Slides
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Analyst Call to Review Fiscal 2025 Financial Results & Fiscal 2026 – 2030 Outlook November 6, 2025 10:00 a.m. Eastern
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As of November 5, 2025 Page 2 Fiscal 2025 Review
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As of November 5, 2025 •Consistent Track Record of Financial Performance •YTD Diluted EPS of $7.46; 23rd consecutive year of EPS growth •$3.6 billion in capital spending; 87% allocated to safety and reliability spending •8.1% increase in fiscal 2025 annual dividend to $3.48 per diluted share •41st consecutive year of rising dividends •Executing Our Regulatory Strategy •Implemented $333.6 million as of September 30, 2025; $322.8 million, net of excess deferred tax amortization •$146.3 million implemented in Q1 Fiscal 2026 •$18.3 million currently in progress •Maintaining a Strong Financial Profile •Approximately $4.9 billion in available liquidity •Approximately $1.8 billion of financing to support operations •Equity capitalization at 60% as of September 30, 2025 Page 3 Fiscal 2025 Financial Performance Fiscal 2025 Highlights
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As of November 5, 2025 Page 4 1. Since Atmos Energy has non-vested share-based payments with a nonforfeitable right to dividends, there is a requirement to use the two-class method of computing earnings per share. As a result, EPS cannot be calculated directly from the income statement. Fiscal 2025 Financial Performance Consolidated Financial Highlights Twelve Months Ended September 30 Three Months Ended September 30 2024202520242025Segment Net Income ($millions, except EPS) $ 671 $ 747 $ 41 $ 55Distribution 372 45293 120Pipeline & Storage $ 1,043$ 1,199 $ 134 $ 175Net Income $ 6.83 $ 7.46 $ 0.86 $ 1.07Diluted EPS1 $ 2,937.1 $ 3,561.4$ 808.0 $ 963.6 Capital Expenditures
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As of November 5, 2025 Page 5 •$13.9MM – Net increase due to rate adjustments •$6.0MM – Decrease in EDIT refunds1 •$5.1MM – Increase due to residential customer growth, primarily in Mid-Tex division, and increased industrial load •($18.1MM) – Increase in D&A and property taxes •$18.9MM – Increase primarily due to rate adjustments from GRIP filings approved in May 2025 •$10.1MM – Increase primarily due to timing of compliance activities •$4.0MM – Increase due to higher capacity contracted by tariff-based customers due to their increased peak day demand •($3.8MM) – Increase in D&A and property taxes Fiscal 2025 Financial Performance Segment Operating Income Highlights Distribution Key Drivers Pipeline & Storage Key Drivers 1. Impact to operating income from excess deferred income tax (EDIT) refunds is substantially offset in income tax expense. Change20242025 Three Months Ended September 30 ($millions) $ 3.6 $ 64.6 $ 68.2Distribution 30.9 120.4 151.3Pipeline & Storage $ 34.5 $ 185.0 $ 219.5 Operating Income
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As of November 5, 2025 Page 6 •$184.1 MM – Net increase due to rate adjustments •$46.3MM – Decrease in EDIT refunds1 •$26.7MM – Increase due to residential customer growth, primarily in Mid-Tex division, and increased industrial load •($78.0MM) – Increase in D&A and property taxes •($32.6MM) – Increase in employee-related costs •($18.6MM) – Increase in system monitoring, line locating, and other compliance related activities •($17.8MM) – Increase in bad debt expense due to Mississippi regulatory change recorded in the first quarter of FY24 •$70.5MM - Increase primarily due to rate adjustments from GRIP filings approved in May 2024 and June 2025, and the rate case approved in December 2023 •$16.5MM - Increase due to higher capacity contracted by tariff-based customers due to their increased peak day demand •$9.1MM – Decrease in EDIT refunds1 •$7.7MM - Increase in APT's through-system activities •($23.5MM) – Increase in D&A and property taxes Fiscal 2025 Financial Performance Segment Operating Income Highlights Distribution Key Drivers Pipeline & Storage Key Drivers 1. Impact to operating income from excess deferred income tax (EDIT) refunds is substantially offset in income tax expense. Change20242025 Twelve Months Ended September 30 ($millions) $ 108.9 $ 854.5 $ 963.4 Distribution 95.7500.9 596.6Pipeline & Storage $ 204.6$ 1,355.4 $ 1,560.0 Operating Income
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As of November 5, 2025 Page 7 Fiscal 2025 Financial Performance Capital Spending Highlights Fiscal 2025 YTD Capital Spending$millions Repair and replace transmission and distribution pipelines$ 1,614 Fortifications516 Service line replacement391 Install & replace measurement & regulating equipment264 Enhance storage and compression capabilities168 Pipeline integrity management projects138 Total Safety and Reliability Spending$ 3,091 Total Capital Spending$ 3,561 87%12% 1% Safety and Reliability Customer Expansion Other
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As of November 5, 2025 •$1.15 billion of long-term debt financing issued •$650 million 5.00% 30-year senior notes issued October 20241 •$500 million 5.20% 10-year senior notes issued in June 202521 •Equity needs satisfied through our ATM program •$871.5 million of equity forward arrangements priced in FY25 •$698.5 million in settled equity forward arrangements •$1.6 billion available under equity forward agreements as of September 30, 2025 •Maturity: December 31, 2025 through March 31, 2027 •Shares: 11,326,599 •Forward Share Price: $137.60 •$829 million available for issuance through our ATM program as of September 30, 2025 •$5.2 billion currently available under existing shelf registration statement Page 8 Fiscal 2025 Financial Performance Financing Highlights 1. 3.90% effective rate after giving effect to offering costs and the settlement of our interest rate swaps. 2. 5.35% effective rate after giving effect to offering costs
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As of November 5, 2025 Page 9 Capitalization and Liquidity Profile Fiscal 2025 Financial Performance Strong Financial Foundation Supports Capital Spending Program $1,500 $1,500 $100 $1,559 $5.6 $203 $- $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 Availability Outstanding Liquidity Profile as of September 30, 2025 5 year revolver 3 year revolver 1 year facilities Equity Forwards Cash $4.9 billion Available Liquidity as of 9/30/2560% 61% 40% 39% 0% 25% 50% 75% 100% 9/30/2025 9/30/2024 Total Capitalization Equity LT Debt ST Debt
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As of November 5, 2025 Page 10 Weighted Average Maturity ~17.5 Years1 Fiscal 2025 Financial Performance Manageable Debt Maturity Schedule Supports Capital Spending Program $10 6.67% $500 3.00% $150 6.75% $500 2.625% $600 1.50% $300 5.45% $725 5.90% $200 5.95% $500 5.20% $400 5.50% $500 4.15% $750 4.125% $600 4.30% $950 3.73% $1,100 4.168% $500 6.20% $650 5.00% $600 5.45% 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 2051 2052 2053 2054 2055 2056 Total Amount Maturing ($ millions) 1. Figure includes October 2025 issuance of $600 million.
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As of November 5, 2025 Strong Investment Grade Credit Ratings Standard & Poor’sMoody’s A-A2Senior Unsecured A-2P-1Commercial Paper StableStableRatings Outlook Page 11 Weighted Average Cost of Debt Fiscal 2025 Financial Performance Strong Investment Grade Ratings Support Affordable Customer Bills 1. Excluding the $2.2 billion of incremental Winter Storm Uri financing. 1 3.8% 4.0% 4.1% 4.2% 4.3% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% 5.0% $0 $2,000 $4,000 $6,000 $8,000 $10,000 $12,000 FY2022 FY2023 FY2024 FY2025 FY2026E Interest Rate % Net Long Term Debt
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As of November 5, 2025 Page 12 Fiscal 2026-2030 Financial Outlook
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As of November 5, 2025 Leading Natural Gas Delivery Platform •Largest pure-play natural gas LDC with over 3.4 million customers in 8 states •~76,000 miles of distribution and transmission mains •~65% of distribution rate base is located in Texas •Blended allowed ROE of 9.8% •96% of rate base covered by all fuels legislation •Constructive regulatory mechanisms reduce lag •~13 Bcf of working storage capacity Page 13 •~5,700 miles of intrastate pipeline •Spans multiple key shale gas formations •Connection to major market hubs •~53 Bcf of working storage capacity •Allowed ROE of 11.45% •Margin derived from tariff-based rates primarily serving Mid-Tex and other LDCs 2026 Estimated Net Income Eight-state distribution territory Eight-state distribution territory Intrastate pipeline systemIntrastate pipeline systemBusiness MixBusiness Mix Diversified LDC platform in 8 states Favorably positioned pipeline spans Texas shale gas supply basins ~62% Distribution ~38% Pipeline & Storage
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As of November 5, 2025 Page 14 ~ $26 billion in capital investment through 2030; 85% allocated to safety Constructive rate mechanisms that reduce regulatory lag 6% - 8% Consolidated EPS growth >95% Annual Capex Recovery Within 0 - 6 Months Within 7 - 12 Months Greater than 12 Months Safety Driven, Organic Growth Strategy Constructive Regulatory Mechanisms Support Efficient Conversion of Safety and Reliability Investments into Financial Results $18.8B $21.4B $42.0B FY2024 FY2025 FY2030E Rate Base Distribution Pipeline $10.80 - $11.20 $7.46 $8.15 - $8.35 FY2025 FY2026E FY2030E Earnings per Share
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As of November 5, 2025 CapExService Territory DetailRecovery MethodRegulatory Mechanisms 2026E ($MM) Rate Base1 Meters (000s)General Case Annual Filing Deferral/ Forward- Looking InfrastructureJurisdiction % of Total($MM) Texas 2,070-2,100459,6001,830-RRM/DARR/ GRIP28.209/HB4384•Mid-Tex 970-1,000255,400NA-GRIP2GRIP2/HB4384•APT 220-24071,400316-GRIP28.209/HB4384•West Texas 205-23571,500361-RSCRSCLouisiana 200-23061,300250-SRF/SIRSIRMississippi 80-1003720176PRPPRPKentucky 90-1003700164-ARMARMTennessee 55-652400140GSRS/SIP-GSRS/SIPKansas 45-551.5330131SSIRSSIRColorado 10-200.510024SAVESAVEVirginia Page 15 1. Represents an estimate of rate base as of September 30, 2025 2. Requires a rate case every 5 years Constructive Regulation Focused on Safety and Reliability Over 95% of Annual Capital Spend Begins to Earn Within Six Months
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As of November 5, 2025 Page 16 •Rebased FY 2026 Guidance of $8.15 - $8.35 •Planned 6.0% - 8.0% annual EPS growth through FY 2030 •FY 2030 Guidance of $10.80 - $11.20 •$4.00 Indicated Dividend for FY 2026 •Incremental financing summarized below reflected in guidance Earnings and Dividends Per Share •~$26 billion in capital expenditures included in the Plan •~$20B for our distribution system •~$6B for our transmission system •>95% of annual CAPEX begins to be recovered within 6 months from end of test year •$40B - $44B expected rate base by FY 2030 •13% - 15% annual growth rate •~4.0% annual O&M expense inflation rate excluding bad debt expense Safety and Reliability Continues to Drive Spending •~$16B incremental long-term financing •Balanced financing using a combination of long-term debt and equity •ATM continues to be preferred method to issue equity •Five Year Plan supports current balance sheet strength FY 26 Financing Plan Consistent With FY 25 Plan Financial Outlook FY 2026 Five Year Plan Key Themes
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As of November 5, 2025 Page 17 1. Changes in events or other circumstances that the Company cannot currently anticipate could materially impact earnings and could result in earnings for fiscal 2026 significantly above or below this outlook. 2. Since Atmos Energy has non-vested share-based payments with a non-forfeitable right to dividends, there is a requirement to use the two-class method of computing earnings per share. As a result, EPS cannot be calculated directly from the income statement. FY 2026E1FY 2025($millions, except EPS) $ 865 - 875$ 747Distribution 515 - 525452Pipeline & Storage $ 1,380 - 1,400$ 1,199Total Net Income 168 – 171161Average Diluted Shares $ 8.15 - 8.35$ 7.46Diluted EPS2 $ ~4,200$ 3,561Capital Spending Financial Outlook Fiscal 2026E Guidance
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As of November 5, 2025 Page 18 FY 2026E1FY 2025Selected Expenses ($millions) $ 865 - 885$ 874O&M, excluding bad debt expense $ 785 - 795$ 735D&A $ 80 - 90$ 172Interest $ 340 - 350$ 279Income Tax 19% - 21%219%Effective Tax Rate 1. Changes in events or other circumstances that the Company cannot currently anticipate could materially impact earnings and could result in earnings for fiscal 2025 significantly above or below this outlook. 2. Excluding the amortization of excess deferred tax liabilities, the effective rate is expected to be 22.5% - 24.5%. Financial Outlook Fiscal 2026E Guidance
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As of November 5, 2025 Page 19 Consolidated 2026E Capital Expenditures of ~$4.2 billion Over 95% of annual CAPEX begins to be recovered within 6 months from end of test year Financial Outlook Capital Spending Focused on System Modernization and Growth $0 $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 $7,000 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 FY2026E FY2027E FY2028E FY2029E FY2030E $ millions Distribution Pipeline
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As of November 5, 2025 Page 20 Enhancing System Safety and Reliability1 Financial Outlook Capital Spending Drives Rate Base Growth 1. Estimated rate base at the end of each fiscal year $18.8B $21.4B $41.0B - $43.0B $0 $5,000 $10,000 $15,000 $20,000 $25,000 $30,000 $35,000 $40,000 $45,000 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 FY2026E FY2027E FY2028E FY2029E FY2030E $ millions Distribution Pipeline
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As of November 5, 2025 Page 21 42 Consecutive Years* of Dividend Increases Indicated dividend increase of 14.9% for Fiscal 2026 *Fiscal year Note: Amounts are adjusted for mergers and acquisitions. Financial Outlook Sustainable Financial Performance Supports Sustained Dividend Increases $4.00E $0.00 $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 $3.50 $4.00 '85 '86 '87 '88 '89 '90 '91 '92 '93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 '25 '26
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As of November 5, 2025 •Normal weather and consumption •~$26 billion of CAPEX spending through 2030 •Commodity pricing •FY 26-30: $2.75 to $3.75 •Delivery cost/Securitization •FY26 – FY30: $5.00 - $6.00 •Purchased gas cost accounts for ~38% of the customer bill in FY26; dropping to ~27% by FY30 Page 22 Key Assumptions Financial Outlook Residential use of natural gas remains competitive Average Monthly Customer Bill $53 $80 $121 $0 $20 $40 $60 $80 $100 $120 $140
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As of November 5, 2025 Page 23 1. US Energy Information Agency, www.eia.gov residential customer electric rates for the twelve months ending July 2025 2. Represents Atmos Energy’s average residential customer rates for the twelve months ending July 2025 Financial Outlook Natural Gas Price Advantage Over Electricity Electricity1 vs Natural Gas2 - kWh Equivalent Natural Gas is ~2x - 4x less expensive in Atmos Energy’s states vs. electricity 15.51 14.40 13.29 12.24 13.77 13.25 15.24 14.99 3.56 4.31 3.64 6.86 6.27 3.75 7.63 3.94 -2 3 8 13 18 Colorado Kansas Kentucky Louisiana Mississippi Tennessee Texas Virginia Electric Natural Gas
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As of November 5, 2025 Page 24 0.82%0.66%Tennessee 1.07%0.85%Louisiana 1.13%0.90%Virginia 1.25%1.00%Mid-Tex 1.25%1.00%Kansas 1.31%1.05%West Texas 1.32%1.06%Kentucky 1.43%1.14%Colorado 1.77%1.41%Mississippi ATO Avg. 1.3% Gas Industry Avg. 1.4% Electric Industry Avg. 2.5% ATO Avg. 1.1% Gas Industry Avg. 1.2% Electric Industry Avg. 2.0% Wallet Share Low Income2 Wallet Share Median Income1 Consolidated Residential Bill Residential Gas Bill Wallet Share by Jurisdiction The chart above reflects "Exhibit 4 & 5 - 2023 US Gas Utility Data: Wallet Shares (%) for Utilities with 50,000+ customers (and Atmos VA)" 1. Sources: Atmos Energy Corporation, Energy Information Administration, U.S. Census Bureau – FRED Federal Reserve Bank of St. Louis 2. Per the Office of Policy Development, “Low Income” is defined as 80% of “Median Income” for the service territory, subject to adjustments for service territories with unusually high or low income and housing cost.
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As of November 5, 2025 Page 25 CO KS KY TN LA Natural Gas1 $80 Water2 $127 Mobile Phone5 $141 Cable & Internet3 $121 Electric4 $162 Financial Outlook Residential Natural Gas Bills Remain the Lowest Monthly Utility Bill 1. FY2025E Atmos Energy enterprise-wide average monthly residential bill 2. Bluefield Research February 2025 3. Doxo; 2025 U.S. Cable & Internet Market Size and Household Spending Report 4. Based on Energy Information Administration (www.eia.gov) information for Atmos Energy's service territories for the 12 months ended June 2025 5. JD Power; February 2025 average monthly service bill for one line
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As of November 5, 2025 Page 26 Regulatory Information
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As of November 5, 2025 Page 27 Approved Annualized Operating Income Increases1,2 Key Rate Activity Through November 5, 2025 FY 2025 Financial Performance Regulatory Highlights 1. Excluding the impact of EDIT fiscal 2025 rate outcomes were $322.8 million. 2. Excluding the impact of EDIT fiscal 2026 rate outcomes are $146.3 million. 3. Implemented subject to refund •$146.3MM Implemented •$138.5MM – Mid-Tex Cities RRM •$ 7.2MM – Kentucky PRP3 •$ 18.3MM In-Progress •$ 16.0MM – Kansas General Case •Received final order for Mississippi General Rate Case, final operating income impact TBD. $333.6 $146.3 $18.3 $0 $50 $100 $150 $200 $250 $300 $350 $400 FY 2025 FY 2026 $ millions Implemented In Progress
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As of November 5, 2025 Regulatory Mechanisms To Support Recovery Page 28 1. System Safety and Integrity expenses relating to 49 CFR 192.624, 192.465, 192.710, 192.714, 192 Subpart O, as well as certain distribution pipeline safety compliance activities. Revenue Stability and Lag MechanismsAnnual Revenue and Lag Mechanisms Cloud Computing CAMT Recovery SSI Recovery1 Bad Debt in GCAWNA Pension and Retirement Cost Trackers InfrastructureAnnual Rate StabilizationJurisdiction Colorado Kansas Kentucky Tennessee Virginia Louisiana Mississippi Mid-Tex West Texas APT
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As of November 5, 2025 Key Regulatory Filings – Fiscal 2026E Rate Filing Planned Timing Q4 July – September Q3 April – June Q2 January – March Q1 October – December Mississippi – Anticipate filing Stable Rate Adjustment (SRA) in July 2026; new rates anticipated Q1 fiscal 2027 Mid-Tex and WTX Cities – Anticipate filing Rate Review Mechanism (RRM) in April 2026; new rates anticipated Q1 fiscal 2027 Mid-Tex Dallas – Anticipate filing Dallas Annual Rate Review (DARR) in January 2026; new rates anticipated Q3 fiscal 2026 Virginia – Implemented SAVE filing of $0.5MM Kansas – Anticipate filing Gas Safety Reliability Surcharge (GSRS) in August 2026; new rates anticipated Q1 fiscal 2027 Louisiana – Anticipate filing Rate Stabilization Clause (RSC) in April 2026; new rates anticipated Q4 fiscal 2026 Kansas – Anticipate filing System Integrity Program (SIP) in January 2026; new rates anticipated Q3 fiscal 2026 Mid-Tex Cities – Implemented Rate Review Mechanism (RRM) of $138.5MM Kentucky – Anticipate filing PRP and PM Riders in August 2026; new rates anticipated Q1 fiscal 2027 Virginia – Anticipate filing General Case in May 2026; new rates anticipated Q1 fiscal 2027 Atmos Pipeline – Texas (APT) - Anticipate filing GRIP in February 2026; new rates anticipated Q3 fiscal 2026 Kentucky – Implemented PRP filing of $7.2MM; rates subject to refund Virginia – Anticipate filing SAVE in June 2026; new rates anticipated Q1 fiscal 2027 Tennessee – Anticipate filing Annual Review Mechanism (ARM) in February 2026; new rates anticipated Q3 fiscal 2026 Mississippi – Filed General Case in June 2025; new rates anticipated Q1 fiscal 2026 Mid-Tex ATM, WTX ALDC and Texas Environs – Anticipate filing GRIP in February 2026; new rates anticipated Q3 fiscal 2026 Kansas – Filed Gas Safety Reliability Surcharge (GSRS) in August 2025; new rates anticipated Q1 fiscal 2026 Kansas – Filed General Case in July 2025; new rates anticipated Q3 fiscal 2026 Colorado – Filed SSIR in November 2025; new rates anticipated Q2 fiscal 2026 Colorado – Anticipate filing General Case in November 2025; new rates anticipated Q4 fiscal 2026 Page 29 Pending or anticipatedImplemented
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As of November 5, 2025 Regulatory Summary Page 30 Meters at 9/30/25 Requested Debt/Equity Ratio Authorized Debt/ Equity Ratio Requested Return on Equity Authorized Return on Equity (1) Requested Rate of Return Authorized Rate of Return (1) Requested Rate Base $millions Rate Base $millions(1) Requested Operating Income $millions Authorized Operating Income $millions Date of Last Rate Filing (Pending) Effective Date of Last Rate Action Fn.Jurisdiction NA40/6011.45%8.49%$4,267$27.012/13/23Atmos Pipeline-TX (OS-23-00013758) NA40/6011.45%8.49%$5,238$77.26/17/253 Atmos Pipeline-TX GRIP (00020448) NA NA NA NA NA $23.011/1/254 Atmos Pipeline-TX SSI Rider (00028117) 229,77040/609.80%7.52%$7,974$25.96/1/25Mid-Tex - City of Dallas DARR 1,307,66442/589.80%7.42%$8,299$138.510/1/25Mid-Tex Cities RRM 183,85139/619.80%7.59%$7,954$4.48/1/25 Mid-Tex ATM Cities SOI/GRIP 109,10239/619.80%7.59%$7,954$2.38/1/25 Mid-Tex Environs SOI/GRIP (OS-24-00019196) 316,03639/619.80%7.59%$1,232$30.66/1/255 WTX Systemwide SOI (00018879) 360,58942/589.80%7.42%$1,353$22.37/1/25Louisiana RSC (U-37754) NA50/509.40%6.80%TBDTBD11/4/256Mississippi GRC (2025-UN-059) 249,562227.80%$592$3.811/4/24Mississippi SRF (2005-UN-0503) NA227.80%$630$24.011/4/24Mississippi SIR (2015-UN-049) 176,49446/549.75%7.15%$611$16.45/12/25Kentucky (2024-00276) NA39/6110.95%8.30%$108$7.210/2/257Kentucky PRP (2025-00246)
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As of November 5, 2025 Regulatory Summary (continued) Page 31 1. Rate base, authorized rate of return and authorized return on equity presented in this table are those from the last base rate case for each jurisdiction. These rate bases, rates of return and returns on equity are not necessarily indicative of current or future rate bases, rates of return or returns on equity. 2. A rate base, rate of return, return on equity or debt/equity ratio was not included in the final decision. 3. GRIP filings are based on existing returns and the change in net utility plant investment. 4. This filing will have no impact to operating income. See slide 32. 5. West Texas RRM and ALDC, Environs, and Triangle GRIP filings are now included in the West Texas Systemwide SOI. 6. The Mississippi Public Service Commission issued a Final Order on November 4, 2025. Please see slide 36 of this presentation for additional detail. 7. Implemented subject to refund Page 31 Meters at 9/30/25 Requested Debt/Equity Ratio Authorized Debt/ Equity Ratio Requested Return on Equity Authorized Return on Equity (1) Requested Rate of Return Authorized Rate of Return (1) Requested Rate Base $millions Rate Base $millions(1) Requested Operating Income $millions Authorized Operating Income $millions Date of Last Rate Filing (Pending) Effective Date of Last Rate Action Fn.Jurisdiction 163,66739/619.80%7.63%$612$1.46/1/25Tennessee ARM (25-00007) 140,54239/61210.80%28.20%2$335$295$16.0$2.07/25/255/9/23 Kansas (25-ATMG-026- RTS) NA222222$54$39$1.9$2.08/20/2512/17/24 Kansas GSRS (26-ATMG-064- TAR) NA222$26$0.64/1/25 Kansas SIP (25-ATMG-278- TAR) 130,89042-45/55-589.3%-9.6%7.00%$230$0.95/14/23Colorado (22AL-0348G) NA42/5842/58227.00% / 3.97% 7.00% / 3.97%$79$74$0.4$1.911/3/251/1/25Colorado SSIR (25AL-0465G) 23,83639/619.90%7.57%$71$2.412/1/23Virginia (PUR-2023-00008) NA39/619.90%7.57%$27$0.510/1/25Virginia SAVE (PUR-2025-00084)
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As of November 5, 2025 Atmos Pipeline - Texas •Atmos Pipeline: Implemented 2025 System Safety & Integrity (SSI) Rider on November 1, 2025 •Allows for the recovery of certain system safety and integrity costs incurred each year •Costs above a benchmark are deferred onto the balance sheet as incurred •Revenue and expense are recognized after review and approval by the RRC; therefore, no impact to operating income •Authorized recovery of $23.0 million in operating costs •Test period April 1, 2024 through March 31, 2025 Page 32
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As of November 5, 2025 Colorado - Kansas Division •Colorado: Filed Final System Safety & Integrity Rider (SSIR) on November 3, 2025 •Requested an increase in annual operating income of $0.4 million •Requested rate base: $79.9 million •Test year ending December 31, 2026 •Kansas: Filed Gas Safety Reliability Surcharge (GSRS) on August 20, 2025 •Requested an increase in annual operating income of $1.9 million •Requested rate base: $54.1 million •Test year ending June 30, 2025 •Kansas: Filed General Rate Case on July 25, 2025 •Requested an increase in annual operating income of $16.0 million •Requested ROE: 10.80%; ROR: 8.20% •Requested capital structure: 39% debt / 61% equity •Requested rate base: $335.1 million •Test year ending March 31, 2025 Page 33
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As of November 5, 2025 Kentucky/Mid-States Division •Kentucky: Implemented Annual PRP on October 2, 2025 •Authorized an annual operating income increase of $7.2 million •Authorized ROE: 10.95%; ROR: 8.30% •Authorized capital structure: 39% debt / 61% equity •Authorized rate base: $107.8 million •Implemented subject to refund •Virginia: Implemented SAVE Infrastructure Program on October 1, 2025 •Authorized an annual operating income increase of $0.5 million •Authorized ROE: 9.90%; ROR: 7.57% •Authorized capital structure: 39% debt / 61% equity •Authorized rate base: $27.3 million Page 34
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As of November 5, 2025 Mid-Tex Division •Mid-Tex Cities: Implemented Rate Review Mechanism (RRM) on October 1, 2025 •Authorized an increase in annual operating income of $138.5 million •Authorized ROE: 9.80%; ROR: 7.42% •Authorized capital structure: 42% debt / 58% equity •Authorized rate base: $8.3 billion •Test year ending December 31, 2024 Page 35
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As of November 5, 2025 Mississippi Division •Mississippi: Completed General Rate Case (SIR and SRF) on November 4, 2025 •Authorized ROE: 9.40%; ROR: 6.80% •Authorized capital structure: 50% debt / 50% equity •Atmos Energy is required to file tariffs consistent with the Final Order by November 11, 2025, which will determine the final impact to operating income and rate base. New rates are expected to be implemented in December. Page 36 As of August 3, 2023
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As of November 5, 2025 Forward Looking Statements The matters discussed or incorporated by reference in this presentation may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical fact included in this presentation are forward-looking statements made in good faith by us and are intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. When used in this presentation, or any other of our documents or oral presentations, the words “anticipate”, “believe”, “estimate”, “expect”, “forecast”, “goal”, “intend”, “objective”, “plan”, “projection”, “seek”, “strategy” or similar words are intended to identify forward-looking statements. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the statements relating to our strategy, operations, markets, services, rates, recovery of costs, availability of gas supply and other factors. These risks and uncertainties include the following: federal, state and local regulatory and political trends and decisions, including the impact of rate proceedings before various state regulatory commissions; increased federal regulatory oversight and potential penalties; possible increased federal, state and local regulation of the safety of our operations; possible significant costs and liabilities resulting from pipeline integrity and other similar programs and related repairs; the inherent hazards and risks involved in distributing, transporting and storing natural gas; the availability and accessibility of contracted gas supplies, interstate pipeline and/or storage services; increased competition from energy suppliers and alternative forms of energy; failure to attract and retain a qualified workforce; natural disasters, adverse weather, terrorist activities or other events and other risks and uncertainties discussed herein, all of which are difficult to predict and many of which are beyond our control; failure of technology that affects the Company’s business operations; the threat of cyber- attacks or acts of cyber-terrorism that could disrupt our business operations and information technology systems or result in the loss or exposure of confidential or sensitive customer, employee or Company information; the impact of new cybersecurity compliance requirements; adverse weather conditions; the impact of legislation to reduce or eliminate greenhouse gas emissions or fossil fuels; the impact of climate change; the capital-intensive nature of our business; our ability to continue to access the credit and capital markets to execute our business strategy; market risks beyond our control affecting our risk management activities, including commodity price volatility, counterparty performance or creditworthiness and interest rate risk; the concentration of our operations in Texas; the impact of adverse economic conditions on our customers; changes in the availability and price of natural gas; and increased costs of providing health care benefits, along with pension and postretirement health care benefits and increased funding requirements. Accordingly, while we believe these forward-looking statements to be reasonable, there can be no assurance that they will approximate actual experience or that the expectations derived from them will be realized. Further, we undertake no obligation to update or revise any of our forward- looking statements whether as a result of new information, future events or otherwise. Further, we will only update our annual earnings guidance through our quarterly and annual earnings releases. All estimated financial metrics for fiscal year 2025 and beyond that appear in this presentation are current as of November 5, 2025. Page 37