Atmos Energy (ATO) Investor presentation summary

Business overview and strategy

• Operates the largest pure-play natural gas LDC platform in the U.S., serving over 3.4 million customers across eight states with a diversified and growing jurisdictional footprint.

• Maintains ~76,000 miles of distribution and transmission mains, with 65% of the distribution rate base in Texas.

• Focuses on safety-driven, organic growth, targeting 6%-8% annual EPS and dividend growth through 2030.

• 100% of earnings are from fully regulated operations, supported by constructive regulatory mechanisms that reduce lag.

• Over 85% of a $26 billion capital plan through 2030 is allocated to safety and reliability investments.

Financial performance and outlook

• Fiscal 2026 YTD diluted EPS reached $7.33, with full-year guidance reaffirmed at $8.40–$8.50.

• Net income for the nine months ended June 30, 2026, was $1.23 billion, up from $1.02 billion in 2025.

• Capital spending YTD was $3.1 billion, with 88% directed to safety and reliability.

• Indicated annual dividend increased 14.9% to $4.00 per share, marking 42 consecutive years of dividend growth.

• Available liquidity stood at $4.6 billion, with a strong investment-grade credit profile and manageable debt maturities.

Regulatory environment and rate activity

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

• Constructive regulatory mechanisms allow >90% of annual capex to earn returns within six months.

• Recent rate filings and approvals include significant increases in Texas, Louisiana, and other jurisdictions, supporting ongoing modernization and growth.

• Allowed ROEs range from 9.4% to 11.45% across jurisdictions, with capital structures typically near 40% debt/60% equity.