Slides
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EARNINGS CONFERENCE CALL Third Quarter 2026 Results N o v e m b e r 4 , 2 0 2 6
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2 Safe Harbor Statement N o v e m b e r 4 , 2 0 2 6 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 consolidated subsidiaries, which include, among others, Southwest Gas Corporation ("Southwest Gas", “SWG”, “Utility” or “Natural Gas Distribution” segment), 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 2026 financial guidance and expected value drivers, 2026 – 2030 financial guidance and expected value drivers, 2026 financing plan, credit metric targets, expectations with respect to future dividends, estimated timing of rate case filings, approvals and effectiveness of such rates, the Great Basin 2028 Expansion Project and the associated projected demand, capacity, capital expenditures, incremental margin, and investment opportunity, and the future performance of the Company, Southwest Gas Corporation, and Great Basin. 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 Great Basin 2028 Expansion Project along with 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.
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3 Non-GAAP Measures This presentation contains financial measures that have not been calculated in accordance with accounting principles generally accepted in the U.S. (“GAAP”). These non-GAAP measures include (i) Southwest Gas Holdings adjusted earnings (loss) per diluted share from continuing operations, (ii) Southwest Gas Holdings adjusted net income (loss), (iii) Natural Gas Distribution segment adjusted earnings (loss) per share, (iv) Natural Gas Distribution segment adjusted net income, and (v) Natural Gas Distribution segment operating margin. Management uses these non-GAAP measures internally to evaluate performance and in making financial and operational decisions. Management believes that its presentation of these measures provides investors greater transparency with respect to its results of operations and that these measures are useful for a period-to-period comparison of results. Management also believes that providing these non-GAAP financial measures 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 reconciliation of forward-looking non-GAAP measures to the most directly comparable GAAP measures because comparable GAAP measures are not reasonably accessible or reliable due to the inherent difficulty in forecasting and quantifying measures that would be necessary for a reconciliation. In particular, Southwest Gas Holdings cannot reasonably predict or quantify certain items that would be necessary for a reconciliation, including nonrecurring executive compensation and other unusual charges. These items are uncertain, depend on various factors outside the Company's control, and could have a material impact on GAAP measures. N o v e m b e r 4 , 2 0 2 6
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Speakers and Agenda PRESIDENT AND CEO SOUTHWEST GAS HOLDINGS Justin Brown PRESIDENT AND CEO SOUTHWEST GAS HOLDINGS Justin Forsberg CFO AND TREASURER SOUTHWEST GAS HOLDINGS PRESENTATION AGENDA Strategic and Business Update Regulatory and Economic Update Financial Update Guidance and Outlook
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5 Key Messages A PURE PLAY FULLY REGULATED NATURAL GAS BUSINESS POSITIONED FOR GROWTH AND COMMITTED TO DELIVERING LONG-TERM VALUE • Safe, reliable, and affordable natural gas service anchored by a strong safety culture, pursuit of operational excellence, and commitment to continuous improvement • Constructive regulatory compact that supports predictable, long-term organic rate base growth and timely recovery of prudent investments • Exceptional balance sheet and financial flexibility creating optionality to execute strategic opportunities • Strong and predictable earnings growth, improving ROEs2, and stable cash flows underpinned by growth opportunities, constructive regulatory outcomes, and disciplined cost management and execution • Competitive and sustainable dividend reflecting confidence in long-term cash generation and commitment to delivering stockholder returns • Partnership-driven approach with stakeholders to advance emerging energy technologies and innovative natural gas solutions 3Q 2026 Key Results Reaffirmed 2026 Adj EPS Guidance and Long-term EPS Guidance3 $4.17 - $4.32 ($ per share) 2026 SWX adj. EPS from continuing ops 12.0% - 14.0% 2026-2030 SWX adj. EPS growth $0.20 ($ per share) SWX Adj. EPS from continuing ops $14.7 million SWX adj. net income $806 million SWG capital expenditures1 Notes: 1. Year-to-date capital expenditures - includes approximately $18.6 million that was recorded in Deferred charges and other assets 2. Return on Equity ("ROE") 3. We do not provide a reconciliation of forward-looking Non-GAAP Measures to the corresponding forward-looking GAAP measures due to our inability to project unexpected non-recurring charges. For more information, see Slide 3, Non-GAAP Measures. N o v e m b e r 4 , 2 0 2 6
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6 Advancing SWX’s 2026 Strategic Priorities Notes: Checkmark denotes items that have been completed 1. Federal Energy Regulatory Commission (“FERC”) 2. Billion cubic feet (“Bcf”) 3. Certificate of Public Convenience and Necessity (“CPCN”) 4. Excluding equity issuances via Dividend Reinvestment Plan, SWX expects to fully fund dividend with no SWG support, ~$200 million equity infusion from SWX to SWG expected 2026 Utility and Regulatory Strategy AZ Rate Case Filing (requesting formula rates) 1Q 2026 AZ System Integrity Mechanism ("SIM") Filing ($50 million capital tracker) 1Q 2026 NV Rate Case Filing 1Q 2026 CA Rate Case Approval Excluding Cost of Capital 2Q 2026 NV Triennial Resource Planning Approval 2Q 2026 AZ SIM Tracker Approved 2Q 2026 CA Rate Case Cost of Capital 3Q 2026 NV Rate Case Approval 4Q 2026 Great Basin 2028 Expansion Opportunity Receive FERC1 Pre-File Approval 1Q 2026 Finalized Project Design Supporting 1.0 Bcf2 of Contracted Demand 2Q 2026 Submit Fixing America's Surface Transportation Act ("FAST") 41 Draft Application 2Q 2026 File FERC CPCN3 4Q 2026 Environmental Impact Statement 1Q – 4Q 2026 2026 Financing Plan Extension of Existing Shelf Registration 4Q 2026 No Anticipated Equity Issuances4 1Q – 4Q 2026 SWG Bond Issuance (as needed to support liquidity and capital allocation priorities) 4Q 2026 ü ü ü ü ü ü ü N o v e m b e r 4 , 2 0 2 6 ü ü N o v e m b e r 4 , 2 0 2 6 ü ü
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7 Delivering Strong Results Third quarter 2026 adjusted net income of $15.2 million, a $9.7 million increase compared to adjusted net income in the same period of the prior year1 ~1% net customer growth rate over the last 12 months AZ regulatory strategy: Current general rate case requesting to increase revenues by approximately $91.3 million with rates anticipated to become effective April 2027 – the filing also requested formula rates with an Annual Rate Adjustment Mechanism NV regulatory strategy: Concluded rate case shortly after quarter end, adding nearly $48 million in annual revenue increases with rates effective October 2026. Rulemaking process with regard to alternative ratemaking in NV currently expected to be finalized in 2026 CA regulatory strategy: Received approval on all components of general rate case with more than $32 million in annual revenue increases and rates effective January 1, 2026. Relatively flat 3Q 2026 operations and maintenance (“O&M”) expense when compared with the same period in 2025. Preparations for filing the FERC CPCN application for Great Basin 2028 Expansion Project, on track by year-end. Binding precedent agreements (“BPAs”) totaling approximately 1 Bcf per day, with an additional 1.8 Bcf per day of expressed interest for 2029 - 2035 in-service dates, demonstrating strong customer demand.2 Finished the quarter with nearly $0.7 billion in available liquidity Corporate and administrative expenses for the third quarter of 2026 reflect $2.8 million lower interest expense related to repayment of all debt that was outstanding throughout the same period in 2025 and $1.5 million lower other income driven by lower interest income. Notes: 1. Historically, Natural Gas Distribution segment operating results have corresponded to the operating results of Southwest Gas Corporation. However, for three months ended September 30, 2026 the amounts reported differ from Southwest Gas Corporation due to the revision described in the quarterly report on Form 10-Q for the period ending September 30, 2026 2. See page 11 for additional detail N o v e m b e r 4 , 2 0 2 6
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Regulatory and Economic Update
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9 2026 Nevada General Rate Case Notes: 1. Docket 26-03021, which can be viewed on the Public Utilities Commission of Nevada website 2. Updated after certification filing including post test year plant adjustments through May 31, 2026 3. Final Order issued October 14, 2026 Southwest Gas Request at Certification As Approved3 Actual Equity Ratio 51.35% 51.35% ROE 10.0% 9.5% Rate Base $2.4 billion (~$391 million increase) $2.3 billion Revenue Increase ~$74 million2 ~$48 million In March 2026, Southwest Gas filed a rate case requesting a revenue increase of approximately $74 million2. Rate Case was completed in October of 2026 with rates effective in October 2026. N o v e m b e r 4 , 2 0 2 6 Nevada Rate Case1 Outcome Summary Next Regulatory Milestones • Final rules on alternative ratemaking anticipated by year end 2026 • Filings requesting alternative rates must be filed within 6 months of the completion of a general rate case • SWG anticipates filing for alternative rates by early 2Q 2027
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10 Regulatory Update - Arizona Arizona Rate Case Filing Summary In February 2026, Southwest Gas filed a rate case requesting a revenue increase of approximately $91.3 million1, with rates anticipated to become effective April 2027. Intervenor testimony filed for cost-of-capital, rate design, and revenue requirement, with rebuttal testimony submitted by the Company on November 2nd, 2026. Notes: 1. Updated as of submission of rebuttal testimony filed on 11/2/2026 2. Docket Number: G-01551A-26-0018, which can be viewed on the Arizona Corporation Commission website 3. Residential Utility Consumer Office 4. Staff is recommending an ROE at the lower end of their range (recommended range 9.50% - 9.75%) with the adoption of a formula rate plan Procedural Schedule Rate Case Filing 02/27/2026 Rebuttal Testimony 11/02/2026 Hearing 12/7/2026 Rates Effective 04/01/2027 Intervenor Testimony 10/12/2026 N o v e m b e r 4 , 2 0 2 6 Southwest Gas Request2 Staff Position RUCO3 Position Actual Equity Ratio 50.08% 50.08% 50.08% Fair Value Increment 0.20% 0% or 0.20% 0% ROE 10.25% w/ FR 9.75%4 9.4% w/o FR5 9.2% w/ FR Post-Test-Year Rate Base Adjustments6 12 months (~$366 million) Supportive subject to proven in-service Disallow projects outside historical test year Rate Base $3.881B $3.788B $3.339B w/ FR $3.682B w/o FR Revenue Increase ~$91.3 million1 $58 million w/FVI7 $53 million w/o FVI $14 million w/o FR ($31.9M) w/ FR Expected Bill Impact ~$4.65 / month ~$4.10 - $4.55 / month Up to $2.64 / month Annual Rate Adjustment Mechanism Requested Supports with modifications Opposes Southwest Gas requested to implement an annual Rate Adjustment Mechanism ("RAM"), or "formula rate." as part of its current rate case filing1, to include the following attributes: • First RAM adjustment 1-year after GRC rate effective date • 20 basis point dead band above and below authorized ROE • RAM to replace certain regulatory mechanisms, such as the TEAM8, Property Tax Deferral, and the SIM 5. Formula Rates 6. Test year date: twelve months ended 11/30/2025; Post-test-year date: twelve months ended 11/30/2026 7. Fair Value Increment 8. Tax Expense Adjustment Mechanism
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11 Great Basin 2028 Expansion Project Overview Notes 1. Binding precedent agreement 2. Expected Allowance for Funds Used During Construction (“AFUDC”) rate: ~7% 3. National Environmental Policy Act (“NEPA”) Expected Project Schedule for 4Q 2028 In-service Date 2026 2027 2028 Supplemental Open Season FERC CPCN Application Perform Environmental & Cultural Field Surveys FERC NEPA3 Environmental Review Process CPCN Approval Expected Construction Target In-service 4Q 4Q 4Q 2Q Anticipated Capital Shaping & Financing Capital expenditures for the 2028 Expansion Project are expected to be deployed over time. I DAHO Northwest Pipeline NEVADA OREGON C ALIFORNIA T uscarora Pipeline R uby Pipeline E xisting GBGTC Pipeline E xisting GBGTC Compressor StationLake Tahoe P roposed Expansion Route (~90% within existing right of way) P roposed GBGTC Compressor Station L NG Plant I nterconnecting Pipelines R eno C arson City Accrual of AFUDC2 expected throughout the construction period Targeted 50 / 50 debt to equity ratio Debt funded by SWG bond issuances Any equity needs expected to be funded by mix of modest equity issuances utilizing SWX ATM as well as SWX leverage $2.3 billion 2028 Brownfield Expansion Project Highlights: • Executed binding precedent agreements for 2028 in-service date • Contracted demand: 1.0 Bcf/day (executed BPAs1 and received surety) • Estimated incremental capital investment: ~$2.3B • Estimated incremental margin: ~$270M - $300M annually (following in-service); supported by currently contracted 1.0 Bcf/day demand • Current project design capacity is close to 2.0 Bcf/day total contracted demand. Additional contracted demand served within the current design is expected to lower the per unit rate paid by the shippers. ~ 15% ~ 25% ~ 60% N o v e m b e r 4 , 2 0 2 6
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Financial Update
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13 $0.06 $0.13 $0.01 CONTINUING OPS 3Q 2025 NATURAL GAS DISTRIBUTION SEGMENT HOLDCO CONTINUING OPS 3Q 2026 3Q 2026 SWX Adjusted EPS Walk CONTINUING OPERATIONS ADJ. EARNINGS PER DILUTED SHARE RELATED TO CONTINUING OPERATIONS1 FINANCIAL HIGHLIGHTS • Natural Gas Distribution segment adjusted results primarily benefited from rate relief in California and Arizona, continued customer growth, lower net interest deductions, and higher income tax benefits, partially offset by Depreciation & Amortization; • HoldCo earnings primarily benefited from lower interest expense, due to repayment of 100% of previous HoldCo debt; partly offset by lower other income due to less interest earned on lower cash balances Notes: Amounts in chart may not add due to rounding 1. Adjusted EPS from continuing operations for the three months ended September 30, 2026, adjusts for non-recurring executive compensation. Adjusted EPS from continuing operations for the three months ended September 30, 2025, adjusts for the state income tax apportionment associated with certain one-time events. 2. Historically, Natural Gas Distribution segment operating results have corresponded to the operating results of Southwest Gas Corporation. However, for three months ended September 30, 2025, the amounts reported differ from Southwest Gas Corporation due to the revision described in the quarterly report on Form 10-Q for the period ending September 30, 2026. 2 $0.20 Favorable impact N o v e m b e r 4 , 2 0 2 6
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14 $5.5 $3.8 $(1.8) $4.9 $(1.5) $4.3 3Q 2025 OPERATING MARGIN D&A NET INTEREST DEDUCTIONS OTHER INCOME TAXES 3Q 2026 3Q 2026 Natural Gas Distribution Segment Adjusted Net Income Operating Margin • $3.2 million of incremental margin from updated rates in CA • $1.6 million attributable to customer growth • $1.5 million increase related to Arizona SIM • Partially offset by ($3.9 million) decrease in nondecoupled margin across Arizona and Nevada, as well as • Lower recovery/return on regulatory balances and NV VIER 5 Year-over-year net income key drivers include: (parentheses indicate unfavorable net income drivers) Favorable impact Unfavorable impact Notes: Chart may not add due to rounding 1. Adjusted Net Income from continuing operations for the three months ended September 30, 2026, adjusts for non-recurring executive compensation. Adjusted Net Income from continuing operations for the three months ended September 30, 2025, adjusts for the state income tax apportionment associated with certain one-time events. 2. Historically, Natural Gas Distribution segment operating results have corresponded to the operating results of Southwest Gas Corporation. However, for three months ended September 30, 2025, the amounts reported differ from Southwest Gas Corporation due to the revision described in the quarterly report on Form 10-Q for the period ending September 30, 2026 3. Increase in plant was attributable to pipeline capacity reinforcement work, franchise requirements, scheduled pipe replacement activities, and new infrastructure 4. Other income net of taxes othern than income taxes 5. Variable Interest Expense Recovery 6. Purchased Gas Adjustment • Increase in depreciation reflective of 7%, increase in gas plant in service since the corresponding third quarter of 2025 • $5.8 million cumulative adjustment related to certain regulatory assets D&A • $4.9 million lower Net interest deductions related to lower PGA6 balances as well as NV VIER offset in margin and • higher capitalization of borrowing costs related to debt AFUDC Net Interest Deductions Income Taxes 2 NATURAL GAS DISTRIBUTION SEGMENT 3 4 Adj. Net Income1 ($ in millions) $15.2 Favorable impact Unfavorable impact N o v e m b e r 4 , 2 0 2 6 • $3.4 million higher driven primarily by deferred state income tax benefit 14 O&M • O&M is relatively flat for the quarter
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15 2026 Expected Sources & Uses CapEx3 Beg. Cash & Cash Flow from Operations Dividend to stockholders Beg. Cash & Cash Flow from Operations CapEx3 SWG Bond Issuance & CP/Revolver Usage SWG Bond Issuances & Revolver Usage Available for future investment Notes: 1. Amounts may not add, due to rounding 2. Excluding equity issuances via Dividend Reinvestment Plan, SWX expects to fully fund dividend with no SWG support, ~$200 million equity infusion/NOL monetization from SWX to SWG 3. Includes approximately $30 million that would be recorded in Deferred charges and other assets 4. Net Operating Loss PLAN HIGHLIGHTS & ASSUMPTIONS • Significant beginning cash balance, primarily a result of remaining proceeds from Centuri Holdings, Inc. separation in September 2025 • Potential of up to ~$325 million net SWG debt issuance, and up to ~$150 million SWG commercial paper ("CP")/revolver usage (as needed to support liquidity and capital allocation priorities) • $1.25 billion capital plan driven by ~$925 million of expected Utility expenditures and ~$325 million of spending to support Great Basin’s 2028 Expansion Project • Capital structure decisions aligned with long-term rating objectives • No anticipated equity issuances 2 SWX Equity Infusion/NOL4 monetization SWG Bond Retirement SWG Bond Retirement $ 0.6 $ 0.1 N o v e m b e r 4 , 2 0 2 6
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16 Balance Sheet Strength Net Debt1 ($ in billions) Total Debt Cash Net Debt PGA2 Balance Net Debt net of PGA $3.5 $0.1 $3.4 $(0.3) $3.7 Corporate & Administrative $0.0 $0.1 $(0.1) n/a $(0.1) $3.5 $0.0 $3.5 $(0.3) $3.8 SWX and SWG are positioned to maintain an investment grade profile, targeting S&P FFO/Debt >17% over time Credit Ratings and Outlook3 Moody’s Standard and Poor’s Fitch Ratings Outlook Ratings Outlook Ratings Outlook Baa2 Stable BBB+ Stable BBB Stable Baa1 Stable BBB+ Stable A- Stable (consolidated) Notes: tables may not add due to rounding 1. As of September 30, 2026 2. Purchased Gas Adjustment Balances include purchased gas costs net of amounts received / refunded to or from customers 3. Issuer ratings shown for Southwest Gas Holdings; Senior unsecured long-term debt ratings shown for Southwest Gas Corporation N o v e m b e r 4 , 2 0 2 6
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17 2026 and Forward-Looking Financial Guidance ADJ. SWX EPS GUIDE3 ($ / share) Reaffirmed 2026 SWX EPS from continuing operations guidance. SWX CAPEX GUIDE2 ($ in billions) Long-term capital plan driven by safety, maintenance, and new business spending at the Utility; as well as the projected incremental Great Basin 2028 Expansion project (expected in-service late 2028). RATE BASE GUIDE ($ in billions) 5-year rate base CAGR includes Great Basin 2028 Expansion Project, run-rate Utility rate base growth expected to be about 7% over the same period. Notes: Illustrative charts not to scale 1. 2025 base year: earnings per share from continuing operations ($3.65 per share) and rate base ($6.7 billion) 2. 2025A and 2026E include approximately $15 million and $30 million that would be recorded in Deferred charges and other assets, respectively. 3. Adjusted net income from continuing operations and adjusted EPS from continuing operations for the twelve months ended December 31, 2025, adjust for state income tax apportionment associated with certain one-time events. See “Non-GAAP Measures” for more information and for full reconciliations of our non-GAAP financial measures. We do not provide a reconciliation of forward-looking Non-GAAP Measures to the corresponding forward-looking GAAP measures due to our inability to project unexpected non-recurring charges. For more information, see Slide 3, Non-GAAP Measures. 4. Long-term guidance metrics are based on $1.7 billion of incremental capital related to the Great Basin 2028 Expansion Project over the five-year period and do not reflect the updated $2.3 billion capital estimate 12.0% – 14.0% 5-year Adj. EPS CAGR1 Reaffirmed 2026 and long-term guidance metrics that include assumptions for alternative rate making in AZ and NV, and the Great Basin 2028 Expansion Project4 $3.65 $4.17 – $4.32 9.5% – 11.5% 5-year Rate Base CAGR1 $6.3 Billion 5-Year Capital Plan (2026E – 2030E) N o v e m b e r 4 , 2 0 2 6
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Contact Will Batista INVESTORS & ANALYSTS: DIRECTOR, INVESTOR RELATIONS, SUSTAINABILITY AND STAKEHOLDER ENGAGEMENT (702) 364-3406 will.batista@swgas.com Sean Corbett MEDIA: MANAGER, CORPORATE COMMUNICATIONS (702) 364-3310 corpcomms@swgas.com
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Appendices
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20 Regulatory Update SWG remains committed to a purposeful regulatory strategy intended to support the timely recovery of prudent investments California Nevada Arizona Requested Requested Requested Docket # 24-09-001 Filing Date September 6, 2024 Requested ROE 11.35% Cap Structure 50% / 50% Revenue Increase $43.7 million Docket # 26-03021 Filing Date March 18, 2026 Requested ROE 10.00% Cap Structure 51.35% / 48.65% Revenue Increase $74 million Docket # G-01551A-26-0018 Filing Date February 27, 2026 Requested ROE 10.25% Cap Structure 50% / 50% Revenue Increase $91.3 million1 Order Date August 13, 2026 Effective Date January 1, 2026 ROE 10% Cap Structure 50% / 50% Revenue Increase $32.6 million Decision Procedural Schedule Intervenor Testimony October 12, 2026 (Received) Rebuttal Testimony November 2, 2026 (Submitted) Hearing December 7, 2026 Rates Effective April 1, 2027 Order Date October 14, 2026 Effective Date October 1, 2026 ROE 9.50% Cap Structure 51.35% / 48.65% Revenue Increase ~$48 million Settlement & Decision N o v e m b e r 4 , 2 0 2 6Notes 1. Updated as of submission of rebuttal testimony filed on 11/2/2026
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21 Opportunities for Alternative Ratemaking in Nevada and Arizona Arizona and Nevada Anticipated Rate Case Roadmap General rate case filed March 18, 2026 General rate case filed February 27, 2026 NV AZ 1Q’26 2Q’26 3Q’26 Rates effective October 2026 4Q’26 General rate case completion expected ~13-15 months after filing Potential alternative ratemaking opportunity following approval of GRC 1 2027 AZ Policy Statement In December of 2024, the ACC 2 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 * Formal rulemaking workshops to implement SB 417 began in Nevada in October 2025 Defined terms: 1. GRC: General Rate Case 2. ACC: Arizona Corporation Commission N o v e m b e r 4 , 2 0 2 6
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22 5-Year SWG Capital Plan 5-Year Rate Base Growth1 (in billions) $6.3 billion five-year capital plan supports rate base growth through 2030 with 73% of investment expected at SWG and 27% expected at Great Basin7 2026 Capital Plan1,2 (in millions) General Plant $ 175 New Business $ 275 Safety $ 475 GB 2028 Expansion Project $ 325 Total $ 1,250 Southwest Gas GB 2028 Expansion Project Incremental Rate Base4 $11.2 Notes: May not add due to rounding 1. Amounts broken out below are approximate and could change based on business needs and underlying project timing 2. Includes approximately $30 million that would be recorded in Deferred charges and other assets 3. Includes approximately $190 million that would be recorded in Deferred charges and other assets 4. Great Basin’s rate case approved in 2025 included $191 million of total rate base at the entity 5. 2020A – 2025A historical 5-year rate base CAGR 6. 2025A – 2030E 5-year rate base CAGR 5-Year Capital Plan1,3 (in billions) $6.3B 2026 - 2030 8.3% Historical 5-year Rate Base CAGR5 9.5% – 11.5% Expected 5-year Rate Base CAGR6 7. Long-term guidance metrics are based on $1.7 billion of incremental capital related to the Great Basin 2028 Expansion Project over the five- year period and do not reflect the updated $2.3 billion capital estimate N o v e m b e r 4 , 2 0 2 6
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23 Committed to Delivering Value Through Continuous Dividend Growth • Southwest Gas Holdings has paid a dividend every year since 1956 • February 25, 2026: Southwest Gas Holdings Board of Directors announced an expected increase in its annual dividend to stockholders of 4% • Management currently plans to recommend to the Board of Directors future annual dividend increases1 • Southwest Gas Holdings expects to continue to pay its regular quarterly dividend1 • Potential for larger dividend increases following the completion of key regulatory initiatives and the Great Basin 2028 expansion project1 Notes: 1. All future dividends will be subject to review of the Company’s financial position each quarter and approval by the Board of Directors SWX ANNUAL DIVIDEND PER SHARE 4% Announced Increase N o v e m b e r 4 , 2 0 2 6
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24 2026 2027 2028 2029 2030 Net Income Drivers Margin AZ and NV Filings Potential AZ and NV Tracking Periods FERC Filing CA Filing Assuming rate case outcomes in line with historical experience ~1.4% Annual Net Customer Growth O&M Targeting flat O&M on a per customer basis (excluding non-service pension costs) Other Income ~$6-7 million COLI; assumes normal natural gas price fluctuations using current forward pricing curves Expected AFUDC rate of 7% Income Taxes Expect NOL utilization to minimize cash tax payments (expected effective tax rate in the high teens) Interest Expense Expect future bond issuances using forward corporate debt curves Expected AFUDC rate of 7% Financing Assumptions Debt / Equity Assumptions Assumes modest equity issuance beyond 2026 utilizing At-The-Market program combined with utilizing HoldCo leverage capacity to fund the Great Basin 2028 Expansion Project, targeting 50%/50% equity/debt ratio at SWG, while expecting a sizable threshold above current SWX credit downgrade threshold, in conjunction with currently communicated dividend policy Financial Guidance Drivers and Assumptions AZ & NV Formula Rate Adjustments N o v e m b e r 4 , 2 0 2 6
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25 Summary of Gas Cost Balances and Recovery Mechanisms State September 30, 20252 Receivable (Payable) Balance ($ in millions) June 30, 20262 Receivable (Payable) Balance ($ in millions) September 30, 20262 Receivable (Payable) Balance ($ in millions) Carrying Cost Rate Gas Cost Rate Adjustment Frequency AZ $(73.7) $(88.4) $(84.1) 1-Year Treasury Rate Monthly3 NV $(282.7) $(198.1) $(180.2) Weighted Average Cost of Capital Quarterly3 CA $0.1 $(0.4) $2.3 Commercial Paper Rate Monthly4 Total $(356.4) $(286.8) $(262.0) PGA1 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 » Current per therm credits as of October 1, 2026, are as follows: » Northern Nevada: 34.1 cents per therm » Southern Nevada: 32.5 cents per therm » Expected reduction in near-term interest expense » Expected impact to near-term liquidity Notes: 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 profit 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 N o v e m b e r 4 , 2 0 2 6
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26 2025 California General Rate Case 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. Southwest Gas Request As Approved Target Equity Ratio 50% 50% Return on Equity 11.35% 10% Rate Base $720 million $714 million2 Proposed Revenue Increase ~$43.7 million $32.6 million2 Notes: 1. Application 24-09-001, which can be viewed on the California Public Utilities Commission website 2. Modest rate base adjustments relate to differences in forecasting methodology, not a disallowance of any investments. N o v e m b e r 4 , 2 0 2 6 Completed the outstanding cost-of-capital issues with a final order issued in August 2026. Automatic Trigger Mechanism adjustment factor reduced from 50bps to 20bps of the interest-rate change
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27 2025 Arizona General Rate Case 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 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 Adjuster 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 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 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 Arizona Rate Case Outcome On March 27, 2025, the ACC approved an increase in rates effective on approval. 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”) üü N o v e m b e r 4 , 2 0 2 6
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28 2025 Great Basin General Rate Case 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 GBGTC Rate Case Outcome1 On March 3, 2025, FERC approved an increase in rates. 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. Black box settlement – as calculated by GBGTC 4. Compared to 9.90% pre-tax rate of return previously authorized N o v e m b e r 4 , 2 0 2 6
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29 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 ~$186 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 and approved in April of 2026 » Sources of planned acquisitions of natural gas » Identification of mix of supply » Demand side management programs Capital Investment Opportunities: N o v e m b e r 4 , 2 0 2 6
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30 SWG Regulatory Update – Other Regulatory Activity Arizona Gas Cost Balancing Account (GCBA) In response to lower purchased gas costs, Southwest Gas filed an application in Jan. 2025 to return an over-collected GCBA balance of ~$46 million to customers. The ACC approved the request in March, with rates effective April 2025. In April 2026, Southwest Gas filed a new request seeking to increase the applicable GCBA dead band by 10 cents to facilitate a more timely return of the approximately $44 million over-collected balance (at the time of filing) to customers. The Company requested an effective date of August 2026. The ACC modified and approved the Company’s application request to more timely return the existing over-collected balance to customers, with modification. California Fort Irwin Expansion Project California Public Utilities Commission ("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. Construction on the project commenced October 2026. 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. Arizona Natural Gas Infrastructure and Storage Docket In February of 2025, the ACC 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. In May 2026, FERC approved the expansion, issuing the CPCN and granting the abandonment as proposed. Nevada Annual Rate Adjustment Filing Southwest Gas filed its 2025 Annual Rate Adjustment Application in November requesting a statewide increase of ~$13 million. An all-party settlement recommending approval of the Company's application was approved by the PUCN in May 2026. Rates became effective July 1, 2026. 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 2025.1 The Company proposed to recover this amount over three years beginning October 1, 2025. The ACC approved the recovery of the $5.2 million over three years. 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. Since implementation, the Company has continued to increase the credit quarterly by 2.5 cents per therm.2 Notes: 1. The ACC discontinued the legacy COYL program in the Company’s recent general rate case (Decision No. 80326) 2. Pursuant to Nevada Revised Statutes 704.110(8) Arizona Application for Limited Waiver of Affiliate Interest Rules Southwest Gas filed an application with the ACC in February 2026 requesting a limited waiver of the Affiliate Interest Rules to engage in a series of two-part transactions to facilitate the funding for the Great Basin 2028 Expansion Project, which will have no impact, financial or otherwise, on Southwest Gas’ utility operations in Arizona. The ACC’s approval of the application in April 2026 will allow for the use of existing pathways to fund the 2028 Expansion Project through funds that are either currently available at Southwest Gas’ parent company, Southwest Gas Holdings, Inc. (HoldCo), or that will be pursued in the capital markets by HoldCo and Southwest Gas, and that will pass through Southwest Gas to Great Basin. The ACC approved the Company's application in April 2026. 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 CPCN to construct and operate certain facilities to expand the transportation capacity of the system. The pipeline segment contemplated were placed in service by November 2025 with related work on the boring under the Truckee River completed in 2026. Arizona SIM Filing In June 2026, the ACC approved Southwest Gas’ application to recover the revenue requirement associated with $50 million of SIM-eligible capital investments for 2025 SIM projects. The rate became effective April 1, 2026, as proposed. In September 2025, Southwest Gas filed its 2026 Project Plan reflecting SIM eligible projects scheduled to be completed in 2026 along with its Notice of Intent to file a March 2027 SIM surcharge application. Southwest Gas filed its 2027 Project Plan reflecting SIM eligible projects scheduled to be completed in 2027, along with its Notice of Intent to file a March 2028 SIM surcharge application in September 2026. CPUC Financing Application Southwest Gas filed an application with the CPUC in February seeking incremental financing authority to issue or obtain additional debt securities in an amount not to exceed approximately $1.15B, and the application of such proceeds through the five-year period ending December 31, 2030, to facilitate funding for the Great Basin 2028 Expansion Project. The CPUC issued a decision in July 2026 approving Southwest Gas’ application as filed. N o v e m b e r 4 , 2 0 2 6
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31 3Q 2026 Financial Results Notes: 1. Historically, Natural Gas Distribution segment operating results have corresponded to the operating results of Southwest Gas Corporation. However, for nine months ended September 30, 2025 the amounts reported differ from Southwest Gas Corporation due to the revision described in the quarterly report on Form 10-Q for the period ended September 30, 2026. 2. Adjusted net income and adjusted EPS from continuing operations for the three and nine months ended September 30, 2026, adjusts for the non-recurring executive compensation. Adjusted net income and adjusted EPS from continuing operations for the three and nine months ended September 30, 2025, adjusts for the state income tax apportionment associated with certain one-time events. CONSOLIDATED Three Months Ended Nine Months Ended Results of Consolidated Operations September 30, September 30, (in millions, except per share items) 2026 2025 2026 2025 Natural gas distribution income1 $ 13.3 $ 6.3 $ 191.8 $ 194.9 Corporate and administrative income (loss) (0.5) (10.0) 1.5 (65.0) Income (loss) from Continuing Operations 12.8 (3.7) 193.3 129.9 Income from discontinued operations — 266.3 — 206.5 Net income attributable to SWX $ 12.8 $ 262.6 $ 193.3 $ 336.4 Income (loss) from continuing operations $ 12.8 $ (3.7) $ 193.3 $ 129.9 Non-GAAP adjustments - continuing operations2 1.9 7.8 2.1 35.1 Adjusted net income from continuing operations $ 14.7 $ 4.1 $ 195.4 $ 165.0 Basic earnings per share $ 0.18 $ 3.64 $ 2.67 $ 4.66 Diluted earnings per share $ 0.18 $ 3.63 $ 2.66 $ 4.65 Basic earnings (loss) per share from continuing operations $ 0.18 $ (0.05) $ 2.67 $ 1.80 Diluted earnings (loss) per share from continuing operations $ 0.18 $ (0.05) $ 2.66 $ 1.79 Adj.2 Basic earnings per share from continuing operations $ 0.20 $ 0.06 $ 2.69 $ 2.29 Adj. Diluted earnings per share from continuing operations $ 0.20 $ 0.06 $ 2.69 $ 2.28 Weighted average common shares 72.565 72.209 72.508 72.104 Weighted average diluted shares 72.823 72.405 72.686 72.265 N o v e m b e r 4 , 2 0 2 6
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32 Summary of Operating Results NATURAL GAS DISTRIBUTION SEGMENT Notes: 1. Historically, Natural Gas Distribution segment operating results have corresponded to the operating results of Southwest Gas Corporation. However, for nine months ended September 30, 2025 the amounts reported differ from Southwest Gas Corporation due to the revision described in the quarterly report on Form 10-Q for the period ended September 30, 2026. Three Months Ended Nine Months Ended Results of Operations1 September 30, September 30, (in thousands of dollars) 2026 2025 2026 2025 Regulated operations revenues $ 298,183 $ 316,911 $ 1,241,456 $ 1,459,645 Net cost of gas sold 20,119 42,685 166,715 429,398 Operating margin 278,064 274,226 1,074,741 1,030,247 Operations and maintenance expense 135,818 133,808 400,273 399,867 Depreciation and amortization 80,900 79,073 258,188 241,703 Taxes other than income taxes 24,689 23,368 73,451 70,379 Operating income 36,657 37,977 342,829 318,298 Other income 13,173 13,277 27,308 40,385 Net interest deductions 41,253 46,156 130,920 135,524 Income before income taxes 8,577 5,098 239,217 223,159 Income tax expense (benefit) (4,677) (1,245) 47,435 28,228 Segment net income $ 13,254 $ 6,343 $ 191,782 $ 194,931 Reconciliation of gross margin to operating margin (non-GAAP Measure) Utility gross margin $ 115,106 $ 118,141 $ 571,108 $ 546,006 Operations & maintenance (excluding admin & general) expense 82,058 77,012 245,445 242,538 Depreciation & amortization expense 80,900 79,073 258,188 241,703 Operating margin $ 278,064 $ 274,226 $ 1,074,741 $ 1,030,247 N o v e m b e r 4 , 2 0 2 6
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33 Non-GAAP Measures Adjusted net income and adjusted EPS from continuing operations for the three and nine months ended September 30, 2026, adjusts for the non-recurring executive compensation. Adjusted net income and adjusted EPS from continuing operations for the three and nine months ended September 30, 2025, adjusts for the state income tax apportionment associated with certain one-time events. We do not provide a reconciliation of forward- looking Non-GAAP Measures to the corresponding forward-looking GAAP measures due to our inability to project special charges and certain expenses. Notes: 1. Historically, Natural Gas Distribution segment operating results have corresponded to the operating results of Southwest Gas Corporation. However, for nine months ended September 30, 2025 the amounts reported differ from Southwest Gas Corporation due to the revision described in the quarterly report on Form 10-Q for the period ended September 30, 2026. Three Months Ended Nine Months Ended (in thousands, except per share items) September 30, September 30, Adjusted Net Income and Adjusted EPS from Continuing Operations 2026 2025 2026 2025 Net income (loss) from continuing operations $ 12,783 $ (3,667) $ 193,279 $ 129,890 State income tax apportionment associated with certain one-time events — 7,842 — 35,113 Non-recurring executive compensation 1,978 — 2,120 — Income tax effect of adjustment above (41) — (41) — Adjusted net income from continuing operations 14,720 4,175 195,358 165,003 Weighted average diluted shares 72,823 72,405 72,686 72,265 Adjusted EPS from continuing operations $ 0.20 $ 0.06 $ 2.69 $ 2.28 Corporate & Admin. Adjusted Net Income (Loss) and Adjusted EPS Corporate & Admin. net income (loss) (471) (10,010) 1,497 (65,041) State income tax apportionment associated with certain one-time events — 8,665 — 47,905 Corporate & Admin. adjusted net income (loss) (471) (1,345) 1,497 (17,136) Weighted average diluted shares 72,823 72,405 72,686 72,265 Corporate & Admin adjusted EPS $ (0.01) $ (0.02) $ 0.02 $ (0.24) Natural Gas Distribution Segment Adjusted Net Income and EPS1 Natural Gas Distribution Segment net income $ 13,254 $ 6,343 $ 191,782 $ 194,931 State income tax apportionment associated with certain one-time events — (823) — (12,792) Non-recurring executive compensation 1,978 — 2,120 — Income tax effect of adjustment above (41) — (41) — Natural Gas Distribution Segment adjusted net income 15,191 5,520 193,861 182,139 Weighted average diluted shares 72,823 72,405 72,686 72,265 Natural Gas Distribution Segment adjusted EPS $ 0.21 $ 0.08 $ 2.67 $ 2.52 N o v e m b e r 4 , 2 0 2 6