Northwest Natural Company (NWN) Q2 2025 earnings summary

Executive summary

• Adjusted net income for the first six months of 2025 was $2.28 per share, up from $1.60 per share year-over-year, reflecting strong utility performance and new rates in Oregon.

• Over 92,000 utility connections were added in the past 12 months, with a 10.6% combined growth rate as of June 30, 2025, driven by acquisitions and organic growth.

• Closed the acquisition of Hughes Gas Resources (Pines Holdings), expanding SiEnergy's Texas presence and customer base.

• Reaffirmed 2025 adjusted EPS guidance of $2.75–$2.95 and long-term EPS growth target of 4%–6% compounded annually from the 2025 baseline.

• Settlements reached in Oregon general rate case, supporting future earnings and rate base growth.

Financial highlights

• Adjusted net income for Q2 2025 was $315,000 or $0.01 per share, compared to a loss of $2.8 million or $0.07 per share in Q2 2024.

• Year-to-date adjusted net income was $92.1 million or $2.28 per share, up from $61 million or $1.60 per share year-over-year.

• Margin increased $16.9 million at the Oregon Gas Utility, mainly due to new rates effective November 2024.

• SiEnergy contributed $1 million net income in Q2 2025 and $6.5 million year-to-date; water segment net income increased $1.8 million in Q2 and $4.2 million year-to-date.

• Diluted shares outstanding increased to 40.5 million in Q2 2025 from 38.3 million in Q2 2024.

Outlook and guidance

• 2025 adjusted EPS guidance reaffirmed at $2.75–$2.95, excluding $8.6 million pre-tax transaction and business development costs.

• SiEnergy and Northwest Natural Water each expected to contribute $0.25–$0.30 of adjusted EPS in 2025.

• Projected consolidated organic customer growth of 2%–2.5% for 2025.

• Long-term EPS growth rate projected at 4%–6% compounded annually from 2025–2030.

• 2025 capital expenditures expected at $450–$500 million.