Southwest Gas Holdings Inc 2025年度报告

Southwest Gas Holdings2025 Annual Report Table of Contents Dear Fellow Stockholders2 Forward-LookingStatements Achieving Strong FinancialPerformance, Delivering Value4 This Annual Report contains forward-looking statements within the meaningof the safe harbor provisions of the U.S.Private Securities Litigation Reform Actof 1995 regarding the Company’s currentexpectations. Forward-looking statementscan be identified by words such as“intend,” “plan,” “goal,” “will,” “expect,” “seek,”“believe,” “project,” “target,” “estimate,”“strategy,” “future,” “likely,” “may,” “should,”and similar references to future periods.These statements are subject to a varietyof risks that could cause actual results todiffer materially from expectations.Theserisks and uncertainties include, in additionto those discussed herein, all factorsdiscussed in the Company’s 2025 AnnualReport on Form 10-K. Financial Highlights5 Fueling Growth6 Advancing PositiveRegulatory Outcomes8 Living Our Core Valuesat Southwest Gas10 Sustainability in Action14 Company Profile Southwest Gas Holdings, Inc. (NYSE:SWX), through its primary operating subsidiary, Southwest Gas Corporation(“Southwest Gas” or “the utility”), engages in the business of purchasing, distributing, and transporting naturalgas for its customers. Southwest Gas is a dynamic energy company committed to exceeding the expectationsof over 2 million customers in Arizona, California, and Nevada by providing safe and reliable service whilepursuing innovative, sustainable energy solutions to fuel the growth in its communities. References to “Company,” “Southwest Gas Holdings,” “SWX,” “we,” and “our” refer to Southwest Gas Holdings, Inc.All financial figures are in U.S. dollars unless otherwise noted. Dear Fellow Stockholders On behalf of our leadership team and our more than 2,400 employees,I am pleased to present our 2025 Annual Report. Our achievements thisyear reflect disciplined execution, a clear strategic vision, and our continuedcommitment to providing safe, reliable, and affordable natural gas service. 2025 was a pivotal time in advancing our strategyto become a premier, fully regulated natural gasbusiness. In 2022, we announced our plan to separateCenturi Holdings, Inc. (“Centuri”) into an independentutility infrastructure company, with the initial publicoffering of Centuri stock occurring in April 2024. InSeptember 2025, we successfully completed thatseparation, and we no longer own any shares ofCenturi common stock. deliver value through continuous improvement, digitalenhancements, and disciplined cost management. At Southwest Gas, our strong financial and operationalperformance builds on our ability to support continuedcustomer growth across the residential, commercial,and industrial sectors and reflects the enduring roleof natural gas in meeting the region’s evolving energyneeds. In parallel, we advanced the proposed 2028Great Basin Expansion Project through our whollyowned subsidiary, Great Basin Gas TransmissionCompany (“Great Basin”), which owns and operatesan interstate pipeline system in Northern Nevada.Thisstrategic investment to add natural gas transportationcapacity in the region represents a meaningfulopportunity for future growth. This milestone underscores our commitment todelivering value for stockholders. Separating Centurienhanced our Company’s financial and operationalflexibility, enabling more focused investment anddecision-making.The Company is now fully focusedon supporting the growing energy needs of ourservice territory. Building Relationshipsand Trust Strengthened Financialsand Operations Constructive regulatory outcomes remained centralto our progress. We completed our Arizona ratecase and await the issuance of a decision in ourCalifornia rate case. In Arizona and Nevada, wecontinue to collaborate with regulators to advancealternative ratemaking approaches designed toreduce regulatory lag in the years ahead.Thesedevelopments, combined with expected strongorganic rate-base growth, reinforced our confidencein increasingly supportive regulatory environmentsas we headed into 2026. 2025 was characterized by several importantdevelopments that reinforced the Company’salready strong financial and operational foundation.The full divestiture of Centuri further strengthenedour financial position, ultimately generatingapproximately $1.35 billion in net sales proceeds,which enabled the pay-offof all remaining holding-company debt.This supported credit rating upgradesand enhanced liquidity and financial flexibility. Mostimportantly, this transaction expanded our capacityto support economic development and sustainlong-term investment in system safety, integrity,and reliability. Equally important are the relationships we cultivatewith our customers and employees. For the sixthconsecutive year, Southwest Gas ranked #1 inCustomer Satisfaction with Residential Natural GasService in the West among Large Utilities, accordingto J.D. Power,2and second in the