Southwest Gas : Investor Outreach Spring / Summer 2026 Presentation

Published: 2026-05-14 18:41:09 ET SWX

Published on 05/14/2026 at 06:41 pm EDT

Spring / Summer 2026

May 14, 2026

SWX at a Glance ……………………………………………………………………………………..

pg. 04

Why SWX? Compelling Investment Thesis ……………………………………………………..…

pg. 05

Advancing SWX's 2026 Strategic Priorities ……..………………………………………………...

pg. 06

Delivering Strong Results ……………………………………………………………………………

pg. 07

Track Record of Prudent Capital Expenditures …………………………………………..............

pg. 08

Commitment to Strong Investor Returns ……………………………………………....................

pg. 09

2026 and Forward-Looking Financial Guidance ………..…….……………...............................

pg. 10

Financial Guidance Drivers and Assumptions ………………………………..............................

pg. 11

Growth and Economic Expansion …………………………………………………………………..

pg. 12

AZ and NV Economic Snapshot …………………………………………………………………….

pg. 13

Economic Impact of Semiconductor Manufacturing & Data Centers …………………………...

pg. 14

Great Basin 2028 Expansion Project Overview .……………………………………………………

pg. 15

5-Year SWG Capital Plan ……………………………………………….......................................

pg. 16

Regional Housing Development …………………………………………………………………….

pg. 17

Large Volume Customer Updates …………………………………………………………………..

pg. 18

Nevada Triennial Resource Plan ….………………………………………………………………..

pg. 19

Opportunities for Alternative Ratemaking in NV and AZ …………………………………………

pg. 20

2026 Arizona Rate Case ………...…………………………………………………………………..

pg. 21

2026 Nevada Rate Case ………………..…………………………………...................................

pg. 22

Regulatory Update - California ……………………………………………...................................

pg. 23

Regulatory Update - GBGTC ……………………………………………………………………….

pg. 24

2026 Financing Plan …..…………………………………………………………………….............

pg. 25

Summary of Gas Cost Balances and Recovery Mechanisms .…………………………............

pg. 26

Balance Sheet Strength ………………………………………………………………….................

pg. 27

Utility Optimization Progress ………………………………………………………………………... pg. 28 Cost Management (O&M) ………………………………………………………………….............. pg. 29 Common Stock Dividend Information …………………………………….................................... pg. 30 Positioned to Deliver Significant Stockholder Value ……………………………………………... pg. 31 Southwest Gas Holdings and Corporation History …...………………………………………….. pg. 32 Stable Customer Base ………………………………………………………………………………. pg. 34 Regulatory Framework ………………………………………………………………………………. pg. 35 Regulatory Jurisdictions …………………………………………………………………………….. pg. 36 Regulatory Commissioners …………………………………………………………………………. pg. 37 Most Recent GRC Outcome - AZ ………………………………………………………………….. pg. 38 Most Recent GRC Outcome - NV ………………………………………………………..……….. pg. 39 Select Recent Regulatory Activity ………………………………………………………………….. pg. 40 Affordability …………………………………………………………………………………………… pg. 41 Natural Gas Affordability Advantage ………...…………………………………………………….. pg. 42 Operating Cash Flows & Liquidity ………………………………………………………………….. pg. 43 Strong Credit Profile …………………………………………………..……………………………... 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 Non-GAAP Measures ……………………………………………………………………………….. pg. 54

Southwest Gas Corporation Financial Snapshot1:

2025 Revenue: $1.9 billion

2025 Adj. Net income: $284 million2 2025 Estimated Rate Base: $6.7 billion3

2,281,000

Total Customers Served1

California:

208,000 customers -9%

Nevada:

849,000 customers -37%

Arizona:

1,224,000 customers - 54%

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 affordable service while pursuing innovative sustainable energy solutions to fuel the growth in its communities.

A Premier, Fully Regulated Natural Gas Business

SWX

» Fully focused on executing the business plan of Southwest Gas

» Exceptional balance sheet flexibility and investment grade credit ratings

SWG

» Providing safe, reliable, and affordable natural gas service

» Positive regulatory developments and strong organic rate base growth

» ~1.0% net customer growth rate over the last twelve months1

» Optimizing the utility to deliver value

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

» Strong market demand from Northern Nevada positions Great Basin's expansion to drive substantial

growth and enhance long-term returns

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

Notes:

As of December 31, 2025

Adjusted SWG net income for the twelve months ended December 31, 2025, adjusts 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

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 12/31/2025. 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

A premier, fully regulated natural gas business

Safe, reliable, and affordable fully regulated natural gas service with $6.7 billion in rate base1; fully decoupled rates in all jurisdictions

Strong and predictable earnings growth, improving ROEs, and stable cash flows ‒ SWX EPS CAGR 12.0%-14.0% and rate base CAGR 9.5%-11.5% (2026 - 2030; base year of 2025)2

Attractive Rate Base Growth4

($ in billions)

9.5% - 11.5%

5-year Rate Base CAGR

Constructive regulatory compact supporting predictable, long-term organic rate base growth and timely recovery of prudent investments with favorable demand dynamics in diversified geographic footprint

Exceptional balance sheet and financial flexibility with optionality to execute strategic opportunities with no equity issuances anticipated in 2026

$6.7

$7.3 5

2026-2030 capital plan focused on long-term safety and reliability of pipeline system funded utilizing bond issuances, minimal SWX ATM3 equity issuances and SWX leverage capacity.

Targeting 50/50 capital structure at SWG

Great Basin 2028 Expansion Project is expected to enhance SWX's earnings profile -anticipated capital investment opportunity of $1.7 billion and $215 - $245 million of anticipated incremental margin

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

2025A 2026E 2027E 2028E 2029E 2030E

Notes: See "Non-GAAP Measures" for more information and for full reconciliations of our non-GAAP financial measures.

1. Rate base eligible assets estimated as of December 31, 2025 2. Affirmed as of May 5, 2026 3. At-the-market ("ATM")

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 recent rate cases and that is reflected in current rates 5

2026E rate base assumes CapEx at 2026 guidance (~$1.25 billion). Rate base eligible assets estimated as of the end of each period presented

2026 Utility and Regulatory Strategy

AZ Rate Case Filing (requesting formula rates)

AZ SIM Filing (:50 million capital tracker)

NV Rate Case Filing

1Q 2026

CA Rate Case Approval (Decision approving proposed settlement issued May 14, 202c; final decision on cost of capital remains pending) 2Q 2026

NV Triennial Resource Plan Approval

2Q 2026

NV Rate Case Approval 4Q 2026

2028 Great Basin Expansion Opportunity

Receive FERC1 Pre-File Approval

Completed Supplemental Open-Season for Designed Capacity of 1.0 Bcf2

1Q 2026

2Q 2026

Execute Binding Precedent Agreements with Remaining Shippers 2Q 2026

File FERC CPCN3 4Q 2026

Environmental Impact Statement 1Q - 4Q 2026

2026 Financing Plan

Extension of Existing Shelf Registration ($340 million of capacity) 4Q 2026

SWG Bond Issuance (as needed to support liquidity and capital allocation priorities) 2H 2026 No Anticipated Equity Issuances4 1Q - 4Q 2026

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

The Company increased its quarterly common stock dividend to $0.645, representing a 4% increase over the 2025 dividend rate Finished the quarter with nearly $500 million in consolidated cash and nearly $1.2 billion in available liquidity

Corporate and administrative expenses for the first quarter of 2026 reflects $9.7 million lower interest expense related to repayment of

all debt outstanding throughout the same period in 2025 and $5.4 million higher other income driven by higher interest income.

First quarter 2026 net income of ~$137.8 million, a $5.2 million decline compared to net income in the same period of 20251 - impacted by delayed California rate case decision.

~1.0% net customer growth rate over the last 12 months

AZ regulatory strategy: filed a general rate case requesting to increase revenues by approximately $101 million with rates anticipated to become effective April 2027 - the filing also requested formula rates with an Annual Rate Adjustment Mechanism

NV regulatory strategy: filed a general rate case requesting to increase revenues by approximately $71 million with rates anticipated to become effective October 2026

CA regulatory strategy: Final decision in California general rate case is expected to allow for recognition of margin not booked in 1Q 2026

Operations and maintenance ("O&M") expense increased by 1.6% in the first quarter of 2026 compared with the same period in 2025

Great Basin completed an open season in April 2026. The open season was significantly oversubscribed with expressions of interest totaling approximately 2.5 billion cubic feet / day of volumes and requested in service dates ranging from 2028 - 2035.2

Notes:

Historically, Natural Gas Distribution segment operating results have corresponded to the operating results of Southwest Gas Corporation. However, for three months ended March 31, 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 March 31, 2026

See page 15 for additional detail

Strong Rate Base Growth Driven by Capital Spending in Support of the Growing Communities we Serve

Regional Economic Growth

($ in millions)

5 Yr. Real GDP1 CAGR in SWG's Service Territory

Strong Rate Base3 Growth

($ in billions)

5 Yr. Rate Base CAGR ~8%

has Outpaced the US Economy's Growth (2020-2025)

Estimating ~$6.3 billion capital expenditures (2026 - 2030)

$1,250

(2020-2025)

$6.4

$6.7

$5.4

$5.8

$4.5

$5.0

$7.3

$750

$859

$855

4.5%

4.9%

2.9%

AZ CA NV

Focused on Safety & Reliability and Supporting New

Customer Growth

Southwest Gas has an obligation to serve new customers and has

2023A 2024A 2025A 2026E

Industry Leading Customer Satisfaction

2020A 2021A 2022A 2023A 2024A 2025A 2026E 4

Expected Great Basin 2028 Expansion Project Capital Spending

$1.7 billion

50%

in Safety & Integrity Mgmt.5

30%

in New Business5

realized attractive returns on its investment in new business capital spending over the last 5 years

Returns on New Business Capital Expenditures in line with Returns

#1 for Residential Customer Satisfaction among Large Gas Utilities in the West 6 years in a row6

~20%

~25%

~55%

on Overall Capital Profile

2026E 2027E 2028E

Sources: Bureau of Economic Analysis, Company Filings

2020 - 2025 chained dollar series

On an accrual basis. 2023A, 2024A, and 2025A include approximately $7, $11, and $15 million, respectively, that was recoded in Deferred charges and other assets. 2026E includes approximately $30 million that would be recorded in Deferred charges and other assets.

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 recent rate cases and that is reflected in rates

2026E rate base assumes CapEx at 2026 guidance (~$1.25 billion). Rate base eligible assets estimated as of the end of each period presented

Percentages based on SWG's 5-year distribution capital program of ~$4.6 billion in spending between 2026 - 2030

For J.D. Power 2025 award information, visit jdpower.com/awards

1 2

Regulatory Strategy

» Strong execution of rate case strategy

» Collaborative regulatory relationships

supporting constructive outcomes

Strong Organic Growth

» Consistent residential and small commercial customer growth

» Continued expansion from large commercial and industrial customers

Strategic priorities align with long-term ROE enhancement

Utility Optimization

» Efficient capital investment aligned with rate case recovery

» Disciplined cost management

Strengthened Balance Sheet

» Targeting balance 50 / 50 capital structure

» Strong operating cash flows supporting funding needs

» Solid investment grade credit profile

3 4

Affirmed1 2026 and long-term guidance metrics that include assumptions for alternative rate making in AZ and NV, and the

Great Basin 2028 Expansion Project

12.0% - 14.0%

5-year Adj. EPS CAGR2

$4.17 - $4.32

$3.65

2025A

2026E

2030E

$6.3 Billion 5-Year Capital Plan

(2026E - 2030E)

$1.250

$0.855

2025A

2026E

G.5% - 11.5%

5-year Rate Base CAGR2

$7.3

$6.7

2025A

2026E

2030E

ADJ. SWX EPS GUIDE4 ($ / share)

Affirmed1 2026 and long-term SWX EPS from continuing operations guidance.

Final decision in California general rate case to make up for delayed recognition of expected margin in 2026.

SWX CAPEX GUIDE3 ($ in billions)

Long-term capital plan driven by safety, maintenance, and new business spending at the Utility; as well as the projected incremental 2028 Great Basin 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

As of May 5, 2026

2025 base year: earnings per share from continuing operations ($3.65 per share) and rate base ($6.7 billion)

2025A and 2026E include approximately $15 million and $30 million, respectively, that would be recorded in Deferred charges and other assets.

Adjusted net income from continuing operations and adjusted EPS from continuing operations for the three months ended

March 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

Net Income Drivers

2026 2027 2028 202G 2030

AZ and NV Filings

Potential AZ and NV

Tracking Periods

FERC Filing

CA Filing

AZ C NV Alternative Rate-making Adjustments

Margin

~1.4% Annual Net Customer Growth

Assuming rate case outcomes in line with historical experience

Targeting flat OCM on a per customer basis (excluding non-service pension costs)

OCM

Other Income

~$6-7 million COLI; assumes normal natural gas price fluctuations using current forward pricing curves Expected AFUDC2 rate of 7%

Expect NOL1 utilization to minimize cash tax payments (expected effective tax rate in the high teens)

Income Taxes

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 utilizing ATM 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 buffer above current SWX downgrade threshold, in conjunction with currently communicated dividend policy

Notes:

Net Operating Loss ("NOL")

Expected Allowance for Funds Used During Construction ("AFUDC") rate: ~7%

Exceptional Customer Growth Fueled by Economic Development in SWG's Service Territory

Strong Macroeconomic Tailwinds to Support Strong Growth Profile

SWG Net Customer Growth

(in thousands)

(2021 - 2025)

2,258

2,226

2,197

2,159

1.4% net customer CAGR

2,281

SWG has helped fuel regional economic development…

5-Year Real GDP CAGR 2019 - 2025

2.9%

3.3%

4.5% 4.9%

Population Growth

10.4%

5.5%

% Change 2010 - 2025

19.0% 21.5%

AZ NV CA US AZ NV CA US

… and growth is expected to continue in the areas we serve

Strong Economic Growth Across Service Areas

» From 2026 to 2031, projected population growth of 4.97% in Arizona and 4.70% in Nevada, compared to the 2.58% average growth in the US1

» ~1.0% net customer growth rate over the last twelve months ended March 2026

2021 2022 2023 2024 2025

Sources: Bureau of Economic Analysis, FRED, S&P Global Capital IQ

1. S&P Global Capital IQ

Arizona

AZ Large Customer Account Activity

EV's/Batteries

Kore Power, Lucid Motors, American Battery, Scion Power

Semiconductors & Technology NXP Semiconductors, TSMC, Intel, Amkor Technologies, Air Liquide

Industrial/Manufacturing Procter & Gamble, Nestle, Gold Bond Building Products, Kohler, EFP

Hospitals/Resorts

Banner Health, Mayo Clinic, Vai Resorts,

Desert Diamond's Far West Casino

Nevada

NV Large Customer Account Activity

Resorts/Tourism

Durango Station, Edgewood Villas, Dream LV, Center Strip, Waldorf, Mirage

Warehouse & Logistics

Apex Solo Mtn, Apex Central, El Dorado Industrial, Northern Nevada Industrial Center, Mark IV Capital

Entertainment/Sports

MSG Sphere, Formula 1, Showcase V,

Oakland A's

Mining & Industrial

Crown Holdings, Am Lithium, Rose A Farms, Komatsu, Minden Mill Distillery

Note: Use of these trademarks does not imply a relationship with Southwest Gas, and the trademarks are used only to describe location of the businesses within Arizona or Nevada. Each trademark is owned by the mark owner, and no affiliation or endorsement of Southwest Gas is implied by the trademark owners.

» Arizona and Nevada are high-potential areas for data center growth

» How might Southwest Gas stand to benefit from additional data center economic activity?

Electric infrastructure constraints driving potential interstate pipeline expansion inquiries

AI data center power demands substantially larger than traditional data centers

We believe that in Arizona and Nevada

» Regulatory framework exists to support these prospective customers

» Potential returns commensurate with authorized rate of return

» Infrastructure additions could help support additional economic and development activity

» Around 30 different data center projects are at various stages of

development

Expected Project Schedule for 4Q 2028 In-service Date

2026

2027

2028

Supplemental Open Season

FERC CPCN Application

Perform Environmental C

Cultural Field Surveys

FERC NEPA2 Environmental Review Process

CPCN Approval Expected Construction

Target In-service

Brownfield 2028 Expansion Project Highlights:

Executed binding precedent agreements in December 2025 for 2028 in-service date

Incremental capacity under contract: 0.6 bcf1/day (received surety)

Estimated incremental capital investment: ~$1.7B

Estimated incremental margin: ~$215M - $245M annually (following in-service)

Current Designed capacity: 1.0 bcf1/day

Open season concluded April 2026

Incremental capacity bids: 1.0 bcf1/day (2028 - 2029)

Incremental capacity bids: 1.5 bcf1/day (2030 - 2035)

Northwest

Pipeline

OREGON

IDAHO

NEVADA

Ruby

Pipeline

Existing GBGTC Pipeline

Reno

Lake

Tahoe

Carson

City

Existing GBGTC Compressor

Station

Proposed Expansion Route (~90% within existing right of way)

Proposed GBGTC Compressor Station

LNG Plant Interconnecting Pipelines

CALIFORNIA

Management is focused on converting incremental interest into binding precedent agreements

Anticipated Capital Shaping & Financing

Capital expenditures for the 2028 Expansion Project are expected to be deployed over time.

$1.7 billion

~20%

~25%

~55%

2026E

2027E

2028E

Accrual of AFUDC expected throughout the construction period

Targeted 50 / 50 debt to equity ratio Debt funded by SWG bond issuances

Equity funded by mix of modest equity issuances utilizing SWX

leverage capacity and ATM

Notes: First Quarter 2026 Earnings Release

Billion cubic feet ("bcf")

National Environmental Policy Act ("NEPA")

$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 Basin

2026 Capital Plan1,2

5-Year Capital Plan1,3

(in billions)

5-Year Rate Base Growth1 (in billions)

Southwest Gas GB 2028 Expansion Project Incremental Rate Base4

(in millions)

General Plant $175

New Business $275

Safety $475

2028 GB

Expansion

$1.7

General Plant

$0.9

2026 - 2030

New Business

$1.4

8.3% Historical 5-year Rate Base CAGR5

9.5% - 11.5% Expected 5-year Rate Base CAGR6

$11.2

Expansion Project

$325

$9.4

$1.8

$6.7

$7.3

Safety

$2.3

Total $1,250

2025A 2026E 2027E 2028E 2029E 2030E

Amounts broken out below are approximate and could change based on business needs and underlying project timing

Includes approximately $30 million that would be recorded in Deferred charges and other assets

Includes approximately $190 million that would be recorded in Deferred charges and other assets

Great Basin's rate case approved in 2025 included $191 million of total rate base at the entity

2020A - 2025A historical 5-year rate base CAGR 2025A - 2030E 5-year rate base CAGR

Permits by Region

Central Arizona Southern Arizona Southern Nevada

5,000

2,500

Jan '25 Feb '25 Mar '25 Apr '25 May '25 June '25 Jul '25 Aug '25 Sep '25 Oct '25 Nov '25 Dec '25

New Home Sales by Region

5,000

2,500

Jan '25 Feb '25 Mar '25 Apr '25 May '25 June '25 Jul '25 Aug '25 Sep '25 Oct '25 Nov '25 Dec '25

Existing Home Sales by Region

12,500

6,250

Jan '25 Feb '25 Mar '25 Apr '25 May '25 June '25 Jul '25 Aug '25 Sep '25 Oct '25 Nov '25 Dec '25

Nevada Cement Company

Nevada Cement

Nevada Cement Company is the only cement manufacturer in Nevada, operating an integrated cement plant and limestone quarries in Fernley, NV, and supplying bulk and packaged cement across Northern Nevada and Northern California. Currently produces over 500,000 tons of cement annually. Nevada Cement is evaluating a significant expansion of its natural gas utilization, including the conversion of select production processes currently fueled by coke to natural gas.

» The company is evaluating incremental demand scenarios, with preliminary analysis indicating a potential increase in gas demand ranging from approximately 200% to 300%.

» Southwest Gas is advancing pipeline design and engineering efforts, including detailed evaluations of routing alternatives, capacity requirements, and right-of-way constraints, to enable accommodation of the potential load growth.

» Nevada Cement is currently targeting Q3 2028 as the anticipated timeframe when the increased gas demand may be required, subject to project development milestones and regulatory considerations.

Mosaic Quarter (Tucson, AZ)

Mosaic Quarter is a multi-phase sports and entertainment development located in Tucson, Arizona. Southwest Gas is supporting Phase I by providing natural gas service to the IcePlex and an on-site Central Utility Plant, including a 5-MW combined heat and power (CHP) system designed to deliver efficient, reliable electric and thermal energy.

» The initial phase establishes baseline natural gas demand associated with the IcePlex and CHP operations. As future phases are developed, including additional athletic, hospitality, and commercial facilities, incremental natural gas demand is expected to increase.

» Mosaic Quarter is currently targeting Spring 2027 for the Phase I opening. The IcePlex will feature three ice rinks, including two community rinks and a 3,000-seat arena, along with supporting amenities such as locker rooms, party rooms, a pro shop, and team store. The facility will support hockey, figure skating, recreational ice sports, and regional travel tournaments, with the University of Arizona club hockey team as an anchor tenant.

‌Nevada Triennial Resource Plan Approved by PUCN - April 2026 Prudency pre-determinations for ~$187 million of capital investment:

To ensure increased energy demand is met, respond to economic growth, and fortify safety and system reliability

Plan Outlines:

» Anticipated demand for natural gas

» Estimated cost of supplying natural gas

» Long-term gas supply

» Sources of planned acquisitions of natural gas

» Identification of mix of supply

» Demand side management programs

Capital Investment Opportunities:

Extension facilities System integrity projects

Distribution integrity management projects Transmission integrity management projects Customer owned yard line replacement program

Potential alternative ratemaking opportunity -alternative ratemaking filed separately

‌Arizona and Nevada Rate Case Roadmap

NV SB 417

In June of 2025, Governor Lombardo signed Senate Bill 417 ("SB 417"), allowing

Filed

NV general rate case

March 2026

Rates effective -210-day statutory process

alternative ratemaking plans in Nevada

Filed

AZ general rate case

February 2026

1Q'26 2Q'26 3Q'26

4Q'26

General rate case completion expected

~13-15

months after filing

2027

Potential formula rate opportunity following approval of GRC

2028

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

* Formal rulemaking workshops to implement SB 417 began in Nevada in October 2025; comment period on updated draft proposed regulations April - May 2026 (Docket No. 25-07006)

Defined Terms:

GRC: General Rate Case

ACC: Arizona Corporation Commission

Disclaimer

Southwest Gas Holdings Inc. published this content on May 14, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 14, 2026 at 22:40 UTC.