Southwest Gas : JP Morgan Energy, Power & Renewables Conference Presentation

Published: 2025-06-20 16:28:06 ET SWX

Published on 06/20/2025 at 16:28

INVESTOR OUTREACH

Table of Contents

SWX at a Glance …………………………………………………………………………………….. pg. 04 Successful First Follow-On Offering of CTRI Common Stock …...……………………………… pg. 05 Positioned for Sustainable Growth and Long-Term Success …………………………………… pg. 06 Why SWX? Compelling Investment Thesis …………………….…………………………………. pg. 07 Focused on Advancing Strategic Priorities ………………………………………………………... pg. 08 Delivering Strong Results …………………………………………………………………………… pg. 09 Track Record of Prudent Capital Expenditures ………………………………………….............. pg. 10 Multipronged Approach to Utility ROE Improvement ……………………………….................... pg. 11 Utility 2025 and Forward-Looking Financial Guidance ……….……………............................... pg. 12

Utility Earnings Guidance Drivers .…………………………………………….............................. pg. 13 Growth and Economic Expansion ………………………………………………………………….. pg. 14 AZ and NV Economic Snapshot ……………………………………………………………………. pg. 15 Economic Impact of Semiconductor Manufacturing & Data Centers …………………………... pg. 16 Potential Great Basin Expansion Opportunity ……………………………………………………… pg. 17 Large Volume Customer Updates ………………………………………………………………….. pg. 18 Regional Housing Development ……………………………………………………………………. pg. 19 Total System Rate Base Growth Forecast ……………………………………………….............. pg. 20 Current Rate Case Activity ………………………………………………………………………….. pg. 21 Regulatory Update - Arizona ……………………………………………………………………….. pg. 22 Regulatory Update - Arizona SIM …………………………………………………………………… pg. 23 Regulatory Update - California ……………………………………………................................... pg. 24 Regulatory Update - GBGTC ………………………………………………………………………. pg. 25 Regulatory Update - Nevada ………………………………………………………………………. pg. 26 Recent General Rate Case Decision - Nevada ………………………………………………….. pg. 27 2025 Financing Plan …..……………………………………………………………………............. pg. 28

Summary of Gas Cost Balances and Recovery Mechanisms .…………………………............ pg. 29 Balance Sheet Strength …………………………………………………………………................. pg. 30 Utility Optimization Progress ………………………………………………………………………... pg. 31 Cost Management (O&M) ………………………………………………………………….............. pg. 33 Common Stock Dividend Information …………………………………….................................... pg. 34 Positioned to Unlock Significant Stockholder Value ……………………………………………... pg. 35 Southwest Gas Holdings and Corporation History …...………………………………………….. pg. 36 Stable Customer Base ………………………………………………………………………………. pg. 37 Regulatory Framework ………………………………………………………………………………. pg. 38 Regulatory Jurisdictions …………………………………………………………………………….. pg. 39 Regulatory Commissioners …………………………………………………………………………. pg. 40 Select Recent Regulatory Activity ………………………………………………………………….. pg. 41 Affordability …………………………………………………………………………………………… pg. 42 Operating Cash Flows & Liquidity ………………………………………………………………….. pg. 43 Strengthening Credit Metrics with Opportunities for Improvement ……………………………... pg. 44 Debt Maturity Profile of SWX and SWG …………………………………………………………… pg. 45 Best-In-Class Governance ………………………………………………………………………….. pg. 46 Safety and Damages Performance ………………………………………………………………… pg. 47 System Reliability and Integrity …………………………………………………………………….. pg. 48 Customer Satisfaction ………………………………………………………………………………. pg. 49 Environmental Information ………………………………………………………………………..... pg. 50 Community Giving …………………………………………………………………………………… pg. 51 Workforce Highlights ….…………………………………………………………………………….. pg. 52 Non-GAAP Measures ……………………………………………………………………………….. pg. 53

‌SWX at a Glance

Southwest Gas Corporation Financial Snapshot1:

2024 Revenue: $2.5 billion 2024 Net income: $261 million

2024 Estimated Rate Base: $6.4 billion2

Southwest Gas Service Territory LNG Facility

Great Basin Gas Transmission Company Southwest Gas Transmission Company Southwest Gas Headquarters

Corporate Overview:

Southwest Gas Holdings, Inc. (NYSE:SWX), through its primary operating subsidiary, Southwest Gas Corporation, engages in the purchasing, distributing and transporting of natural gas for its customers. Southwest Gas Corporation is a dynamic energy company committed to exceeding the expectations of over 2 million customers in Arizona, Nevada and California by providing safe, reliable, and resilient service while pursuing innovative sustainable energy solutions to fuel the growth in its communities. In addition, Southwest Gas Holdings, Inc. is the majority owner of Centuri Holdings, Inc. (NYSE:CTRI), which provides comprehensive utility infrastructure services across North America.

Positioned to Unlock Significant Shareholder Value

» Strengthening capital and strategic flexibility through separation of Centuri

» Maintain balance sheet flexibility and investment grade credit ratings

» Providing safe, reliable, and affordable natural gas service

» Positive regulatory developments and strong organic rate base growth

» 41,000 first-time meter sets over the last twelve months1, or ~1.8% increase3

» Optimizing the utility to deliver value

» Capital expenditure plan supported by strong economic and customer growth throughout our service areas

» Well positioned to continue delivering sustainable energy options for our customers

Notes:

As of December 31, 2024

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 12/31/2024. This is different than our authorized rate base, which is the rate base approved by our regulatory bodies in our most recent rate cases and that is reflected in current rates

Calculated based on new meter sets added since 2023 final year end customer count

‌Successful Follow-On Public Offerings of CTRI Common Stock

Net May and June Offerings Summary

» 24.5 million Shares2

18.75 million base deal

2.9 million greenshoe

2.9 million private placement2

» 47.2 million remaining CTRI shares owned by SWX2

5/22/20251

6/18/20252

Shares Sold

13.3 million

11.2 million

% Sold

14.9%

12.6%

Offering Price

$17.50

$20.75

Proceeds, Net

$225 million

Use of Proceeds

Repay SWX Debt

% Ownership Retained

65.9%

53.3%

» SWX is expected to consolidate Centuri until conditions for consolidation

are no longer met

» No longer expect to issue equity in 2025

» 45-day lock-up period following June offering

» The option to spin Centuri tax free is no longer an option

» The 'Tax-free Spin Protection Plan', in place since November of 2023, is no longer in effect

Includes May private placement, which generated $50 million of the proceeds received

If the June private placement is completed by July 9, 2025, shares sold would total 25.6M; private placement would total 4.0M; SWX ownership in CTRI will be 46.2M shares, or 52.1%. Net proceeds from the June private placement would be $22 million

Disclaimer

Southwest Gas Holdings Inc. published this content on June 19, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on June 20, 2025 at 20:27 UTC.