Financial Data and Key Metrics Changes - In 2025, the company achieved an adjusted net income of $283.9 million, an increase of 8.7% from $261.2 million in 2024, exceeding guidance by nearly $9 million [26][27] - Adjusted earnings per diluted share from continuing operations rose nearly 19% from $3.07 in 2024 to $3.65 in 2025 [25] - The adjusted return on equity for the year was 8.3%, supported by utility optimization efforts and effective cost management [6] Business Line Data and Key Metrics Changes - The utility's substantial net income growth was primarily driven by positive regulatory outcomes and strong economic activity in the service area [11] - Rate relief and continued customer growth contributed approximately $0.30 per share to EPS, while increased depreciation and amortization, along with higher interest expenses, partially offset these gains [25][27] Market Data and Key Metrics Changes - The company anticipates significant earnings per share growth of 12%-14% from 2025 to 2030, driven by improvements in the regulatory environment and the Great Basin project [8][41] - The expected revenue increase in the Arizona rate case is over $100 million, with a proposed rate base of $3.9 billion [17] Company Strategy and Development Direction - The company has transitioned to a fully regulated natural gas business following the successful disposition of Centuri, allowing for a stronger balance sheet and focus on core operations [4] - The strategic priorities for 2026 include improving returns, advancing customer-focused investments, and strengthening regulatory frameworks [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about future growth opportunities, particularly with the anticipated improvements in regulatory frameworks in Arizona and Nevada [8][41] - The company plans to maintain a disciplined strategy focused on investing in capital plans while sustaining responsible annual dividend growth [9][39] Other Important Information - The board approved a 4% increase in the annual dividend, bringing it to an annualized $2.58 per share for 2026 [39] - The company has a cash balance of nearly $600 million, expected to fund current year dividend payments and be redeployed into utility business investments [11][33] Q&A Session Summary Question: Discussion on equity timing and engagement with rating agencies - Management indicated that they do not anticipate equity needs in 2026 and plan to utilize holding company leverage capacity to minimize equity requirements [50][53] Question: Inquiry about the Great Basin project capacity and customer interest - Management confirmed strong demand for the Great Basin project, with nearly 800 MCF subscribed, and indicated potential for future open seasons to capture additional interest [56][58] Question: Clarification on earnings uplift cadence and regulatory lag reduction - Management highlighted that upcoming rate cases in Arizona and Nevada are expected to be catalysts for reducing regulatory lag and improving earnings visibility [60][62] Question: Earnings contribution from Great Basin post-in-service - Management projected that the Great Basin project would contribute an incremental margin of approximately $215 million-$245 million once in service [70] Question: Progress in Nevada workshops and ROE considerations - Management reported positive progress in Nevada workshops and indicated that recent regulatory decisions could provide a constructive framework for future rate cases [76][79]

EARNINGS CONFERENCE CALL Full Year 2025 Results F E B R U A R Y 2 5 , 2 0 2 6 Safe Harbor Statement 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 Bas ...

Core Viewpoint - Indraprastha Gas is expected to benefit from favorable factors, including increased natural gas quotas from high-pressure high-temperature gas fields for priority sectors in India, which will help maintain strong profit margins [1] Group 1: Financial Performance - The company's strong new regional business portfolio is anticipated to ensure visibility in sales growth [1] - By the end of FY2026, the earnings before interest, taxes, depreciation, and amortization (EBITDA) is projected to reach 7 Indian Rupees per million metric standard cubic meters per day, supported by reduced gas transmission rates and lower taxes on gas sourced from Gujarat [1] Group 2: Stock Performance - HDFC Securities raised the target price for the stock from 249.00 Indian Rupees to 255.00 Indian Rupees, maintaining a buy rating [1] - The stock increased by 1.9% to 169.70 Indian Rupees [1]

Analyst Call to Review Fiscal 2026 First Quarter Financial Results February 4, 2026 9:00 a.m. Eastern Fiscal Q1 2026 Review As of February 3, 2026 Page 2 Q1 Fiscal 2026 Financial Performance Fiscal 2026 Highlights • Financial Performance • Executed Our Regulatory Strategy • Strong Balance Sheet Consolidated Financial Highlights | | | | Three Months Ended December 31 | | | --- | --- | --- | --- | --- | | Segment Net Income ($millions, except EPS) | | | | | | | 2025 | | | 2024 | | Distribution | $ | 269 | $ | ...

Core Viewpoint - Atmos Energy Corporation declared a quarterly dividend of $1.00 per share, indicating an annual dividend of $4.00, marking its 169th consecutive quarterly dividend [1] Company Overview - Atmos Energy Corporation is a natural gas-only distributor and is part of the S&P 500, headquartered in Dallas [1] Dividend Details - The dividend will be paid on March 9, 2026, to shareholders of record on February 23, 2026 [1]

Core Insights - Atmos Energy Corporation reported consolidated results for its first fiscal quarter ended December 31, 2025, highlighting strong financial performance and strategic initiatives [1] Fiscal Year Highlights - Earnings per diluted share were $2.44, with a net income of $403.0 million [4] - Capital expenditures totaled $1.0 billion, with over 85% focused on safety and reliability [4] - The company affirmed its fiscal 2026 earnings per diluted share guidance in the range of $8.15 - $8.35 [4] - Fiscal 2026 capital expenditure guidance is expected to be approximately $4.2 billion [4] - The Board of Directors declared a quarterly dividend of $1.00 per common share, indicating an annual dividend of $4.00, a 14.9% increase over fiscal 2025 [4] Financial Profile - Atmos Energy maintains a strong financial profile with 59.9% equity capitalization and $4.6 billion in available liquidity [4] - The company has implemented $122.5 million in annualized regulatory outcomes [4] Company Overview - Atmos Energy is a natural gas-only distributor and an S&P 500 company headquartered in Dallas, serving approximately 3.4 million distribution customers across over 1,400 communities in eight states [7] - The company focuses on safety, innovation, environmental sustainability, and community investment while managing one of the largest intrastate natural gas pipeline systems in Texas [7]

Core Insights - Southwest Gas Holdings, Inc. has been recognized by TIME as one of America's Best Mid-Size Companies for 2025, marking the second consecutive year of this accolade, which emphasizes employee satisfaction, revenue growth, and sustainability transparency [1][2] Company Overview - Southwest Gas Holdings, Inc. operates primarily through its subsidiary, Southwest Gas Corporation, which is involved in the purchasing, distributing, and transporting of natural gas [4] - The company serves over 2 million customers across Arizona, Nevada, and California, focusing on safe and reliable service while promoting sustainable energy solutions [4] Employee Satisfaction and Corporate Culture - The recognition from TIME reflects the positive workplace culture fostered by the company, highlighting its commitment to employee satisfaction and its role as an employer of choice [2] - The dedication of employees is noted as a key factor in supporting the company's growth and sustainability efforts [2] Selection Criteria for Recognition - TIME's Best Mid-Size Companies are selected based on employee survey data from approximately 217,000 employees across U.S. companies over the past three years, alongside three years of revenue data for companies with revenues between $100 million and $10 billion [2] - Additional criteria include ESG metrics such as carbon emissions, board diversity, human rights policies, CSR reporting, and anti-corruption practices [2]

Financial Data and Key Metrics Changes - The company reported NFE of $118.2 million or $1.17 per share for the quarter, reflecting disciplined execution and solid performance across its businesses [31] - The fiscal 2026 NFEPS guidance was raised by $0.25 to a range of $3.28-$3.43 per share, marking the sixth consecutive year of raising guidance [24][33] - The company expects to invest approximately $5 billion over the next five years, representing a 40% increase compared to the previous five years [6][15] Business Line Data and Key Metrics Changes - New Jersey Natural Gas is positioned for high single-digit rate-based growth through 2030, with significant investments directed towards safety and reliability [7][8] - Storage and Transportation (S&T) is expected to more than double NFE by 2027, driven by favorable recontracting of both Adelphia and Leaf River [6][28] - Clean Energy Ventures (CEV) expects to grow in-service capacity by more than 50% over the next two years, with a strong project pipeline [10][30] Market Data and Key Metrics Changes - The utility is expected to contribute approximately 70% of fiscal 2026 NFEPS, complemented by earnings growth from CEV and S&T [15][33] - New Jersey Natural Gas achieved record send-outs during extreme cold weather, highlighting the critical nature of its services [25][23] Company Strategy and Development Direction - The company emphasizes consistency in execution and targeted capital deployment to support long-term growth [5][6] - A healthy balance sheet is maintained with no need for block equity issuance to execute on its capital plan [6][15] - The company is focused on affordability and energy efficiency programs to help customers manage costs [26][34] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by rising electric utility costs and expressed commitment to working with the new administration to address these issues [18][34] - The company remains optimistic about its growth prospects, supported by a disciplined capital investment strategy and a solid balance sheet [7][10] Other Important Information - The company marked 30 consecutive years of dividend increases, underscoring confidence in its long-term plan [12] - The company has a proactive approach to securing natural gas supplies, with over 87% hedged for the winter season [26] Q&A Session Summary Question: Can you discuss the potential for further upside in energy services due to weather events? - Management indicated that the guidance issued was based on results to date and could not incorporate future weather events [39] Question: Can you confirm contracts for the capacity expansion at Leaf River and discuss potential for further growth? - Management confirmed contracts for initial capacity expansion but noted that the fourth cavern expansion does not yet have contracts [40][41] Question: How does the evolving regulatory backdrop affect affordability efforts and future rate case filings? - Management emphasized ongoing efforts to drive affordability and stated there are no immediate needs for new regulatory processes [46] Question: What is the outlook for Clean Energy Ventures in light of recent regulations? - Management expressed optimism about permit reforms and the ability to accelerate development of safe-harbored assets [48] Question: Can you provide insights on the solar pipeline outside of New Jersey? - Management noted that about 50% of forward-looking projects are outside New Jersey and emphasized the importance of regulatory friendliness in those markets [59] Question: How does the hedging strategy benefit customers, and is it recognized by regulators? - Management confirmed that regulators are aware of the benefits of the hedging strategy, which helps mitigate costs for customers [68]

Financial Data and Key Metrics Changes - The company reported NFE of $118.2 million or $1.17 per share for the quarter, reflecting disciplined execution and solid performance across its businesses [29] - The fiscal 2026 NFEPS guidance was raised by $0.25 to a range of $3.28-$3.43 per share, marking the sixth consecutive year of raising guidance [23][31] - The company expects to invest approximately $5 billion over the next five years, representing a 40% increase compared to the previous five years of capital expenditures [6][14] Business Line Data and Key Metrics Changes - New Jersey Natural Gas is positioned for high single-digit rate-based growth through 2030, with significant investments directed towards strengthening core infrastructure and enhancing system safety [8][14] - Storage and Transportation (S&T) is expected to more than double net financial earnings by 2027, driven by favorable recontracting of both Adelphia and Leaf River [6][10] - Clean Energy Ventures (CEV) expects to grow in-service capacity by more than 50% over the next two years, supported by a strong project pipeline [11][27] Market Data and Key Metrics Changes - The company reported record send-outs during a recent cold weather event, highlighting the critical role of natural gas in the local economy [22][24] - New Jersey Natural Gas was over 87% hedged going into the winter, with an average hedged price of approximately $2.20 per decatherm, compared to much higher spot prices during the event [25] Company Strategy and Development Direction - The company aims for a disciplined capital investment strategy to deliver sustainable growth, with a focus on utility investments and energy efficiency programs [6][8] - The company is actively pursuing organic growth opportunities in its storage and transportation business, with plans to increase Leaf River's working gas capacity by over 70% [10][11] - The company is committed to working with the new administration in New Jersey to address energy affordability and deployment of clean energy solutions [18][32] Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of affordability and energy efficiency in their operations, particularly in light of recent regulatory changes and the new administration's focus [32] - The company expressed confidence in its ability to navigate the evolving regulatory landscape while continuing to grow its business [44] Other Important Information - The company achieved 30 consecutive years of dividend increases, underscoring confidence in its long-term plan [12] - The company has a solid balance sheet with strong cash flows and no need for block equity issuance to execute its capital plan [6][15] Q&A Session Summary Question: Impact of weather events on energy services performance - Management noted that the guidance issued was based on results to date and could not incorporate future weather events, but January was constructive for results [36] Question: Capacity expansion at Leaf River - Management confirmed contracts for initial capacity expansion but noted that the fourth cavern expansion does not yet have contracts, though market conditions are supportive [38][39] Question: Regulatory strategy regarding affordability - Management highlighted ongoing efforts to hedge gas prices and reduce customer bills, with no immediate need for new rate case filings [44] Question: Clean Energy Ventures outlook - Management discussed the potential for permit reform and acceleration of interconnections to enhance CEV's growth opportunities [46] Question: Commercial interest in storage expansion - Management indicated constructive interest from open seasons and the potential for future expansion, with timelines for earnings contributions expected around 2028 and 2029 [51][53] Question: Solar pipeline outside New Jersey - Management confirmed that about 50% of forward-looking projects are outside New Jersey, with ongoing efforts to pursue regulatory-friendly projects [57] Question: Hedging strategy benefits - Management stated that regulators are aware of the benefits of their hedging strategy, which has helped mitigate costs for customers [65]

February 2026 Investor Presentation Fiscal 2026 First Quarter Financial Results Forward-Looking Statements and Non-GAAP Measures Forward-Looking Statements This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. NJR cautions readers that the assumptions forming the basis for forward-looking statements include many ...