NISOURCE (NI) Company Report

On November 3, 2025, NiSource and lead underwriters agreed to offer $1,000,000,000 aggregate principal amount of 5.750% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due July 15, 2056; the sale closed November 7, 2025.
Notes accrue interest at 5.750% per annum from November 7, 2025 to July 15, 2031, then reset every five years to the Five-year U.S. Treasury Rate plus 2.035%, with a floor of 5.750%, payable semi-annually on January 15 and July 15.
Issued under the Subordinated Indenture dated May 16, 2024, as supplemented by a Third Supplemental Indenture on November 7, 2025; notes rank junior to all Senior Indebtedness and include provisions allowing NiSource to defer interest payments for up to 20 semi-annual periods and to redeem under specified tax or rating agency events.
NiSource plans to use net proceeds for general corporate purposes, including capital expenditures, working capital, and repayment of existing indebtedness.

Nov 7, 2025, 9:07 PM

8-K

NiSource announces $1.5 billion ATM equity program through 2028

NiSource launched an “at-the-market” equity offering program to sell up to $1.5 billion of its common stock through December 31, 2028.
The program engages 11 agents (including Barclays, BMO Capital Markets, BNP Paribas, BofA Securities, Goldman Sachs, J.P. Morgan, Mizuho, Morgan Stanley, MUFG, Scotia Capital and Wells Fargo) for sales and forward sale agreements.
Proceeds are intended for general corporate purposes, such as capital expenditures, working capital and debt repayment.
This new program supersedes the prior $900 million ATM offering from February 22, 2024, including approximately $47.5 million unsold under that facility.

Oct 31, 2025, 11:11 AM

8-K

NiSource reports Q3 2025 results and approves $7B Indiana data center plan

Earnings

Guidance Update

New Projects/Investments

NiSource delivered Q3 adjusted EPS of $0.19 (YTD $1.38), reaffirmed the upper half of its 2025 guidance of $1.85–$1.89, and introduced 2026 EPS guidance of $2.02–$2.07.
The Indiana Utility Regulatory Commission approved the GenCo model, enabling a $6–$7 billion data center contract to build two 1,300 MW combined-cycle gas turbines and 400 MW of battery storage, with IURC approval expected in H1 2026.
The five-year capital plan was refreshed to $21 billion for the base utility footprint and adds $7 billion of GenCo investments, totaling $28 billion, underpinning a consolidated EPS CAGR of 8–9% through 2033.
NiSource maintains strong credit metrics with 14–16% FFO to debt, a $1.5 billion equity commitment from Blackstone for a 19.9% GenCo stake, and a commercial pipeline of 1–3 GW of additional data center opportunities.

Oct 29, 2025, 3:00 PM

Transcript

NiSource reports Q3 2025 earnings and guidance update

Earnings

Guidance Update

New Projects/Investments

NiSource reported Q3 GAAP net income of $94.7 million (EPS $0.20) and adjusted EPS of $0.19 vs. $0.20 in Q3 2024.
Reaffirmed 2025 adjusted EPS guidance at $1.85–$1.89 and initiated 2026 consolidated adjusted EPS guidance at $2.02–$2.07.
Established a 3 GW power partnership for data center development in Northern Indiana, expecting $6.0–$7.0 billion of generation assets and earnings accretion from 2026.
Maintained long-term commitments: 6%–8% annual Base Plan adjusted EPS growth (2026–2030), 8%–9% consolidated adjusted EPS CAGR (2026–2033), and 14%–16% FFO/Debt through 2030.

Oct 29, 2025, 3:00 PM

Presentation

NiSource reports Q3 2025 results

Earnings

Guidance Update

New Projects/Investments

Q3 adjusted EPS of $0.19, YTD $1.38, reaffirming full-year $1.85–$1.89 guidance and initiating 2026 guidance of $2.02–$2.07.
Secured Indiana GenCo approval and full ownership of the Templeton Wind asset; launching ~$7 billion GenCo investments, expected to deliver ~$1 billion in customer savings and underpin a 3 GW generation platform for data centers.
Updated 5-year CapEx to $28 billion—$21 billion base plan plus $7 billion GenCo—projecting 6–8% base EPS growth through 2030 and an 8–9% consolidated EPS CAGR through 2033.
Executed agreement to build two 1,300 MW combined-cycle gas turbine plants and 400 MW of battery storage for $6–7 billion, under 15-year fixed-rate contracts; IURC approval expected H1 2026.

Oct 29, 2025, 3:00 PM

Transcript

NiSource reports Q3 2025 results and guidance update

Earnings

Guidance Update

New Projects/Investments

NiSource delivered Q3 adjusted EPS of $0.19 (YTD $1.38) and reaffirmed 2025 guidance of $1.85–$1.89, while initiating 2026 guidance of $2.02–$2.07; base business EPS growth remains 6–8% through 2030, with consolidated EPS growth of 8–9% through 2033.
Genco model approved by IURC in Indiana, unlocking a $6–7 billion data center contract to build 3 GW of combined-cycle capacity and 400 MW of battery storage under a 15-year fixed-rate contract, protecting retail customers from infrastructure costs.
Five-year capital plan refreshed to $28 billion (including $7 billion for Genco), with an additional $2 billion in upside projects; target 14–16% FFO to debt, supported by $1.5 billion equity from Blackstone for a 19.9% stake in Genco.
Continued regulatory progress with tracker programs in Ohio and Indiana, Pennsylvania rate case due by year-end, and AI-driven operational efficiencies delivering over 20% productivity uplifts.

Oct 29, 2025, 3:00 PM

Transcript

NiSource announces Q3 2025 financial results

Earnings

Guidance Update

New Projects/Investments

GAAP net income of $94.7 million and EPS of $0.20 for Q3 2025; non-GAAP adjusted EPS of $0.19, compared to $0.20 in Q3 2024.
Reaffirmed 2025 non-GAAP adjusted EPS guidance at $1.85–$1.89 and introduced 2026 guidance of $2.02–$2.07; extended base plan EPS growth of 6%–8% annually through 2026–2030 and consolidated EPS CAGR of 8%–9% for 2026–2033 alongside a $28.0 billion capex plan including ~$7.0 billion for data centers.
Additional information, including segment results and a presentation, is available on the Investors section of NiSource’s website, which the company will use for future important disclosures.

Oct 29, 2025, 10:39 AM

8-K

NiSource announces Q3 2025 results

Earnings

Guidance Update

New Projects/Investments

In Q3 2025, NiSource reported GAAP net income of $94.7 million and $0.20 EPS, up from $85.7 million and $0.19 EPS in Q3 2024.
Reaffirmed the upper half of its 2025 non-GAAP adjusted EPS guidance of $1.85–$1.89 and introduced 2026 consolidated adjusted EPS guidance of $2.02–$2.07.
Extended its base plan non-GAAP adjusted EPS growth guidance of 6%–8% annually through 2030 and introduced a 2026–2033 consolidated adjusted EPS CAGR of 8%–9%.
Announced a consolidated capital expenditure plan of $28.0 billion, including ~$7.0 billion for data center investments.

Oct 29, 2025, 10:30 AM

Press Release

NiSource announces data center power supply contract through 2032

New Projects/Investments

On September 18, 2025, NiSource’s subsidiary NIPSCO agreed to provide electric service under a capacity commitment to a large, investment-grade customer beginning in 2027 and increasing annually through 2032.
To meet this demand, NIPSCO Generation LLC plans to construct new dispatchable generation, having entered into engineering, procurement and construction and equipment supply contracts.
The project will be financed via a combination of debt and equity, potentially including minority equity investments and other structures as market conditions evolve.
NiSource will update its financial plan and provide additional details during its Q3 2025 earnings call and in its Form 10-Q for the quarter ending September 30, 2025.

Sep 22, 2025, 10:30 AM

8-K

NiSource issues $900 M 5.350% Notes due 2035 and $750 M 5.850% Notes due 2055

Debt Issuance

On June 23, 2025, NiSource Inc. entered into a Terms Agreement with lead underwriters to offer $900 million aggregate principal of 5.350% Senior Notes due 2035 and $750 million additional aggregate principal of 5.850% Senior Notes due 2055.
The offering closed on June 27, 2025; following issuance, the aggregate principal amount of outstanding 5.850% Notes due 2055 increased to $1.5 billion.
The Notes, issued under the November 14, 2000 Indenture, are senior unsecured obligations, and NiSource will use net proceeds for general corporate purposes, including capital expenditures, working capital and debt repayment.

Jun 27, 2025, 12:00 AM

8-K

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