Southwest Gas Holdings, Inc. (SWX): Business Model Canvas [Dec-2025 Updated]

You're digging into Southwest Gas Holdings, Inc. (SWX) now that the big Centuri sale is done, right? The story has completely flipped to a pure-play regulated gas utility, and understanding that new structure is key for valuation. We're looking at a business anchored by an extensive pipeline network serving over 2 million customer locations across Arizona, Nevada, and California, planning to pour about $880 million into system integrity and growth in 2025 alone. Honestly, seeing how they translate that massive capital spend into regulated rate base growth-like the $73.4 million in incremental margin they saw year-to-date Q3 2025-is where the real money story is. Dive into the full Business Model Canvas below to see exactly how this leaner utility generates its revenue and manages its costs.

Southwest Gas Holdings, Inc. (SWX) - Canvas Business Model: Key Partnerships

You're looking at the core relationships that keep Southwest Gas Holdings, Inc. moving gas safely across Arizona, Nevada, and California. These aren't just vendor lists; these are the regulatory bodies and financial backers that define the utility's operating envelope.

State Public Utility Commissions (Arizona, Nevada, California)

The regulatory commissions are central partners, setting the rules for investment recovery and customer rates. The Arizona Corporation Commission (ACC) approved a capital tracker program in the second quarter of 2025. Furthermore, the ACC approved an annual revenue increase of $59 million in March 2025, which included an allowed return on equity of 9.84% on an equity layer of 48.5%. In Nevada, Governor Lombardo signed Senate Bill 417 in June 2025, enabling alternative ratemaking, which the Public Utilities Commission of Nevada (PUCN) will now implement. A PUCN decision approved an annual revenue increase of $59 million, authorizing a 9.5% return on common equity based on a 50% debt/50% equity capital structure. You can expect the California rate case approval in the fourth quarter of 2025, and the Great Basin Gas Transmission Company (GBGTC) Rate Case Approval was targeted for the first quarter of 2025.

These regulatory milestones directly impact the authorized rate base growth, projected to be between 6.0% and 8.0% compounded annual growth rate from 2025 through 2029. It's all about getting the cost of service reflected in the rates.

Natural gas producers and interstate pipeline operators

For Great Basin Gas Transmission Company (GBGTC), the key partnerships are with the shippers who commit to capacity. The 2028 Expansion Project Binding Open Season closed with indicative capacity requests up to ~1.76 Bcf per day. This project represents an incremental capital investment opportunity of approximately $800 million to $1.2 billion, with a later estimate reaching $1.2 billion to $1.6 billion. The capacity is underpinned by minimum twenty-year firm transportation service agreements, with an anticipated expansion rate between $14 and $17 per dekatherm per month.

These agreements lock in cash flows for the incremental capacity, which is estimated to total approximately 1.25 billion cubic feet per day (Bcf/d).

Financial institutions for debt and capital markets funding

Southwest Gas Holdings, Inc. is actively managing its balance sheet to maintain a strong investment-grade rating, which currently stands at BBB+ from S&P as of September 22, 2025. The company is targeting a 50/50 capital structure. A major partnership event involved the full separation of Centuri Holdings, Inc. (CTRI), where two final sell-downs generated approximately $879 million of net proceeds. These proceeds, along with follow-on offerings that generated over $470 million in debt reduction by Q2 2025, allowed Southwest Gas Holdings to fully repay the SWX Term Loan and bank debt. The SWX $300M revolving credit facility now matures in August 2029. The issuance of debt for the trailing twelve months ended in September 2025 was $214 Mil.

Here's a quick look at the financing and credit strength:

Local municipalities for infrastructure planning and permits

Working with local municipalities is essential for securing rights-of-way and permits for system upgrades and new service extensions. The utility added approximately 40,000 new meter sets during the twelve months ended June 30, 2025, representing a 1.8% customer growth rate. This growth requires coordination for new construction and service territory expansions, such as the California Fort Irwin Expansion Project approved by the CPUC.

The utility's capital expenditures for the Natural Gas Distribution segment were $570.4 million for the nine months ended September 30, 2025, which covers new construction and pipeline replacement projects requiring local sign-off.

Major construction/engineering firms for pipeline projects

The physical work of maintaining and expanding the system relies on external construction and engineering expertise. Southwest Gas Corporation's estimated capital expenditures for 2025 guidance totaled approximately $880 million. This includes system integrity work and major projects like the Great Basin Expansion, which involves significant construction of pipeline, meter stations, and valve facilities. The company is also upgrading infrastructure with the construction of a liquefied natural gas (LNG) storage facility near Tucson, AZ. Contractors are verified using badges with the Southwest Gas logo or contractor logo, ensuring alignment on safety and execution standards.

Key operational metrics related to system investment include:

• Capital Expenditures (Natural Gas Distribution, 9M ended Sep 30, 2025): $570.4 million
• Estimated 2025 CapEx Guidance: ~$880 million
• Great Basin 2028 Expansion Capital Opportunity: $800 million to $1.6 billion
• Customer Growth (12 months ended Jun 30, 2025): 40,000 new meter sets

Finance: draft 13-week cash view by Friday.

Southwest Gas Holdings, Inc. (SWX) - Canvas Business Model: Key Activities

You're looking at the core engine of Southwest Gas Holdings, Inc. (SWX) now that they've completed the full separation from Centuri. The focus is squarely on the regulated natural gas utility, which means the key activities revolve around infrastructure, regulation, and customer delivery.

Operating and maintaining the regulated natural gas distribution system

This is the bread and butter. Southwest Gas Corporation is committed to providing safe, reliable, and resilient service to its customer base. As of late 2025, the utility serves over 2,258,000 total customers across Arizona, Nevada, and California. The estimated rate base for 2024 was $6.4 billion. The company achieved a trailing 12-month utility Return on Equity (ROE) of 8.3% as of the third quarter of 2025, up from a prior period.

The core operational success is reflected in the financial uplift from the utility segment:

• Year-to-date utility net income improved by 11% for the nine months ended September 30, 2025.
• Customer growth added approximately 40,000 first-time meter sets over the last twelve months, equating to a 1.8% growth rate.
• For the nine months ended September 30, 2025, operating margin was higher by $92.3 million compared to the prior year.

Capital investment in system integrity and growth (projected $880 million in 2025)

Keeping the pipes safe and expanding the network requires significant capital deployment. Southwest Gas Holdings reaffirmed its projection for 2025 capital expenditures to be ~$880 million, supporting customer growth, system improvements, and pipe replacement programs. Looking further out, the projected capital expenditures for the period 2025 through 2029 total $4,300 million.

A major growth driver is the Great Basin Gas Transmission Company's 2028 Expansion Project, which has an associated potential incremental capital investment opportunity estimated between $1.2 billion to $1.6 billion. System integrity work is also formalized through mechanisms like the Arizona System Integrity Mechanism (SIM), which was approved on July 9, 2025, to allow for timely recovery of safety-related pipe replacement investments.

Here's a quick look at the investment and growth outlook:

Managing regulatory rate cases and compliance filings

Regulatory management is critical for cost recovery and ensuring a fair return. Southwest Gas Holdings achieved a significant win in Arizona in March 2025, securing an annual revenue increase of ~$80.2 million, which included an increase in the allowed Return on Equity to 9.84% on an equity layer of 48.5%. The company is actively managing its rate case schedule; updated rates are expected to take effect in California in January 2026. Furthermore, Southwest Gas Holdings plans to file new rate cases in Arizona and Nevada early in 2026, seeking approval for new rates and alternative forms of ratemaking.

Purchasing and transporting natural gas supply

The utility activity includes the purchasing and transporting of natural gas for its customers. The Great Basin Gas Transmission Company is a key part of this, with expanded potential demand for its 2028 Expansion Project reaching up to ~1.76 Bcf per day. The company is currently in negotiations on initial precedent agreements with potential new shippers for this transmission capacity.

Customer service and emergency response

Providing service means being available when needed. For emergency response, the public contact number for a suspected natural gas leak is 877-860-6020, which should be called immediately, regardless of customer status. The company is focused on high customer satisfaction while serving its over 2 million customers.

The utility saw its operating margin increase by $26.8 million in the three months ended September 30, 2025, compared to the prior year quarter, with $1.6 million of that attributable to customer growth.

Finance: draft 13-week cash view by Friday.

Southwest Gas Holdings, Inc. (SWX) - Canvas Business Model: Key Resources

You're looking at the core assets that let Southwest Gas Holdings, Inc. operate and grow its regulated utility business, which is now fully focused on natural gas distribution after the September 2025 exit from Centuri Holdings, Inc. These resources are what underpin the stability and future capital deployment for Southwest Gas Corporation.

Extensive regulated natural gas pipeline network in three states

The physical infrastructure is massive, serving millions of homes and businesses across the Southwest. The Great Basin Gas Transmission Company, a wholly owned subsidiary, operates an interstate pipeline system spanning approximately 898 miles, connecting supply to the distribution network in Nevada and Northern California. The core asset, the distribution network, supports over 2 million customers.

The customer base distribution across the service territories as of late 2025 is detailed below:

Exclusive service territories (Arizona, Nevada, California)

Southwest Gas Corporation holds the regulated right to serve these specific geographic areas, which creates a significant barrier to entry for competitors in its core markets. This exclusivity is crucial for justifying long-term capital investments, like the potential 2028 Great Basin Expansion Project, which has seen demand requests up to ~1.76 Bcf per day.

Strong balance sheet with approximately $600 million cash on hand (post-Centuri sale)

Following the final closing of the Centuri separation in September 2025, Southwest Gas Holdings reported having about $600 million in cash on hand at the Holding Company level. Management stated these resources are expected to primarily support future capital investments at Southwest Gas Corporation. This cash position, combined with the full repayment of holding company debt, significantly strengthens the parent company's leverage profile.

Highly skilled field operations and engineering workforce

While a precise headcount isn't readily available, the operational capability is evidenced by recent growth and project execution. The utility added approximately 40,000 new meter sets in the twelve months ended June 30, 2025, representing a 1.8% customer growth rate over that period. The workforce is tasked with executing significant capital programs, including the Great Basin Expansion, which involves an estimated incremental capital investment opportunity of $800 million to $1.2 billion for the 2028 phase alone.

Regulatory assets (e.g., approved rate base, capital trackers)

The authorized rate base, which represents the assets on which the company is allowed to earn a regulated return, is a primary financial asset. The estimated total rate base for 2025E is projected to be $6.9 billion, up from an estimated $6.4 billion in 2024A. The company also benefits from mechanisms that allow for more timely cost recovery:

• System Integrity Mechanism (SIM) approved in Arizona on July 9, 2025, to recover investments in safety-related pipe replacement.
• The March 2025 Arizona general rate case approved an annual revenue increase of approximately $80 million.
• The Arizona allowed Return on Equity (ROE) was set at 9.84% on an equity layer of 48.5% as of March 2025.
• Rates are fully decoupled in all jurisdictions, meaning margins are less sensitive to weather-driven volume fluctuations.

The ability to secure rate relief and implement trackers like the SIM is a tangible, recurring financial resource.

Southwest Gas Holdings, Inc. (SWX) - Canvas Business Model: Value Propositions

You're looking at the core promises Southwest Gas Holdings, Inc. (SWX) makes to its customers and stakeholders as of late 2025. These aren't just mission statements; they are backed by concrete operational and financial commitments.

Safe and reliable delivery of essential natural gas service

Reliability is paramount for a regulated utility. Southwest Gas Holdings, Inc. focuses on maintaining a high standard of service integrity across its operations in Arizona, Nevada, and California.

• Maintained emergency response times, responding to 76.4% of emergencies within 30 minutes in 2024, placing them in the top 25% of the industry.
• The utility achieved a trailing 12-month Return on Equity (ROE) of 8.3% as of September 30, 2025.

The commitment to system integrity is reflected in capital allocation, though the most recent full-year data available is from 2024 for this specific metric.

Price stability through regulated rate mechanisms

Price stability comes from working within the regulatory structure to align rates with costs and investments, reducing the lag between incurring costs and recovering them through customer rates. This is a key focus area for the management team.

• The Arizona Corporation Commission (ACC) approved an annual revenue increase of approximately $80.2 million in March 2025, which included an allowed return on equity of 9.84% on an equity layer of 48.5%.
• For the three months ended September 30, 2025, updated rates added approximately $22.3 million of incremental margin.
• For the nine months ended September 30, 2025, updated rates added approximately $73.4 million of incremental margin to operating income.
• Legislation in Nevada (SB 417) allows for alternative ratemaking, anticipated to support price stability and reduce regulatory lag.

The company also continues its annual attrition adjustment mechanism.

Fueling economic and residential growth in high-demand service areas

Southwest Gas Holdings, Inc. serves over 2 million customers across Arizona, Nevada, and California, and its value proposition includes supporting the energy needs of growing communities. This growth translates directly into increased throughput and rate base expansion.

The customer base expanded significantly over the trailing twelve months.

• Southwest Gas added approximately 40,000 new meter sets during the 12 months ended September 30, 2025.
• This resulted in a customer growth rate of 1.8% over the same period.
• Customer growth contributed an additional $1.6 million of incremental margin in the third quarter of 2025.

The expected growth trajectory is tied to rate base expansion.

Modernized infrastructure via continuous capital investment

To maintain safety and reliability while accommodating growth, Southwest Gas Holdings, Inc. commits substantial capital to its distribution system. The company fully repaid its term loan and bank debt following the separation from Centuri Holdings, Inc., strengthening its balance sheet to fund these investments.

• Projected capital expenditures for fiscal year 2025 are approximately $880 million.
• Total projected capital expenditures for the five-year span from 2025 to 2029 are $4.3 billion.
• The company had over $360 million in cash as of the end of 2024.

The company expects cash flow from operations combined with beginning-of-year cash on hand to fund the entire 2025 capital expenditure program at the utility. This investment supports the expected rate base growth.

Support for energy transition and sustainable energy solutions

Southwest Gas Holdings, Inc. is committed to providing sustainable energy solutions, detailed in its 2024 Sustainability Report, which underscores its dedication to environmental, social, and governance (ESG) priorities.

• The 2024 report highlights progress in reducing greenhouse gas emissions and investing in renewable energy technologies.
• In 2024, the company spent $245 million with diverse suppliers.

The company has also made significant investments to boost supply reliability.

The company anticipates filing rate cases in Arizona and Nevada early next year seeking approval for new rates, which will better align investment recovery with the work being done in communities.

Southwest Gas Holdings, Inc. (SWX) - Canvas Business Model: Customer Relationships

Southwest Gas Holdings, Inc. (SWX) operates under a structure where customer choice is virtually non-existent within its franchised service territories across Arizona, Nevada, and California. This is the definition of a regulated monopoly relationship.

The scale of this relationship is substantial, serving a total customer base of 2,258,000 as of the end of 2024, broken down by state: 1,210,000 in Arizona, 841,000 in Nevada, and 207,000 in California. The customer base is growing; Southwest Gas added approximately 40,000 first-time meter sets during the twelve months ending June 30, 2025, representing a 1.8% customer growth rate over that period. To support this growth and system integrity, Southwest Gas outlined a 2025 capital expenditure plan of $880 million.

Customer interactions are primarily transactional, centered on billing and payment processing. For customers needing to discuss options or manage accounts, the dedicated customer solutions line is 877-860-6020. The company offers several structured payment and assistance options to manage these transactional relationships:

• Equal Payment Plan for fixed monthly amounts.
• Installment Plan for customers with outstanding bills.
• Energy Share, which is an emergency fund utility assistance program.
• The Energy Savings Assistance (ESA) program for income-qualified customers to increase home energy efficiency at no cost.

Dedicated customer service centers and field teams handle direct inquiries and critical emergencies. If you suspect a natural gas leak, the required protocol is to call 911 and Southwest Gas immediately at 877-860-6020, regardless of whether you are a customer. The company also provides specific contact methods for hearing-impaired customers via the relay service at 711.

Proactive communication focuses heavily on safety and energy conservation, which directly impacts the customer experience. For instance, in April 2025, Arizona celebrated Safe Digging Month, with Southwest Gas promoting the free service of calling 811 before digging. Furthermore, in June 2025, the company shared summer safety and energy saving tips ahead of the Fourth of July celebrations. These communications often include actionable advice, such as setting a programmable thermostat to 68 degrees when home, if medically safe.

The relationship is heavily shaped by regulatory mandates, resulting in specific customer protection programs. For example, in Nevada, the signing of Senate Bill 417 in June 2025 allows for alternative ratemaking, which the company anticipates will positively impact price stability and consumer protection enhancements. The Energy Savings Assistance (ESA) program is one such regulatory-driven initiative available to income-qualified customers. The company also anticipates filing rate cases in Arizona and Nevada early in 2026, seeking approval for new rates and alternative ratemaking forms.

Southwest Gas Holdings, Inc. (SWX) - Canvas Business Model: Channels

The physical delivery of natural gas relies on an extensive, regulated infrastructure network. Southwest Gas Corporation, the primary operating subsidiary, maintains this system to serve its customer base across Arizona, Nevada, and California. Capital investment channels significant funds into maintaining and expanding this physical asset base. For 2025, capital expenditures supporting customer growth and system improvements are projected to be approximately $880 million.

The Great Basin Gas Transmission Company, a wholly owned subsidiary, operates its own infrastructure, which includes an existing 898-mile transmission system in Northern Nevada. This system is a key channel for delivering gas to a growing service area, with a potential expansion project estimated to require an incremental capital investment opportunity of approximately $800 million to $1.2 billion.

The core physical channel is the connection to the end-user via meter sets. Southwest Gas Corporation is committed to exceeding the expectations of over 2 million customers in its service territories.

Here's a look at the customer base distribution, based on the latest available figures:

Customer acquisition through this physical channel remains strong, as the Utility added approximately 40,000 first-time meter sets during the twelve months ended September 30, 2025, reflecting a 1.8% customer growth rate over the same period.

Digital channels provide self-service account management. While specific adoption rates aren't public, the company supports customer interaction through digital means.

• Online customer portal for billing and service requests.
• Mobile applications for on-the-go account access.

Direct customer support is maintained through traditional service channels. These teams are essential for emergency response, new service hookups, and maintenance.

• Dedicated call centers for customer service inquiries.
• Local field service teams for in-person support and infrastructure work.

Regulatory interaction is a critical, though less visible, channel for revenue realization and service authorization. The company actively engages with state commissions to secure cost recovery and rate adjustments. The Utility achieved a trailing 12-month Return on Equity (ROE) of 8.3% as of September 30, 2025, driven by regulatory progress and cost management. For instance, in Nevada, new legislation was enacted in June 2025 allowing for alternative ratemaking plans, and updated rates were approved in Arizona in March 2025.

The company plans to file rate cases in Arizona and Nevada early next year seeking approval for new rates. Also, updated rates are expected to take effect in California this upcoming January.

Southwest Gas Holdings, Inc. (SWX) - Canvas Business Model: Customer Segments

Southwest Gas Holdings, Inc., through its subsidiary Southwest Gas Corporation, serves its customer base across Arizona, Nevada, and California. The company is committed to exceeding the expectations of over 2 million customers in these states.

The customer base is primarily served by the natural gas distribution division, which is responsible for roughly half of Southwest Gas Holdings' total revenue. The growth in this core segment is a key driver of financial performance.

The customer base is segmented based on usage and service type, reflecting the regulated utility's operational structure.

• Residential customers are the primary base, showing consistent growth.
• Commercial and small business enterprises contribute to roughly half of the natural gas distribution revenue.
• Industrial and large-volume natural gas users are tracked under Large Volume Customer Updates.
• New housing and commercial real estate developers are a focus area, supported by capital allocation to new business.
• Natural gas transportation service shippers are an active area, with initial agreements being negotiated with potential new shippers at Great Basin Gas Transmission.

Customer growth contributed approximately $1.6 million of incremental margin in the third quarter of 2025 compared to the same period in 2024. For the nine months ended September 30, 2025, customer growth was responsible for approximately $9.2 million of higher operating margin.

Southwest Gas Holdings, Inc. (SWX) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive the regulated natural gas distribution business of Southwest Gas Holdings, Inc. as we move through late 2025. For a utility like this, the cost structure is heavily weighted toward commodity purchase and system upkeep, which you'll see reflected in the numbers we have from the first three quarters of the year.

Cost of purchased natural gas (a pass-through cost)

The single largest variable cost is the natural gas itself, which Southwest Gas Corporation purchases and then passes through to customers. While the commodity cost is recovered, the timing difference creates balance sheet impacts, seen in the deferred purchased gas cost (PGA) balances. These balances represent amounts due to or from the utility related to gas costs that haven't yet been reflected in customer rates. As of March 31, 2025, the deferred PGA balances were a net liability of $282 million; this grew to a net liability of $349 million by June 30, 2025. This shift suggests that, at those points in time, the actual cost of gas purchased exceeded the amount collected through current rates, creating a short-term cash flow consideration, even if it's ultimately recoverable.

Significant capital expenditures for infrastructure upgrades

Keeping the pipes safe and expanding the system to meet growing demand requires serious investment. For the full year 2025, capital expenditures are projected to be approximately $880 million. This spending supports customer growth, system improvements, and critical pipe replacement programs. This figure aligns with the company's multi-year plan, which previously projected a total capital investment of $\$4,300$ million for the 2025-2029 period. It's defintely a major, non-negotiable cost center for a regulated utility.

Here's a quick look at how that CapEx fits into the overall picture:

Operations and maintenance (O&M) expenses, including labor and safety

Operations and maintenance (O&M) covers the day-to-day running of the system, including labor, safety protocols, and routine maintenance. The company has been actively managing this line item. For the first quarter of 2025, O&M expense actually decreased by $1.5 million compared to the first quarter of 2024. However, looking at the trailing twelve months ending June 30, 2025, O&M expense was up $5.6 million, or 2%, year-over-year. The stated goal is to achieve flat O&M expense per customer across the 2024-2026 period, which shows a focus on efficiency gains offsetting inflation and growth. You can see the cost drivers below:

• Labor and safety protocols
• Routine pipeline inspection and repair
• General administrative overhead

Interest expense on remaining debt (reduced post-Centuri sale)

The financial structure changed significantly as Southwest Gas Holdings, Inc. completed the full separation of Centuri Holdings, Inc. (CTRI). Proceeds from the final sell-downs, which generated approximately $879 million in net proceeds, were used to fully repay the SWX term loan and bank debt. This debt reduction has had a clear, positive impact on interest expense. For the nine months ended September 30, 2025, corporate and administrative expenses improved primarily due to lower interest expense on debt. Similarly, the second quarter of 2025 income improvement was largely due to lower interest expense between comparable periods. While interest expense did increase in Q1 2025 by $8.2 million compared to Q1 2024-driven by interest on the over-collected PGA balance-the overall trend post-Centuri separation is toward lower core debt interest costs, leading to an upgrade in both SWX and SWG S&P Credit Ratings to BBB+.

Regulatory and compliance costs

Regulatory costs are embedded in the O&M and capital recovery mechanisms. Compliance is non-negotiable, but regulatory outcomes can either increase or decrease the effective cost burden. In 2025, constructive developments were key. The Arizona Corporation Commission (ACC) approved a capital tracker program in March 2025. Furthermore, Nevada enacted Senate Bill 417 in June 2025, which is anticipated to positively impact regulatory cost reduction. These regulatory actions are designed to better align investment recovery with costs incurred, which helps stabilize the cost recovery side of the equation, even if the initial filing and compliance efforts themselves carry administrative costs.

Southwest Gas Holdings, Inc. (SWX) - Canvas Business Model: Revenue Streams

You're looking at the core ways Southwest Gas Holdings, Inc. brings in cash now that the focus is entirely on the regulated natural gas utility business following the Centuri separation. The revenue picture is heavily tied to regulated rates, customer volume, and regulatory recovery mechanisms.

The primary revenue driver is the regulated tariff sales of natural gas and associated service fees. While specific line items for pure transportation and storage fees aren't itemized separately in the latest releases, their impact is visible through the Operating Margin growth, which reflects the allowed rate of return on utility assets.

Here's a look at the key drivers impacting the utility's recognized margin and income as of the nine months ended September 30, 2025:

Customer growth is a tangible revenue input. Southwest Gas Holdings added approximately 40,000 new meter sets over the twelve months ending September 30, 2025, representing a 1.8% customer growth rate.

The overall financial performance expectation for the core utility business is reflected in the net income guidance. Management reaffirmed its 2025 full-year guidance, expecting net income from continuing operations toward the top end of the range of $265 million to $275 million. For context, the year-to-date net income from continuing operations through the first nine months of 2025 reached $371.5 million. The third quarter of 2025 itself saw net income from continuing operations of $4.2 million.

Earnings from non-utility sources are less emphasized post-separation, but residual impacts exist. For instance, in the third quarter of 2025, Income tax expense was $4.6 million higher, which included impacts from corporate-owned life insurance (COLI). Consolidated operating revenues for the third quarter of 2025 were reported at $316.9 million.

You should also note the following operational metrics that underpin revenue stability:

• Trailing 12-month utility Return on Equity (ROE) reached 8.3%.
• Total system throughput for the first nine months of 2025 was 159.81 million dekatherms.

Finance: draft 13-week cash view by Friday.