Northwest Natural Company (NWN) Investor presentation summary

Financial outlook and strategy

• H1 2026 results were ahead of expectations; 2026 EPS is expected in the upper half of the $2.95–$3.15 guidance range, which was provided Aug. 5 and was not reaffirmed or updated.

• Long-term EPS CAGR target is 4%–6% for 2026–2030, based on adjusted 2025 EPS; target could rise to 5%–7% with MX3, assuming service before end-2029.

• Planned 2026–2030 capital investment is $2.6–$2.9B, supporting a 6%–8% rate base CAGR; regulated operations serve six states.

• Strategic priorities include constructive regulatory outcomes, MX3 development, Texas gas customer growth, and investment in water and wastewater safety and expansion.

Gas operations and MX3

• NW Natural Gas serves 2M people through nearly 810,000 meters in Oregon and southwest Washington, with 14,500 miles of pipeline and 21.6 Bcf of gas storage capacity.

• Gas supply is sourced approximately 60% from Canada and 40% from the Rockies; LNG peaking facilities provide 1.6 Bcf of capacity, alongside Mist storage assets.

• MX3 is planned for 4–5 Bcf of capacity; customers agreed to 25-year contracts upon Notice to Proceed, with expected service before end-2029.

• NW Natural Gas expects $1.6–$1.8B of 2026–2030 capex and 5%–7% rate base growth; planned utility investments prioritize safety, reliability, new meters and storage.

SiEnergy and water growth

• SiEnergy serves 90,000+ customers in the Texas Triangle; its contracted customer backlog exceeds 260,000, with $750–$800M of planned 2026–2030 investment.

• SiEnergy targets 20%–25% rate base CAGR and 28%–32% net income CAGR through 2030; customer growth target is 15%–20%.

• NW Natural Water serves 200,000 people through 80,000+ connections across six states; targets 10%–15% rate base CAGR and 7%–10% net income CAGR through 2030.

• Since 2018, NW Natural Water added 70,000 customers through 35 acquisitions; organic customer growth target is 2%–3% CAGR through 2030, with acquisition upside.