NiSource Inc. Q4 FY2025 earnings call

• Successfully executed an agreement with Amazon, anticipating $1 billion to flow back to NIPSCO customers, equating to an estimated $7 to $9 per customer per month upon full ramp. - Achieved full-year adjusted EPS of $1.90 per share and FFO to debt of 16.1%, both surpassing guidance. - Key priorities include delivering value for customers via regulatory and rate design tools, modernizing infrastructure, supporting economic growth, and advancing innovative solutions like the Genco model. - Secured regulatory outcomes in Q4, including approval of Pennsylvania rate case, progress in Ohio utility legislation, and active engagement in Indiana on generation transition and economic development. - Accelerated safety initiatives like installing smart meters and surveying pipelines, and leveraged AI analytics for operational performance. - Data center pipeline remains robust with active engagement in data center projects across service territories.

NiSource's regulated utility operations across six highly constructed jurisdictions drive its value proposition. For the full year 2025, adjusted EPS was $1.90 per share, surpassing guidance, and FFO to debt was 16.1%, also exceeding the guidance range. The regulated utility segment contributes through diversified asset types and regulatory environments, with key performance metrics like adjusted earnings and FFO to debt demonstrating strong financial performance.

• Reaffirmed 2026 consolidated adjusted EPS guidance of $2.02 to $2.07 per share, with Genco expected to contribute 1 to 2¢ per share starting in 2026. - Capital plan includes $21 billion of base utility investment over 5 years for grid modernization, gas infrastructure replacement, safety, and reliability. - Amazon project at Genco represents $6 to $7 billion of capital investment through 2032, with majority within the 5-year planning window. - Aim to maintain FFO to debt between 14% and 16%, with 2025 achieving 16.1%, exceeding the target range.

• Forward-looking statements subject to risks and uncertainties causing actual results to differ from projections. - Weather effects impacted FFO to debt in 2025, with some expected to be passed back to customers in 2026. - Regulatory uncertainties, including potential changes in EPA reliability regulations, MISO accreditation changes, and state-level customer initiatives. - Supply chain issues that could impact capital execution and project timelines.

Q: What should investors expect regarding Genco reporting and financial disclosure?

A: Shawn Anderson states they anticipate breaking out Genco as its own segment in 2026 fiscal results, starting to build out disclosure in models, and will provide updated information on how Genco's financials will be presented.