Slides
Page 1
INVESTOR PRESENTATION March 2026
Page 2
SiEnergy SiEnergy NW Natural Water NW Natural WaterNW Natural Gas Overview Overview Financials Financials 2 Investor Information Company Information NW Natural Holdings 250 SW Taylor Street Portland, OR 97204 nwnaturalholdings.com Nikki Sparley Director of Investor Relations and Assistant Treasurer (503) 721-2530 nikki.sparley@nwnatural.com FORWARD LOOKING STATEMENTS This and other presentations made by NW Natural Holdings from time to time, may contain forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as "anticipates," "assumes," “continues,” “could,” "intends," "plans," "seeks," "believes," "estimates," "expects,“ “forecasts”, "will" and similar references to future periods. Examples of forward-looking statements include, but are not limited to, statements regarding the following: plans, objectives, assumptions, estimates, expectations, forecasts, outlooks, timing, goals, strategies, commitments, future events, financial positions, financial performance, investments, valuations, timing and amount of capital expenditures, targeted capital structure, risks, risk profile, stability, acquisitions and timing, approval, completion and integration thereof, the likelihood and success associated with any transaction, business synergies and strategic fit, utility system, technology and infrastructure investments, expected timing of notice to proceed, initiation of construction, expected in service date and capital expenditure requirements for MX3, system modernization, reliability and resiliency, global, national and local economies, economic and GDP growth, customer and business growth, continued expansion of service territories, rate base growth, customer backlog, growth opportunities, customer satisfaction ratings, weather, performance and service during weather events, customer rates or rate recovery and the timing and magnitude of potential rate changes and the potential outcome of rate cases, environmental remediation cost recoveries, environmental initiatives, decarbonization and the role of natural gas and the gas delivery system, including decarbonization goals and timelines, energy efficiency measures, use of renewable sources, renewable natural gas purchases, production levels, projects, investments and other renewable initiatives, and timing, magnitude and completion thereof, unregulated renewable natural gas strategy and initiatives, hydrogen projects or investments and timing, magnitude, approvals and completion thereof, procurement of renewable natural gas or hydrogen for customers, technology and policy innovations, strategic goals and visions, water, wastewater and water services acquisitions, personnel additions, partnerships, investment strategy, regulatory strategy, and financial effects of acquisitions, expected growth and safety benefits of facility upgrade investments, operating plans of third parties, financial targets, financial results, including estimated income, availability and sources of liquidity, capital markets, financing transactions, expenses, positions, revenues, returns, cost of capital, timing, and earnings, earnings guidance and estimated future growth rates, business or segment-level guidance, FFO/debt ratios, dividend payout ratios, credit ratings, debt and equity issuances and timing, future dividends, commodity costs and sourcing, asset management activities, regulatory environment, performance, timing, outcome, or effects of regulatory proceedings or mechanisms or approvals, rate case strategy and execution, regulatory prudence reviews, anticipated regulatory actions or filings, accounting treatment of future events, economic and political conditions, effects of legislation or changes in laws or regulations, impact of the current U.S. presidential administration and Congress, inflation, the imposition or announcement of tariffs or trade restrictions, geopolitical uncertainty and other statements that are other than statements of historical facts. Forward-looking statements are based on current expectations and assumptions regarding its business, the economy, geopolitical f actors, and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Actual results may differ materially from those contemplated by the forward-looking statements. You are therefore cautioned against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future operational, economic or financial performance. Important factors that could cause actual results to differ materially from those in the forward-looking statements are discussed by reference to the factors described in Part I, Item 1A "Risk Factors", and Part II, Item 7 and Item 7A "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Quantitative and Qualitative Disclosure about Market Risk" in the most recent Annual Report on Form 10-K and in Part I, Items 2 and 3 "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Quantitative and Qualitative Disclosures About Market Risk", and Part II, Item 1A, "Risk Factors", in the quarterly reports filed thereafter, which, among others, outline legal, regulatory and legislative risks, financial, macroeconomic and geopolitical risks, growth and strategic risks, operational risks, business continuity and technology risks, environmental risks and risks related to our water and renewables businesses. All forward-looking statements made in this presentation and all subsequent forward-looking statements, whether written or oral and whether made by or on behalf of NW Natural Holdings, are expressly qualified by these cautionary statements. Any forward-looking statement speaks only as of the date on which such statement is made, and NW Natural Holdings undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law. New factors emerge from time to time and it is not possible to predict all such factors, nor can it assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statements.
Page 3
SiEnergy SiEnergy NW Natural Water NW Natural WaterNW Natural Gas Overview Overview Financials Financials 3 NW Natural Holdings Today 3 OREGON & WASHINGTON • 2 million people through nearly 810,000 meters • 14,500 miles of pipeline TEXAS • 225,000 people through nearly 90,000 meters • Serving rapidly growing Texas triangle OPERATING IN SIX STATES • 200,000 people through over 80,000 connections • Expanding through strong organic growth and greenfield developments
Page 4
SiEnergy SiEnergy NW Natural Water NW Natural WaterNW Natural Gas Overview Overview Financials Financials 4 Established Regulated Utility Platform with Multiple Growth Drivers Regulated utilities providing safe, reliable and affordable service since 1859 Multiple platforms for organic and inorganic growth across a multi-state footprint Robust capital investment plan of $2.6-2.9 billion by 2030 Long-term EPS target1 of 4-6% Rapidly growing natural gas distribution utility serving key markets in Texas Water utility with strong expansion track record across six-state service territory Natural gas distribution utility serving 2 million people in the Pacific Northwest, consistently recognized for service, safety and affordability (1) EPS CAGR target uses adjusted, actual 2025 EPS as base year, compounded annually through 2030. Long -term EPS target is a non-GAAP financial measure. See "Non- GAAP Financial Measures" in the appendix.
Page 5
SiEnergy SiEnergy NW Natural Water NW Natural WaterNW Natural Gas Overview Overview Financials Financials Pursue Constructive Regulatory Outcomes at NW Natural Gas • Continue early engineering and design work • Obtain remaining permits & finish EPC contracts • Potential for long-term EPS target2 of 5-7% at Notice to Proceed Capture SiEnergy Growth • Continue to capture healthy customer growth in key Texas markets • Strongly considering a general rate case filing Invest in Water Platform and Execute on Rate Recovery • Investing in customer growth and safety capex • Capturing organic growth across the platform • Pursue successful regulatory outcomes RNG Facilities Produce Increasing Earnings and Cash Flows 5 5 Supports NWN’s Goal of Delivering Long-Term EPS Target 1 4-6% With MX3, expect Long-Term EPS Target 2 5-7% Pursue Constructive Regulatory Outcomes at NW Natural Gas Develop MX3 Gas Storage Project Continue Capturing Texas Gas Utility Growth Healthy Returns from Water and Wastewater Utilities • Successful conclusion of Washington rate case • Collaborative and productive Oregon multi-year general rate case rulemaking process • Receive Alternative Rate Mechanism (ARM) in Oregon 1 2 3 4 2025 Achievements 2026 Priorities (1) EPS growth forecasted for period 2026 – 2030 compounded annually; EPS CAGR uses adjusted, actual 2025 EPS as base year. Fore casts in this presentation do not include MX3 except as otherwise noted. See "Non -GAAP Financial Measures" in the appendix. (2) EPS growth forecasted for period 2026 – 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. See "Non-GAAP Financial Measures" in the appendix. Strategic Areas of Focus NWN is well-positioned to deliver on its financial and strategic priorities
Page 6
SiEnergy SiEnergy NW Natural Water NW Natural WaterNW Natural Gas Overview Overview Financials Financials $0.00 $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 $3.50 $4.00 $4.50 2022 2023 2024 2025 2026E 2030E Adjusted EPS1 4-6% CAGR2 6 Transforming from a single-state to a multi-state utility, providing enhanced earnings growth and stability Executing on our Growth Strategy Catalysts for 2026 and Beyond Continued water investment and rate case cadence Constructive rate case outcomes in multiple jurisdictions $2.6-2.9 billion in investments through 2030 and a 6-8% rate base CAGR supporting safety and growth Expanding storage capacity with MX3 Capturing SiEnergy growth Primarily a single-state utility (1) Adjusted EPS is a non-GAAP financial measure. See "Non-GAAP Financial Measures" and "Non-GAAP Reconciliation" in the appendix (2) EPS growth forecasted for period 2026 – 2030 compounded annually; EPS CAGR uses adjusted, actual 2025 EPS as base year. Multi-state utility
Page 7
SiEnergy SiEnergy NW Natural Water NW Natural WaterNW Natural Gas Overview Overview Financials Financials (1) Based on 2025 operating revenues. (2) The issuer credit rating is dependent upon a number of factors, both qualitative an d quantitative, and is subject to change at any time. The disclosure of this credit rating is not a recommendation to buy, sell or hold securities of NW Natural Holdings. (3) EPS growth forecasted for period 2026 – 2030 compounded annually; EPS growth rate uses adjusted, actual 2025 EPS as base year. See "Non-GAAP Financial Measures" in the appendix. (4) Rate base growth forecasted for period 2026 – 2030, using 2025 as the base year. NW Natural Gas Company rate base includes the North Mist Storage Facility. Water rate base includes wastewater regulated and unregulated assets. (5) Future dividends are subject to Board of Director discretion and approval. 7 Built for Stability, Accelerating Growth SiEnergy Net Income NW Natural Water Net Income Growing Dividend5 4-6% Long-term EPS CAGR Target3 6-8% Rate Base CAGR4 95% Revenues from utility operations1 A- S&P Rating2 NW Natural Holdings NW Natural Gas Company Net Income 1-3% CAGR 28-32% CAGR 7-10% CAGR $124.2M 2025 2026E 2030E $13.7M 2025 2026E 2030E $14.2M 2025 2026E 2030E
Page 8
SiEnergy SiEnergy NW Natural Water NW Natural WaterNW Natural Gas Overview Overview Financials Financials Robust Infrastructure Investment Plan 8 2026–2030 capex expected to be $2.6-2.9 Billion Consolidated rate base CAGR² of 6-8% expected Portfolio of identifiable projects across utilities NW Natural approximately $1.6-1.8 billion and projecting 5-7% rate base growth2 SiEnergy approximately $750-800 million and projecting 20-25% rate base growth2 Water and wastewater approximately $250-300 million and projecting 10-15% rate base growth2 (1) Chart includes AFUDC and cloud-computing investments. The timing and amount of the capital expenditures and projects for 202 6 or additional investments in our infrastructure during or after 2026 could change based on customer growth, significant cha nges in prevailing regulatory policies or outcomes, or significant local, state or federal laws, legislation or regulations, or cost estimates. Required funds for the investments are expected to be internally generated or financed with long -term debt or equity, as appropriate. (2) Base year of 2025 through 2030. $0 $100 $200 $300 $400 $500 $600 $700 2023 2024 2025 2026E 2027E-2030E Average Capital Expenditures1 In millions NWN Gas SiEnergy Water
Page 9
SiEnergy SiEnergy NW Natural Water NW Natural WaterNW Natural Gas Overview Overview Financials Financials 9 NW Natural Gas: Over 167 Years of Service to our Communities Largest local gas distribution company in the Pacific Northwest 1 Serves 2 million people in more than 140 communities through nearly 810,000 meters in Oregon and southwest Washington 2 One of the safest, most modern distribution systems in the country with no cast iron or bare steel pipe 3 Consistently recognized for high-quality customer service by J.D. Power 4 Storage facilities are a valuable asset helping to deliver reliable, affordable energy during peak heating season 5 WASHINGTON OREGON MIST VANCOUVER PORTLAND NEWPORT KEY STORAGE FACILITY OPERATIONS CENTER NW NATURAL SERVICE TERRITORY
Page 10
SiEnergy SiEnergy NW Natural Water NW Natural WaterNW Natural Gas Overview Overview Financials Financials 0 50,000 100,000 150,000 200,000 250,000 300,000 350,000 Residential Commercial Industrial Power Gen is uniquely equipped to address the energy constraints of the Pacific Northwest (1) 2023 Oregon Utility Statistics Report: https://www.oregon.gov/puc/forms/Forms%20and%20Reports/2023-Oregon-Utility-Statistics-Book.pdf (2) U.S. Energy Information Administration 2024 Oregon Natural Gas Consumption by End Use and available history of EIA data (data back to 1997). (3) For approximately 88% customer overlap with Portland General Electric and PacifiCorp based on April 1, 2025 tariff information. Gas furnace and heat pump heating costs from nwncompare.com. ETO Heat Pump Realization Rate Analysis: “Summary of Recurve Analysis of Ducted Heat Pump Conversion Impacts,” March 2020 and “Billing Analysis of Residential Ductles s Heat Pump Installations,” August 2024. (4) Energy and Environmental Economics (E3) 2025 Study Data for chart from: U.S. Energy Information Administration, 2024 Oregon Natural Gas Consumption by End Use While we believe the third-party data included in herein is reliable, we have not independently verified its accuracy or comple teness. This information also involves important assumptions and limitations, and you are cautioned not to give undue weight to such assumptions. 10 Natural Gas Plays a Critical Role in the Pacific Northwest Energy Future • NW Natural gas storage assets provide long- duration backup for intermittent renewables • Working constructively with regulators in Oregon and Washington on long-term planning and joint system planning with local electric companies, which are facing a 9- Gigawatt shortfall by 20304 Growing Reliance on Natural Gas in Oregon2 Pacific Northwest increasingly reliant on natural gas Engagement with stakeholders and environmental stewardship • NW Natural’s system delivers nearly 45% more energy than any other Oregon utility annually1, while only accounting for 6% of emissions in the state • Oregon’s electric system uses more natural gas than all the state’s gas utilities deliver to their customers in aggregate2 • Under a variety of operating conditions, gas furnaces are more cost-effective than electric heat pumps3 Millions Cubic Feet Electric Production Direct use in homes and businesses
Page 11
SiEnergy SiEnergy NW Natural Water NW Natural WaterNW Natural Gas Overview Overview Financials Financials (1) Final revenue requirement increase was $45.1 million in 2020 and $20.7 million in 2025 after accounting for projects plac ed into service by the rate effective date. (2) Excluding depreciation study of $34.0 million and $10.0 million from request and $9.6 million and $4.8 million from final order for 2024 and 2025, respectively. (3) 2025 Oregon rate case ask was unique as approximately half of the ask was related to an increase in ROE and higher equity layer in the capital structure , as well as a depreciation study ask. 11 Proven history of delivering successful outcomes for customers, communities and investors Driving Effective Regulatory Outcomes Rate Cases Oregon 2020 Washington 2021-2022 Oregon 2022 Oregon 2024 Oregon 2025 Settled Settled Partially Settled Partially Settled Partially Settled ROE 9.4% n/a 9.4% 9.4% 9.5% ROR 6.965% 6.814% 6.836% 7.056% 7.12% Equity/LT Debt 50/50 n/a 50/50 50/50 50/50 Rate Base $1.45B $0.2B $1.76B $2.09B $2.27B Revenue Requirement +$45.8M1 +$8.0M +$59.4M +$93.3M2 +$21.3M1,2,3 Percentage of Ask Received 66% of Ask on Average Cost discipline and operational efficiency helps to drive successful regulatory outcomes Proactive regulatory strategy with consistent rate case cadence Key mechanisms support timely recovery Progressive regulation to achieve stakeholder goals
Page 12
SiEnergy SiEnergy NW Natural Water NW Natural WaterNW Natural Gas Overview Overview Financials Financials 12 Existing Resource Portfolio Portland LNG – 0.6 Bcf Newport LNG – 1.0 Bcf LNG Peaking Facilities 21.6 Bcf total capacity Flexible capacity recall: can recall interstate storage to meet utility customer demand 13.1 Bcf serving utility customers 4.4 Bcf serving Interstate customers Mist Gas Storage 4.1 Bcf Dedicated to local electric utility ~60% Canada ~40% Rockies Gas Supply Territory served by one bi-directional pipeline Storage and peaking assets ensure reliable service
Page 13
SiEnergy SiEnergy NW Natural Water NW Natural WaterNW Natural Gas Overview Overview Financials Financials 0 5 10 15 20 25 30 2000 2005 2010 2015 2020 2025 2030 Mist Storage Capacity Utility Utility Recall Interstate North Mist MX3 Unique, valuable asset began operation in 1989 and expanded twice previously in 2001 and 2019 Storage and peaking assets support reliable service during extreme weather and high-demand periods Majority of storage capacity included in rate base; Interstate customers under stable, long-term contracts NW Natural owns Oregon’s only natural gas storage facility, which has undeveloped reservoirs and further expansion potential 13 Expanding Strategic Gas Storage Facility Maintains Affordable, Reliable Service 17.5 Bcf total capacity Flexible capacity recall: can recall interstate storage to meet NW Natural utility customer demand 13.1 Bcf serving NW Natural utility customers, regulated by OPUC and WUTC 4.4 Bcf Interstate customers, regulated by FERC Mist/Interstate Facility 4.1 Bcf capacity regulated by OPUC 30-year contract with local electric utility, began in 2019 Supports energy transition by backing renewables with gas-fired generation North Mist Facility (MX2) Bcf 4-5 Bcf capacity Upon receiving NTP1, customers have agreed to 25-year contracts FERC regulated storage services with 12.5% ROE and 50% equity capital structure Mist Expansion 3 (MX3) Expect in service by the end of 2029 Supports regional gas utility system (1) NTP: Notice to Proceed
Page 14
SiEnergy SiEnergy NW Natural Water NW Natural WaterNW Natural Gas Overview Overview Financials Financials Chart includes AFUDC and cloud-computing investments. The timing and amount of the capital expenditures and projects for 2026 or additional investments in our infrastructure during or after 2026 could change based on customer growth, significant changes in prevailing regulatory policies or outcomes, or significant local, state or federal laws, legislation or regulations, or cost estimates. Required funds for the investments are expected to be internally generated or financed with long -term debt or equity, as appropriate. 14 Prioritizing Safety and Reliability and Serving New Customers Consistent and Balanced Capital Investment New meters Safety & reliability Storage $70 Million $140 Million $75 Million 2026 Other $70 Million Total $355 Million
Page 15
SiEnergy SiEnergy NW Natural Water NW Natural WaterNW Natural Gas Overview Overview Financials Financials 2030E $13.7M 2025 2026E Net Income $338M 2025 2026E Rate Base 2030E 15 SiEnergy: One of the Fastest-Growing Natural Gas Distribution Utilities in the U.S. SiEnergy Snapshot Customers~90,000 Rate base1$338M Customer growth CAGR (2025-2030) 15-20% Capital investment (2026-2030) $750-800M Aligned with NW Natural Holdings’ core operational competencies and values Strategic fit for NWN with complementary service territories to NWN’s Texas water business Distribution system comprised of modern infrastructure 20-25% CAGR 28-32% CAGR2 (1) Rate Base as of 12/31/2025. (2) Net income CAGR target uses actual 2025 net income as base year, compounded annually through 2030.
Page 16
SiEnergy SiEnergy NW Natural Water NW Natural WaterNW Natural Gas Overview Overview Financials Financials 16 Delivering Rapid Growth and Diversification Regulated natural gas distribution utility serving nearly 90,000 customers in the Texas Triangle 1 2 3 Service Territories Houston1 Dallas-Fort Worth2 Austin3 Texas triangle is one of the fastest growth regions in the country Constructive regulatory environment Contracted customer backlog approaching 250,000 signaling significant confidence in new growth Capital investment opportunities of $750-800M over next five years
Page 17
SiEnergy SiEnergy NW Natural Water NW Natural WaterNW Natural Gas Overview Overview Financials Financials Source: U.S. Bureau of Labor Statistics, U.S. Department of the Treasury, U.S. Census Bureau. (1) Real GDP growth by metro area is only available through 2024. (2) Based on non -farm payrolls (3) Population growth reflects only the counties where SiEnergy operates. 17 Strong Texas Triangle Growth SiEnergy’s service territories are seeing… …1.2x faster real GDP growth… …3.2x faster population growth… …and 2.5x faster employment growth than the U.S. SiEnergy’s growth driven by partnering with homebuilders in three of the fastest growing metro areas in the U.S. Houston, Dallas and Austin are among the top 15 fastest growing U.S. MSAs from 2018-2024 Roughly 300 corporations relocated to Texas between 2015 and April 2024 Houston3 Dallas-Forth Worth3 Austin3 +561,000 population +873,000 population +305,000 population 3.6% 2.9% TX Triangle U.S. Total Real GDP Growth1 (2018-2024) 1.9% 0.6% TX Triangle U.S. Total Population Growth (2018-2024) 2.5% 1.0% TX Triangle U.S. Total Employment Growth2 (2018-2024)
Page 18
SiEnergy SiEnergy NW Natural Water NW Natural WaterNW Natural Gas Overview Overview Financials Financials (1) Rated Average / 1 by Regulatory Research Associates (RRA). RRC regulates rates through original jurisdiction in areas outside of cities and through appellate jurisdiction for areas inside of cities; (2) Known and Measurable adjustments; (3) Source: S&P Capital IQ, reflected median of TX natural gas rate case decisions in 2023; (4) GRIP requires GRC filing no later than five years aft er the most recent GRC. 18 Constructive Texas Regulatory Environment Texas Provides Multiple Regulatory Mechanisms to Mitigate Volatility and Reduce Lag General Rate Case Gas Cost Recovery Adjustment Weather Normalization Adjustment HB 4384 – Effective June 20, 2025, allows the deferral of post in-service carrying costs, depreciation, and ad valorem taxes on unrecovered plant. Defined as gross plant whose cost is not yet being recovered in a gas utility’s rates and not already being deferred to a regulatory asset Gas Reliability Infrastructure Program4 Annual rate adjustments that allow for recovery on and of new invested capital between rate cases SiEnergy began using in 2025 Regulatory Highlights Regulatory Commission RRA Ranking Texas Railroad Commission Primary Rate-Making Construct Test Year SiEnergy Gas, LLC 2025 Rate Base Texas Median Allowed Equity Portion of Cap Structure Average / 11 General Rate Case Historic + KMA2 $338 million 59.7%3 Considering a general rate case in 2026 Currently used by SiEnergy Currently used by SiEnergy Could request in general rate case in 2026
Page 19
SiEnergy SiEnergy NW Natural Water NW Natural WaterNW Natural Gas Overview Overview Financials Financials $14.2M 2025 2026E Net Income 2030E $207M 2025 2026E Rate Base 2030E 19 NW Natural Water : Proven Growth Platform Serving 200,000 people through 80,000 connections across six states Highly fragmented industry benefitting from consolidation Consistent record of investment and recovery 10-15% CAGR 7-10% CAGR1 (1) Net income CAGR target uses actual 2025 net income as base year, compounded annually through 2030.
Page 20
SiEnergy SiEnergy NW Natural Water NW Natural WaterNW Natural Gas Overview Overview Financials Financials Proven record of growth: since 2018 added 70,000 customers through 35 acquisitions across six states Attractive footprint in areas with strong customer growth and supportive regulatory environments Infrastructure investment driving continued rate base growth Strong development and acquisition pipeline 20 Top 20 Investor-Owned Water Utility Focused on Growth NW Natural Water reached scale by acquiring key water utilities in a highly fragmented industry U.S. Water & Wastewater Utilities Highly Fragmented & consolidating In Need of Investment $625 Billion 2 in projected total needed water infrastructure investment from 2021- 2041 ~60% 2 of needed water infrastructure investment is in small and medium-sized systems >1,500 1 Approved M&A transactions since 2015 across all water utilities ~40,000 2 small community water systems serving fewer than 3,300 people (1) Source: Bluefield Research, LLC (2) Source: U.S. Environmental Protection Agency Drinking Water Infrastructure Needs Surv ey and Assessment – 7th Report to Congress
Page 21
SiEnergy SiEnergy NW Natural Water NW Natural WaterNW Natural Gas Overview Overview Financials Financials 2018 2019 2020 2021 2022 2023 2024 2025 2026E 2027E 2028E 2029E 2030E 21 Strong Water and Wastewater Customer Growth Solid organic growth supplemented by opportunistic acquisitions What does NWN offer acquired water systems and their communities? Cumulative customer additions since NW Natural Water was founded Upside potential from disciplined acquisitions in high-growth regions Best-in-class customer service Proven focus on customer affordability Strong regulatory collaboration Increased scale, access to capital, investment in safety and operational expertise 2-3% CAGR1 7,350 80,703 (1) Organic growth – does not include acquisitions Includes acquisitions 41% CAGR
Page 22
SiEnergy SiEnergy NW Natural Water NW Natural WaterNW Natural Gas Overview Overview Financials Financials 22 Strong Regulatory Track Record Weighted Average of Water Utility General Rate Cases Consistent recovery of investments Strong track record of acquisition approval and settling rate cases Rate recovery balanced with affordability for customers ROE 9.6% ROR 7.1% Capital Structure 54% Equity Total Rate Base1 $221 million (1) As of 12/31/2025; represents rate base for regulated water and wastewater systems and net PP&E for nonregulated water and wastewater systems. 68% of Ask on Average
Page 23
SiEnergy SiEnergyNW Natural Gas Overview Overview Financials Financials NW Natural Water NW Natural Water 23 Disciplined, Strategic Capital Allocation Capital Investments at our Utilities • Investments in regulated utilities to support organic growth, safety, reliability and operational excellence • Expect to invest $2.6-2.9 billion from 2026-2030 • With MX3 investment, long-term EPS target potential of 5-7%2 1 3 2 4 Strong Balance Sheet • Maintain strong investment grade credit ratings • 14% FFO/Debt long-term target for NW Natural Holdings4 Consistent, Growing Dividend Payments • Nearly 70-year legacy of consistent dividend growth • Increasing dividend as earnings grow • Long-term target payout ratio of 55-65%3 Targeted, Disciplined M&A Strategy • Pursue disciplined, strategic utility acquisitions in high-growth areas with constructive regulation • Driving diversification with increasingly linear earnings growth Capital Allocation Strategy Supports 4-6% EPS Target1 (1) EPS growth forecasted for period 2026–2030 compounded annually; EPS CAGR uses adjusted, actual 2025 EPS as base year. See "N on-GAAP Financial Measures" in the appendix. (2) EPS growth forecasted for period 2026 – 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. See "Non-GAAP Financial Measures" in the appendix. (3) Future dividends are subject to Board of Director approval (4) Based on S&P calculat ion.
Page 24
SiEnergy SiEnergyNW Natural Gas Overview Overview Financials Financials NW Natural Water NW Natural Water $0M $500M $1,000M $1,500M $2,000M $2,500M $3,000M $3,500M 2025 Guidance: 2025E-2029E 2026 Guidance: 2026E-2030E Total Capital Expenditures3 (In Millions) NWN Gas SiEnergy Water (1) S&P rating agency FFO/Adjusted Debt calculation. (2) Cash from Operations less common stock dividends. (3) Compares our 2025 forecast to our 2026 forecast. 24 Ample Capacity for Increased Investment Funding Sources for 2026-2030 Capital Investment Plan 15-20% Equity 30-40% Debt 45-50% Cash from Operations2 ~25% Increase in Expected 5-Year Capex Targeting over the long-term ~14% FFO/Debt1
Page 25
SiEnergy SiEnergyNW Natural Gas Overview Overview Financials Financials NW Natural Water NW Natural Water (1) The above credit ratings are dependent upon a number of factors, both qualitative and quantitative, and are subject to change at any time. The disclosure of these credit ratings is not a recommendation to buy, sell or hold securities of NW Natural Holdings, NW Natural or SiEnergy. 25 Strong Balance Sheet and Liquidity Available Liquidity $590M As of 12/31/25 (in millions) S&P Moody’s NW Natural Holdings Issuer Credit Rating A- Junior Subordinated Debt BBB Outlook Stable NW Natural Gas Issuer Credit Rating A+ Senior Secured Debt AA- A2 Senior Unsecured Debt Baa1 Outlook Stable Stable SiEnergy Gas Issuer Credit Rating BBB+ Senior Secured Debt A Strong Credit Ratings1 $390 NW Natural Gas Line of Credit $88 NW Natural Holding Line of Credit $37 Cash Equity • Issued $47 million off ATM in 2025 • Expect to issue $40–50 million in 2026 through our ATM program Debt • Debt maturities of ~$160 million in 2026 with no concentration of maturities in any single year going forward • Expected net change in long-term debt of ~$150 million in 2026 Cash from Operations • Driven by strong execution at each of our three utility businesses • Constructive regulation, consistent rate case cadence, and recovery mechanisms $75 SiEnergy Line of Credit
Page 26
SiEnergy SiEnergyNW Natural Gas Overview Overview Financials Financials NW Natural Water NW Natural Water $0.11 $0.30 $0.53 $1.02 $1.20 $1.39 $1.87 $1.96 1956 1966 1976 1986 1996 2006 2016 2025 26 Delivering consistent and reliable shareholder value 70 Years of Growing Dividends 1 of Only 3 Companies On NYSE with 70-years of long-term dividend growth LT Target Payout Ratio1: 55-65% While still growing the dividend (1) Future dividends are subject to Board of Director discretion and approval.
Page 27
SiEnergy SiEnergyNW Natural Gas Overview Overview Financials Financials NW Natural Water NW Natural Water 27 Proven Acquisition Strategy Strategic water, wastewater and gas acquisitions supplement long-term growth Strategic Criteria Financial Criteria Acquisition History 35+ Deals Closed and Successfully Integrated ~150,000 Total Customers Acquired Expanded into Texas, Arizona & Idaho Opportunity for enhancement through investment and operational improvements Constructive policy and regulatory environment Rate Base Growth Organic Customer Growth Long-term Shareholder Value Creation Target water, wastewater and gas utilities with scale or close to existing service territory
Page 28
28 Stable Regulated Utilities with Multiple Levers for Growth Regulated utilities providing safe, reliable and affordable service since 1859 Multiple platforms for organic and inorganic growth across a multi-state footprint Robust capital investment plan of $2.6-2.9 billion by 2030 Rapidly growing natural gas distribution utility serving growing markets in Texas Water utility with strong expansion track record across six-state service territory Natural gas distribution utility serving 2 million people in the Pacific Northwest, consistently recognized for service, safety and affordability Long-term EPS CAGR target1 of 4-6% (1) EPS CAGR target uses adjusted, actual 2025 EPS as base year, compounded annually through 2030. Long -Term EPS Target is a non-GAAP financial measure. See "Non- GAAP Financial Measures" in the appendix.
Page 29
APPENDIX
Page 30
State by State Comparison of Services 30 Gas Distribution Water and Wastewater Distribution State Rate Base (in millions) Total Connections Rate Base (in millions) Total Connections Washington $320 99,099 $23 8,210 Oregon $2,430 710,498 $79 21,386 Texas $340 89,676 $37 8,353 Idaho $22 9,829 Arizona $60 32,925 California TOTAL $3,090 899,273 $221 80,703 As of December 31, 2025
Page 31
NW Natural Debt Maturity Profile $55 $65 $10 $50 $30 $30 $140 $80 $10 $75 $50 $50 $40 $75 $50 $90 $150 $130 $140 $100 $125 $50 $40 $95 $55 $50 $100 $140 $45 $325 2026 2031 2036 2041 2046 2051 2054 NW Natural SiEnergy NW Natural Water NW Natural Holdings $ in Millions (1) NWN Holdings Junior Subordinated Debt (JSD): Non-call until 2035 with final maturity date in 2055. Holdings expected to exer cise JSD’s call option and refinance with new JSD to maintain equity credit from S&P. 31 1
Page 32
Proactive Regulatory Strategy Drives Effective Outcomes Consistent Rate Case Cadence and Collaborative Approach Reduces Regulatory Lag Jurisdiction Revenue Requirement (in millions) Rate Effective Date Equity Ratio Return on Equity Status Washington $42.4 million Requested Open 51% 10.2% Ongoing Oregon $20.7 million October 31, 2025 50% 9.5% Partially Settled Cascadia Water – WA $1.1 million October 21, 2025 n/a n/a Settled Falls Water – ID $0.6 million September 1, 2025 55% 9.8% Settled Gem State Water – ID $0.4 million August 1, 2025 55% 9.8% Settled Suncadia Water – WA $0.3 million July 1, 2025 n/a n/a Settled Avion (47.9% NWN Water Owned at 12/31/25) - OR $1.3 million February 1, 2025 51.35% 9.5% Settled 32 NW Natural Gas NW Natural Water1 (1) Excludes Seavey Loop Water and South Coast Water general rate cases.
Page 33
33 NW Natural Renewables: Generating Stable Revenue and Cash Flows Closed two projects in 2024 with EDL, a leading global producer of sustainable distributed energy Separately contracted offtakes to sell an equivalent amount of fixed-price RNG supply to investment grade counterparties under long-term contracts, creating a low-risk revenue stream Contracted to take a 20-year supply of RNG produced by the facilities Invested ~$51M total toward the development of two production facilities that convert landfill waste gases into RNG 1 2 3 4
Page 34
34 Non-GAAP Financial Measures Management uses "adjusted net income", "adjusted earnings per share," "adjusted segment net loss," "segment earnings per share” and "adjusted segment earnings per share," each of which are non-GAAP financial measures, when evaluating NW Natural Holdings' overall performance. Management uses non-GAAP measures in making operating decisions because we believe those measures provide meaningful supplemental information regarding our earning potential and performance for management by excluding certain expenses and charges that may not be indicative of our core business operating results and can affect the comparison of period-over-period results. These adjustments may include transaction and business development costs primarily consisting of professional fees including legal, accounting, financial and other professional fees incurred in connection with business combinations and business development activities. In addition to presenting the results of operations and earnings amounts in total, certain financial measures are expressed in cents per share, which are non- GAAP financial measures. All references to EPS are on the basis of diluted shares. Such 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. Our non-GAAP financial measures should not be considered a substitute for, or superior to, measures calculated in accordance with U.S. GAAP. Moreover, these non-GAAP financial measures have limitations in that they do not reflect all the items associated with the operations of the business as determined in accordance with GAAP. Other companies may calculate similarly titled non-GAAP financial measures differently than how such measures are calculated in this report, limiting the usefulness of those measures for comparative purposes. A reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure is provided in the following tables. NW Natural Holdings does not provide a reconciliation of forward-looking non-GAAP measures to the most directly comparable GAAP measures due to the inherent difficulty in forecasting and quantifying certain significant items. These items are uncertain, depend on various factors and could have a material impact on GAAP reported results for the relevant period.
Page 35
35 Non-GAAP Reconciliation 2019 2020 2021 2022 2023 2024 2025 CONSOLIDATED GAAP EPS $2.19 $2.30 $2.56 $2.54 $2.59 $2.03 $2.77 Regulatory line extension disallowance - - - - - $0.35 - Transaction and business development costs - - - - - $0.06 $0.22 Regulatory pension disallowance $0.35 - - - - - - Income tax effect1 $(0.13) - - - - $(0.11) $(0.06) Adjusted EPS $2.41 $2.30 $2.56 $2.54 $2.59 $2.33 $2.93 (1) Tax effect of adjustments were calculated using a combined federal and statutory rate of 26.5%