and administrative expenses for the third quarter reflects $8.6 million lower interest expense related to borrowings outstanding compared to Q3 2024 Full year HoldCo interest expense expected to be lower than originally planned due to the elimination of HoldCo debt using proceeds from CTRI follow-on offerings Delivering Strong Results | 8 1. The Consumer Price Index rose 3.0 percent for the 12 months ending September 2025 at www.bls.gov 2. Net of transaction costs | 8November 5, 2025
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Regulatory and Economic Update
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Potential Great Basin Expansion Opportunity Notes: 1. Formerly known as Paiute Pipeline Company 2. Federal Energy Regulatory Commission (“FERC”) 3. Billion cubic feet (“BCF”) (equal to 1,760,000 Dth per day) November 5, 2025 Great Basin System Current Specs » Authorized ROE: 11.95% » Authorized equity ratio: 50% » 898 miles of high-pressure pipeline » Five compressor stations » 1 BCF LNG4 peak shaving plant (located near Lovelock, Nevada) » Current peak day capacity » North of LNG plant – 157,800 Dth » South of LNG plant – 204,800 Dth » Interconnects » Northwest Pipeline Company (Owyhee, Nevada) » Tuscarora Pipeline (Wadsworth, Nevada) » Ruby Pipeline (Opal Valley, Nevada; Jade Flats, Nevada) About Great Basin Great Basin Gas Transmission Company1 is a FERC2 regulated natural gas transmission pipeline company and is a wholly owned subsidiary of Southwest Gas In 1963, Southwest Gas constructed the transmission pipeline from the Idaho-Nevada border to the Nevada- California border. Serves the Carson City, Reno-Sparks, and Lake Tahoe area » Incremental capacity: up to ~1.76 BCF3 / day » Minimum 20-year term for each transportation service agreement » $18 per dekatherm (“Dth”) per month price quoted to potential shippers in draft precedent agreements » Potential incremental capital expenditure opportunity of ~$1.2 billion - $1.6 billion » Expansion of existing transmission downstream of Ruby Pipeline’s Opal Valley Receipt Point » Anticipated in service date of November 1, 2028 » Great Basin expects to make a Certificate of Public Convenience and Necessity filing with the FERC in the fourth quarter of 2026 » Expansion and upsizing of current pipeline in or adjacent to current pipeline right of way 2028 Expansion Project5 IDAHO Northwest Pipeline NEVADA OREGON CALIFORNIA Ruby Pipeline Existing GBGTC Pipeline Existing GBGTC Compressor StationLake Tahoe Existing and Proposed GBGTC Pipeline Expansion Proposed GBGTC Compressor Station LNG Plant Interconnecting Pipelines Reno Carson City 4. Liquified natural gas 5. Potential 2028 GB Expansion Project (“2028 Expansion Project”) | 10
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November 5, 2025 | 11 Nevada Gas Resource Plan Plan Outlines: » Anticipated demand for natural gas » Estimated cost of supplying natural gas » Long-term gas supply Prudency pre-determinations for ~$225 million of capital investment: To ensure increased energy demand is met, respond to economic growth, and fortify safety and system reliability Extension facilities System integrity projects Distribution integrity management projects Transmission integrity management projects Customer owned yard line replacement program Nevada Gas Resource Plan required by Senate Bill 281, filed September 2025 » Sources of planned acquisitions of natural gas » Identification of mix of supply » Demand side management programs Capital Investment Opportunities:
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Opportunities for Alternative Ratemaking in Nevada and Arizona November 5, 2025 | 12 Arizona and Nevada Anticipated Rate Case Roadmap File general rate case early 1st half 2026 ~6 months following September 2025 Nevada gas planning filing* File general rate case NV AZ 1Q’26 2Q’26 3Q’26 Rates effective – 210-day statutory process 4Q’26 General rate case completion expected ~15 months after filing Potential Alternative ratemaking opportunity following approval of GRC 2027 AZ Policy Statement In December of 2024, the ACC voted to adopt a Policy Statement allowing regulated utilities to propose a formula rate plan in future rate cases for the ACC’s consideration NV SB 417 In June of 2025, Governor Lombardo signed Senate Bill 417 (“SB 417”), allowing alternative ratemaking plans in Nevada Potential Formula rate opportunity following approval of GRC 2028 Defined terms: GRC: General Rate Case ACC: Arizona Corporation Commission * Formal rulemaking workshops to implement SB 417 began in Nevada in October 2025
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» ~$16 million increase in O&M » Proposed consolidation of its Northern CA and South Lake Tahoe rate jurisdictions » Damage Prevention Costs tracker » No significant changes to rate design » Infrastructure Reliability and Replacement Adjustment Mechanism (“IRRAM”) Regulatory Update - California Notes: 1 Application 24-09-001, which can be viewed on the California Public Utilities Commission website 2 Post-test Year Margin (“PTYM”) adjustment for 2027-2030 3 Any settlement must be approved by the California Public Utilities Commission 4 Customer-owned yard line Rate Case Activity California Rate Case Filing Summary In September 2024, SWG filed a rate case1 requesting a revenue increase of ~$50 million, updated to ~$44 million as of February 2025 with rates anticipated to become effective January 2026. Target Equity Ratio 50% 48.0% TBD Return on Equity 11.35% 9.5% TBD Rate Base $720 million $709 million ~$714 million5 Proposed Revenue Increase ~$43.7 million ~$26 million ~$39.5 million5 Procedural Schedule Intervenor Testimony April 4, 2025 Rebuttal Testimony May 9, 2025 Hearing July 29, 2025 Requested ~$285 million increase in rate base, or 65% IRRAM Programs totaling ~$200 million over 5-year rate case cycle • Targeted Pipe Replacement • School COYL4 Replacement • Meter Protection • Annual Leak Survey with Advance Mobile Leak Detection Notes » 2026 Test Year » 2.75% PTYM2, with adjustments for excess accumulated deferred income taxes and major pipeline replacements (~$40 million) » Continuation of the automatic trigger mechanism November 5, 2025 Rates Effective January 1, 2026 Southwest Gas Public Advocate’s Office Partial settlement in principle reached by parties, with cost of capital as only remaining unsettled issue3 | 13 As Settled 5 Modest rate base adjustments relate to differences in forecasting methodology, not a disallowance of any investments. Proposed revenue increase is reflected prior to cost-of-capital adjustments, if any.
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Financial Update
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$(0.13) $0.06 $0.07 Continuing Ops 3Q 2024 SWG HoldCo Continuing Ops 3Q 2025 Earnings Per Share Related to Continuing Ops Favorable Unfavorable November 5, 2025 3Q 2025 SWX Diluted Earnings Per Share Related to Continuing Operations Walk Financial Highlights • SWG benefited from rate relief and customer growth partially offset by higher O&M, higher Depreciation & Amortization (“D&A”), higher interest expense, and lower other income • HoldCo earnings impacted by lower overall operating expenses and interest expense, due to debt repayment • On September 5, 2025, the Company completed the sale of all of its remaining shares of Centuri stock. The Company’s sale represents an exit from Centuri and qualifies for reporting as discontinued operations. Discontinued operations, the most significant portion of which constitutes the net gain on this sale of ~$279 million, contributed an additional $3.68 per diluted share to consolidated earnings per diluted share. See slide 34 in the appendix for consolidated earnings, including discontinued operations1 Notes: table may not add due to rounding 1 Discontinuedoperationsinclude the impacts of noncontrolling interests. | 15 $0.12
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$0.6 $5.5 $26.8 ($4.1) ($4.9) ($3.4) ($3.8) ($1.1) ($4.6) 3Q 2024 Operating Margin O&M D&A Other Income Net Interest Deductions Other Income Tax 3Q 2025 GAAP Net Income ($ in millions) Favorable Unfavorable NATURALGAS DISTRIBUTION SEGMENT Operating Margin • $22.3 million – Combined rate relief • $1.6 million – Customer growth Year-over-year net income (loss) key drivers include: (parentheses indicate unfavorablenet income drivers) favorable impact unfavorable impact November 5, 2025 3Q 2025 SWG GAAP Net Income Interest • Driven by amounts incurred on the over -collected PGA balance Highest third quarter net income on record Notes: Chart may not add due to rounding 1Increase in plant was attributable to pipeline capacity reinforcement work, franchise requirements, scheduled pipe replacement activities, and new infrastructure 2Purchased Gas Cost Adjustment (“PGA”) D&A • Increase in depreciation reflective of a 6% increase in average gas plant in service since the third quarter of 20241 Other Income • ($3.0 million) – Decline in interest income related to carrying charges associated with the elevated deferred PGA2 balance • ($0.5 million) – Increase in values associated with company- owned life insurance O&M • Primarily attributable to increases in employee -related labor, as well as incentive compensation costs • Partially offset by reductions in bad debt expense and leak survey and line locating expenses | 16
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2025 Centuri Separation Detail November 5, 2025 | 17 May 2025 Follow-on Offering • Generated $225 million of net sales proceeds • Proceeds used to repay SWX debt $225M Net Sales Proceeds June 2025 Follow-on Offering • Generated $246 million of net sales proceeds • Proceeds used to repay SWX debt $246M Net Sales Proceeds August 2025 Follow-on Offering • Generated $356 million of net sales proceeds • Proceeds used to repay SWX debt $355M Net Sales Proceeds September 2025 Block • Generated $525 million of net sales proceeds • Proceeds expected to support SWG CapEx and general corporate purposes including SWX dividend payments $524M Net Sales Proceeds Transaction Summary (Net2 Sales Proceeds) Estimated After-Tax Cash Proceeds to SWX ($ in billions) $1.35 $1.30 ($0.05) Net Sales Proceeds Estimated Cash Taxes1 After-tax Cash Proceeds Notes: 1. Estimated cash taxes shows total federal and state estimated cash taxes and represents the sale of Centuri shares in isolation only after the utilization of net operating losses and capital loss carryovers. It does not take into consideration any consolidated or combined federal or state income tax return impacts that will ultimately determine the net operating loss and capital loss carryover utilization; thus, impacting cash income taxes. 2. Net of transaction costs, includes proceeds from private placements. • Generated approximately $1.35 billion of net sales proceeds, $1.3 billion of estimated after-tax cash proceeds • Low effective cash tax rate of approximately 3.7%, due to usage of net operating losses
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November 5, 2025 2025 Financing Plan Notes: 1. Amounts may not add, due to rounding 2. 2025 Financing Plan originally included less than $100 million equity issuance under At-the-Market Program, proceeds from follow-on offerings of CTRI common stock provided flexibility to eliminate 2025 equity needs and paid off the term loan and SWX revolving credit facility amounts outstanding in full 3. SWX $300M revolving credit facility now matures August 2029 | 18 $0.8 $0.9 $1.4 $0.2 $0.7 $0.5 $2.2 $2.2 Sources Uses Sources & Uses ($ in billions)1 CapEx at SWG $0.9 $0.9 $0.1 $0.1 $0.1 $1.1 $1.1 Sources Uses Sources & Uses ($ in billions)1 Beg. Cash & Cash Flow from Operations Dividend to stockholders Beg. Cash & Cash Flow from Operations CapEx Dividend to SWX Equity infusion from SWX & modest SWG revolver usage CTRI Net Sales Proceeds Debt repayment & SWG equity contribution Return of NV PGA Available for future investment » SWX paid in full in 2025 the original $550 million Term Loan facility2 and amounts previously outstanding on its revolving credit facility. Extended existing $300 million revolving credit facility3 to 2029. Assumptions: » Significant cash previously collected from PGA at Southwest Gas » Beginning cash and cash flow from operations expected to fully fund capital plan with modest equity from SWX; small SWG revolver draws toward end of the year » No equity issuances expected in 20252 » No significant debt financing or refinancing expected at Southwest Gas in 2025
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Net Debt1 ($ in billions) Total Debt Cash Net Debt PGA2 Balance Net Debt less PGA $3.5 $0.8 $2.7 $(0.4) $3.1 Corporate & Administrative $0.0 $0.6 $(0.6) n/a $(0.6) $3.5 $0.2 $3.3 $(0.4) $3.7 Balance Sheet Strength November 5, 2025 SWX and SWG are committed to maintaining an investment grade profile Notes: table may not add due to rounding 1. As of 09/30/2025 2. PGA Balances include purchased gas costs net of amounts received/refunded to or from customers 3. Issuer ratings shown for Southwest Gas Holdings; Senior unsecured long-term debt ratings shown for Southwest Gas Corporation | 19 Credit Ratings and Outlook3 Moody’s Standard and Poor’s Fitch Ratings Outlook Ratings Outlook Ratings Outlook Baa2 Stable BBB+ Stable BBB Stable Baa1 Stable BBB+ Stable A- Stable • SWX debt reduced by a total of ~$710 million using proceeds from full disposition of CTRI common stock; • Standard and Poor’s upgraded SWX and SWG on September 22, 2025 (consolidated)
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Guidance and Outlook
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Notes: 1 Assumes $3 - $5 million COLI earnings 2 Net Income and Rate Base CAGR: base year 2025 3 5-year Capital Expenditures 2025 – 2029 Net Income1 $265 - $275 million (expected toward upper end) CapEx (in support of customer growth, system improvements, and pipe replacement programs) ~$880 million Net Income2 (CAGR) 6.0% - 8.0% Rate Base2 (CAGR) 6.0% - 8.0% CapEx3 $4.3 billion 2025 Guidance Forward-Looking Guidance 2025 – 2029; base year 2025 Excludes the impacts of the Potential 2028 Great Basin Expansion Project and AZ / NV alternative ratemaking opportunities Reaffirmed Reaffirmed SWG 2025 and Forward-Looking Financial Guidance November 5, 2025 | 21 Southwest Gas reaffirmed its 2025 and forward-looking guidance metrics with 2025 net income expected toward the top end of the range. All guidance metrics are not inclusive of the potential 2028 Great Basin Expansion Project or AZ / NV alternative ratemaking opportunities.
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Strengthenedstrategic flexibility throughthe full separation of Centuri Maintaining balance sheet flexibility and investment grade credit ratings Positive regulatory developmentsand strong organic rate base growth Optimizing the utility to deliver value through financial discipline, operationalexcellence, and constructive regulatory relationships Safely delivering reliable, sustainable, and affordable energy solutions for new and existing customers, with a dedicated focus on service Capital expenditureplan supported by increased economic development and customer growth throughoutour service areas November 5, 2025 Focused on the Fully-Regulated Natural Gas Business Well positioned to continue delivering sustainable energy options for our customers Limited near-term capital markets needs Optimizing utility performance Strong regional energy demand positions Great Basin’s potential expansion to drive substantial growth and enhance long-term returns | 22
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Contact Information Investors & Analysts Justin S. Forsberg Vice President of Investor Relations & Treasurer (702) 364-3135 justin.forsberg@swgas.com Media Sean Corbett Manager, Corporate Communications (702) 364-3310 corpcomms@swgas.com
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Appendix
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$4.1 $4.5 $5.0 $5.4 $5.8 $6.4 $6.9 2019A 2020A 2021A 2022A 2023A 2024A 2025E $4.3B Capital Investment to Support Growth Plan Highlights 50% in Safety & Pipeline Integrity Management 30% in New Business Rate Base2 ($ in billions) 5 Yr. Rate Base CAGR ~9% (2019-2024) Strong Economic Growth Projected Across Service Areas Notes: 1 S&P Global Capital IQ 2 Rate base amounts reflect estimated total investment in facilities to provide utility service, less estimated retirements, depreciation, and deferred taxes plus working capital as of 12/31 of each year depicted. This is different than our authorized rate base, which is the rate base approved by our regulatory bodies in our most • From 2025 to 2030, projected population growth of 4.40% in Arizona and 3.42% in Nevada, compared to the 2.40% average growth in the US1 • Continued growth in First-Time Meter Sets Targeting 50/50 capital structure 3 Strong Demand Dynamics Supporting Value Creation ~40k First-Time Meter Sets during the twelve months ended September 30, 2025 November 5, 2025 6.0 – 8.0% Rate Base Growth4 Estimated 2025 – 2029 recent rate cases and that is reflected in current rates. Excludes the 2028 Expansion Project at Great Basin. 3 2025E rate base assumes CapEx at 2025 guidance (~$880 million) 4 Rate base CAGR: base year 2025 | 25
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Maintaining a Competitive Dividend Notes: 1 All future dividends will be subject to approval by the Board of Directors | 26November 5, 2025 Southwest Gas Holdings plans to target a dividend payout ratio in line with gas utility peers 1 $1.18 $1.32 $1.46 $1.62 $1.80 $1.98 $2.08 $2.18 $2.28 $2.38 $2.48 $2.48 $2.48 $2.48 2012A 2013A 2014A 2015A 2016A 2017A 2018A 2019A 2020A 2021A 2022A 2023A 2024A 2025E SWX Annual Dividend Per Share • Southwest Gas Holdings is committed to paying a competitive dividend • Southwest Gas Holdings has paid a dividend every year since 1956 • Southwest Gas Holdings plans to target a dividend payout ratio in line with gas utility peers1 • Southwest Gas Holdings expects to continue to pay its regular quarterly dividend1 • Expects to size post-separation dividend off of future run rate earnings considering expected rate relief in Arizona, California, and Nevada1
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Utility Optimization Progress | 27November 5, 2025 SWG remains committed to its culture of continuous improvement and optimization and actively identifies opportunities to generate long-term benefits for all stakeholders and to support its goal of achieving flat O&M per customer over the current forecast period. Accelerating our Pursuit of Excellence: Striving to be a leader in safety, quality, customer service, operational performance, and cost management. Initiative playbook contains several initiatives intended to drive value and long-term improvement across the organization. Initiative Playbook Expecting to increase O&M savings to achieve nearly flat O&M per customer over the forecast period. Anticipating Results Accounts Payable Process Optimization Enhancing our processes as “One Team” 2025 Focus Areas » Financial Systems Strategy & Consolidation » Large Customer Portals & Customer Interaction Phone System » Ongoing Utility & Resource Optimization » Application Rationalization & Software Optimization » Warehouse Optimization » Lean Operating System Development » Digital Field Forms Enablement » Accounts Payable Automation » Data Management Strategy Development » AZ Solar Over 30 “Huddles” deployed YTD across SWG: Employees huddling up as One Team Office of Continuous Improvement & Optimization and Quality Team Collaboration
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November 5, 2025 Summary of Gas Cost Balances and Recovery Mechanisms Notes: charts and tables may not add due to rounding 1 PGA refers to FERC Acct. 191 2 Includes accrued purchased gas costs 3 Using a 12-month rolling average, to account for changes in the cost of gas SWG purchased on behalf of its customers, with no pr ofit to SWG 4 The gas cost rate is adjusted monthly based on a one -month forecast cost of gas plus the difference in the prior month’s over or under recovery of the PGA balance State June 20252 Receivable (Payable) Balance ($ in millions) Sept. 20252 Receivable (Payable) Balance ($ in millions) Carrying Cost Rate Gas Cost Rate Adjustment Frequency AZ $(66.3) $(73.7) 1-Year Treasury Rate Monthly3 NV $(287.8) $(282.7) Weighted Average Cost of Capital Quarterly3 CA $(1.4) $0.1 Commercial Paper Rate Monthly4 Total $(355.5) $(356.4) PGA1 Receivable Balance and Recovery Mechanism Summary Return of Nevada PGA Balance » Southwest Gas received approval, for rates effective July 1, 2025, to accelerate the return to Nevada customers the amount of purchased gas costs over-collected under its purchase gas cost recovery mechanism in the state » Per therm credit as follows: » Northern Nevada: 25 cents per therm » Southern Nevada: 20 cents per therm » Expected reduction in near-term interest expense » Expected impact to near-term liquidity | 28
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November 5, 2025 SWG Net Income Drivers and Assumptions Drivers 2025 2026 - 2029 Rate Relief Arizona rates effective March 2025 GBGTC rates finalized March 2025 Customer Growth Anticipate customer growth of ~1.4% per year O&M Targeting flat O&M per customer D&A Increased YoY1 CapEx2 to support continued customer growth as well as one-time projects Expect declining capital to depreciation ratio over the forecast period Financing Assumptions Targeting 50/50 utility capital structure over time Assumes rate case filings and outcomes in line with historical cadence and experience Notes: 1 Year-over-year 2 Capital expenditures | 29
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Notes: 1 Docket Number: G-01551A-23-0341, which can be viewed on the Arizona Corporation Commission website 2 Decoupled rate schedules consistent with those currently authorized 3 Fair Value Increment (“FVI”) Rate Case Activity Arizona Rate Case Outcome On March 27, 2025, the ACC approved an increase in rates effective on approval. Southwest Gas and Staff Stipulation1 ACC Final Decision Target Equity Ratio 48.5% 48.5% ROE 9.65% 9.84% Fair Value Return on Rate Base 0.73% 0.0% Rate Base $3.3 billion $3.2 billion Post-Test Year (“PTY”) Rate Base Adjustments 12 months 12 months Revenue Increase ~$95.9 million ~$80.2 million System Integrity Mechanism Notes » Continuation of full revenue decoupling,2 Tax Expense Adjustor Mechanism, Property Tax Deferral Mechanism » ~$33 million increase in O&M » Test year from 11/1/22 – 10/31/23 with $229 million of rate base requested in the post test year period of 11/1/23 – 10/31/24 » No significant changes to rate design » Discontinuation of the current Customer-Owned Yard Line program November 5, 2025 Rate Case Highlights » The $80.2M revenue increase represents 64% of the original request » Adjusted for FVI3 exclusion, the $80.2M increase equates to 74% of the original ask » No disallowance on rate base or O&M » Full 12-month post-test year rate base adjustment Before March 2025 Effective March 2025 Equity Ratio 50% 48.5% Return on Equity 9.30% 9.84% Fair Value Increment 0 0 Rate Base ~$2.6B ~$3.2B Regulatory Updates - Arizona AZ SIM Decision » On July 9, 2025, the ACC approved the SIM, reducing the cap on annual SIM capital to $50 million per year, down from the requested $150 million per year cap ✓ ✓ | 30
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Regulatory Update - Nevada Rate Case Activity Notes: tables may not add due to rounding 1 Docket 23-09012, which can be viewed on the Public Utilities Commission of Nevada website 2 As of November 30, 2023, Certification. Request at test year was $69.8M 3 Weighted average of Southern and Northern Nevada, based on application as filed Nevada Rate Case1 Outcome Summary Dollars in millions Proposed Revenue Increase2 $73.9 Depreciation Expense ($6.8) Cost of Service Adjustment ($1.6) Stipulated Revenue Increase ~$65.6 Cost of Capital Adjustment ($6.5) Authorized Revenue Increase $59.1 ~98% of request after depreciation adjustment and before adjustments to cost of capital ~$297 million increase in rate base Cost of Capital Requested at Certification Authorized Target Equity Ratio 50% 50% Return on Equity 10.00% 9.5% Cost of Debt 4.51% NNV 4.50% SNV Approved as requested SWG Nevada3 $191.95 Peer Group4 $254.43 Authorized $59 million revenue increase in Nevada; rates became effective in April 2024 O&M per customer November 5, 2025 4 As of December 31, 2022, utilizing average of peer group natural gas utilities (ATO, NJR, NWN, OGS, SR, & NI) | 31
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Regulatory Update – GBGTC Rate Case Activity Requested Approved Target Equity Ratio 56% 50% Return on Equity 13.05% 11.95%3 Pre-Tax Rate of Return 11.18% 9.76%4 Rate Base $206 million (~$99 million increase) $191 million (~$55 million increase) Proposed Test Year Revenue Increase ~$13 million2 ~$9.6 Million Notes » An all-party black-box settlement was filed December 26, 2024 » Estimated annual margin increase of approximately $9.6 million and a pre- tax rate of return of 9.76%3 » Presiding Administrative Law Judge filed a Certification of Uncontested Settlement January 20, 2025 recommending approval without modification Notes: 1 Application RP24-514-000, which can be viewed on the Federal Energy Regulatory Commission website 2 Updated to reflect actual costs as of August 2024; original revenue increase requested was $16 million 3 Blackbox settlement – as calculated by GBGTC 4 Compared to 9.90% pre-tax rate of return currently authorized November 5, 2025 GBGTC Rate Case Outcome1 On March 3, 2025, FERC approved an increase in rates. | 32
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SWG Regulatory Update Other Regulatory Activity | 33November 5, 2025 Notes: 1 Certificate of Public Necessity and Convenience (“CPCN”) 2 The ACC discontinued the legacy COYL program in the Company’s recent general rate case (Decision No. 80326) 3 Pursuant to Decision No. 80326 4 Pursuant to Nevada Revised Statutes 704.110(8) Arizona Gas Cost Balancing Account (GCBA) In response to lower purchased gas costs, Southwest Gas filed an application in January to return an over-collected GCBA balance of ~$46 million to customers. The ACC approved the request in March, with rates effective April 2025. California Fort Irwin Expansion Project CPUC approved the expansion of service territory in Southern California to accommodate the construction of an ~21-mile pipeline to extend service to the Army’s National Training Center at Fort Irwin. California Hydrogen Demonstration Project Application pending before California Public Utilities Commission for approval of a hydrogen- blending demonstration project in Northern California. A public forum regarding the Company’s application was held in Truckee, California in August 2025. Great Basin 2024 – Expansion Project In April 2024, the FERC issued the order approving GBGTC’s application to abandon and replace certain pipeline facilities and grant a CPCN1 to construct and operate certain facilities to expand the transportation capacity of the system. The current project estimate is ~$15 million and is now expected to be placed in service in 2025. Arizona Natural Gas Infrastructure and Storage Docket In February of 2025, the Arizona Corporation Commission opened a docket to inquire into the expansion of natural gas infrastructure and storage in Arizona to address resource adequacy of natural gas infrastructure needed to meet growing demand. A workshop was held August 26, 2025. Great Basin 2026 – Expansion Project In April 2025, GBGTC filed an application with the FERC seeking approval to abandon and replace certain pipeline facilities and grant a CPCN to construct and operate certain facilities to increase firm transportation capacity on its Carson, North Tahoe and South Tahoe Laterals. The current project estimate is ~$19 million and is expected to be placed in service in 2026. Nevada Annual Rate Adjustment Filing The Public Utilities Commission of Nevada approved an all-party settlement for the Company's 2024 Application in April authorizing a statewide increase of ~$27 million. Rates became effective July 1, 2025. Nevada Service Territory Expansion Application In response to customer demand, Southwest Gas filed an application with the Public Utilities Commission of Nevada seeking authority to expand its Northern Nevada service territory within a county that it presently serves and is contiguous to its existing service territory. The PUCN approved the Stipulation in March 2025. Damage Prevention Cost Tracking Mechanism Filing Application filed with the PUCN in December 2024 requesting regulatory accounting treatment for line locate activity-related expenses and to establish the Damage Prevention Cost Tracking Mechanism. The PUCN approved the request in July 2025, effective January 1, 2025. Southwest Gas will track the level of expense actually incurred to the level of expense established in the most recent general rate case and recover from or return to customers the difference with no carrying charges on the regulatory account balance. Spring Creek Expansion Compliance Stipulation The Public Utilities Commission of Nevada (“PUCN”) approved an all-party settlement supporting the continued expansion of natural gas infrastructure in Spring Creek, Nevada. The Company's application was required to review the progress of the project to ensure continuation was in the public interest. Arizona Customer-Owned Yard Line (COYL) Application Southwest Gas filed an application with the ACC in June 2025, to adjust the COYL surcharge to recover approximately $5.2 million for COYL program work completed through March 2025.2 The Company proposed to recover this amount over three years beginning October 1, 2025. Also included in this application was a proposed Low Income COYL Plan of Administration and COYL Cost Recovery Mechanism3 that will allow the Company to leak survey COYLs of eligible customers and replace leaking COYLs with facilities owned and operated by Southwest Gas. Nevada Deferred Energy Account (DEAA) Adjustment Southwest Gas filed an application in May 2025, seeking approval to return an over- collected DEAA balance of ~$240 million to customers by adjusting rates beyond the maximum allowable adjustment of 2.5 cents per therm4 to reduce customer gas costs and mitigate the increase from the Annual Rate Adjustment. The Commission approved an all- party settlement with rates effective July 1, 2025.
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Three Months Ended Nine Months Ended Twelve Months Ended Results of Consolidated Operations September 30, September 30, (in millions, except per share items) 2025 2024 2025 2024 Natural gas distribution income 5.5$ 0.6$ 182.1$ 164.0$ Corporate and administrative loss (1.3) (9.8) (17.1) (29.9) Income (loss) from continuing operations 4.2 (9.2) 165.0 134.1 Income (loss) from discontinued operations 266.3 9.5 206.5 (27.8) Net income 270.5$ 0.3$ 371.5$ 106.4$ Basic earnings per share 3.75$ 0.00$ 5.15$ 1.48$ Diluted earnings per share 3.74$ 0.00$ 5.14$ 1.48$ Basic earnings (loss) per share from continuing operations 0.06$ (0.13)$ 2.29$ 1.87$ Diluted earnings (loss) per share from continuing operations 0.06$ (0.13)$ 2.28$ 1.87$ Weighted average common shares 72.209 71.880 72.104 71.816 Weighted average diluted shares 72.405 72.086 72.265 71.994 3Q 2025 Financial Results CONSOLIDATED November 5, 2025 | 34 Notes: 1. Including the impacts of noncontrolling interests. All items related to the disposition of Centuri are included in discontinued operations. 2. For the three months ended September 30, 2024, consolidated loss per share contains no dilutive effect, as 206,000 shares of restricted stock units would have had an antidilutive effect for that period. 1 2
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Summary of Operating Results NATURALGAS DISTRIBUTION SEGMENT November 5, 2025 | 35 Three Months Ended Nine Months Ended Twelve Months Ended Results of Natural Gas Distribution September 30, September 30, (in thousands of dollars) 2025 2024 2025 2024 Regulated operations revenues 316,911$ 359,131$ 1,459,645$ 1,922,157$ Net cost of gas sold 42,685 111,712 429,398 984,188 Operating margin 274,226 247,419 1,030,247 937,969 Operations and maintenance expense 133,808 129,736 399,867 390,229 Depreciation and amortization 79,073 74,153 241,703 220,663 Taxes other than income taxes 23,368 22,283 70,379 66,414 Operating income 37,977 21,247 318,298 260,663 Other income 13,277 16,665 40,385 48,976 Net interest deductions 46,156 42,312 135,524 118,595 Income (loss) before income taxes 5,098 (4,400) 223,159 191,044 Income tax (benefit) expense (422) (4,972) 41,020 27,053 Segment net income 5,520$ 572$ 182,139$ 163,991$ Reconciliation of Gross Margin to Operating Margin (non-GAAP Measure) Utility Gross Margin 118,141$ 91,650$ 546,006$ 471,235$ Operations and maintenance (excluding Admin & General) expense 77,012 81,616 242,538 246,071 Depreciation and amortization expense 79,073 74,153 241,703 220,663 Operating Margin 274,226$ 247,419$ 1,030,247$ 937,969$