NiSource 10-Q 2026-03-31

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026

or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number 001-16189

NiSource Inc.

(Exact name of registrant as specified in its charter)

DE									35-2108964
(State or other jurisdiction of incorporation or organization)									(I.R.S. Employer Identification No.)
801 East 86th Avenue
Merrillville,			IN						46410
(Address of principal executive offices)									(Zip Code)

(614) 460-6000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class			Trading Symbol(s)			Name of Each Exchange on Which Registered
Common Stock, par value $0.01 per share			NI			NYSE

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes þ No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files.)

Yes þ No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer þ Accelerated filer ¨ Emerging growth company ☐ Non-accelerated filer ¨ Smaller reporting company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☑

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: Common Stock, $0.01 Par Value: 479,439,245 shares outstanding at April 29, 2026.

NISOURCE INC.

FORM 10-Q QUARTERLY REPORT

FOR THE QUARTER ENDED MARCH 31, 2026

Table of Contents

									Page
			Defined Terms						3
PART I			FINANCIAL INFORMATION
			Item 1.			Financial Statements - unaudited
						Condensed Statements of Consolidated Income (unaudited)			9
						Condensed Statements of Consolidated Comprehensive Income (unaudited)			10
						Condensed Consolidated Balance Sheets (unaudited)			11
						Condensed Statements of Consolidated Cash Flows (unaudited)			13
						Condensed Statements of Consolidated Equity (unaudited)			14
						Notes to Condensed Consolidated Financial Statements (unaudited)			16
			Item 2.			Management’s Discussion and Analysis of Financial Condition and Results of Operations			36
			Item 3.			Quantitative and Qualitative Disclosures About Market Risk			58
			Item 4.			Controls and Procedures			58
PART II			OTHER INFORMATION
			Item 1.			Legal Proceedings			59
			Item 1A.			Risk Factors			59
			Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds			59
			Item 3.			Defaults Upon Senior Securities			59
			Item 4.			Mine Safety Disclosures			59
			Item 5.			Other Information			59
			Item 6.			Exhibits			60
			Signature						61

DEFINED TERMS
The following is a list of frequently used abbreviations or acronyms that are found in this report:
NiSource Subsidiaries and Affiliates (not exhaustive)
Columbia of Kentucky			Columbia Gas of Kentucky, Inc.
Columbia of Maryland			Columbia Gas of Maryland, Inc.
Columbia of Ohio			Columbia Gas of Ohio, Inc.
Columbia of Pennsylvania			Columbia Gas of Pennsylvania, Inc.
Columbia of Virginia			Columbia Gas of Virginia, Inc.
GenCo			NIPSCO Generation LLC
Generation Holdings I			Generation Holdings I LLC
Generation Holdings II			Generation Holdings II LLC
NIPSCO			Northern Indiana Public Service Company LLC
NIPSCO Holdings I			NIPSCO Holdings I LLC
NIPSCO Holdings II			NIPSCO Holdings II LLC
NiSource ("we," "us" or "our")			NiSource Inc.
Rosewater			Rosewater Wind Generation LLC and its wholly owned subsidiary, Rosewater Wind Farm LLC
Indiana Crossroads Solar			Indiana Crossroads Solar Generation LLC and its wholly owned subsidiary, Meadow Lake Solar Park LLC
Indiana Crossroads Wind			Indiana Crossroads Wind Generation LLC and its wholly owned subsidiary, Indiana Crossroads Wind Farm LLC
Dunn's Bridge I			Dunn's Bridge I Solar Generation LLC and its wholly owned subsidiary, Dunn's Bridge Solar Center, LLC
Abbreviations and Other
ADS			Amazon Data Services, Inc,
ADS Contract			NIPSCO agreement to provide electricity to ADS' data centers
AFUDC			Allowance for funds used during construction
Alphabet			Alphabet, Inc.
Alphabet Contract			NIPSCO agreement to provide electricity to Alphabet's data centers
AOCI			Accumulated other comprehensive income (loss)
ASC			Accounting standards codification
ASU			Accounting standards update
ATM			At-the-market
BESS			Battery energy storage system
BIP Orion Holdco L.P.			BIP Orion Holdco L.P., a Delaware limited liability company and also an affiliate of Blackstone
BIP Orion Holdco II L.P.			BIP Orion Holdco II L.P., a Delaware limited liability company and also an affiliate of Blackstone
Blackstone			Blackstone Infrastructure Partners L.P.
Blackstone Investor			BIP Orion Holdco L.P. and BIP Orion Holdco II L.P. affiliates of Blackstone (GenCo Minority Interest Transaction) and Blackstone Infrastructure Partners, affiliates of Blackstone (NIPSCO Minority Interest Transaction)
BTA			Build-transfer agreement
CCGT			Combined cycle gas turbine
CCRs			Coal combustion residuals
CEO			Chief executive officer

DEFINED TERMS
CEP			Ohio capital expenditure program
CERCLA			Comprehensive Environmental Response Compensation and Liability Act (also known as Superfund)
CODM			Chief operating decision maker
Columbia Operations			Reportable segment comprised of the results of NiSource Gas Distribution company, including all of its Columbia Gas distribution companies and related subsidiaries
Contract Assets			Generation assets and related transmission infrastructure to be developed in connection with the ADS Contract
DSM			Demand side management
Dunn's Bridge II			Dunn's Bridge II Solar Generation LLC
EPA			United States Environmental Protection Agency
EPC			Engineering, procurement, and construction
EPC Contracts			Engineering, procurement, and construction contracts
EPS			Earnings per share
ESA			Energy storage agreement
FAC			Fuel adjustment clause
FASB			Financial Accounting Standards Board
FERC			Federal Energy Regulatory Commission
FMCA			Indiana federally mandated cost adjustment mechanism
GAAP			Generally Accepted Accounting Principles
GCA			Gas cost adjustment
GCT			Generation cost tracker
GenCo Minority Interest Transaction			A transaction between NiSource, Generation Holdings II (sole owner of GenCo) and Blackstone Investor entered into in October 2025, that offered equity interests in Generation Holdings II in exchange for capital contributions by the parties.
Generation Assets			Power generations facilities and battery storage to be developed in connection with the ADS Contract
Generation Holdings II LLC Agreement			Amended And Restated Limited Liability Company Agreement of Generation Holdings II
GHG			Greenhouse gases
GWh			Gigawatt hours
IRP			Ohio infrastructure replacement program
IURC			Indiana Utility Regulatory Commission
JV			Joint venture
MGP			Manufactured gas plant
MISO			Midcontinent Independent System Operator
MMDth			Million dekatherms
MW			Megawatts
MWh			Megawatt hours
NIPSCO Electric			The electric generation, transmission and distribution activities of the NIPSCO Operations reportable segment
NIPSCO Gas			The gas distribution activities of the NIPSCO Operations reportable segment
NIPSCO Holdings II LLC Agreement			Third Amended And Restated Limited Liability Company Agreement of NIPSCO Holdings II

DEFINED TERMS
NIPSCO Minority Interest Transaction			A transaction between NiSource, NIPSCO Holdings II (sole owner of NIPSCO) and an affiliate of Blackstone pursuant to a purchase and sale agreement entered into on June 17, 2023, that offered equity interests in NIPSCO Holdings II in exchange for capital contributions by the parties.
NIPSCO Operations			Reportable segment comprised of the results of NIPSCO Holdings I, NIPSCO Holdings II, and NIPSCO and all related subsidiaries
NYMEX			New York Mercantile Exchange
OPEB			Other postemployment benefits
PHMSA			Pipeline and Hazardous Materials Safety Administration
Pool Resource Assets			Portfolio of electric generation assets and related assets owned or contracted for by NIPSCO and/or its affiliates (primarily including GenCo) and designed to serve the needs of data center customers.
PPA			Power purchase agreement
ROE			Return on equity
SAVE			Steps to advance Virginia's energy plan
Scope 1 GHG Emissions			Direct emissions from sources owned or controlled by us (e.g., emissions from our combustion of fuel, vehicles, and process emissions and fugitive emissions)
Scope 2 GHG Emissions			Indirect emissions from sources owned or controlled by us
SEC			Securities and Exchange Commission
SMRP			Kentucky safety modification and replacement program
SMS			Safety management system
TCJA			An Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018 (commonly known as the Tax Cuts and Jobs Act of 2017)
TDSIC			Indiana transmission, distribution and storage system improvement charge
Templeton			Templeton Wind Energy LLC
VIE			Variable interest entity
2018 Plan			2018 integrated resource plan
2021 Plan			2021 integrated resource plan
2024 Plan			2024 integrated resource plan

Note regarding forward-looking statements

This Quarterly Report on Form 10-Q 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"). These forward-looking statements include, but are not limited to, statements concerning our plans, strategies, objectives, expected performance, planned 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 not statements of historical fact. Expressions of future goals and expectations and similar expressions reflecting something other than historical fact, including "may," "will," "should," "could," "would," "aims," "seeks," "expects," "plans," "anticipates," "intends," "believes," "estimates," "predicts," "potential," "targets," "forecast," and "continue," 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. Investors and prospective investors should understand that many factors impact whether any forward-looking statement contained herein will, or can be, realized. Any one of those factors could cause actual results to differ materially from those projected.

Factors that could cause actual results to differ materially from those projected in any forward-looking statement discussed in this Quarterly Report on Form 10-Q include, among other things:

• our ability to execute our business plan or growth strategy, including utility infrastructure investments, or business opportunities;

• our ability to manage data center growth in our service territories;

• potential incidents and other operating risks associated with our business;

• our ability to work successfully with our JV partners;

• our ability to construct, develop and place into service the Contract Assets, Pool Resource Assets and any other generation or transmission assets we develop to support future data center contracts on time or at all and consistent with initial cost estimates, as well as the performance of such assets once constructed and placed into service;

• our ability to obtain the significant additional financing required to construct the Contract Assets and any other generation or transmission assets we develop to support future data center contracts on favorable terms, if at all;

• our ability to recover our investments and realize our expected return under the ADS Contract and any future data center contracts that we enter into;

• our ability to maintain our investment grade credit ratings as we finance and pursue our data center strategy, including our performance under the ADS Contract and any future data center contracts that we enter into;

• ADS performance under the ADS Contract and the performance of our customers under any future data center contracts;

• any decisions by ADS to terminate or reduce the committed capacity under the ADS Contract or any decision by any customer under any future data center contract to terminate or reduce the committed capacity under the contract;

• potential changes in the MISO accreditation treatment of capacity resources;

• our ability to adapt to, and manage costs related to, advances in technology, including alternative energy sources and changes in related 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 workforce and maintain good labor relations;

• our ability to manage new initiatives and organizational changes;

• the performance and quality of third-party suppliers and service providers;

• our ability to manage the financial and operational risks related to achieving our carbon emission reduction goals, including our Net Zero Goal (as defined below), including any future associated impact from business opportunities such as data center development as those opportunities evolve;

• regulation and the impact of regulatory rate reviews;

• our ability to obtain expected financial or regulatory outcomes;

• potential cybersecurity attacks or security breaches;

• increased requirements and costs related to cybersecurity;

• any damage to our reputation;

• the impacts of natural disasters, acts of terrorism, acts of war or other catastrophic events;

• the physical impacts of climate change and the transition to a lower carbon future;

• our debt obligations;

• any changes to our credit ratings or the credit ratings of certain of our subsidiaries;

• adverse economic and capital market conditions, including increases in inflation or interest rates, recession, or changes in investor sentiment;

• the actions of activist stockholders;

• economic conditions in certain industries;

• the ability 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 Part I, Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and Part II, Item 1A, “Risk Factors,” of this report, and Part I, Item 1, “Business,” Part I, 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, 2025, 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 statement to reflect changed assumptions, the occurrence of anticipated or unanticipated events or changes to expected results over time or otherwise, except as required by law.

Index			Page
Condensed Statements of Consolidated Income (unaudited)			9
Condensed Statements of Consolidated Comprehensive Income (unaudited)			10
Condensed Consolidated Balance Sheets (unaudited)			11
Condensed Statements of Consolidated Cash Flows (unaudited)			13
Condensed Statements of Consolidated Equity (unaudited)			14
Notes to Condensed Consolidated Financial Statements (unaudited)			16
1. Basis of Accounting Presentation			16
2. Recent Accounting Pronouncements			16
3. Revenue Recognition			16
4. Noncontrolling Interests			19
5. Earnings Per Share			21
6. Equity			22
7. Short-Term Borrowings			22
8. Regulatory Matters			23
9. Risk Management Activities			24
10. Fair Value			26
11. Income Taxes			29
12. Pension and Other Postemployment Benefits			29
13. Other Commitments and Contingencies			30
14. Accumulated Other Comprehensive Loss			32
15. Business Segment Information			32
16. Other, Net			34
17. Supplemental Disclosures of Cash Flow Information			35

Table of Contents

PART I

ITEM 1. FINANCIAL STATEMENTS

NiSource Inc.

Condensed Statements of Consolidated Income (unaudited)

			Three Months Ended March 31,
(in millions, except per share amounts)			2026						2025
Operating Revenues
Customer revenues			$	2,322.3					$	2,149.5
Other revenues			40.8						33.7
Total Operating Revenues			2,363.1						2,183.2
Operating Expenses
Cost of energy			669.2						647.5
Operation and maintenance			489.2						427.8
Depreciation and amortization			288.3						258.6
Loss on impairment of assets			—						0.3
Other taxes			97.2						89.6
Total Operating Expenses			1,543.9						1,423.8
Operating Income			819.2						759.4
Other Income (Deductions)
Interest expense, net			(191.6)						(132.8)
Other, net			14.4						5.8
Total Other Deductions, Net			(177.2)						(127.0)
Income before Income Taxes			642.0						632.4
Income Taxes			85.8						105.7
Net Income			556.2						526.7
Net income attributable to noncontrolling interest			49.1						51.9
Net Income Attributable to NiSource			507.1						474.8
Preferred dividends redemption premium			3.6						—
Net Income Available to Common Shareholders			$	510.7					$	474.8
Earnings Per Share
Basic Earnings Per Share			$	1.06					$	1.01
Diluted Earnings Per Share			$	1.06					$	1.00
Basic Average Common Shares Outstanding			479.0						470.4
Diluted Average Common Shares			480.9						472.5

The accompanying Notes to Condensed Consolidated Financial Statements (unaudited) are an integral part of these statements.

Table of Contents

ITEM 1. FINANCIAL STATEMENTS (continued)

NiSource Inc.

Condensed Statements of Consolidated Comprehensive Income (unaudited)

			Three Months Ended March 31,
(in millions, net of taxes)			2026						2025
Net Income			$	556.2					$	526.7
Other comprehensive (loss) income:
Net unrealized (loss) gain on available-for-sale debt securities(1)			(1.2)						0.8
Reclassification adjustment for cash flow hedges			(0.1)						(0.1)
Unrecognized pension and OPEB benefit (costs)(2)			(1.7)						0.5
Total other comprehensive (loss) income			(3.0)						1.2
Comprehensive Income			$	553.2					$	527.9

(1)Net unrealized (loss) gain on available-for-sale debt securities, net of $0.3 million tax benefit and $0.2 million tax expense in the first quarter of 2026 and 2025, respectively.

(2)Unrecognized pension and OPEB benefit (cost), net of $1.5 million tax expense and $0.1 million tax expense in the first quarter of 2026 and 2025, respectively.

The accompanying Notes to Condensed Consolidated Financial Statements (unaudited) are an integral part of these statements.

Table of Contents

ITEM 1. FINANCIAL STATEMENTS (continued)

NiSource Inc.

Condensed Consolidated Balance Sheets (unaudited)

(in millions)			March 31, 2026						December 31, 2025
ASSETS
Property, Plant and Equipment
Plant			$	39,043.9					$	38,058.8
Accumulated depreciation and amortization			(9,616.5)						(9,370.6)
Net Property, Plant and Equipment(1)			29,427.4						28,688.2
Investments and Other Assets
Unconsolidated affiliates			8.2						8.1
Available-for-sale debt securities (amortized cost of $157.8 and $145.8)			156.7						146.1
Other investments			116.3						118.6
Total Investments and Other Assets			281.2						272.8
Current Assets
Cash and cash equivalents			71.9						110.1
Restricted cash			25.2						25.6
Accounts receivable			1,281.2						1,238.1
Allowance for credit losses			(46.1)						(40.6)
Accounts receivable, net			1,235.1						1,197.5
Gas storage			88.4						252.0
Materials and supplies, at average cost			193.8						189.0
Electric production fuel, at average cost			21.3						8.5
Exchange gas receivable			69.6						66.0
Regulatory assets			380.6						274.2
Income tax receivable			11.5						15.7
Prepayments			209.1						149.3
Other current assets			102.5						89.3
Total Current Assets(1)			2,409.0						2,377.2
Other Assets
Regulatory assets			2,301.9						2,225.2
Goodwill			1,485.9						1,485.9
Deferred charges and other(2)			695.6						809.4
Total Other Assets			4,483.4						4,520.5
Total Assets			$	36,601.0					$	35,858.7

(1)Includes $1,506.4 million and $1,312.7 million at March 31, 2026 and December 31, 2025, respectively, of net property, plant and equipment assets and $110.1 million and $90.1 million at March 31, 2026 and December 31, 2025, respectively, of current assets of consolidated VIEs that may be used only to settle obligations of the consolidated VIEs. Refer to Note 4, "Noncontrolling Interests," for additional information.

(2)Includes $199.0 million and $305.4 million at March 31, 2026 and December 31, 2025, respectively, of advanced deposits of project costs of consolidated VIEs that may be used only to settle obligations of the consolidated VIEs. Refer to Note 4, "Noncontrolling Interests," for additional information.

The accompanying Notes to Condensed Consolidated Financial Statements (unaudited) are an integral part of these statements.

Table of Contents

ITEM 1. FINANCIAL STATEMENTS (continued)

NiSource Inc.

Condensed Consolidated Balance Sheets (unaudited) (continued)

(in millions, except share amounts)			March 31, 2026						December 31, 2025
CAPITALIZATION AND LIABILITIES
Capitalization
Stockholders’ Equity
Common stock - $0.01 par value,750,000,000 shares authorized; 479,364,801 and 478,432,058 shares outstanding, respectively			$	4.8					$	4.8
Treasury stock			(99.9)						(99.9)
Additional paid-in capital			9,859.1						9,866.6
Retained deficit			(96.6)						(315.2)
Accumulated other comprehensive loss			(9.2)						(6.2)
Total NiSource Stockholders’ Equity			9,658.2						9,450.1
Noncontrolling interest in consolidated subsidiaries			2,269.3						2,209.8
Total Stockholders’ Equity			11,927.5						11,659.9
Long-term debt, excluding amounts due within one year			15,458.9						15,457.8
Total Capitalization			27,386.4						27,117.7
Current Liabilities
Current portion of long-term debt			16.8						19.7
Short-term borrowings			1,291.0						736.0
Accounts payable			999.3						1,124.5
Dividends payable - common stock			147.4						4.4
Customer deposits and credits			148.1						283.4
Taxes accrued			240.8						228.8
Interest accrued			218.8						206.2
Asset retirement obligations			49.9						55.0
Exchange gas payable			56.5						125.4
Regulatory liabilities			204.3						260.1
Accrued compensation and employee benefits			153.5						246.8
Other accruals			200.4						167.1
Total Current Liabilities(1)			3,726.8						3,457.4
Other Liabilities
Deferred income taxes			2,588.2						2,500.1
Deferred credits			79.6						77.2
Accrued liability for postretirement and postemployment benefits			157.9						153.1
Regulatory liabilities			1,579.1						1,513.3
Asset retirement obligations			793.4						781.9
Other noncurrent liabilities			289.6						258.0
Total Other Liabilities(1)			5,487.8						5,283.6
Commitments and Contingencies (Refer to Note 13, "Other Commitments and Contingencies")
Total Capitalization and Liabilities			$	36,601.0					$	35,858.7

(1)Includes $134.1 million and $56.9 million at March 31, 2026 and December 31, 2025, respectively, of current liabilities and $56.3 million and $55.7 million at March 31, 2026 and December 31, 2025, respectively, of other liabilities, and finance leases of $40.1 million at March 31, 2026 and December 31, 2025, respectively, of consolidated VIEs that creditors do not have recourse to our general credit. Refer to Note 4, "Noncontrolling Interests," for additional information.

The accompanying Notes to Condensed Consolidated Financial Statements (unaudited) are an integral part of these statements.

Table of Contents

ITEM 1. FINANCIAL STATEMENTS (continued)

NiSource Inc.

Condensed Statements of Consolidated Cash Flows (unaudited)

Three Months Ended March 31, (in millions)			2026						2025
Operating Activities
Net Income			$	556.2					$	526.7
Adjustments to Reconcile Net Income to Net Cash from Operating Activities:
Depreciation and amortization			288.3						258.6
Deferred income taxes and investment tax credits			75.8						91.3
Payments for asset retirement obligations			(15.5)						(10.4)
Other adjustments			18.3						7.1
Changes in Assets and Liabilities:
Components of working capital(1)			(531.5)						(205.3)
Regulatory assets/liabilities			50.5						10.3
Other noncurrent liabilities and deferred credits and charges			0.2						8.1
Net Cash Flows from Operating Activities			442.3						686.4
Investing Activities
Capital expenditures			(805.2)						(637.3)
Milestone payments to renewable generation asset developers			—						(554.2)
Advanced deposits			(22.4)						(125.3)
Other investing activities			(45.0)						(35.9)
Net Cash Flows used for Investing Activities			(872.6)						(1,352.7)
Financing Activities
Proceeds from issuance of long-term debt			—						741.5
Repayments of finance lease obligations			(5.9)						(5.5)
Net change in commercial paper and other short-term borrowings			555.0						166.4
Issuance of common stock, net of issuance costs			3.9						3.2
Equity costs, premiums and other debt related costs			(22.7)						(15.4)
Contributions from NIPSCO and GenCo minority interest holders			33.5						34.8
Distribution to NIPSCO minority interest holders			(19.9)						(17.5)
Distributions to tax equity partners			(3.2)						(4.1)
Dividends paid - common stock			(149.0)						(132.0)
Net Cash Flows from Financing Activities			391.7						771.4
Change in cash, cash equivalents and restricted cash			(38.6)						105.1
Cash, cash equivalents and restricted cash at beginning of period			135.7						198.6
Cash, Cash Equivalents and Restricted Cash at End of Period			$	97.1					$	303.7
(1) Refer to Note 17, "Supplemental Disclosures of Cash Flow Information," for additional information.

Reconciliation to Balance Sheet

(in millions)			March 31, 2026						December 31, 2025
Cash and cash equivalents			71.9						110.1
Restricted cash			25.2						25.6
Total Cash, Cash Equivalents and Restricted Cash			97.1						135.7

The accompanying Notes to Condensed Consolidated Financial Statements (unaudited) are an integral part of these statements.

Table of Contents

NiSource Inc.

Condensed Statements of Consolidated Equity (unaudited)

(in millions)			Common Stock												Treasury Stock						Additional Paid-In Capital						Retained Deficit						Accumulated Other Comprehensive Loss						Noncontrolling Interest in Consolidated Subsidiaries						Total
Balance as of December 31, 2025			$	4.8											$	(99.9)					$	9,866.6					$	(315.2)					$	(6.2)					$	2,209.8					$	11,659.9
Comprehensive Income:
Net income			—												—						—						507.1						—						49.1						556.2
Other comprehensive loss, net of tax			—												—						—						—						(3.0)						—						(3.0)
Dividends:
Common stock ($0.60 per share)			—												—						—						(292.1)						—						—						(292.1)
Noncontrolling Interests:
Contributions from noncontrolling interests			—												—						—						—						—						33.5						33.5
Distributions to noncontrolling interests			—												—						—						—						—						(23.1)						(23.1)
Stock issuances (redemptions):
Series A Preferred stock redemption premium			—												—						—						3.6						—						—						3.6
Employee stock purchase plan			—												—						1.9						—						—						—						1.9
Long-term incentive plan			—												—						(12.0)						—						—						—						(12.0)
401(k) and profit sharing			—												—						2.6

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