Northwest Natural Company (NWN) investor relations material

Executive summary

• Achieved strong year-to-date and Q3 2025 results, with adjusted EPS rising to $1.52 from $0.88 and net income up $21.7 million to $55.5 million, driven by new rates, acquisitions, and robust customer growth, including a 10.9% increase from over 95,000 new connections.

• Q3 2025 reported a net loss of $0.73 per share, nearly unchanged from Q3 2024's $0.71 loss.

• Over $330 million invested in gas and water systems year-to-date, supporting growth and reliability.

• Dividend increased for the 70th consecutive year, now at an annual rate of $1.97 per share.

Financial highlights

• Nine-month operating revenues rose to $895.2 million from $782.1 million year-over-year; net income was $55.5 million, up from $33.9 million.

• Year-to-date adjusted EPS rose to $1.52 from $0.88, with segment contributions from NWN Gas ($0.58), SiEnergy ($0.20), and NWN Water ($0.14), offset by higher losses in Other.

• Q3 2025 segment EPS: NWN Gas $0.04, SiEnergy $0.04, NWN Water $0.04, Other $(0.14).

• Cash provided by operating activities for the nine months was $265.9 million, up $46.2 million year-over-year.

Outlook and guidance

• 2025 adjusted EPS guidance is $2.75–$2.95, with results expected above the midpoint; GAAP EPS guidance is $2.59–$2.79.

• Long-term EPS growth target reaffirmed at 4%–6% compounded annually from the 2025 base.

• Capital expenditures for 2025 expected at $450–$500 million, with $333 million invested year-to-date.

• Consolidated customer growth expected at 2%–2.5% in 2025.