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]

Fiscal Year Highlights The matters discussed in this news release may contain "forward-looking statements†within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical fact included in this news release are forward-looking statements made in good faith by the company and are intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. Whe ...

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 ...

Group 1 - Atmos Energy Corporation (NYSE:ATO) is recognized as one of the Dividend Growth Stocks: 25 Aristocrats [1] - BofA has lowered its price recommendation for Atmos Energy to $177 from $185, maintaining a Neutral rating, while Barclays has increased its price target to $167 from $165, keeping an Equal Weight rating [2] - The utility business model of Atmos Energy provides a high level of visibility and consistency in annual earnings due to regulatory barriers that limit new competition [3] Group 2 - Atmos Energy benefits from a steady operating model and a strong balance sheet, which supports a lower cost of capital for funding growth investments and selective acquisitions [4] - The company has demonstrated resilience during economic downturns, continuing to grow its earnings per share during the 2008 and 2009 financial crisis [4] - Atmos Energy operates as a natural gas-only distributor, serving over 3.3 million customers across more than 1,400 communities in eight states, primarily in the southern US [5]

Core Viewpoint - New Jersey Resources Corporation (NJR) reported strong financial performance in the first quarter of fiscal 2026, raising its net financial earnings per share (NFEPS) guidance due to favorable conditions in its Energy Services segment [4][5]. Financial Highlights - Fiscal 2026 first-quarter consolidated net income was $122.5 million, or $1.22 per share, compared to $131.3 million, or $1.32 per share, in the same period of fiscal 2025 [7][8]. - Fiscal 2026 first-quarter consolidated net financial earnings (NFE) were $118.2 million, or $1.17 per share, down from $128.9 million, or $1.29 per share, in the first quarter of fiscal 2025 [7][8]. - The decrease in NFE was primarily due to a prior-year gain on the sale of Clean Energy Ventures' residential solar portfolio assets, partially offset by higher NFE from New Jersey Natural Gas, Storage and Transportation, and Energy Services [7][8]. Fiscal 2026 Outlook - NJR raised its fiscal 2026 NFEPS guidance range by $0.25 to $3.28 to $3.43, marking the sixth consecutive year of guidance increases [4][5]. - The expected contributions to NFE from business segments for fiscal 2026 are as follows: New Jersey Natural Gas (62-67%), Clean Energy Ventures (9-14%), Storage and Transportation (7-12%), Energy Services (12-17%), and Home Services and Other (1-2%) [5]. Business Segment Performance - New Jersey Natural Gas reported NFE of $83.8 million, up from $66.9 million in the same period last year, driven by a base rate case settlement [10]. - Clean Energy Ventures reported NFE of $9.6 million, down from $48.1 million, primarily due to a one-time gain recognized in the prior year [13]. - Storage and Transportation reported NFE of $7.4 million, an increase from $5.7 million, attributed to higher operating income from the Adelphia Gateway [14]. - Energy Services reported NFE of $16.3 million, up from $7.8 million, due to increased natural gas price volatility [15]. - Home Services and Other Operations reported NFE of $0.5 million, slightly down from $0.6 million [16]. Capital Expenditures and Cash Flows - Capital expenditures for the first quarter were $163.6 million, compared to $149.6 million in the same period last year, mainly due to higher spending at NJNG and CEV [21]. - NJR expects to deploy between $4.8 billion and $5.2 billion in capital expenditures through 2030, with over 60% allocated to utility spending at NJNG [21]. - Cash flows from operations increased to $26.7 million, compared to cash flows used in operations of $9.0 million in the same period last year, primarily due to increased base rates at NJNG [21].

Core Viewpoint - Spire is focusing on strategic growth through the acquisition of Duke Energy's Piedmont Natural Gas Tennessee business, which is expected to enhance its utility footprint and diversify its portfolio, with the transaction anticipated to close in early 2026 [1][7]. Financial Performance - For fiscal 2025, Spire reported adjusted earnings of $4.45 per share and approved a 5.1% increase in the annual dividend, raising it to $3.30 per share, marking the 23rd consecutive year of dividend hikes [4][6][14]. - The company invested $922 million in fiscal 2025, with nearly 90% allocated to utilities, and achieved a regulatory revenue increase of $210 million due to a rate case in Missouri [5][13]. Leadership Changes - Scott Doyle was appointed as president and CEO on April 24, 2025, and Steve Greenley joined as COO on October 13, 2025, indicating a significant leadership transition [3][4]. Regulatory Developments - The Missouri Legislature passed Senate Bill 4 in April 2025, modernizing regulatory rate-setting mechanisms, while the Missouri Public Service Commission approved a stipulation agreement resulting in a $210 million revenue increase [10][11]. - In Alabama, Spire concluded its annual budget process and worked with stakeholders through the Rate Stabilization and Equalization process, with new rates effective in early December [12]. Future Outlook - Management's priorities for fiscal 2026 include ensuring safe and reliable service, executing the capital plan efficiently, maintaining customer affordability, achieving constructive regulatory outcomes, and successfully integrating the Tennessee acquisition [15].