Earnings release
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Exhibit 99.1 NW Natural HOLDINGS ™ For Immediate Release Aug. 5 , 2026 NW Natural Holdings Reports Second Quarter 2026 Results and Expects 2026 EPS in the Upper Half of Guidance Range PORTLAND , ORE . ― Northwest Natural Holding Company ( NYSE : NWN ) ( NW Natural Holdings or the Company ) reported financial results and highlights including : Second Quarter and Year - to - Date 2026 Highlights • • • • • • • Reported earnings per share ( EPS ) of $ 0.01 for the second quarter of 2026 , compared to a net loss per share of $ 0.06 and adjusted EPS1 of $ 0.01 for the same period in 2025 Achieved EPS of $ 2.33 for the first six months of 2026 , compared to EPS of $ 2.11 and adjusted EPS¹ of $ 2.28 for the same period in 2025 Added nearly 18,000 gas and water utility connections over the 12 months ended June 30 , 2026 for a growth rate of 1.9 % Invested $ 235 million in the first six months of 2026 in our gas and water systems to support greater reliability and resiliency Received order in NW Natural's Washington general rate case providing a revenue requirement increase of $ 20.1 million over current rates beginning Aug. 1 , 2026 with additional increases in the following two years Filed a multi - party settlement in the NW Natural Oregon alternative rate mechanism ( ARM ) docket Expect Full Year EPS to be in the Upper Half of 2026 Guidance Range with Long - term Growth Targets Reaffirmed • 2026 EPS is expected to be in the upper half of the guidance range of $ 2.95 – $ 3.15 Expect rate base growth of 6 % - 8 % through 2030 driven by planned capital expenditures of $ 2.6 - $ 2.9 billion from 2026 - 2030 Long - term EPS growth rate target of 4 % -6 % ² and potential to increase to 5 % - 7 % ² with MX3 gas storage project " Our results exceeded our expectations and reflect strong execution across the business , " said Justin Palfreyman , President and Chief Executive Officer . " Our consistent performance and strong first - half results , combined with increased visibility into the balance of the year , support our expectation that 2026 EPS will be in the upper half of our guidance range . The strength of our strategy positions NW Natural Holdings to continue to deliver safe , reliable , and affordable service while creating long- term value for customers and shareholders . " SECOND QUARTER AND YEAR - TO - DATE RESULTS NW Natural Holdings ' second quarter and year - to - date results are summarized below : Three Months Ended June In thousands , except per share data Net income ( loss ) 2026 Earnings ( loss ) per share 30 , 2025 Change $ 600 ( $ 2,500 ) $ 3,100 0.01 ( 0.06 ) 0.07 Six Months Ended June 30 , 2026 Adjusted net income¹ Adjusted EPS1 600 0.01 315 0.01 285 $ 98,089 2.33 98,089 2.33 2025 $ 85,416 Change $ 12,673 2.11 92,118 2.28 0.22 5,971 0.05 1 See " Non - GAAP Financial Measures " and " Reconciliation to GAAP " for a definition and further information on adjusted net income and adjusted EPS . Adjusted second quarter and first half of 2025 net income and adjusted EPS exclude transaction and business development costs including the effects of the SiEnergy and Pines Gas transactions . 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. NW Natural Holdings does not provide a reconciliation of the adjusted EPS growth rate target 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 .
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KEY EVENTS Washington Commission Approved New Rates for NW Natural On July 29, 2026, the Washington Utilities and Transportation Commission (WUTC) issued an order approving the multi-party settlement in Northwest Natural Gas Company's (NW Natural) multi-year general rate case. The order increased the annual revenue requirement over three years, consisting of a $20.1 million revenue increase in the first year beginning Aug. 1, 2026, a $7.5 million revenue increase in the second year, and a $7.4 million revenue increase in the third year. The order included a capital structure of 50% common equity and 50% long-term debt, a return on equity of 9.5%, and an overall cost of capital of 7.15% beginning in the first year and growing to 7.22% in the third year. Rate base is $328.0 million in the first year, or anincrease of $80.7 million since the last rate case. New rates were effective Aug. 1, 2026. Alternative Rate Mechanism Multi-Party Settlement Filed in Oregon On June 29, 2026, NW Natural filed a multi-party settlement with the Public Utility Commission of Oregon (OPUC) that addresses all aspects of the revenue requirement items in the alternative rate mechanism (ARM). The settlement provides an increase to the annual revenue requirement of $13.0 million, compared to the original request of $15.6 million. A Commission order is expected later this year with new rates expected to be effective on Oct. 31, 2026. 2026 GUIDANCE AND LONG-TERM TARGETS We now expect 2026 EPS in the upper half of our guidance range and are reaffirming our long-term targets. This guidance assumes continued customer growth, average weather conditions, and no significant changes in prevailing regulatory policies, mechanisms, or assumed outcomes, or significant local, state or federal laws, legislation or regulations. Required funds for the capital expenditures are expected to be internally generated or financed with long-term debt or equity, as appropriate. Guidance 2026Guidance 2025Actual EPS $2.95 – $3.15(Expecting upper half) $2.93 Capital Expenditures $500 – $550 million $467 million Long-term Targets 2026 – 2030(Unchanged) EPS Growth 4.0% – 6.0% EPS Growth including MX3 5.0% – 7.0% Capital Expenditures $2.6 – $2.9 billion Rate Base 6.0% – 8.0% Customer Growth 2.0% – 3.0% 1 See "Non-GAAP Financial Measures" and "Reconciliation to GAAP" for a definition and further information on adjusted EPS. 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 because we believe they provide useful information to our investors and creditors in evaluating our financial condition and results of operations. 2 EPS growth forecasted for period 2026 – 2030 compounded annually; EPS growth rate uses adjusted 2025 EPS as the base year. Long-term growth rate target with MX3 assumes in-service date prior to the end of 2029. NW Natural Holdings does not provide a reconciliation of the adjusted EPS growth rate target 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. 1 2 2
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SECOND QUARTER RESULTS NW Natural Holdings' second quarter results are summarized by business segment in the table below. Previously, the NWN Gas Utility segment excluded certain gas storage and business activities for NW Natural, which were included in the Other segment. As of the first quarter of 2026, these activities are included along with the NWN Gas Utility activities and presented as the NW Natural segment. NW Natural Holdings and NW Natural historical segment reporting has been recast to reflect their current organizational structure. Three Months Ended June 30, 2026 2025 Change In thousands, except per share data Amount Per Share Amount Per Share Amount Per Share Net income (loss): NW Natural $3,933 $0.09 $4,924 $0.12 ($991) ($0.03) SiEnergy 2,056 0.05 1,014 0.03 1,042 0.02 NWN Water 2,272 0.05 2,833 0.07 (561) (0.02) Other (7,661) (0.18) (11,271) (0.28) 3,610 0.10 Consolidated $600 $0.01 ($2,500) ($0.06) $3,100 $0.07 Adjusted net income (loss): NW Natural $3,933 $0.09 $4,924 $0.12 ($991) ($0.03) SiEnergy 2,056 0.05 1,014 0.03 1,042 0.02 NWN Water 2,272 0.05 2,833 0.07 (561) (0.02) Other (7,661) (0.18) (8,456) (0.21) 795 0.03 Consolidated $600 $0.01 $315 $0.01 $285 $— Diluted Shares 42,178 40,482 1,696 1 Segment EPS is a non-GAAP financial measure, which takes segment net income calculated in accordance with GAAP and divides it by the diluted shares outstanding of NW Natural Holdings. See "Non-GAAP Financial Measures" for additional information. The reconciliation of segment EPS to consolidated NW Natural Holdings EPS is shown in the table above. 2 See "Non-GAAP Financial Measures" and "Reconciliation to GAAP" for additional information on Other and consolidated adjusted net income and adjusted EPS. NW Natural net income decreased $1.0 million (or $0.03 per share) as higher margin from new rates in Oregon, which were effective Oct. 31, 2025, were more than offset by increased operations and maintenance (O&M) expense and continued investment in the system resulting in higher depreciation expense and financing costs. SiEnergy net income increased $1.0 million (or $0.02 per share), primarily due to customer growth and the benefit of deferring depreciation and interest costs on investments allowed by Texas House Bill 4384. Results also benefited from a full quarter of earnings contribution from Pines, which was acquired on June 2, 2025. NWN Water net income decreased $0.6 million (or $0.02 per share) as higher operating revenues driven by rate increases and customer growth were more than offset by increased O&M expenses to support the growth of the business including higher payroll and benefits and technology costs. Othernet loss decreased $3.6 million (or $0.10 per share), primarily due to lower acquisition and business development expenses compared to the prior year. On an adjusted basis, which excludes transaction and business development costs incurred in the second quarter of 2025, net loss decreased $0.8 million (or $0.03 per share) primarily due to higher net income from NW Natural Renewables. 1 1 2 2 3
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YEAR-TO-DATE RESULTS NW Natural Holdings' year-to-date results are summarized by business segment in the table below: Six Months Ended June 30, 2026 2025 Change In thousands, except per share data Amount Per Share Amount Per Share Amount Per Share Net income (loss): NW Natural $97,682 $2.32 $95,963 $2.37 $1,719 ($0.05) SiEnergy 11,146 0.27 6,519 0.16 4,627 0.11 NWN Water 3,703 0.09 4,521 0.11 (818) (0.02) Other (14,442) (0.35) (21,587) (0.53) 7,145 0.18 Consolidated $98,089 $2.33 $85,416 $2.11 $12,673 $0.22 Adjusted net income (loss): NW Natural $97,682 $2.32 $95,963 $2.37 $1,719 ($0.05) SiEnergy 11,146 0.27 6,519 0.16 4,627 0.11 NWN Water 3,703 0.09 4,521 0.11 (818) (0.02) Other (14,442) (0.35) (14,885) (0.36) 443 0.01 Consolidated $98,089 $2.33 $92,118 $2.28 $5,971 $0.05 Diluted Shares 42,014 40,429 1,585 1 Segment EPS is a non-GAAP financial measure, which takes segment net income calculated in accordance with GAAP and divides it by the diluted shares outstanding of NW Natural Holdings. See "Non-GAAP Financial Measures" for additional information. The reconciliation of segment EPS to consolidated NW Natural Holdings EPS is shown in the table above. 2 See "Non-GAAP Financial Measures" and "Reconciliation to GAAP" for additional information on Other and consolidated adjusted net income and adjusted EPS. NW Natural net income increased $1.7 million (or decreased $0.05 per share) as higher margin from new rates in Oregon, which were effective Oct. 31, 2025, was partially offset by increased O&M expense and continued investment in the system resulting in higher depreciation expense and financing costs. SiEnergy net income increased $4.6 million (or $0.11 per share) due to customer growth and the benefit of deferring depreciation and interest costs on investments allowed by Texas House Bill 4384. Additionally, the first half of 2026 reflected a full period of both SiEnergy (acquired on Jan. 7, 2025) and Pines (acquired on June 2, 2025) net income, which had a positive effect on year-over-year results. NWN Water net income decreased $0.8 million (or $0.02 per share) mainly reflecting higher O&M expense to support growth and depreciation expense, partially offset by rate increases and customer growth. Other net loss from the Company's other business activities decreased $7.1 million (or $0.18 per share). On an adjusted basis, which excludes transaction and business development costs, including the SiEnergy and Pines transaction costs in the first half 2025, net loss decreased $0.4 million (or $0.01 per share). DIVIDEND DECLARED The board of directors of NW Natural Holdings declared a quarterly dividend of $0.4925 per share on the Company’s common stock. The dividend is payable on Aug. 14, 2026 to shareholders of record on July 31, 2026. The Company's current indicated annual dividend rate is $1.97 per share. Future dividends are subject to the discretion and approval of the board of directors. 1 1 2 2 4
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CONFERENCE CALL AND WEBCAST As previously announced, NW Natural Holdings will host a conference call and webcast today to discuss its second quarter 2026 financial and operating results. Date and Time: Wednesday, August 5, 2026 8 a.m. PT (11 a.m. ET) Phone Numbers: 1-833-461-5787 Meeting ID: 270 825 224 The call will also be webcast in a listen-only format for the media and general public and can be accessed at ir.nwnaturalholdings.com. A replay of the conference call will be available on our website as well. ABOUT NW NATURAL HOLDINGS NW Natural Holding Company (NYSE: NWN) is headquartered in Portland, Oregon and has operated for more than 167 years. It owns Northwest Natural Gas Company (NW Natural), the Company's long-standing natural gas utility serving the Pacific Northwest; SiEnergy Operating, LLC (SiEnergy), a fast-growing natural gas utility serving key Texas markets; NW Natural Water Company (NW Natural Water), an expanding water and wastewater utility; and additional business interests. Together, NW Natural Holdings provides essential energy and water services to nearly one million customers across seven states. The Company has a longstanding commitment to safety, environmental stewardship and supporting its employees and communities, and consistently leads the industry in J.D. Power customer satisfaction. Additional information is available at nwnaturalholdings.com. Investor Contact: Nikki Sparley Phone: 503-721-2530 Email: nikki.sparley@nwnatural.com Media Contact: David Roy Phone: 503-610-7157 Email: david.roy@nwnatural.com 5
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FORWARD-LOOKING STATEMENTS This press release, 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,” "should," "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, strategic fit, utility system, technology and infrastructure investments, expected timing of notice to proceed, the 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 satisfactionratings, 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, 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 water, wastewater and water services 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, 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 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. presidentialadministration and Congress, inflation, geopolitical uncertainty and other statements that are other than statements of historical facts. Forward-looking statements are based on current expectations and assumptions regarding the Company's business, the economy, geopolitical factors, 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 release and all subsequent forward-looking statements, whether written or oral and whether made by or on behalf of NW Natural Holdings or NW Natural, 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 and NW Natural 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. 6
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NON-GAAP FINANCIAL MEASURES Management uses "adjusted net income", "adjusted earnings per share," "adjusted segment net income (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 release, 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 tables below. 7
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NORTHWEST NATURAL HOLDINGS Consolidated Income Statement and Financial Highlights (Unaudited) Second Quarter 2026 Three Months Ended Six Months Ended In thousands, except per share amounts, customer, and degree daydata June 30, June 30, 2026 2025 2026 2025 Operating revenues $243,552 $236,194 $733,955 $730,478 Operating expenses: Cost of gas 61,753 64,503 219,902 237,494 Operations and maintenance 80,354 79,065 163,463 162,748 Environmental remediation 2,431 2,296 8,756 8,549 General taxes 12,216 12,076 28,559 27,847 Revenue taxes 8,400 8,283 26,500 27,688 Depreciation 44,212 41,535 88,346 82,035 Other operating expenses 1,029 1,225 2,404 2,552 Total operating expenses 210,395 208,983 537,930 548,913 Income from operations 33,157 27,211 196,025 181,565 Other income (expense), net 1,405 (160) 1,917 (2,676) Interest expense, net 33,352 30,491 66,704 59,886 Income before income taxes 1,210 (3,440) 131,238 119,003 Income tax expense 610 (940) 33,149 33,587 Net income (loss) $600 ($2,500) $98,089 $85,416 Common shares outstanding: Average diluted for period 42,178 40,482 42,014 40,429 End of period 42,093 40,910 42,093 40,910 Per share of common stock information: Diluted earnings $0.01 ($0.06) $2.33 $2.11 Dividends paid per share 0.4925 0.4900 0.9850 0.9800 Capital structure, end of period: Common stock equity 37.3 % 38.0 % 37.3 % 38.0 % Long-term debt (including junior subordinatednotes) 56.8 54.2 56.8 54.2 Short-term debt (including current maturities oflong-term debt) 5.9 7.8 5.9 7.8 Total 100.0 % 100.0 % 100.0 % 100.0 % Operating Statistics Meters NW Natural 809,917 807,243 SiEnergy 95,904 83,278 NWN Water 81,294 78,635 Total meters - end of period 987,115 969,156 NW Natural Margin Operating revenues $204,802 $200,807 $638,698 $649,620 Less: Cost of gas 53,326 56,939 193,470 216,375 Less: Environmental remediation expense 2,431 2,296 8,756 8,549 Less: Revenue taxes 7,906 7,832 24,943 26,397 NW Natural margin $141,139 $133,740 $411,529 $398,299 SiEnergy Margin Operating revenues $13,546 $11,502 $45,241 $34,168 Less: Cost of gas 3,382 2,977 15,661 11,280 Less: Revenue taxes 377 364 1,338 1,143 SiEnergy margin $9,787 $8,161 $28,242 $21,745
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NORTHWEST NATURAL HOLDINGS Consolidated Balance Sheets (Unaudited) June 30, In thousands 2026 2025 Assets: Current assets: Cash and cash equivalents $24,234 $102,579 Accounts receivable 83,150 78,865 Accrued unbilled revenue 26,484 27,943 Allowance for uncollectible accounts (3,855) (3,210) Regulatory assets 168,092 103,914 Derivative instruments 4,338 7,210 Inventories 142,887 113,720 Other current assets 53,902 35,095 Total current assets 499,232 466,116 Non-current assets: Property, plant, and equipment 5,844,802 5,415,697 Less: Accumulated depreciation 1,318,811 1,269,274 Total property, plant, and equipment, net 4,525,991 4,146,423 Regulatory assets 640,656 372,668 Derivative instruments 3,430 4,077 Other investments 68,998 82,223 Operating lease right of use asset, net 67,950 69,555 Assets under sales-type leases 119,425 123,588 Goodwill 371,614 370,889 Other non-current assets 144,486 151,024 Total non-current assets 5,942,550 5,320,447 Total assets $6,441,782 $5,786,563 Liabilities and equity: Current liabilities: Short-term debt $121,289 $157,396 Current maturities of long-term debt 125,685 141,541 Accounts payable 135,525 116,819 Taxes accrued 13,031 11,530 Interest accrued 27,326 25,279 Regulatory liabilities 116,034 130,944 Derivative instruments 36,508 25,977 Operating lease liabilities 3,424 2,486 Other current liabilities 68,265 71,895 Total current liabilities 647,087 683,867 Long-term debt 2,376,685 2,086,650 Deferred credits and other non-current liabilities: Deferred tax liabilities 470,623 426,827 Regulatory liabilities 779,458 737,194 Pension and other postretirement benefit liabilities 105,106 125,019 Derivative instruments 17,541 7,908 Operating lease liabilities 74,782 76,749 Other non-current liabilities 411,205 183,111 Total deferred credits and other non-current liabilities 1,858,715 1,556,808 Equity: Common stock 1,071,786 1,017,403 Retained earnings 492,032 448,517 Accumulated other comprehensive loss (4,523) (6,682) Total equity 1,559,295 1,459,238 Total liabilities and equity $6,441,782 $5,786,563 9
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NORTHWEST NATURAL HOLDINGS Consolidated Statements of Cash Flows (Unaudited) Six Months Ended June 30, In thousands 2026 2025 Operating activities: Net income $98,089 $85,416 Adjustments to reconcile net income to cash provided by operations: Depreciation 88,346 82,035 Amortization 12,199 12,136 Deferred income taxes 28,776 28,054 Qualified defined benefit pension plan expense 4,615 5,437 Contributions to qualified defined benefit pension plans (6,450) (5,510) Deferred environmental expenditures, net (14,329) (11,720) Environmental remediation expense 8,756 8,549 Asset optimization revenue sharing bill credits (23,156) (15,549) Other 6,483 7,794 Changes in assets and liabilities: Receivables, net 118,552 121,551 Inventories (15,364) (4,382) Income and other taxes 12,853 8,505 Accounts payable (19,663) 11,582 Deferred gas costs (58,483) (45,247) Asset optimization revenue sharing 8,760 10,097 Decoupling mechanism (36,201) (14,793) Cloud-based software (4,957) (3,819) Regulatory accounts 18,606 1,612 Other, net (1,584) 22 Cash provided by operating activities 225,848 281,770 Investing activities: Capital expenditures (234,950) (222,664) Acquisitions, net of cash acquired — (331,329) Purchase of equity method investment (1,000) (1,000) Other 974 (894) Cash used by investing activities (234,976) (555,887) Financing activities: Proceeds from common stock issued, net 22,182 24,384 Long-term debt issued 125,000 375,000 Long-term debt retired (55,292) (3,022) Changes in other short-term debt, net (50,700) (17,692) Cash dividend payments on common stock (39,866) (38,180) Payment of financing fees (1,069) (4,385) Shares withheld for tax purposes (1,988) (1,537) Other (372) (1,769) Cash (used by) provided by financing activities (2,105) 332,799 (Decrease) increase in cash, cash equivalents and restricted cash (11,233) 58,682 Cash, cash equivalents and restricted cash, beginning of period 41,077 47,982 Cash, cash equivalents and restricted cash, end of period $29,844 $106,664 Supplemental disclosure of cash flow information: Interest paid, net of capitalization $63,504 $52,557 Income taxes paid, net of refunds 3,300 8,079 Reconciliation of cash, cash equivalents and restricted cash: Cash and cash equivalents $24,234 $102,579 Restricted cash included in other current and non-current assets 5,610 4,085 Cash, cash equivalents and restricted cash $29,844 $106,664
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NORTHWEST NATURAL HOLDINGS Reconciliation to GAAP (Unaudited) Three Months Ended June 30, 2026 2025 In thousands, except per share data Amount Per Share Amount Per Share CONSOLIDATED GAAP net income (loss) $600 $0.01 ($2,500) ($0.06) Transaction and business development costs — — 3,831 0.09 Income tax effect — — (1,016) (0.02) Adjusted net income $600 $0.01 $315 $0.01 Diluted shares 42,178 40,482 OTHER GAAP net loss ($7,661) ($0.18) ($11,271) ($0.28) Transaction and business development costs — — 3,831 0.09 Income tax effect — — (1,016) (0.02) Adjusted net loss ($7,661) ($0.18) ($8,456) ($0.21) Six Months Ended June 30, In thousands, except per share data 2026 2025 Amount Per Share Amount Per Share CONSOLIDATED GAAP net income $98,089 $2.33 $85,416 $2.11 Transaction and business development costs — — 9,118 0.23 Income tax effect — — (2,416) (0.06) Adjusted net income $98,089 $2.33 $92,118 $2.28 Diluted shares 42,014 40,429 OTHER GAAP net loss ($14,442) ($0.35) ($21,587) ($0.53) Transaction and business development costs — — 9,118 0.23 Income tax effect — — (2,416) (0.06) Adjusted net loss ($14,442) ($0.35) ($14,885) ($0.36) Twelve Months Ended Dec. 31, 2025 In thousands, except per share data Amount Per Share CONSOLIDATED GAAP net income $113,319 $2.77 Transaction and business development costs 9,084 0.22 Income tax effect (2,407) (0.06) Adjusted net income $119,996 $2.93 Diluted shares 40,953 OTHER GAAP net loss ($38,795) ($0.95) Transaction and business development costs 9,084 0.22 Income tax effect (2,407) (0.06) Adjusted net loss ($32,118) ($0.79) Pines transaction expenses and other business development expenses were recognized in the second quarter of 2025. Tax effect of adjustment was calculated using a combined federal and statutory rate of 26.5%. SiEnergy transaction expenses were recognized in the first quarter and Pines transaction expenses were recognized in the second quarter of 2025. Other business development costs were recognized in the second quarter of 2025. Tax effect of adjustment was calculated using a combined federal and statutory rate of 26.5%. SiEnergy transaction expenses were recognized in the first quarter of 2025 and Pines transaction expenses were recognized in the second quarter of 2025. Other business 1 1 2 2 3 3 1 2 3
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development costs were recognized in the second and third quarters of 2025. Tax effect of adjustment was calculated using a combined federal and statutory rate of 26.5%. 12