NiSource Inc - Units

Strong start + earnings guidance reaffirmed: NiSource reported Q1 2026 consolidated adjusted EPS of $1.06 (up $0.08 / +8% YoY), reaching ~52% of midpoint full-year guidance. Reaffirmed full-year adjusted EPS guidance: $2.02–$2.07. Management also increased 2023–2033 adjusted EPS CAGR by +100 bps to 9%–10%, targeting high end through 2030.

Data center strategy is the key growth driver (Genco / pooled resources): Partnerships under Genco are projected to deliver ~$1.4B total customer savings over 15 years (~$124/year for residential customers), while accelerating “speed to power” for hyperscalers. Announced incremental updates include additional ~400 MW of capacity for Amazon and a new Alphabet launch using 340 MW of pooled resources—both expected to ramp toward full ramp by ~2030 (Alphabet begins service this summer, full ramp by 2030).

Pipeline confidence, but guidance excludes negotiation-stage deals: Management firmed pipeline expectations of ~1–3 GW strategic negotiations up to ~3 GW; additionally cited ~4 GW of signed capacity and a ~3 GW negotiation bucket. However, increased earnings guidance reflects only signed customer contracts—explicitly stated that strategic negotiations are not included in the 9%–10% growth outlook.