Southwest Gas : 2021 Year End Earnings Conference Call - Slide Presentation

Unlocking Value by Separating Centuri

2021 Year End Earnings Conference Call

March 2, 2022

Safe Harbor Statements

Forward-Looking Statements

Unless context otherwise requires, in this presentation, references to "we", "us" and "our" are to Southwest Gas Holdings, Inc. (NYSE: SWX) ("Southwest Gas" or the "Company" or "SWX") together with its consolidated subsidiaries, which include, among others, Southwest Gas Corporation ("SWGC" or "LDC"), Dominion Energy Questar Pipelines, LLC soon to be known as MountainWest Pipelines Holding Company ("MountainWest" or "MWP"), Centuri Group ("Centuri") and Great Basin Gas Transmission Company ("Great Basin" or "GBGTC"). The following are subsidiaries of Centuri: NPL Construction Co. ("NPL"), NPL Canada Ltd. ("NPL Canada"), New England Utility Constructors,Inc. ("Neuco"), Linetec Services, LLC ("Linetec"), and Riggs Distler & Company, Inc. ("Riggs Distler"), Canyon Pipeline Construction, Inc. ("Canyon"), National PowerlineLLC ("Powerline") andW.S. Nicholls Construction Inc. ("WSN Construction").

This presentation includes "forward-looking statements" as defined by the Securities and Exchange Commission ("SEC"). We make these forward-looking statements in reliance on the safe harbor protections provided under thePrivate Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this presentation thataddress activities, events or developments that we expect, believe or anticipate will or may occur in the future are forward-looking statements. These include, without limitation, our 2022 expectations for our utility infrastructure services and natural gas

operations segments, estimated natural gas operations capital expenditures, projected rate baseat December 31, 2026, our 2022 financial guidance and expected value drivers, as well as statements regarding

the integration of our acquisition of MountainWest, our decision to separate Centuri from Southwest Gas Holdings, the strategic benefits of separation, the stand alone value propositions, energy transition expectations, financing plans, and otherinvestmentopportunities.

Forward-looking statements are based on assumptions which we believe are reasonable, based on current expectations and projections about future events and industry conditions and trends affecting our business. However, whether actual results and developments will conform to our expectations and predictions are subject to a number of risks and uncertainties that, among other things, could cause actual results to differ materially from those contained in the forward-looking statements, including without limitation, those discussed under the heading "Risk Factors", "Management's Discussion and Analysis of Financial Condition and Results of Operations," and "Quantitative and Qualitative Disclosure about Market Risk" in the Company's mostrecent Annual Report on Form10-K and in the Company's and Southwest Gas Corporation's current and periodic reports, including our Quarterly Reports on Form 10-Q, filed from time to time with the SEC, and other reports that we file with the SEC from time to time, and the following:

The timing and amount of rate relief, changes in rate design, customer growth rates, the effects of regulation/deregulation, tax reform and related regulatory decisions, the impacts of construction activity at Centuri, whether we will separate Centuri within theanticipated timeframe and theimpact to our results of operations and financial position from the separation, the potential for, and the impact of, a credit

rating downgrade, the costs to integrate MountainWest, future earnings trends, inflation, sufficiency of labor markets and similar resources, seasonal patterns, the costand management attention of ongoing

litigation that the Company is currently engaged in, the costs and effect of stockholder activism, including the cost and effects of the pending tender offer and proxy contest brought by Carl Icahn and his affiliates, and theimpacts of stock market volatility. In addition, the Company can provide no assurance thatits discussions about future operating margin, operating income, COLI earnings, interest expense, and capital expenditures of the natural gas distribution segment will occur. Likewise, the Company can provide no assurance that discussions regarding utility infrastructure services segment revenues, EBITDA as a percentage of revenue, and interest expense will transpire, nor assurance regarding acquisitions or their impacts, including management's plans or expectations related thereto, including with regard to Riggs

Distler or MountainWest.

New factors that could causeactual results to differ materially from thosedescribed in forward-looking statements emerge from time to time, and itis not possiblefor us to predictall such factors, or the extent

to which any such factor or combination of factors may causeactual results to differ from thosecontained in any forward-looking statement. The statements in this presentation are made as of the date hereof,

even if subsequently made available on our Web site or otherwise. We do not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after thedateon which they weremade.

2021 Year End Earnings Presentation

March 2, 2022

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Safe Harbor Statements (Continued)

How to Find FurtherInformation

This presentationdoes not constitute a solicitation of any vote or approvalin connection withthe 2022 annual meeting of stockholders of Southwest Gas Holdings, Inc. (the "Company") (the "Annual Meeting"). In connectionwith the Annual Meeting, the Company has filed a preliminary proxystatement andwill file a definitive proxy statement with the U.S. Securities and Exchange Commission("SEC"), which the

Company will furnish, with any other relevant informationor documents, to its stockholders in connectionwith the Annual Meeting. BEFORE MAKING ANY VOTING DECISION, WE URGE STOCKHOLDERS TO READ THE PROXY STATEMENT (INCLUDING ALL AMENDMENTS AND SUPPLEMENTS THERETO) AND WHITE PROXY CARD AND OTHER DOCUMENTS WHEN SUCH INFORMATION IS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE COMPANY AND THE ANNUAL MEETING. The proposals for the Annual Meeting willbe made solelythrough the definitive proxy statement. In addition, a copy of the definitive proxy statement (when it becomes available) maybe obtained free of charge from www.swgasholdings.com/proxymaterials. Security holders also will be able to obtain, free of charge, copies of the proxy statement and any other documents filedby Companywiththe SEC in connectionwith

the Annual Meeting at the SEC's website at http://www.sec.gov, and at the Company's website at www.swgasholdings.com.

Important Information for Investors and Stockholders

This presentationdoes not constitute an offer to buy or solicitation of anoffer to sell any securities. In response to the tender offer for the shares of the Companycommenced by IEPUtility Holdings LLC and IcahnEnterprises Holdings L.P., the Company has filed a solicitation/recommendation statement on Schedule 14D-9 with the SEC. INVESTORS AND STOCKHOLDERSOF SOUTHWEST GAS HOLDINGSARE URGED TO READ THE SOLICITATION/RECOMMENDATION STATEMENT AND OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY IN THEIR ENTIRETY BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors

and stockholders may obtaina free copyof these documents free of charge at the SEC's website at www.sec.gov, and at the Company's website at www.swgasholdings.com. Inaddition, copies of these materials

may be requested from the Company's information agent, Innisfree M&A Incorporated, toll-free at [phone].

Participants in the Solicitation

The directors and officers of the Company maybe deemed to be participants inthe solicitationof proxies inconnection with the Annual Meeting. Informationregarding the Company's directors andofficers and their respective interests in the Company by security holdings or otherwise is available inits most recent Annual Report on Form 10-K filed with the SEC and its most recent definitive Proxy Statement on Schedule 14A filed with the SEC. Additional informationregarding the interests of such potential participants is or will be included inthe proxystatement for the Annual Meeting and other relevant materials to be filed with the SEC, when they become available.

2021 Year End Earnings Presentation

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Non-GAAP Measures

Non-GAAP Measures. This presentation contains financial measures that have not been calculated in accordance with accounting principles generally accepted in the U.S. ("GAAP"). These non-GAAP measures include (i) adjusted consolidated earnings per diluted share, (ii) adjusted consolidated net income, (iii) utility infrastructure services segment adjusted net income, and (iv) corporate and

administrative adjusted net loss. Management uses these non-GAAP measures internally to evaluate performance and in making financial and operational decisions. Management believes that its presentation of these measures provides investors greater transparency with respect to its results of operations and that these measures are useful for a period-to-period comparison of results. Management also believes that providing these non-GAAP financial measures helps investors evaluate the Company's operating performance, profitability, and business trends in a way that is consistent with how management evaluates such performance. Adjusted consolidated net income for the three months and year ended Dec ember 31, 2021 includes adjustments to add back expenses related to the MountainWest acquisition and expenses related to the ongoing proxy contest and related stockholder litigation. Management believes that it is appropriate to adjust for expenses related to the MountainWest acquisition because they are one-time expenses that will not recur in future periods. Management believes it is appropriate to adjust for expenses related to the proxy contest and related stockholder litigation because these matters are unique and outside of the ordinary course of business for the Company. In addition, utility infrastructure adjusted net income and adjusted consolidated net

incomeincludeadjustments related to one-time expenses related to the Riggs Distler acquisition.

Management also uses the non-GAAP measure of operating margin related to its natural gas distribution operations. The Company recognizes operating revenues from the distribution and transportation of natural gas (and related services) to customers. Gas costis a tracked cost, which is passed through to customers without markup under purchased gas adjustment ("PGA") mechanisms, impacting revenues and net cost of gas sold on a dollar-for-dollar basis, thereby having no impact on the Company's profitability. Therefore, management routinely uses operating margin, defined by management as gas operating revenues less the net cost of gas sold, in its analysis of Southwest's financial performance. Operating margin also forms a basis for Southwest's various regulatory decoupling mechanisms. Management believes supplying information regarding operating margin provides investors and other interested parties with useful and relevant information to analyze Southwest's financial performance in a rate-regulated environment.

We do not providea reconciliation of forward-lookingNon-GAAP Measures to the corresponding forward-looking GAAP measuredue to our inability to project special charges and certain expenses.

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Participants

JOHN HESTER

PAUL DAILY

KAREN HALLER

GREG PETERSON

JUSTIN BROWN

BOYD NELSON

PRESIDENT AND CEO

PRESIDENT AND CEO

EVP/CHIEF LEGAL/ADMIN OFFICER

SVP/CFO

SVP/GENERAL COUNSEL

VP/STRATEGY/INVESTOR RELATIONS

SOUTHWEST GAS HOLDINGS

CENTURI

SOUTHWEST GAS HOLDINGS

SOUTHWEST GAS HOLDINGS

SOUTHWEST GAS CORPORATION

SOUTHWEST GAS HOLDINGS

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