\nNorthwest Natural Holding Company (NYSE: NWN)<\/b> (NW Natural Holdings or the Company) reported financial results and highlights including:<\/p>\n
Third Quarter and Year-to-Date 2026 Highlights<\/b><\/p>\n 2026 EPS Guidance Raised and Long-term Growth Targets Reaffirmed<\/b><\/p>\n \n“We are delivering another strong year, and I am encouraged by the progress we are making across the Company,” said Justin Palfreyman, president and chief executive officer. “Our performance reflects disciplined cost management, constructive regulatory outcomes, and continued customer growth. Based on our results through the first nine months of 2026 and the momentum we see across the business, we are raising our earnings guidance and have declared the largest dividend increase since 2012. These actions underscore our confidence in both our near-term outlook and our ability to drive long-term value. As we head into the heating season, we remain focused on safe and reliable operations, cost discipline, and customer affordability.”<\/p>\n THIRD QUARTER AND YEAR-TO-DATE RESULTS<\/b><\/p>\n \nNW Natural Holdings’ third quarter and year-to-date results are summarized below:<\/p>\n \n\u00a0<\/p>\n<\/td>\n \nThree Months Ended Sept. 30,<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \nNine Months Ended Sept. 30,<\/p>\n<\/td>\n<\/tr>\n In thousands, except per share data<\/i><\/p>\n<\/td>\n \n2026<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2025<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \nChange<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2026<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2025<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \nChange<\/p>\n<\/td>\n<\/tr>\n \nNet income (loss)<\/p>\n<\/td>\n \n($29,840<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n($29,890<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$50<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$68,249<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$55,526<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$12,723<\/p>\n<\/td>\n<\/tr>\n \nEarnings (loss) per share<\/p>\n<\/td>\n \n(0.71<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(0.73<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.02<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1.62<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1.36<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.26<\/p>\n<\/td>\n<\/tr>\n \nAdjusted net income (loss)1<\/sup><\/p>\n<\/td>\n \n(29,840<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(29,915<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n75<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n68,249<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n62,203<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n6,046<\/p>\n<\/td>\n<\/tr>\n \nAdjusted EPS1<\/sup><\/p>\n<\/td>\n \n(0.71<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(0.73<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.02<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1.62<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1.52<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.10<\/p>\n<\/td>\n<\/tr>\n KEY EVENTS<\/b><\/p>\n Washington Commission Approved New Rates for NW Natural<\/i><\/b><\/p>\n \nOn July 29, 2026, the Washington Utilities and Transportation Commission (WUTC) issued an order approving the multi-party settlement in Northwest Natural Gas Company’s (NW Natural) multi-year general rate case. The order increases the annual revenue requirement over three years, consisting of a $20.1 million revenue increase in the first year beginning Aug. 1, 2026, a $7.5 million revenue increase in the second year, and a $7.4 million revenue increase in the third year. The order included a capital structure of 50% common equity and 50% long-term debt, a return on equity of 9.5%, and an overall cost of capital of 7.15% beginning in the first year and growing to 7.22% in the third year. Rate base is $328 million in the first year, or an increase of $81 million since the last rate case. New rates were effective Aug. 1, 2026.<\/p>\n Oregon Commission Approved Alternative Rate Mechanism for NW Natural<\/i><\/b><\/p>\n \nOn Oct. 13, 2026, the Public Utility Commission of Oregon (OPUC) issued an order approving the multi-party settlement in NW Natural’s alternative rate mechanism (ARM) docket. The order provides an increase to the annual revenue requirement of $13.0 million, compared to the original request of $15.6 million. The ARM covers certain capital expenditures including safety investments and information technology projects over $1 million. New rates took effect on Oct. 31, 2026.<\/p>\n Reached Settlement with Key Parties in SiEnergy’s General Rate Case<\/i><\/b><\/p>\n \nOn Sept. 22, 2026, SiEnergy filed a settlement with the Texas Railroad Commission (RRC) that resolves all items in the general rate case. The settlement provides an $8.6 million revenue requirement increase (compared to the requested $12.0 million), a return on equity of 9.8%, an overall cost of capital of 8.0%, and a 59.75% equity layer. The filing includes rate base of $343 million, a $177 million increase since the last rate case.<\/p>\n \nThe settlement establishes the factors necessary for SiEnergy\u2019s future participation in the Gas Reliability Infrastructure Program (GRIP), which enables interim rate adjustments based upon the change in net plant investments during the prior year. It also permits the consolidation of SiEnergy Gas, LLC and its gas distribution affiliates. If approved, new rates are expected to be effective in November 2026.<\/p>\n 2026 GUIDANCE AND LONG-TERM TARGETS<\/b><\/p>\n \nWe are raising our 2026 EPS guidance range reflecting strong year-to-date performance, constructive regulatory outcomes, and confidence in fourth-quarter execution. We are also reaffirming our long-term targets. This guidance assumes continued customer growth, average weather conditions, and no significant changes in prevailing regulatory policies, mechanisms, or assumed outcomes, or significant local, state or federal laws, legislation or regulations. Required funds for the capital expenditures are expected to be internally generated or financed with long-term debt or equity, as appropriate.<\/p>\n Guidance<\/b><\/p>\n<\/td>\n Current<\/b><\/p>\n 2026<\/b><\/p>\n Guidance<\/b><\/p>\n<\/td>\n Previous<\/b><\/p>\n 2026<\/b><\/p>\n Guidance<\/b><\/p>\n<\/td>\n 2025<\/b><\/p>\n Actual<\/b><\/p>\n<\/td>\n<\/tr>\n \nEPS<\/p>\n<\/td>\n \n$3.10 \u2013 $3.20<\/p>\n<\/td>\n \n$2.95 \u2013 $3.15<\/p>\n \n(Expecting upper half)<\/p>\n<\/td>\n \n$2.931<\/sup><\/p>\n<\/td>\n<\/tr>\n \nCapital Expenditures<\/p>\n<\/td>\n \n$500 \u2013 $550 million<\/p>\n<\/td>\n \n$500 \u2013 $550 million<\/p>\n<\/td>\n \n$467 million<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Long-term Targets<\/b><\/p>\n<\/td>\n 2026 \u2013 20302<\/sup><\/b><\/p>\n (Unchanged)<\/b><\/p>\n<\/td>\n<\/tr>\n \nEPS Growth<\/p>\n<\/td>\n \n4.0% \u2013 6.0%<\/p>\n<\/td>\n<\/tr>\n \nEPS Growth including MX3<\/p>\n<\/td>\n \n5.0% \u2013 7.0%<\/p>\n<\/td>\n<\/tr>\n \nCapital Expenditures<\/p>\n<\/td>\n \n$2.6 \u2013 $2.9 billion<\/p>\n<\/td>\n<\/tr>\n \nRate Base<\/p>\n<\/td>\n \n6.0% \u2013 8.0%<\/p>\n<\/td>\n<\/tr>\n \nCustomer Growth<\/p>\n<\/td>\n \n2.0% \u2013 3.0%<\/p>\n<\/td>\n<\/tr>\n THIRD QUARTER RESULTS<\/b><\/p>\n \nNW Natural Holdings’ third quarter results are summarized by business segment in the table below. Previously, the NWN Gas Utility segment excluded certain gas storage and business activities for NW Natural, which were included in the Other segment. As of the first quarter of 2026, these activities are included along with the NWN Gas Utility activities and presented as the NW Natural segment. NW Natural Holdings and NW Natural historical segment reporting has been recast to reflect their current organizational structure.<\/p>\n \n\u00a0<\/p>\n<\/td>\n \nThree Months Ended September 30,<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n2026<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2025<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \nChange<\/p>\n<\/td>\n<\/tr>\n In thousands, except per share data<\/i><\/p>\n<\/td>\n \nAmount<\/p>\n<\/td>\n \nPer Share1<\/sup><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \nAmount<\/p>\n<\/td>\n \nPer Share1<\/sup><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \nAmount<\/p>\n<\/td>\n \nPer Share<\/p>\n<\/td>\n<\/tr>\n Net income (loss):<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNW Natural<\/p>\n<\/td>\n \n($27,212<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n($0.65<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n($27,080<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n($0.66<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n($132<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n$0.01<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nSiEnergy<\/p>\n<\/td>\n \n1,298<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.03<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,565<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.04<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(267<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n(0.01<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nNWN Water<\/p>\n<\/td>\n \n3,891<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.09<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4,747<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.11<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(856<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n(0.02<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nOther<\/p>\n<\/td>\n \n(7,817<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n(0.18<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(9,122<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n(0.22<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,305<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.04<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nConsolidated<\/p>\n<\/td>\n \n($29,840<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n($0.71<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n($29,890<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n($0.73<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$50<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$0.02<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Adjusted net income (loss):<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNW Natural<\/p>\n<\/td>\n \n($27,212<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n($0.65<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n($27,080<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n($0.66<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n($132<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n$0.01<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nSiEnergy<\/p>\n<\/td>\n \n1,298<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.03<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,565<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.04<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(267<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n(0.01<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nNWN Water<\/p>\n<\/td>\n \n3,891<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.09<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4,747<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.11<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(856<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n(0.02<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nOther2<\/sup><\/p>\n<\/td>\n \n(7,817<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n(0.18<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(9,147<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n(0.22<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,330<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.04<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nConsolidated2<\/sup><\/p>\n<\/td>\n \n($29,840<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n($0.71<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n($29,915<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n($0.73<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$75<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$0.02<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nDiluted Shares<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n42,117<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n41,184<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n933<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n 1<\/sup> Segment EPS is a non-GAAP financial measure, which takes segment net income calculated in accordance with GAAP and divides it by the diluted shares outstanding of NW Natural Holdings. See “Non-GAAP Financial Measures” for additional information. The reconciliation of segment EPS to consolidated NW Natural Holdings EPS is shown in the table above.<\/p>\n<\/td>\n<\/tr>\n 2<\/sup> See “Non-GAAP Financial Measures” and “Reconciliation to GAAP” for additional information on Other and consolidated adjusted net income and adjusted EPS.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n NW Natural <\/b>net loss was relatively unchanged compared to the same period in 2025. Higher margin from new rates in Oregon (effective Oct. 31, 2025) and new rates in Washington (effective Aug. 1, 2026), and lower operations and maintenance (O&M) expenses were offset by continued investment in the system resulting in higher depreciation expense and financing costs.<\/p>\n SiEnergy<\/b> net income decreased $0.3 million (or $0.01 per share), as customer growth and the benefit of deferring depreciation and interest costs on investments allowed by Texas House Bill 4384 were more than offset by higher O&M expenses.<\/p>\n NWN Water<\/b> net income decreased $0.9 million (or $0.02 per share) as higher operating revenues driven by rate increases and customer growth were more than offset by higher depreciation and general taxes due to continued investment in the system.<\/p>\n Other<\/b>net loss decreased $1.3 million (or $0.04 per share) primarily due to lower O&M expenses at NW Natural Holdings.<\/p>\n YEAR-TO-DATE RESULTS<\/b><\/p>\n \nNW Natural Holdings’ year-to-date results are summarized by business segment in the table below:<\/p>\n \n\u00a0<\/p>\n<\/td>\n \nNine Months Ended September 30,<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n2026<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2025<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \nChange<\/p>\n<\/td>\n<\/tr>\n In thousands, except per share data<\/i><\/p>\n<\/td>\n \nAmount<\/p>\n<\/td>\n \nPer Share1<\/sup><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \nAmount<\/p>\n<\/td>\n \nPer Share1<\/sup><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \nAmount<\/p>\n<\/td>\n \nPer Share<\/p>\n<\/td>\n<\/tr>\n Net income (loss):<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNW Natural<\/p>\n<\/td>\n \n$70,470<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$1.67<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$68,883<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$1.69<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$1,587<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n($0.02<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nSiEnergy<\/p>\n<\/td>\n \n12,444<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.30<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n8,084<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.20<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4,360<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.10<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNWN Water<\/p>\n<\/td>\n \n7,594<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.18<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n9,268<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.22<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1,674<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n(0.04<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nOther<\/p>\n<\/td>\n \n(22,259<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n(0.53<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(30,709<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n(0.75<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n8,450<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.22<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nConsolidated<\/p>\n<\/td>\n \n$68,249<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$1.62<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$55,526<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$1.36<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$12,723<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$0.26<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Adjusted net income (loss):<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNW Natural<\/p>\n<\/td>\n \n$70,470<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$1.67<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$68,883<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$1.69<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$1,587<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n($0.02<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nSiEnergy<\/p>\n<\/td>\n \n12,444<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.30<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n8,084<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.20<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4,360<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.10<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNWN Water<\/p>\n<\/td>\n \n7,594<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.18<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n9,268<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.22<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1,674<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n(0.04<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nOther2<\/sup><\/p>\n<\/td>\n \n(22,259<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n(0.53<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(24,032<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n(0.59<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,773<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.06<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nConsolidated2<\/sup><\/p>\n<\/td>\n \n$68,249<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$1.62<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$62,203<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$1.52<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$6,046<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$0.10<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nDiluted Shares<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n42,101<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n40,718<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,383<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n NW Natural<\/b> net income increased $1.6 million (or decreased $0.02 per share) as higher margin from new rates in Oregon and Washington were partially offset by continued investment in the system resulting in higher depreciation expense, financing costs, and O&M expenses.<\/p>\n SiEnergy <\/b>net income increased $4.4 million (or $0.10 per share) due to customer growth and the benefit of deferring depreciation and interest costs on investments allowed by Texas House Bill 4384. Additionally, the first nine months of 2026 reflected a full period of net income for both SiEnergy (acquired on Jan. 7, 2025) and Pines (acquired on June 2, 2025), which had a positive effect on year-over-year results.<\/p>\n NWN Water <\/b>net income decreased $1.7 million (or $0.04 per share) reflecting rate increases and customer growth more than offset by higher O&M expenses and depreciation expense due to growth and investment in the system.<\/p>\n Other<\/b> net loss from the Company’s other business activities decreased $8.5 million (or $0.22 per share), primarily due to lower acquisition and business development expenses compared to the prior year. On an adjusted basis, which excludes transaction and business development costs incurred in 2025, net loss decreased $1.8 million (or $0.06 per share), primarily due to lower O&M expenses.<\/p>\n DIVIDEND DECLARED<\/b><\/p>\n \nThe board of directors of NW Natural Holdings declared a quarterly dividend of $0.50 per share on the Company\u2019s common stock. The dividend is payable on Nov. 13, 2026 to shareholders of record on Oct. 30, 2026. The Company’s current indicated annual dividend rate is $2.00 per share. This marks the Company\u2019s 71st consecutive year of increasing shareholder dividends and the largest declared increase since 2012.<\/p>\n \nFuture dividends are subject to the discretion and approval of the board of directors.<\/p>\n CONFERENCE CALL AND WEBCAST<\/b><\/p>\n \nAs previously announced, NW Natural Holdings will host a conference call and webcast today to discuss its third quarter 2026 financial and operating results.<\/p>\n Date and Time:<\/b><\/p>\n<\/td>\n Thursday, Nov. 5, 2026<\/b><\/p>\n \n8 a.m. PT (11 a.m. ET)<\/p>\n<\/td>\n<\/tr>\n Phone Numbers:<\/b><\/p>\n<\/td>\n 1-833-461-5787<\/b><\/p>\n Meeting ID: 732 552 198<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nThe call will also be webcast in a listen-only format for the media and general public and can be accessed at ir.nwnaturalholdings.com<\/a>. A replay of the conference call will be available on our website as well.<\/p>\n ABOUT NW NATURAL HOLDINGS<\/b><\/p>\n NORTHWEST NATURAL HOLDINGS<\/b><\/p>\n<\/td>\n<\/tr>\n \nConsolidated Income Statement and Financial Highlights (Unaudited)<\/p>\n<\/td>\n<\/tr>\n \nThird Quarter 2026<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n Three Months Ended<\/b><\/p>\n<\/td>\n Nine Months Ended<\/b><\/p>\n<\/td>\n<\/tr>\n In thousands, except per share amounts, customer, and degree day data<\/i><\/p>\n<\/td>\n September 30,<\/b><\/p>\n<\/td>\n September 30,<\/b><\/p>\n<\/td>\n<\/tr>\n 2026<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2025<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2026<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2025<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nOperating revenues<\/p>\n<\/td>\n \n$177,972<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$164,728<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$911,927<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$895,206<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nOperating expenses:<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nCost of gas<\/p>\n<\/td>\n \n44,149<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n39,428<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n264,051<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n276,922<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nOperations and maintenance<\/p>\n<\/td>\n \n74,585<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n76,785<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n238,048<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n239,533<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nEnvironmental remediation<\/p>\n<\/td>\n \n1,430<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,247<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n10,186<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n9,796<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nGeneral taxes<\/p>\n<\/td>\n \n14,148<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n12,066<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n42,707<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n39,913<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nRevenue taxes<\/p>\n<\/td>\n \n5,917<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5,669<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n32,417<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n33,357<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nDepreciation<\/p>\n<\/td>\n \n44,956<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n40,510<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n133,302<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n122,545<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nOther operating expenses<\/p>\n<\/td>\n \n1,498<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,446<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n3,902<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n3,998<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nTotal operating expenses<\/p>\n<\/td>\n \n186,683<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n177,151<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n724,613<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n726,064<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n(Loss) income from operations<\/p>\n<\/td>\n \n(8,711<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n(12,423<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n187,314<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n169,142<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nOther income (expense), net<\/p>\n<\/td>\n \n3,188<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n929<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5,105<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1,747<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nInterest expense, net<\/p>\n<\/td>\n \n34,481<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n30,435<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n101,185<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n90,321<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n(Loss) income before income taxes<\/p>\n<\/td>\n \n(40,004<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n(41,929<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n91,234<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n77,074<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nIncome tax (benefit) expense<\/p>\n<\/td>\n \n(10,164<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n(12,039<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n22,985<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n21,548<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNet (loss) income<\/p>\n<\/td>\n \n($29,840<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n($29,890<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n$68,249<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$55,526<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Common shares outstanding:<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nAverage diluted for period<\/p>\n<\/td>\n \n42,117<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n41,184<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n42,101<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n40,718<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nEnd of period<\/p>\n<\/td>\n \n42,185<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n41,506<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n42,185<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n41,506<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Per share of common stock information:<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nDiluted earnings<\/p>\n<\/td>\n \n($0.71<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n($0.73<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n$1.62<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$1.36<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nDividends paid per share<\/p>\n<\/td>\n \n0.4925<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.4900<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1.4775<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1.4700<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Capital structure, end of period:<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nCommon stock equity<\/p>\n<\/td>\n \n35.2<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n37.0<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n35.2<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n37.0<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n \nLong-term debt (including junior subordinated notes)<\/p>\n<\/td>\n \n59.1<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n55.0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n59.1<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n55.0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nShort-term debt (including current maturities of long-term debt)<\/p>\n<\/td>\n \n5.7<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n8.0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5.7<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n8.0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nTotal<\/p>\n<\/td>\n \n100.0<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n100.0<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n100.0<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n100.0<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Operating Statistics<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Meters<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNW Natural<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n809,086<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n806,017<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nSiEnergy<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n98,614<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n86,945<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNWN Water<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n81,710<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n79,037<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nTotal meters – end of period<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n989,410<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n971,999<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n NW Natural Margin<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nOperating revenues<\/p>\n<\/td>\n \n$137,391<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$127,225<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$776,089<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$776,845<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nLess: Cost of gas<\/p>\n<\/td>\n \n35,547<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n32,188<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n229,017<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n248,563<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nLess: Environmental remediation expense<\/p>\n<\/td>\n \n1,430<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,247<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n10,186<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n9,796<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nLess: Revenue taxes<\/p>\n<\/td>\n \n5,405<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5,238<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n30,348<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n31,635<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNW Natural margin<\/p>\n<\/td>\n \n$95,009<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$88,552<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$506,538<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$486,851<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n SiEnergy Margin<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nOperating revenues<\/p>\n<\/td>\n \n$12,812<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$11,821<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$58,053<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$45,989<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nLess: Cost of gas<\/p>\n<\/td>\n \n3,312<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,950<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n18,973<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n14,230<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nLess: Revenue taxes<\/p>\n<\/td>\n \n360<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n290<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,698<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,433<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nSiEnergy margin<\/p>\n<\/td>\n \n$9,140<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$8,581<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$37,382<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$30,326<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n NORTHWEST NATURAL HOLDINGS<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nConsolidated Balance Sheets (Unaudited)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n September 30,<\/b><\/p>\n<\/td>\n<\/tr>\n In thousands<\/i><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2026<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2025<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Assets:<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nCurrent assets:<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nCash and cash equivalents<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$30,329<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$32,203<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nAccounts receivable<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n65,439<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n70,507<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nAccrued unbilled revenue<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n30,956<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n29,148<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nAllowance for uncollectible accounts<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(3,969<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(2,618<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nRegulatory assets<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n203,562<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n140,502<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nDerivative instruments<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5,364<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5,031<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nInventories<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n154,491<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n118,589<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nOther current assets<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n56,417<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n42,199<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nTotal current assets<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n542,589<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n435,561<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNon-current assets:<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nProperty, plant, and equipment<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5,975,450<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5,531,917<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nLess: Accumulated depreciation<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,345,652<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,284,271<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nTotal property, plant, and equipment, net<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4,629,798<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4,247,646<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nRegulatory assets<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n625,645<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n374,280<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nDerivative instruments<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n7,663<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,456<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nOther investments<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n68,659<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n81,111<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nOperating lease right of use asset, net<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n69,285<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n69,065<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nAssets under sales-type leases<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n118,366<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n122,517<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nGoodwill<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n371,614<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n371,040<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nOther non-current assets<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n143,215<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n150,098<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nTotal non-current assets<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n6,034,245<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5,418,213<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nTotal assets<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$6,576,834<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$5,853,774<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n Liabilities and equity:<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nCurrent liabilities:<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nShort-term debt<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$146,032<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$195,490<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nCurrent maturities of long-term debt<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n100,675<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n115,650<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nAccounts payable<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n137,249<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n130,508<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nTaxes accrued<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n22,908<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n20,375<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nInterest accrued<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n25,756<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n16,841<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nRegulatory liabilities<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n128,025<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n141,356<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nDerivative instruments<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n42,480<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n52,548<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nOperating lease liabilities<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n3,784<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,610<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nOther current liabilities<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n57,598<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n67,402<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nTotal current liabilities<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n664,507<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n742,780<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nLong-term debt<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,540,817<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,128,101<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nDeferred credits and other non-current liabilities:<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nDeferred tax liabilities<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n460,370<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n414,225<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nRegulatory liabilities<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n795,976<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n742,943<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nPension and other postretirement benefit liabilities<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n98,873<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n122,116<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nDerivative instruments<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n12,586<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n9,481<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nOperating lease liabilities<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n75,888<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n76,365<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nOther non-current liabilities<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n413,547<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n183,643<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nTotal deferred credits and other non-current liabilities<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,857,240<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,548,773<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nEquity:<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nCommon stock<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,077,296<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,042,089<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nRetained earnings<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n441,406<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n398,553<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nAccumulated other comprehensive loss<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(4,432<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(6,522<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nTotal equity<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,514,270<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,434,120<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nTotal liabilities and equity<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$6,576,834<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$5,853,774<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n NORTHWEST NATURAL HOLDINGS<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nConsolidated Statements of Cash Flows (Unaudited)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Nine Months Ended September 30,<\/b><\/p>\n<\/td>\n<\/tr>\n In thousands<\/i><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2026<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2025<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nOperating activities:<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNet income<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$68,249<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$55,526<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nAdjustments to reconcile net income to cash provided by operations:<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nDepreciation<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n133,302<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n122,545<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nAmortization<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n19,747<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n18,370<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nDeferred income taxes<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n20,137<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n16,992<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nQualified defined benefit pension plan expense<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n7,317<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n7,768<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nContributions to qualified defined benefit pension plans<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(13,190<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(8,410<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nDeferred environmental expenditures, net<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(25,887<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(17,878<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nEnvironmental remediation expense<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n10,186<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n9,796<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nAsset optimization revenue sharing bill credits<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(23,156<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(15,549<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nOther<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5,924<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n7,985<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nChanges in assets and liabilities:<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nReceivables, net<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n121,638<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n129,334<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nInventories<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(26,995<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(9,563<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nIncome and other taxes<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n21,141<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n15,691<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nAccounts payable<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(18,402<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(4,645<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nDeferred gas costs<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(58,570<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(53,241<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nAsset optimization revenue sharing<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n14,778<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n19,510<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nDecoupling mechanism<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(42,238<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(21,084<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nCloud-based software<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(8,771<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(7,962<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nRegulatory accounts<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n15,274<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n6,802<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nOther, net<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(7,359<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(6,135<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nCash provided by operating activities<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n213,125<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n265,852<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nInvesting activities:<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nCapital expenditures<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(373,449<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(332,652<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nAcquisitions, net of cash acquired<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(331,328<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nPurchase of equity method investment<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1,000<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1,000<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nOther<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n10,641<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(2,500<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nCash used by investing activities<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(363,808<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(667,480<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nFinancing activities:<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nProceeds from common stock issued, net<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n25,822<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n47,569<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nLong-term debt issued<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n315,000<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n560,000<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nLong-term debt retired<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(105,415<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(172,959<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nChanges in other short-term debt, net<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(25,957<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n20,380<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nCash dividend payments on common stock<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(59,987<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(57,586<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nPayment of financing fees<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(2,251<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(6,075<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nShares withheld for tax purposes<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(2,039<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1,591<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nOther<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(586<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(262<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nCash provided by financing activities<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n144,587<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n389,476<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nDecrease in cash, cash equivalents and restricted cash<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(6,096<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(12,152<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nCash, cash equivalents and restricted cash, beginning of period<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n41,077<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n47,982<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nCash, cash equivalents and restricted cash, end of period<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$34,981<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$35,830<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nSupplemental disclosure of cash flow information:<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nInterest paid, net of capitalization<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$97,873<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$90,500<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nIncome taxes paid, net of refunds<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4,800<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n9,109<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nReconciliation of cash, cash equivalents and restricted cash:<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nCash and cash equivalents<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$30,329<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$32,203<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nRestricted cash included in other current and non-current assets<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4,652<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n3,627<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nCash, cash equivalents and restricted cash<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$34,981<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$35,830<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n NORTHWEST NATURAL HOLDINGS<\/b><\/p>\n<\/td>\n<\/tr>\n \nReconciliation to GAAP (Unaudited)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Three Months Ended September 30,<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2026<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2025<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n In thousands, except per share data<\/i><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \nAmount<\/p>\n<\/td>\n \nPer Share<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \nAmount<\/p>\n<\/td>\n \nPer Share<\/p>\n<\/td>\n<\/tr>\n CONSOLIDATED<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nGAAP net loss<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n($29,840<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n($0.71<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n($29,890<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n($0.73<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nTransaction and business development costs<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(34<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nIncome tax effect1<\/sup><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n9<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nAdjusted net loss<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n($29,840<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n($0.71<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n($29,915<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n($0.73<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nDiluted shares<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n42,117<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n41,184<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n OTHER<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nGAAP net loss<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n($7,817<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n($0.18<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n($9,122<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n($0.22<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nTransaction and business development costs<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(34<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nIncome tax effect1<\/sup><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n9<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nAdjusted net loss<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n($7,817<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n($0.18<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n($9,147<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n($0.22<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Nine Months Ended September 30,<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2026<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n 2025<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n In thousands, except per share data<\/i><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \nAmount<\/p>\n<\/td>\n \nPer Share<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \nAmount<\/p>\n<\/td>\n \nPer Share<\/p>\n<\/td>\n<\/tr>\n CONSOLIDATED<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nGAAP net income<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$68,249<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$1.62<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$55,526<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$1.36<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nTransaction and business development costs<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n9,084<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.22<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nIncome tax effect1<\/sup><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(2,407<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n(0.06<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nAdjusted net income<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$68,249<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$1.62<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$62,203<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$1.52<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nDiluted shares<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n42,101<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n40,718<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n OTHER<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nGAAP net loss<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n($22,259<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n($0.53<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n($30,709<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n($0.75<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nTransaction and business development costs<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n9,084<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.22<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nIncome tax effect1<\/sup><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(2,407<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n(0.06<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nAdjusted net loss<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n($22,259<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n($0.53<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n($24,032<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n($0.59<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Twelve Months Ended<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n December 31, 2025<\/b><\/p>\n<\/td>\n<\/tr>\n In thousands, except per share data<\/i><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \nAmount<\/p>\n<\/td>\n \nPer Share<\/p>\n<\/td>\n<\/tr>\n CONSOLIDATED<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nGAAP net income<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$113,319<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$2.77<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nTransaction and business development costs<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n9,084<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.22<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nIncome tax effect1<\/sup><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(2,407<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n(0.06<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nAdjusted net income<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$119,996<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$2.93<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nDiluted shares<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n40,953<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n OTHER<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nGAAP net loss<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n($38,795<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n($0.95<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nTransaction and business development costs<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n9,084<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.22<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nIncome tax effect1<\/sup><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(2,407<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n(0.06<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nAdjusted net loss<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n($32,118<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n($0.79<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20261105370482\/en\/<\/a><\/span><\/p>\n Investor Contact: Media Contact: KEYWORDS:<\/b> United States North America Oregon<\/p>\n INDUSTRY KEYWORDS:<\/b> Energy Utilities Oil\/Gas<\/p>\n\n
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\n \n \u00a0<\/td>\n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \u00a0<\/td>\n<\/tr>\n \n 1 <\/sup><\/i>See “Non-GAAP Financial Measures” and “Reconciliation to GAAP” for a definition and further information on adjusted net income and adjusted EPS. Adjusted third quarter and first nine months of 2025 net income and adjusted EPS exclude transaction and business development costs including the effects of the SiEnergy and Pines Gas transactions.<\/td>\n<\/tr>\n \n 2<\/sup><\/i> EPS growth forecasted for period 2026 \u2013 2030 compounded annually; EPS growth rate uses adjusted 2025 EPS as base year. Long-term growth rate target with MX3 assumes in-service date prior to the end of 2029. NW Natural Holdings does not provide a reconciliation of the adjusted EPS growth rate target to the most directly comparable GAAP measures due to the inherent difficulty in forecasting and quantifying certain significant items. These items are uncertain, depend on various factors and could have a material impact on GAAP-reported results for the relevant period.<\/td>\n<\/tr>\n<\/table>\n \n
\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \n <\/tr>\n \n \u00a0<\/td>\n<\/tr>\n \n 1<\/sup> See “Non-GAAP Financial Measures” and “Reconciliation to GAAP” for a definition and further information on adjusted EPS. Non-GAAP financial measures should not be considered a substitute for, or superior to, measures calculated in accordance with U.S. GAAP. Non-GAAP financial measures are used to analyze our financial performance because we believe they provide useful information to our investors and creditors in evaluating our financial condition and results of operations.<\/td>\n<\/tr>\n \n 2<\/sup> EPS growth forecasted for period 2026 \u2013 2030 compounded annually; EPS growth rate uses adjusted 2025 EPS as the base year. Long-term growth rate target with MX3 assumes in-service date prior to the end of 2029. NW Natural Holdings does not provide a reconciliation of the adjusted EPS growth rate target to the most directly comparable GAAP measures due to the inherent difficulty in forecasting and quantifying certain significant items. These items are uncertain, depend on various factors and could have a material impact on GAAP-reported results for the relevant period.<\/td>\n<\/tr>\n<\/table>\n \n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \n \n <\/tr>\n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/tr>\n \n \u00a0<\/td>\n<\/tr>\n \n 1<\/sup> Segment EPS is a non-GAAP financial measure, which takes segment net income calculated in accordance with GAAP and divides it by the diluted shares outstanding of NW Natural Holdings. See “Non-GAAP Financial Measures” for additional information. The reconciliation of segment EPS to consolidated NW Natural Holdings EPS is shown in the table above.<\/td>\n<\/tr>\n \n 2<\/sup> See “Non-GAAP Financial Measures” and “Reconciliation to GAAP” for additional information on Other and consolidated adjusted net income and adjusted EPS.<\/td>\n<\/tr>\n<\/table>\n \n
\n \n \n \n \n \n \n
\n \n \n \n \n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \u00a0<\/td>\n \n \n \n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \u00a0<\/td>\n \n \n \n \n \u00a0<\/td>\n \n \n \n <\/tr>\n \n \u00a0<\/td>\n<\/tr>\n \n 1<\/sup> SiEnergy transaction expenses were recognized in the first quarter of 2025 and Pines transaction expenses were recognized in the second quarter of 2025. Other business development costs were recognized in the second and third quarters of 2025. Tax effect of adjustment was calculated using a combined federal and statutory rate of 26.5%.<\/td>\n<\/tr>\n<\/table>\n <\/p>\n
\n<\/b>
Nikki Sparley
\n
Phone: 503-721-2530
\n
Email: nikki.sparley@nwnatural.com<\/a><\/p>\n
\n<\/b>
David Roy
\n
Phone: 503-610-7157
\n
Email: david.roy@nwnatural.com<\/a><\/p>\n
![\"Logo\"](\"https:\/\/mms.businesswire.com\/media\/20261105370482\/en\/836159\/3\/NWN_Holdings_Logo_hz.jpg\"){kind=logo}
<\/td>\n<\/tr>\n