Southwest Gas Holdings Inc.: Great Basin Optionality & Regulatory Momentum Dominate Discourse into 2Q

Research evidence excerpt

Southwest Gas Holdings Inc.: Great Basin Optionality & Regulatory Momentum Dominate Discourse into 2Q

J P M O R G A N North America Equity Research

22 July 2026

Southwest Gas Holdings Inc. Overweight

SWX, SWX US

Great Basin Optionality & Regulatory Momentum Price (21 Jul 26):$92.22

Dominate Discourse into 2Q ▲Price Target (Dec-27):$102.00 Prior (Dec-26):$100.00

Heading into 2Q, focus remains on incremental Great Basin expansion and

regulatory advancement across AZ, NV and CA. Overall, we model $0.46/share North American Utilities

2Q26 adj EPS ($0.45/share Street median) and establish a $102/share Dec 2027 PT. Eli Jossen, CFA AC

Please see additional thoughts below: (1-212) 622-4113

eli.jossen@jpmchase.com

• Pipe size decision and future phase optionality to land alongside 2Q Jeremy Tonet, CFA

results. On incremental Great Basin expansions, management previously (1-212) 622-4915

framed a 60–90 day contracting window post-April open season, positioning jeremy.b.tonet@jpmorgan.com

the 2Q call as the next meaningful scope update. We expect disclosures to Aidan C Kelly

mirror the December press release detailing total contracted capacity, updated (1-212) 622-4912

capex, incremental margin, and annual spend profile. The key design question aidan.x.kelly@jpmchase.com

centers on pipe sizing, where upsizing from 42-inch to 48-inch diameter Diana Niles

meaningfully expands theoretical capacity (possibly up to 4.0 bcf/d) while (1-212) 622-3328

diana.niles@jpmorgan.com

lowering compression requirements, thereby facilitating phase 2 optionality J.P. Morgan Securities LLC

(2030–2035). The originally contemplated 42-inch, single-compressor design

cleanly supports 1.0 bcf/d at $1.7bn, and seemingly offers expansion up to 2.0