Company: ATO
Filing Date: 2025-12-19
Form Type: DEF 14A
Source: 0000731802-25-000076
Chunk: 39

Company: ATMOS ENERGY CORP
Filing Date: 2025-12-19
Form: DEF 14A
Chunk 39
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 peer group for the following fiscal year are selected annually by the HR Committee after its review of the recommendation of and presentation by its independent compensation consultant, which selection is then reviewed and approved by the Board. Below is our peer group for fiscal 2025, which included the addition of DTE Energy Company and PPL Corporation to the peer group used in fiscal 2024. The HR Committee approved these additions to the peer group because each of DTE Energy Company and PPL Corporation serve a significant number of total customers similar to the Company and both fit within a reasonable range of metrics compared to the Company such as enterprise value, market capitalization, and annual capital expenditure.

| Fiscal 2025 Peer Group     |     |                              |
| Alliant Energy Corporation 
 Ameren Corporation         
 Black Hills Corporation    
 CenterPoint Energy, Inc.   
 CMS Energy Corporation     
 DTE Energy Company         
 Evergy, Inc.               
 National Fuel Gas Company  |     | NiSource Inc.                
 OGE Energy Corp.             
 ONE Gas, Inc.                
 PPL Corporation              
 Southwest Gas Holdings, Inc. 
 Spire Inc.                   
 WEC Energy Group, Inc.       
 Xcel Energy Inc.             |

The annual revenues shown below for the companies in our proxy peer group are for the most recent fiscal year reported. The market capitalizations shown below are as of June 30, 2025.

| Revenues              
 ($ Million)           |
| Market Capitalization 
 ($ Million)           |

#### 2026 Proxy Statement43
Compensation Discussion & Analysis

To supplement the executive compensation information derived from its study of the proxy peer group, the HR Committee also considered, on a limited basis, executive compensation benchmarking data from the latest WTW CDB Energy Services Executive Compensation Survey (“energy services industry survey”) compiled by Meridian. The companies in this survey include companies in the natural gas, nuclear, and electric utilities industries. To adjust for size differences, Meridian employed a statistical analysis (single regression) in the survey based on relative total annual revenues to determine competitive pay rates for our named executive officers based upon the data derived from such survey. The HR Committee also reviewed compensation data from broader energy industry and general industry surveys compiled by Meridian, as an additional reference point that reflects broader pay practices.

Using primarily the proxy peer group compensation analysis, as well as limited supplemental data from the energy services industry survey, the HR Committee reviewed competitive target compensation levels for each named executive officer at the 50th percentile level of the competitive market. For each named executive officer