Atmos Energy (ATO) risk factors: FY2025 10-K

1. We are subject to federal, state, and local regulations that affect our operations and financial results.
2. Some of our operations are subject to increased federal regulatory oversight that could affect our operations and financial results.
3. We may experience increased federal, state, and local regulation of the safety of our operations.

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1. We may incur significant costs and liabilities resulting from pipeline integrity and other similar programs and related repairs.
2. Distributing, transporting, and storing natural gas involve risks that may result in accidents and additional operating costs.
3. If contracted gas supplies, interstate pipeline, and/or storage services are not available or delivered in a timely manner, our ability to meet our customers’ natural gas requirements may be impaired and our financial condition may be adversely affected.
4. Our operations are subject to increased competition.
5. Failure to attract and retain a qualified workforce could adversely affect our results of operations.
6. Natural disasters, adverse weather, terrorist activities, or other significant events could adversely affect our operations or financial results.

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1. The failure of technology may hinder the Company’s business operations and adversely affect its financial condition and results of operations.
2. Cyber-attacks or acts of cyber-terrorism 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.Cybersecurity
3. Compliance with and changes in cybersecurity requirements have a cost and operational impact on our business, and failure to comply with such laws and regulations could adversely impact our reputation, results of operations, financial condition, and/or cash flows.Cybersecurity

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1. Adverse weather conditions could affect our operations or financial results.
2. Legislation to reduce or eliminate greenhouse gas emissions or fossil fuels could increase our operating costs, adversely affecting our financial results, growth, cash flows, and results of operations.
3. The operations and financial results of the Company could be adversely impacted as a result of climate change.

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1. Our growth in the future may be limited by the nature of our business, which requires extensive capital spending.
2. The Company is dependent on continued access to the credit and capital markets to execute our business strategy.
3. We are exposed to market risks that are beyond our control, which could adversely affect our financial results.
4. The concentration of our operations in the State of Texas exposes our operations and financial results to economic conditions, weather patterns, and regulatory decisions in Texas.
5. A deterioration in economic conditions could adversely affect our customers and negatively impact our financial results.
6. Increased gas costs could adversely impact our customer base and customer collections and increase our level of indebtedness.
7. Our pension and other postretirement benefit plans are subject to investment and interest rate risk that could negatively impact our financial condition.Interest rates

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