ONE Gas (OGS) Guidance summary

Opening remarks and agenda

• Conference call introduced with executive team present and forward-looking statements disclaimer provided.

• Emphasis on leveraging opportunities for customer growth and system investment while maintaining safety and affordability commitments.

• Focus on meeting evolving customer needs and advancing investments for sustainable growth.

Guidance on key objectives

• 2026 net income projected at $294–$302 million, with EPS of $4.65–$4.77 per diluted share and ~63.4 million shares outstanding; midpoints are $298 million and $4.71.

• Five-year net income CAGR forecasted at 7%–9% and EPS CAGR at 5%–7% from 2025–2030, with historical delivery of 6%–7%.

• Capital investments for 2026 estimated at $800 million, with $230 million for customer growth/extensions and an average rate base of $6.3 billion.

• Dividend growth rate expected at 1%–2% CAGR through 2030, with payout ratio to moderate below 50% by plan end, subject to board approval.

• Cash flow from operations before working capital changes estimated at $650–$700 million, funding most dividends and investments.

Market trends and strategic opportunities

• Economic development and strong in-migration in service areas, especially Texas and Oklahoma, are driving robust residential and large-load demand.

• Housing demand remains above pre-pandemic levels, with positive momentum in developer activity and permitting.

• Expansion opportunities supported by energy choice legislation and increased demand for natural gas in all jurisdictions.

• Engaging with manufacturers, electric generation providers, and data center developers for new growth, including gas-fired power generation.

• Capital expenditures support estimated average rate base growth of 7%–9% per year through 2030.