NEURACAP
Sector ReportSep 28, 2026 · 22 pages · Free to read

Gas Utilities Sector Outlook — September 2026

NeuraCap's Gas Utilities sector outlook: who plays, how the market prices them, what has transacted, and what it means for owners, operators and acquirers.

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Key figures

16.6x
Sector median P/E
17.4x
Premium end P/E vs 13.4x at the discount end
16
Transactions with disclosed terms

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UTILITIES › UTILITIES › GAS UTILITIES

Gas Utilities: Premiums Sit with Durable Earnings

The report shows how business mix, forecast growth and recovery quality shape relative standing.

September 2026 · Prepared by NeuraCap AI · Confidential

Market data as of 2026-09-28 · primary valuation basis P / E (CY2027E)

Gas Utilities Coverage | September 2026 | Confidential | Not investment advice

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Executive summary

Gas utilities occupy distinct valuation lanes shaped by business mix, forecast growth and the durability of regulated earnings. Regulated gas sits above the adjacent utility models, while the forward premium raises the proof required from rate-base conversion, earned returns and funding capacity. Precedent transactions reinforce the importance of operating fit, regulatory scale and recoverable infrastructure investment.

Key findings

  • Regulated Gas Sits Above the Adjacent Models
  • The Forward Premium Needs Durable Earnings
  • Faster Growth Travels With a Modest Premium
  • Balanced Growth and Margin Stand Apart

What each page shows

The analyst’s walkthrough of the deck, page by page.

  1. 01
    UTILITIES › UTILITIES › GAS UTILITIES

    Gas Utilities: Premiums Sit with Durable Earnings

    Gas Utilities: Premiums Sit with Durable Earnings.

    Cover — Gas Utilities sector insights, September 2026. Prepared by NeuraCap AI; market data as of 2026-09-28; primary valuation basis P / E (CY2027E). The framing line carries the deck's finding with the figures stripped. 1

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    UTILITIES › UTILITIES › GAS UTILITIES Gas Utilities: Premiums Sit with Durable Earnings The report shows how business mix, forecast growth and recovery quality shape relative standing. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis P / E (CY2027E) Gas Utilities Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

  2. 02
    CONTENTS

    What This Report Covers

    What This Report Covers.

    Contents — the report runs 5 numbered sections plus the appendix: the bottom line, the landscape, valuation & situations, precedent transactions, strategic implications. The Bottom Line comes first by design: a reader who stops after section 01 still leaves with the whole story. 2

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    CONTENTS What This Report Covers 01 The Bottom Line Regulated Gas Sits Above Adjacent Utility Models 02 The Landscape Business Mix Creates Distinct Valuation Lanes 03 Valuation & Situations The Premium End Requires Durability Beyond Forecasts 04 Precedent Transactions Buyers Continue to Back Regulated Utility Expansion 05 Strategic Implications Recovery Quality Turns Investment into Durable Standing 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Gas Utilities Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

  3. 03
    01 · THE BOTTOM LINE

    Gas Utilities Place Regulated Gas Above Adjacent Electric and Diversified Models

    Gas Utilities Place Regulated Gas Above Adjacent Electric and Diversified Models.

    Gas Utilities Place Regulated Gas Above Adjacent Electric and Diversified Models The full story on one page · figures on P / E (CY2027E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: P / E on CY2027E consensus (13 of 14 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners price this industry on P / E rather than EV / EBITDA; validated coverage supports the industry standard (13 of 14 companies), so this report follows it. Qualitative characterisations are NeuraCap views. 3

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    01 · THE BOTTOM LINE Gas Utilities Place Regulated Gas Above Adjacent Electric and Diversified Models The full story on one page · figures on P / E (CY2027E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: P / E on CY2027E consensus (13 of 14 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners price this industry on P / E rather than EV / EBITDA; validated coverage supports the industry standard (13 of 14 companies), so this report follows it. Qualitative characterisations are NeuraCap views. Gas Utilities Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 Regulated Gas Sits Above the Adjacent Models Regulated gas utilities represent 71% of the set and sit at 16.9x CY2027E P / E. The 2 adjacent regulated electric utilities with estimates sit at 14.8x, alongside 14.5x for the single adjacent diversified regulated utility. 2 The Forward Premium Needs Durable Earnings The 4 companies at the premium end sit at 17.4x, while the 4 at the discount end sit at 13.4x. This forward lens already credits forecast earnings, so the spread suggests confidence in durable recovery and funding capacity. 3 Faster Growth Travels with a Modest Premium The 7 names at or above 4% growth sit at 16.6x, alongside 15.8x for the 6 below 4%. The narrower gap puts more weight on rate-base conversion, regulatory lag and funding durability. 4 Balanced Growth and Margin Stand Apart On the 9 names with both growth and margin data, the 3 clearing both bars sit at 16.7x. The other groups sit at 15.0x for margin only, 13.6x for growth only and 14.1x for neither. 16.6x Sector median P/E CY2027E consensus · 13 rated of 14 companies 17.4x Premium end P/E vs 13.4x at the discount end top quartile (n=4) against bottom quartile (n=4) on P/E — the spread the report explains 16 Transactions with disclosed terms 59 recorded in this tier · 2 told as case studies, the full list in the appendix

  4. 04
    SECTION 02

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    Section 02 of 06 — Business Mix Creates Distinct Valuation Lanes. Regulated gas anchors the peer set, while adjacent utility models provide useful context. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 4

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    SECTION 02 02 THE LANDSCAPE Business Mix Creates Distinct Valuation Lanes Regulated gas anchors the peer set, while adjacent utility models provide useful context. 02 of 06 Gas Utilities Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

  5. 05
    02 · MARKET MAP

    Regulated Gas Anchors the Market and Its Valuation

    Regulated Gas Anchors the Market and Its Valuation.

    Regulated Gas Anchors the Market and Its Valuation 14 approved companies grouped by business segment · median P / E (CY2027E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. 5

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    02 · MARKET MAP Regulated Gas Anchors the Market and Its Valuation 14 approved companies grouped by business segment · median P / E (CY2027E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. Gas Utilities Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 REGULATED GAS UTILITIES 10 cos median 16.9x NiSource (NI) Atmos Energy (ATO) Spire (SR) ONE Gas (OGS) Southwest Gas (SWX) New Jersey (NJR) MDU Resources (MDU) Chesapeake (CPK) Northwest (NWN) RGC Resources (RGCO) The core group links earnings durability to rate-base investment, timely cost recovery and stable funding access. ADJACENT: REGULATED ELECTRIC UTILITIES 3 cos median 14.8x The Southern (SO) Eversource Energy (ES) Georgia Power (GPJA) The electric peers provide context for how a different capital program and regulatory mix are valued. ADJACENT: DIVERSIFIED REGULATED UTILITIES 1 cos 14.5x · 1 rated Unitil (UTL) The diversified model shows how broader utility exposure can sit outside the core gas valuation lane.

  6. 06
    02 · LANDSCAPE

    Regulated Gas Holds the Higher Valuation Lane

    Regulated Gas Holds the Higher Valuation Lane.

    Regulated Gas Holds the Higher Valuation Lane Segment view of the approved universe · P / E (CY2027E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. 6

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    02 · LANDSCAPE Regulated Gas Holds the Higher Valuation Lane Segment view of the approved universe · P / E (CY2027E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. Gas Utilities Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 6 Segment n Share of universe Median P/E Names to know What they do — and why it matters Regulated gas utilities 10 71% 16.9x NiSource Inc (NI) · Atmos Energy Corporation (ATO) · +8 more The core carries scale. The 10-company group represents 71% of the set and has a 16.9x median CY2027E P / E. Its standing rests on visible rate-base investment, earned returns and timely capital recovery. Adjacent: regulated electric utilities 3 21% 14.8x The Southern Company (SO) · Eversource Energy (ES) · +1 more Electric peers widen context. This 3-company group has 2 names with estimates and a 14.8x median CY2027E P / E. It provides a useful comparison for capital intensity, funding needs and regulatory execution. Adjacent: diversified regulated utilities 1 7% 14.5x n=1 Unitil Corporation (UTL) Diversification sits below gas. The single diversified regulated utility sits at 14.5x CY2027E P / E. Its broader mix creates a distinct comparison with the regulated gas model.

  7. 07
    SECTION 03

    03

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    Section 03 of 06 — The Premium End Requires Durability Beyond Forecasts. The forward lens already credits expected earnings, raising the bar for sustained standing. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 7

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    SECTION 03 03 VALUATION & SITUATIONS The Premium End Requires Durability Beyond Forecasts The forward lens already credits expected earnings, raising the bar for sustained standing. 03 of 06 Gas Utilities Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

  8. 08
    03 · PUBLIC MARKET VALUATION

    The Premium End Requires Earnings That Outlast the Forecast

    The Premium End Requires Earnings That Outlast the Forecast.

    The Premium End Requires Earnings That Outlast the Forecast P / E (CY2027E) · all 13 rated companies, sorted descending · sector median 16.6x · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: P / E on CY2027E consensus (13 of 14 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners price this industry on P / E rather than EV / EBITDA; validated coverage supports the industry standard (13 of 14 companies), so this report follows it. Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same P / E (CY2027E) basis. Panel commentary is a NeuraCap view. 8

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    03 · PUBLIC MARKET VALUATION The Premium End Requires Earnings That Outlast the Forecast P / E (CY2027E) · all 13 rated companies, sorted descending · sector median 16.6x · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: P / E on CY2027E consensus (13 of 14 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners price this industry on P / E rather than EV / EBITDA; validated coverage supports the industry standard (13 of 14 companies), so this report follows it. Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same P / E (CY2027E) basis. Panel commentary is a NeuraCap view. Gas Utilities Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 17.4x CORE · median 16.6x DISCOUNT · median 13.4x Sector median 16.6x WHAT SEPARATES THE TWO ENDS The range stays wide. The premium end has a 17.4x median CY2027E P / E, compared with 13.4x at the discount end. The spread is observed across 4 names in each group. Forward pricing raises proof. CY2027E P / E already reflects forecast earnings. A premium that remains on this basis suggests the market is looking for durability beyond near-term estimates. Recovery quality supports durability. Visible rate-base investment matters most when rate cases, capital trackers and infrastructure replacement riders convert spending into timely recovery.

  9. 09
    03 · VALUATION DRIVERS

    Profitability Separates the Two Ends: Names Above the 40% Margin Line Carry 16.7x Against 14.1x Below It

    Profitability Separates the Two Ends: Names Above the 40% Margin Line Carry 16.7x Against 14.1x Below It.

    Profitability Separates the Two Ends: Names Above the 40% Margin Line Carry 16.7x Against 14.1x Below It Median P / E (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=7; slower n=6; higher-margin n=5; lower-margin n=4). Driver readings are NeuraCap views on the supplied data — association, not causation. 9

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    03 · VALUATION DRIVERS Profitability Separates the Two Ends: Names Above the 40% Margin Line Carry 16.7x Against 14.1x Below It Median P / E (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=7; slower n=6; higher-margin n=5; lower-margin n=4). Driver readings are NeuraCap views on the supplied data — association, not causation. Gas Utilities Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 P/E, median per cohort · growth split at 4% · EBITDA-margin split at 40% Three Segments Frame the Growth and Valuation Picture Across the peer set, the 7 names at or above the growth split have a 16.6x median CY2027E P / E, versus 15.8x for the 6 below it. The observed spread is modest. Rate-Base Conversion Separates Growth Quality Revenue growth is more durable when capital expenditure enters rate base on schedule and earned returns remain close to allowed returns. Funding Capacity Protects the Investment Cadence Stable access to capital helps sustain infrastructure replacement while customer affordability and regulatory lag constrain the pace.

  10. 10
    03 · SITUATION MAP

    Growth and Valuation Point to Different Management Priorities

    Growth and Valuation Point to Different Management Priorities.

    Growth and Valuation Point to Different Management Priorities Cut on P / E vs the sector median (16.6x) (rows) and revenue growth vs the covered median (4%) (columns) · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. 10

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    03 · SITUATION MAP Growth and Valuation Point to Different Management Priorities Cut on P / E vs the sector median (16.6x) (rows) and revenue growth vs the covered median (4%) (columns) · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. Gas Utilities Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Higher Valuation, Higher Growth Above-median multiple · above-median revenue growth 4 names The Southern Company (SO) · NiSource Inc (NI) · Southwest Gas Holdings, Inc. (SWX) · +1 more Among the 4 names with higher valuation and higher growth, the priority is protecting recovery quality as investment expands. Funding capacity and regulatory lag remain key tests of durability. Higher Valuation, Lower Growth Above-median multiple · below-median revenue growth 3 names Atmos Energy Corporation (ATO) · Chesapeake Utilities Corporation (CPK) · RGC Resources, Inc. (RGCO) Among the 3 names with higher valuation and lower growth, current standing appears to reflect qualities beyond top-line expansion. Rate-base visibility, earned returns and cost recovery merit close attention. Lower Valuation, Higher Growth Below-median multiple · above-median revenue growth 3 names Eversource Energy (ES) · Spire Inc. (SR) · Northwest Natural Holding Company (NWN) Among the 3 names with lower valuation and higher growth, growth has not coincided with higher relative valuation. The strategic question is whether investment converts into timely recovery and durable earnings. Lower Valuation, Lower Growth Below-median multiple · below-median revenue growth 3 names ONE Gas, Inc. (OGS) · New Jersey Resources Corporation (NJR) · Unitil Corporation (UTL) Among the 3 names with lower valuation and lower growth, both operating momentum and relative standing warrant attention. Capital allocation, cost structure and the pace of rate-base conversion become central.

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    03 · GROWTH VS PROFITABILITY

    Balanced Growth and Margin Occupy the Upper Valuation Lane

    Balanced Growth and Margin Occupy the Upper Valuation Lane.

    Balanced Growth and Margin Occupy the Upper Valuation Lane Revenue growth (CY2027E, x-axis) vs EBITDA margin (CY2026E, y-axis) · 9 companies with both estimates · cuts at the covered medians (5% growth, 40% margin) · median P/E per quadrant · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Quadrant cuts are the covered set's medians. Quadrant medians on names with a meaningful P/E (balanced n=3; margin-only n=2; growth-only n=2; neither n=2). SR plotted at the chart edge. 11

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    03 · GROWTH VS PROFITABILITY Balanced Growth and Margin Occupy the Upper Valuation Lane Revenue growth (CY2027E, x-axis) vs EBITDA margin (CY2026E, y-axis) · 9 companies with both estimates · cuts at the covered medians (5% growth, 40% margin) · median P/E per quadrant · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Quadrant cuts are the covered set's medians. Quadrant medians on names with a meaningful P/E (balanced n=3; margin-only n=2; growth-only n=2; neither n=2). SR plotted at the chart edge. Gas Utilities Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 2% 5% 8% 10% 12% 15% 20% 30% 40% 50% 60% MARGIN ONLY median 15.0x BALANCED median 16.7x NEITHER median 14.1x GROWTH ONLY median 13.6x ATO NJR OGS ES NWN NI SWX SO SR x: revenue growth (CY2027E) · y: EBITDA margin (CY2026E) HOW TO READ THIS The chart covers the 9 names with both growth and margin data. The 3 above both bars have a 16.7x median CY2027E P / E. The 2 margin-only names sit at 15.0x, the 2 growth-only names at 13.6x and the 2 below both bars at 14.1x. The pattern shows association, not proof that either measure determines valuation. Rule of 40 (revenue growth + EBITDA margin ≥ 40%): 6 of 9 names clear it (NI, ATO, SO, SWX, ES, SR).

  12. 12
    03 · THE AGENDA

    The Data Puts Recovery Quality and Funding Choices on the Agenda

    The Data Puts Recovery Quality and Funding Choices on the Agenda.

    The Data Puts Recovery Quality and Funding Choices on the Agenda NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. 12

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    03 · THE AGENDA The Data Puts Recovery Quality and Funding Choices on the Agenda NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. Gas Utilities Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12 Prioritize Capital with Timely Recovery Test which infrastructure programs can enter rate base through established rate cases, capital trackers or infrastructure replacement riders. What changes the answer: The answer changes when regulatory lag or customer affordability alters the timing of recovery. Protect Earned Returns Through Execution Focus operating plans on cost recovery, leak-repair delivery and disciplined operating and maintenance expense. What changes the answer: The answer changes when earned returns move away from allowed returns. Match Funding to the Investment Cadence Align capital allocation with financing capacity so infrastructure investment remains durable through the regulatory cycle. What changes the answer: The answer changes when funding costs or capital needs pressure the balance sheet. Test Build-Versus-Buy with Regulatory Fit Compare organic rate-base investment with transactions that add compatible operations, regulatory scale or contiguous service exposure. What changes the answer: The answer changes when commission requirements reduce timing or value certainty.

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    SECTION 04

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    Section 04 of 06 — Buyers Continue to Back Regulated Utility Expansion. The transaction record points to operating fit, regulatory scale and recoverable investment. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 13

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    SECTION 04 04 PRECEDENT TRANSACTIONS Buyers Continue to Back Regulated Utility Expansion The transaction record points to operating fit, regulatory scale and recoverable investment. 04 of 06 Gas Utilities Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13

  14. 14
    04 · DEAL CASE STUDIES

    Precedent Transactions Cluster Around Operating Fit and Regulatory Scale

    Precedent Transactions Cluster Around Operating Fit and Regulatory Scale.

    Precedent Transactions Cluster Around Operating Fit and Regulatory Scale 2 of 16 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 70 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 43 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed.

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    04 · DEAL CASE STUDIES Precedent Transactions Cluster Around Operating Fit and Regulatory Scale 2 of 16 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 70 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 43 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. "Why the deal happened" is a NeuraCap read of the recorded evidence. Gas Utilities Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14 Aug-2024 $1.3B Emera Inc. Emera Inc. backed a larger regulated gas footprint through New Mexico Gas Company, Inc. EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The transaction suggests a buyer seeking added regulated gas exposure and a broader base for recoverable infrastructure investment. Regulatory approvals and customer commitments remain central to value certainty. HOW THE TARGET WAS VALUED The $1.3B disclosed value benchmarks transaction scale. The public-company comparison remains CY2027E P / E. Nov-2024 $152M Northwest Natural Holding Company Northwest Natural Holding Company added SiEnergy Operating, LLC as a focused gas expansion. EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The pairing suggests bolt-on regulated gas expansion within an established utility structure. Operating fit and the regulatory pathway shape the strategic read. HOW THE TARGET WAS VALUED The $152M disclosed value benchmarks smaller-scale utility expansion. The public peer comparison remains CY2027E P / E.

  15. 15
    SECTION 05

    05

    05.

    Section 05 of 06 — Recovery Quality Turns Investment into Durable Standing. Rate-base conversion, regulatory lag and funding discipline remain central management tests. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 15

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    SECTION 05 05 STRATEGIC IMPLICATIONS Recovery Quality Turns Investment into Durable Standing Rate-base conversion, regulatory lag and funding discipline remain central management tests. 05 of 06 Gas Utilities Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15

  16. 16
    05 · STRATEGIC IMPLICATIONS

    Durable Standing Starts with Recovery, Returns and Funding Discipline

    Durable Standing Starts with Recovery, Returns and Funding Discipline.

    Durable Standing Starts with Recovery, Returns and Funding Discipline NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. 16

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    05 · STRATEGIC IMPLICATIONS Durable Standing Starts with Recovery, Returns and Funding Discipline NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. Gas Utilities Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16 FOR OWNERS Treat Recovery Quality as a Strategic Asset Capital plans gain strategic weight when spending converts into rate base on schedule, supports earned returns and remains affordable for customers. FOR MANAGEMENT Connect Execution to the Regulatory Cycle Rate-case timing, infrastructure riders, cost recovery and operating discipline determine whether investment translates into durable earnings. FOR BOARDS Keep Funding Capacity Ahead of Commitments Capital allocation should balance infrastructure needs, financing access and customer affordability across the planning horizon.

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    SECTION 06

    06

    06.

    Section 06 of 06 — The Full Universe, Methodology and Sources. Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 17

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    SECTION 06 06 APPENDIX The Full Universe, Methodology and Sources Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. 06 of 06 Gas Utilities Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17

  18. 18
    06 · PUBLIC COMPARABLES (1 OF 1)

    Public Comparables on P / E (CY2027E), Grouped by Valuation Tier

    Public Comparables on P / E (CY2027E), Grouped by Valuation Tier.

    Public Comparables on P / E (CY2027E), Grouped by Valuation Tier Teal shading marks a P/E above the sector median (16.6x); amber marks below · 13 rated companies; 1 not rated (no eligible P/E) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 13 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. 18

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    06 · PUBLIC COMPARABLES (1 OF 1) Public Comparables on P / E (CY2027E), Grouped by Valuation Tier Teal shading marks a P/E above the sector median (16.6x); amber marks below · 13 rated companies; 1 not rated (no eligible P/E) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 13 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. Gas Utilities Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Company Ticker Segment EV P/E (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥17.3x · median 17.4x · 4 companies RGC Resources, Inc. RGCO Regulated gas utilities $498M 20.6x -50% n/a n/a MDU Resources Group, Inc. MDU Regulated gas utilities $6.4B 17.5x 7% n/a n/a Chesapeake Utilities Corporation CPK Regulated gas utilities $4.7B 17.4x 4% n/a n/a NiSource Inc NI Regulated gas utilities $37.7B 17.3x 6% 50% 59 CORE — 14.2x–17.3x · median 16.6x · 5 companies Atmos Energy Corporation ATO Regulated gas utilities $35.7B 17.1x 2% 59% n/a The Southern Company SO Adjacent: regulated electric utilities $101B 16.7x 6% 47% 55 Southwest Gas Holdings, Inc. SWX Regulated gas utilities $8.9B 16.6x 6% 49% 56 Northwest Natural Holding Company NWN Regulated gas utilities $4.6B 14.5x 5% 35% 40 Unitil Corporation UTL Adjacent: diversified regulated utilities $1.8B 14.5x 2% n/a n/a DISCOUNT — <14.2x · median 13.4x · 4 companies ONE Gas, Inc. OGS Regulated gas utilities $10.0B 14.2x 4% 34% 38 New Jersey Resources Corporation NJR Regulated gas utilities $8.7B 14.0x 2% 17% n/a Eversource Energy ES Adjacent: regulated electric utilities $54.0B 12.9x 4% 40% 45 Spire Inc. SR Regulated gas utilities $12.5B 12.7x 15% 37% n/a

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    06 · PRECEDENT TRANSACTIONS (1 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    All Precedent Transactions with Disclosed Terms, Newest First.

    All Precedent Transactions with Disclosed Terms, Newest First 16 transactions with disclosed terms in this tier (59 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 70 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 43 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. 19

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 16 transactions with disclosed terms in this tier (59 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 70 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 43 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. Gas Utilities Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Aug-2025 Black Hills Corporation → NorthWestern Energy Group, Inc. $4.4B n/a n/a Black Hills Corporation and NorthWestern Energy Group, Inc. represent a large regulated utility combination with a disclosed value of $4.4B. The transaction suggests operating compatibility and regulatory scale were central considerations. Nov-2024 Northwest Natural Holding Company → SiEnergy Operating, LLC $152M n/a n/a Northwest Natural Holding Company agreed to acquire SiEnergy Operating, LLC. The pairing suggests a focus on adding regulated gas operations within an established utility structure. Aug-2024 Undisclosed buyer → NMGC $1.3B n/a n/a The pending NMGC transaction with an Undisclosed buyer adds another regulated gas asset to the transaction record. It points to continued interest in recoverable infrastructure investment. Aug-2024 Emera Inc. → New Mexico Gas Company, Inc. $1.3B n/a n/a Emera Inc. agreed to acquire New Mexico Gas Company, Inc. The pairing suggests interest in broader regulated gas exposure and a larger base of recoverable infrastructure investment. Jan-2021 Argo Infrastructure Partners LP → Corning Natural Gas Corporation n/a n/a 14.3x Argo Infrastructure Partners LP agreed to acquire Corning Natural Gas Corporation at 14.3x EV / EBITDA. The transaction shows infrastructure investor participation where regulatory expectations and ownership structures permit. Feb-2020 Eversource Energy → Columbia Gas of Massachusetts n/a n/a 14.8x Eversource Energy agreed to acquire Columbia Gas of Massachusetts. The transaction suggests that operating compatibility and commission considerations mattered alongside financial terms. Oct-2019 Public Sector Pension Investment Board and Alberta Teachers’ Retirement Fund → AltaGas Ltd. n/a n/a 14.8x Public Sector Pension Investment Board and Alberta Teachers’ Retirement Fund agreed to acquire AltaGas Ltd. The pairing points to institutional interest in regulated infrastructure and durable investment programs. Apr-2019 UGI Corporation → AmeriGas Partners, L.P. n/a n/a 10.0x UGI Corporation agreed to acquire AmeriGas Partners, L.P. at 10.0x EV / EBITDA. The transaction reflects the strategic fit available when related operations are brought together. Oct-2018 Aqua America, Inc. → Peoples Gas n/a n/a 14.8x Aqua America, Inc. agreed to acquire Peoples Gas at 14.8x EV / EBITDA. The combination suggests a regulated utility buyer valued broader service exposure and infrastructure investment.

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    06 · PRECEDENT TRANSACTIONS (2 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    All Precedent Transactions with Disclosed Terms, Newest First.

    All Precedent Transactions with Disclosed Terms, Newest First 16 transactions with disclosed terms in this tier (59 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 70 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 43 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. 20

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 16 transactions with disclosed terms in this tier (59 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 70 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 43 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. Gas Utilities Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 20 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Feb-2017 Peoples Gas → Delta Natural Gas Company, Inc. n/a n/a 13.8x Jan-2017 AltaGas Ltd. → WGL Holdings, Inc. n/a n/a 13.9x Value shown as recorded in the filing; deal value unit unresolved. Apr-2016 Spire Inc. (Laclede Group, Inc.) → EnergySouth, Inc. n/a n/a 11.3x Value shown as recorded in the filing; deal value unit unresolved. Oct-2015 Duke Energy Corporation → Piedmont Natural Gas Company, Inc. n/a n/a 16.1x Value shown as recorded in the filing; deal value unit unresolved. Jul-2015 Black Hills Corporation → SourceGas Holdings LLC n/a n/a 14.1x Value shown as recorded in the filing; deal value unit unresolved. n/a n/a → ONE Gas n/a n/a 10.0x Value shown as recorded in the filing; status defaulted announced. n/a n/a → Northwest Natural Holding Company n/a n/a 8.9x Value shown as recorded in the filing; status defaulted announced.

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    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    Sources, Assumptions and Data Quality.

    Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. 21

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    06 · METHODOLOGY Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. Gas Utilities Coverage | September 2026 | Confidential | Not investment advice 21 VALUATION BASIS Primary valuation basis: P / E on CY2027E consensus (13 of 14 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners price this industry on P / E rather than EV / EBITDA; validated coverage supports the industry standard (13 of 14 companies), so this report follows it. P / E on CY2027E is the lead convention: it is the sector-appropriate prior for Gas Utilities and it clears the coverage gate with 13 of 14 companies (93%). EV / Revenue is carried as a cross-check. DATA QUALITY & EXCLUSIONS 0 records were excluded or quarantined by the platform's validation gates (unit errors, implausible ratios, ineligible securities and classification failures); the full ledger ships in the companion tables and never feeds a statistic in this report. DEFINITIVE VS DIRECTIONAL Definitive content is disclosed or consensus data passed through stated arithmetic. Directional content — tier boundaries, situation cuts, "why it matters" commentary, the agenda pages — is NeuraCap analyst judgment and is labeled as such where it appears. WHAT THIS REPORT IS NOT This report characterises a sector. It does not recommend buying, selling or holding any security, and no statement in it should be read as investment advice or a price target. WHERE THE DATA LIVES 541 registered source documents stand behind the figures in this report. Metric hyperlinks throughout the deck open the specific filing or data record; by publisher: sec.gov (540) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

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    The Upper End Sits with Durable Earnings, Recovery Quality and Funding Capacity.

    The Upper End Sits with Durable Earnings, Recovery Quality and Funding Capacity..

    Closing — The Upper End Sits with Durable Earnings, Recovery Quality and Funding Capacity. The companion tables beside this deck carry the full universe, the exclusion ledger and the complete source index for any figure a client wants to trace. 22

    Everything on this page

    The Upper End Sits with Durable Earnings, Recovery Quality and Funding Capacity. NeuraCap AI — Gas Utilities Coverage September 2026 · Prepared by NeuraCap AI · Confidential Gas Utilities Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 22

Sources and methodology

This report covers Gas Utilities (Utilities › Utilities › Gas Utilities) with market data and consensus estimates as of September 28, 2026. The company universe is the 14 listed companies whose core business is Gas Utilities according to NeuraCap's industry classification of each company's reported business segments (a company is included only when this industry is central to what it does, not merely adjacent to it). Companies in the set: Atmos Energy Corporation (ATO), Chesapeake Utilities Corporation (CPK), Eversource Energy (ES), Georgia Power Company 5% JR SUB NT 77 (GPJA), MDU Resources Group, Inc. (MDU), NiSource Inc (NI), New Jersey Resources Corporation (NJR), Northwest Natural Holding Company (NWN), ONE Gas, Inc. (OGS), RGC Resources, Inc. (RGCO), The Southern Company (SO), Spire Inc. (SR), Southwest Gas Holdings, Inc. (SWX), Unitil Corporation (UTL). The market map groups them by business vertical — Regulated gas utilities: 10 companies (NI, ATO, SR, OGS, SWX, NJR, MDU, CPK, NWN, RGCO); Adjacent: regulated electric utilities: 3 companies (SO, ES, GPJA); Adjacent: diversified regulated utilities: 1 company (UTL). 13 of the 14 companies carry a valid multiple on the primary valuation basis and form the rated set behind every cohort statistic; the others are shown but do not enter the statistics.

Scope and company universe

This report covers Gas Utilities (Utilities › Utilities › Gas Utilities) with market data and consensus estimates as of September 28, 2026. The company universe is the 14 listed companies whose core business is Gas Utilities according to NeuraCap's industry classification of each company's reported business segments (a company is included only when this industry is central to what it does, not merely adjacent to it). Companies in the set: Atmos Energy Corporation (ATO), Chesapeake Utilities Corporation (CPK), Eversource Energy (ES), Georgia Power Company 5% JR SUB NT 77 (GPJA), MDU Resources Group, Inc. (MDU), NiSource Inc (NI), New Jersey Resources Corporation (NJR), Northwest Natural Holding Company (NWN), ONE Gas, Inc. (OGS), RGC Resources, Inc. (RGCO), The Southern Company (SO), Spire Inc. (SR), Southwest Gas Holdings, Inc. (SWX), Unitil Corporation (UTL). The market map groups them by business vertical — Regulated gas utilities: 10 companies (NI, ATO, SR, OGS, SWX, NJR, MDU, CPK, NWN, RGCO); Adjacent: regulated electric utilities: 3 companies (SO, ES, GPJA); Adjacent: diversified regulated utilities: 1 company (UTL). 13 of the 14 companies carry a valid multiple on the primary valuation basis and form the rated set behind every cohort statistic; the others are shown but do not enter the statistics.

What was excluded and why

No company or value in this universe failed the validation gates; every recorded figure enters the statistics on its stated basis.

Primary valuation basis and how it was chosen

Primary valuation basis: P / E on CY2027E consensus (13 of 14 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners price this industry on P / E rather than EV / EBITDA; validated coverage supports the industry standard (13 of 14 companies), so this report follows it. P / E on CY2027E is the lead convention: it is the sector-appropriate prior for Gas Utilities and it clears the coverage gate with 13 of 14 companies (93%). EV / Revenue is carried as a cross-check. The basis is selected in two steps: the industry's customary valuation conventions set the order of preference, and each convention is then tested for coverage — the share of companies with a valid, plausibility-checked multiple on the chosen period. A convention is used only when enough companies carry it; the best-covered convention is used, and disclosed, when none clears the threshold. Coverage measured for this report — EV / EBITDA: 6 of 14 companies; EV / rEVenue: 13 of 14 companies; P/E: 13 of 14 companies.

How the multiples and statistics are computed

Enterprise value (EV) is market capitalisation at the as-of date plus total debt minus cash and equivalents from the latest reported balance sheet, reconciled against the platform's stored value and disclosed where the two differ. Forward multiples divide EV (or the share price for P/E) by the consensus estimate for the stated calendar period; trailing multiples use the last twelve months of reported figures from SEC filings. A multiple with a negative or immaterial denominator is treated as not meaningful and excluded from every statistic. Cohort statistics are medians and quartiles over the rated set only; a group median with fewer than three observations is shown as the single company's figure and labelled as such. Valuation tiers cut the rated set at its quartiles (tiers cut at the rated set's quartiles: Premium ≥17.3x, Core 14.2x–17.3x, Discount <14.2x — NeuraCap groupings). Revenue growth compares consecutive calendar-year consensus revenue; EBITDA margin divides consensus EBITDA by consensus revenue for the same period. Figures shown in this report and the calculation behind each: 16.6x = median(pe_ratio CY2027E) (13 rated companies) · 17.4x = median(pe_ratio CY2027E) within Premium tier (n=4) · 16.6x = median(pe_ratio CY2027E) within Core tier (n=5) · 13.4x = median(pe_ratio CY2027E) within Discount tier (n=4) · 16.6x = median(pe_ratio CY2027E) | growth ≥ 4% (n=7) · 15.8x = median(pe_ratio CY2027E) | growth < 4% (n=6) · 16.7x = median(pe_ratio CY2027E) | EBITDA margin ≥ 40% (n=5) · 14.1x = median(pe_ratio CY2027E) | EBITDA margin < 40% (n=4) · 52% = median Rule of 40 score (revenue growth + EBITDA margin) (n=9) · 16.7x = median(pe_ratio CY2027E) within balanced quadrant (n=3) · 15.0x = median(pe_ratio CY2027E) within marginOnly quadrant (n=2) · 13.6x = median(pe_ratio CY2027E) within growthOnly quadrant (n=2) · 14.1x = median(pe_ratio CY2027E) within neither quadrant (n=2)

Precedent transactions: what is in the record and why

The precedent record holds the M&A transactions in Gas Utilities recorded from SEC filings (8-K announcements and the documents they reference), newest first, with each value and multiple linked to the exact passage in the filing that states it. 59 transactions were recorded for this industry; 16 are shown. 43 recorded transactions with neither a disclosed value nor a multiple are omitted because they say nothing about price; they remain in the companion workbook. Deal multiples are enterprise value over the target's last-twelve-month revenue or EBITDA at announcement, as disclosed; they are not restated to the public basis and no spread to the public multiples is claimed. Before a transaction reaches the record it passes a screen for mirrored or duplicate filings of the same deal, for divestitures where the filer is the seller rather than the buyer, for carve-outs recorded under the parent's name, and for values whose citation describes something other than the price paid (a debt raise, a termination fee); such records are corrected or excluded and the correction is noted. Data-quality notes on this record: 33 × no evidence record; 26 × deal value unit unresolved; 1 × duplicate precedent id; 9 × divestiture roles reassigned; 1 × financial target ev not meaningful. Case studies lead with the 2 richest stories — disclosed value, a readable multiple, newest first.

Sources

Company financials and transaction terms come from the companies' own SEC filings on EDGAR (10-K, 10-Q and 8-K documents), linked from each figure in the report. Forward figures are analyst consensus estimates for the calendar periods shown. Share prices and market capitalisations are market data as of September 28, 2026. Treasury yields are published by the U.S. Department of the Treasury. 545 source documents stand behind this report; by publisher domain: sec.gov, home.treasury.gov (1). Every figure on every page is traceable to one of these records; nothing in the report is derived from outside data.

Interpretation and important notice

Tier labels, situation maps, the agenda and the implications pages are NeuraCap analytical views drawn from the recorded evidence and are labelled as such. The report is informational: it is not investment advice, not a recommendation to buy or sell any security, not an opinion of value and not an offer of any kind. Readers should perform their own diligence before acting on anything described here.

This report is published for information only. It is not a recommendation to buy or sell any security, an offer or solicitation, an appraisal or a fairness opinion, and no fiduciary relationship is created by reading it. Multiples that fail NeuraCap’s plausibility gates are excluded and never plotted. See the full methodology and the disclaimer.

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