Northwest Natural Holding Company · NYSE:NWN
Northwest Natural — Q4 2025 Earnings Presentation
14 slides from Northwest Natural's earnings presentation, Feb 27, 2026
Slide 1: Q4 2025 Earnings Call
Q4 2025 EARNINGS CALL February 27, 2026
Slide 2: Forward Looking Statements
Business Updates Financial Updates Guidance Introduction Business Updates Financial Updates Guidance Investor Information Company FORWARD LOOKING STATEMENTS This and other presentations made by NW Natural Holdings from time to time, may contain forward-looking statements within the meaning of the U.
Slide 3: Leadership Presenting Today
Business Updates Financial Updates Guidance Introduction Business Updates Financial Updates Guidance Leadership Presenting Today Business Update • 2025 Achievements • NWN Gas Utility • MX3 Gas Storage Project • SiEnergy Gas Utility • NWN Water Utility Justin B. Palfreyman President & CEO Financial a
Slide 4: 2025 Financial Performance
Business Updates Financial Updates Guidance Introduction Business Updates Financial Updates Guidance 2025 Financial Performance Record results and positioned for continued success in 2026 2025 Financial Results compared to 2024 Financial Results $2.93 980k $467M $590M +26% +11% +18% Capital Availabl
Slide 5: Strategic Areas of Focus
Business Updates Financial Updates Guidance Introduction Business Updates Financial Updates Guidance Strategic Areas of Focus NWN is well-positioned to deliver on its financial and strategic priorities 2025 Achievements 2026 Priorities • Successful conclusion of Washington rate case Pursue Construct
Slide 6: Expanding Strategic Gas Storage Facility
Business Updates Financial Updates Guidance Introduction Business Updates Financial Updates Guidance Expanding Strategic Gas Storage Facility Maintains Affordable, Reliable Service Mist Expansion Mist Storage Capacity (MX3) 30 4—5 Bcf capacity 25 ~$300 million capital expenditures 20 Bcf FERC regula
Slide 7: Annual 2025 Financial Results
Financial Updates Guidance Business Updates Introduction Business Updates Financial Updates Guidance Annual 2025 Financial Results Record adjusted EPS at the top end of guidance range 2025 vs. 2024 Adjusted EPS1,2 NWN Water Utility Other SiEnergy Gas $0.21 ($0.39) Utility $0.33 NWN Gas Utility $0.45
Slide 8: Financial Outlook
Business Updates Financial Updates Guidance Introduction Business Updates Financial Updates Guidance Financial Outlook 2026 and Long-term Guidance1 2025 Actuals 2026 Guidance Long-term Guidance Earnings Per Share $2.932 $2.95–3.15 Annual Growth Rate: 4–6%3 2025-2030E $2.6–2.9 Billion Capital Expendi
Slide 9: Maintaining our Strong Balance Sheet
Business Updates Financial Updates Guidance Introduction Business Updates Financial Updates Guidance Maintaining our Strong Balance Sheet • Driven by strong execution at each of our three utility businesses Cash from Operations • Constructive regulation, consistent rate case cadence, and recovery me
Slide 10: Appendix
APPENDIX
Slide 11: Additional Guidance
Additional Guidance • Net income CAGR of 1–3% from 2025 net income of $124 million through 2030 ✓ Projected net income CAGR of 4–6% including MX3, which is not currently in guidance NW Natural • 2026 capital expenditures are expected to be $340–370 million Gas Co.1 • 2026-2030 capital expenditures o
Slide 12: Non-GAAP Financial Measures & Guidance Reconciliation
Non-GAAP Financial Measures & Guidance Reconciliation Management uses "adjusted net income", "adjusted earnings per share," "adjusted segment net loss," "segment earnings per share” and "adjusted segment earnings per share," each of which are non-GAAP financial measures, when evaluating NW Natural H
Slide 13: Non-GAAP Adjusted EPS Reconciliation
Non-GAAP Adjusted EPS Reconciliation Twelve Months Ended Dec. 31, 2025 2024 Consolidated GAAP net income per share $2.77 $2.03 Regulatory line extension disallowance — 0.35 Transaction and business development costs 0.22 0.06 Income tax effect1 (0.06) (0.11) Adjusted net income per share $2.93 $2.33
Slide 14: Non-GAAP Segment EPS Reconciliation
Non-GAAP Segment EPS Reconciliation 12 Months Ended Dec. 31, 2025 2024 Change Adjusted net income (loss) per share: NWN Gas Utility $2.69 $2.24 $0.45 SiEnergy Gas Utility 0.33 — 0.33 NWN Water Utility 0.35 0.14 0.21 Other (0.44) (0.05) (0.39) Consolidated $2.93 $2.33 0.60 14
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