NiSource (NI) investor relations material

Investment strategy and capital allocation

• $28 billion five-year capital plan targets electric generation, gas modernization, and infrastructure maintenance across six states, with $21 billion for base plan and ~$7 billion for GenCo investments.

• 85% of capital spend is recovered within 12 months, supporting rapid cash flow and financial flexibility.

• Capital investments are diversified by operating company and spending category, with 39% allocated to gas system hardening and 23% to GenCo.

• Funding sources for the plan include 45–50% cash from operations, 40–45% net new debt, 5–10% equity, and 3–5% minority interest contributions.

• Upside capital opportunities and strategic data center negotiations may require additional debt and equity financing.

Financial performance and shareholder returns

• Targets 8–9% consolidated adjusted EPS CAGR and 11–12% average annual total shareholder return through 2033.

• 6–8% annual base plan adjusted EPS growth expected from 2026–2030.

• Dividend payout ratio targeted at 55–65%.

• Maintains a strong balance sheet with a 14–16% FFO/Debt target through 2030.

• 9–11% consolidated rate base growth projected from 2026–2033.

Regulatory and operational highlights

• Operates in Midwest jurisdictions with pro-business climates and regulatory mechanisms aligned with investment cycles.

• Constructive regulatory foundation with multiple approved rate cases and capital trackers across electric and gas utilities.

• Proven execution track record with on-time, on-budget project delivery and high customer satisfaction.

• Multi-year rate plan filings and customer engagement initiatives drive affordability and transparency.