Atmos Energy Corp.

Earnings & guidance reaffirmed (investor “headline”) - Atmos reported FY26 YTD net income of ~$1.2B ($7.33 diluted EPS) through the first 9 months, +14.5% YoY. - Reaffirmed FY26 EPS guidance: $8.40–$8.50 (no change), despite being only a quarter short of the year—management indicated they are still confident in landing within the range rather than raising guidance.

Operating performance drivers: rates, customer growth, and O&M trend - Rate increases across operating sections total ~$227M (YTD). - Customer growth supported earnings: added ~51,000 new customers YTD, including ~39,000 in Texas; in Q3 alone added 600 commercial customers and 2,500 commercial customers YTD; also added 5 industrial customers in Q3 and 12 YTD. - O&M decreased ~$14M YTD (but outlook still modestly higher later): management attributed O&M movement to compliance/safe-related spending in distribution, maintenance at APT, and House Bill 4384-related deferrals affecting comparability. - FY26 O&M outlook (excluding net debt expense) updated to $875M–$885M (slightly higher directionally vs earlier comments).

APT (Texas pipeline/storage) is the key swing factor; spreads have narrowed - APT results were in line with expectations in Q3, but a major development is spreads compressing: management said spreads significantly narrowed starting in the latter half of Q3 as additional takeaway capacity came online earlier than expected (notably late June and late July). - This implies less upside remaining in 4Q: for the previously discussed “2H EPS uptick” of ~$0.08–$0.12, they suggested they now expect to be toward the lower end (i.e., closer to ~$0.08). - Opportunity/risk framing: management is “back to basics” budgeting the Rider REV/through-system benchmark and will watch summer cooling load + early winter demand—i.e., APT returns are sensitive to gas price differentials and system utilization.