NiSource Inc

    NI ·NYSE ·Electric & Other Services Combined ·Inc. in DE
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    Business
    NiSource Inc. is an energy holding company under the Public Utility Holding Company Act of 2005 whose primary subsidiaries are fully regulated natural gas and electric utility companies, serving approximately 3.8 million customers in six states. NiSource is the successor to an Indiana corporation organized in 1987 under the name of NIPSCO Industries, Inc., which changed its name to NiSource Inc. on April 14, 1999.
    NiSource’s principal subsidiaries include NiSource Gas Distribution Group, Inc. (a holding company that owns Columbia of Kentucky, Columbia of Maryland, Columbia of Ohio, Columbia of Pennsylvania, and Columbia of Virginia), and NIPSCO Holdings I (a holding company that owns a controlling interest in NIPSCO, a gas and electric utility). NiSource derives substantially all of its revenues and earnings from the operating results of these rate-regulated businesses. In addition, NiSource will develop the generation resources it plans to use in serving data center customers through its subsidiary Generation Holdings I (a holding company that holds a controlling interest in GenCo).
    Business Strategy

    Our business strategy focuses on providing safe and reliable service through our core, rate-regulated, asset-based utilities, with the goal of adding value to all of our stakeholders. Our utilities continue to advance our core safety, infrastructure and environmental investment programs, supported by complementary regulatory and customer initiatives across the six states in which we operate. In 2025, we entered into the ADS Contract, a customized agreement under which NIPSCO will provide electric service to ADS by procuring power from GenCo, which will develop related generation assets, and we expect our data center operations to continue to grow.

    Our goal is to develop strategies that (i) support long-term infrastructure investment and safety programs to better serve our customers, (ii) align our tariff structures with our cost structure, and (iii) drive value and enable growth in an evolving energy ecosystem. These strategies focus on improving safety and reliability, enhancing customer experience, pursuing regulatory and legislative initiatives to increase accessibility for customers currently not on our gas and electric service, ensuring customer affordability and reducing emissions while generating sustainable returns.
    We remain committed to the advancement of our SMS for the safety of our customers, communities and employees. Our SMS is the established operating model within NiSource. NiSource continues to maintain its certification to the American Petroleum Institute Recommended Practice 1173, which serves as the guiding practice for our SMS. In 2025, NiSource successfully maintained its ISO 55001 Asset Management certifications through LRQA, a global leader in engineering and technology services. These certifications reaffirm our unwavering commitment to safety for our employees and partners, customers, and systems and highlight our continued dedication to operational excellence and the integrity of our SMS.

    NiSource has two reportable segments: Columbia Operations and NIPSCO Operations. The remainder of our operations, which are not significant enough on a stand-alone basis to warrant treatment as an operating segment, consist of our centralized corporate activities and are primarily comprised of interest expense on holding company debt and unallocated corporate costs and activities, as well as new business development costs associated with GenCo. The following is a summary of the business for each reporting segment. Refer to Part II. Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and Note 21, "Business Segment Information," in the Notes to Consolidated Financial Statements for additional information related to each segment.
    Columbia Operations
    Columbia Operations provides natural gas to approximately 2.4 million residential, commercial and industrial customers in Ohio, Pennsylvania, Virginia, Kentucky, and Maryland. We operate approximately 37,300 miles of distribution main pipeline plus the associated individual customer service lines and 310 miles of transmission main pipeline located in our service areas described above. Throughout our service areas we also have gate stations and other operations support facilities. See below for information on our owned storage facilities. There were no significant disruptions to our system or facilities during 2025.
    8

    NISOURCE INC.
    ITEM 1. BUSINESS
    Facility NameLocationTypeStorage Capacity (MCF)
    Eagle Cove Propane
    Petersburg, VA
    		Propane Gas863 
    South Wales PropaneJeffersonton, VAPropane Gas863 
    Portsmouth Propane-AirPortsmouth, VAPropane-Air Gas17,300 
    Total Capacity19,026 


    Competition. Due to open access and the deregulation of natural gas supplies, our LDC customers can purchase gas directly from producers and marketers in an open, competitive market. Certain of our subsidiaries are involved in programs that provide our residential and commercial customers the opportunity to purchase their natural gas requirements from third parties and use our subsidiaries for transportation services. As of December 31, 2025, 34.9% of our residential customers and 41.1% of our commercial customers participated in such programs.
    We compete with (i) investor-owned, municipal, and cooperative electric utilities throughout our service areas, (ii) other regulated and unregulated natural gas intra and interstate pipelines and (iii) other alternate fuels, such as propane and fuel oil. We continue to be a well-positioned competitor in the energy markets in which we operate due to customer preference for natural gas.
    Additionally, we are subject to seasonal fluctuations in sales. Revenues from our gas distribution operations are more significant during the heating season, which is from October through May. Please refer to Part II, Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations - Results and Discussion of Operations - Columbia Operations," for additional information.
    NIPSCO Operations

    NIPSCO Operations includes the results of NIPSCO Holdings I and its majority-owned subsidiaries, including NIPSCO, which has fully regulated gas and electric operations in northern Indiana.
    NIPSCO Gas

    NIPSCO Gas distributes natural gas to approximately 0.9 million customers in northern Indiana. We operate approximately 18,100 miles of distribution main pipeline plus the associated individual customer service lines and 720 miles of transmission main pipeline located in our northern Indiana service areas. Throughout northern Indiana, we also have gate stations and other operations support facilities. See below for information on our owned storage facilities. There were no significant disruptions to our system or facilities during 2025.

    Facility Name
    Location
    Type
    Storage Capacity (MCF)
    Royal Center Underground Storage
    Royal Center, IN
    Natural Gas
    		7,240,000 
    Rolling Prairie LNG
    Rolling Prairie, IN
    Liquified Natural Gas
    		4,000,000 
    Total Capacities
    		11,240,000 

    Competition. Similar to the Columbia Operations segment, NIPSCO Gas operates in an open and competitive market which allows retail customers to purchase gas directly from producers and marketers. As of December 31, 2025, 6.8% of our residential customers and 18.5% of our commercial customers participated in such programs.
    We compete with (i) investor-owned, municipal, and cooperative electric utilities throughout our northern Indiana service area, (ii) other regulated and unregulated natural gas intra and interstate pipelines and (iii) other alternate fuels, such as propane and fuel oil. We continue to be a well-positioned competitor in the northern Indiana market due to customer preference for natural gas.
    Additionally, we are subject to seasonal fluctuations in sales. Revenues from our gas distribution operations are more significant during the heating season, which is from October through May. Please refer to Part II, Item 7, "Management's
    9

    NISOURCE INC.
    ITEM 1. BUSINESS
    Discussion and Analysis of Financial Condition and Results of Operations - Results and Discussion of Operations - NIPSCO Operations," for additional information.
    NIPSCO Electric

    We generate, transmit and distribute electricity to approximately 0.5 million customers in 20 counties in the northern part of Indiana. We also engage in wholesale electric and transmission transactions, and enter into customized agreements to provide electric service to data center customers. Our transmission system, has voltages from 69,000 to 765,000 volts, and consists of approximately 3,000 circuit miles. We are interconnected with eight neighboring electric utilities. We operate 65 transmission and 240 distribution substations, and own approximately 312,500 poles. We own and operate generation assets as well as source power through PPAs. We currently have eight renewable generation facilities in service, three of which were placed into service in 2025. As of December 31, 2025, we also have multiple PPAs that provide approximately 1,200 MW of capacity, with contracts expiring between 2038 and 2045. We also operate two hydroelectric generation facilities, a CCGT, and two coal generation facilities.

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    Financial statements

    data from SEC XBRL filings. Values are as-reported; restatements supersede originals. Values reported in .

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    From 10-Q filed 2026-10-28 (period ending 2026-09-30).

    ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
    NiSource Inc.
    43
    ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (continued)
    NiSource Inc.

    EXECUTIVE SUMMARY

    This Management's Discussion and Analysis of Financial Condition and Results of Operations ("Management’s Discussion") includes management’s analysis of past financial results and certain potential factors that may affect future results, potential future risks and approaches that may be used to manage those risks. See "Note regarding forward-looking statements" at the beginning of this report for a list of factors that may cause results to differ materially.

    Management's Discussion is designed to provide an understanding of our operations and financial performance and should be read in conjunction with our Condensed Consolidated Financial Statements (unaudited) included in this report and our Annual Report on Form 10-K for the fiscal year ended December 31, 2025.

    We are an energy holding company under the Public Utility Holding Company Act of 2005 whose primary subsidiaries are fully regulated natural gas and electric utility companies serving customers in six states. We generate substantially all of our operating income through these rate-regulated businesses, which are summarized for financial reporting purposes into two primary reportable segments: Columbia Operations and NIPSCO Operations. Refer to Note 16, "Business Segment Information," in the Notes to the Condensed Consolidated Financial Statements (unaudited) for further discussion of our business segments.

    Our vision is to be a premier, innovative and trusted energy partner. We exist to deliver safe, reliable and competitive energy that drives value to our customers. In order to achieve this goal, we seek to develop strategies that benefit all stakeholders as we (i) support long-term infrastructure investment and safety programs to better serve our customers, (ii) align our tariff structures and regulatory programs with our cost structure, and (iii) create value and enable growth in an evolving energy ecosystem. These strategies focus on improving safety and reliability, enhancing customer experience, pursuing regulatory and legislative initiatives to increase accessibility for customers currently not on our gas and electric service, ensuring customer value and reducing emissions while generating sustainable returns. The safety of our customers, communities and employees remains our focus. Serving as a guiding practice for our SMS, NiSource is certified in conformance to the American Petroleum Institute Recommended Practice 1173, which is the foundation to our journey towards operational excellence.

    Data Center Contracts and Strategy: NIPSCO recently entered into a data center contract with a new customer, Microsoft. Set forth below is a discussion of this new contract and other recent developments relating to our data center contracts and strategy. This discussion is supplemental to, and should be read in conjunction with, Part II Item 1A, "Risk Factors" of this report, as well as our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, in particular Part II, Item 7, "Management’s Discussion and Analysis of Financial Condition and Results of Operations—Executive Summary—ADS Contract and Data Center Strategy" and our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2026 and June 30, 2026, in particular Part I, Item 2, "Management's Discussion and Analysis of Financial Condition and Results of Operations—Executive Summary—Data Center Contracts and Strategy" in each such report.
    Microsoft Contract

    In October 2026, NIPSCO entered into an agreement with Microsoft, which will be submitted to the IURC for approval, under which NIPSCO will provide capacity and electricity services to Microsoft’s data center facility to be located in NIPSCO’s service territory pursuant to a capacity commitment beginning in 2028 and increases to 788 MW commencing in 2031 (the “Microsoft Contract”). The initial term of the Microsoft Contract ends 20 years after the initial energization of Microsoft’s data center. Microsoft will make an initial capacity payment in 2026, and commencing in the second quarter of 2027 through the end of the initial term, Microsoft will pay monthly capacity charges that are based on negotiated rates and actual consumption (subject to specified minimum amounts throughout the initial term), together with certain pass-through charges and an existing system charge which will be used to pass savings back to existing electric customers. These charges are structured to provide us with a return of and on our invested capital over the twenty-year initial term. The Microsoft Contract contains provisions for adjustment of the capacity charge designed to provide us with an unlevered internal rate of return on our invested capital over the initial term within a defined range, which we expect over the life of the Microsoft Contract to result in an overall realized return greater than that of NIPSCO’s current electric operations, driven by execution and financing. Our realized overall return may be impacted by factors such as construction costs, operating performance, financing costs and other variables. Either party may terminate the Microsoft Contract upon certain defaults or failure to obtain necessary related approvals from the IURC and FERC. If the Microsoft Contract is terminated (other than as a result of default by NIPSCO), the customer is required to make
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    ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (continued)
    NiSource Inc.

    certain termination payments that we believe will be sufficient to reimburse us for our investment costs, and NIPSCO has certain obligations to mitigate.

    The customer’s electricity supply under the Microsoft Contract will be provided through Pool Resource Assets. See “Data Center Strategy & Pool Resource Assets” below for additional information on our Pool Resource Assets model. NIPSCO will construct transmission infrastructure to connect Microsoft facilities to the grid. In addition, NIPSCO will enter into a PPA with GenCo in connection with the Microsoft Contract, which will be submitted to the IURC for approval.

    Construction Update

    GenCo continues to advance development of its new CCGT facility to support the ADS Contract. During the period, key project milestones included receipt of major permits, issuance of Full Notice to Proceed to our EPC contractor, continued engineering and procurement activities, and commencement of site construction. Current field activities include site preparation, mass grading, and other civil works supporting future power block construction. Following a change to construction plans for the CCGT facilities, it is now expected to reach commercial operation during 2030 (and technical and conforming amendments have been made to the ADS Contract).

    GenCo is also advancing the development of a combined 400 MW and 100 MW BESS installation. Engineering, procurement, and construction activities are progressing, with project mobilization completed and on-site work underway. Current activities include site preparation, roadway improvements, and other civil work supporting future battery system installation.

    NIPSCO continues to advance development activities supporting the planned data center, including permitting and other site development activities related to transmission infrastructure.

    Data Center Strategy & Pool Resource Assets

    We continue to experience strong demand from potential data center customers in our northern Indiana service territory and are engaged in negotiations with potential additional counterparties. Agreements we enter into with additional counterparties will be served by means of customized, dedicated generation assets, Pool Resource Assets, or a combination.

    With respect to customers to be served by Pool Resource Assets, NIPSCO will retain discretion to select and dispatch Pool Resource Assets to meet committed customer demand in a way that maintains reliability and efficiency without direct involvement or approval from specific customers. We believe this model will enable us to allocate generation resources more efficiently and provide us with greater flexibility to serve a broader range of potential customers.

    We evaluate potential transactions with Pool Resource Asset customers in the context of existing demand and resources within the pool in order to promote a sustainable alignment between committed customer demand within the pool and capacity available from Pool Resource Assets. GenCo also plans to construct two 239 MW F-frame CTs to be added to the Pool Resource Assets. GenCo has entered into the F-Frames EPC Contract with Quanta, and certain equipment supply contracts, including a contract to acquire turbines, with respect to the construction of these F-frame CTs. The target price, project scope and project schedule under the F-Frames EPC Contract are subject to change; however, based on our initial assessment, we believe that the F-frame CTs should reach commercial operation by the end of 2029. Our updated estimates of capital investments for GenCo for the period 2027 - 2031 set forth below under “Liquidity and Capital Resources—Cash Flow Activities—Investing Activities” include the amounts we currently expect to invest to construct the F-frame CTs; however such amounts are subject to change as we finalize the target price, scope and schedule for the related EPC contract. The F-frame CTs will be subject to approval by the IURC.

    In October 2026, GenCo entered into the AGP Tolling Agreement with AGP, pursuant to which AGP will develop, construct, own, and operate a 600 MWAC / 2,400 MWh stand-alone battery energy storage system (the "AGP Project") interconnected to the MISO electric transmission system. Under the AGP Tolling Agreement, GenCo will supply, at its expense, the electricity used to power the AGP Project and, in exchange for storage payments based on a fixed rate (subject to certain adjustments) and the AGP Project’s actual power capacity, will have the right to instruct dispatch of the AGP Project and receive the economic benefits of its available capacity, discharged energy, energy storage services, ancillary services and (if applicable) environmental attributes, including revenues generated from the sale of such products into the applicable MISO markets (the “Products”). See Note 14, "Other Commitments and Contingencies - D. Other Matters," for additional information.
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    ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (continued)
    NiSource Inc.

    As we evaluate data center opportunities, we focus on community, financial, operational, and regulatory factors to support our strategy. We believe this development can enhance Indiana's tax base, diversify employment, and add value for customers and shareholders. Simultaneously, we remain committed to responsibly managing power demand and environmental goals.

    In order to perform under any further data center contracts, we expect that we would need to develop or contract for additional generation and transmission assets, which may be significant, and obtain additional financing in connection with such development. For these and other reasons, our ability to successfully execute our data center strategy is subject to a number of risks and uncertainties. Refer to Part II, Item 1A, "Risk Factors" of this report and Part I, Item 1A, “Risk Factors” of our Annual Report on Form 10-K for the fiscal year ended December 31, 2025.

    Energy Transition: We continue to advance our energy transition strategy, primarily through the continuation and enhancement of existing programs, such as implementing our plan to retire and replace coal-fired electric generation with a balanced mix of low- or zero-emission electric generation, ongoing pipe replacement and modernization programs, and deployment of advanced leak detection and repair. Before the planned retirement of the R.M. Schahfer coal facility at the end of December 2025, NIPSCO received the first of successive emergency orders under Section 202(c) of the Federal Power Act, to continue operating in 90-day increments, currently through December 18, 2026. The orders stated that continued operation of R.M. Schahfer is required to meet an energy emergency across MISO’s North and Central regions. Consistent with the Federal Power Act and the U.S. Department of Energy regulations, the order authorizes NIPSCO to obtain cost recovery pursuant to 16 U.S.C. § 824a(c). For additional information, see Note 9, "Regulatory Matters," and see Part I, Item 1A. "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025.

    NIPSCO's 2021 Plan called for a new natural gas peaking facility to replace existing vintage gas peaking facilities at the R.M. Schahfer Generating Station to support system reliability and resiliency, and upgrades to the electric transmission system. Following approval by the IURC in October 2024, the construction of a new 400 MW natural gas peaking generation facility is underway, which is expected to support the planned retirement of the existing vintage gas peaking facilities by the end of 2028. Final retirement dates for these units will be subject to MISO approval.

    NIPSCO's 2024 Plan was submitted to the IURC on December 9, 2024. The 2024 Plan maintains the retirement decisions and capacity additions identified in the prior integrated resource plans and calls for additional generation resources through 2029 to support capacity requirements. The 2024 Plan informs future generation investments required to ensure reliability for NIPSCO’s customers and incorporates factors such as anticipated load growth from data centers and other economic development opportunities, EPA emissions rules, and evolving MISO resource accreditation rules.

    Given that the 90-day Section 202(c) emergency order could continue to be issued every 90 days to keep R.M. Schahfer open for the foreseeable future, and given that MISO's resource accreditations for renewables and storage remain uncertain, we are evaluating changes to our previously communicated resource timelines and alternative resource decisions. NIPSCO began its 2026 Plan in August that is expected to be completed in the first quarter of 2027. The 2026 Plan will evaluate the impacts of existing unit retirement dates and new resource decisions under various policy and market scenarios. NIPSCO conducted its first public stakeholder meeting for the 2026 Plan in September 2026, followed by its second public stakeholder meeting in October 2026. We plan to move as efficiently as possible while maintaining the integrity of our commercial, planning, regulatory, procurement and operational execution processes.

    We continue to enhance safety and reduce methane emissions on our gas systems through modernization programs and utilization of advanced leak detection and repair. In addition, we intend to advance other low- or zero-emission energy resources and technologies, such as hydrogen and renewable natural gas.

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    ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (continued)
    NiSource Inc.

    Transformation: We are modernizing and unlocking efficiencies within our systems and processes on operational excellence, safety, operation and maintenance management. These efforts include investments in proven technologies backed with standardized processes that are changing the way we plan, schedule, and execute work in the field and how we engage and provide service to our customers. We continue to focus on our customer technology platforms, which we believe will not only transform technology to enhance our employee and customer experiences, but also modernize systems and further reduce our enterprise risk related to end-of-life systems.

    Value Captured: During the first quarter of 2026, we initiated a multi-year program, Value Captured, aimed at accelerating certain transformation activities in response to growing customer affordability concerns. This program is focused on operational efficiencies, evaluating target operating models and improving long-term scalability. In the second quarter of 2026, we began our first phase of internal functional re-organization, resulting in involuntary employee separations. The separation benefits provided fall under our existing severance policy. The re-organization is ongoing and is expected to result in additional impacts.

    Economic Environment: We continue to monitor risks related to order and delivery lead times for construction and other materials, potential unavailability of materials due to global shortages in raw materials, and decreased construction labor productivity in the event of disruptions in the availability of materials. We continue to experience elevated material and supply costs in certain product sourcing categories driven by increased demand and tariffs. To the extent that work plan delays occur or our costs increase, our business operations, results of operations, cash flows, and financial condition could be materially adversely affected.
    Summary of Consolidated Financial Results
    A summary of our consolidated financial results for the three and nine months ended September 30, 2026 and 2025 is presented below:
    Three Months Ended September 30,
    Nine Months Ended September 30,
    (in millions, except per share amounts)20262025Favorable (Unfavorable)20262025Favorable (Unfavorable)
    Operating Revenues$1,349.4 $1,273.1 $76.3 $5,054.9 $4,739.3 $315.6 
    Operating Expenses
    Cost of energy207.3 193.6 (13.7)1,070.1 1,102.9 32.8 
    Other operating expenses801.8 782.0 (19.8)2,597.2 2,316.6 (280.6)
    Total Operating Expenses1,009.1 975.6 (33.5)3,667.3 3,419.5 (247.8)
    Operating Income340.3 297.5 42.8 1,387.6 1,319.8 67.8 
    Total Other Deductions, Net(188.2)(169.9)(18.3)(546.4)(435.5)(110.9)
    Income Taxes13.1 20.6 7.5 109.1 150.1 41.0 
    Net Income139.0 107.0 32.0 732.1 734.2 (2.1)
    Net income attributable to noncontrolling interest9.5 12.3 2.8 50.0 62.5 12.5 
    Net Income Attributable to NiSource129.5 94.7 34.8 682.1 671.7 10.4 
    Preferred dividends redemption premium
    		— — — 3.6 — 3.6 
    Net Income Available to Common Shareholders$129.5 $94.7 $34.8 $685.7 $671.7 $14.0 
    Earnings Per Share
    Basic Earnings Per Share
    		$0.27 $0.20 $0.07 $1.43 $1.42 $0.01 
    Diluted Earnings Per Share$0.27 $0.20 $0.07 $1.42 $1.42 $— 
    The majority of the costs of energy in both segments are tracked costs that are passed through directly to the customer, resulting in an equal and offsetting amount reflected in operating revenues.
    The increase in net income available to common shareholders for the three months ended September 30, 2026 was primarily due to higher revenues associated with the impact of new rates, lower property taxes, and lower income taxes partially offset by higher operation and maintenance expense, including costs associated with increased storm activity, depreciation expense and higher interest expense.
    The increase in net income available to common shareholders for the nine months ended September 30, 2026 was primarily due to higher revenues associated with the impact of new rates, lower property taxes, lower income taxes partially offset by higher
    47
    ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (continued)
    NiSource Inc.

    operation and maintenance expense, including work continuity and costs associated with increased storm activity, depreciation expense and higher interest expense.
    For additional information on operating income variance drivers see "Results and Discussion of Segment Operations" for Columbia Operations and NIPSCO Operations in this Management's Discussion.
    Income Taxes

    Refer to Note 12, "Income Taxes," in the Notes to the Condensed Consolidated Financial Statements (unaudited) for information on income taxes and the change in the effective tax rates for the periods presented.

    48
    ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (continued)
    NiSource Inc.
    NIPSCO Operations
    Financial and operational data for the NIPSCO Operations segment, which services both gas and electric customers, for the three and nine months ended September 30, 2026 and 2025 are presented below.
    Three Months Ended September 30,
    Nine Months Ended September 30,
    (in millions)20262025Favorable (Unfavorable)20262025Favorable (Unfavorable)
    NIPSCO Operations
    Operating Revenues
    		$835.5 $787.3 $48.2 $2,618.5 $2,409.8 $208.7 
    Operating Expenses
    Cost of energy157.5 135.2 (22.3)554.6 554.3 (0.3)
    Operation and maintenance231.3 215.1 (16.2)723.1 628.1 (95.0)
    Depreciation and amortization202.7 185.3 (17.4)587.6 492.5 (95.1)
    Loss on impairment of assets
    		— — — — 0.7 0.7 
    Loss on sale of assets0.4 — (0.4)0.4 — (0.4)
    Other taxes20.5 19.1 (1.4)60.8 55.7 (5.1)
    Total Operating Expenses612.4 554.7 (57.7)1,926.5 1,731.3 (195.2)
    Operating Income
    		$223.1 $232.6 $(9.5)$692.0 $678.5 $13.5 
    Three Months Ended September 30,
    Nine Months Ended September 30,
    (in millions)20262025Favorable (Unfavorable)20262025Favorable (Unfavorable)
    NIPSCO Electric
    Revenues
    Residential$252.2 $255.6 $(3.4)$615.8 $588.1 $27.7 
    Commercial222.4 211.5 10.9 579.8 533.3 46.5 
    Industrial180.8 156.9 23.9 498.5 434.1 64.4 
    Wholesale and Other
    		52.7 34.3 18.4 138.6 97.7 40.9 
    Total$708.1 $658.3 $49.8 $1,832.7 $1,653.2 $179.5 
    Sales (GWh)
    Residential1,094.6 1,115.2 (20.6)2,638.7 2,729.9 (91.2)
    Commercial1,057.9 1,040.2 17.7 2,852.2 2,821.7 30.5 
    Industrial2,413.6 2,158.2 255.4 6,811.2 6,328.2 483.0 
    Wholesale and Other
    		240.5 328.2 (87.7)644.1 794.9 (150.8)
    Total4,806.6 4,641.8 164.8 12,946.2 12,674.7 271.5 
    Cooling Degree Days639 640 (1)850 941 (91)
    Normal Cooling Degree Days603 588 15 874 852 22 
    % Warmer (Colder) than Normal
    		6 %9 %(3)%10 %
    % Colder than prior year— %(10)%
    NIPSCO Electric Customers
    Residential

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    Held by

    holders ( registered funds via N-PORT, institutional investors via 13F). Showing top by dollar value.

    Holder Type ETF MF Position ($) % of holder Δ % of holder Holder AUM

    Recent insider activity

    Last 90 days. Open-market trades (purchases & sales) by directors, officers, and 10%+ owners. 1 transaction across 1 insider. Net: -37,509 shares, -$1,590,389.

    Date Insider Role Action Shares Price Value
    2026-08-14 BIRMINGHAM MELODY EVP & Grp President, Utilities Sell -37,509 $42.40 -$1,590,389

    Source: SEC Form 4 filings.

    Next expected filings

    • ~2027-05-05 10-Q expected by 2027-05-11 (in 189 days)
    • ~2027-08-04 10-Q expected by 2027-08-10 (in 280 days)
    • ~2027-10-27 10-Q expected by 2027-11-02 (in 364 days)

    Predicted from historical filing cadence; not an SEC commitment.

    Recent SEC filings

    • 2026-10-28 8-K Earnings Release; Financial Statements and Exhibits
    • 2026-10-28 10-Q Quarterly Report
    • 2026-08-18 8-K Other Events; Financial Statements and Exhibits
    • 2026-08-14 424B2 Prospectus Supplement
    • 2026-08-05 8-K Earnings Release; Financial Statements and Exhibits
    • 2026-08-05 10-Q Quarterly Report
    • 2026-05-18 8-K Other Events; Financial Statements and Exhibits
    • 2026-05-12 424B2 Prospectus Supplement
    • 2026-05-06 8-K Earnings Release; Financial Statements and Exhibits
    • 2026-05-06 10-Q Quarterly Report
    • 2026-02-11 10-K Annual Report
    • 2026-02-11 8-K Earnings Release; Financial Statements and Exhibits
    • 2025-12-11 8-K Material Agreement Entered; Material Financial Obligation; Financial Statements and Exhibits
    • 2025-11-07 8-K Other Events; Financial Statements and Exhibits
    • 2025-10-31 8-K Material Agreement Entered; Other Events; Financial Statements and Exhibits