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NW Natural HOLDINGS ™ Q2 2026 EARNINGS CALL August 5 , 2026
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Investor Information 2 COMPANY INFORMATION NW Natural Holdings 250 SW Taylor Street Portland, OR 97204 nwnaturalholdings.com Nikki Sparley Director of Investor Relations & Assistant Treasurer (503) 721 - 2530 nikki.sparley@nwnatural.com FORWARD LOOKING STATEMENTS 2 This and other presentations made by NW Natural Holdings from time to time, may contain forward - looking statements within the me aning 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, ” “should,” "intends," "plans," "seeks," "believes," "estimates," "expects,“ “forecasts”, "will" and similar references to future periods. Examples of forward - looking statements inc lude, but are not limited to, statements regarding the following: plans, objectives, assumptions, estimates, expectations, forecasts, outlooks, timing, goals, strategies, commitmen ts, future events, financial positions, financial performance, investments, valuations, timing and amount of capital expenditures, targeted capital structure, risks, risk prof ile , stability, acquisitions and timing, approval, completion and integration thereof, the likelihood and success associated with any transaction, business synergies and strategic fit, ut ili ty system, technology and infrastructure investments, expected timing of notice to proceed, initiation of construction, expected in service date and capital expenditure requiremen ts for MX3, system modernization, reliability and resiliency, global, national and local economies, economic and GDP growth, customer and business growth, continued expansion of service t err itories, rate base growth, customer backlog, growth opportunities, customer satisfaction ratings, weather, performance and service during weather events, customer rates o r r ate recovery and the timing and magnitude of potential rate changes and the potential outcome of rate cases, environmental remediation cost recoveries, environmental init iat ives, decarbonization and the role of natural gas and the gas delivery system, including decarbonization goals and timelines, energy efficiency measures, use of renewable sources, re newable natural gas purchases, production levels, projects, investments and other renewable initiatives, and timing, magnitude and completion thereof, unregulated renewable na tur al gas strategy and initiatives, hydrogen projects or investments and timing, magnitude, approvals and completion thereof, procurement of renewable natural gas or hydrogen for cus tom ers, technology and policy innovations, strategic goals and visions, water, wastewater and water services acquisitions, personnel additions, partnerships, investment strategy, re gulatory strategy, and financial effects of acquisitions, expected growth and safety benefits of facility upgrade investments, operating plans of third parties, financial targets, fin anc ial results, including estimated income, availability and sources of liquidity, capital markets, financing transactions, expenses, positions, revenues, returns, cost of capital, timin g, 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 issua nces and timing, future dividends, commodity costs and sourcing, asset management activities, regulatory environment, performance, timing, outcome, or effects of regulatory proceed ing s or mechanisms or approvals, rate case strategy and execution, regulatory prudence reviews, anticipated regulatory actions or filings, accounting treatment of future events, ec onomic and political conditions, effects of legislation or changes in laws or regulations, impact of the current U.S. presidential administration and Congress, inflation, geopolitical unc ertainty 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 thes e forward - looking statements. They are neither statements of historical fact nor guarantees or assurances of future operational, economic or financial performance. Importan t f actors 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 Dis clo sure 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 Ope rations" and "Quantitative and Qualitative Disclosures About Market Risk", and Part II, Item 1A, "Risk Factors", in the quarterly reports filed thereafter, which, among ot hers, outline legal, regulatory and legislative risks, financial, macroeconomic and geopolitical risks, growth and strategic risks, operational risks, business continuity and techn olo gy 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 wh ich such statement is made, and NW Natural Holdings undertakes 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 a ny factor, or combination of factors, may cause results to differ materially from those contained in any forward - looking statements . Financial Updates Financial Updates Guidance Guidance Introduction Business Updates Business Updates
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Leadership Presenting Today 3 3 Justin B. Palfreyman President & CEO Ray Kaszuba SVP & CFO Financial and Guidance Update • Q2 2026 and YTD earnings drivers • 2026 guidance and long - term outlook • Liquidity and financing Business Update • Q2 2026 highlights • SiEnergy • NW Natural • NW Natural Water • MX3 gas storage expansion project Financial Updates Financial Updates Guidance Guidance Introduction Business Updates Business Updates
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2026 YTD Financial Performance Expect to achieve the upper half of 2026 guidance range (1) YTD 2026 EPS presented in accordance with GAAP, compared to YTD 2025 adjusted EPS. YTD 2025 adjusted EPS represents a non - GA AP financial measure. See Appendix for definition and reconciliation to the most directly comparable GAAP financial measure. $2.33 +$0.05 987k +2% $235M EPS 1 Meters Capital Expenditures +6% 4 Financial Updates Financial Updates Guidance Guidance Introduction Business Updates Business Updates First six m onths 2026 financial results compared to first six months 2025
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• Continue early engineering and design work • Complete permitting process • Sign Engineering, Procurement, and Construction (EPC) contracts • Continue to capture healthy customer growth in key Texas markets • Execute a successful general rate case outcome • Invest in customer growth and safety • Capture organic growth across the platform • Pursue successful regulatory outcomes 5 Strategic Areas of Focus Achieving 2026 financial and strategic priorities Pursue Constructive Regulatory Outcomes at NW Natural Develop MX3 Gas Storage Project Continue Capturing Texas Gas Utility Growth Healthy Returns from Water and Wastewater Utilities • Concluded Washington rate case with new rates effective Aug. 1, 2026 • Finalize Alternative Rate Mechanism (ARM) in Oregon • Collaborative and productive Oregon multi - year general rate case rulemaking process 1 2 3 4 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. 5 Financial Updates Financial Updates Guidance Guidance Introduction Business Updates Business Updates Supports NWN’s Goal of Delivering Long - Term EPS Target 1 4% – 6% With MX3, expect Long - Term EPS Target 2 5% – 7%
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6 6 NW Natural • New rates took effect on Aug. 1, 2026 • Year 1 revenue increase of $20.1 million • ROE 9.5% with 50 % equity in capital structure Oregon FAIR Act (Multi - year Rate Cases) Phase 1 of rulemaking complete with rulemaking process expected to be finished by the end of 2027 Oregon Alternative Rate Mechanism (ARM) • Multi - party settlement filed in June • Expect new rates to be effective beginning Oct. 31, 2026, subject to OPUC approval SiEnergy NW Natural Water Regulatory Update Washington Multi - Year General Rate Case Texas General Rate Case • Filed on May 4, 2026 • Began settlement discussions in July • Expect new rates later this year • Revenue requirement increase $12.0 million • ROE of 10.75% • 60% equity in capital structure • Requesting factors to enable filing for Gas Reliability Infrastructure Program (GRIP) Key asks General Rate Cases • Currently four ongoing rate cases in 2026, including three for our largest water utilities • Expect new rates in 2027 Financial Updates Financial Updates Guidance Guidance Introduction Business Updates Business Updates Regulatory dockets are progressing with a key order and settlement secured for NW Natural
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Expanding Gas Storage in Pacific Northwest Supports affordable, reliable service 7 Financial Updates Financial Updates Guidance Guidance Introduction Business Updates Business Updates 4 – 5 Bcf capacity ~$300 million capital expenditures FERC regulated storage services Customers are investment grade regional utilities and midstream providers. After Notice to Proceed, agreed to 25 - year capacity contracts 12.5% ROE and 50% equity capital structure Expect Notice to Proceed by late 2027 and in service by the end of 2029 Mist Expansion (MX3) Progressing on Plan
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(1) Segment EPS is a non - GAAP financial measure, which takes segment net income calculated in accordance with GAAP and divides i t by the diluted shares outstanding of NW Natural Holdings. (2) Adjusted EPS is a non - GAAP financial measure and excludes certain costs. See "Non - GAAP Financial Measures“, “Non - GAAP Adjusted EPS Reconciliation”, and “Non - GAAP Segment EPS Reconciliati on” for additional information. Non - GAAP financial measures should not be considered a substitute for, or superior to, measures calculated in accordance with U.S. GAAP. Non - GAAP financial measures are used to analyze our financial performance beca use we believe they provide useful information to our investors and creditors in evaluating our financial condition and resul ts of operations. Strong YTD performance supports 2026 EPS in the upper half of guidance range Q2 and YTD 2026 Financial Results 8 Financial Updates Financial Updates Guidance Guidance Introduction Business Updates Business Updates SiEnergy Gas $0.02 Other $0.03 NWN Gas ($0.03) NWN Water ($0.02) Q2'25 Adjusted EPS $0.01 Q2'26 EPS $0.01 Q2'26 vs. Q2'25 Adjusted EPS 1,2 NWN Gas ($0.05) SiEnergy Gas $0.11 NWN Water ($0.02) Other $0.01 Q2'25 YTD Adjusted EPS $2.28 Q2'26 YTD EPS $2.33 Q2'26 YTD vs. Q2'25 YTD Adjusted EPS 1,2
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Annual Growth Rate: 4% – 6 % 3 2025 – 2030E 2026 and long - term guidance 1 Financial Outlook 9 $2.93 2 2025 Actuals Earnings Per Share Capital Expenditures Average Rate Base Dividend Per Share and Payout Ratio 4 Customer Growth $3.1 Billion $2.95 – $ 3.15 (Expecting Upper Half) Long - term Guidance Annual Growth Rate: 6% – 8% 2025 – 2030E + 98 k (+11%) Organic & Acquisitions 2% – 3 % Organic $ 467 Million $500 – $ 550 Million $ 2.6 – $ 2.9 Billion Total from 2026E – 2030E Payout Ratio: 55% – 65% Long - term Target $ 1.96 (67% Adj. Payout 5 ) Growth 2% – 3 % Organic Annual Growth $3. 3 – $3.5 Billion (1) Does not include the impact of the MX3 storage project. (2) Adjusted EPS is a non - GAAP financial measure and excludes transa ction and business development costs. See "Non - GAAP Financial Measures" and "Non - GAAP Adjusted EPS Reconciliation" for additional information. (3) EPS growth forecasted for period 2026 – 2030 compounded annually; E PS growth rate uses adjusted 2025 EPS as base year. See "Non - GAAP Financial Measures" in the appendix. (4) Future dividends are subject to Board of Director discretion and approval. (5) Adjusted payout ratio is calcula ted as trailing twelve - month dividends paid divided by adjusted diluted earnings per share. Payout ratio of 71% calculated as trailing twelve - month dividends paid divided by diluted earnings per share for a payout ratio. 9 Financial Updates Financial Updates Guidance Guidance Introduction Business Updates Business Updates 2026 Guidance
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Maintaining our Strong Balance Sheet Available Liquidity $628M As of 6/30/26 (in millions) $400 NW Natural Line of Credit $145 NW Natural Holdings Line of Credit $24 Cash Equity • Expect to issue $40 – $ 50 million in 2026 through our ATM program Debt • Debt maturities of ~$160 million in 2026 • 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 $59 SiEnergy Line of Credit Credit Metrics • Maintain strong investment grade credit ratings • 14% FFO/Debt long - term target for NW Natural Holdings based on S&P calculation 10 Financial Updates Financial Updates Guidance Guidance Introduction Business Updates Business Updates
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APPENDIX
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Additional Guidance SiEnergy NW Natural 1 • Net income CAGR of 1% – 3% from 2025 net income of $124 million through 2030 ✓ Projected net income CAGR of 4% – 6% including MX3, which is not currently in guidance • 2026 capital expenditures are expected to be $340 – $370 million • 2026 – 2030 capital expenditures of $1.6 – $1.8 billion , driving rate base growth of 5% – 7% • Assumes modest customer growth through 2030 NW Natural Water • SiEnergy is expected to contribute 10% – 15% of consolidated EPS in 2026 • Net income CAGR of 28% – 32% from 2025 – 2030 • 2026 capital expenditures are expected to be $110 – $120 million • 2026 - 2030 capital expenditures of $750 – $800 million , driving rate base growth of 20% – 25% • Assumes 15% – 20% customer growth through 2030 • Water is expected to contribute 7% – 12% of consolidated EPS in 2026 • Net income CAGR of 7% – 10% from 2025 – 2030 • 2026 capital expenditures are expected to be $50 – $60 million • 2026 – 2030 capital expenditures of $250 – $300 million , driving rate base growth of 10% – 15% • Assumes 2% – 3% organic customer growth through 2030 (1) Does not include the impact of the MX3 storage project except as noted. 12
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Non - GAAP Financial Measures & Guidance Reconciliation Management uses "adjusted net income", "adjusted earnings per share," "adjusted segment net income (loss)," "segment earnings pe r share” and "adjusted segment earnings per share," each of which are non - GAAP financial measures, when evaluating NW Natural Holdings' overall perform ance. Management uses non - GAAP measures in making operating decisions because we believe those measures provide meaningful supplemental information re garding our earning potential and performance for management by excluding certain expenses and charges that may not be indicative of our core bus ine ss operating results and can affect the comparison of period - over - period results. These adjustments may include transaction and business development cost s primarily consisting of professional fees including legal, accounting, financial and other professional fees incurred in connection with business com bin ations and business development activities. In addition to presenting the results of operations and earnings amounts in total, certain financial mea sures 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 informatio n to our investors and creditors in evaluating our financial condition and results of operations. Our non - GAAP financial measures should not be conside red a substitute for, or superior to, measures calculated in accordance with U.S. GAAP. Moreover, these non - GAAP financial measures have limitations in t hat they do not reflect all the items associated with the operations of the business as determined in accordance with GAAP. Other companies may calculate si milarly titled non - GAAP financial measures differently than how such measures are calculated in this report, limiting the usefulness of those measure s f or comparative purposes. A reconciliation of each non - GAAP financial measure to the most directly comparable GAAP financial measure is provided in the foll owing tables. NW Natural Holdings does not provide a reconciliation of forward - looking non - GAAP measures to the most directly comparable GAAP measures du e to the inherent difficulty in forecasting and quantifying certain significant items. These items are uncertain, depend on various factors and co uld have a material impact on GAAP reported results for the relevant period. 13
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Non - GAAP Adjusted EPS Reconciliation Three Months Ended June 30, Six Months Ended June 30, Twelve Months Ended Dec. 31 2026 2025 2026 2025 2025 Consolidated GAAP net income per share $0.01 $(0.06) $2.33 $2.11 $2.77 Transaction costs — 0.09 — 0.23 0.22 Income tax effect 1 — (0.02) — (0.06) (0.06) Adjusted net income per share $0.01 $0.01 $2.33 $2.28 $2.93 Other GAAP net income (loss) per share ($0.18) $(0.28) ($0.35) $(0.53) $(0.95) Transaction costs — 0.09 — 0.23 0.22 Income tax effect 1 — (0.02) — (0.06) (0.06) Adjusted net income (loss) per share ($0.18) $(0.21) ($0.35) $(0.36) $(0.79) 1 SiEnergy transaction expenses were recognized in the first quarter and Pines transaction expenses were recognized in the seco nd quarter of 2025. Other business development costs were recognized in the second quarter and third quarters of 2025. Tax effect of adjustment was calculated using a combined federal and statutory rate of 26.5% 14
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Non - GAAP Segment EPS Reconciliation Three Months Ended June 30, Six Months Ended June 30, 2026 2025 Change 2026 2025 Change Adjusted net income (loss) per share: NW Natural $0.09 $0.12 $(0.03) $2.32 $2.37 $(0.05) SiEnergy 0.05 0.03 0.02 0.27 0.16 0.11 NWN Water 0.05 0.07 (0.02) 0.09 0.11 (0.02) Other (0.18) (0.21) 0.03 (0.35) (0.36) 0.01 Consolidated $0.01 $0.01 $ - $2.33 $2.28 $0.05 15