NiSource Inc.

Strong Q3 results; 2026 EPS guidance narrowed upward - Q3 consolidated adjusted EPS: $0.27 vs $0.19 YoY; YTD adjusted EPS: $1.49 - Management says the quarter reflects cost discipline plus strong customer demand (natural gas & electricity), with customer counts and usage up at several utilities (NIPSCO, Columbia Gas of Ohio, Virginia, Kentucky) - 2026 guidance narrowed to the upper half of the prior range $2.02–$2.07 - Q4 outlook: expects earnings to deliver the upper half of guidance, citing drivers already in place (step 2 NIPSCO electric rates, Virginia rate case progress, tracker updates, Alphabet load ramp, and ongoing cost optimization)

Major “Genco” growth step: Microsoft deal + sharply higher savings to NIPSCO retail customers - NiSource’s Genco business now serves 3 of the largest global tech companies (Microsoft added; brings signed savings commitments to ~$1.75B expected for existing NIPSCO electric customers—up from $1.4B last quarter) - At full ramp: estimated impact of about ~$140/year for an average residential customer (bill credits expected to begin as early as Jan 2026, pending IURC approval) - Microsoft service terms: 20-year term starting 2028 - Pool expansion of ~1,100 MW (about 500 MW combustion turbines + 600 MW battery storage) - Expect to file special contract with IURC by year-end; seek an IURC order in 1H 2027 under an expedited 90–120 day framework for data center agreements - Surprising/positive: the savings ramp is being positioned as a direct affordability lever for existing retail customers, not just growth for new data center load

Long-term plan extended to 2033 with a clear earnings growth framework - Extended long-term plan totals $40B over 7 years: $32B base + ~$8B Genco - Capital efficiency claim: >90% of investments expected to convert into initial recovery within 12 months, supporting strong cash efficiency - 2027 consolidated adjusted EPS initiated at $2.22–$2.30 - Management targets 10–11% consolidated adjusted EPS CAGR through 2033 - Base business expected to deliver 6–8% annual adjusted EPS growth; Genco adds incremental growth as capacity ramps