EX-99.1 2 d401246dex991.htm EX-99.1

Exhibit 99.1

NiSource – A Premium Utility Company November 7, 2022

FORWARD-LOOKING STATEMENTS This presentation contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Investors and prospective investors should understand that many factors govern whether any forward-looking statement contained herein will be or can be realized. Any one of those factors could cause actual results to differ materially from those projected. These forward-looking statements include, but are not limited to, statements concerning our plans, strategies, objectives, expected performance, expenditures, recovery of expenditures through rates, stated on either a consolidated or segment basis, and any and all underlying assumptions and other statements that are other than statements of historical fact. Expressions of future goals and expectations and similar expressions, including “may,” “will,” “should,” “could,” “would,” “aims,” “seeks,” “expects,” “plans,” “anticipates,” “intends,” “believes,” “estimates,” “predicts,” “potential,” “targets,” “forecast,” and “continue,” reflecting something other than historical fact are intended to identify forward-looking statements. All forward-looking statements are based on assumptions that management believes to be reasonable; however, there can be no assurance that actual results will not differ materially. Factors that could cause actual results to differ materially from the projections, forecasts, estimates and expectations discussed in this presentation include, among other things, our ability to execute our business plan or growth strategy, including utility infrastructure investments; potential incidents and other operating risks associated with our business; our ability to adapt to, and manage costs related to, advances in technology; impacts related to our aging infrastructure; our ability to obtain sufficient insurance coverage and whether such coverage will protect us against significant losses; the success of our electric generation strategy; construction risks and natural gas costs and supply risks; fluctuations in demand from residential and commercial customers; fluctuations in the price of energy commodities and related transportation costs or an inability to obtain an adequate, reliable and cost-effective fuel supply to meet customer demands; the attraction and retention of a qualified, diverse workforce and ability to maintain good labor relations; our ability to manage new initiatives and organizational changes; the actions of activist stockholders; the performance of third-party suppliers and service providers; potential cybersecurity attacks; increased requirements and costs related to cybersecurity; any damage to our reputation; any remaining liabilities or impact related to the sale of the Massachusetts Business; the impacts of natural disasters, potential terrorist attacks or other catastrophic events; the physical impacts of climate change and the transition to a lower carbon future; our ability to manage the financial and operational risks related to achieving our carbon emission reduction goals, including our net-zero goal; our debt obligations; any changes to our credit rating or the credit rating of certain of our subsidiaries; any adverse effects related to our equity units; adverse economic and capital market conditions or increases in interest rates; inflation; recessions; economic regulation and the impact of regulatory rate reviews; our ability to obtain expected financial or regulatory outcomes; continuing and potential future impacts from the COVID-19 pandemic; economic conditions in certain industries; the reliability of customers and suppliers to fulfill their payment and contractual obligations; the ability of our subsidiaries to generate cash; pension funding obligations; potential impairments of goodwill; changes in the method for determining LIBOR and the potential replacement of the LIBOR benchmark interest rate; the outcome of legal and regulatory proceedings, investigations, incidents, claims and litigation; potential remaining liabilities related to the Greater Lawrence Incident; compliance with the agreements entered into with the U.S. Attorney’s Office to settle the U.S. Attorney’s Office’s investigation relating to the Greater Lawrence Incident; compliance with applicable laws, regulations and tariffs; compliance with environmental laws and the costs of associated liabilities; changes in taxation; other matters in the “Risk Factors” section of our Annual Report on Form 10-K for the fiscal year ended December 31, 2021, and in our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2022, many of which risks are beyond our control. In addition, the relative contributions to profitability by each business segment, and the assumptions underlying the forward-looking statements relating thereto, may change over time. All forward-looking statements are expressly qualified in their entirety by the foregoing cautionary statements. We undertake no obligation to, and expressly disclaim any such obligation to, update or revise any forward-looking statements to reflect changed assumptions, the occurrence of anticipated or unanticipated events or changes to the future results over time or otherwise, except as required by law. Regulation G Disclosure Statement This presentation includes financial results and guidance for NiSource with respect to net operating earnings available to common shareholders, which is a non-GAAP financial measure as defined by the SEC’s Regulation G. The company includes this measure because management believes it permits investors to view the company’s performance using the same tools that management uses and to better evaluate the company’s ongoing business performance. With respect to such guidance, it should be noted that there will likely be a difference between this measure and its GAAP equivalent due to various factors, including, but not limited to, fluctuations in weather, the impact of asset sales and impairments, and other items included in GAAP results. NiSource is not able to estimate the impact of such factors on GAAP earnings and, as such, is not providing earnings guidance on a GAAP basis. NiSource | NYSE: NI | nisource.com |

AGENDA Presenter Chris Turnure Welcoming Remarks Director, Investor Relations Lloyd Yates Strategic Overview & Plan Extension President and Chief Executive Officer Shawn Anderson Business Review & Sustainability SVP Strategy and Chief Risk Officer Donald Brown Financial Overview Executive Vice President / Chief Financial Officer Lloyd Yates Closing Remarks President and Chief Executive Officer Q&A Session Lloyd Yates, Shawn Anderson and Donald Brown NiSource | NYSE: NI | nisource.com |

NISOURCE IS MISSION READY Mission Vision We exist to deliver safe, reliable energy that drives To be an innovative and value for our customers trusted energy partner Values Be Safe | Look For a Better Way | Act with Care | Take Accountability NiSource | NYSE: NI | nisource.com |

NiSource is a 100% regulated gas and electric utility serving customers across six Midwestern centric states with a focus on safety and reliability, and a commitment to maximize long-term Shareholder Value. NiSource’s long and well-established history in strong regulatory environments provides consistent earnings and strong cash flows alongside clear sustainable growth opportunities for the foreseeable future. NiSource | NYSE: NI | nisource.com |

COMPANY PROFILE Constructive Regulatory Significant Scale Jurisdictions across Six States NI LISTED COLUMBIA GAS OF KENTUCKY NYSE COLUMBIA GAS OF MARYLAND ~3.2M COLUMBIA GAS OF OHIO NATURAL GAS Gas Customers 9-11% COLUMBIA GAS OF PENNSYLVANIA Compelling COLUMBIA GAS OF VIRGINIA ~500K expected annual total NIPSCO GAS shareholder return Electric Customers proposition* NIPSCO ELECTRIC NIPSCO ELECTRIC * Estimated total shareholder return at a constant P/E ratio NiSource | NYSE: NI | nisource.com | 6

A PREMIUM REGULATED UTILITY NiSource Fundamentals Delivering Identifiable Commitment to Consistent Returns Investment Inventory Stakeholder Value • Regulatory prowess • Option to allocate capital between Gas • 100% regulated revenue expected and Electric systems to deliver consistent and predicable • Strong portfolio of $15B+ of earnings growth regulated electric and gas rate base • Jurisdictions of significant scale • Accelerated and enhanced • Proximity to low-cost natural gas • Ability to execute rate case flexibility implementation of Safety with low regulatory lag Management System (SMS) • Scale benefits from synergies associated with centralized costs • Tracking mechanisms to optimize • Employer of choice that cash flow timing represents the diversity of our • Generation investments lead to significant customer savings and • ~$3B in infrastructure investments communities reduce GHG 90% by 2030 annually driving long-term growth • Strong community involvement in jurisdictions supportive of natural gas and electric Fundamentals of sustainable business plan and a strengthened balance sheet position NiSource to become a premium utility investment NiSource | NYSE: NI | nisource.com | 7

ENVIRONMENTAL, SOCIAL & GOVERNANCE (ESG) Environmental Social Governance • Transformation focused on customer • Leadership enhancements support • Approximately $3B of generation safety, reliability and affordability commitment to customer service and transition investments through 2028 safety • Expected to retire 100% of coal assets • Published inaugural safety report • Enhancing DE&I initiatives across the • Diverse, skilled, and independent Board by 2026-2028 and replace primarily with renewables organization • 25% of Board refreshed in last year, • Hired a DE&I officer in 2021 including 2 new female directors and • On track to 90% reduction* in • ELT consists of ~85% women and additional utility experience greenhouse gas emissions by 2030 minorities; BOD consists of ~58% • Robust framework for strategy, risk • 50% reduction in methane emissions by women and minorities management, and oversight 2025 Initiating economic inclusion initiatives including setting a goal of Enhanced alignment of employee and Net Zero emissions goal by 2040 with 25% diverse suppliers by 2025 executive incentive programs support from key stakeholders for Scope Supporting cultural awareness initiatives 1 and 2 emissions Cybersecurity and Climate subcommittees and development opportunities for under-report to Risk Management Committee represented groups NiSource’s corporate strategy is aligned with commitment to best-in-class ESG practices * Compared to 2005 baseline Data based on latest ESG Report—can be found on investors.nisource.com NiSource | NYSE: NI | nisource.com | 8

Strategic Overview & Plan Extension Lloyd Yates Chief Executive Officer

WHAT YOU’LL HEAR TODAY Strategic Overview & Business Review & Financial Closing Remarks Plan Extension Sustainability Overview Followed by Q&A Lloyd Yates Shawn Anderson Donald Brown Lloyd Yates Chief Executive Officer SVP Strategy & Chief Risk Officer Chief Financial Officer Chief Executive Officer NiSource | NYSE: NI | nisource.com | 10

BUSINESS REVIEW—OVERVIEW Ensuring NiSource is well-positioned to drive long-term value for all stakeholders Process led by executive leaders and Board members with deep finance, operations and strategy experience Board of Directors Leadership Team Michael Jesanis Theodore Bunting Jr. Bill Johnson 40+ Years of Utility 30+ Years of Utility 40+ Years of Utility Lloyd Yates Donald Brown Shawn Anderson Experience Experience Experience President and CEO Executive Vice SVP Strategy and Chief President and CFO Risk Officer NiSource is focused on enhancing long-term shareholder value NiSource | NYSE: NI | nisource.com | 11

CEO OBSERVATIONS BROUGHT TO THE BUSINESS REVIEW Strengths Opportunities Superior regulatory execution & Creating efficiencies in our operations legislative environment Leveraging our operational scale and diversified Investment & growth visibility portfolio Reaching industry-leading environmental goals Flexible, committed customer-focused workforce Streamlining organization and culture of customer focus Energy transition / electric and natural gas Weaknesses Threats Constrained balance sheet Rising commodity prices Cost profile Rising interest rates Technology systems Energy transition Business review focused on enhancing our execution and strengthening the constrained balance sheet NiSource | NYSE: NI | nisource.com | 12

CEO OBSERVATIONS BROUGHT TO THE BUSINESS REVIEW NiSource 5-Year Performance (Since Columbia Pipeline Group Separation: 2016-2021) Rate Base Growth = ~70% Strong Operational CAGR = ~11% and Regulatory Track Record of Net Operating Earnings Growth = ~60% Execution CAGR = ~10% Burdened by a Net Operating EPS Growth = ~25% Constrained CAGR = ~5% Balance Sheet NiSource | NYSE: NI | nisource.com | 13

STRATEGIC BUSINESS REVIEW—SCOPE Commitment to deliver maximum value to our stakeholders & exploring all avenues that enable it Areas Reviewed: Ways to optimize base case best-in-class high growth proposition Legislative and regulatory environments our Financing long-term solutions strategy that enhance balance sheet health, minimize dilution, and align with Thorough analysis of strategic M&A and portfolio optimization opportunities Robust benchmarking of our utility operating companies against other premium utilities Culture and talent NiSource | NYSE: NI | nisource.com | 14

STRATEGIC BUSINESS REVIEW – CONCLUSIONS AND ACTIONS Scale and Portfolio Diversity Offers the Best Opportunity to Drive Long-Term Shareholder Value Conclusions ïƒ~ Scale and portfolio diversity add value ïƒ~ Industry leading recovery programs drive strong top line growth ïƒ~ Identified opportunities to strengthen the balance sheet ïƒ~ Opportunity exists to improve cost profile, processes, and customer experience Actions ïƒ¼Execute a tax efficient Minority ïƒ¼Optimize cost profile ïƒ¼Enhance operations with process Interest Sale of NIPSCO by and technology improvements YE2023 NiSource | NYSE: NI | nisource.com | 15

OPERATIONAL EXCELLENCE Disciplined approach on operational excellence ensures the sustainability of our plan Key to continued execution of our significant investment plan Operational Driving efficiency in the way we operate to achieve flat O&M Excellence Continuation of enhanced focus on safety Essential service and to reliability customer affordability to ensure capacity to invest in better Operational efforts intended to drive enhanced focus on safety, operational excellence, and customer affordability 16

CULTURE OF SAFETY & RESILIENCY EMBEDDED IN OUR SUSTAINABILITY STRATEGY Advancing our Safety Initiatives1 ~286 Zero ~97% 1.92 miles Significant Safety Enhanced Emergency Damages Per 1,000 Events Response in 45min Locates Priority Pipe Retired Recognition Modernizing infrastructure & incorporating the latest technology American Petroleum Institute’s Enhancing Operational Recommended Practice 1173 Excellence & Driving Data driven risk-based capital allocation strategy Conformance Certified Our Safety Journey Through SMS Protecting the assets that reliably serve customers across our jurisdictions 1 Per 2021 Safety Report – can be found on investors.nisource.com NiSource | NYSE: NI | nisource.com | 17

LONG-TERM IDENTIFIED INVESTMENT OPPORTUNITIES ~$15B of Identified Investment 2023—2027 ~11% Customer Growth Identified ~$30B of ~17% Generation investment opportunities Transition & ~52% Renewables over the next 10 years Gas Infrastructure Modernization (2023-2032) ~20% Electric Infrastructure Modernization Significant investment opportunities continue beyond 10 years NiSource | NYSE: NI | nisource.com | 18

ENHANCED NISOURCE VALUE PROPOSITION DRIVING SUSTAINABLE GROWTH 6%-8% 8%-10% Expected Annual Expected Annual NOEPS1 Growth Utility Rate Base 14%-16% 2021-2027 Growth 2021-2027 Long-term FFO/ 60%-70% Targeted Annual Dividend Debt2 Target Payout Ratio $30B Planned Long-Term ~$15B Infrastructure Investments Regulated Electric and over the next 10 years 9%-11% Gas Rate Base Net Zero By 20403 Expected Annual Flat O&M Driving Toward Operational excellence drives 4 1Net Operating Earnings 90% Reduction in Total Shareholder Return customer affordability Per Diluted Share (Non- GHG Emissions by 2030 GAAP) FINANCIAL FOUNDATION 2As calculated according to the S&P and Moody’s rating 100% Regulated Across Significant Efficient Strengthened agency methodologies 3Goal for Scope 1 and 2 Six Constructive Investment Recovery Balance emissions Jurisdictions Opportunities Mechanisms Sheet 4Estimated total shareholder return at a constant P/E ratio NiSource | NYSE: NI | nisource.com | 19

Business Review – Strategic Evaluation & Direction Shawn Anderson SVP Strategy and Chief Risk Officer

STRATEGIC BUSINESS REVIEW How we approached exploring potential pathways for value creation Organic Plan Enhancements Evaluated demand, cost broad profile, categories regulatory, of O&M, financing, capital etc. investment, customer Explored alternatives to accelerate balance sheet strengthening Portfolio Optimization Maximizing Shareholder Value Reviewed each operating company’s ability to produce incremental value Reflective of a Identified diversity benefits numerous across high each growth of investment NiSource’s opportunities six jurisdictions and scale and Premium Utility M&A (both Extensively whole assessed and minority), potential as well transaction as potential structures partners across portfolio Disciplined value of foundational focus on identifying organic plan M&A opportunities accretive to the intrinsic NiSource | NYSE: NI | nisource.com | 21

REGULATORY / LEGISLATIVE ENVIRONMENT NiSource’s six constructive jurisdictions recognize the value of gas and electric service to customers IN OH PA VA KY MD Legislation protecting customers from gas bans Commodity cost pass through Revenue/bill stabilization Bad debt/low-income assistance Customer gas supplier choice Infrastructure tracking and recovery mechanisms Energy efficiency programs Significant economic development and growth opportunities across jurisdictions NiSource | NYSE: NI | nisource.com | 22

MINORITY INTEREST SALE OF NIPSCO ENABLES NISOURCE TO LEVERAGE ITS PORTFOLIO TO ENHANCE THE BALANCE SHEET Highly executable alternative to capital raising that accelerates strengthening of balance sheet Prior Minority Interest Sale of NIPSCO Go-Forward Diversifies capital raising while minimizing the cost of capital Aligns NiSource into position of strength and Strengthens credit and financing flexibility focus on capital efficiency Financing plan highly Stabilizes earnings growth trajectory and capital and execution correlated to external investment execution capital markets execution to maintain credit ratings Minimizes external future capital markets Supports stable needs annualized growth while maximizing organic Retains existing benefits of scale and investment opportunities regulatory diversification Positions NiSource business plan to deliver premium shareholder value NiSource | NYSE: NI | nisource.com | 23

BUSINESS REVIEW – NISOURCE STRATEGIC EXECUTION Premium Utility Benchmark Comparisons NiSource NiSource Premium Utility Metric Proforma vs. Proforma Peers (Avg.) Premium Peers Business Mix (% Regulated) 100 >90% Favorable Jurisdiction Diversity 6 3 Favorable (# of Jurisdictions) Rate Base Growth 8-10% ~6-7% Favorable 6-8% EPS Growth ~5-8% Favorable Annual Payout Ratio 60-70% ~62% In-line FFO/Debt (TTM) 14-16% 15-16% In-line Forward P/E Multiple ~18-19x Strengthened balance sheet and financing flexibility expected to drive premium valuation 1Represents trailing twelve months NiSource | NYSE: NI | nisource.com | 24

Long-Term Sustainability of Our Business Shawn Anderson SVP Strategy and Chief Risk Officer

BALANCED AND SUSTAINABLE GROWTH STRATEGY Supportive Approach with Key Stakeholders Reinvesting in the communities Sustainable we serve Customers / Enhanced safety and reliability Community NiSource Operating and its Regulators Legislators and Impact Focus on customer affordability Companies Deep collaboration Active leadership with regulators, peer utilities, and Replacing 100% of coal generation role supporting the energy transition legislators to advance Sustainable by 2026-2028 with primarily constructive energy Environmental renewable resources transition policies Impact Utilize existing gas infrastructure to create a path to decarbonization andCustomers Communities Up to $30B of planned investment stakeholders Engaging with to Sustainable opportunities through 2032 implement strategy Growth For Shareholders Driving 6%-8% annual NOEPS growth Capital plan supports sustainability, safety and reliability for our stakeholders NiSource | NYSE: NI | nisource.com | 26

COMMITMENT TO CUSTOMER AFFORDABILITY NiSource plan supports customer affordability over the plan horizon Estimated Annual Customer Bill Mitigating Rate Impacts Increases (2023-2027) Geographic Advantage – competitive natural gas supplies <5.0% O&M Discipline – decreases inflationary rate pressures Total Bill (incl. commodity) Customer Growth – investment program cost distributed Distribution Charge across more customers <3.0% NIPSCO Generation Transition – will reduce customers’ exposure to commodity prices Energy Efficiency – lowers bills through lower usage NiSource Customer Bills in 2021 Average Residential Electric Customer Bill = ~$113/month Average Residential Gas Customer Bill = ~$80/month Annual Avg Customer Bill Impact Executing $15B+ capital plan through 2027 with manageable customer impact NiSource | NYSE: NI | nisource.com | 27

DRIVING SUSTAINABILITY IN THE NATURAL GAS SECTOR Natural Gas Remains Critical to Energy Systems Pilot Programs and Gas Future Advanced Leak RNG Production Most in-demand and Accelerates economy-wide Detection and Repair affordable heating source decarbonization while Utilizing Picarro vehicles to identify Developing strategic partnerships in the Midwest utilizing existing assets and prioritize methane leaks to increase RNG injection across system on our system Hydrogen Pilot Hydrogen Hub Supports onshoring and Federal and state policies Actively participating and economic development for are enablers for Developing an understanding around the capabilities partnering in the development of today’s manufacturing and development of new for hydrogen distribution at the hydrogen economy across industrial processes technologies Columbia Gas of Pennsylvania’s the Midwest Training Center Natural gas enables affordable decarbonization across the global economy NiSource | NYSE: NI | nisource.com | 28

DRIVING SUSTAINABILITY IN ELECTRIC SECTOR Over $3B of Cumulative Capex in Generation Transition Investments Generation Portfolio Mix* 1% ~$2.2B of Contracted Projects 25% ~$1B of Investments through 2028 2018 Gas & Gas Peaking 74% 2018 2020 2021 2022 2023 2024 2025 2026 2027 2028 Coal Renewables Gas Peakers Owned Rosewater Indiana Dunns I, Dunns II, Fairbanks, (Wind) Crossroads Indiana Cavalry Elliot 14% Other Additions Crossroads (Solar) (Solar) Sync Condenser & (Wind) (Solar) Transmission Upgrades 35% Sugar Creek Storage and Incremental Renewables 2030E NiSource Portfolio Transmission Upgrades Uprate Emerging Tech (Hydrogen etc.) 51% Bailly 7/8 Schahfer 14/15 Schahfer 17/18 Schahfer 16 A/B Michigan City 12 *Summer UCAP Retired Retired Retiring (Gas Units) Retiring 2026-2028 Sources and Notes: 2018 NIPSCO Integrated Resource Preferred plan; Renewables include, Hydro, Wind, Solar and Solar plus Storage; Other includes DSM and Short-term capacity purchases NiSource | NYSE: NI | nisource.com | 29

CONTINUE TO EXECUTE ON GENERATION TRANSITION COMMITMENTS—KEY TAKEAWAYS Coal and Gas Unit Retirements Portfolio Additions The remaining coal units at Schahfer are still on track to 2021 IRP preferred plan to include energy storage, new gas retire in the fall of 2025 peaking and small amounts of incremental renewables Michigan City Unit 12 is still on track to retire by 2026-2028 Robust participation in recently completed RFP solicitation indicating higher pricing across the board for most Unit 16 A/B also on track to retire in the 2025-2026 timeframe technologies and deal structures MISO rules and market conditions are driving need for incremental capacity Schahfer Replacement Resources IRA Opportunities NiSource investments of ~$2.2B to support the retirement Incremental tax credit qualification for current projects driving significant value for customers Two solar projects expected to be online in the 1st half of 2023: remainder of projects come online in 2024 and 2025 Potential opportunities in solar PTC and tax transferability to maintain customer value while simplifying transaction structure (utility ownership) NiSource | NYSE: NI | nisource.com | 30

GENERATION TRANSITION AND GAS INFRASTRUCTURE INVESTMENTS DRIVING 90% REDUCTION IN GREENHOUSE GAS EMISSIONS BY 2030 We continue to actively implement our plans to reduce Scope 1 GHG emissions by 90% from 2005 levels by 2030 Decarbonization is Supported by Key Drivers Scope 1 Scope 1 Customers, Employees, Communities, and 58% 90% Investors by 2021 by 2030 Technology and Operational Cost Reduction Environmental Sustainability Transition from coal to natural Retirement of coal generation Policy and Federal Funding Support gas and renewable energy by 2026-2028 More than a 40% decrease in Continued methane reductions methane emissions from main from priority pipe replacement and service lines through Over 50% priority pipe replacement Traditional and advanced leak Coal Capacity Retirement Over the detection and repair Last 5 Years 3,000+ miles 14 Priority Pipe Retired Over the Picarro Advanced Methane Last 10 Years Leak Detection Vehicles Deployed by 2025 NiSource | NYSE: NI | nisource.com | 31

WE ARE EXTENDING DECARBONIZATION GOALS TO NET ZERO BY 2040 Scope 1 & 2 …with key stakeholder Net Zero engagement, policy, and by 2040 regulatory support Generation Pathways ï,§ Continued deployment of low and zero carbon technologies and fuels for electric generation Gas Distribution Pathways ï,§ Continued methane reductions from advanced leak detection and repair and priority pipe replacementï,§ Supply of RNG and hydrogen for operations Other Pathways ï,§ Fleet and building decarbonization Decarbonization enabled by traditional utility infrastructure investments NiSource | NYSE: NI | nisource.com |

NISOURCE IS SUPPORTING THE ENERGY TRANSITION FOR ITS STAKEHOLDERS Co Clean Energy Infrastructure Transportation Cleaner Customers Communities and Innovation Investment Electrification Molecules Investments Pipeline EV Charging Regional Hydrogen Customer Assistance Low-Carbon Resources Modernization Infrastructure Hub Initiatives Programs Initiative (LCRI) Advanced Methane Customer Fleet Columbia Gas of PA Energy Efficiency RNG Coalition Leak Detection Decarbonization Hydrogen Pilot Programs Targeted Investments Generation Transition NiSource Fleet Voluntary Analytics Driven Supporting Energy Decarbonization Decarbonization Personalization Innovation Programs Grid Modernization Supporting RNG Renewable Energy MISO Transmission Producers Offering Projects NiSource | NYSE: NI | nisource.com | 33

NISOURCE: LEADING IN THE TRANSITION TO A CLEANER ENERGY FUTURE FASTEST COAL UP TO ~$2.2B ENERGY TRANSITION IN PROJECTED RENEWABLE GENERATION CAPITAL TRANSITION 2 CREATES NEW 1 EXPENDITURES THROUGH 2025 IN THE SECTOR INVESTMENT OPPORTUNITIES FOR NISOURCE ON ADDITIONAL ~$1B CONTINUE ON TRACK WITH GAS AND ELECTRIC NET ZERO IN PROJECTED 90% REDUCTION ENERGY SYSTEMS GOAL BY 2040 CAPACITY-FOCUSED IN GREENHOUSE GAS CAPITAL EXPENDITURES EMISSIONS BY 20303 ADDI T I O NAL D A T A 1. FASTEST COAL TRANSITION 2. UP TO $2.2B IN PROJECTED RENEWABLE 3. CONTINUE ON TRACK WITH 90% REDUCTION IN IN THE SECTOR GENERATION CAPITAL EXPENDITURES THROUGH 2025 GREENHOUSE GAS EMISSIONS BY 2030 From 74% coal to zero inside one decade 2 projects currently in-service 58% reduction in greenhouse gas emissions achieved through 2021 All coal retired by 2026-2028 2 projects under construction and in-service in 1H2023 Includes 50% reduction in methane emissions on mains and services by 2025 Continue to project Schahfer generating station retirement by 2025 2 projects under construction and in-service in 2024 Continue to project Michigan City generating station retirement by 2026-2028 2 projects under commercial negotiations NiSource | NYSE: NI | nisource.com | 34

Financial Overview Donald Brown Executive Vice President and Chief Financial Officer

THIRD QUARTER KEY TAKEAWAYS 2022 guidance 2022 non-GAAP diluted NOEPS guidance range narrowed to $1.44 to $1.46 Continue to expect 2022 capital expenditures of $2.4 to $2.7B Initiating 2023 guidance Initiated 2023 non-GAAP diluted NOEPS guidance of $1.50 to $1.57 (consistent with 5-7% annual growth commitment) Expect 2023 capital expenditures of $2.8 to $3.1B The new 5-year growth and investment plan Annual non-GAAP NOEPS growth commitment of 6-8% from 2021 though 2027 Top tier growth projection reflects significantly de-risked financing plan following minority interest sale of NIPSCO to strengthen the balance sheet Extended plan outlines over $15B in regulated investments across six states with constructive regulatory and legislative environments Regulatory execution continues seeking balanced outcomes for all stakeholders Columbia Gas of Ohio settlement filed in October representing a $68.2 million revenue increase and 9.6% ROE, rates are expected to be implemented in early 2023 NIPSCO Electric rate case filed in September Columbia Gas of Pennsylvania settlement expected to receive the commission’s final decision later this month Public Utility Law judge issued a proposed order supporting Columbia Gas of Maryland settlement Columbia Gas of Virginia implemented interim rates on September 28 as its case moves forward Non-GAAP diluted NOEPS* of $0.10 in 3Q22 vs. $0.11 in 3Q21 *Diluted Net Operating Earnings Per Share (Non-GAAP). For the GAAP Diluted Earnings Per Share and the reconciliation of GAAP to non-GAAP diluted earnings per share, see Schedule 1 in the appendix to this presentation NiSource | NYSE: NI | nisource.com | 36

ENHANCED NISOURCE VALUE PROPOSITION DRIVING SUSTAINABLE GROWTH 6%-8% 8%-10% Expected Annual Expected Annual NOEPS1 Growth Utility Rate Base 14%-16% 2021-2027 Growth 2021-2027 Long-term FFO/ 60%-70% Targeted Annual Dividend Debt2 Target Payout Ratio $30B Planned Long-Term ~$15B Infrastructure Investments Regulated Electric and over the next 10 years 9%-11% Gas Rate Base Net Zero By 20403 Expected Annual Flat O&M Driving Toward Operational excellence drives 4 1Net Operating Earnings 90% Reduction in Total Shareholder Return customer affordability Per Diluted Share (Non- GHG Emissions by 2030 GAAP) FINANCIAL FOUNDATION 2As calculated according to the S&P and Moody’s rating 100% Regulated Across Significant Efficient Strengthened agency methodologies 3Goal for Scope 1 and 2 Six Constructive Investment Recovery Balance emissions Jurisdictions Opportunities Mechanisms Sheet 4Estimated total shareholder return at a constant P/E ratio NiSource | NYSE: NI | nisource.com | 37

DIVERSIFIED BUSINESS MIX Financial strength driven by diverse constructive regulatory jurisdictions and balanced portfolio mix Operating Earnings1 Balanced Business Mix with Regulatory Diversity Diversified Revenue2 Mix Stable Revenue Profile Maryland 1% Kentucky 2% 13% Indiana Virginia 7% 37% Pennsylvania 19% Retail Margins 50% Rate Design 50% 28% by Customer (Margin) Class 59% Ohio 23% Indiana 10% Residential Commercial Industrial Non-Volumetric Volumetric Electric Gas 100% regulated business with balance and diversity 1Non-GAAP measure of Revenue minus Opex and Cost of Energy 2Revenue net of Cost of Energy NiSource | NYSE: NI | nisource.com | 38

OPERATIONAL EXCELLENCE DRIVING EFFICIENCY Transformation efforts drive increased safety and process rigor, enhanced customer and employee experiences and cost savings Major Business Initiatives Flat Annual O&M 2022-2027 Initiatives executed underway and New organizational structure driving increased accountability Supports average annual Front-line leadership development customer rate increases of <3% annually Streamlined business services Customer digital solutions Provides bill headroom for Plan to invest ~$1B in IT customer and reliability Field mobility investments and systems customer to support service field Standardized work planning, enhancements productivity and scheduling, dispatch and project management Offsetting annual Call center modernization inflationary pressures Transformation drives organizational capabilities and supports sustainability of long-term investment plans NiSource | NYSE: NI | nisource.com | 39

INVESTING $15B FROM 2023-2027 TO DRIVE SAFETY, RELIABILITY AND SUSTAINABILITY Regulatory Programs and New Customer Demand Support Timely Recovery $3.0- $3.1- $3.3B $3.4B $2.8- $2.7- $2.7- $3.1B $3.0B $3.0B $2.4- $2.7B 2022 2023 2024 2025 2026 2027 Growth (Within 0-3 Months) Tracker (Within 0-18 Months) Maintenance (Periodic Rate Cases) Generation (Electric Rate Cases) ~75% of investments begin earning in less than 18 months NiSource | NYSE: NI | nisource.com | 40

CAPITAL INVESTMENT DRIVING ROBUST RATE BASE GROWTH Cost management/efficiencies create headroom to drive sustainable investments to grow rate base from 2021—2027 NiSource Projected YE Rate Base ($ in Billions) $14.9 $12.9 $13.7 $9.8 $11.5 $8.6 2016 2017 2018 2019 2020 2021 2022E 2023E 2024E 2025E 2026E 2027E Rate base growth balanced across jurisdictions, generation investments drive business mix of gas (~65%) and electric (~35%) NiSource | NYSE: NI | nisource.com | 41

EXTENDING GUIDANCE THROUGH 2027 – MAINTAINING OUR 2021 BASE YEAR Visible & sustainable investments drive annual 6-8% diluted NOEPS growth $1.50- $1.44- $1.57 $1.46 $1.37 2021 2022 2023 2024 2025 2026 2027 Top tier growth extension of plan through 2027 NiSource | NYSE: NI | nisource.com | 42

STRENGTHENED FINANCING PLAN PROVIDES FLEXIBILITY TO INVEST IN GROWTH Dividends and capital Sources / Uses (2023 – 2027)2 investments primarily funded through cash from operations ATM (2025+) Incremental Financing New Debt Minority interest Needed ~$4.5-sale adds flexibility Equity = ~15% $5.5B Debt = ~85% to financing plan Minority Interest Capital Sale Investment ~$15B Target FFO/Debt1 14-16% Cash From ATM Equity (2025+) to support current Operations investment grade credit ratings ~$9.5-$10.5B Dividends Minimize near-term capital markets costs and volatility ~$3B Sources 39 Uses 1As calculated according to the S&P and Moody’s rating agency methodologies 2Excludes remarketed Equity Units ($863M), may be used to redeem outstanding Preferred Stock ($900M) NiSource | NYSE: NI | nisource.com | 43

Closing Remarks Lloyd Yates Chief Executive Officer

ENHANCED NISOURCE VALUE PROPOSITION DRIVING SUSTAINABLE GROWTH 6%-8% 8%-10% Expected Annual Expected Annual NOEPS1 Growth Utility Rate Base 14%-16% 2021-2027 Growth 2021-2027 Long-term FFO/ 60%-70% Targeted Annual Dividend Debt2 Target Payout Ratio $30B Planned Long-Term ~$15B Infrastructure Investments Regulated Electric and over the next 10 years 9%-11% Gas Rate Base Net Zero By 20403 Expected Annual Flat O&M Driving Toward Operational excellence drives 4 1Net Operating Earnings 90% Reduction in Total Shareholder Return customer affordability Per Diluted Share (Non- GHG Emissions by 2030 GAAP) FINANCIAL FOUNDATION 2As calculated according to the S&P and Moody’s rating 100% Regulated Across Significant Efficient Strengthened agency methodologies 3Goal for Scope 1 and 2 Six Constructive Investment Recovery Balance emissions Jurisdictions Opportunities Mechanisms Sheet 4Estimated total shareholder return at a constant P/E ratio NiSource | NYSE: NI | nisource.com | 45

Appendix

NISOURCE BOARD OF DIRECTORS Peter A. Altabef Theodore H. Bunting, Jr. Eric L. Butler Aristides S. Candris Age: 62 Age: 63 Age: 61 Age: 70 Elected: 2017 Elected: 2018 Elected: 2017 Elected: 2012 Occupation: Chairman. & Occupation: Retired Group Occupation: Pres. & CEO, Occupation: Retired Pres. CEO, Unisys Corp. Pres., Entergy Corp. Aswani-Butler Associates & CEO, Westinghouse Board Committees: Board Committees: Audit (C), Board Committees: Comp Board Committees: SORP Finance (C), ESNG, Exec Comp, Exec (C), Audit, Exec (C), ESNG, Exec William D. Johnson Lloyd M. Yates Deborah A. Henretta Deborah A. P. Hersman Age: 68 Age: 61 Age: 61 Age:52 Elected: 2022 Elected: 2020 Elected: 2015 Elected: 2019 Occupation: Retired Occupation: Pres. & CEO, Occupation: Partner G100 Occupation: Consultant President & CEO, PG&E NiSource Inc. Companies Waymo, LLC Board Committees: Board Committees: ESNG Board Committees: Comp, SORP (C), Comp, & Executive SORP, Finance Michael E. Jesanis Kevin T. Kabat Sondra L. Barbour Cassandra S. Lee Age: 65 Age: 65 Age: 59 Age: 53 Elected: 2008 Elected: 2015 Elected: 2022 Elected: 2022 Occupation: Retired Pres. & Occupation: Independent Occupation:. Retired EVP, Occupation: Chief Audit CEO National Grid USA Chairman of the Board, NiSource Lockheed Martin Executive, AT&T Inc. Board Committees: SORP, Inc.; Retired CEO of Fifth Third Board Committees: Audit, Board Committees: Finance Bancorp ESNG Audit, Finance Board Committees: ESNG, Exec NiSource | NYSE: NI | nisource.com | 47

MANAGEMENT OVERVIEW Skills and Experience to Lead Commitment to Safety, Customer Experience and Stakeholder Value Lloyd Yates Donald Brown Melody Birmingham William (Bill) Jefferson President and CEO since Feb. 14, 2022 EVP and CFO since June 1, 2020 EVP & Chief Innovation Officer since July 1, EVP & Chief Safety Officer since July 1, Joined NiSource Board in 2020, held Joined NiSource in 2015, has more than 20 2022 2022 numerous senior roles at Duke Energy years of experience, including at UGI Corp., Joined NiSource in 2022, has more than 25 Joined NiSource in 2022, has held a Corp Constellation Energy and Progress Energy. years of executive leadership experience at variety of leadership positions at STP Duke Energy & Exelon Corp Nuclear Operating Co., Duke, and Exelon Kim Cuccia Shawn Anderson Melanie Berman General Counsel & Corporate Secretary of Chief Strategy and Risk Officer since Chief Human Resources Officer since NiSource since Dec. 2021 June 1, 2020 July 1, 2022 Joined NiSource in 2008, has held a variety Joined NiSource in 2010, has held a Joined NiSource in 2021, has extensive of leadership positions variety of leadership positions CHRO experience at Michaels Co., Anthem, and Baker Corp. NiSource | NYSE: NI | nisource.com | 48

NORTHERN INDIANA PUBLIC SERVICE COMPANY (NIPSCO ELECTRIC) Business Profile Regulatory Landscape TDSIC recovers new or replacement projects undertaken for the purpose of safety, reliability, 490K Customers 13,000 Miles of system modernization or economic development Design of rate 831 insulates NIPSCO from potential year-to-year variability of industrial electric ~3,100 Employees(1) Distribution/Transmission load 3,000 MW of Generation Fully Forward Test Year and CWIP in Rate Base 0.7% Annual Customer ~$550M FERC Regulated Electric Transmission Rate Base Growth(2) Capacity Constructive Legislation SB 560 – Forward test year, timely rate cases and infrastructure tracking Unique Insights/Opportunities HB 1470 – Increased flexibility for inclusion of future projects in TDSI HB 1221 – build-out of electric vehicle public charging infrastructure Economic Outlook 100% Lowest MISO ~$3B $170- NIPSCO continues to work with customers impacted by the pandemic with extended payment Number of plans Of coal Geographic In generation $230M generation to be complaints(3) in proximity investments In annual retired by 2026- the state over provides future 2022-2027 Key Riders/Constructs Weighted Avg. Regulatory Lag investment 2028 the past 5 years transmission opportunity outside Transmission, Distribution, and Storage System (6) opportunity of generation 12 Months (80% of Investment) Improvement Charge(TDSIC) Federally Mandated Cost Adjustment (FMCA) 11 Months (6) Net Revenue Mix(4) Rate Base(4) Return on Equity(1) Bad Debt Base Rates Industrial Residential % RTO Forecasted with a True-Up to Actual +7.6% CAGR 27.0% $B Energy Efficiency Forecasted with a True-Up to Actual 39.0% 4.7 4.8 4.9 Fuel Costs Forecasted with a True-Up to Actual 4.4 3.4 3.6 10.1 9.8 Pension/OPEB WACC / Base Rate Return 34.0% Resource Adequacy 10 Months Commercial Footnotes: (4) Revenue mix based on net revenues for the year ending 2021 Average Earned Average Authorized (1) Inclusive of both Gas & Electric (5) NIPSCO rate base includes deferred taxes in capital structure 2016A 2021 (2) Compound annual growth between 2018 actuals and 2021 (6) Under TDSIC/FMCA 20% of investment is deferred with carrying ROE (2017-2021) ROE (2017-2021) estimate cost for recovery in next rate case (3) Represents complaints justified by the Indiana Utility Regulatory Commission (IURC) NiSource | NYSE: NI | nisource.com | 49

COLUMBIA GAS OF OHIO (COH) Business Profile Regulatory Landscape Fully tracked annual Infrastructure Replacement Program (IRP) and Capital Expenditure Program (CEP) 1.5M Customers 0.5% Annual Customer Public policy provides tools supporting investment for economic development and deferral of Growth(1) pipeline safety costs ~2,300 Employees Straight fixed variable rate design 20,514 Miles of Pipeline Constructive Legislation HB 95 – authorization of utility modernization capital programs SB 319 – Annual infrastructure cost recovery of up to $25.5M for economic development projects Unique Insights/Opportunities SB 378 – Underground protection & enforcement HB 201 – Codifies consumers’ right to fuel diversity Economic Outlook $20- 100% #2 1,200 $550M Intel’s investment in 2 new chip fabrication facilities is the largest economic development project Of capital for Ohio $100B investment In customer Communities In annual Investment by tracked and satisfaction served investment Key Riders/Constructs Weighted Avg. Regulatory Lag Intel Corporation recovery based on 2021 throughout the opportunity JD Power state of Ohio Capital Expenditure Program (CEP) 14 Months in Central Ohio beginning within Survey Infrastructure Replacement Program (IRP) 10 Months 12 months 10 Months (SGS/GS) Bad Debt Base Rates (LGS) Net Revenue Mix(2) Rate Base Return on Equity Environmental Deferral / Base Rates Industrial % 8. 8. 0% 0% $B +13.2% CAGR Energy Efficiency 10 Months 3.9 Fuel Costs Forecasted with a True-Up to Actual 3.2 3.5 31.0% 2.8 61.0% 2.5 Low Income 11 Months 2.1 9.2 9.6(3) Pipeline Safety Deferral / Base Rates Commercial Footnotes: Residential (1) Compound annual growth between 2018 actuals and 2021 estimate 2016A 2021 Average Earned Average Authorized (2) Revenue mix based on net revenues for the year ending 2021 ROE (2017-2021) ROE (2017-2021) (3) Authorized return within settlement stipulation filed 10/31/22 for case 21-0637-GA-AIR NiSource | NYSE: NI | nisource.com | 50

COLUMBIA GAS OF PENNSYLVANIA (CPA) Business Profile Regulatory Landscape Fully projected Future Test year allows for capital and expense recovery with zero lag Authorized Weather Normalized Adjustment of residential bills during winter period stabilizes 443K Customers 0.6% Annual Customer revenue for CPA and bills for customers Growth(1) ~800 Employees State leader in universal services, low-income initiatives, choice and energy efficiency programs 7,756 Miles of Pipeline Constructive Legislation Act 11 – Allows for filing of a Distribution Service Improvement Charge (DSIC) and a rate case with Unique Insights/Opportunities a fully forecasted rate year Economic Outlook Pennsylvania is the second largest producer of natural gas in the US, and CPA is geographically situated on top of the Marcellus/Utica shale. 1.1K 100% #2 9 $375M In customer Of the last 10 In annual Key Riders/Constructs Weighted Avg. Regulatory Lag Of capital Miles recovered with satisfaction base rate investment Rate Case 0 Months (Fully Projected Future Test Year) Of remaining zero lag based on 2021 proceedings opportunity priority pipe JD Power have been Survey settled DSIC 3—6 Months USECP Rider 0 Months Environmental Deferred to Rate Case Net Revenue Mix(2) Rate Base Return on Equity Energy Efficiency(3) Deferral/Surcharge Industrial % Fuel Costs (inc. Bad debt) Deferred Commercial 4.0% $B +13.0% CAGR 24.0% 2.4 Pension/OPEB Deferred 1.7 1.9 2.1 1.3 1.5 Low Income Deferral/Surcharge 72.0% 10.4 Settled Footnotes: Residential Average Earned Average Authorized (1) Compound annual growth between 2018 actuals and 2021 2016A 2021 estimate ROE (2017-2021) ROE (2017-2021) (2) Revenue mix based on net revenues for the year ending 2021 (3) CPA’s energy efficiency program for non-low income customers is currently pending before the PA utility commission NiSource | NYSE: NI | nisource.com | 51

NORTHERN INDIANA PUBLIC SERVICE COMPANY (NIPSCO GAS) Business Profile Regulatory Landscape TDSIC recovers new or replacement projects undertaken for the purpose of safety, reliability, system modernization or economic development 853K Customers 0.8% Annual Customer FMCA offers capital recovery for federally mandated costs, including adherence to PHMSA Growth(2) Fully Forward Test Year available for base rate case ~3,100 Employees(1) 18,437 Miles of Pipeline Constructive Legislation SB 560 – Forward test year, timely rate cases and infrastructure tracking HB 1470 – Increased flexibility for inclusion of future projects in TDSIC HB 1197 – Codifies consumers’ right to fuel diversity Unique Insights/Opportunities Economic Outlook NIPSCO continues to work with customers impacted by the pandemic with extended payment plans $130.29 Lowest 100% Largest $150- Stellantis and Samsung SDI are forming a joint venture to invest more than $2.5B to build an Average Number of Of distribution electric vehicle battery facility in Kokomo, IN residential bill complaints(3) in rate cases LDC in the state $250M over the last 5 the state over settled since of Indiana In annual Key Riders/Constructs Weighted Avg. Regulatory Lag years – the the past 5 years 1987 investment Transmission, Distribution, and Storage System (6) lowest in the state opportunity 12 Months (80% of Investment) Improvement Charge(TDSIC) Federally Mandated Cost Adjustment (FMCA) 11 Months(6) Net Revenue Mix(4) Rate Base(5) Return on Equity(1) Bad Debt Base Rates / Fuel Costs Industrial % Energy Efficiency Forecasted with a True-Up to Actual 10.0% $B +17.9% CAGR Fuel Costs Forecasted with a True-Up to Actual 10.0% 2.0 Low Income Deferral with a True-Up to Actuals 1.7 1.8 23.0% 1.5 Commercial 1.2 Pension/OPEB WACC / Base Rate Return 67.0% 0.9 10.1 9.9 Footnotes: (4) Revenue mix based on net revenues for the year ending 2021 Average Earned Average Authorized (1) Inclusive of both Gas & Electric (5) NIPSCO rate base includes deferred taxes in capital structure Residential 2016A 2021 (2) Compound annual growth between 2018 actuals and 2021 (6) Under TDSIC/FMCA 20% of investment is deferred with carrying ROE (2017-2021) ROE (2017-2021) estimate cost for recovery in next rate case; a future test year is utilized to (3) Represents complaints justified by the Indiana Utility Regulatory recover operating expenses Commission (IURC) NiSource | NYSE: NI | nisource.com | 52

COLUMBIA GAS OF VIRGINIA (CVA) Regulatory Landscape Business Profile Forward-looking annual modernization/safety infrastructure investment tracker filings Tracker filings supplemented by rate case filings with forward test year 288K Customers ~500 Employees Constructive Legislation DIMP Act– Allows deferral of incremental O&M related to pipeline safety 1.5% Annual Customer SAVE Act – Allows recovery of investment on infrastructure replacement Growth(1) CARE Act – Provides for energy efficiency programs and a revenue decoupling adjustment 5,506 Miles of Pipeline Energy Innovation Act– Provides regulatory pathways to procure substitute/supplemental gas (RNG/Hydrogen), promotes biogas supply and expends energy efficiency Economic Landscape Plenty Limited Vertical Farming investing over $300M in Chesterfield County nd U.S. Navy partnering in major pipeline expansion at Portsmouth facility for combined heat and 2 Top Awarded 1st $45-$70M power project Nationally in Decile For energy Amongst major VA In annual overall CSAT(4) efficiency and LDC’s in customer investment through 3Q2022 Nationally in community (2) growth rate opportunity (among 85 damage service by brands) prevention Virginia DOE Key Riders/Constructs Weighted Avg. Regulatory Lag Steps to Advance Virginias Energy Plan (SAVE) 0 Months (Forward Looking Test Year) Net Revenue Mix(3) Energy Efficiency (CARE) Deferral/Surcharge Rate Base Return on Equity(5) Industrial % Bad Debt Rate Case – non tracked 9.0% +12.0% CAGR Fuel Costs (inc. Bad debt) Deferral/Surcharge $M 1,072 Commercial 20.0% 905 Pipeline Safety (DIMP) O&M Above baseline Deferred to Rate Case 850 609 670 700 12.5 71.0% 9.7 Footnotes: Residential 2016A 2021 Average Earned Average Authorized (1) Compound annual growth between 2018 actuals and 2021 estimate (2) Based on customer growth reported in 2016 -2020 annual LDC filings (2021 not ROE (2017-2021) ROE (2017-2021) yet available), excludes LDC”s with less than 5,000 customers (3) Revenue mix based on net revenues for the year ending 2021 NiSource | NYSE: NI | nisource.com | 53

COLUMBIA GAS OF KENTUCKY (CKY) Regulatory Landscape Business Profile SMRP allows for full cost recovery of eligible pipeline replacement/safety related initiatives via forward looking test year Commission has authorized economic development extension tariff for high potential sites 138K Customers requiring natural gas ~200 Employees Performance based incentives for gas supply management Base rate recovery is weather normalized 0.3% Annual Customer Growth(1) Constructive Legislation 2,681 Miles of Pipeline HB 207 – Codifies consumers’ right to fuel diversity HB 100 – Governments may create and assess for special energy efficiency project districts Economic Landscape Buffalo Trace Distillery is completing a $1.2B investment in their bourbon facility in Frankfort, KY 3rd $50M #1 Recognized AGA Baptist Health investing $225M in new surgery center and campus Consecutive In annual In Customer For Leadership in Safety year (20,21,22) investment Satisfaction Emerging achievement Energy/Transition award winner in Key Riders/Constructs Weighted Avg. Regulatory Lag on Kentucky’s opportunity based on 2021 best place to JD Power Environment(3) 2021 Safety Modification & Replacement Program work list Survey(2) 0 Months (Forward Looking Test Year) (SMRP) Energy Efficiency Base Rates Net Revenue Mix(4) Rate Base Return on Equity Gas Costs Forecasted with a True-Up to Actual Industrial % 5.0% $M +12.2% CAGR 423 372 300 327 30.0% 65.0% 238 259 Commercial 9.1 Settled Footnotes: (1) Compound annual growth between 2018 actuals and 2021 estimate Residential 2016A 2021 Average Earned Average Authorized (2) JD Power Scores – CKY does not meet residential customer threshold for syndicated ROE (2017-2021) ROE (2017-2021) survey but ranked #1 in Midwest Midsize Segment (3) Recognized at Governor’s Conference on Energy & Environment (4) Revenue mix based on net revenues for the year ending 2021 NiSource | NYSE: NI | nisource.com | 54

COLUMBIA GAS OF MARYLAND (CMD) Business Profile Regulatory Landscape Forward-looking annual infrastructure replacement and improvement surcharge (IRIS) recovers 35K Customers age and condition investment IRIS filings supplemented by periodic rate cases ~70 Employees Constructive Legislation 0.8% Annual Customer STRIDE Act– Prospective cost recovery for age and condition investment. Growth(1) 669 Miles of Pipeline Economic Landscape Eastern operations are now attracting commuters from Washington DC, supporting customer growth Tariff provisions allow for modest customer growth Grow West Cannabis Company investing $20M in an expansion of their medical marijuana production in Cumberland, Maryland Rates 102 0 Revenue $25-$35M Of residential Miles of cast PHMSA/DOT Normalization In annual customers are Iron/Bare Steel reportable enables full investment Key Riders/Constructs Weighted Avg. Regulatory Lag below the state pipeline incidents in recovery of opportunity average for replaced since 2021 distribution Strategic Infrastructure Development & (2) revenue 0 Months other LDC’s 2008 Enhancement (STRIDE) (residential) Energy Efficiency Rider Deferral/Surcharge Net Revenue Mix(3) Rate Base Return on Equity Bad Debt Base Rates Industrial Fuel Costs (inc. Bad Debt) Deferral 4.0% +16.3% CAGR % Environmental Deferral / Base Rates $M 198 173 149 34.0% 62.0% 127 93 107 10.4 9.7 Commercial Footnotes: (1) Compound annual growth between 2018 actuals and 2021 estimate Residential 2016A 2021 Average Earned Average Authorized (2) Based on information available in public LDC filings, based on 2016-2020 (2021 was not ROE (2017-2021) ROE (2017-2021) yet available for all MD LDCs) (3) Revenue mix based on net revenues for the year ending 2021 NiSource | NYSE: NI | nisource.com | 55

REGULATORY / LEGISLATIVE ENVIRONMENT Supportive environment drives balanced returns and growth across ALL jurisdictions 5-Year Allowed Rate Base Growth Average ROE ROE (CAGR 2021-2027) Indiana – Electric 10.1%1 9.8% 12.4% Indiana – Gas 10.1%1 9.9% 13.8% Ohio 9.2% 9.6%2 7.9% Pennsylvania 10.4% BB3 9.0% Virginia 12.5% 9.7% 8.2% Kentucky 9.1% 9.4% 10.2% Maryland 10.4% 9.7% 11.6% NiSource footprint growth 1NIPSCO Consolidated avg. ROE 2Authorized return within settlement stipulation filed 10/31/22 for case 21-0637-GA-AIR 3Black Box Settlement NiSource | NYSE: NI | nisource.com | 56

ACTIVE ENGAGEMENT AT THE FEDERAL AND STATE LEVELS Federal Policy Playbook State Policy Playbook Active partnerships through the policy making Building consensus and coalitions through our process OpCos to enact legislative and regulatory Public / changes Private entities Developing state level policy strategies for 2023 and beyond Enables recoverable decarbonization for scope 1, 2 Federal Government Affairs engaging directly and 3 emissions with Administration on relevant opportunities Varying opportunities by state: Alternative fuel enabling legislation (similar to VA and TN) Enhancement of energy efficiency programs Supporting the passage and implementation of Gas system modernization federal legislation Actively engaged at the federal and state levels to drive policies that support positive outcomes for our investors and customers NiSource | NYSE: NI | nisource.com | 57

Potential for NIPSCO to Invest $400M—$950M in MISO Future 1 Transmission Projects Estimated Opportunities* ~$400M Investment in MISO Tranche 1 Estimated In Service: 2030 ~$250M to ~$550M Investment in MISO Tranche 2 Estimated In Service: 2031—2035 *Tranche 1 portfolio of projects has been approved by MISO, Tranche 2 project development is in progress. Opportunity range is based on estimated project allocations. Actual allocations will be determined in future. NiSource | NYSE: NI | nisource.com | 58

NISOURCE EXISTING INFRASTRUCTURE SUPPORTS DECARBONIZATION Completed analysis that demonstrates a portfolio of initiatives leveraging existing gas infrastructure in our jurisdictions provides optimal pathway to long term decarbonization *Total Emissions (Million tCO2) Approach 50 Robust analysis of potential energy pathways for NiSource’s jurisdictions 40 30 Incorporating key considerations such as future systems investments and 20 associated costs, current and plausible future technologies, availability resources, potential federal and state energy policies 10 0 Leveraged third party experts utilizing industry leading tools and approaches for evaluating customer impacts of alternative pathways across electric and gas systems Optimal Decarbonization Electrification Cumulative Incremental Cost ($Billions) Results and Insights 145 ï,§ Both scenarios delivers a 75% carbon reduction by 2050 120 95 70ï,§ Electrification pathway is 44% more costly on an NPV basis than an 45 optimal portfolio that utilizes gas infrastructure 20 -5 Optimal Decarbonization Electrification Total emissions include scope 1,2 and 3 $ not adjusted for inflation | NYSE: NI | nisource.com Privileged and Confidential 59

STRENGTHENING BALANCE SHEET Maturity Profile Long-Term Debt $ in millions $1,500 Weighted Average Rate – 3.72% Weighted Average Maturity – 14.1 Years $1,250 Targeted FFO/Debt of 14-16% $1,000 Minority Interest Sale expected to $750 accelerate NiSource into targeted range $500 Credit Ratings $250 Moody’s (Baa2) S&P (BBB+) $0 Fitch (BBB) 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 2051 2052 Well positioned to maintain current investment grade credit ratings NiSource | NYSE: NI | nisource.com | 60

NiSource Inc. Schedule 1—Reconciliation of Consolidated Net Income Available to Common Shareholders to Net Operating Earnings Available to Common Shareholders (Non-GAAP) (unaudited) NiSource | NYSE: NI | nisource.com | 61