\nNorthwest Natural Holding Company (NYSE: NWN)<\/b> (NW Natural Holdings or the Company) reported financial results and highlights including:<\/p>\n
First Quarter 2026 Highlights<\/b><\/p>\n 2026 Guidance and Long-term Growth Targets Reaffirmed<\/b><\/p>\n \n\u201cI’m pleased with our strong first\u2011quarter results, which put us on solid footing for the year,” said Justin Palfreyman, President and CEO of NW Natural Holding Company. “These results reflect our continued focus on building a consistent track record of disciplined execution. We made progress on our key regulatory initiatives and delivered solid operational performance, efficient capital investment, and healthy customer growth across all three of our regulated utility businesses. Additionally, our MX3 gas storage expansion project is on track and continues to build momentum. We remain confident in our strategy and our ability to deliver long\u2011term value to stakeholders.\u201d<\/p>\n FIRST QUARTER RESULTS<\/b><\/p>\n \nNW Natural Holdings’ first quarter results are summarized below:<\/p>\n \n\u00a0<\/p>\n<\/td>\n \nThree Months Ended March 31,<\/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 \n2025<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \nChange<\/p>\n<\/td>\n<\/tr>\n \nNet income<\/p>\n<\/td>\n \n$97,489<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$87,916<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$9,573<\/p>\n<\/td>\n \nEPS<\/p>\n<\/td>\n \n2.33<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2.18<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.15<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nAdjusted net income1<\/sup><\/p>\n<\/td>\n \n97,489<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n91,802<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5,687<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nAdjusted EPS1<\/sup><\/p>\n<\/td>\n \n2.33<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2.28<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.05<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n 1<\/sup><\/i><\/p>\n<\/td>\n \nSee “Non-GAAP Financial Measures” and “Reconciliation to GAAP” for a definition and further information on adjusted net income and adjusted EPS. Adjusted Q1 2025 net income and adjusted EPS exclude transaction and business development costs including the effects of the SiEnergy transaction.<\/p>\n<\/td>\n<\/tr>\n 2<\/sup><\/i><\/p>\n<\/td>\n \nEPS 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.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n KEY EVENTS<\/b><\/p>\n Reached Settlement in NW Natural’s Washington General Rate Case<\/b><\/p>\n \nOn March, 23, 2026, NW Natural Gas Company (NW Natural) filed a multi-party settlement with the Washington Utilities and Transportation Commission (WUTC) that addresses all the revenue requirement items in the multi-year general rate case. The settlement provides increases to the annual revenue requirement over three years, consisting of a $20.1 million revenue increase in the first year beginning Aug. 1, 2026, a $7.7 million revenue increase in the second year, and an $8.7 million revenue increase in the third year. The settlement includes 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 $328.0 million in the first year, or an increase of $80.7 million since the last rate case. The settlement is subject to the review and approval of the WUTC. New rates are expected to be effective Aug. 1, 2026.<\/p>\n SiEnergy Filed a General Rate Case<\/b><\/p>\n \nOn May 4, 2026, SiEnergy filed a general rate case with the Texas Railroad Commission (RRC). The filing requests the consolidation of SiEnergy and the Pines gas entities, a $12.0 million revenue increase, a capital structure of 60% common equity and 40% long-term debt, an 8.73% cost of capital, and a 10.75% return on equity. The filing includes rate base of $343.1 million or an increase of $176.9 million since the last rate case. SiEnergy is requesting the factors necessary to file for interim rate adjustments under the Gas Reliability Infrastructure Program (GRIP). New rates are expected to be effective in the fourth quarter of 2026.<\/p>\n Continued Progress on MX3 Storage Expansion Project<\/b><\/p>\n \nNW Natural continues to make progress on the 4 \u2013 5 Bcf expansion of its Mist gas storage facility, including receiving the necessary permits and working on Engineering, Procurement and Construction (EPC) contracts. These new storage services will be regulated by FERC. Customers have agreed to a fixed 12.5% return on equity, and a capital structure of 50% equity and 50% long-term debt. Capital expenditures for the project are expected to total approximately $300 million. NW Natural continues to expect Notice to Proceed by late 2027 and MX3 to be in service by the end of 2029.<\/p>\n 2026 GUIDANCE AND LONG-TERM TARGETS<\/b><\/p>\n \nWe are reaffirming our 2026 guidance and 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 \n\u00a0<\/p>\n<\/td>\n 2026 \n\u00a0<\/p>\n<\/td>\n 2025 \nEPS<\/p>\n<\/td>\n \n$2.95 \u2013 $3.15<\/p>\n<\/td>\n \n\u00a0<\/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\u00a0<\/p>\n<\/td>\n \n$467 million<\/p>\n<\/td>\n<\/tr>\n Long-term Targets<\/b><\/p>\n<\/td>\n 2026 \u2013 20302 \nEPS Growth<\/p>\n<\/td>\n \n4.0% \u2013 6.0%<\/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<\/table>\n \n1<\/p>\n<\/td>\n \nSee “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.<\/p>\n<\/td>\n<\/tr>\n \n2<\/p>\n<\/td>\n \nEPS growth forecasted for period 2026 \u2013 2030 compounded annually; EPS growth rate uses adjusted 2025 EPS as the base year.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n FIRST QUARTER RESULTS<\/b><\/p>\n \nNW Natural Holdings’ first 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 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 March 31,<\/p>\n<\/td>\n<\/tr>\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 In thousands, except per share data<\/i><\/p>\n<\/td>\n \nAmount<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \nPer Share1<\/sup><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \nAmount<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \nPer Share1<\/sup><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \nAmount<\/p>\n<\/td>\n \n\u00a0<\/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$93,749<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$2.24<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$91,039<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$2.26<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$2,710<\/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 \n9,090<\/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 \n5,505<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.14<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n3,585<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.08<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNWN Water<\/p>\n<\/td>\n \n1,431<\/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 \n1,688<\/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(257<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n(0.01<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nOther<\/p>\n<\/td>\n \n(6,781<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n(0.16<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(10,316<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n(0.26<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n3,535<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.10<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nConsolidated<\/p>\n<\/td>\n \n$97,489<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$2.33<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$87,916<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$2.18<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$9,573<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$0.15<\/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$93,749<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$2.24<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$91,039<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$2.26<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$2,710<\/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 \n9,090<\/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 \n5,505<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.14<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n3,585<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.08<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNWN Water<\/p>\n<\/td>\n \n1,431<\/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 \n1,688<\/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(257<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n(0.01<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nOther2<\/sup><\/p>\n<\/td>\n \n(6,781<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n(0.16<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(6,430<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n(0.16<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(351<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nConsolidated2<\/sup><\/p>\n<\/td>\n \n$97,489<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$2.33<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$91,802<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$2.28<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$5,687<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$0.05<\/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 \n41,816<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n40,304<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,512<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n1<\/p>\n<\/td>\n \nSegment 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 \n2<\/p>\n<\/td>\n \nSee “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 income increased $2.7 million (or decreased $0.02 per share). Margin increased due to new rates from the Oregon rate case effective Oct. 31, 2025 and net income increased due to a lower income tax rate. These drivers were partially offset by higher depreciation and operations and maintenance (O&M) expense, as well as the impact of financing activities including higher interest expense and share issuances.<\/p>\n SiEnergy<\/b> net income increased $3.6 million (or $0.08 per share) driven in part by customer growth and investments in the system. Additionally, the first quarter of 2026 reflected a full quarter of both SiEnergy (acquired on Jan. 7, 2025) and Pines (acquired on June 2, 2025) net income, which had a positive effect on year-over-year results.<\/p>\n NWN Water<\/b> net income decreased $0.3 million (or $0.01 per share) mainly reflecting higher O&M expense to support growth and depreciation expense, partially offset by higher operating revenues driven by healthy organic customer growth and acquisitions.<\/p>\n Other<\/b>net loss decreased $3.5 million (or $0.10 per share). On an adjusted basis, which excludes the SiEnergy transaction costs in the first quarter 2025, net loss decreased $0.4 million (flat on a per share basis).<\/p>\n DIVIDEND DECLARED<\/b><\/p>\n \nThe board of directors of NW Natural Holdings declared a quarterly dividend of $0.4925 per share on the Company\u2019s common stock. The dividend is payable on May 15, 2026 to shareholders of record on April 30, 2026. The Company’s current indicated annual dividend rate is $1.97 per share. Future dividends are subject to board of director discretion and approval.<\/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 first quarter 2026 financial and operating results.<\/p>\n Date and Time:<\/b><\/p>\n<\/td>\n Wednesday, May 6, 2026<\/b><\/p>\n<\/td>\n<\/tr>\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<\/td>\n<\/tr>\n Meeting ID: 913916145<\/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 \nFirst Quarter 2026<\/p>\n<\/td>\n<\/tr>\n \n\u00a0<\/p>\n<\/td>\n Three 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 March 31,<\/b><\/p>\n<\/td>\n<\/tr>\n 2026<\/b><\/p>\n<\/td>\n 2025<\/b><\/p>\n<\/td>\n<\/tr>\n \nOperating revenues<\/p>\n<\/td>\n \n$490,403<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$494,284<\/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<\/tr>\n \nOperating expenses:<\/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 \n158,149<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n172,991<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nOperations and maintenance<\/p>\n<\/td>\n \n83,109<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n83,683<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nEnvironmental remediation<\/p>\n<\/td>\n \n6,325<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n6,253<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nGeneral taxes<\/p>\n<\/td>\n \n16,343<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n15,771<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nRevenue taxes<\/p>\n<\/td>\n \n18,100<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n19,405<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nDepreciation<\/p>\n<\/td>\n \n44,134<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n40,500<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nOther operating expenses<\/p>\n<\/td>\n \n1,375<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,327<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nTotal operating expenses<\/p>\n<\/td>\n \n327,535<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n339,930<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nIncome from operations<\/p>\n<\/td>\n \n162,868<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n154,354<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nOther income (expense), net<\/p>\n<\/td>\n \n512<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(2,516<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nInterest expense, net<\/p>\n<\/td>\n \n33,352<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n29,395<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nIncome before income taxes<\/p>\n<\/td>\n \n130,028<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n122,443<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nIncome tax expense<\/p>\n<\/td>\n \n32,539<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n34,527<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNet income<\/p>\n<\/td>\n \n$97,489<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$87,916<\/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<\/tr>\n Common shares outstanding:<\/b><\/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 \n41,816<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n40,304<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nEnd of period<\/p>\n<\/td>\n \n42,080<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n40,309<\/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<\/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<\/tr>\n \nDiluted earnings<\/p>\n<\/td>\n \n$2.33<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$2.18<\/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<\/tr>\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<\/tr>\n \nCommon stock equity<\/p>\n<\/td>\n \n37.7<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n \n38.7<\/p>\n<\/td>\n \n%<\/p>\n<\/td>\n<\/tr>\n \nLong-term debt (including junior subordinated notes)<\/p>\n<\/td>\n \n54.4<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n58.2<\/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 \n7.9<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n3.1<\/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<\/tr>\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<\/tr>\n Meters<\/b><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNW Natural<\/p>\n<\/td>\n \n811,089<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n807,426<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nSiEnergy<\/p>\n<\/td>\n \n92,754<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n73,077<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNWN Water<\/p>\n<\/td>\n \n81,237<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n78,052<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nTotal meters – end of period<\/p>\n<\/td>\n \n985,080<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n958,555<\/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<\/tr>\n NW Natural Margin<\/b><\/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$433,896<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$448,813<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nLess: Cost of gas<\/p>\n<\/td>\n \n140,144<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n159,436<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nLess: Environmental remediation expense<\/p>\n<\/td>\n \n6,325<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n6,253<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nLess: Revenue taxes<\/p>\n<\/td>\n \n17,037<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n18,565<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nNW Natural margin<\/p>\n<\/td>\n \n$270,390<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$264,559<\/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<\/tr>\n SiEnergy Margin<\/b><\/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$31,695<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$22,666<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nLess: Cost of gas<\/p>\n<\/td>\n \n12,279<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n8,303<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nLess: Revenue taxes<\/p>\n<\/td>\n \n961<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n779<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nSiEnergy margin<\/p>\n<\/td>\n \n$18,455<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$13,584<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\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 March 31,<\/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 2025<\/b><\/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$34,945<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$100,050<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nAccounts receivable<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n150,545<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n154,746<\/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 \n61,236<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n59,936<\/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(4,510<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(4,427<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nRegulatory assets<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n146,545<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n88,623<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nDerivative instruments<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,719<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4,363<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nInventories<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n134,745<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n90,334<\/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 \n57,895<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n46,275<\/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 \n584,120<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n539,900<\/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 \n5,722,356<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5,268,063<\/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 \n1,300,897<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,266,222<\/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 \n4,421,459<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4,001,841<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nRegulatory assets<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n637,563<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n371,258<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nDerivative instruments<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n459<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n864<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nOther investments<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n69,441<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n82,663<\/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 \n68,113<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n70,455<\/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 \n120,450<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n124,623<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nGoodwill<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n371,257<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n354,534<\/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 \n146,105<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n160,754<\/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 \n5,834,847<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5,166,992<\/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$6,418,967<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$5,706,892<\/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$171,276<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$81,100<\/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 \n160,669<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n36,838<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nAccounts payable<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n124,844<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n132,814<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nTaxes accrued<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n17,197<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n24,115<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nInterest accrued<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n22,036<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n16,297<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nRegulatory liabilities<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n113,914<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n111,050<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nDerivative instruments<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n42,097<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n26,122<\/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 \n3,270<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,662<\/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 \n75,225<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n82,958<\/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 \n730,528<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n513,956<\/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 \n2,272,444<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,193,071<\/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 \n467,134<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n424,338<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nRegulatory liabilities<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n762,429<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n730,084<\/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 \n108,929<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n127,853<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nDerivative instruments<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n17,318<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n8,224<\/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 \n74,918<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n77,226<\/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 \n408,366<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n175,922<\/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 \n1,839,094<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,543,647<\/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 \n1,069,314<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n992,278<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nRetained earnings<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n512,213<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n470,795<\/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(4,626<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(6,855<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nTotal equity<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,576,901<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n1,456,218<\/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$6,418,967<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$5,706,892<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\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 Three Months Ended March 31,<\/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 2025<\/b><\/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$97,489<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$87,916<\/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 \n44,134<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n40,500<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nAmortization<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n6,131<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n5,583<\/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 \n24,998<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n23,997<\/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 \n2,307<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,719<\/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(2,900<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(2,610<\/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(6,079<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(6,991<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nEnvironmental remediation expense<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n6,325<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n6,253<\/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 \n4,207<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n3,016<\/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 \n21,656<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n15,509<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nInventories<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(7,598<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n18,279<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nIncome and other taxes<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n13,408<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n18,084<\/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(31,219<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4,187<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nDeferred gas costs<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(29,651<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(16,959<\/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 \n4,297<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n4,357<\/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(15,803<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1,422<\/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(2,490<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(2,195<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nRegulatory accounts<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n13,208<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n2,155<\/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(3,137<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(7,219<\/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 \n116,127<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n179,610<\/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(113,656<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(102,184<\/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(270,492<\/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 \n(1,397<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1,299<\/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(116,053<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(374,975<\/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 \n22,264<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n961<\/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 \n\u2014<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n375,000<\/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(121<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1,511<\/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(713<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(94,010<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nCash dividend payments on common stock<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(19,775<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(19,104<\/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(54<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(4,307<\/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(1,988<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1,536<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nOther<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(392<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(1,125<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nCash (used in) provided by financing activities<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(779<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n254,368<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \n(Decrease) increase in cash, cash equivalents and restricted cash<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n(705<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n59,003<\/p>\n<\/td>\n \n\u00a0<\/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$40,372<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$106,985<\/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$36,443<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$30,109<\/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 \n1,400<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n750<\/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$34,945<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$100,050<\/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 \n5,427<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n6,935<\/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$40,372<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$106,985<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\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<\/tr>\n \n\u00a0<\/p>\n<\/td>\n Three Months Ended March 31,<\/b><\/p>\n<\/td>\n<\/tr>\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<\/tr>\n In thousands, except per share data<\/i><\/p>\n<\/td>\n \nAmount<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \nPer Share<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \nAmount<\/p>\n<\/td>\n \n\u00a0<\/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<\/tr>\n \nGAAP net income<\/p>\n<\/td>\n \n$97,489<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$2.33<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$87,916<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$2.18<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nTransaction costs<\/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 \n5,287<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.13<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nIncome tax effect1<\/sup><\/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(1,401<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n(0.03<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nAdjusted net income<\/p>\n<\/td>\n \n$97,489<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$2.33<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$91,802<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n$2.28<\/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 \nDiluted shares<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n41,816<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n40,304<\/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 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<\/tr>\n \nGAAP net loss<\/p>\n<\/td>\n \n($6,781<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n($0.16<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n($10,316<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n($0.26<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nTransaction costs<\/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 \n5,287<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n0.13<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n \nIncome tax effect1<\/sup><\/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(1,401<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n(0.03<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n<\/tr>\n \nAdjusted net loss<\/p>\n<\/td>\n \n($6,781<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n($0.16<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n($6,430<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n($0.16<\/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 \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n Twelve Months Ended In thousands, except per share data<\/i><\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \n\u00a0<\/p>\n<\/td>\n \nAmount<\/p>\n<\/td>\n \n\u00a0<\/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<\/tr>\n \nGAAP net income<\/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 costs<\/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(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$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<\/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 \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<\/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<\/tr>\n \nGAAP net loss<\/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 costs<\/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 effect2<\/sup><\/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($32,118<\/p>\n<\/td>\n \n)<\/p>\n<\/td>\n \n($0.78<\/p>\n<\/td>\n \n)<\/p>\n<\/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 \n \n \n \n \n \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
<\/b>Guidance
\n
<\/b>(Unchanged)<\/b><\/p>\n<\/td>\n\n \n
\n
<\/b>Actual<\/b><\/p>\n<\/td>\n<\/tr>\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n
<\/sup><\/b>(Unchanged)<\/b><\/p>\n<\/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 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \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<\/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 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \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<\/tr>\n<\/table>\n \n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \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<\/tr>\n<\/table>\n \n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \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<\/tr>\n<\/table>\n \n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n
<\/b>Dec. 31, 2025<\/b><\/p>\n<\/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
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