SCHEDULE 13D/A 0001193125-22-167306 0000921669 XXXXXXXX LIVE 11 Common Stock, Par Value $1.00 per share 03/24/2025 false 0001692115 844895102 Southwest Gas Holdings, Inc.

C/O SOUTHWEST GAS CORPORATION 8360 S. DURANGO DRIVE LAS VEGAS NV 89113

Jesse A. Lynn COO (305) 422-4100 Icahn Capital LP 16690 Collins Avenue, PH-1 Sunny Isles Beach FL 33160 0001322827 N Icahn Partners Master Fund LP WC N DE 3264597.00 3264597.00 3264597.00 3264597.00 3264597.00 N 4.55 PN 0001322825 N Icahn Offshore LP OO N DE 0.00 3264597.00 0.00 3264597.00 3264597.00 N 4.55 PN 0001313666 N Icahn Partners LP WC N DE 4268007.00 4268007.00 4268007.00 4268007.00 4268007.00 N 5.94 PN 0001322826 N Icahn Onshore LP OO N DE 0.00 4268007.00 0.00 4268007.00 4268007.00 N 5.94 PN 0001412093 N Icahn Capital LP OO N DE 0.00 7532604.00 0.00 7532604.00 7532604.00 N 10.49 PN 0001412091 N IPH GP LLC OO N DE 0.00 7532604.00 0.00 7532604.00 7532604.00 N 10.49 OO 0001034563 N Icahn Enterprises Holdings L.P. OO N DE 0.00 7532604.00 0.00 7532604.00 7532604.00 N 10.49 PN 0001257324 N Icahn Enterprises G.P. Inc. OO N DE 0.00 7532604.00 0.00 7532604.00 7532604.00 N 10.49 CO 0001080113 N Beckton Corp. OO N DE 0.00 7532604.00 0.00 7532604.00 7532604.00 N 10.49 CO 0001889149 N IEP Utility Holdings LLC WC N DE 0.00 0.00 0.00 0.00 0.00 N 0 OO 0000921669 N Carl C. Icahn OO N FL 0.00 7532604.00 0.00 7532604.00 7532604.00 N 10.49 IN Common Stock, Par Value $1.00 per share Southwest Gas Holdings, Inc. This statement constitutes Amendment No. 11 to the Schedule 13D (as amended, the "Schedule 13D") relating to the shares of the common stock, par value $1.00 per share (the "Common Stock"), of Southwest Gas Holdings, Inc., a Delaware corporation (the "Issuer"), and hereby amends the Schedule 13D originally filed with the Securities and Exchange Commission (the "SEC") on June 3, 2022. All capitalized terms contained herein but not otherwise defined shall have the meanings ascribed to such terms in the Schedule 13D. Item 4 of the Schedule 13D is hereby amended by the addition of the following as the next to last paragraph at the end thereof: As further described in Item 5(c) below, the Reporting Persons sold an aggregate of 2,100,000 shares of Common Stock on March 24, 2025. As of the date hereof, the Reporting Persons may be deemed to beneficially own, in the aggregate, 7,532,604 shares of Common Stock, representing approximately 10.49% of the Issuer's outstanding shares of Common Stock, based on 71,822,329 shares of Common Stock outstanding as of February 18, 2025, as disclosed by the Issuer in its Form 10-K for the year ended December 31, 2024. Icahn Master has sole voting and sole dispositive power with respect to 3,264,597 shares of Common Stock. Each of Icahn Offshore, Icahn Capital, IPH GP, Icahn Enterprises Holdings, Icahn Enterprises GP, Beckton and Mr. Icahn, by virtue of their relationships to Icahn Master, has shared voting power and shared dispositive power with respect to such shares. Icahn Partners has sole voting and sole dispositive power with respect to 4,268,007 shares of Common Stock. Each of Icahn Onshore, Icahn Capital, IPH GP, Icahn Enterprises Holdings, Icahn Enterprises GP, Beckton and Mr. Icahn, by virtue of their relationships to Icahn Partners, has shared voting power and shared dispositive power with respect to such shares. IEP Utility has sole voting power and sole dispositive power and shared and shared dispositive power with respect to 0 shares of Common Stock; however, IEP Utility has been included in this Schedule 13D as it is a signatory to the Updated Cooperation Agreement. The following table sets forth all transactions with respect to the shares of Common Stock effected during the past sixty (60) days by any of the Reporting Persons. Except as noted below, all such transactions were sales of shares of Common Stock as further described below. On March 24, 2025, Icahn Partners Master Fund LP sold 771,566 shares of Common Stock at a price per share of $74.60. On March 24, 2025, Icahn Partners LP sold 1,328,434 shares of Common Stock at a price per share of $74.60. Each sale was made to a market maker pursuant to Section 144(f)(1)(ii) of the Securities Act of 1933, as amended (the "Securities Act"). Not applicable. Not applicable. Icahn Partners Master Fund LP /s/ Jesse Lynn 03/25/2025 Icahn Offshore LP /s/ Jesse Lynn 03/25/2025 Icahn Partners LP /s/ Jesse Lynn 03/25/2025 Icahn Onshore LP /s/ Jesse Lynn 03/25/2025 Icahn Capital LP /s/ Jesse Lynn 03/25/2025 IPH GP LLC /s/ Ted Papapostolou 03/25/2025 Icahn Enterprises Holdings L.P. /s/ Ted Papapostolou 03/25/2025 Icahn Enterprises G.P. Inc. /s/ Ted Papapostolou 03/25/2025 Beckton Corp. /s/ Ted Papapostolou 03/25/2025 IEP Utility Holdings LLC /s/ Ted Papapostolou 03/25/2025 Carl C. Icahn /s/ Carl C. Icahn 03/25/2025