Atmos Energy (ATO) investor relations material

Executive summary

• Year-to-date net income reached $1.0–$1.024 billion, or $6.40 per diluted share, with strong operational and financial performance.

• Customer base expanded by nearly 58,000 new residential and over 2,500 new commercial customers, with strong industrial demand.

• Capital spending YTD totaled $2.6 billion, with 86% allocated to safety and reliability improvements.

• Dividend increased 8.1% to $3.48 per share, marking 41 consecutive years of growth.

• Regulatory strategy executed with over $321.8 million in annualized outcomes implemented and additional filings in progress.

Financial highlights

• Diluted EPS year-to-date is $6.40, up from $6.00 in the prior year period.

• Q3 net income was $186 million, up from $166 million year-over-year; nine-month net income was $1,024 million, up from $909 million.

• Operating income increased by $322 million from regulatory outcomes, with additional $22 million from customer growth and $12.5 million from pipeline/storage segment.

• Cash flow from operating activities for the nine months was $1,701.3 million, up $298.3 million year-over-year.

• Capital expenditures for the nine months were $2,597.8 million, up from $2,129.1 million year-over-year.

Outlook and guidance

• FY25 EPS guidance raised to $7.35–$7.45, reflecting Texas legislation, improved collections, and regulatory outcomes.

• Fiscal 2025 net income guidance: $1,185–$1,205 million; capital spending expected to be ~$3.7 billion.

• Anticipates 6–8% annual EPS growth for FY26 and beyond, with a full update to the five-year plan expected in November.

• O&M expense (excl. bad debt) projected at $860–$880 million; D&A at $740–$750 million.

• No material impact expected from recent U.S. tax legislation changes.