ONE Gas (OGS) Guidance summary

Opening remarks and agenda

• Introduced the 2025 financial guidance call, noting webcast and replay availability, and outlined the agenda including Q&A after prepared remarks.

• 2025 financial guidance issued in December 2024, focusing on long-term value and serving a growing customer base.

• Focus on creating long-term value, supporting customer demand, and enhancing system safety and reliability for 2025.

• Emphasized forward-looking statements and referenced SEC filings for risk factors.

• Strategic plan emphasizes growth opportunities and investments in system reinforcements.

Guidance on key objectives

• 2025 net income projected at $254M–$261M; EPS guidance of $4.20–$4.32 per diluted share, assuming 60.5M shares outstanding.

• Midpoints for 2025: net income $257M, EPS $4.26.

• Capital investments for 2025 set at $750M, with $180M allocated to customer growth/extensions, mainly in Texas and Oklahoma; average rate base expected at $5.8B.

• Long-term EPS CAGR of 4%–6% and net income CAGR of 7%–9% through 2029, targeting the high end.

• Dividend growth rate expected at 1%–2% annually through 2029, with a payout ratio of 55%–65%.

Market trends and strategic opportunities

• Ongoing customer growth, especially in Texas and Oklahoma, driven by economic development, new housing, and manufacturing projects.

• Developer permitting activity rebounding as economic conditions ease.

• Service territory includes cities ranked highly for job markets and desirability, supporting long-term customer growth.

• Five-year capital investments expected at $750M–$850M annually, totaling ~$4.0B through 2029, with ~$1.0B for growth.

• Balanced growth across Oklahoma City, Austin, El Paso, and other key markets, supported by energy choice legislation.