Atmos Energy (ATO) investor relations material

Business overview and strategy

• Operates a leading natural gas delivery platform across eight states, serving over 3.4 million customers with a diversified and growing jurisdictional footprint.

• Focuses on safety-driven, organic growth with a strategy supporting 6%-8% annual EPS and dividend growth through 2030.

• Over $26 billion capital plan through 2030, with more than 85% allocated to safety and reliability investments.

• 96% of rate base is in states with supportive policy for natural gas infrastructure investment.

• Constructive regulatory mechanisms enable efficient recovery of capital and reduce regulatory lag.

Financial performance and outlook

• Fiscal 2026 YTD diluted EPS reached $5.92, with full-year guidance raised to $8.40–$8.50.

• Net income for the first six months of 2026 was $985 million, up from $837 million in 2025.

• Capital spending for fiscal 2026 is projected at ~$4.2 billion, with 89% focused on safety and reliability.

• Maintains strong liquidity with $4.1 billion available and a 61% equity capitalization as of March 2026.

• 42 consecutive years of dividend increases, with a 14.9% rise in 2026 to $4.00 per share.

Regulatory and operational highlights

• Annual rate mechanisms and infrastructure riders in most jurisdictions ensure timely cost recovery and revenue stability.

• Major regulatory approvals in 2026 include $396.1 million in implemented rate increases and $325 million in progress.

• Allowed ROEs range from 9.25% to 11.45% across divisions, with most capital earning returns within six months.

• Pipeline and storage segment operates ~5,700 miles of pipeline, with 53 Bcf of storage and a $5.4 billion rate base.

• Ongoing modernization includes replacing 5,500–6,000 miles of distribution pipe and 400–550 miles of transmission pipe by 2030.