NISOURCE Business Summary

NiSource Inc. (NI) operates as a leading fully regulated utility holding company, generating the vast majority of its revenue through rate-regulated natural gas and electric distribution services. The company’s primary business segments include Gas Distribution Operations, which serves approximately 3.3 million customers across six states via its Columbia Gas brands, and Electric Operations, conducted through Northern Indiana Public Service Company (NIPSCO). As of early 2026, NiSource has aggressively expanded its model to include a third strategic pillar, "GenCo," a dedicated generation subsidiary designed to serve large-load data center clients, highlighted by a landmark long-term agreement with Amazon. Within the competitive landscape, NiSource contends with major utility peers such as Duke Energy, American Electric Power (AEP), and Exelon, positioning itself as a high-growth, pure-play regulated utility with a specialized focus on infrastructure modernization and energy transition in the Midwest and Mid-Atlantic regions. Originally founded in 1912, NiSource is currently led by President and CEO Lloyd Yates, a veteran utility executive who previously held senior leadership roles at Duke Energy. The executive team includes Shawn Anderson as Executive Vice President and CFO, Michael Luhrs as EVP of Technology and Chief Commercial Officer, and Melody Birmingham as EVP and Group President of Utilities. This leadership core brings an average of 25 years of industry experience, overseeing a massive $28 billion capital investment plan through 2030. The company maintains a strong institutional investor base, with major holdings by Vanguard Group, BlackRock, and T. Rowe Price, and is governed by a board that emphasizes regulatory excellence and long-term shareholder returns through consistent dividend growth.