Southwest Gas Holdings, Inc.

The following summary highlights information more fully described elsewhere in this Proxy Statement. This summary does not contain all of the information that you should consider, and you should read the entire Proxy Statement carefully before voting. Page references are supplied to help you find further information in this Proxy Statement.

2026 Director Nominees

2025 Board and 2026 Director Nominees Snapshot

Independence

91% of director nominees

are independent

Tenure

Average 2025 director tenure: 6 years

>7 Years

Age

Average age of director nominees: 59 years

66-70 years

Gender

55% of director nominees are women

Racial/Ethnic Diversity

45% of director nominees are ethnically or racially diverse

Committee Leadership

75% of the 2025 committee Chairs

are women

Skills and Experience of 2026 Director Nominees

Public Company Board Service

Public Company Executive Officer

Legal/Regulatory

Finance/Accounting

Service Territory Knowledge

Energy Utility

Technology/Cybersecurity

Environmental, Social and Governance (“ESG”)

Operations Responsibility

Pay for Performance

With respect to each of our named executive officers (“NEOs”), all routine annual cash incentives and long-term equity incentives are “at risk,” as those awards are either variable based on the level of performance against incentive targets or are subject to continued employment during a three-year vesting period. The portion of total direct compensation designed to be at risk depends upon the NEO’s position and the ability to influence outcomes, as well as market pay levels and risk mitigation considerations. The Company’s CEO has the largest portion of pay at risk.

CEO Target Compensation At-Risk

Other NEOs Target Compensation At-Risk

Stockholder Engagement and Board Responsiveness to 2025 Say-on-Pay Vote

At the 2025 Annual Meeting of Stockholders, the Say-on-Pay vote received 89% support from our stockholders. While this is not a poor level of support, it is lower than normal for the Company. Our Board and Compensation Committee sought to understand the perspectives of our stockholders and consider responsive action that would enable us to regain the historically strong support for our executive compensation program. During the fall of 2025, our Board Chair and the Chair of the Compensation Committee, along with senior Company executives, undertook an extensive investor engagement effort. The feedback we received was considered in certain enhancements we have made to our disclosures and to our executive compensation program. Please see page 35 for further detail of our stockholder engagement efforts regarding governance topics and page 49 for further details of our stockholder engagement efforts with respect to executive compensation.

(1)Represents percentage of outstanding shares as of July 25, 2025.

The Audit Committee selected PricewaterhouseCoopers LLP (“PwC”) as the independent registered public accounting firm for the Company for the year ending December 31, 2026, subject to ratification of the selection by the stockholders. PwC has been the Company’s independent public accounting firm since 2002. The Audit Committee determined there are intrinsic benefits to audit quality resulting from the audit firm’s tenure, including years of experience that provide deep knowledge of the Company’s operations and business, its accounting policies and practices, the environment in which it operates, and its internal control over financial reporting. The Audit Committee periodically considers alternative independent registered accounting firms to continuously benchmark capabilities, quality measures and controls, and to evaluate the selection of the independent auditor.