Northwest Natural Holding Company Q1 FY2026 earnings call

• Regulatory dynamics: Northwest Natural filed multi-party settlement in Washington resolving revenue requirement aspects of multiyear general rate case; engaged in multiyear rate case rulemaking in Oregon, filed alternative rate mechanism; C Energy filed general rate case in Texas, consolidating entities; water and wastewater business has multiple rate cases ongoing. - Business performance: Segments performed well, customer growth healthy, MX3 project progressing. - Strategic coordination: Taking more coordinated approach to regulatory strategy across enterprise, multiyear rate cases and mechanisms designed to reduce regulatory lag and produce balanced consolidated earnings profile.

C Energy: Texas gas utility had strong quarter, 16% organic customer growth, backlog over 250 thousand future meters at quarter-end, expected 15%-20% annual customer growth through 2030, contributing ~10%-15% to consolidated EPS in 2026. Northwest Natural Water: Healthy overall customer growth of 4.1% in quarter, organic customer growth of 2.2%, expected 2%-3% growth through 2030, contributing ~10%-15% to consolidated EPS in 2026. Northwest Natural Gas: System performed well winter, MX3 storage project progressing, MX3 not in current 5%-7% long-term EPS guidance but expected to positively impact earnings growth, timeline still contemplates receiving notice to proceed by 2027, in-service date in 2029.

• Reaffirmed 2026 and long-term guidance. - Adjusted EPS $2.33 in Q1 2026 vs $2.28 in prior-year period. - Long-term EPS growth target 4%-6%, MX3 project expected to raise to 5%-7% once notice to proceed received. - Expected capital expenditures $500 million to $550 million in 2026, funding plan balanced supported by operating cash flow, long-term debt and ATM equity issuance.

• Forward-looking statements based on management assumptions which may not occur, refer to cautionary statements in press release and risk factors in 10-Q and 10-K filings. - Changes in regulatory policies, mechanisms, outcomes or laws may affect earnings. - Economic environment changes may impact customer growth etc.

Q: Christopher Ellinghaus asked about organic growth at C Energy and economic conditions in Oregon.

A: 16% growth at C Energy is organic, no acquisitions, Oregon economic conditions challenged but customer growth in line with expectations.

Q: Alexis Kania asked about evolution of multiyear rate structure in Oregon and potential tuck-ins in C Energy.

A: Oregon multiyear plan may slip into next year for clarity, in Texas there are acquisition opportunities but focused on organic growth.

Q: Selman Akyol asked about timeline for filing for GRIP and water and gas installation in new communities in Texas.

A: Rate case expected to be resolved in ~6 months, water and gas are being installed simultaneously in new communities.