NiSource : Q1 2024 NiSource Earnings Conference Call Supplemental Earnings Slides

SUPPLEMENTAL SLIDES 1Q 2024 RESULTS

May 8, 2024

NiSource | NYSE: NI | nisource.com |

LEGAL DISCLAIMER

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. Forward-looking statements in this presentation include, but are not limited to, statements regarding our financial guidance; 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 work successfully with our third party investors; our ability to adapt to, and manage costs related to, advances in technology, including alternative energy sources and changes in laws and regulations; our increased dependency on 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 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 demand; our ability to attract, retain or re-skill a qualified, diverse workforce and maintain good labor relations; our ability to manage new initiatives and organizational changes; the actions of activist stockholders; the performance and quality of third-party suppliers and service providers; potential cybersecurity attacks or security breaches; increased requirements and costs related to cybersecurity; any damage to our reputation; 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; adverse economic and capital market conditions, including increases in inflation or interest rates, recession, or changes in investor sentiment; economic regulation and the impact of regulatory rate reviews; our ability to obtain expected financial or regulatory outcomes; 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; the outcome of legal and regulatory proceedings, investigations, incidents, claims and litigation; compliance with changes in, or new interpretations of applicable laws, regulations and tariffs; the cost of compliance with environmental laws and regulations and the costs of associated liabilities; changes in tax laws or the interpretation thereof; and other matters set forth in Item 1, "Business," Item 1A, "Risk Factors" and Part II, Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations," of our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, some 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.

Non-GAAP Disclosure Statement

Beginning with the first quarter of 2024, NiSource Inc. changed its disclosure of non-GAAP results and guidance for net operating earnings available to common shareholders to adjusted net income available to common shareholders and for net operating EPS to adjusted EPS to better align with the presentation used by many companies to report their non-GAAP results. The change reflects a name change only and the calculations of each of these non-GAAP metrics remains consistent with the historical calculations.

This presentation includes financial results and guidance for NiSource with respect to adjusted net income available to common shareholders and adjusted EPS, which are non-GAAP financial measures as defined by the SEC. The company includes these measures because management believes they permit 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 guidance on adjusted EPS, NiSource reminds investors that it does not provide a GAAP equivalent of its guidance on adjusted net income available to commons shareholders due to the impact of unpredictable factors such as fluctuations in weather, impact of asset sales and impairments and other unusual or infrequent items included in the comparable GAAP measures. The company is not able to estimate the impact of such factors on the comparable GAAP measures and, as such, is not providing guidance on a GAAP basis. In addition, the company is not able to provide a reconciliation of its non-GAAP adjusted EPS guidance to the comparable GAAP equivalents without unreasonable efforts.

Segment Reporting

Beginning with the period ended March 31, 2024 our operations are now evaluated through two primary reportable segments, Columbia Operations and NIPSCO Operations rather than Gas Distribution Operations and Electric Operations. Prior period amounts have been reclassified to conform to the current year presentation

NiSource | NYSE: NI | nisource.com |

2

NISOURCE VALUE PROPOSITION DRIVING SUSTAINABLE GROWTH

				6%-8%	8%-10%
				Annual	Annual 2023-2028 Rate
				Adj EPS (1) Growth	Base Growth(4)
		14%-16%	2023-2028	60%-70%
		Annual FFO/			Dividend Payout Ratio
		Debt(1) Target			Target
		Through 2028
	$18.8B					$16.4B
	YE 2023 Regulated		10-12%	Base Plan Capex
	Net Zero
	Electric and Gas Rate				2024-2028
	Base
	By 2040(2)		Expected Annual	Flat O&M
	90% Reduction in				(3)	Operational excellence drives
	GHG Emissions by 2030	Total Shareholder Return	customer affordability
	Superior Regulatory & Stakeholder	Balance Sheet Flexibility
		Foundation
					1) Adjusted Earnings Per Diluted Share and FFO/Debt (non-GAAP)
					2) Goal for Scope 1 and 2 emissions		3
NiSource | NYSE: NI | nisource.com |				3) Total shareholder return assumes constant P/E ratio and 4% dividend yield
			4) Core business rate base growth; select years may exceed range

KEY PRIORITIES

• Resilient Financial Commitments
• • Achieved 1Q24 adjusted EPS(1) of $0.85
  • Reaffirming 2024 adjusted EPS(1) guidance of $1.70-1.74
  • Reaffirming 2023-2028 annual adjusted EPS(1) growth of 6-8% and rate base growth of 8-10%(2)
  • $16.4 billion 2024-2028 base plan capital expenditures
  • 14-16%FFO/Debt(3) annually through 2028
• Superior Regulatory & Stakeholder Foundation
• • NIPSCO gas rate case settlement filed
  • Fairbanks & Gibson CPCNs filed
• Balance Sheet Flexibility
• Programmatic and Enduring Investment Plans Plus Upside Opportunities
• • Base capex raised to $16.4 billion
  • 1. Adjusted Earnings Per Diluted Share (Non-GAAP)
    2. Core business rate base growth; select years may exceed range
    3. Funds from Operations / Debt (Non-GAAP)

	Note: For the GAAP Diluted Earnings Per Share and GAAP Net Cash Flows from Operating Activities/Debt and
	the reconciliation of GAAP to non-GAAP diluted earnings per share and GAAP Net Cash Flows from Operating	4
NiSource | NYSE: NI | nisource.com |	Activities/Debt to non-GAAP FFO/Debt, see Schedule 1 and 2 in the appendix to this presentation

OPERATIONAL EXCELLENCE

Prioritizes Safety, Assures Predictable, Reliable Operations and a Culture of Continuous Improvement

SAFETY		RELIABILITY
		Gas and Electric Probabilistic Risk Modeling being		Work and Asset Management System standardizing work,
		used to maximize risk reduction in our work plans		system reliability and data quality
		Advanced Leak Survey Technology and Repair		Distribution & Substation Automation
		accelerating the elimination of large-volume leaks		(Vipers) enhancing system awareness
		with greater precision		and reducing customer impacts
		Accelerated In-Line Inspection Capabilities ensuring		Underground Storage Modernization
		the health of our most critical transmission assets		maintains NiSource's ability to keep gas
					moving during times of supply constraints
					System Hardening via large scale substation
					and circuit rebuilds
EFFICIENCY		CULTURE
		Enterprise Continuous Improvement Organization
			Human Performance Training equipping
		driving process efficiencies and waste reduction and		employees with the tools and skills to minimize error
		ensuring spend is delivering value for our customers		and foster a culture of continuous improvement
		and shareholders

NiSource | NYSE: NI | nisource.com |

5

SAFETY JOURNEY SINCE 2017

Program	EOY 2017	EOY 2023	Status/
Improvement
Remaining Priority Pipe(1) (Miles)​	4,490	2,875	36%
Regulator Station Isometric Drawings(2)	0%	100%	Complete
Advanced Mobile Leak Detection Distribution Miles Surveyed(3)	0%	51%	51%
Low Pressure System Automatic Shutoff Valve Installation(4)	0%	100%	Complete
Service Lines Mapped	4%	98%	94%
System Visibility/SCADA(5)	19%	41%	22%
Legacy Cross Bore Inspection(6) (Miles)	5,876	8,849	51%
In-Line Inspection Capable Transmission Pipeline(7)	6%	30%	24%

	1)	Cast Iron, wrought iron, bare steel
	2)	3D renderings of regulating stations with engineering specs
	3)	Highly sensitive surveying of entire ~55K mile gas distribution system
	4)	Automatic Shutoff valves - secondary over pressurization protection for low pressure systems
	5)	Supervisory Control and Data Acquisition - monitoring and controlling pressure on the gas system	6
NiSource | NYSE: NI | nisource.com |	6)	Top 10% riskiest sewer main miles inspected by robotic controlled cameras inside sewer pipe
	7)	Retrofitting of transmission class pipe for in-line inspection; goal is 80% by 2032

SUPERIOR REGULATORY AND STAKEHOLDER FOUNDATION

2021

2022

2023

2024

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Rate Case

Filed

Settled

Approved

Step 2

+$292M

Step 1 Rates

Rates

NIPSCO Electric

Trackers

TDSIC 8

TDSIC 9

TDSIC 1

TDSIC 2

TDSIC 3

Approved

Approved

Approved

Approved

Approved

Rate Case

Filed

Settled

Approved

Step 2

Filed

Settled

NIPSCO Gas

+$72

Step 1 Rates

Rates

+$162M

+$121M

Trackers

FMCA 6

TDSIC 3

FMCA 7

TDSIC 4

FMCA 1

FMCA 2

TDSIC 6

FMCA 1

TDSIC 7

FMCA 2

Approved

Approved

Approved

Approved

Approved

Approved

Approved

Approved

Approved

Approved

Rate Case

Settled

Approved

Columbia Gas of

+$68M

In Rates

Ohio

Trackers

CEP

IRP

CEP

IRP

CEP

IRP +$29M

Approved

Approved

Approved

+$38M

+$31M

PHMSA

Columbia Gas of

Rate Cases

Settled

Approved

Filed

Settled

Approved

Filed

Pennsylvania

In Rates

In Rates

+$124M

Columbia Gas of

Rate Case

Filed

Rates

Settled

Approved

Filed

Effective

+$37M(2)

Virginia

Trackers

SAVE

SAVE

SAVE

Approved

Approved

Approved

Rate Case

Settled

In Rates

Columbia Gas of

Approved

Kentucky

Trackers

SMRP

SMRP(1)

Approved

Rate Cases

Settled

Approved

Filed

Settled

Approved

Filed

Settled

Approved

Columbia Gas of

In Rates

In Rates

+$4M

In Rates

Maryland

Trackers

STRIDE

STRIDE

In Rates

Approved

Approved

1) Rates implemented subject to refund

2) Net of $15.4M SAVE Rider

7

NiSource | NYSE: NI | nisource.com |

Select capital trackers and associated revenue shown; does not include expense trackers

See appendix for detailed regulatory program names

SUSTAINABLE INVESTMENT OPPORTUNITIES FOR CUSTOMERS AND COMMUNITIES

$ in Billions	$3.3 -	$3.5 -
	$3.9B
			$3.5B		$2.9 -	$2.9 -	$2.9 -
$3.5					$3.2B	$3.2B		$3.2B
$3.0
$2.5
$2.0
$1.5
$1.0
$0.5
$-
2024E		2025E		2026E	2027E		2028E
		Growth (Within 0-3 Months)		Tracker (Within 0-18 Months)		Maintenance (Periodic Rate Cases)		Generation (Electric Rate Case)

Capital expenditures include 100% of NIPSCO

Figures exclude upside capex

NiSource | NYSE: NI | nisource.com |

8

ROBUST RENEWABLE INVESTMENTS IN INDIANA

BTA Projects	In-Service	(1)	Ownership	NIPSCO
Investment	Status
	Structure
				($M)
Rosewater Wind	2020		Tax Equity JV
Indiana Crossroads Wind	2021		Tax Equity JV	~$1.0B
Dunns Bridge I Solar	2023		Tax Equity JV	Complete
Crossroads Solar	2023		Tax Equity JV	(In Rate base)
Transmission Projects	2023		Full Ownership
Cavalry Solar + Storage	2024		Full Ownership
Dunns Bridge II Solar + Storage	2024		Full Ownership	~$2.1B(2)	Construction
Fairbanks Solar	2025		Full Ownership
Gibson Solar	2025		Full Ownership
Total				~$3.1B

Dunns Bridge II Solar + Storage: 435 MW+75 MW

Dunns Bridge I Solar: 265 MW

Carpenter Wind: 200 MW

Indiana Crossroads II Wind: 204 MW

Cavalry Solar + Storage: 200 MW+60 MW

Rosewater Wind: 100 MW

IN Crossroads Wind: 300 MW

IN Crossroads Solar: 200 MW

Jordan Creek Wind: 400 MW

Templeton Wind: 200 MW

				Appleseed Solar: 200 MW
PPA Projects	In-Service(1)	Status
Jordan Creek Wind	2020	Complete
	Fairbanks Solar: 250 MW
Crossroads II Wind	2023	Complete
Green River Solar	2024	Construction
				Gibson Solar: 200 MW
Templeton Wind	2025	Construction		BTA Project
	Green River Solar: 200 MW
Carpenter Wind	2025	Construction		KY		PPA Project
Appleseed Solar	2025	Construction

1. Represents anticipated in-service timing for projects in construction statuses
2. Investment amounts represent base capital plan only. Assumes full ownership of the Cavalry, Dunns Bridge II, Fairbanks, and Gibson projects

NiSource | NYSE: NI | nisource.com |

9

ADDITIONAL INVESTMENT OPPORTUNITIES

Near-Term (Through 2028)	Longer-Term (2028+)
~$1.6B Upside Opportunity Not Included In Base Plan
Investment opportunities that can enhance our	Longer-term investment themes beyond our
current financial plan	current financial plan

• Increased ownership of electric generation investments utilizing the IRA's tax transferability provision
• New gas system modernization programs focused on replacing legacy plastic mains and services installed prior to early 1980s
• Gas transmission programs focused on inspection retrofits and reconfirmations to comply with PHMSA regulations
• New programs to deploy advanced metering infrastructure (AMI) for gas systems
• Investments in Renewable Natural Gas production and transportation infrastructure
• Infrastructure to support growing communities and manufacturing revitalization across the region, including onshoring and new technology innovation

• Electric T&D reliability and performance investments focused on infrastructure replacement, continued grid modernization, system hardening and transportation electrification
• Generation investments to ensure ongoing reliability and support incremental demand, asset retirements and decarbonization
• FERC regulated electric transmission projects included in MISO's multi- year Long Range Transmission Planning initiative
• Continuation of investments in gas system modernization and AMI programs and Renewable Natural Gas infrastructure
• Investments to support Hydrogen production, transportation, storage and consumption in our territories

10

NiSource | NYSE: NI | nisource.com |