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SEC filingNorthwest Natural Holding Company reported Q1 2026 EPS of $2.33, up from $2.18 prior year, reaffirmed 2026 EPS guidance of $2.95-$3.15, and declared a $0.4925 quarterly dividend.
Northwest Natural Holding Company delivered strong Q1 2026 results with GAAP net income of $97.5 million and EPS of $2.33, up 11% and 7% respectively from Q1 2025's $87.9 million and $2.18. Adjusted EPS rose to $2.33 from $2.28, reflecting consistent performance excluding prior-year SiEnergy transaction costs. Segment results showed NW Natural net income up $2.7 million to $93.7 million, driven by new Oregon rates effective Oct. 31, 2025 and lower income tax rates, offset by higher depreciation, O&M, interest, and share issuances. SiEnergy net income surged $3.6 million to $9.1 million from customer growth, system investments, and full-quarter contributions post acquisitions (SiEnergy Jan. 7, 2025; Pines June 2, 2025). NWN Water dipped slightly to $1.4 million due to higher O&M and depreciation amid organic growth and acquisitions, while Other improved to a $6.8 million loss.
Customer growth remains robust at 2.8% (26,000 connections) over the trailing 12 months, blending 1.8% organic and acquisitions. Capex of $114 million supported system reliability. Management reaffirmed 2026 EPS guidance of $2.95-$3.15 (vs. 2025 adjusted $2.93), $500-550 million capex, and long-term targets including 4-6% EPS growth, 6-8% rate base growth, and $2.6-2.9 billion capex through 2030, potentially rising to 5-7% with MX3 storage project in-service by end-2029.
Key regulatory progress includes NW Natural's Washington rate case settlement for $20.1 million revenue increase starting Aug. 1, 2026 (ROE 9.5%, rate base $328 million), pending WUTC approval, and SiEnergy's Texas filing for $12 million increase (ROE 10.75%, rate base $343.1 million). MX3 expansion (4-5 Bcf, $300 million capex) advances with permits secured and EPC contracts underway, targeting FERC-regulated service by 2029 at fixed 12.5% ROE. CEO Justin Palfreyman highlighted disciplined execution, regulatory momentum, and stakeholder value. A $0.4925 dividend (annualized $1.97) was declared, payable May 15 to April 30 record holders.