What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2026-04-30 compared with 2026-01-29 · 305 added, 128 removed, 617 unchanged (41% of the section changed)

4 unchanged sentences

Three Months Ended

March 31, Six Months Ended

(Thousands of U.S.

28 unchanged sentences

Dividends on Common Stock ( 50,840 ) ( 46,555 ) ( 101,674 ) ( 93,226 )

Balance at December 31 $ 2,143,340 $ 1,698,648

Balance at March 31 $ 2,340,168 $ 1,855,366 $ 2,340,168 $ 1,855,366

Earnings Per Common Share:

7 unchanged sentences

See Notes to Condensed Consolidated Financial Statements

Table of Content

Tab le of Content

National Fuel Gas Company

1 unchanged sentence

Three Months Ended

March 31, Six Months Ended

(Thousands of U.S.

10 unchanged sentences

13,055 2,196 9,501 ( 5,744 )

Income Taxes (Benefits) – Net 9,592 ( 22,343 )

Income Taxes – Net 12,469 ( 54,064 ) 22,060 ( 76,407 )

Other Comprehensive Income (Loss) 34,101 ( 146,822 ) 60,333 ( 207,499 )

Comprehensive Income (Loss) $ 207,877 $ ( 15,691 )

Comprehensive Income $ 281,769 $ 69,536 $ 489,646 $ 53,845

See Notes to Condensed Consolidated Financial Statements

Table of Content

Tab le of Content

National Fuel Gas Company

27 unchanged sentences

See Notes to Condensed Consolidated Financial Statements

Table of Content

Tab le of Content

National Fuel Gas Company

12 unchanged sentences

Earnings Reinvested in the Business 2,340,168 2,012,529

Accumulated Other Comprehensive Loss ( 32,990 ) ( 59,222 )

Accumulated Other Comprehensive Income (Loss) 1,111 ( 59,222 )

Total Comprehensive Shareholders’ Equity 3,824,499 3,094,604

26 unchanged sentences

See Notes to Condensed Consolidated Financial Statements

Table of Content

Tab le of Content

National Fuel Gas Company

Consolidated Statements of Cash Flows

Three Months Ended

Six Months Ended

(Thousands of U.S.

6 unchanged sentences

Deferred Income Taxes 68,296 25,787

Premiums Paid on Early Redemption of Debt — 2,385

Stock-Based Compensation 9,941 10,487

18 unchanged sentences

Changes in Notes Payable to Banks and Commercial Paper ( 108,900 ) 117,700

Net Proceeds from Issuance of Long-Term Debt — 989,019

Shares Repurchased Under Repurchase Plan — ( 50,471 )

Reduction of Long-Term Debt ( 300,000 ) ( 954,086 )

Dividends Paid on Common Stock ( 99,187 ) ( 93,543 )

1 unchanged sentence

Net Repurchases of Common Stock Under Stock and Benefit Plans ( 6,421 ) ( 4,026 )

Net Cash Provided by Financing Activities 232,197 24,933

Net Increase in Cash and Cash Equivalents 228,232 10,472

Cash and Cash Equivalents at October 1 43,166 38,222

Cash and Cash Equivalents at December 31 $ 271,398 $ 48,694

Net Cash Provided by (Used in) Financing Activities ( 176,105 ) 4,593

Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash ( 16,570 ) 53,084

Cash, Cash Equivalents, and Restricted Cash at October 1 43,166 38,222

Cash, Cash Equivalents, and Restricted Cash at March 31 $ 26,596 $ 91,306

Supplemental Disclosure of Cash Flow Information

1 unchanged sentence

Non-Cash Capital Expenditures $ 82,678 $ 58,813

Non-Cash Financing Activities:

Non-Cash Accrued Placement Fees from Common Stock Sale $ 8,531 $ —

See Notes to Condensed Consolidated Financial Statements

Table of Content

Tab le of Content

National Fuel Gas Company

15 unchanged sentences

The consolidated financial statements for the year ended September 30, 2026 will be audited by the Company's independent registered public accounting firm after the end of the fiscal year.

The earnings for the three months ended December 31, 2025 should not be taken as a prediction of earnings for the entire fiscal year ending September 30, 2026.

The earnings for the six months ended March 31, 2026 should not be taken as a prediction of earnings for the entire fiscal year ending September 30, 2026.

Most of the business of the Utility segment is seasonal in nature and is influenced by weather conditions.

2 unchanged sentences

Consolidated Statements of Cash Flows.

The Statement of Cash Flows for the three months ended December 31, 2025 and the three months ended December 31, 2024 reconciles the net increase in cash and cash equivalents, which consists solely of cash and temporary cash investments for the periods presented.

The Company did not have any restricted cash at December 31, 2025, October 1, 2025, December 31, 2024 or October 1, 2024.

The Company considers all highly liquid debt instruments purchased with a maturity date of generally three months or less to be equivalents.

The components, as reported on the Company's Consolidated Balance Sheets, of the total cash, cash equivalents, and restricted cash presented on the Statement of Cash Flows are as follows (in thousands):

Six Months Ended

March 31, 2026 Six Months Ended

March 31, 2025

March 31, 2026 Balance at October 1, 2025 Balance at

March 31, 2025 Balance at October 1, 2024

Cash and Temporary Cash Investments $ 26,596 $ 43,166 $ 39,954 $ 38,222

Cash Held in Trust for Bondholders — — 51,352 —

Cash, Cash Equivalents, and Restricted Cash $ 26,596 $ 43,166 $ 91,306 $ 38,222

The Company considers all highly liquid debt instruments purchased with a maturity date of generally three months or less to be cash equivalents.

Cash Held in Trust for Bondholders is the only restricted cash recorded on the Consolidated Balance Sheet.

It relates to the cancellation and discharge of the Company's obligations under its 1974 indenture covenants.

Allowance for Uncollectible Accounts.

2 unchanged sentences

Account balances have historically been written-off against the allowance approximately twelve months after the account is final billed or when it is anticipated that the receivable will not be recovered.

Starting in the quarter ended March 31, 2025, account balances are being written-off against the allowance approximately three months after the account is final billed or when it is anticipated that the receivable will not be recovered.

Starting in the quarter ended March 31, 2025, account balances are being written-off against the allowance

Tab le of Content

approximately three months after the account is final billed or when it is anticipated that the receivable will not be recovered.

This change in policy was initiated to better match the timing of write-offs with the recovery of uncollectible expense in rates and resulted in a one-time cumulative adjustment to the allowance during the quarter ended March 31, 2025.

Table of Content

Activity in the allowance for uncollectible accounts for the three months ended December 31, 2025 and 2024 are as follows (in thousands):

Activity in the allowance for uncollectible accounts for the six months ended March 31, 2026 and 2025 are as follows (in thousands):

Balance at Beginning of Period Additions Charged to Costs and Expenses Discounts on Purchased Receivables Net Accounts Receivable Written-Off Balance at End of Period

Three Months Ended December 31, 2025

Six Months Ended March 31, 2026

Allowance for Uncollectible Accounts $ 17,099 $ 12,678 $ 627 $ ( 6,387 ) $ 24,017

Three Months Ended December 31, 2024

Six Months Ended March 31, 2025

Allowance for Uncollectible Accounts $ 26,194 $ 15,497 $ 535 $ ( 18,775 ) $ 23,451

2 unchanged sentences

Gas stored underground normally declines during the first and second quarters of the year as storage quantities are withdrawn and increases in the third and fourth quarters as storage quantities are replenished.

In the Utility segment, the current cost of replacing gas withdrawn from storage is recorded in the Consolidated Statements of Income and a reserve for gas replacement is recorded in the Consolidated Balance Sheets under the caption “Other Accruals and Current Liabilities.” Such reserve, which amounted to $ 2.8 million at December 31, 2025, is reduced to zero by September 30 of each year as the inventory is replenished.

In the Utility segment, the current cost of replacing gas withdrawn from storage is recorded in the Consolidated Statements of Income and a reserve for gas replacement is recorded in the Consolidated Balance Sheets under the caption “Other Accruals and Current Liabilities.” Such reserve, which amounted to $ 47.4 million at March 31, 2026, is reduced to zero by September 30 of each year as the inventory is replenished.

Property, Plant and Equipment.

3 unchanged sentences

The Company does not recognize any gain or loss on the sale or other disposition of properties unless the gain or loss would significantly alter the relationship between capitalized costs and proved reserves attributable to a cost center.

The Company's capitalized costs relating to exploration and production activities, net of accumulated depreciation, depletion and amortization, were $ 2.51 billion and $ 2.46 billion at December 31, 2025 and September 30, 2025, respectively.

The Company's capitalized costs relating to exploration and production activities, net of accumulated depreciation, depletion and amortization, were $ 2.59 billion and $ 2.46 billion at March 31, 2026 and September 30, 2025, respectively.

Capitalized costs include costs related to unproved properties, which are excluded from amortization until proved reserves are found or it is determined that the unproved properties are impaired.

Such costs amounted to $ 105.7 million and $ 112.4 million at December 31, 2025 and September 30, 2025, respectively.

Such costs amounted to $ 109.3 million and $ 112.4 million at March 31, 2026 and September 30, 2025, respectively.

All costs related to unproved properties are reviewed quarterly to determine if impairment has occurred.

5 unchanged sentences

If capitalized costs, net of accumulated depreciation, depletion and amortization and related deferred income taxes, exceed the ceiling at the end of any quarter, a permanent non-cash impairment is required to be charged to earnings in that quarter.

At December 31, 2025, the ceiling exceeded the book value of the exploration and production properties by approximately $ 1.3 billion.

At March 31, 2026, the ceiling exceeded the book value of the exploration and production properties by approximately $ 1.6 billion.

The book value of the exploration and production properties exceeded the ceiling at December 31, 2024.

1 unchanged sentence

A deferred income tax benefit of $ 29.2 million related to the non-cash impairment charge was also recognized for the quarter ended December 31, 2024.

In adjusting estimated future net cash flows for hedging under the ceiling test at December 31, 2025, estimated future net cash flows were increased by $ 170.7 million.

The Integrated Upstream and Gathering segment also has items of property, plant and equipment that are accounted for outside of the provisions of the full cost method of accounting, including water disposal assets used in its upstream operations as well as gathering lines and compressor stations associated with its gathering operations, all of which are recorded at

Table of Content

historical cost.

In adjusting estimated future net cash flows for hedging under the ceiling test at March 31, 2026, estimated future net cash flows were increased by $ 59.5 million.

Tab le of Content

As discussed in Note 4 – Fair Value Measurements, an impairment charge related to certain water disposal assets was recorded in the Integrated Upstream and Gathering segment at December 31, 2024.

The principal assets of the Utility and Pipeline and Storage segments, consisting primarily of gas distribution pipelines, transmission pipelines, storage facilities and compressor stations, are recorded at historical cost.

There were no indications of any impairments to property, plant and equipment in the Utility and Pipeline and Storage segments at December 31, 2025.

There were no indications of any impairments to property, plant and equipment in the Utility and Pipeline and Storage segments at March 31, 2026.

Accumulated Other Comprehensive Income (Loss).

The components of Accumulated Other Comprehensive Income (Loss) and changes for the three months ended December 31, 2025 and 2024, net of related tax effect, are as follows (amounts in parentheses indicate debits) (in thousands):

The components of Accumulated Other Comprehensive Income (Loss) and changes for the six months ended March 31, 2026 and 2025, net of related tax effect, are as follows (amounts in parentheses indicate debits) (in thousands):

Gains and Losses on Derivative Financial Instruments Funded Status of the Pension and Other Post-Retirement Benefit Plans Total

Three Months Ended December 31, 2025

Three Months Ended March 31, 2026

Balance at January 1, 2026 $ 46,182 $ ( 79,172 ) $ ( 32,990 )

Other Comprehensive Gains and Losses Before Reclassifications

( 1,604 ) — ( 1,604 )

Amounts Reclassified From Other Comprehensive Loss 35,705 — 35,705

Balance at March 31, 2026 $ 80,283 $ ( 79,172 ) $ 1,111

Six Months Ended March 31, 2026

Balance at October 1, 2025 $ 19,950 $ ( 79,172 ) $ ( 59,222 )

2 unchanged sentences

Amounts Reclassified From Other Comprehensive Loss 25,984 — 25,984

Balance at December 31, 2025 $ 46,182 $ ( 79,172 ) $ ( 32,990 )

Three Months Ended December 31, 2024

Balance at March 31, 2026 $ 80,283 $ ( 79,172 ) $ 1,111

Three Months Ended March 31, 2025

Balance at January 1, 2025 $ ( 4,878 ) $ ( 71,275 ) $ ( 76,153 )

Other Comprehensive Gains and Losses Before Reclassifications

( 152,786 ) — ( 152,786 )

Amounts Reclassified From Other Comprehensive Loss 5,964 — 5,964

Balance at March 31, 2025 $ ( 151,700 ) $ ( 71,275 ) $ ( 222,975 )

Six Months Ended March 31, 2025

Balance at October 1, 2024 $ 55,799 $ ( 71,275 ) $ ( 15,476 )

2 unchanged sentences

Amounts Reclassified From Other Comprehensive Loss ( 15,600 ) — ( 15,600 )

Balance at December 31, 2024 $ ( 4,878 ) $ ( 71,275 ) $ ( 76,153 )

Balance at March 31, 2025 $ ( 151,700 ) $ ( 71,275 ) $ ( 222,975 )

Tab le of Content

Reclassifications Out of Accumulated Other Comprehensive Income (Loss).

The details about the reclassification adjustments out of accumulated other comprehensive income (loss) for the three months ended December 31, 2025 and 2024 are as follows (amounts in parentheses indicate debits to the income statement) (in thousands):

The details about the reclassification adjustments out of accumulated other comprehensive income (loss) for the six months ended March 31, 2026 and 2025 are as follows (amounts in parentheses indicate debits to the income statement) (in thousands):

Details About Accumulated Other Comprehensive Income (Loss) Components Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) Affected Line Item in the Statement Where Net Income is Presented

Three Months Ended

March 31, Six Months Ended

2026 2025 2026 2025

Gains (Losses) on Derivative Financial Instrument Cash Flow Hedges:

4 unchanged sentences

($ 35,705 ) ($ 5,964 ) ($ 25,984 ) $ 15,600 Net of Tax

Table of Content

Other Current Assets .

The components of the Company’s Other Current Assets are as follows (in thousands):

At December 31, 2025 At September 30, 2025

At March 31, 2026 At September 30, 2025

Prepayments $ 8,699 $ 16,477

6 unchanged sentences

The components of the Company’s Other Accruals and Current Liabilities are as follows (in thousands):

At December 31, 2025 At September 30, 2025

At March 31, 2026 At September 30, 2025

Accrued Capital Expenditures $ 57,675 $ 45,932

12 unchanged sentences

For purposes of determining earnings per common share, the potentially dilutive securities the Company had outstanding were restricted stock units and performance shares.

For the quarter ended December 31, 2025, the diluted weighted average shares outstanding shown on the Consolidated Statements of Income reflects the potential dilution as a result of these securities as determined using the Treasury Stock Method.

For the quarter and six months ended March 31, 2026, the diluted weighted average shares outstanding shown on the Consolidated Statements of Income reflects the potential dilution as a result of these

Tab le of Content

securities as determined using the Treasury Stock Method.

Restricted stock units and performance shares that are antidilutive are excluded from the calculation of diluted earnings per common share.

There were 30 securities and four securities excluded as being antidilutive for the quarters ended December 31, 2025 and December 31, 2024, respectively.

There were 99 securities and 2,072 securities excluded as being antidilutive for the quarter and six months ended March 31, 2026, respectively.

There were 30 securities excluded as being antidilutive for the quarter ended March 31, 2025.

There were no securities excluded as being antidilutive for the six months ended March 31, 2025.

Share Repurchases.

2 unchanged sentences

Stock-Based Compensation.

The Company granted 137,995 performance shares during the quarter ended December 31, 2025.

The weighted average fair value of such performance shares was $ 62.07 per share for the quarter ended December 31, 2025.

The Company granted 137,995 performance shares during the six months ended March 31, 2026.

The weighted average fair value of such performance shares was $ 62.07 per share for the six months ended March 31, 2026.

Performance shares are an award constituting units denominated in common stock of the Company, the number of which may be adjusted over a performance cycle based upon the extent to which performance goals have been satisfied.

1 unchanged sentence

The performance shares do not entitle the participant to receive dividends during the vesting period.

The performance shares granted during the quarter ended December 31, 2025 include awards that must meet a performance goal related to relative total shareholder return over a three-year performance cycle ("TSR Performance Shares").

The performance goal related to the TSR Performance Shares over the three-year performance cycle is the Company’s three-year total shareholder return relative to the three-year total shareholder return of other companies in a group selected by the

Table of Content

Compensation Committee ("Report Group").

The performance shares granted during the six months ended March 31, 2026 include awards that must meet a performance goal related to relative total shareholder return over a three-year performance cycle ("TSR Performance Shares").

Three-year total shareholder return for a given company will be based on the data reported for that company (with the starting and ending stock prices over the performance cycle calculated as the average closing stock price for the prior calendar month and with dividends reinvested in that company’s securities at each ex-dividend date) in the Bloomberg database.

2 unchanged sentences

This price is multiplied by the number of TSR Performance Shares awarded, the result of which is recorded as compensation expense over the vesting term of the award.

The Company granted 128,755 restricted stock units during the quarter ended December 31, 2025.

The weighted average fair value of such restricted stock units was $ 77.75 per share for the quarter ended December 31, 2025.

The Company granted 128,755 restricted stock units during the six months ended March 31, 2026.

The weighted average fair value of such restricted stock units was $ 77.75 per share for the six months ended March 31, 2026.

Restricted stock units represent the right to receive shares of common stock of the Company (or the equivalent value in cash or a combination of cash and shares of common stock of the Company, as determined by the Company) at the end of a specified time period.

6 unchanged sentences

This acquisition will add significant regulated scale for the Company, doubling the size of the Company’s gas utility rate base, while expanding its operations beyond New York and Pennsylvania into the neighboring state of Ohio, a state with a constructive regulatory and political environment that is supportive of natural gas.

Closing is expected to occur in the fourth quarter of calendar 2026, pending completion of a notice filing and review with the PUCO, Hart-Scott-Rodino review, and other customary closing conditions.

Closing is expected to occur in the fourth quarter of calendar 2026, pending completion of a review with the PUCO and other customary closing conditions.

The purchase price will include a combination of $ 1.42 billion in cash and a $ 1.2 billion promissory note to be issued by the Company to the Seller at closing.

The promissory note, which was part of the Seller’s desired transaction structure and was incorporated into the Company’s business valuation, will have a maturity date of 364 days post-closing and will carry an interest rate of 6.5 %.

Permanent financing, inclusive of the amount to repay the promissory note, will consist of long-term debt and common equity, along with expected future free cash flow.

In that regard, on December 17, 2025, the Company completed the issuance and sale, in a private placement, of 4,402,513 shares of the Company's common stock, par value $ 1.00 per share, at a price of $ 79.50 per share.

Permanent financing, inclusive of the amount to repay the promissory note, is expected to consist of long-term debt and common equity, along with expected future free cash flow.

In that regard, on December 17, 2025, the Company completed the issuance and sale, in a private placement, of 4,402,513 shares of the Company's common stock, par value $ 1.00

Tab le of Content

per share, at a price of $ 79.50 per share.

After deducting placement fees, the net proceeds to the Company amounted to $ 338.4 million.

1 unchanged sentence

The combination of both facilities fully supports any portion of the purchase price that has not been permanently financed.

Table of Content

The total commitment under both facilities, as adjusted for the equity issuance mentioned in the previous paragraph, is currently $ 2.28 billion.

Note 3 – Revenue from Contracts with Customers

The following tables provide a disaggregation of the Company's revenues for the three months ended December 31, 2025 and 2024, presented by type of service from each reportable segment.

The following tables provide a disaggregation of the Company's revenues for the quarter and six months ended March 31, 2026 and 2025, presented by type of service from each reportable segment.

As reported in the Company's 2025 Form 10-K, the segment reporting structure was modified to merge the Exploration and Production segment and Gathering segment into one reportable segment called Integrated Upstream and Gathering.

Prior year disaggregation of revenue information shown below has been restated to reflect this change in presentation.

Quarter Ended December 31, 2025 (Thousands)

Quarter Ended March 31, 2026 (Thousands)

Revenues By Type of Service Integrated Upstream and Gathering Pipeline and Storage Utility Total Reportable Segments All Other Corporate and Intersegment Eliminations Total Consolidated

13 unchanged sentences

Total Revenues $ 358,823 $ 111,463 $ 425,914 $ 896,200 $ — $ ( 37,827 ) $ 858,373

Quarter Ended December 31, 2024 (Thousands)

Tab le of Content

Six Months Ended March 31, 2026 (Thousands)

Revenues By Type of Service Integrated Upstream and Gathering Pipeline and Storage Utility Total Reportable Segments All Other Corporate and Intersegment Eliminations Total Consolidated

13 unchanged sentences

Total Revenues $ 682,045 $ 218,364 $ 685,052 $ 1,585,461 $ — $ ( 75,580 ) $ 1,509,881

Table of Content

Quarter Ended March 31, 2025 (Thousands)

Revenues By Type of Service Integrated Upstream and Gathering Pipeline and Storage Utility Total Reportable Segments All Other Corporate and Intersegment Eliminations Total Consolidated

Production of Natural Gas $ 318,404 $ — $ — $ 318,404 $ — $ — $ 318,404

Production of Crude Oil 393 — — 393 — — 393

Natural Gas Processing 338 — — 338 — — 338

Natural Gas Gathering Service 3,233 — — 3,233 — — 3,233

Natural Gas Transportation Service — 82,481 45,256 127,737 — ( 27,538 ) 100,199

Natural Gas Storage Service — 25,288 — 25,288 — ( 10,691 ) 14,597

Natural Gas Residential Sales — — 257,100 257,100 — — 257,100

Natural Gas Commercial Sales — — 39,602 39,602 — — 39,602

Natural Gas Industrial Sales — — 1,937 1,937 — ( 2 ) 1,935

Other 657 1,804 ( 3,228 ) ( 767 ) — ( 276 ) ( 1,043 )

Total Revenues from Contracts with Customers 323,025 109,573 340,667 773,265 — ( 38,507 ) 734,758

Alternative Revenue Programs — — 3,026 3,026 — — 3,026

Derivative Financial Instruments ( 7,834 ) — — ( 7,834 ) — — ( 7,834 )

Total Revenues $ 315,191 $ 109,573 $ 343,693 $ 768,457 $ — $ ( 38,507 ) $ 729,950

Tab le of Content

Six Months Ended March 31, 2025 (Thousands)

Revenues By Type of Service Integrated Upstream and Gathering Pipeline and Storage Utility Total Reportable Segments All Other Corporate and Intersegment Eliminations Total Consolidated

Production of Natural Gas $ 535,863 $ — $ — $ 535,863 $ — $ — $ 535,863

Production of Crude Oil 907 — — 907 — — 907

Natural Gas Processing 613 — — 613 — — 613

Natural Gas Gathering Service 6,681 — — 6,681 — — 6,681

Natural Gas Transportation Service — 163,686 72,176 235,862 — ( 54,719 ) 181,143

Natural Gas Storage Service — 50,281 — 50,281 — ( 21,195 ) 29,086

Natural Gas Residential Sales — — 413,450 413,450 — — 413,450

Natural Gas Commercial Sales — — 61,845 61,845 — — 61,845

Natural Gas Industrial Sales — — 3,275 3,275 — ( 3 ) 3,272

Other 1,541 2,219 12,512 16,272 — ( 537 ) 15,735

Total Revenues from Contracts with Customers 545,605 216,186 563,258 1,325,049 — ( 76,454 ) 1,248,595

Alternative Revenue Programs — — 8,943 8,943 — — 8,943

Derivative Financial Instruments 21,894 — — 21,894 — — 21,894

Total Revenues $ 567,499 $ 216,186 $ 572,201 $ 1,355,886 $ — $ ( 76,454 ) $ 1,279,432

The Company records revenue related to its derivative financial instruments in the Integrated Upstream and Gathering segment.

7 unchanged sentences

$ 124.3 million for fiscal 2030;

and $ 540.0 million thereafter.

and $ 540.7 million for years subsequent to fiscal 2030.

Note 4 – Fair Value Measurements

5 unchanged sentences

The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy levels.

The following table sets forth, by level within the fair value hierarchy, the Company's financial assets and liabilities (as applicable) that were accounted for at fair value on a recurring basis as of December 31, 2025 and September 30, 2025.

Tab le of Content

Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.

Recurring Fair Value Measures At fair value as of December 31, 2025

Recurring Fair Value Measures At fair value as of March 31, 2026

(Thousands of Dollars) Level 1 Level 2 Level 3 Netting

15 unchanged sentences

Total Net Assets/(Liabilities) $ 44,438 $ 115,778 $ — $ — $ 160,216

Table of Content

Recurring Fair Value Measures At fair value as of September 30, 2025

18 unchanged sentences

The net asset or net liability for each counterparty is recorded as an asset or liability on the Company’s balance sheet.

The following table presents impairments of assets associated with certain nonrecurring fair value measurements within Level 3 of the fair value hierarchy as of December 31, 2025 and 2024 (in thousands):

Nonrecurring Fair Value Measures Quarter Ended December 31,

Tab le of Content

The following table presents impairments of assets associated with certain nonrecurring fair value measurements within Level 3 of the fair value hierarchy as of March 31, 2026 and 2025 (in thousands):

Nonrecurring Fair Value Measures Six Months Ended March 31,

Segment Date of Measurement Fair Value 2026 2025

4 unchanged sentences

Derivative Financial Instruments

The derivative financial instruments reported in Level 2 at December 31, 2025 and September 30, 2025 include natural gas price swap agreements, natural gas no cost collars, and foreign currency contracts, all of which are used in the Company’s Integrated Upstream and Gathering segment.

The derivative financial instruments reported in Level 2 at March 31, 2026 and September 30, 2025 include natural gas price swap agreements, natural gas no cost collars, and foreign currency contracts, all of which are used in the Company’s Integrated Upstream and Gathering segment.

The fair value of the Level 2 price swap agreements and no cost collars is based on an internal cash flow model that uses observable inputs (i.e.

2 unchanged sentences

The authoritative guidance for fair value measurements and disclosures require consideration of the impact of nonperformance risk (including credit risk) from a market participant perspective in the measurement of the fair value of assets and liabilities.

At December 31, 2025, the Company determined that nonperformance risk associated with the price swap agreements, no cost collars and foreign currency contracts would have no material impact on its financial position or results of operation.

At March 31, 2026, the Company determined that nonperformance risk associated with the price swap agreements, no cost collars and foreign currency contracts would have no material impact on its financial position or results of operation.

To assess nonperformance risk, the Company considered information such as any applicable collateral posted, master netting arrangements, and applied a market-based method by using the counterparty's (assuming the derivative is in a gain position) or the Company’s (assuming the derivative is in a loss position) credit default swaps rates.

Table of Content

Note 5 – Financial Instruments

2 unchanged sentences

Based on these criteria, the fair market value of long-term debt, including current portion, was as follows (in thousands):

December 31, 2025 September 30, 2025

March 31, 2026 September 30, 2025

Amount Fair Value Carrying

10 unchanged sentences

Given the short-term nature of the notes payable to banks and commercial paper, the Company believes cost is a reasonable approximation of fair value.

Tab le of Content

Other Investments.

The components of the Company's Other Investments are as follows (in thousands):

At December 31, 2025 At September 30, 2025

At March 31, 2026 At September 30, 2025

Life Insurance Contracts $ 41,772 $ 44,478

12 unchanged sentences

The duration of the Company’s cash flow hedges and foreign currency forward contracts do not typically exceed 5 years.

The Company has presented its net derivative assets and liabilities as “Fair Value of Derivative Financial Instruments” on its Consolidated Balance Sheets at December 31, 2025 and September 30, 2025.

The Company has presented its net derivative assets and liabilities as “Fair Value of Derivative Financial Instruments” on its Consolidated Balance Sheets at March 31, 2026 and September 30, 2025.

Cash Flow Hedges

For derivative financial instruments that are designated and qualify as a cash flow hedge, the gain or loss on the derivative is reported as a component of other comprehensive income (loss) and reclassified into earnings in the period or periods during which the hedged transaction affects earnings.

Table of Content

As of December 31, 2025, the Company had 403.1 Bcf of natural gas commodity derivative contracts (swaps and no cost collars) outstanding.

As of December 31, 2025, the Company was hedging a total of $ 41.0 million of forecasted transportation costs denominated in Canadian dollars with foreign currency forward contracts.

As of December 31, 2025, the Company had $ 46.2 million of net hedging gains after taxes included in the accumulated other comprehensive income (loss) balance.

As of March 31, 2026, the Company had 374.1 Bcf of natural gas commodity derivative contracts (swaps and no cost collars) outstanding.

As of March 31, 2026, the Company was hedging a total of $ 38.5 million of forecasted transportation costs denominated in Canadian dollars with foreign currency forward contracts.

As of March 31, 2026, the Company had $ 80.3 million of net hedging gains after taxes included in the accumulated other comprehensive income (loss) balance.

Of this amount, it is expected that $ 67.1 million of unrealized gains after taxes will be reclassified into the Consolidated Statement of Income within the next 12 months as the underlying hedged transactions are recorded in earnings.

Tab le of Content

The Effect of Derivative Financial Instruments on the Statement of Financial Performance for the

Three Months Ended December 31, 2025 and 2024 (Thousands of Dollars)

Three Months Ended March 31, 2026 and 2025 (Thousands of Dollars)

Derivatives in Cash Flow Hedging Relationships Amount of Derivative Gain or (Loss) Recognized in Other Comprehensive Income (Loss) on

2 unchanged sentences

Three Months Ended

December 31, Location of Derivative Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) on the Consolidated Balance Sheet into the Consolidated Statement of Income Amount of Derivative Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) on the Consolidated Balance Sheet into the Consolidated Statement of Income for the

March 31, Location of Derivative Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) on the Consolidated Balance Sheet into the Consolidated Statement of Income Amount of Derivative Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) on the Consolidated Balance Sheet into the Consolidated Statement of Income for the

Three Months Ended

3 unchanged sentences

Total $ ( 2,190 ) $ ( 209,046 ) $ ( 48,760 ) $ ( 8,160 )

The Effect of Derivative Financial Instruments on the Statement of Financial Performance for the

Six Months Ended March 31, 2026 and 2025 (Thousands of Dollars)

Derivatives in Cash Flow Hedging Relationships Amount of Derivative Gain or

(Loss) Recognized in Other

Comprehensive Income (Loss) on

the Consolidated Statement of

Comprehensive Income (Loss)

Six Months Ended

(Loss) Reclassified from

Accumulated Other

Comprehensive Income (Loss) on

the Consolidated Balance Sheet

into the Consolidated Statement of

Income for the

Six Months Ended

2026 2025 2026 2025

Commodity Contracts $ 47,141 $ ( 260,738 ) Operating Revenue $ ( 35,299 ) $ 21,894

Foreign Currency Contracts ( 233 ) ( 1,824 ) Operating Revenue ( 186 ) ( 550 )

Total $ 46,908 $ ( 262,562 ) $ ( 35,485 ) $ 21,344

The Company may be exposed to credit risk on any of the derivative financial instruments that are in a gain position.

3 unchanged sentences

The Company has over-the-counter swap positions, no cost collars and applicable foreign currency forward contracts with seventeen counterparties of which sixteen are in a net gain position.

On average, the Company had $ 4.3 million of credit exposure per counterparty in a gain position at December 31, 2025.

The maximum credit exposure per counterparty in a gain position at December 31, 2025 was $ 10.8 million.

As of December 31, 2025, no collateral was received from the counterparties by the Company.

On average, the Company had $ 7.3 million of credit exposure per counterparty in a gain position at March 31, 2026.

The maximum credit exposure of a single counterparty in a gain position at March 31, 2026 was $ 14.3 million.

As of March 31, 2026, no collateral was received from the counterparties by the Company.

The Company's gain position on such derivative financial instruments had not exceeded the established thresholds at which the counterparties would be required to post collateral, nor had the counterparties' credit ratings declined to levels at which the counterparties were required to post collateral.

3 unchanged sentences

If the Company’s outstanding derivative instrument contracts with a credit-risk contingency feature were in a liability position (or if the liability were larger) and/or the Company’s credit rating declined, then hedging collateral deposits or an increase to such deposits could be required.

At December 31, 2025, the fair market value of the derivative financial instrument liabilities with a credit-risk related contingency feature was $ 0.2 million according to the Company's internal model (discussed in Note 4 – Fair Value Measurements), and no hedging collateral deposits were required to be posted by the Company at December 31, 2025.

At March 31, 2026, the fair market value of the derivative financial instrument

Tab le of Content

liabilities with a credit-risk related contingency feature was $ 0.2 million according to the Company's internal model (discussed in Note 4 – Fair Value Measurements), and no hedging collateral deposits were required to be posted by the Company at March 31, 2026.

Depending on the movement of commodity prices in the future, it is possible that these liability positions could swing into asset positions, at which point the Company would be exposed to credit risk on its derivative financial instruments.

In that case, the Company's counterparties could be required to post hedging collateral deposits.

Table of Content

The Company’s requirement to post hedging collateral deposits and the Company's right to receive hedging collateral deposits is based on the fair value determined by the Company’s counterparties, which may differ from the Company’s assessment of fair value.

Note 6 – Income Taxes

The effective tax rates for the quarters ended December 31, 2025 and December 31, 2024 were 24.6 % and 19.9 %, respectively.

The increase in the quarterly effective income tax rate was primarily driven by the impact of the impairments of exploration and production properties under the ceiling test and other operational assets recorded during the quarter ended December 31, 2024, which resulted in a smaller income tax expense on income before income taxes during the quarter ended December 31, 2024.

The effective tax rates for the quarters ended March 31, 2026 and March 31, 2025 were 25.0 % and 24.8 %, respectively.

The effective income tax rate for the quarter ended March 31, 2026 was generally consistent with the prior year quarter ended March 31, 2025.

The effective tax rates for the six months ended March 31, 2026 and March 31, 2025 were 24.9 % and 24.0 %, respectively.

The change in the effective income tax rate was primarily driven by the impact of the impairment of the exploration and production properties under the ceiling test, as well as an impairment of certain water disposal assets, both of which were recorded in the quarter ended December 31, 2024, which resulted in a smaller income tax expense on income before income taxes to be recorded during the six months ended March 31, 2025.

Tab le of Content

Note 7 – Capitalization

6 unchanged sentences

Shares Amount

Balance at January 1, 2026 95,017 $ 95,017 $ 1,382,593 $ 2,143,340 $ ( 32,990 )

Net Income Available for Common Stock 247,668

Dividends Declared on Common Stock ($ 0.535 Per Share)

Other Comprehensive Income, Net of Tax 34,101

Share-Based Payment Expense (1)

Common Stock Issued from Sale of Common Stock — — ( 172 )

Common Stock Issued Under Stock and Benefit Plans 10 10 654

Balance at March 31, 2026 95,027 $ 95,027 $ 1,388,193 $ 2,340,168 $ 1,111

Balance at October 1, 2025 90,379 $ 90,379 $ 1,050,918 $ 2,012,529 $ ( 59,222 )

5 unchanged sentences

Common Stock Issued (Repurchased) Under Stock and Benefit Plans 245 245 ( 5,270 )

Balance at December 31, 2025 95,017 $ 95,017 $ 1,382,593 $ 2,143,340 $ ( 32,990 )

Balance at March 31, 2026 95,027 $ 95,027 $ 1,388,193 $ 2,340,168 $ 1,111

Balance at January 1, 2025 90,613 $ 90,613 $ 1,039,705 $ 1,698,648 $ ( 76,153 )

Net Income Available for Common Stock 216,358

Dividends Declared on Common Stock ($ 0.515 Per Share)

Other Comprehensive Loss, Net of Tax ( 146,822 )

Share-Based Payment Expense (1)

Common Stock Issued Under Stock and Benefit Plans 11 11 604

Share Repurchases Under Repurchase Plan ( 226 ) ( 226 ) ( 2,622 ) ( 13,085 )

Balance at March 31, 2025 90,398 $ 90,398 $ 1,042,822 $ 1,855,366 $ ( 222,975 )

Balance at October 1, 2024 91,006 $ 91,006 $ 1,045,487 $ 1,727,326 $ ( 15,476 )

4 unchanged sentences

Common Stock Issued (Repurchased) Under Stock and Benefit Plans

167 167 ( 2,906 )

Share Repurchases Under Repurchase Plan ( 775 ) ( 775 ) ( 8,984 ) ( 40,078 )

Balance at December 31, 2024 90,613 $ 90,613 $ 1,039,705 $ 1,698,648 $ ( 76,153 )

Balance at March 31, 2025 90,398 $ 90,398 $ 1,042,822 $ 1,855,366 $ ( 222,975 )

(1) Paid in Capital includes compensation costs associated with performance shares and/or restricted stock awards.

The expense is included within Net Income Available For Common Stock, net of tax benefits.

Table of Content

Tab le of Content

Common Stock.

Common stock share activity during the three months ended December 31, 2025 consisted of the following items:

Three Months Ended December 31, 2025

Common stock share activity during the six months ended March 31, 2026 consisted of the following items:

Six Months Ended March 31, 2026

Vesting of Restricted Stock Units 140,395

5 unchanged sentences

Common Stock Issued from Sale of Common Stock 4,402,513

Total Common Stock Issued During the Three Months Ended December 31, 2025 4,638,343

Total Common Stock Issued During the Six Months Ended March 31, 2026 4,648,352

(1) The Company considers all shares tendered as cancelled shares restored to the status of authorized but unissued shares, in accordance with New Jersey law.

1 unchanged sentence

After deducting placement fees, the net proceeds to the Company amounted to $ 338.4 million.

The proceeds of this issuance were used for general corporate purposes, including to fund a portion of the purchase price of the Company's previously announced acquisition of CenterPoint Energy Resources Corp.'s Ohio regulated gas utility business.

Refer to Note 2 – Pending Acquisition for further discussion.

Current Portion of Long-Term Debt.

The Current Portion of Long-Term Debt at December 31, 2025 consisted of a $ 300.0 million long-term delayed draw term loan scheduled to mature in February 2026 that was repaid in January 2026 and $ 300.0 million of 5.50 % notes with a maturity date in October 2026.

The Current Portion of Long-Term Debt at September 30, 2025 consisted of the aforementioned $ 300.0 million long-term delayed draw term loan with a maturity date in February 2026.

Short-Term Borrowings.

On March 27, 2026, the Company entered into an Amended and Restated Credit Agreement (the “Credit Agreement”) with PNC Bank, National Association, as administrative agent and lender, and 12 additional lenders.

The Credit Agreement provides a $ 1.3 billion unsecured committed revolving credit facility with an initial maturity date of March 27, 2031.

The Credit Agreement amended and restated that certain credit agreement, dated as of February 28, 2022, among the Company, JPMorgan Chase Bank, N.

A., as administrative agent, and the lenders party thereto.

Delayed Draw Term Loan.

On February 14, 2024, the Company entered into a Term Loan Agreement (the “Term Loan Agreement”) with six lenders, all of which are lenders under the Credit Agreement.

As of January 22, 2026, the Company repaid the $ 300.0 million drawn under the Term Loan Agreement and the agreement was therefore terminated.

On February 14, 2024, the Company entered into a Term Loan Agreement (the “Term Loan Agreement”) with six lenders, all of which were then lenders under the Company's prior primary revolving credit agreement.

The Term Loan Agreement provided a $ 300.0 million unsecured committed delayed draw term loan facility with a maturity date of February 14, 2026, and the Company had the ability to select interest periods of one, three or six months for borrowings.

In April 2024, pursuant to the delayed draw mechanism, the Company elected to draw a total of $ 300.0 million under the facility.

After deducting debt issuance costs, the net proceeds to the Company amounted to $ 299.4 million.

Borrowings under the Term Loan Agreement bear interest at a rate equal to SOFR for the applicable interest period, plus an adjustment of 0.10 %, plus a spread of 1.375 %.

Borrowings under the Term Loan Agreement bore interest at a rate equal to SOFR for the applicable interest period, plus an adjustment of 0.10 %, plus a spread of 1.375 %.

On January 22, 2026, the Company repaid all outstanding obligations under the Term Loan Agreement, and the agreement was terminated.

Current Portion of Long-Term Debt.

The Current Portion of Long-Term Debt at March 31, 2026 consisted of $ 300.0 million of 5.50 % notes with a maturity date in October 2026.

The Current Portion of Long-Term Debt at September 30, 2025 consisted of a $ 300.0 million long-term delayed draw term loan with a maturity date in February 2026 that was repaid in January 2026.

Note 8 – Commitments and Contingencies

3 unchanged sentences

It is the Company’s policy to accrue estimated environmental clean-up costs (investigation and remediation) when such amounts can reasonably be estimated and it is probable that the Company will be required to incur such costs.

At December 31, 2025, the Company has estimated its remaining clean-up costs related to former manufactured gas plant sites will be approximately $ 2.9 million.

The Company's liability for such clean-up costs has been recorded in Other Liabilities on the Consolidated Balance Sheet at December 31, 2025.

The Company has a regulatory liability of $ 1.5 million related to environmental clean-up costs at December 31, 2025 and is currently not aware of any material additional exposure to environmental liabilities.

At March 31, 2026, the Company has estimated its remaining clean-up costs related to former manufactured gas plant sites will be approximately $ 3.1 million.

The Company's liability for such clean-up costs has been recorded in Other Liabilities on the Consolidated Balance Sheet at March 31, 2026.

The Company has a regulatory liability of $ 0.5 million related to environmental clean-up costs at March 31, 2026 and is currently not aware of any material additional exposure to environmental liabilities.

However, changes in environmental laws and regulations, new information or other factors could have an adverse financial impact on the Company.

3 unchanged sentences

While these other matters arising in the normal

Table of Content

Tab le of Content

course of business could have a material effect on earnings and cash flows in the period in which they are resolved, an estimate of the possible loss or range of loss, if any, cannot be made at this time.

20 unchanged sentences

There have been no changes in the basis of segmentation or in the basis of measuring segment profit or loss from those used in the Company’s 2025 Form 10-K.

A listing of segment assets at December 31, 2025 and December 31, 2024 is shown in the tables below.

Table of Content

Three Months Ended December 31, 2025

Integrated Upstream and Gathering Pipeline

A listing of segment assets at March 31, 2026 and September 30, 2025 is shown in the tables below.

Tab le of Content

Quarter Ended March 31, 2026

Gathering Pipeline

Storage Utility Total

14 unchanged sentences

80,548 19,961 18,601 119,110 — 219 119,329

Impairment of Assets (Significant Non-Cash Item) (2)

Interest Expense (2)

15,111 11,779 11,138 38,028 118 ( 4,412 ) 33,734

Interest Income ( 380 ) ( 870 ) ( 1,165 ) ( 2,415 ) — 512 ( 1,903 )

Income Tax Expense (Benefit) (2)

55,049 10,558 17,999 83,606 262 ( 1,133 ) 82,735

Other Expense (Income) Items (3)

3,724 7,257 1,003 11,984 ( 1,248 ) ( 561 ) 10,175

Segment Profit:

Net Income (Loss)

$ 152,030 $ 31,606 $ 65,349 $ 248,985 $ 868 $ ( 2,185 ) $ 247,668

Expenditures for Additions to Long-Lived Assets

$ 165,727 $ 37,026 $ 30,500 $ 233,253 $ — $ ( 297 ) $ 232,956

Six Months Ended March 31, 2026

Gathering Pipeline

Storage Utility Total

Eliminations (4)

Revenue from External Customers (1)

$ 682,045 $ 142,999 $ 684,837 $ 1,509,881 $ — $ — $ 1,509,881

Intersegment Revenues

— 75,365 215 75,580 — ( 75,580 ) —

Total Revenues 682,045 218,364 685,052 1,585,461 — ( 75,580 ) 1,509,881

Operation and Maintenance Expense (2) :

Upstream General and Administrative Expense 37,878 — — 37,878 — ( 125 ) 37,753

Lease Operating Expense 34,187 — — 34,187 — ( 1,323 ) 32,864

Gathering Operation and Maintenance Expense 24,193 — — 24,193 — ( 138 ) 24,055

All Other Operation and Maintenance Expense 6,481 58,435 129,126 194,042 — 13,059 207,101

Purchased Gas Expense (2)

— — 367,145 367,145 — ( 73,688 ) 293,457

Depreciation, Depletion and Amortization Expense (2)

164,810 39,063 37,081 240,954 — 400 241,354

Interest Expense (2)

10 unchanged sentences

$ 307,576 $ 74,628 $ 73,594 $ 455,798 $ — $ ( 121 ) $ 455,677

Integrated Upstream and Gathering Pipeline

Gathering Pipeline

Storage Utility Total

1 unchanged sentence

Segment Assets:

At December 31, 2025 $ 3,925,191 $ 2,504,541 $ 2,645,957 $ 9,075,689 $ 8,565 $ 121,618 $ 9,205,872

At March 31, 2026 $ 4,011,274 $ 2,528,382 $ 2,692,866 $ 9,232,522 $ 9,888 $ ( 114,806 ) $ 9,127,604

At September 30, 2025 $ 3,701,646 $ 2,412,747 $ 2,534,289 $ 8,648,682 $ 8,704 $ 61,718 $ 8,719,104

Three Months Ended December 31, 2024

Integrated Upstream and Gathering Pipeline

Tab le of Content

Quarter Ended March 31, 2025

Gathering Pipeline

Storage Utility Total

15 unchanged sentences

75,456 18,547 17,135 111,138 — 139 111,277

Interest Expense (2)

22,824 11,700 10,927 45,451 131 ( 825 ) 44,757

Interest Income ( 529 ) ( 1,797 ) ( 445 ) ( 2,771 ) — 519 ( 2,252 )

Income Tax Expense (Benefit) (2)

44,879 10,961 16,677 72,517 ( 82 ) ( 1,066 ) 71,369

Other Expense (Income) Items (3)

4,580 7,813 ( 366 ) 12,027 222 ( 15 ) 12,234

Segment Profit:

Net Income (Loss)

$ 124,170 $ 31,707 $ 63,544 $ 219,421 $ ( 271 ) $ ( 2,792 ) $ 216,358

Expenditures for Additions to Long-Lived Assets

$ 123,363 $ 15,626 $ 41,867 $ 180,856 $ — $ 174 $ 181,030

Six Months Ended March 31, 2025

Gathering Pipeline

Storage Utility Total

Corporate and

Eliminations (4)

Revenue from External Customers (1)

$ 567,499 $ 139,935 $ 571,998 $ 1,279,432 $ — $ — $ 1,279,432

Intersegment Revenues

— 76,251 203 76,454 — ( 76,454 ) —

Total Revenues 567,499 216,186 572,201 1,355,886 — ( 76,454 ) 1,279,432

Operation and Maintenance Expense (2) :

Upstream General and Administrative Expense 38,173 — — 38,173 — ( 118 ) 38,055

Lease Operating Expense 23,145 — — 23,145 — ( 3,210 ) 19,935

Gathering Operation and Maintenance Expense 15,894 — — 15,894 — ( 129 ) 15,765

All Other Operation and Maintenance Expense 7,178 57,677 120,704 185,559 — 6,281 191,840

Purchased Gas Expense (2)

— — 273,249 273,249 — ( 72,574 ) 200,675

Depreciation, Depletion and Amortization Expense (2)

149,274 37,132 33,962 220,368 — 279 220,647

Impairment of Assets (Significant Non-Cash Item) (2)

16 unchanged sentences

(4) Corporate and All Other categories primarily represent other non-segment business activities and eliminating entries.

Table of Content

Tab le of Content

Note 10 – Retirement Plan and Other Post-Retirement Benefits

1 unchanged sentence

Retirement Plan Other Post-Retirement Benefits

Three Months Ended December 31, 2025 2024 2025 2024

Three Months Ended March 31, 2026 2025 2026 2025

Service Cost $ 861 $ 1,023 $ 105 $ 130

6 unchanged sentences

Net Periodic Benefit Cost (Income) $ ( 5,300 ) $ ( 5,651 ) $ ( 6,906 ) $ ( 7,037 )

Retirement Plan Other Post-Retirement Benefits

Six Months Ended March 31, 2026 2025 2026 2025

Service Cost $ 1,723 $ 2,046 $ 210 $ 259

Interest Cost 17,889 18,446 7,672 7,251

Expected Return on Plan Assets ( 29,421 ) ( 29,293 ) ( 14,748 ) ( 13,072 )

Amortization of Prior Service Cost (Credit) 126 151 ( 130 ) ( 214 )

Amortization of (Gains) Losses 4,841 3,240 304 18

Net Amortization and Deferral for Regulatory Purposes (Including Volumetric Adjustments) (1)

( 2,977 ) ( 3,111 ) ( 3,709 ) ( 4,885 )

Net Periodic Benefit Cost (Income) $ ( 7,819 ) $ ( 8,521 ) $ ( 10,401 ) $ ( 10,643 )

(1) The Company’s policy is to record retirement plan and other post-retirement benefit costs in the Utility segment on a volumetric basis to reflect the fact that the Utility segment experiences higher throughput of natural gas in the winter months and lower throughput of natural gas in the summer months.

1 unchanged sentence

Employer Contributions.

The Company did not make any contributions to its tax-qualified, noncontributory defined benefit retirement plan (Retirement Plan) during the three months ended December 31, 2025, and does not anticipate making any such contributions during the remainder of fiscal 2026.

The Company also did not make any contributions to its VEBA trusts for its other post-retirement benefits during the three months ended December 31, 2025, and does not anticipate making any such contributions during the remainder of fiscal 2026.

The Company did not make any contributions to its tax-qualified, noncontributory defined benefit retirement plan (Retirement Plan) during the six months ended March 31, 2026, and does not anticipate making any such contributions during the remainder of fiscal 2026.

The Company also did not make any contributions to its VEBA trusts for its other post-retirement benefits during the six months ended March 31, 2026, and does not anticipate making any such contributions during the remainder of fiscal 2026.

Note 11 – Regulatory Matters

4 unchanged sentences

These revenue requirement increases are being reflected in customer bills on a levelized basis over the three-year rate plan.

The revenue requirement for each year of the three-year plan has been reduced by $ 14 million for actuarial projections of income that is expected to be recognized for qualified pension and other post-retirement benefits.

Tab le of Content

requirement for each year of the three-year plan has been reduced by $ 14 million for actuarial projections of income that is expected to be recognized for qualified pension and other post-retirement benefits.

Qualified pension and other post-retirement benefit income or costs are matched with amounts included in revenue resulting in zero impact to earnings.

5 unchanged sentences

On January 28, 2026, Distribution Corporation made a filing with the PaPUC seeking an increase in its annual base rate operating revenues of $ 19.7 million with a proposed effective date of March 29, 2026.

The Company is proposing, among other things, a new residential energy efficiency pilot program and to make

Table of Content

permanent its weather normalization adjustment mechanism.

The Company is proposing, among other things, a new residential energy efficiency pilot program and to make permanent its weather normalization adjustment mechanism.

The Company is also proposing reactivation of the OPEB surcredit (Rider I) to refund $ 7.2 million for customer bill relief.

The filing will be suspended for seven months by operation of law unless directed otherwise by the PaPUC.

As reflected in a February 19, 2026 PaPUC Order, the filing was suspended until October 29, 2026 by operation of law unless directed otherwise by the PaPUC.

On April 10, 2024, Distribution Corporation filed with the PaPUC a petition for approval of a distribution system improvement charge (“DSIC”) to recover, between base rate cases, capital expenses related to eligible property constructed or installed to rehabilitate, improve and replace portions of the Company’s natural gas distribution system.

The DSIC petition was approved by the PaPUC on December 5, 2024, and on January 1, 2025, the Company initiated recovery of eligible costs on incremental rate base added after September 30, 2024.

During the quarter ended December 31, 2025, Distribution Corporation recovered $ 1.1 million from customers.

The DSIC petition was approved by the PaPUC on December 5, 2024 with a cap equivalent to 5 % of distribution revenues, and on January 1, 2025, the Company initiated recovery of eligible costs on incremental rate base added after September 30, 2024.

During the quarter ended March 31, 2026, Distribution Corporation recovered $ 2.8 million from customers.

The DSIC cap has been met and the Company is unable to earn a return on incremental plant investments.

The DSIC will be reset to zero when new base rates become effective as a result of the Company's recent rate filing.

FERC Jurisdiction

Supply Corporation’s rate settlement was approved June 11, 2024, with rates effective February 1, 2024, and provides that Supply Corporation may make a rate filing for new rates to be effective at any time.

As well, any party can make a filing under NGA Section 5.

Supply Corporation has no rate case currently on file.

Supply Corporation filed an NGA Section 4 rate case at FERC on April 30, 2026 proposing rate increases to be effective November 1, 2026.

Supply Corporation's filing requests an annual cost of service of approximately $ 404 million, an increase of approximately $ 95 million from Supply Corporation's settlement of its 2023 rate proceeding.

The proposal also includes, among other things, a modernization cost recovery mechanism.

On March 17, 2025, FERC approved an amendment to Empire's 2019 rate case settlement, which provides for a modest reduction in Empire’s transportation unit rates, effective November 1, 2025.

2 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements