Southwest Gas : 2021 American Gas Association Virtual Financial Forum – Investor Deck

AGA FINANCIAL FORUM

MAY 19-20, 2021

SAFE HARBOR STATEMENT

This presentation includes "forward-looking statements" as defined by the Securities and Exchange Commission ("SEC"). We make these forward-looking statements in reliance on the safe harbor protections provided under the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this presentation that address activities, events or developments that we expect, believe or anticipate will or may occur in the future are forward-looking statements. These include, without limitation, our 2021 expectations for our utility infrastructure services and natural gas operations segments, estimated natural gas operations capital expenditures through 2025, projected rate base at December 31, 2025, our 2021 EPS guidance and expected long-term value drivers, as well as statements regarding our expansion projects and other investment opportunities.

Forward-looking statements are based on assumptions which we believe are reasonable, based on current expectations and projections about future events and industry conditions and trends affecting our business. However, whether actual results and developments will conform to our expectations and predictions is subject to a number of risks and uncertainties that, among other things, could cause actual results to differ materially from those contained in the forward-looking statements, including without limitation, the risk factors described in Part I, Item 1A "Risk Factors," and Part II, Item 7 and Item 7A "Management's Discussion and Analysis of Financial Condition and Results of Operations," and "Quantitative and Qualitative Disclosure about Market Risk" of our most recent Annual Report on Form 10-K and our quarterly report on Form 10-Q for the three months ended March 31, 2021 filed with the SEC, and other reports that we file with the SEC from time to time, and the following:

• The timing and amount of rate relief;
• Changes in operating expenses;
• Changes in rate design, infrastructure tracking mechanisms;
• Customer growth rates;
• Conditions in housing markets;
• The effects of regulation/deregulation;
• The impacts of construction activity at our utility infrastructure services segment;
• The impacts from acquisitions;

 The impacts of the ongoing COVID-19 pandemic and efforts to prevent its spread on our business;

• The impacts of stock market volatility; and
• Other factors discussed from time to time in our filings with the SEC.

New factors that could cause actual results to differ materially from those described in forward-looking statements emerge from time to time, and it is not possible for us to predict all such factors, or the extent to which any such factor or combination of factors may cause actual results to differ from those contained in any forward-looking statement. The statements in this presentation are made as of the date hereof, even if subsequently made available on our Web site or otherwise. We do not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.

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OUTLINE

Company Overview

Financial Overview

Regulation

Future Focus: Performance, Customers & Sustainability

Value Proposition for the Future

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COMPANY OVERVIEW

BUSINESS SEGMENTS

Natural Gas Operations

Utility Infrastructure Services

$277 million

Twelve Months Ended 3/31/21 Net Income

30%

70%

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