ONE Gas (OGS) investor relations material

Executive summary

• Net income for Q2 2025 was $32 million ($0.53 per diluted share), up from $27.2 million ($0.48) year-over-year, driven by new rates and customer growth.

• Six-month net income reached $151.5 million ($2.51 per share), up from $126.6 million ($2.23) year-over-year.

• 2025 EPS guidance increased to $4.32–$4.42; net income guidance raised to $261–$267 million.

• Total Q2 2025 revenues were $423.7 million, a 20% increase year-over-year; six-month revenues rose 22% to $1.36 billion.

• Quarterly dividend declared at $0.67 per share, unchanged from the previous quarter.

Financial highlights

• Q2 2025 net income was $32 million ($0.53 per share), up from $27.2 million ($0.48) year-over-year.

• Q2 2025 revenues were $423.7 million, up from $354.2 million; six-month revenues were $1.36 billion.

• Operating and maintenance expenses rose 7.5–10% year-over-year, mainly due to higher labor costs.

• Capital expenditures and asset removal costs for the first half of 2025 totaled $367.8 million; full-year guidance is $750 million.

• Interest expense (excluding KGSS-one) declined by $1.3 million year-over-year.

Outlook and guidance

• 2025 net income expected between $261 million and $267 million; diluted EPS between $4.32 and $4.42.

• Capital expenditures for 2025 projected at approximately $750 million.

• Guidance reflects the positive impact of Texas House Bill 4384, expanding recovery of system investments.

• Anticipates continued customer growth and infrastructure investment, supported by regulatory mechanisms.

• Texas regulatory changes allow deferral and later recovery of certain costs for property, plant, and equipment.