NiSource Inc

Q3 performance & EPS guidance (good): - Consolidated adjusted EPS: $0.27 in 3Q vs $0.19 prior-year; YTD adjusted EPS: $1.49. - 2026 outlook: narrowed to the upper half of prior guidance ($2.02–$2.07). - 2027 outlook initiated: $2.22–$2.30 adjusted EPS (midpoint implies double-digit YoY growth), with $0.05–$0.09 contribution from Genco.

Extended long-term plan through 2033 (surprising + key opportunity): - NiSource extended its long-term plan to a 7-year view through 2033 with ~$40B total capital ($32B base regulated utilities + ~$8B Genco). - Targeted long-term economics: ~10–11% consolidated adjusted EPS CAGR to 2033; base business expected 6–8% annual EPS growth, while Genco adds incremental growth. - Cash efficiency upgrade: plan indicates >90% of investments recover initially within 12 months (supports cash and limits equity reliance).

Genco momentum + Microsoft deal & customer savings (major catalyst): - With the Microsoft agreement, Genco serves 3 of the largest tech companies (bringing signed agreements to expected ~$1.75B savings to existing NIPSCO electric customers, up from ~$1.4B last quarter). - At full ramp, expected benefit equals roughly ~$140/year for an average residential customer (pending regulatory approval). - Microsoft specifics (high level): 20-year term starting 2028; portfolio increased by ~1.1 GW (about ~500 MW combustion turbines + ~600 MW battery storage). Targeting IURC filing by year-end with an order in 1H 2027 under an expedited review framework. - Genco capacity ramp: already ~5 GW capacity under signed projects; company also targets up to ~4 GW additional load in the pipeline; Genco EPS expected to rise to ~$0.52–$0.68 by 2033 (and ~$0.32–$0.40 in 2030, per disclosures).