Overview

• Utility provider's 2025 adjusted EPS rose to $2.93, up from $2.33 in 2024

• Company added 98,000 utility connections, driven by SiEnergy acquisition

• Invested $467 mln in utility systems to enhance reliability and resiliency

Outlook

• NW Natural expects 2026 EPS between $2.95 and $3.15

• Company targets 6-8% rate base growth through 2030

• NW Natural reaffirms long-term EPS growth target of 4-6%

Result Drivers

• CUSTOMER GROWTH - NW Natural Holdings added 98,000 utility connections, driven by the acquisition of SiEnergy

• CAPITAL INVESTMENT - Invested a record $467 mln in utility systems to support greater reliability and resiliency

• STORAGE EXPANSION - Announced third Mist Gas Storage Expansion project to support regional energy needs

Company press release: ID:nBw5FK8vHa

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
FY EPS		$2.77
FY Net Income		$113.32 mln

Analyst Coverage

• The current average analyst rating on the shares is "strong buy" and the breakdown of recommendations is 3 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the natural gas utilities peer group is "buy."

• Wall Street's median 12-month price target for Northwest Natural Holding Co is $55.00, about 9.4% above its February 26 closing price of $50.27

• The stock recently traded at 17 times the next 12-month earnings vs. a P/E of 15 three months ago

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