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Here are 1-2 brief analogies for NiSource (NI):

• Think of it as a Comcast or Spectrum, but for natural gas and electricity, delivering essential energy services directly to homes and businesses in its service areas.
• It's like a regional AT&T or Verizon, but focused on building and maintaining the vital pipelines and power lines that bring energy to communities.

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• Natural Gas Distribution: NiSource distributes natural gas to residential, commercial, and industrial customers across multiple states.
• Electric Generation, Transmission, and Distribution: NiSource generates, transmits, and distributes electricity to residential, commercial, and industrial customers, primarily in northern Indiana.

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NiSource (NI) - Major Customers

• Residential Customers: This category includes individual households and families that use natural gas for heating, cooking, water heating, and other domestic purposes, and electricity for lighting, appliances, and general home use.

• Commercial Customers: This segment comprises a wide range of businesses, including small and medium-sized enterprises, retail establishments, offices, restaurants, schools, hospitals, and other institutional users. These customers utilize natural gas and electricity for their operational needs, heating, cooling, and various business processes.

• Industrial Customers: This category consists of larger customers, such as manufacturing plants, industrial facilities, and large-scale commercial operations, which have significant energy demands for production processes, machinery, and facility operations. They are major consumers of both natural gas and electricity for their industrial activities.

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Lloyd Yates, President and Chief Executive Officer

Mr. Yates has served as President and CEO of NiSource since February 2022. He retired in 2019 from Duke Energy, where he most recently served as Executive Vice President, Customer and Delivery Operations, and President, Carolinas Region, since 2014. He also held the role of Executive Vice President of Regulated Utilities at Duke Energy, overseeing utility operations in six states, federal government affairs, and environmental and energy policy. Prior to that, he held various senior leadership roles at Progress Energy, Inc. from 2000 to 2012, before its merger with Duke Energy, and earlier held positions at PECO Energy.

Shawn Anderson, Executive Vice President and Chief Financial Officer

Mr. Anderson is the Executive Vice President and Chief Financial Officer of NiSource Inc., having assumed the role effective March 27, 2023. He has over 15 years of experience at NiSource, previously serving in executive leadership roles including Chief Strategy & Risk Officer and Treasurer. He also held various finance and regulatory positions at NiSource subsidiary, Columbia Gas of Ohio, including Vice President of Regulatory Affairs.

Melanie Berman, Executive Vice President of Administration and Chief Human Resources Officer

Ms. Berman is the Executive Vice President of Administration and Chief Human Resources Officer for NiSource Inc., and a member of the executive leadership team.

Melody Birmingham, Executive Vice President and Group President, Utilities

Ms. Birmingham serves as Executive Vice President and Group President, Utilities, NiSource Inc. She was previously appointed as Executive Vice President and Chief Innovation Officer, bringing 25 years of experience from Duke Energy.

William Jefferson, Executive Vice President and Chief Operating and Safety Officer

Mr. Jefferson is the Executive Vice President and Chief Operating and Safety Officer for NiSource Inc. He joined NiSource as EVP of Operations and Chief Safety Officer, aiming to enhance operational excellence.

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Here are the key risks to NiSource (NI):

1. Regulatory and Political Risks: NiSource operates in a highly regulated industry, where regulatory decisions and political pressure can significantly impact its financial performance and strategic initiatives. Regulations can cap potential returns on capital, and changes within regulatory bodies, such as the Indiana Utility Regulatory Commission (IURC), or political pressure to lower utility bills, could lead to delays or rejection of key projects like the Genco spinoff. This uncertainty can affect the recovery of capital spending and potentially slow earnings and cash flow growth. NiSource's ability to execute its business plan and growth strategy, particularly utility infrastructure investments, is directly influenced by business and regulatory conditions.
2. Substantial Indebtedness and Capital-Intensive Nature: The utility sector is inherently capital-intensive, requiring significant investment in infrastructure and new projects. NiSource carries substantial indebtedness, which could adversely affect its financial condition. The company's high debt-to-equity ratio and significant net debt are noted as financial risks. Furthermore, funding these capital expenditures may necessitate issuing new equity, which could lead to shareholder dilution if the company's stock price declines.
3. Execution of Business Plan and Growth Strategy: NiSource faces risks related to its ability to successfully execute its business plan and growth strategy, including planned utility infrastructure investments and the transition to renewable energy. This includes challenges related to the economic environment, such as potential shortages and increasing costs for construction materials and labor, which could adversely affect business operations, financial results, and cash flows. The success of its strategic shift towards renewables also depends on regulatory approvals for rate increases to fund these substantial investments.

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The accelerating transition towards decarbonization and electrification presents a clear emerging threat to NiSource. This trend is driven by increasingly stringent environmental regulations, mandates for greenhouse gas emission reductions, and the growing economic viability and consumer adoption of electric alternatives (like heat pumps) and distributed renewable energy sources (like rooftop solar and battery storage). These shifts risk reducing demand for natural gas, potentially stranding existing infrastructure assets within NiSource's substantial natural gas distribution business, and diminishing reliance on traditional grid-supplied electricity, akin to how streaming services disrupted traditional media consumption models.

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NiSource Inc. (NI) primarily operates in two main addressable markets within the United States: natural gas distribution and electric services. The company serves approximately 3.5 million natural gas customers and 500,000 electric customers across six states: Indiana, Kentucky, Maryland, Ohio, Pennsylvania, and Virginia.

For its natural gas distribution services, the U.S. market size was valued at approximately $174.7 billion in 2024 and is projected to reach $222.5 billion in 2025. Another estimate indicates the U.S. natural gas distribution market was valued at $170.0 billion in 2024, with an expected increase to $186.0 billion by 2032, growing at a CAGR of 1.0% from 2025–2032. Globally, the natural gas distribution market was valued at $908.12 billion in 2024 and is expected to grow to $967.58 billion in 2025. NiSource's natural gas utilities provide service in Indiana, Kentucky, Maryland, Ohio, Pennsylvania, and Virginia.

Regarding its electric services, which include generation, transmission, and distribution, NiSource primarily provides these to customers in northern Indiana. The U.S. electric distribution utility market was estimated at $379.1 billion in 2023, with a projected growth to over $686.7 billion by 2032, at a CAGR of 6.7% from 2024 to 2032. More specifically, the U.S. electricity transmission and distribution market was valued at $82.96 billion in 2022 and is projected to grow at a CAGR of 2.95% during the forecast period. Another source valued the U.S. electric power transmission and distribution market at $89.9 billion in 2024, expecting it to increase to $110.4 billion by 2032.

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NiSource (NI) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and investments:

1. Robust Capital Expenditure and Rate Base Growth: NiSource has a substantial capital expenditure plan, with a consolidated total of $28.0 billion planned over the next five years. This investment is projected to drive an 8%-10% rate base growth from 2026 to 2030. These expenditures are primarily aimed at modernizing and replacing existing utility infrastructure across both its natural gas and electric systems.
2. Strategic Investments in Data Center Infrastructure: A significant new driver for NiSource is its strategic capital investment, approximately $7.0 billion, related to data centers. This includes developing new infrastructure, such as combined cycle gas plants and battery storage, to meet the escalating power demands of hyperscale and enterprise data centers, particularly in NIPSCO's Indiana service territory. These investments are underpinned by long-term, fixed-rate contracts with investment-grade customers.
3. Renewable Energy Transition and Grid Modernization: NiSource is actively investing in the transition to cleaner energy and modernizing its electric grid. The company plans to retire all its coal-fired generating units by 2028 and aims to achieve net-zero greenhouse gas emissions for Scope 1 and 2 by 2040. This transition involves substantial investments in renewable energy sources, such as solar, and advanced metering infrastructure, all of which contribute to the company's rate base and subsequent revenue growth.
4. Favorable Regulatory Recovery and Mechanisms: The company's revenue growth is significantly supported by constructive regulatory relationships and mechanisms that enable the recovery of its capital investments. NiSource has a track record of securing regulatory approvals for revenue recovery, which helps minimize lag and enhance cash flow, ensuring that its substantial infrastructure investments translate into increased rates and, consequently, higher revenue.

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Share Repurchases

• NiSource reported quarterly stock buybacks of -3.60 million for the period ending June 30, 2025.

Share Issuance

• On October 31, 2025, NiSource established a new "at-the-market" (ATM) equity offering program allowing for the sale of up to $1.5 billion in common stock through December 31, 2028. This program replaced a prior $900 million ATM offering.
• Approximately $47.5 million of common stock remained unsold under the previous $900 million ATM offering.
• On December 1, 2023, NiSource issued 33,898,837 shares of its common stock under the purchase contract component of Corporate Units.

Outbound Investments

• In February 2020, NiSource entered into a definitive agreement to sell its Columbia Gas of Massachusetts business to Eversource Energy for $1.1 billion in cash.
• The sale of Columbia Gas of Massachusetts was expected to eliminate a previously planned 2020 block equity issuance.

Capital Expenditures

• NiSource announced a consolidated capital expenditure plan of $28.0 billion through 2030, representing an increase of approximately $8.6 billion over the prior five-year plan.
• About $7.0 billion of the current capital plan is earmarked for strategic data center investments.
• The base capital plan, totaling $21.0 billion from 2026 to 2030, primarily focuses on regulated utility operations, with investments in gas system hardening, electric system modernization, and electric generation.