Northwest Natural Company (NWN) Investor presentation summary

Financial performance and guidance

• Reported strong Q1 2026 results, reaffirming 2026 EPS guidance of $2.95–$3.15 and a long-term EPS CAGR target of 4%–6%, with potential to reach 5%–7% including MX3 project.

• Capital investment plan of $2.6–$2.9 billion through 2030, supporting a consolidated rate base CAGR of 6%–8%.

• Dividend growth maintained for 70 years, with a long-term payout ratio target of 55%–65%.

• Strong balance sheet with investment grade credit ratings and ample liquidity; $589M available as of March 2026.

Business operations and growth drivers

• Operates regulated utilities in six states, serving 2 million gas customers and 200,000 water customers.

• SiEnergy in Texas is experiencing rapid growth, with a 20%–25% rate base CAGR and 15%–20% customer growth CAGR projected through 2030.

• NW Natural Water has expanded through 35 acquisitions since 2018, now serving over 80,000 connections.

• Strategic focus on organic growth, regulatory outcomes, and disciplined M&A in high-growth regions.

Regulatory and infrastructure initiatives

• Multi-party settlement reached in Washington rate case; constructive engagement ongoing in Oregon and Texas.

• Four open rate cases at NW Natural Water, including its largest utility, Foothills.

• Robust infrastructure investment prioritizes safety, reliability, and new customer connections, with $355M capex planned for 2026.

• MX3 gas storage project expected to receive Notice to Proceed by end of 2027 and be in service before 2030, supporting long-term growth.