Northwest Natural Gas Q4 Earnings Call Highlights

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Sat, February 28, 2026 astatine 1:28 PM CST 8 min read

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Northwest Natural delivered a grounds adjusted EPS of $2.93 successful 2025 (up from $2.33) driven by caller Oregon rates, beardown integrated lawsuit maturation and diversification into SiEnergy and the water business, and initiated 2026 guidance of $2.95–$3.15 with SiEnergy and Water expected to supply astir 25% of consolidated earnings.
The institution announced the MX3 gas‑storage enlargement astatine Mist (adding 4–5 BCF) estimated to outgo ~$300M, backed by 25‑year lawsuit contracts with a fixed 12.5% ROE, targeted in‑service by extremity of 2029, and expected to assistance long‑term EPS maturation to 5%–7% erstwhile announcement to proceed is received.
Regulatory and backing plans see a settled Oregon complaint lawsuit and a projected interim mechanics that would rise lawsuit rates by a humble 1.5% effectual Oct. 31, 2026, a long‑term capex program of $2.6–$2.9B done 2030 (2026 capex ~$500–$550M), with 2026 backing expected from operating currency flow, ~$150M nett caller indebtedness and $40–$50M of ATM equity; the institution besides flagged continued dividend maturation with a people payout ratio of 55%–65%.
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NW Natural Holdings utilized its fourth-quarter net telephone to item what absorption described arsenic a “new chapter” for the company, marked by grounds adjusted net per share, beardown lawsuit growth, and a larger superior concern programme crossed its gas, Texas section distribution, and h2o businesses.

Chief Executive Officer Justin Palfreyman said the institution delivered grounds adjusted net per stock astatine the apical of its guidance scope and posted its strongest integrated lawsuit maturation successful astir 2 decades. He attributed the results to strategical moves made successful caller years, including diversification into the h2o inferior business, enlargement into aggregate jurisdictions, and the summation of Texas state utilities.

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Chief Financial Officer Ray Kaszuba reported full-year 2025 adjusted net per stock of $2.93, up from $2.33 successful 2024. He said net maturation was driven by caller rates successful Oregon, rate-based growth, and beardown integrated lawsuit growth.

Northwest Natural Gas (NYSE:NWN) inferior conception adjusted EPS improved by $0.45, chiefly owed to caller Oregon rates, partially offset by higher operations and attraction and depreciation.
SiEnergy contributed $0.33 per stock successful 2025, exceeding the company’s anticipation of $0.25–$0.30 per share.
Water segment contributed $0.35 per share, besides supra the company’s anticipation of $0.25–$0.30 per share, driven by caller rates astatine its largest Arizona h2o and wastewater inferior and incremental gross from an acquisition precocious successful 2024.
The other segment posted a larger adjusted nett nonaccomplishment twelvemonth implicit year, which Kaszuba said chiefly reflected higher involvement disbursal astatine the holding company.