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What guidance did Nisource's management provide for the next earnings period?

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What factors drove the changes in Nisource's revenue and profit?

- **Genco Growth**: $7 billion investment driving 8% to 9% EPS CAGR, with $1 billion customer savings and 2,000+ jobs.
- **Financial Discipline**: 14% to 16% FFO to debt, fixed-rate contracts, and Blackstone's $1.5 billion equity support.
- **Strategic Pipeline**: 3 GW data center pipeline, 2026 EPS of $2.02 to $2.07, and 6% to 8% utility growth.
- **Risk Management**: Regulatory compliance, construction timelines, and technology choices (battery vs. gas).

**【CEO Summary Section】**
- Announced a $7 billion investment in Genco, a new business model to serve large data center customers while protecting existing utility customers.
- Projected 6% to 8% annual EPS growth for the base utility business and 8% to 9% for the consolidated business (including Genco).
- Secured a data center contract with a large investment-grade customer, enabling $1 billion in savings for retail customers through cost flowback mechanisms.
- Highlighted economic development benefits, including 2,000+ jobs and tax revenue growth in Indiana.

**【CFO Financial Commentary】**
- Third-quarter adjusted EPS of $0.19, with 2025 guidance reaffirmed at $1.85 to $1.89 and 2026 guidance of $2.02 to $2.07.
- Total capital expenditure plan increased to $28 billion over five years, including $7 billion for Genco.
- Emphasized financial discipline: 14% to 16% FFO to debt ratio and risk management in Genco contracts (fixed rate structure, termination protections, and cost-sharing provisions).
- Blackstone's $1.5 billion equity commitment to Genco, supporting capital flexibility and minimizing dilution.

**【Q&A Highlights】**
- Customer quality: The data center partner is an investment-grade entity with a 2.4 GW load, part of a 3 GW pipeline.
- Credit metrics: No expected downgrade threshold change due to Genco's risk management (similar to utility business).
- Execution risks: Construction timelines, technology choices (e.g., battery vs. gas), and regulatory approvals (e.g., MISO compliance).

NiSource (NI)-29 Oct 25-2025 Q3 Earnings call transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

NI

NI fundamentals

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