Nisource Inc 10-Q for FY2025 Q2

Nisource Inc. (NI)

10-Q 2025-08-06 For: 2025-06-30

Added on April 07, 2026

About this 10-Q

Nisource Inc filed this 10-Q on August 6, 2025, covering the quarter ended June 30, 2025 (FY2025 Q2).

Headline figures

Quarter ended June 30, 2025, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $1.25B; up 18.3% from $1.05B a year earlier
Net income: $102.2M; up 19.1% from net income of $85.8M a year earlier
Diluted EPS: $0.22; up 15.8% from $0.19 a year earlier

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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)


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


			Page

	Defined Terms		3

PART I	FINANCIAL INFORMATION

	Item 1.	Financial Statements - unaudited

		Condensed Statements of Consolidated Income (unaudited)	8

		Condensed Statements of Consolidated Comprehensive Income (unaudited)	9

		Condensed Consolidated Balance Sheets (unaudited)	10

		Condensed Statements of Consolidated Cash Flows (unaudited)	12

		Condensed Statements of Consolidated Equity (unaudited)	13

		Notes to Condensed Consolidated Financial Statements (unaudited)	16

	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	40

	Item 3.	Quantitative and Qualitative Disclosures About Market Risk	63

	Item 4.	Controls and Procedures	63

PART II	OTHER INFORMATION

	Item 1.	Legal Proceedings	64

	Item 1A.	Risk Factors	64

	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	64

	Item 3.	Defaults Upon Senior Securities	64

	Item 4.	Mine Safety Disclosures	64

	Item 5.	Other Information	64

	Item 6.	Exhibits	66

	Signature		67


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.
NIPSCO			Northern Indiana Public Service Company LLC
NIPSCO Holdings I			NIPSCO Holdings I LLC
NIPSCO Holdings II			NIPSCO Holdings II LLC
NIPSCO GenCo			NIPSCO Generation LLC
NiSource ("we," "us" or "our")			NiSource Inc.
Rosewater			Rosewater Wind Generation LLC and its wholly owned subsidiary, Rosewater Wind Farm LLC
Indiana Crossroads Wind			Indiana Crossroads Wind Generation LLC and its wholly owned subsidiary, Indiana Crossroads Wind Farm LLC
Indiana Crossroads Solar			Indiana Crossroads Solar Generation LLC and its wholly owned subsidiary, Meadow Lake Solar Park LLC
Dunns Bridge I			Dunn's Bridge I Solar Generation LLC and its wholly owned subsidiary, Dunns Bridge Solar Center, LLC
Gibson			Gibson Solar LLC
Fairbanks			Fairbanks Solar Generation LLC


Abbreviations and Other

AFUDC			Allowance for funds used during construction

AOCI			Accumulated Other Comprehensive Income (Loss)
ASC			Accounting Standards Codification
ASU			Accounting Standards Update
ATM			At-the-market
BIP			BIP Blue Buyer L.L.C
BIP Blue Buyer VCOC L.L.C			BIP Blue Buyer VCOC L.L.C., a Delaware limited liability company and also an affiliate of Blackstone
Blackstone			Blackstone Infrastructure Partners L.P
BTA			Build-transfer agreement


CCRs			Coal Combustion Residuals
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
CPCN			Certificate of Public Convenience and Necessity




DSIC			Distribution System Improvement Charge
DSM			Demand Side Management
Dunns Bridge II			Dunn's Bridge II Solar Generation Center

EPA			United States Environmental Protection Agency


DEFINED TERMS
EPS			Earnings per share
ERP			Enterprise Resource Planning
FAC			Fuel adjustment clause
FASB			Financial Accounting Standards Board

FMCA			Indiana Federally Mandated Cost Adjustment mechanism
GAAP			Generally Accepted Accounting Principles
GCA			Gas cost adjustment
GHG			Greenhouse gases
GWh			Gigawatt hours

IRA			Inflation Reduction Act of 2022
IRP			Ohio Infrastructure Replacement Program

IURC			Indiana Utility Regulatory Commission
JV			Joint Venture

LIFO			Last In, First Out
LIHEAP			Low Income Heating Energy Assistance Program

MGP			Manufactured Gas Plant
MISO			Midcontinent Independent System Operator
MMDth			Million dekatherms
MW			Megawatts
MWh			Megawatt hours

NIPSCO Electric			The electric generation and transmission activities of the NIPSCO Operations reportable segment
NIPSCO Gas			The gas distribution activities of the NIPSCO Operations reportable segment
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
OBBBA			One Big Beautiful Bill Act
OPEB			Other Postemployment Benefits


PHMSA			Pipeline and Hazardous Materials Safety Administration
PPA			Power Purchase Agreement





RNG			Renewable Natural Gas

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)


DEFINED TERMS
TDSIC			Indiana Transmission, Distribution and Storage System Improvement Charge
Templeton			Templeton Wind Energy Center


VIE			Variable Interest Entity
WAM			Work and Asset Management enterprise resourcing system


Index			Page
Condensed Statements of Consolidated Income (unaudited)			8
Condensed Statements of Consolidated Comprehensive Income (unaudited)			9
Condensed Consolidated Balance Sheets (unaudited)			10
Condensed Statements of Consolidated Cash Flows (unaudited)			12
Condensed Statements of Consolidated Equity (unaudited)			13
Notes to Condensed Consolidated Financial Statements (unaudited)			16
1. Basis of Accounting Presentation			16
2. Recent Accounting Pronouncements			16
3. Revenue Recognition			17
4. Noncontrolling Interests			21
5. Earnings Per Share			22


6. Equity			23
7. Short-Term Borrowings			24
8. Long-Term Debt			24

9. Regulatory Matters			25
10. Risk Management Activities			25
11. Fair Value			27
12. Goodwill			30
13. Income Taxes			30
14. Pension and Other Postemployment Benefits			30
15. Other Commitments and Contingencies			31
16. Accumulated Other Comprehensive Loss			34
17. Business Segment Information			35
18. Other, Net			38
19. Supplemental Disclosures of Cash Flow Information			39


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions, except per share amounts)	2025		2024		2025		2024
Operating Revenues
Customer revenues	$	1,246.5	$	1,054.1	$	3,396.0	$	2,697.1
Other revenues	36.5		30.6		70.2		93.9
Total Operating Revenues	1,283.0		1,084.7		3,466.2		2,791.0
Operating Expenses
Cost of energy	261.8		164.7		909.3		589.7
Operation and maintenance	396.2		357.7		824.0		736.1
Depreciation and amortization	286.7		253.5		545.3		495.6
Loss on impairment of assets	0.4		2.9		0.7		2.9
Loss on sale of assets, net	0.8		1.6		0.8		1.6
Other taxes	74.2		67.3		163.8		144.7
Total Operating Expenses	1,020.1		847.7		2,443.9		1,970.6

Operating Income	262.9		237.0		1,022.3		820.4
Other Income (Deductions)
Interest expense, net	(139.1)		(129.3)		(271.9)		(245.6)
Other, net	0.5		13.0		6.3		22.2

Total Other Deductions, Net	(138.6)		(116.3)		(265.6)		(223.4)
Income before Income Taxes	124.3		120.7		756.7		597.0
Income Taxes	23.8		17.6		129.5		93.6


Net Income	100.5		103.1		627.2		503.4
Net income (loss) attributable to noncontrolling interest	(1.7)		17.3		50.2		52.6
Net Income Attributable to NiSource	102.2		85.8		577.0		450.8
Preferred dividends	—		—		—		(6.7)
Preferred redemption premium	—		—		—		(14.0)
Net Income Available to Common Shareholders	$	102.2	$	85.8	$	577.0	$	430.1
Earnings Per Share
Basic Earnings Per Share	$	0.22	$	0.19	$	1.22	$	0.96
Diluted Earnings Per Share	$	0.22	$	0.19	$	1.22	$	0.95
Basic Average Common Shares Outstanding	471.0		448.5		470.6		448.2
Diluted Average Common Shares	472.1		450.2		472.3		449.8


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions, net of taxes)	2025		2024		2025		2024
Net Income	$	100.5	$	103.1	$	627.2	$	503.4
Other comprehensive income:
Net unrealized gain (loss) on available-for-sale debt securities(1)	1.0		—		1.8		(0.3)
Reclassification adjustment for cash flow hedges(2)	(0.1)		(0.1)		(0.2)		(0.2)
Unrecognized pension and OPEB benefit(3)	0.1		0.3		0.6		0.5
Total other comprehensive income	1.0		0.2		2.2		—
Comprehensive Income	$	101.5	$	103.3	$	629.4	$	503.4


(in millions)	June 30, 2025		December 31, 2024
ASSETS
Property, Plant and Equipment
Plant	$	36,448.3	$	34,152.9
Accumulated depreciation and amortization	(8,996.8)		(8,699.0)


Net Property, Plant and Equipment(1)	27,451.5		25,453.9
Investments and Other Assets
Unconsolidated affiliates	7.8		6.5
Available-for-sale debt securities (amortized cost of $147.9 and $91.9, allowance for credit losses of $0.1 and $0.1, respectively)	144.9		86.7
Other investments	107.0		85.5
Total Investments and Other Assets	259.7		178.7
Current Assets
Cash and cash equivalents	335.4		156.6
Restricted cash	30.2		42.0
Accounts receivable	805.9		987.9
Allowance for credit losses	(27.3)		(23.7)
Accounts receivable, net	778.6		964.2
Gas storage	148.2		179.6
Materials and supplies, at average cost	187.7		173.3
Electric production fuel, at average cost	32.1		36.2
Exchange gas receivable	33.0		45.7

Regulatory assets	287.1		319.9


Prepayments	143.5		138.5
Other current assets	23.0		24.2
Total Current Assets(1)	1,998.8		2,080.2
Other Assets
Regulatory assets	2,178.4		2,157.4
Goodwill	1,485.9		1,485.9

Deferred charges and other	654.6		432.0
Total Other Assets	4,318.9		4,075.3
Total Assets	$	34,028.9	$	31,788.1


(in millions, except share amounts)	June 30, 2025		December 31, 2024
CAPITALIZATION AND LIABILITIES
Capitalization
Stockholders’ Equity
Common stock - $0.01 par value,750,000,000 shares authorized; 470,784,423 and 469,822,472 shares outstanding, respectively	$	4.7	$	4.7

Treasury stock	(99.9)		(99.9)
Additional paid-in capital	9,538.0		9,521.5
Retained deficit	(532.1)		(711.7)
Accumulated other comprehensive loss	(28.2)		(30.4)
Total NiSource Stockholders’ Equity	8,882.5		8,684.2
Noncontrolling interest in consolidated subsidiaries	2,114.4		1,984.1
Total Stockholders’ Equity	10,996.9		10,668.3
Long-term debt, excluding amounts due within one year	14,473.8		12,074.5
Total Capitalization	25,470.7		22,742.8
Current Liabilities
Current portion of long-term debt	1,282.2		1,281.2
Short-term borrowings	—		604.6
Accounts payable	683.9		863.1
Dividends payable - common stock	135.1		—

Customer deposits and credits	159.9		268.8
Taxes accrued	172.4		173.4
Interest accrued	177.8		157.0

Asset retirement obligations	58.2		84.6
Exchange gas payable	80.7		91.8


Regulatory liabilities	194.9		150.5
Accrued compensation and employee benefits	161.3		268.2


Other accruals	305.9		170.2
Total Current Liabilities(1)	3,412.3		4,113.4
Other Liabilities

Deferred income taxes	2,387.2		2,281.6


Accrued liability for postretirement and postemployment benefits	200.5		207.5
Regulatory liabilities	1,459.0		1,431.2
Asset retirement obligations	754.8		698.6
Other noncurrent liabilities and deferred credits	344.4		313.0
Total Other Liabilities(1)	5,145.9		4,931.9
Commitments and Contingencies (Refer to Note 15, "Other Commitments and Contingencies")
Total Capitalization and Liabilities	$	34,028.9	$	31,788.1


Six Months Ended June 30, (in millions)	2025		2024
Operating Activities
Net Income	$	627.2	$	503.4
Adjustments to Reconcile Net Income to Net Cash from Operating Activities:

Depreciation and amortization	545.3		495.6
Deferred income taxes and investment tax credits	120.4		85.1
Loss on sale of assets	0.8		1.6


Payments for asset retirement obligations	(31.3)		(35.0)
Other adjustments	22.3		2.5
Changes in Assets and Liabilities:








Components of working capital(1)	(64.8)		(116.2)
Regulatory assets/liabilities	(23.7)		(5.9)


Deferred charges and other noncurrent assets	(14.9)		(32.7)
Other noncurrent liabilities and deferred credits	0.5		3.3
Net Cash Flows from Operating Activities	1,181.8		901.7
Investing Activities
Capital expenditures	(1,295.5)		(1,219.3)





Milestone payments to renewable generation asset developers	(958.0)		(320.8)
Advanced deposits	(160.9)		—
Other investing activities	(151.9)		(53.9)
Net Cash Flows used for Investing Activities	(2,566.3)		(1,594.0)
Financing Activities
Proceeds from issuance of long-term debt	2,362.0		1,734.5
Repayments of finance lease obligations	(10.9)		(13.5)

Repayment of short-term debt (maturity > 90 days)	—		(1,650.0)
Net change in commercial paper and other short-term borrowings	(604.6)		(754.6)
Issuance of common stock, net of issuance costs	6.8		5.6
Redemption of preferred stock	—		(486.1)
Preferred stock redemption premium	—		(14.0)
Equity costs, premiums and other debt related costs	(17.7)		(60.0)
Contributions from NIPSCO minority interest holders	134.3		59.7

Distributions to tax equity partners	(9.8)		(8.2)
Distribution to NIPSCO minority interest holders	(44.4)		(20.2)
Dividends paid - common stock	(264.2)		(237.9)
Dividends paid - preferred stock	—		(8.2)


Net Cash Flows from (used for) Financing Activities	1,551.5		(1,452.9)
Change in cash, cash equivalents and restricted cash	167.0		(2,145.2)
Cash, cash equivalents and restricted cash at beginning of period	198.6		2,281.1
Cash, Cash Equivalents and Restricted Cash at End of Period	$	365.6	$	135.9
(1) Refer to Note 19, "Supplemental Disclosures of Cash Flow Information," for additional information.


(in millions)	Common Stock		Preferred Stock		Treasury Stock		Additional Paid-In Capital		Retained Deficit		Accumulated Other Comprehensive Loss		Noncontrolling Interest in Consolidated Subsidiaries		Total
Balance as of April 1, 2025	$	4.7	$	—	$	(99.9)	$	9,522.6	$	(501.4)	$	(29.2)	$	2,049.2	$	10,946.0
Comprehensive Income:
Net income (loss)	—		—		—		—		102.2		—		(1.7)		100.5
Other comprehensive gain, net of tax	—		—		—		—		—		1.0		—		1.0
Dividends:
Common stock ($0.280 per share)	—		—		—		—		(132.9)		—		—		(132.9)

Noncontrolling Interests:
Contributions from noncontrolling interests	—		—		—		—		—		—		99.5		99.5
Distributions to noncontrolling interests	—		—		—		—		—		—		(32.6)		(32.6)

Stock issuances:




Employee stock purchase plan	—		—		—		1.9		—		—		—		1.9
Long-term incentive plan	—		—		—		11.4		—		—		—		11.4
401(k) and profit sharing	—		—		—		2.1		—		—		—		2.1

Balance as of June 30, 2025	$	4.7	$	—	$	(99.9)	$	9,538.0	$	(532.1)	$	(28.2)	$	2,114.4	$	10,996.9


(in millions)	Common Stock		Preferred Stock		Treasury Stock		Additional Paid-In Capital		Retained Deficit		Accumulated Other Comprehensive Loss		Noncontrolling Interest in Consolidated Subsidiaries		Total
Balance as of January 1, 2025	$	4.7	$	—	$	(99.9)	$	9,521.5	$	(711.7)	$	(30.4)	$	1,984.1	$	10,668.3
Comprehensive Income:
Net income	—		—		—		—		577.0		—		50.2		627.2
Other comprehensive gain, net of tax	—		—		—		—		—		2.2		—		2.2
Dividends:
Common stock ($0.840 per share)	—		—		—		—		(397.4)		—		—		(397.4)

Noncontrolling Interests:

Contributions from noncontrolling interests	—		—		—		—		—		—		134.3		134.3
Distributions to noncontrolling interests	—		—		—		—		—		—		(54.2)		(54.2)


Stock issuances:




Employee stock purchase plan	—		—		—		3.6		—		—		—		3.6
Long-term incentive plan	—		—		—		8.1		—		—		—		8.1
401(k) and profit sharing	—		—		—		4.8		—		—		—		4.8

Balance as of June 30, 2025	$	4.7	$	—	$	(99.9)	$	9,538.0	$	(532.1)	$	(28.2)	$	2,114.4	$	10,996.9


	Preferred	Common
Shares (in thousands)	Shares	Shares	Treasury	Outstanding
Balance as of April 1, 2025	—	474,581	(3,963)	470,618
Issued:


Employee stock purchase plan	—	48	—	48
Long-term incentive plan	—	62	—	62
401(k) and profit sharing	—	56	—	56



Balance as of June 30, 2025	—	474,747	(3,963)	470,784

	Preferred	Common
Shares (in thousands)	Shares	Shares	Treasury	Outstanding
Balance as of January 1, 2025	—	473,785	(3,963)	469,822
Issued:


Employee stock purchase plan	—	94	—	94
Long-term incentive plan	—	744	—	744
401(k) and profit sharing	—	124	—	124



Balance as of June 30, 2025	—	474,747	(3,963)	470,784


	Preferred	Common
Shares (in thousands)	Shares	Shares	Treasury	Outstanding
Balance as of April 1, 2024	—	452,161	(3,963)	448,198
Issued:
Employee stock purchase plan	—	58	—	58
Long-term incentive plan	—	66	—	66
401(k) and profit sharing	—	77	—	77


Balance as of June 30, 2024	—	452,362	(3,963)	448,399

	Preferred	Common
Shares (in thousands)	Shares	Shares	Treasury	Outstanding
Balance as of January 1, 2024	40	451,345	(3,963)	447,382
Issued:

Employee stock purchase plan	—	111	—	111
Long-term incentive plan	—	729	—	729
401(k) and profit sharing	—	177	—	177
Redeemed:
Series B and B-1 Preferred Stock	(40)	—	—	—
Balance as of June 30, 2024	—	452,362	(3,963)	448,399


Three months ended June 30, 2025 (in millions)	Columbia Operations		NIPSCO Operations		Corporate and Other		Total
Gas Distribution
Residential	$	397.0	$	114.2	$	—	$	511.2
Commercial	126.2		45.5		—		171.7
Industrial	37.6		22.6		—		60.2
Off-system	22.8		—		—		22.8


Miscellaneous(1)	8.7		3.3		—		12.0
Subtotal	$	592.3	$	185.6	$	—	$	777.9
Electric Generation and Power Delivery
Residential	$	—	$	163.9	$	—	$	163.9
Commercial	—		161.0		—		161.0
Industrial	—		133.5		—		133.5
Wholesale	—		11.9		—		11.9

Miscellaneous(1)	—		(1.7)		—		(1.7)
Subtotal	$	—	$	468.6	$	—	$	468.6
Total Customer Revenues(2)	592.3		654.2		—		1,246.5
Other Revenues(3)	8.9		26.4		1.2		36.5
Total Operating Revenues	$	601.2	$	680.6	$	1.2	$	1,283.0
(1)Amounts included in Columbia Operations primarily relate to earnings share mechanisms and late fees. Amounts included in NIPSCO Operations primarily relate to late fees and property rentals. (2)Customer revenue amounts exclude intersegment revenues. See Note 17, "Business Segment Information," for discussion of intersegment revenues. (3)Amounts included in Columbia Operations primarily relate to alternative revenue programs including weather normalization adjustment mechanisms. Amounts included in NIPSCO Operations primarily relate to alternative revenue programs including weather normalization adjustment mechanisms, MISO multi-value projects and revenue from non-jurisdictional transmission assets. Amounts included in Corporate and Other primarily relate to products and services revenue.

Three months ended June 30, 2024 (in millions)	Columbia Operations		NIPSCO Operations		Corporate and Other		Total
Gas Distribution
Residential	$	332.3	$	78.6	$	—	$	410.9
Commercial	96.9		30.7		—		127.6
Industrial	33.0		16.1		—		49.1
Off-system	10.6		—		—		10.6
Wholesale	0.2		—		—		0.2

Miscellaneous(1)	4.3		2.6		—		6.9
Subtotal	$	477.3	$	128.0	$	—	$	605.3
Electric Generation and Power Delivery
Residential	$	—	$	156.9	$	—	$	156.9
Commercial	—		154.4		—		154.4
Industrial	—		119.7		—		119.7

Wholesale	—		11.2		—		11.2
Public Authority	—		1.9		—		1.9
Miscellaneous(1)	—		4.7		—		4.7
Subtotal	$	—	$	448.8	$	—	$	448.8
Total Customer Revenues(2)	477.3		576.8		—		1,054.1
Other Revenues(3)	10.1		20.4		0.1		30.6
Total Operating Revenues	$	487.4	$	597.2	$	0.1	$	1,084.7
(1)Amounts included in Columbia Operations primarily relate to earnings share mechanisms and late fees. Amounts included in NIPSCO Operations, primarily relate to revenue refunds, public repairs and property rentals. (2)Customer revenue amounts exclude intersegment revenues. See Note 17, "Business Segment Information," for discussion of intersegment revenues. (3)Amounts included in Columbia Operations primarily relate to alternative revenue programs including weather normalization adjustment mechanisms. Amounts included in NIPSCO Operations primarily relate to alternative revenue programs including weather normalization adjustment mechanisms, MISO multi-value projects and revenue from non-jurisdictional transmission assets.


	June 30, 2025				December 31, 2024
(in millions)	Assets		Liabilities		Assets		Liabilities
Current(1)

Derivatives not designated as hedging instruments	$	16.6	$	1.7	$	9.1	$	2.3
Total	$	16.6	$	1.7	$	9.1	$	2.3
Noncurrent(2)

Derivatives not designated as hedging instruments	$	20.3	$	3.8	$	17.9	$	1.2
Total	$	20.3	$	3.8	$	17.9	$	1.2


Six months ended June 30, 2025 (in millions)	Columbia Operations		NIPSCO Operations		Corporate and Other		Total
Gas Distribution
Residential	$	1,248.2	$	405.6	$	—	$	1,653.8
Commercial	432.7		148.6		—		581.3
Industrial	85.5		54.0		—		139.5
Off-system	45.1		—		—		45.1


Miscellaneous(1)	20.7		8.0		—		28.7
Subtotal	$	1,832.2	$	616.2	$	—	$	2,448.4
Electric Generation and Power Delivery
Residential	$	—	$	331.8	$	—	$	331.8
Commercial	—		321.1		—		321.1
Industrial	—		276.1		—		276.1
Wholesale	—		19.5		—		19.5

Miscellaneous(1)	—		(0.9)		—		(0.9)
Subtotal	$	—	$	947.6	$	—	$	947.6
Total Customer Revenues(2)	1,832.2		1,563.8		—		3,396.0
Other Revenues(3)	9.6		58.2		2.4		70.2
Total Operating Revenues	$	1,841.8	$	1,622.0	$	2.4	$	3,466.2
(1)Amounts included in Columbia Operations primarily relate to earnings share mechanisms and late fees. Amounts included in NIPSCO Operations primarily relate to late fees and property rentals. (2)Customer revenue amounts exclude intersegment revenues. See Note 17, "Business Segment Information," for discussion of intersegment revenues. (3)Amounts included in Columbia Operations primarily relate to alternative revenue programs including weather normalization adjustment mechanisms. Amounts included in NIPSCO Operations primarily relate to alternative revenue programs including weather normalization adjustment mechanisms, MISO multi-value projects and revenue from non-jurisdictional transmission assets. Amounts included in Corporate and Other primarily relate to products and services revenue.

Six months ended June 30, 2024 (in millions)	Columbia Operations		NIPSCO Operations		Corporate and Other		Total
Gas Distribution
Residential	$	960.3	$	290.7	$	—	$	1,251.0
Commercial	317.3		105.4		—		$	422.7
Industrial	73.1		39.9		—		$	113.0
Off-system	23.4		—		—		$	23.4
Wholesale	1.0		—		—		$	1.0

Miscellaneous(1)	12.5		10.5		—		$	23.0
Subtotal	$	1,387.6	$	446.5	$	—	$	1,834.1
Electric Generation and Power Delivery
Residential	$	—	$	300.7	$	—	$	300.7
Commercial	—		297.3		—		$	297.3
Industrial	—		235.6		—		$	235.6

Wholesale	—		17.5		—		$	17.5
Public Authority	—		4.0		—		$	4.0
Miscellaneous(1)	—		7.9		—		$	7.9
Subtotal	$	—	$	863.0	$	—	$	863.0
Total Customer Revenues(2)	1,387.6		1,309.5		—		2,697.1
Other Revenues(3)	53.5		40.1		0.3		93.9
Total Operating Revenues	$	1,441.1	$	1,349.6	$	0.3	$	2,791.0
(1)Amounts included in Columbia Operations primarily relate to earnings share mechanisms and late fees. Amounts included in NIPSCO Operations, primarily relate to revenue refunds, public repairs and property rentals. (2)Customer revenue amounts exclude intersegment revenues. See Note 17, "Business Segment Information," for discussion of intersegment revenues. (3)Amounts included in Columbia Operations primarily relate to alternative revenue programs including weather normalization adjustment mechanisms. Amounts included in NIPSCO Operations primarily relate to alternative revenue programs including weather normalization adjustment mechanisms, MISO multi-value projects and revenue from non-jurisdictional transmission assets.


(in millions)	Customer Accounts Receivable, Billed (less reserve)		Customer Accounts Receivable, Unbilled (less reserve)
Balance as of December 31, 2024	$	525.1	$	408.1
Balance as of June 30, 2025	519.6		235.8


Recurring Fair Value Measurements June 30, 2025 (in millions)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance as of June 30, 2025
Assets

U.S. Treasury debt securities(1)	$	1.5	$	—	$	—	$	1.5
Risk management assets	—		36.9		—		36.9

Available-for-sale debt securities	—		144.9		—		144.9
Equity securities(2)(3)	$	6.1	$	—	$	—	$	6.1
Total	$	7.6	$	181.8	$	—	$	189.4
Liabilities

Risk management liabilities	$	—	$	5.5	$	—	$	5.5
Total	$	—	$	5.5	$	—	$	5.5


Recurring Fair Value Measurements December 31, 2024 (in millions)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance as of December 31, 2024
Assets


U.S. Treasury debt securities(1)	$	80.1	$	—	$	—	$	80.1
Risk management assets	—		27.0		—		27.0


Available-for-sale debt securities	—		86.7		—		86.7
Total	$	80.1	$	113.7	$	—	$	193.8
Liabilities

Risk management liabilities	$	—	$	3.5	$	—	$	3.5
Total	$	—	$	3.5	$	—	$	3.5


June 30, 2025 (in millions)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses(1)		Allowance for Credit Losses		Fair Value
Available-for-sale debt securities
U.S. Treasury debt securities	4.3		$	—	$	—	$	—	$	4.3
Corporate/Other debt securities	$	143.6	$	1.4	$	(4.3)	$	(0.1)	$	140.6
Total	$	147.9	$	1.4	$	(4.3)	$	(0.1)	$	144.9

December 31, 2024 (in millions)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses(2)		Allowance for Credit Losses		Fair Value
Available-for-sale debt securities

Corporate/Other debt securities	$	91.9	$	0.5	$	(5.6)	$	(0.1)	$	86.7
Total	$	91.9	$	0.5	$	(5.6)	$	(0.1)	$	86.7


(in millions)	Carrying Amount as of June 30, 2025		Estimated Fair Value as of June 30, 2025		Carrying Amount as of Dec. 31, 2024		Estimated Fair Value as of Dec. 31, 2024
Long-term debt (including current portion)	$	15,756.0	$	15,106.3	$	13,355.7	$	12,505.2


	Pension Benefits				OPEB
Three Months Ended June 30, (in millions)	2025		2024		2025		2024
Components of Net Periodic Benefit Cost(1)
Service cost	$	4.9	$	5.5	$	1.0	$	1.3
Interest cost	16.0		16.3		5.6		5.5
Expected return on assets	(23.1)		(23.8)		(4.2)		(4.0)
Amortization of prior service credit	—		—		(0.4)		(0.4)
Recognized actuarial loss	6.4		7.2		0.4		0.8

Total Net Periodic Benefit Cost	$	4.2	$	5.2	$	2.4	$	3.2
(1)The service cost component and all non-service cost components of net periodic benefit (income) cost are presented in "Operation and maintenance" and "Other, net," respectively, on the Condensed Statements of Consolidated Income (unaudited).


(in millions)	Gains and Losses on Securities(1)		Gains and Losses on Cash Flow Hedges(1)		Pension and OPEB Items(1)		Accumulated Other Comprehensive Loss(1)
Balance as of April 1, 2025	$	(3.2)	$	(13.3)	$	(12.7)	$	(29.2)
Other comprehensive income before reclassifications	1.0		—		(0.1)		0.9
Amounts reclassified from accumulated other comprehensive loss	—		(0.1)		0.2		0.1
Net current-period other comprehensive income (loss)	1.0		(0.1)		0.1		1.0

Balance as of June 30, 2025	$	(2.2)	$	(13.4)	$	(12.6)	$	(28.2)
(1)All amounts are net of tax. Amounts in parentheses indicate debits.
(in millions)	Gains and Losses on Securities(1)		Gains and Losses on Cash Flow Hedges(1)		Pension and OPEB Items(1)		Accumulated Other Comprehensive Loss(1)
Balance as of January 1, 2025	$	(4.0)	$	(13.2)	$	(13.2)	$	(30.4)
Other comprehensive income (loss) before reclassifications	1.8		—		0.2		2.0
Amounts reclassified from accumulated other comprehensive loss	—		(0.2)		0.4		0.2
Net current-period other comprehensive income (loss)	1.8		(0.2)		0.6		2.2

Balance as of June 30, 2025	$	(2.2)	$	(13.4)	$	(12.6)	$	(28.2)


Three Months Ended June 30, 2025
(in millions)	Columbia Operations		NIPSCO Operations		Total of Reportable Segments
Operating Revenues
External Revenue	$	601.2	$	680.6	$	1,281.8
Intersegment Revenue	3.5		0.2		3.7
Total Operating Revenue	$	604.7	$	680.8	$	1,285.5

Cost of energy	110.4		151.4		261.8
O&M	207.7		211.0		418.7
Depreciation	111.7		165.9		277.6
Total other taxes	52.4		18.1		70.5
Other segment items(1)	0.3		0.4		0.7




Operating Income	$	122.2	$	134.0	$	256.2


Three Months Ended June 30, 2024
(in millions)	Columbia Operations		NIPSCO Operations		Total of Reportable Segments
Operating Revenues
External Revenue	$	487.4	$	597.2	$	1,084.6
Intersegment Revenue	3.1		0.2		3.3
Total Operating Revenue	490.5		597.4		1,087.9

Cost of energy	56.3		108.4		164.7
O&M	191.3		187.5		378.8
Depreciation	99.4		143.0		242.4

Total other taxes	46.9		16.3		63.2
Other segment items(1)	—		(0.1)		(0.1)




Operating Income	$	96.6	$	142.3	$	238.9


Six Months Ended June 30, 2025
(in millions)	Columbia Operations		NIPSCO Operations		Total of Reportable Segments
Operating Revenues
External Revenue	$	1,841.8	$	1,622.0	$	3,463.8
Intersegment Revenue	6.7		0.5		7.2
Total Operating Revenue	$	1,848.5	$	1,622.5	$	3,471.0

Cost of energy	490.2		419.1		909.3
O&M	450.7		413.0		863.7
Depreciation	219.9		307.2		527.1
Total other taxes	119.4		36.6		156.0
Other segment items(1)	0.3		0.7		1.0




Operating Income	$	568.0	$	445.9	$	1,013.9


Six Months Ended June 30, 2024
(in millions)	Columbia Operations		NIPSCO Operations		Total of Reportable Segments
Operating Revenues
External Revenue	$	1,441.1	$	1,349.6	$	2,790.7
Intersegment Revenue	6.3		0.5		6.8
Total Operating Revenue	1,447.4		1,350.1		2,797.5

Cost of energy	285.1		304.6		589.7
O&M	402.0		378.8		780.8
Depreciation	197.6		275.7		473.3

Total other taxes	104.1		32.4		136.5
Other segment items(1)	—		(0.1)		(0.1)




Operating Income	$	458.6	$	358.7	$	817.3


Three Months Ended June 30, 2025
(in millions)	Total Reportable Segments		Corporate and Other		Eliminations		Consolidated NiSource
Total Operating Revenue	$	1,285.5	$	144.6	$	(147.1)	$	1,283.0
Operating Income	256.2		6.7		—		262.9


Index			Page
Executive Summary			41
Summary of Consolidated Financial Results			43
Results and Discussion of Segment Operations			44
Columbia Operations			45
NIPSCO Operations			48
Liquidity and Capital Resources			53
Regulatory, Environmental and Safety Matters			58
Market Risk Disclosures			61
Other Information			62


	Three Months Ended June 30,						Six Months Ended June 30,
(in millions, except per share amounts)	2025		2024		Favorable (Unfavorable)		2025		2024		Favorable (Unfavorable)
Operating Revenues	$	1,283.0	$	1,084.7	$	198.3	$	3,466.2	$	2,791.0	$	675.2
Operating Expenses
Cost of energy	261.8		164.7		(97.1)		909.3		589.7		(319.6)
Other Operating Expenses	758.3		683.0		(75.3)		1,534.6		1,380.9		(153.7)
Total Operating Expenses	1,020.1		847.7		(172.4)		2,443.9		1,970.6		(473.3)
Operating Income	262.9		237.0		25.9		1,022.3		820.4		201.9
Total Other Deductions, Net	(138.6)		(116.3)		(22.3)		(265.6)		(223.4)		(42.2)
Income Taxes	23.8		17.6		(6.2)		129.5		93.6		(35.9)


Net Income	100.5		103.1		(2.6)		627.2		503.4		123.8
Net income (loss) attributable to noncontrolling interest	(1.7)		17.3		19.0		50.2		52.6		2.4
Net Income Attributable to NiSource	102.2		85.8		16.4		577.0		450.8		126.2
Preferred dividends and redemption premium	—		—		—		—		(20.7)		20.7
Net Income Available to Common Shareholders	102.2		85.8		16.4		577.0		430.1		146.9
Earnings Per Share
Basic Earnings Per Share	$	0.22	$	0.19	$	0.03	$	1.22	$	0.96	$	0.26
Diluted Earnings Per Share	$	0.22	$	0.19	$	0.03	$	1.22	$	0.95	$	0.27


	Favorable (Unfavorable)
Changes in Operating Revenues (in millions)	Three Months Ended June 30, 2025 vs 2024		Six Months Ended June 30, 2025 vs 2024
New rates from base rate proceedings and regulatory capital programs	$	35.1	$	108.3
The effects of weather in 2025 compared to 2024	10.5		37.7
The effects of customer growth	1.5		3.1
The effects of customer usage	(1.3)		(7.6)


Other	1.0		0.8
Change in operating revenues (before cost of energy and other tracked items)	$	46.8	$	142.3
Operating revenues offset in operating expense
Higher cost of energy billed to customers	54.1		205.1
Higher tracker deferrals within operation and maintenance, depreciation, and tax	13.3		53.7

Total change in operating revenues	$	114.2	$	401.1


	Favorable (Unfavorable)
Changes in Operating Expenses (in millions)	Three Months Ended June 30, 2025 vs 2024		Six Months Ended June 30, 2025 vs 2024
Higher depreciation and amortization expense	$	(12.3)	(22.3)
Higher employee and administrative related expenses	(4.6)		$	(10.6)
Higher property tax	(1.8)		(4.8)








Other	(2.5)		4.8
Change in operating expenses (before cost of energy and other tracked items)	$	(21.2)	$	(32.9)
Operating expenses offset in operating revenue
Higher cost of energy billed to customers	(54.1)		(205.1)

Higher tracker deferrals within operation and maintenance, depreciation, and tax	(13.3)		(53.7)
Total change in operating expense	$	(88.6)	$	(291.7)


(in millions)
Company	Approved ROE		Requested Incremental Revenue		Approved Incremental Revenue		Filing Date	Rates Effective
Approved Rate Cases
Columbia of Pennsylvania(1)	None specified		$	124.1	$	74.0	March 15, 2024	December 2024
Columbia of Maryland	9.80	%	$	10.7	$	7.8	September 24, 2024	April 2025
Columbia of Kentucky	9.75	%	$	23.8	$	14.3	May 16, 2024	January 2025
Columbia of Virginia(2)	9.75	%	$	37.2	$	28.2	April 29, 2024	October 2024
Columbia of Ohio	9.60	%	$	221.4	$	68.3	June 30, 2021	March 2023
NIPSCO - Gas(3)	9.75	%	$	161.9	$	120.9	October 25, 2023	August 2024
NIPSCO - Electric(4)	9.75	%	$	368.7	$	257.0	September 12, 2024	July 2025
Pending Rate Cases
Columbia of Pennsylvania	In process		$	110.5	In process		March 20, 2025	December 2025



(4.1)			Form of 5.850% Notes due 2055 (incorporated by reference to Exhibit 4.1 to the NiSource Inc. Form 8-K filed on March 27, 2025).

(4.2)			Form of 5.350% Notes due 2035 (incorporated by reference to Exhibit 4.1 to the NiSource Inc. Form 8-K filed on June 27, 2025).

(31.1)			Certification of Chief Executive Officer pursuant to Rule 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*

(31.2)			Certification of Chief Financial Officer pursuant to Rule 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*

(32.1)			Certification of Chief Executive Officer pursuant to 18. U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith).*

(32.2)			Certification of Chief Financial Officer pursuant to 18. U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith).*

(101.INS)			Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

(101.SCH)			Inline XBRL Schema Document

(101.CAL)			Inline XBRL Calculation Linkbase Document

(101.LAB)			Inline XBRL Labels Linkbase Document

(101.PRE)			Inline XBRL Presentation Linkbase Document

(101.DEF)			Inline XBRL Definition Linkbase Document

(104)			Cover page Interactive Data File (formatted as inline XBRL, and contained in Exhibit 101.)

*			Exhibit filed herewith.
**			Schedules and similar attachments to this Exhibit have been omitted pursuant to Item 601(a)(5) of Regulation S-K. The Company agrees to furnish supplementally a copy of any omitted schedule or exhibit to the U.S. Securities and Exchange Commission (the “SEC”) upon request


/s/ Lloyd M. Yates
Lloyd M. Yates
President and Chief Executive Officer

Date: August 6, 2025