NiSource : 2026 AGA Financial Conference Supplemental Slides

Published: 2026-05-17 12:43:04 ET NI

Published on 05/17/2026 at 12:43 pm EDT

SUPPLEMENTAL SLIDES

2026 AGA Conference

May 16-19, 2026

9%-11%

Consolidated Rate Base2 CAGR

2026-2033

8%-10%

Base Plan Rate Base

55%-65%

Dividend Payout Ratio Target

9%-10%

Consolidated Adj EPS3 CAGR 2026-2033

6%-8%

Annual Base Plan Adj EPS3 Growth

$2.0B

Base Plan Upside Capital Investment6 2026-2030

$25.1B

YE 2025 Regulated Electric and Gas Rate Base

$21.0B

Base Plan Capital Investment6

CAGR 2026-2030

2026-2030

14%-16%

Annual FFO/ Debt3 Target Through 2030

$7.6B

GenCo Capital

Strategic Negotiations

3 GW

Additional Load7

2026-2030

Net Zero By 20401

Expected Average Annual Total Shareholder Return4

Investment5

Flat O&M

Operational Excellence drives Customer Affordability

As of May 2026

Goal for Scope 1 and 2 emissions

Inclusive of traditionally regulated assets and GenCo assets supporting data center customers

Consolidated Adjusted Earnings Per Share, Base Plan Adjusted Earnings Per Share, and FFO/Debt (non-GAAP)

Total shareholder return assumes constant P/E ratio, 3.0% dividend yield, and 9%-10% 2026-2033 Consolidated Adjusted EPS CAGR

Inclusive of ~$0.4 billion of data center capital investment in 2025 3

Exclusive of data center capital investments

Up to 2 GW of additional developing opportunities as shown on Slide 11

Building a Constructive

Regulatory Foundation

Operational Excellence

- Signed agreement to provide long-term electric service and capacity using pool resource assets

Customer Savings

Signed amendment accelerating the energization of Amazon sites and associated credits for residential customers

Expanded agreement increasing capacity commitment by 400 megawatts

Established initial ~800 megawatt diversified portfolio of GenCo generation and storage assets to support current and future customers with new and existing resources

Portfolio of Assets Deployed Across Multiple Customers

Potential Pool

Customers

Alphabet

Amazon

Existing Pool

Customers

Nebo

BESS

GenCo

Asset Pool1

Tipton

BESS

Market

Capacity Purchases

Mitchell Generation

BESS2

Capacity

Future Asset

Pool

Driving Value & Optionality Embedded Risk Management

Scalable and repeatable growth to support increasing large-load demand by efficiently developing and managing a diversified portfolio of generation and storage resources through GenCo

Provides flexibility to add assets over time as new customers are signed

Assets are planned in tranches, supporting phased load ramps and future customer additions

Enables optimization of resource use and participation in regional markets to manage system reliability and costs

Diversified energy delivery supported by a portfolio of solutions, combining in-service assets with future builds

Supply backed by strong credit support from a high-quality guarantor reduces counterparty and execution risk

Capacity is developed and procured in tranches, phasing asset development and reducing timing and overbuild risk

MISO energy, capacity, and transmission costs associated with large customers are tracked and passed through directly to large-load customers

Ring-fencing of major capital investments and risks through GenCo

Assets added to the pool reduces reliance on future market volatility

Resource Pool Legend

PPA

BTA

Build/EPC

Market Purchase

Generation Capacity

Capacity alternatives through self-build, developer supplied, and market resources spanning a variety of resource types

100 MW of Mitchell BESS are pool resource assets

Reliable electric system with robust transmission network

Up to 9 GW of Capacity

Data Center Pipeline by 2035 Northern Indiana's Favorable Backdrop for Data Centers

Up To 2 GW

3 GW

~4 GW

9.0

Up To

3.0 GW

8.0

7.0

6.0

5.0

4.0

3.0

2.0

GenCo Signed Capacity

~4 GW

Strategic Negotiations

3 GW

Developing Opportunities

Up to 2 GW

1.0

0.0

GenCo Signed Capacity Strategic Negotiations Developing Opportunities

Note: Our ability to successfully execute on future data center opportunities will depend on, among other factors, our ability to successfully develop any additional generation and transmission resources required

to serve such customers and our ability to obtaining financing to support such development on acceptable terms. For a discussion of our data center strategy and certain considerations and risks relating to potential further data center contracts, refer to Item 1A, "Risk Factors" and Part II, Item 7, "Management's Discussion of Analysis of Financial Condition and Results of Operations" of our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and Part I, Item 2 Management's Discussion and Analysis of Financial Condition and Results of Operations of the Company's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2026.

2025

2026-2032

Ongoing GenCo Strategy Development

3Q 2025

Sept 24th

Updated Financial Plan Commitments

GenCo Declination Final Order

NiSource Strategy

Special Contract Announcement

Special Contract Filed with the IURC

Zoning Application Approved

Acceleration Amendment Filed with the IURC

Incremental Load Announcement

IURC

Special Contract Approval

Civil Site Work

First Load Energization

Full Ramp

Sept 22nd

Nov 7th

Feb 2nd

Apr 16th

May 6th

Expected by 1H 2026

Expected 2H 2026

Expected 2027

Expected by 2032

Amazon

Special

IURC

Contract

First Load

Special

Full

Filed with

Energization

Contract

Ramp

the IURC

Approval

Apr 16th

Expected Summer 2026

Expected 2H 2026

Expected by 2030

Alphabet

GENCO: A DIFFERENTIATED APPROACH TO DELIVER CRITICAL POWER AT A CRITICAL TIME*

GenCo

Traditional Models

Regulated by the Indiana Utility Regulatory Commission (IURC)

Return-On and Return-Of

GenCo returns through commercial partnership; Traditional model returns through rate-making tariff

Speed to Market: Expedited Commission review

Construction may begin before issuance of IURC approval of generation

CPCN supported through an Integrated Resource Plan Construction may not begin until IURC CPCN issuance

Customizable: Ability to choose generation assets

All CPCN requests must be supported by an Integrated Resource Plan which limits flexibility

Greater than regulated rate of return on invested capital under the base case1 over the life of the contract. Designed to ensure return-on and return-of pool resource assets on an accelerated basis.

IURC approved ROE and capital structure

Retained capital structure flexibility while providing stable, predictable, contracted cash flow without commodity exposure2

Earnings decline in line with depreciated assets in rate base

Cash flow profile of projects designed to limit residual value risk at the end of contract life

Cost recovery over life of the asset >30 years

Safeguards existing customers from the financial burden of new generation investments

Asset costs in rate base are socialized to existing customer base

Mechanism to flow savings back to retail customers for use of existing system through negotiated charges commencing in 2026

Creates optionality for existing system customers for low-cost energy in the post-contract period

*This chart illustrates a high-level overview of each of the GenCo and traditional rate-regulated models. This table does not identify all differences between the GenCo model and traditional rate-regulated models, or all the potential economic effects thereof. GenCo's operations will involve the development of significant generation resources and related capital expenditures, which will not be recovered under the IURC's traditional rate-making process, and are subject to significant risks and uncertainties, some of which are described under "Legal Disclaimer - Forward-Looking Statements." For a more detailed discussion of GenCo's operations and certain considerations and risks relating thereto, refer to Part I, Item 1A and Part II, Item 7 of the Company's Annual Report on Form 10-K for the period ended December 31, 2025 and Part I, Item 2 and Part II, Item 1A of the Company's Quarterly Report on Form 10-Q for the period ended March 31, 2026.

1) Base case assumes actual capital expenditures in line with expectations and on-time execution and 2) As modeled under the base case over the life of the contract, which assumes actual capital expenditures

delivery of generation assets and capacity among other assumptions. See "Legal Disclaimers--Forward- in line with expectations and on-time execution and delivery of generation assets and capacity among other Looking Statements" for a discussion of factors that could cause actual results to differ from base case assumptions. See "Legal Disclaimers--Forward-Looking Statements" for a discussion of factors that could

assumptions.

cause actual results to differ from base case assumptions

NIPSCO AND GENCO STRUCTURE*

NiSource Inc.

80.1% 80.1%

Blackstone

New data center customers will enter into a contract with NIPSCO to provide long-term electric service

Blackstone

- GenCo selects generation assets

19.9%

NIPSCO

Holdings

IURC Regulated

Vertically Integrated Electric and Gas Utility

MISO Participant

Fully Serves Existing Retail Customers

NIPSCO

Power Purchase Agreement ("PPA")

Generation Holdings

19.9%

- NIPSCO will bill the customer consistent with the terms and conditions of the contract1

The electric demands for the new customer(s) will be met via generation that will be owned or contracted by GenCo, a regulated affiliate of NIPSCO

- GenCo will be obligated under a PPA to supply capacity associated with large load contracts/customers, subject to IURC approval

All data center related assets will be excluded from NIPSCO's Revenue Requirement to existing customers

IURC Regulated

Owner of Generation Facilities and Regulated Assets to Serve Large Load Customers (excluded from NIPSCO Rate Base)

GenCo

Existing Retail Customers

Special Contract

Large Load Customer(s)

Power Generation Assets

GenCo generation that is not committed to NIPSCO under a PPA can be sold into the wholesale energy and capacity market

Large load customers will pay a system charge under the Special Contract which will return

$1.4 billion dollars to existing customers

*Illustrative of select entities within the NiSource Inc. organization, not reflective of legal entity names

1) Legislation enables electric utilities in Indiana to enter

into Special Contracts for select customer service 9

16.0

14.0

12.0

10.0

Investments strategically focused on reliability, sustainability, and responsiveness

to evolving market needs

Balanced portfolio positioned to deliver safe, reliable, and affordable energy while enabling sustained clean-energy growth

Strong renewable pipeline supports long-term decarbonization objectives

Data center load represents a transformational multiyear growth catalyst

Potential 5 GW of incremental data center load emerging in 2027 and beyond

Up to 9 GW3

~4 GW

5 GW

8.0

6.0

4.0

2.7 2.7

0.5

0.7

3.4 3.6

5.2 5.2 2

5.42

2.1

0.8

1.0

1.2

1.4

1.9

2021

2022

2023

2024

2025

2026

2027

GenCo Signed Contracts &

2.0

0.0

Strategic Pipeline

Hydro accounts for 10MW

Inclusive of 722 MW ICAP related to continued operations of RMS Units 17 and 18 due to 202c DOE mandate See Slide 11

Adjusted EPS1 Guidance

$0.40-$0.60

Consolidated Adjusted EPS1 CAGR (2026-2033): 9%-10% Base Plan Annual Adjusted EPS2 Growth (2026-2030): 6%-8%

$0.25-$0.35

2026

Base Plan Adjusted EPS2 Range

$2.01-$2.05

GenCo Adjusted EPS3 Range

$0.01-$0.02

NI Consolidated Adjusted EPS1 Range

$2.02-$2.07

2026 2027 2028 2029 2030 2031 2032 2033

Note: GenCo Adjusted Earnings Per Share (non-GAAP) contribution assumes 19.9% minority ownership. Based on midpoint of 2026 non-GAAP adjusted EPS guidance; GenCo EPS contribution range incorporates the recently announced data center agreements. The range contemplates multiple customers at the top end. The strategic negotiation pipeline of 3 gigawatts shown on Slide 11 creates the opportunity to exceed the top end of the range.

Adjusted Earnings Per Share (non-GAAP); For the GAAP Diluted Earnings Per Share and the reconciliation of GAAP to non-GAAP Earnings Per Share see Schedule 1 and 2 in the appendix of this presentation

Base Plan Adjusted Earnings Per Share (non-GAAP)

GenCo Adjusted Earnings Per Share (non-GAAP)

Achieving High End of Earnings Guidance Rebases Future Growth Upwards

An Established Track Record of Achieving

Top Decile Historical Adjusted EPS Growth Projected Future Guidance Rebases Upwards

Adjusted EPS2 Results

Off Actual Results

Adjusted EPS2 CAGR (2021-2025): 8.5%

9% YoY

$1.90

$ 1.89

2021-2025 Non-GAAP Adjusted EPS CAGR

Implied Adjusted EPS1 based on applying midpoint of current 6%-8% annual Base Plan growth rate to actual results combined with GenCo earnings forecast for consolidated adjusted EPS2

9% YoY

$1.75

$ 1.74

$ 1.85

8.5%

Adjusted EPS

9% YoY

$1.60

$ 1.60

$ 1.70

6.4%

7% YoY

$1.47 $ 1.48

$ 1.54

Adjusted EPS

$1.37

$ 1.36

$ 1.42

$ 1.32

2021 2022 2023 2024 2025

UTY Median3

Represents guidance as of December FY2021-2025

Adjusted Earnings Per Share (non-GAAP); For the GAAP Diluted Earnings Per Share and the reconciliation of GAAP to non-GAAP Earnings Per Share see Schedule 1 and 2 in the appendix of this presentation 12

Represents the median non-GAAP Adjusted EPS CAGR for member companies of the PHLX Utility Sector index excluding Constellation Energy Group (CEG) as of 2/6/2026 market close

SUSTAINABLE INVESTMENT OPPORTUNITIES FOR CUSTOMERS AND COMMUNITIES

5-Year Plan: $28.6B1 Capital Investment

$21.0 billion Base Plan

$7.6 billion1 GenCo

8.0

7.0

Base Plan Upside Electric Generation Growth

IT & Facilities

Electric System Modernization GenCo

Gas System Hardening

0 - 6 Month Recovery

7 - 12 Month Recovery

13+ Month Recovery

6.0

5.0

4.0

3.0

2.0

1.0

0.0

$5.2 - $5.6B* $5.3 - $5.7B*

$5.9 - $6.3B* $5.9 - $6.3B* $4.7 - $5.1B*

2026 2027 2028 2029

2030

Note: Capital investments include 100% of NIPSCO and GenCo

* Total excluding Upside capital investments

1) Inclusive of ~$0.4 billion of data center capital investment in 2025

CAPITAL INVESTMENTS

Capital Plan

$ in Billions 2026 2027 2028 2029 2030

NIPSCO

COLUMBIA

$2.1 - $2.2

$1.8 - $1.9

$1.9 - $2.0

$1.8 - $1.9

$1.7 - $1.8

$2.0 - $2.1

$2.8 - $2.9

$2.1 - $2.2

$2.0 - $2.1

$2.3 - $2.4

BASE BUSINESS

$3.9 - $4.1

$3.7 - $3.9

$4.9 - $5.1

$4.3 - $4.5

GENCO

$1.3 - $1.5

$1.6 - $1.8

$2.2 - $2.4

$1.0 - $1.2

$0.4 - $0.6

CONSOLIDATED TOTAL

$5.2 - $5.6

$5.3 - $5.7

$5.9 - $6.3

$4.7 - $5.1

Note: Capital investments include 100% of NIPSCO and GenCo

Figures exclude Upside capital investments and 14

2025 GenCo Capital investments ~$0.4 billion

Investment Themes Additive to Base and Upside Financial Plan

Incremental data center generation related to the strategic negotiations and development pipeline, electric transmission and gas system investments to support demand pipeline

Distribution, transmission, and other infrastructure to support growing communities and manufacturing revitalization across the region, including onshoring and new technology innovation

FERC regulated electric transmission projects in MISO's multi-year Long-Range Transmission Planning initiative

Gas system modernization risk-based programs replacing legacy plastic mains and services installed prior to early 1980s

Gas transmission inspection retrofits and reconfirmations to comply with PHMSA regulations

New programs to accelerate deployment of advanced metering infrastructure (AMI) for gas systems

Electric transmission and distribution reliability and performance investments focused on infrastructure replacement, continued grid modernization, system hardening and transportation electrification

Renewable natural gas infrastructure and investments to support production, transportation, storage and consumption

Information technology investments to support safe and efficient operations and enhance customer experience

2026-2030 Consolidated Plan by Operating Company

CVA 5%-10%

CKY CMD

<5% <5%

CPA 5%-10%

GenCo 23%-28%

NIPSCO E 22%-27%

COH 15%-20%

NIPSCO G 10%-15%

Note: Capital investments include 100% of NIPSCO and 100% of GenCo

Total excluding Upside capital investments

2026-2030 Consolidated Plan By Spending Category 2026-2030 Consolidated Plan by Recovery Timeframe

Growth

~8%

Electric Generation

13+ Month Recovery

~15%

0-6 Month Recovery

~56%

7-12 Month Recovery

~29%

~6%

IT and Facilities

~9%

Gas System Hardening

~38%

Electric System Modernization

~14%

GenCo

~25%

Note: Capital investments include 100% of NIPSCO and 100% of GenCo

Total excluding Upside capital investments

FUNDING SOURCES FOR $28.6B6 CONSOLIDATED CAPITAL INVESTMENT PLAN (2026-2030)

TARGETING 14%-16% FFO/DEBT5

ANNUALLY THROUGH 2030

Net New

Debt1 40%-45%

Cash From

Operations2 45%-50%

Equity3 5%-10%

Minority Interest Contribution4 3%-5%

Consolidated Plan Capital includes $400-$600 million of annual equity raised via ATM from 2026-2030

Equity sized to support current investment-grade credit ratings and maintain 14%-16% FFO/Debt5

Upside 5-year capital opportunities and incremental strategic data center negotiations may necessitate incremental debt and equity financing

Debt includes hybrid securities

Cash from operations to NiSource less common dividends, other investing and other financing cash flow

Equity excludes internal equity programs

Includes capital contributions and distributions

Funds from Operations/Debt (Non-GAAP)

Inclusive of ~$0.4 billion of data center capital investment in 2025

BUILDING A CONSTRUCTIVE REGULATORY FOUNDATION

2023

2024

2025

2026

NIPSCO

Electric

Rate Case

Approved Step 1 Rates

Step 2 Rates

Filed

Settled

Approved

Step 1 Rates

Step 2 Rates

Trackers

TDSIC 3

Approved

TDSIC 5

Approved

TDSIC 6

Approved

GCT 1

Approved

GCT 2, TDSIC 7

Approved

GCT 3

Approved

TDSIC 8

Approved

NIPSCO Gas

Rate Case

Filed

Settled

Approved Step 1 Rates

Step 2 Rates

Trackers

TDSIC 6

Approved

FMCA 1

Approved

TDSIC 7

Approved

FMCA 2

Approved

TDSIC 8

Approved

FMCA 3

Approved

FMCA 4

Approved

TDSIC 9

Approved

FMCA 5

Approved

FMCA 1

TDSIC 10 Filed Approved

Columbia Gas of Ohio

Rate Case

Trackers

CEP

Approved

IRP PHMSA

CEP

Approved

IRP PHMSA

CEP

Approved

CEP1

IRP PHMSA

Columbia Gas of Pennsylvania

Rate Cases

Filed

Settled

Approved In Rates

Filed

Approved

In Rates

Columbia Gas of Virginia

Rate Case

Filed

Settled Rates Effective

Approved

Trackers

SAVE

Approved

SAVE

Approved

SAVE

Approved

Columbia Gas of Kentucky

Rate Case

Filed

Approved

Rates Effective

Trackers

SMRP

Approved

SMRP

Approved

SMRP1

Columbia Gas of Maryland

Rate Cases

Settled

Approved In Rates

Filed

Approved In Rates

1) Pending commission approval

Select capital trackers shown; does not include expense trackers See appendix for detailed regulatory program names

Disclaimer

NiSource Inc. published this content on May 17, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 17, 2026 at 16:42 UTC.