Southwest Gas Holdings (SWX) Investor presentation summary

Investment profile and guidance

• Fully regulated natural gas operations served 2.281 million customers at Dec. 31, 2025; 2025 revenue was $1.9 billion, adjusted net income $284 million and estimated rate base $6.7 billion.

• Reaffirmed 2026–2030 adjusted EPS CAGR of 12.0%–14.0% and rate-base CAGR of 9.5%–11.5%, with a $6.3 billion five-year capital plan.

• Long-term guidance assumes $1.7 billion of Great Basin expansion capital over five years, not the updated $2.3 billion project estimate; core utility rate-base growth is expected to be ~7%.

2Q 2026 performance

• Adjusted net income was $31.0 million, down $2.6 million YoY; trailing 12-month net customer growth was ~1% as of June 30, 2026.

• YTD O&M expense through June 30 declined 0.6% YoY; target is nearly flat O&M per customer over the forecast period, excluding non-service pension costs.

• Quarter-end consolidated cash and cash equivalents were nearly $270.5 million, with nearly $1.0 billion of available liquidity.

Capital plan and Great Basin expansion

• The 2026–2030 capital plan totals $6.3 billion, with 73% expected at the utility and 27% at Great Basin; 2026 capital spending is guided at $1.25 billion.

• Great Basin expansion has 1.0 Bcf/day of contracted capacity, estimated capital investment of ~$2.3 billion and anticipated annual incremental margin of ~$270–$300 million after entering service.

• Designed capacity is 2.0 Bcf/day; target in-service timing is 4Q 2028, with ~90% of the proposed route within existing right-of-way.