Southwest Gas restates interim 2025 financials due to $35M deferred tax error; non-reliance issued

Southwest Gas Holdings, Inc.

Income tax expense understated by $27M for Q2 2025 and $8M for Q3 2025; net income reduced accordingly.
Audit committee concludes Q2 and Q3 2025 interim statements should no longer be relied upon.
Company expects material weakness in internal controls and ineffective disclosure controls.
Errors caused by failure to update state apportionment rates following Centuri share sales in May and Aug 2025.
Reaffirms 2025 net income guidance; no impact on cash flows, credit metrics, or debt covenants.

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