Northwest Natural Holding Company · NYSE:NWN
Northwest Natural — Q3 2025 Earnings Presentation
14 slides from Northwest Natural's earnings presentation, Nov 5, 2025
Slide 1: NW Natural Holdings Q3 2025 Earnings Call
NW Natural Holdings Q3 2025 Earnings Call November 5, 2025
Slide 2: Investor Information
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.S. Private Securities Litigation Information Reform Act of 1995. Forward-looking statements can be id
Slide 3: Leadership Presenting Today
Leadership Presenting Today Business Update • NWN Gas Utility • SiEnergy Gas Utility • NWN Water Utility • NWN Renewables Justin B. Palfreyman President & CEO Financial and Guidance Update • Q3 and YTD Q3 2025 earnings drivers • Guidance 2025 and long-term outlook • Liquidity and financing Ray Kaszu
Slide 4: Q3 2025 Update
Q3 2025 Update • Achieved strong financial results for YTD Q3 2025 with adjusted EPS1 of $1.52 vs. $0.88 EPS for prior year • Invested over $330 million in our gas and water systems in the first nine months of 2025 • Added over 95,000 gas and water utility connections in the last 12 months for a com
Slide 5: Update on 2025 Initiatives
Update on 2025 Initiatives NWN is well-positioned to deliver on its financial and strategic priorities in 2025 • Received Oregon general rate case order providing a $20.7 million revenue requirement increase and a 9.5% ROE. New customer rates began on Oct. 31, 2025 Pursue Constructive • Filed multi-
Slide 6: Q3 2025 Financial Results
Q3 2025 Financial Results Q3 2025 vs. Q3 2024 Adjusted EPS1,2 Key Drivers • $0.04 increase in NWN Gas EPS with results largely in line with prior year • $0.04 increase in SiEnergy EPS reflecting first year of results after the acquisition on Q3 2024 Q3 2025 Jan. 7, 2025 and Pines acquisition on June
Slide 7: YTD 2025 Financial Results
YTD 2025 Financial Results YTD Q3 2025 vs. YTD Q3 2024 Adjusted EPS1,2 Key Drivers • $0.58 increase in NWN Gas EPS primarily due to new rates in Oregon effective Nov. 1, 2024 NWN Water Utility • $0.20 increase in SiEnergy EPS reflecting Other first year of results after the acquisition on SiEnergy G
Slide 8: Growth Outlook Reaffirmed
Growth Outlook Reaffirmed 2025 Cap-Ex On Track Key Guidance Targets Annual Guidance $450 – $500 Million Amounts in Millions • Expecting results to be above the midpoint of our reaffirmed adjusted1 2025 EPS guidance $333 range of $2.75 – $2.95 $294 29 41 • Expect SiEnergy and NWN Water to each 29 pro
Slide 9: Strong Balance Sheet and Liquidity
Strong Balance Sheet and Liquidity Equity Available Liquidity $437 Million As of September 30, 2025 • Issued $48 million of equity YTD Q3 2025 (In millions) Cash • Done with ATM issuances in 2025 and issued less equity NW Natural $32 than expected with original guidance range of $65 – $75 Holdings L
Slide 10: Slide 10
Slide 11: Appendix
Appendix 11
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 Three Months Ended Sept. 30, Nine Months Ended Sept. 30, 2025 2024 2025 2024 Consolidated GAAP net income (loss) per share $(0.73) $(0.71) $1.36 $0.88 Transaction and business development - - 0.22 - costs Income tax effect1 - - (0.06) - Adjusted net income (loss)
Slide 14: Non-GAAP Segment EPS Reconciliation
Non-GAAP Segment EPS Reconciliation Three Months Ended Sept. 30, Nine Months Ended Sept. 30, 2025 2024 Change 2025 2024 Change Adjusted net income (loss) per share: NWN Gas Utility $(0.75) $(0.79) 0.04 $1.42 $0.84 0.58 SiEnergy Gas Utility 0.04 - 0.04 0.20 - 0.20 NWN Water Utility 0.11 0.07 0.04 0.2
Northwest Natural Holding Company — Q3 2025 Earnings Presentation on 6ix