NYSE: ATO

Division Service Areas Communities Served Customer Meters

Mid-Tex Texas, including the Dallas/Fort Worth Metroplex 550 1,830,387

Kentucky/Mid-States Kentucky 220 176,494

Tennessee 163,667

Virginia 23,836

Louisiana Louisiana 270 360,589

West Texas Amarillo, Lubbock, Midland 80 316,036

Mississippi Mississippi 110 249,562

Colorado-Kansas Colorado 170 130,890

Kansas 140,542

We operate in our service areas under terms of non-exclusive franchise agreements granted by the various cities and towns that we serve. At September 30, 2025, we held 1,010 franchises having terms generally ranging from five to 35 years. A number of our franchises expire each year, which require renewal prior to the end of their terms. Historically, we have successfully renewed these franchises and believe that we will continue to be able to renew our franchises as they expire.

Revenues in this operating segment are established by regulatory authorities in the states in which we operate. These rates are intended to be sufficient to cover the costs of conducting business, including a reasonable return on invested capital. In addition, we transport natural gas for others through our distribution systems.

Rates established by regulatory authorities often include cost adjustment mechanisms for costs that (i) are subject to significant price fluctuations compared to our other costs, (ii) represent a large component of our cost of service, and (iii) are generally outside our control.

Purchased gas cost adjustment mechanisms represent a traditional and common form of cost adjustment mechanism. Purchased gas cost adjustment mechanisms provide a method of recovering purchased gas costs on an ongoing basis without filing a rate case because they provide a dollar-for-dollar offset to increases or decreases in the cost of natural gas. Therefore, although substantially all of our distribution operating revenues fluctuate with the cost of gas that we purchase, distribution operating income is generally not affected by fluctuations in the cost of gas.

Additionally, some jurisdictions have performance-based ratemaking adjustments to provide incentives to minimize purchased gas costs through improved storage management and use of financial instruments to reduce volatility in gas costs. Under the performance-based ratemaking adjustments, purchased gas costs savings are shared between the Company and its customers.

Our supply of natural gas is provided by a variety of suppliers, including independent producers, and marketers. The gas is delivered into our systems by various pipeline companies, withdrawals of gas from proprietary and contracted storage assets, and base load and peaking arrangements, as needed.

Supply arrangements consist of both base load and peaking quantities and are contracted from our suppliers on a firm basis with various terms at market prices. Base load quantities are those that flow at a constant level throughout the month and peaking quantities provide the flexibility to change daily quantities to match increases or decreases in requirements related to weather conditions.

Except for local production purchases, we select our natural gas suppliers through a competitive bidding process by periodically requesting proposals from suppliers. We select these suppliers based on their ability to reliably deliver gas supply to our designated firm pipeline receipt points at the lowest reasonable cost. Major suppliers during fiscal 2025 were ARM Energy Management LLC, Cima Energy, LP, ConocoPhillips Company, ECO Energy Natural Gas LLC, EnLink Gas Marketing LP, Sequent Energy Management LLC, Symmetry Energy Solutions, LLC, Targa Gas Marketing LLC, Tenaska Marking Ventures, and Texla Energy Management, Inc.

The combination of base load and peaking agreements, coupled with the withdrawal of gas held in storage, allows us the flexibility to adjust to changes in weather, which minimizes our need to enter into long-term firm commitments. We estimate our peak-day availability of natural gas supply to be approximately 5.4 Bcf. The peak-day demand for our distribution operations in fiscal 2025 was on February 19, 2025, when sales to customers reached approximately 4.2 Bcf.

Currently, our distribution divisions utilize 33 pipeline transportation companies, both interstate and intrastate, to transport our natural gas. The pipeline transportation agreements are firm and many of them have “pipeline no-notice” storage service, which provides for daily balancing between system requirements and nominated flowing supplies. These agreements have been negotiated with the shortest term necessary while still maintaining our right of first refusal. The natural gas supply for our Mid-Tex Division is delivered primarily by our APT Division.

To maintain our deliveries to high priority customers, we have the ability, and have exercised our right, to interrupt or curtail service to certain customers pursuant to contracts and applicable state regulations or statutes. Our customers’ demand on our system is not necessarily indicative of our ability to meet current or anticipated market demands or immediate delivery requirements because of factors such as the physical limitations of gathering, storage and transmission systems, the duration and severity of cold weather, the availability of gas reserves from our suppliers, the ability to purchase additional supplies on a short-term basis, and actions by federal and state regulatory authorities. Interruption and curtailment rights provide us the flexibility to meet the human-needs requirements of our customers on a reliable basis. Priority allocations imposed by federal and state regulatory agencies, as well as other factors beyond our control, may affect our ability to meet the demands of some of our customers.

Pipeline and Storage Segment Overview

Our pipeline and storage segment consists of the regulated pipeline and storage operations of APT and our natural gas transmission operations in Louisiana. APT is one of the largest intrastate pipeline operations in Texas with a heavy concentration in the established natural gas-producing areas of central, northern, and eastern Texas, extending into or near the major producing areas of the Barnett Shale, the Texas Gulf Coast, and the Permian Basin of West Texas. Through its system, APT provides transportation and storage services to our Mid-Tex Division, other third party local distribution companies, industrial and electric generation customers, marketers, and producers. As part of its pipeline operations, APT owns and operates five underground storage facilities in Texas.

Revenues earned from transportation and storage services for APT are subject to traditional ratemaking governed by the RRC. Rates are updated through periodic filings made under Texas’ GRIP. GRIP allows us to include in our rate base annually approved capital costs incurred in the prior calendar year provided that we file a complete rate case at least once every five

years; the most recent of which was completed in December 2023. APT’s existing regulatory mechanisms allow certain transportation and storage services to be provided under market-based rates.

Our natural gas transmission operations in Louisiana are comprised of a 21-mile pipeline located in the New Orleans, Louisiana area that is primarily used to aggregate gas supply for our distribution division in Louisiana under a long-term contract and, on a more limited basis, to third parties. The demand fee charged to our Louisiana distribution division for these services is subject to regulatory approval by the Louisiana Public Service Commission. We also manage two asset management plans that serve distribution affiliates of the Company, which have been approved by applicable state regulatory commissions. Generally, these asset management plans require us to share with our distribution customers a significant portion of the cost savings earned from these arrangements.

Ratemaking Activity

Overview

The method of determining regulated rates varies among the states in which our regulated businesses operate. The regulatory authorities have the responsibility of ensuring that utilities in their jurisdictions operate in the best interests of customers while providing utility companies the opportunity to earn a reasonable return on their investment. Generally, each regulatory authority reviews rate requests and establishes a rate structure intended to generate revenue sufficient to cover the costs of conducting business, including a reasonable return on invested capital.

Our rate strategy focuses on reducing or eliminating regulatory lag, obtaining adequate returns, and providing stable, predictable margins, which benefit both our customers and the Company. As a result of our ratemaking efforts and legislative actions in our jurisdictions in recent years, Atmos Energy has:

•Formula rate mechanisms in place in four states that provide for an annual rate review and adjustment to rates.

•Infrastructure programs in place in all of our states that provide for an annual adjustment to rates for qualifying capital expenditures. Through our annual formula rate mechanisms and infrastructure programs, we have the ability to begin recovering approximately 95 percent of our capital expenditures within six months and substantially all of our capital expenditures within twelve months.

•Authorization in tariffs, statute or commission rules that allows us to defer certain elements of our incurred cost of service such as depreciation, ad valorem taxes, pension costs, and certain safety related expenses, until they are included in rates.

•WNA mechanisms in seven states that serve to minimize the effects of weather on approximately 97 percent of our distribution residential and commercial revenues.

•The ability to recover the gas cost portion of bad debts in six states which represents approximately 89 percent of our distribution residential and commercial revenues.

The following tables provides a jurisdictional rate summary for our regulated operations as of September 30, 2025. This information is for regulatory purposes only and may not be representative of our actual financial position.

Division Jurisdiction Effective

Date of Last

Rate/GRIP Action
Rate Base

(thousands)(1)

Authorized

Rate of

Return(1)

Authorized Debt/

Equity Ratio(1)

Authorized

Return

on Equity(1)

Atmos Pipeline — Texas Texas 06/17/2025 $5,237,614 8.49% 40/60 11.45%

Colorado-Kansas Colorado 05/14/2023 229,565 7.00% 42-45/55-58 9.3% - 9.6%

Colorado SSIR 01/01/2025 73,623 7.00% / 3.97% 42/58 (4)

Kansas 05/09/2023 295,070 (4) (4) (4)

Kansas GSRS 12/17/2024 38,932 (4) (4) (4)

Kansas SIP 04/01/2025 25,707 (4) (4) (4)

Kentucky/Mid-States Kentucky 05/12/2025 611,038 7.15% 46/54 9.75%

Kentucky-PRP 05/29/2025 67,464 6.94% 45/55 9.45%

Tennessee 06/01/2025 611,649 7.63% 39/61 9.80%

Virginia 12/01/2023 71,450 7.57% 39/61 9.90%

Virginia-SAVE 10/01/2024 21,436 7.57% 39/61 9.90%

Louisiana Louisiana 07/01/2025 1,352,758 7.42% 42/58 9.80%

Mid-Tex
Mid-Tex Cities(5)
10/01/2024
7,146,843(6)
7.41% 42/58 9.80%

Mid-Tex ATM Cities 08/01/2025
7,953,622(6)
7.59% 39/61 9.80%

Mid-Tex Environs 08/01/2025
7,953,529(6)
7.59% 39/61 9.80%

Mid-Tex — Dallas 06/01/2025
7,973,771(6)
7.52% 40/60 9.80%

Mississippi
Mississippi(7)
11/04/2024 592,236 7.80% (4) (4)

Mississippi - SIR(7)
11/04/2024 629,687 7.80% (4) (4)

West Texas
West Texas Systemwide (8)
06/01/2025 1,231,651 7.59% 39/61 9.80%

Division Jurisdiction
Bad Debt

Rider(2)
Formula Rate Infrastructure Mechanism
Performance Based

Rate Program(3)
WNA Period

Atmos Pipeline — Texas Texas No Yes Yes N/A N/A

Colorado-Kansas Colorado No No Yes No N/A

Kansas Yes No Yes Yes October-May

Kentucky/Mid-States Kentucky Yes No Yes Yes November-April

Tennessee Yes Yes Yes Yes October-April

Virginia Yes No Yes No January-December

Louisiana Louisiana No Yes Yes No December-March

Mid-Tex Cities Texas Yes Yes Yes No November-April

Mid-Tex — Dallas Texas Yes Yes Yes No November-April

Mississippi Mississippi Yes Yes Yes No November-April

West Texas Texas Yes No Yes No October-May

(1)The rate base, authorized rate of return, authorized debt/equity ratio, and authorized return on equity presented in this table are those from the most recent approved regulatory filing for each jurisdiction. These rate bases, rates of return, debt/equity ratios, and returns on equity are not necessarily indicative of current or future rate bases, rates of return or returns on equity.

(2)The bad debt rider allows us to recover from customers the gas cost portion of customer accounts that have been written off.

(3)The performance-based rate program provides incentives to distribution companies to minimize purchased gas costs by allowing the companies and their customers to share the purchased gas costs savings.

(4)A rate base, rate of return, return on equity, or debt/equity ratio was not included in the respective state commission’s final decision.

(5)The Mid-Tex Cities approved the Formula Rate Mechanism filing with rates effective October 1, 2025, which included a rate base of $8.3 billion, an authorized return of 7.42%, a debt/equity ratio of 42/58, and an authorized ROE of 9.80%.

(6)The Mid-Tex rate base represents a “system-wide,” or 100 percent, of the Mid-Tex Division’s rate base.

(7)The Mississippi SRF and SIR were filed jointly in a general rate case. On November 4, 2025, the Mississippi Public Service Commission issued a rate order in this case. We are required to file tariffs consistent with the final order by November 18, 2025, which we expect will determine the final impact to operating income and rate base. We expect rates to be implemented during the first quarter of fiscal 2026. The final order included an authorized return of 6.80%, a debt/equity ratio of 50/50, and an authorized ROE of 9.40%.

(8)The West Texas Systemwide Statement of Intent filing included the West Texas RRM and the Amarillo, Lubbock, Dalhart and Channing (ALDC), Environs, and Triangle GRIP filings.

Although substantial progress has been made in recent years to improve rate design and recovery of investment across our service areas, we are continuing to seek improvements in rate design to address cost variations and pursue tariffs that reduce regulatory lag associated with investments. Further, potential changes in federal energy policy, federal safety regulations, and changing economic conditions will necessitate continued vigilance by the Company and our regulators in meeting the challenges presented by these external factors.

Recent Ratemaking Activity

The amounts described in the following sections represent the annual operating income that was requested or received in each rate filing, which may not necessarily reflect the stated amount referenced in the final order, as certain operating costs may have changed as a result of the commission's or other governmental authority's final ruling. Our ratemaking outcomes include the refund (return) of excess deferred income taxes (EDIT) resulting from previously enacted tax reform legislation and do not reflect the true economic benefit of the outcomes because they do not include the corresponding income tax benefit. The following tables summarize the annualized ratemaking outcomes we implemented in each of the last three fiscal years.

Rate Action Annual Increase (Decrease) in Operating Income EDIT Impact Annual Increase (Decrease) in Operating Income Excluding EDIT

(In thousands)

2025 Filings:

Annual formula rate mechanisms $ 279,724 $ 2,255 $ 281,979

Rate case filings 53,732 (12,976) 40,756

Other ratemaking activity 111 — 111

Total 2025 Filings $ 333,567 $ (10,721) $ 322,846

2024 Filings:

Annual formula rate mechanisms $ 347,763 $ (31,314) $ 316,449

Rate case filings 29,458 (37,860) (8,402)

Other ratemaking activity (971) — (971)

Total 2024 Filings $ 376,250 $ (69,174) $ 307,076

2023 Filings:

Annual formula rate mechanisms $ 258,824 $ (1,099) $ 257,725

Rate case filings 2,940 6,791 9,731

Other ratemaking activity 1,320 — 1,320

Total 2023 Filings $ 263,084 $ 5,692 $ 268,776

The following ratemaking efforts seeking $231.1 million in annual operating income were initiated during fiscal 2025 but had not been completed or implemented as of September 30, 2025:

Division Rate Action Jurisdiction Operating Income

Requested

(In thousands)

Colorado-Kansas Rate Case Kansas $ 15,977

Colorado-Kansas Infrastructure Mechanism
Kansas (1)
1,949

Kentucky/Mid-States Infrastructure Mechanism
Virginia (2)
550

Kentucky/Mid-States Infrastructure Mechanism
Kentucky (3)
7,246

Mid-Tex Formula Rate Mechanism
Mid-Tex Cities (4)
165,027

Mississippi Rate Case
Mississippi (5)
40,301

$ 231,050

(1) The staff of the Kansas Corporation Commission recommended approval of the GSRS filing on October 17, 2025, subject to commission approval.

(2) On August 22, 2025, the State Corporation Commission of Virginia approved a rate increase of $0.5 million effective October 1, 2025.

(3) On September 15, 2025, the Kentucky Public Service Commission approved a rate increase of $7.2 million effective October 2, 2025, subject to refund.

(4) The Mid-Tex Cities approved a rate increase of $138.5 million. New rates were implemented October 1, 2025.

(5) On November 4, 2025, the Mississippi Public Service Commission issued a rate order in this case. We are required to file tariffs consistent with the final order by November 18, 2025, which we expect will determine the final impact to operating income and rate base. We expect rates to be implemented during the first quarter of fiscal 2026.

Our recent ratemaking activity is discussed in greater detail below.

Annual Formula Rate Mechanisms

As an instrument to reduce regulatory lag, formula rate mechanisms allow us to refresh our rates on an annual basis without filing a formal rate case. However, these filings still involve discovery by the appropriate regulatory authorities prior to the final determination of rates under these mechanisms. We currently have specific infrastructure programs in all of our distribution divisions with tariffs in place to permit the investment associated with these programs to have their surcharge rate adjusted annually to recover approved capital costs incurred in a prior test-year period. The following table summarizes our annual formula rate mechanisms by state.

Annual Formula Rate Mechanisms

State Infrastructure Programs Formula Rate Mechanisms

Colorado System Safety and Integrity Rider (SSIR) —

Kansas Gas System Reliability Surcharge (GSRS), System Integrity Program (SIP) —

Kentucky Pipeline Replacement Program (PRP) —

Louisiana (1) Rate Stabilization Clause (RSC)

Mississippi System Integrity Rider (SIR) Stable Rate Filing (SRF)

Tennessee (1) Annual Rate Mechanism (ARM)

Texas Gas Reliability Infrastructure Program (GRIP), (1) Dallas Annual Rate Review (DARR), Mid-Tex Rate Review Mechanism (RRM)

Virginia Steps to Advance Virginia Energy (SAVE) —

(1) Infrastructure mechanisms in Texas, Louisiana, and Tennessee allow for the deferral of all expenses associated with capital expenditures incurred pursuant to these rules, which primarily consists of interest, depreciation, and other taxes (Texas and Tennessee only), until the next rate proceeding (rate case or annual rate filing), at which time investment and costs would be recoverable through base rates.

The following table summarizes our annual formula rate mechanisms with effective dates during the fiscal years ended September 30, 2025, 2024, and 2023:

Division Jurisdiction Test Year

Ended Increase

in

Annual

Operating

Income EDIT Impact Increase (Decrease) in Annual Operating Income Excluding EDIT Effective

Date

(In thousands)

2025 Filings:

Louisiana Louisiana 12/2024 $ 22,304 $ 1,473 $ 23,777 07/01/2025

Atmos Pipeline - Texas Texas 12/2024 77,206 — 77,206 06/17/2025

Kentucky/Mid-States Tennessee ARM 09/2024 1,432 — 1,432 06/01/2025

Mid-Tex DARR 09/2024 25,916 — 25,916 06/01/2025

Kentucky/Mid-States
Kentucky PRP (1)
09/2025 3,248 — 3,248 05/29/2025

Colorado-Kansas Kansas SIP 12/2024 612 — 612 04/01/2025

Colorado-Kansas Colorado SSIR 12/2025 1,907 — 1,907 01/01/2025

Colorado-Kansas Kansas GSRS 09/2024 1,998 — 1,998 12/17/2024

Mississippi Mississippi - SIR 10/2025 23,995 — 23,995 11/04/2024

Mississippi Mississippi - SRF 10/2025 3,800 15 3,815 11/04/2024

Mid-Tex Mid-Tex Cities RRM 12/2023 112,144 645 112,789 10/01/2024

West Texas West Texas Cities RRM 12/2023 4,414 122 4,536 10/01/2024

Kentucky/Mid-States Virginia - SAVE 09/2025 748 — 748 10/01/2024

Total 2025 Filings $ 279,724 $ 2,255 $ 281,979

2024 Filings:

Louisiana Louisiana 12/2023 $ 35,645 $ (11,785) $ 23,860 07/01/2024

Mid-Tex ATM Cities 12/2023 17,104 — 17,104 06/07/2024

West Texas Amarillo, Lubbock, Dalhart and Channing 12/2023 7,344 — 7,344 06/07/2024

Kentucky/Mid-States Tennessee ARM 09/2023 18,570 (4,348) 14,222 06/01/2024

Mid-Tex DARR 09/2023 37,809 (14,782) 23,027 06/01/2024

West Texas Triangle 12/2023 1,300 — 1,300 06/01/2024

West Texas Environs 12/2023 1,379 — 1,379 06/01/2024

Mid-Tex Environs 12/2023 8,529 — 8,529 06/01/2024

Atmos Pipeline - Texas Texas 12/2023 82,440 — 82,440 05/14/2024

Colorado-Kansas Kansas SIP 12/2023 708 — 708 04/01/2024

Colorado-Kansas Colorado SSIR 12/2024 2,017 — 2,017 01/01/2024

Mississippi Mississippi - SIR 10/2024 10,969 — 10,969 12/01/2023

Mississippi Mississippi - SRF 10/2024 11,539 (472) 11,067 12/01/2023

Colorado-Kansas Kansas GSRS 09/2023 1,752 — 1,752 11/02/2023

Kentucky/Mid-States Kentucky PRP 09/2024 2,906 — 2,906 10/01/2023

Mid-Tex Mid-Tex Cities RRM 12/2022 98,585 185 98,770 10/01/2023

West Texas West Texas Cities RRM 12/2022 8,594 (112) 8,482 10/01/2023

Kentucky/Mid-States Virginia - SAVE 09/2024 573 — 573 10/01/2023

Total 2024 Filings $ 347,763 $ (31,314) $ 316,449

2023 Filings:

Louisiana Louisiana 12/2022 $ 14,466 $ 17 $ 14,483 07/01/2023

Mid-Tex
DARR (2)
09/2022 17,345 51 17,396 06/14/2023

Mid-Tex ATM Cities 12/2022 12,825 — 12,825 06/09/2023

West Texas Amarillo, Lubbock, Dalhart and Channing 12/2023 6,938 — 6,938 06/09/2023

West Texas Triangle 12/2022 717 — 717 06/01/2023

West Texas Environs 12/2022 1,332 — 1,332 06/01/2023

Mid-Tex Environs 12/2022 5,983 — 5,983 06/01/2023

Kentucky/Mid-States Tennessee ARM 09/2022 14 (1,509) (1,495) 06/01/2023

Atmos Pipeline - Texas Texas 12/2022 84,931 — 84,931 05/17/2023

Colorado-Kansas Kansas SIP 12/2022 772 — 772 04/01/2023

Colorado-Kansas Colorado SSIR 12/2023 1,971 — 1,971 01/01/2023

Mississippi Mississippi - SIR 10/2023 8,560 — 8,560 11/01/2022

Mississippi Mississippi - SRF 10/2023 12,188 778 12,966 11/01/2022

Kentucky/Mid-States Kentucky PRP 09/2023 1,588 — 1,588 10/02/2022

Mid-Tex Mid-Tex Cities RRM 12/2021 81,402 (395) 81,007 10/01/2022

West Texas West Texas Cities RRM 12/2021 7,315 (41) 7,274 10/01/2022

Kentucky/Mid-States Virginia - SAVE 09/2023 477 — 477 10/01/2022

Total 2023 Filings $ 258,824 $ (1,099) $ 257,725

(1) On October 2, 2024, we implemented the PRP rates subject to refund; on May 29, 2025, the Kentucky Public Service Commission issued a final order approving the PRP filing.

(2) The rate increase for this filing was approved based on the effective date herein; however, the new rates were implemented beginning September 1, 2023.

Rate Case Filings

A rate case is a formal request from Atmos Energy to a regulatory authority to increase rates that are charged to customers. Rate cases may also be initiated when the regulatory authorities request us to justify our rates. This process is referred to as a “show cause” action. Adequate rates are intended to provide for recovery of the Company’s costs as well as a reasonable rate of return to our shareholders and ensure that we continue to safely deliver reliable, reasonably priced natural gas service to our customers.

The following table summarizes our recent rate case activity during the fiscal years ended September 30, 2025, 2024, and 2023:

Division State Increase in Annual Operating Income EDIT Impact Increase (Decrease) in Annual Operating Income Excluding EDIT Effective Date

(In thousands)

2025 Rate Case Filings:

Mid-Tex ATM Cities Texas $ 4,439 $ 25 $ 4,464 08/01/2025

Mid-Tex Environs Texas 2,297 (174) 2,123 08/01/2025

West Texas Systemwide Texas 30,615 (4,343) 26,272 06/01/2025

Kentucky/Mid-States
Kentucky (1)
16,381 (8,484) 7,897 05/12/2025

Total 2025 Rate Case Filings $ 53,732 $ (12,976) $ 40,756

2024 Rate Case Filings:

Atmos Pipeline - Texas Texas $ 27,024 $ (36,921) $ (9,897) 12/13/2023

Kentucky/Mid-States Virginia 2,434 (939) 1,495 12/01/2023

Total 2024 Rate Case Filings $ 29,458 $ (37,860) $ (8,402)

2023 Rate Case Filings:

Colorado-Kansas Colorado $ 913 $ (54) $ 859 05/14/2023

Colorado-Kansas Kansas 2,027 6,845 8,872 05/09/2023

Total 2023 Rate Case Filings $ 2,940 $ 6,791 $ 9,731

(1) On May 12, 2025, we implemented rates subject to refund; on August 11, 2025, the Kentucky Public Service Commission issued a final order.

Other Regulation

We are regulated by various state or local public utility authorities. We are also subject to regulation by the United States Department of Transportation with respect to safety requirements in the operation and maintenance of our transmission and distribution facilities. In addition, our operations are also subject to various state and federal laws regulating environmental matters. From time to time, we receive inquiries regarding various environmental matters. We believe that our properties and operations comply with, and are operated in conformity with, applicable safety and environmental statutes and regulations. There are no administrative or judicial proceedings arising under environmental quality statutes pending or known to be contemplated by governmental agencies which would have a material adverse effect on us or our operations. The Pipeline and Hazardous Materials Safety Administration (PHMSA), within the U.S. Department of Transportation, develops and enforces regulations for the safe, reliable, and environmentally sound operation of the pipeline transportation system. The PHMSA pipeline safety statutes provide for states to assume safety authority over intrastate natural transmission and distribution gas pipelines. State pipeline safety programs are responsible for adopting and enforcing the federal and state pipeline safety regulations for intrastate natural gas transmission and distribution pipelines.

The Federal Energy Regulatory Commission (FERC) allows, pursuant to Section 311 of the Natural Gas Policy Act (NGPA), gas transportation services through our APT assets “on behalf of” interstate pipelines or local distribution companies served by interstate pipelines, without subjecting these assets to the jurisdiction of the FERC under the NGPA. Additionally, the FERC has regulatory authority over the use and release of interstate pipeline and storage capacity. The FERC also has authority to detect and prevent market manipulation and to enforce compliance with FERC’s other rules, policies, and orders by companies engaged in the sale, purchase, transportation, or storage of natural gas in interstate commerce. We have taken what we believe are the necessary and appropriate steps to comply with these regulations.

The SEC and the Commodities Futures Trading Commission, pursuant to the Dodd–Frank Act, established numerous regulations relating to U.S. financial markets. We enacted procedures and modified existing business practices and contractual arrangements to comply with such regulations.

Competition

Although our regulated distribution operations are not currently in significant direct competition with any other distributors of natural gas to residential and commercial customers within our service areas, we do compete with other natural gas suppliers and suppliers of alternative fuels for sales to industrial customers. We compete in all aspects of our business with alternative energy sources, including, in particular, electricity. Electric utilities offer electricity as a rival energy source and compete for the space heating, water heating, and cooking markets. Promotional incentives, improved equipment efficiencies, and promotional rates all contribute to the acceptability of electrical equipment. The principal means to compete against

alternative fuels is lower prices, and natural gas historically has maintained its price advantage in the residential, commercial, and industrial markets.

Our pipeline and storage operations have historically faced competition from other existing intrastate pipelines seeking to provide or arrange transportation, storage, and other services for customers. In the last few years, several new pipelines have been completed, which has increased the level of competition in this segment of our business.

Employees

The Corporate Responsibility, Sustainability, and Safety Committee of the Board of Directors oversees matters relating to equal employment opportunities, diversity, and inclusion; human workplace rights; employee health and safety; and the Company’s vision, values, and culture. It oversees the Company's policies, practices, and procedures relating to sustainability to support the alignment of the Company's sustainability strategy with the Company's corporate strategy.

Part of our vision is to create a culture that respects and appreciates diversity. For this reason, we strive to have a workforce that reflects the communities we serve. At September 30, 2025, we had 5,487 employees. We monitor our workforce data on a calendar year basis. As of December 31, 2024, the last date for which information is available, 62 percent of our employees worked in field roles and 38 percent worked in support/shared services roles. None of our employees have chosen to work under a collective bargaining agreement.

To recruit and hire individuals with a variety of skills, talents, backgrounds, and experiences, we value and cultivate our strong relationships with various community and diversity outreach sources. We also target jobs fairs including those focused on minority, veteran, and women candidates and partner with local colleges and universities to identify and recruit qualified applicants in each of the cities and towns we serve. Finally, we believe we offer a competitive benefits program to help retain our employees.

We perform succession planning annually to ensure that we develop and sustain a strong bench of talent capable of performing at the highest levels. Not only is talent identified, but potential paths of development are discussed to ensure that employees have an opportunity to build their skills and are well-prepared for future roles. The strength of our succession planning process is evident through our long history of promoting most of our leaders from within the organization.

Available Information

Our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and other reports, and amendments to those reports, and other forms that we file with or furnish to the Securities and Exchange Commission (SEC) at their website, www.sec.gov, are also available free of charge at our website, www.investors.atmosenergy.com/financials/sec-filings/default.aspx, as soon as reasonably practicable, after we electronically file these reports with, or furnish these reports to, the SEC. We will also provide copies of these reports free of charge upon request to Investor Relations at the address and telephone number appearing below:

Investor Relations

Atmos Energy Corporation

P.O. Box 650205

Dallas, Texas 75265-0205

972-855-3729

Corporate Governance

In accordance with and pursuant to relevant related rules and regulations of the SEC as well as corporate governance-related listing standards of the New York Stock Exchange (NYSE), the Board of Directors of the Company has established and periodically updated our Corporate Governance Guidelines and Code of Conduct, which is applicable to all directors, officers, and employees of the Company. In addition, in accordance with and pursuant to such NYSE listing standards, our Chief Executive Officer during fiscal 2025, John K. Akers, certified to the New York Stock Exchange that he was not aware of any violations by the Company of NYSE corporate governance listing standards. The Board of Directors also annually reviews and updates, if necessary, the charters for each of its Audit, Human Resources, Nominating and Corporate Governance, and Corporate Responsibility, Sustainability, and Safety Committees. All of the foregoing documents are posted on our website at www.atmosenergy.com/company/corporate-responsiblity-reports. We will also provide copies of all corporate governance documents free of charge upon request to Investor Relations at the address listed above.