Company: ATO
Filing Date: 2025-12-09
Form Type: PRE 14A
Source: 0000731802-25-000061
Chunk: 27

Company: ATMOS ENERGY CORP
Filing Date: 2025-12-09
Form: PRE 14A
Chunk 27
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|                                                        |     |    |     |                             |     |                   Change in Control Severance Agreements |     | 52 |
|                                                        |     |    |     |                             |     | Potential Payments Upon Termination or Change in Control |     | 52 |
|                                                        |     |    |     |                             |     |                                            CEO Pay Ratio |     | 57 |
|                                                        |     |    |     |                             |     |                                   Pay versus Performance |     | 58 |

#### 2026 Proxy Statement35
Compensation Discussion & Analysis

### Fiscal 2025 Business and Performance Highlights
Over the past thirteen years, our operating strategy has focused on modernizing our distribution and transmission system to improve the safety and reliability of the system while reducing regulatory lag. During that time period, our financial performance reflects the successful execution of our proven strategy of operating safely and reliably while we modernize our natural gas distribution, transmission, and storage systems.

This trend continued during fiscal 2025. In fiscal 2025, we generated net income of $1,198.8 million or $7.46 per diluted share representing increases over net income for the year ended September 30, 2024 of $1,042.9 million or $6.83 per diluted share. Capital expenditures for fiscal 2025 totaled approximately $3.6 billion, with 87% of this amount invested to improve the safety and reliability of our distribution and transmission systems.

See “Proxy Statement Overview” on page 7for more information on our Business and Performance Highlights.

| DILUTED EARNINGS                    
 PER SHARE                           
 $7.46                               
 23rd Consecutive Year of EPS Growth |     | DECLARED DIVIDENDS                       
 PER SHARE                                
 $3.48                                    
 Up from $3.22 for FY 2024                
 41st Consecutive Year of Dividend Growth |

#### Compensation Highlights
Our executive compensation program is built upon our strategy of Total Rewards. Under Total Rewards, we take a comprehensive view of all compensation plans and employee benefits that comprise the total package of executive compensation we provide to our named executive officers. Total Rewards is based on the payment of (i) total cash compensation, composed of base salary and the annual incentive compensation award and (ii) total direct compensation, composed of total cash compensation and the annualized present value of long-term incentive compensation awards, being targeted at the 50th percentile of all such compensation for equivalent positions at companies of comparable size in our primary industry, natural