PART I. FINANCIAL INFORMATION [Forward-Looking Statements](index=4&type=section&id=Forward-Looking%20Statements) The report contains forward-looking statements regarding earnings, dividends, and regulatory outcomes, subject to risks and uncertainties - The report contains forward-looking statements concerning a wide range of topics, including **earnings, dividends, capital expenditures, climate change strategy, renewable natural gas, regulatory outcomes, and economic conditions** like inflation and interest rates[8](index=8&type=chunk) - The company cautions readers not to rely on these forward-looking statements as they are not guarantees of future performance and are subject to risks and uncertainties[9](index=9&type=chunk) [Item 1. Unaudited Financial Statements](index=6&type=section&id=Item%201.%20Unaudited%20Financial%20Statements) This section presents unaudited consolidated financial statements for NW Holdings and its subsidiary NW Natural for the periods ended September 30, 2023 [Financial Statements of Northwest Natural Holding Company](index=6&type=section&id=Financial%20Statements%20of%20Northwest%20Natural%20Holding%20Company) NW Holdings reported a Q3 net loss of $23.7 million but a year-to-date net income increase to $49.2 million NW Holdings - Consolidated Statements of Comprehensive Income (Unaudited) | In thousands, except per share data | Three Months Ended Sep 30, 2023 | Three Months Ended Sep 30, 2022 | Nine Months Ended Sep 30, 2023 | Nine Months Ended Sep 30, 2022 | | :--- | :--- | :--- | :--- | :--- | | **Operating revenues** | $141,479 | $116,839 | $841,761 | $662,100 | | **Net income (loss)** | $(23,687) | $(19,587) | $49,228 | $38,367 | | **Diluted earnings (loss) per share** | $(0.65) | $(0.56) | $1.37 | $1.14 | NW Holdings - Consolidated Balance Sheet Highlights (Unaudited) | In thousands | Sep 30, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | **Total current assets** | $507,440 | $744,213 | | **Total assets** | $4,665,118 | $4,748,326 | | **Total current liabilities** | $590,057 | $898,734 | | **Total liabilities and equity** | $4,665,118 | $4,748,326 | NW Holdings - Consolidated Cash Flow Highlights (Unaudited, Nine Months Ended) | In thousands | Sep 30, 2023 | Sep 30, 2022 | | :--- | :--- | :--- | | **Cash provided by operating activities** | $301,503 | $165,961 | | **Cash used in investing activities** | $(250,520) | $(257,004) | | **Cash provided by financing activities** | $79,533 | $184,193 | [Financial Statements of Northwest Natural Gas Company](index=11&type=section&id=Financial%20Statements%20of%20Northwest%20Natural%20Gas%20Company) NW Natural reported a Q3 net loss of $21.5 million while year-to-date net income rose to $55.8 million NW Natural - Consolidated Statements of Comprehensive Income (Unaudited) | In thousands | Three Months Ended Sep 30, 2023 | Three Months Ended Sep 30, 2022 | Nine Months Ended Sep 30, 2023 | Nine Months Ended Sep 30, 2022 | | :--- | :--- | :--- | :--- | :--- | | **Operating revenues** | $129,942 | $110,426 | $812,803 | $647,301 | | **Net income (loss)** | $(21,487) | $(18,806) | $55,837 | $41,343 | NW Natural - Consolidated Balance Sheet Highlights (Unaudited) | In thousands | Sep 30, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | **Total current assets** | $478,251 | $718,824 | | **Total assets** | $4,338,203 | $4,452,718 | | **Total current liabilities** | $361,452 | $811,896 | | **Total liabilities and equity** | $4,338,203 | $4,452,718 | NW Natural - Consolidated Cash Flow Highlights (Unaudited, Nine Months Ended) | In thousands | Sep 30, 2023 | Sep 30, 2022 | | :--- | :--- | :--- | | **Cash provided by operating activities** | $294,168 | $162,593 | | **Cash used in investing activities** | $(219,892) | $(239,277) | | **Cash provided by financing activities** | $60,964 | $78,952 | [Notes to Unaudited Consolidated Financial Statements](index=16&type=section&id=Notes%20to%20Unaudited%20Consolidated%20Financial%20Statements) The notes detail accounting policies, segment reporting, debt, derivatives, and environmental liabilities - The **Natural Gas Distribution (NGD) segment** is the core operating business and the only reportable segment for both NW Holdings and NW Natural[27](index=27&type=chunk) - During the nine months ended September 30, 2023, NW Holdings issued and sold 955,325 shares of common stock under its at-the-market (ATM) equity program, resulting in **net cash proceeds of $40.9 million**[68](index=68&type=chunk) - In 2023, NW Natural issued a total of **$330 million in long-term debt** through three separate offerings of First Mortgage Bonds and Secured Medium-Term Notes with interest rates ranging from 5.18% to 5.75%[102](index=102&type=chunk)[103](index=103&type=chunk)[104](index=104&type=chunk) NGD Margin Reconciliation (in thousands) | | Three Months Ended Sep 30, 2023 | Three Months Ended Sep 30, 2022 | Nine Months Ended Sep 30, 2023 | Nine Months Ended Sep 30, 2022 | | :--- | :--- | :--- | :--- | :--- | | **Total NGD operating revenues** | $124,624 | $103,295 | $796,108 | $629,327 | | Less: NGD cost of gas | $49,235 | $36,258 | $357,530 | $261,678 | | Less: Environmental remediation | $1,032 | $975 | $8,547 | $7,945 | | Less: Revenue taxes | $5,425 | $4,375 | $33,559 | $25,907 | | **NGD margin** | **$68,932** | **$61,687** | **$396,472** | **$333,797** | Environmental Liabilities (in thousands) | Site | Sep 30, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | **Portland Harbor site (Total)** | $73,175 | $81,764 | | Gasco/Siltronic Upland site | $41,420 | $51,524 | | Front Street site | $1,751 | $1,336 | | Oregon Steel Mills | $179 | $179 | | **Total Liability** | **$116,525** | **$134,803** | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=44&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial results, driven by higher NGD margin from new rates, offset by increased operating and interest expenses [Executive Summary](index=45&type=section&id=Executive%20Summary) NW Holdings' Q3 net loss widened, but year-to-date net income increased, driven by operational growth and a 68th consecutive dividend increase - Key drivers for the increased Q3 net loss at NW Holdings were a **$7.6 million rise in O&M expenses** and a **$4.5 million increase in interest expense**, partially offset by a $7.2 million increase in NGD segment margin from new rates[189](index=189&type=chunk) - Key drivers for the increased YTD net income at NW Holdings included a **$62.7 million increase in NGD margin** from new rates and customer growth, partially offset by a $30.5 million rise in O&M expenses and a $12.7 million increase in interest expense[195](index=195&type=chunk) - The company increased its dividend for the **68th consecutive year** to an annual rate of $1.95 per share[188](index=188&type=chunk) NW Holdings Financial Highlights (Q3 and YTD) | In thousands, except per share data | Q3 2023 | Q3 2022 | YTD 2023 | YTD 2022 | | :--- | :--- | :--- | :--- | :--- | | **Consolidated net income (loss)** | $(23,687) | $(19,587) | $49,228 | $38,367 | | **Diluted EPS** | $(0.65) | $(0.56) | $1.37 | $1.14 | [Results of Operations](index=47&type=section&id=Results%20of%20Operations) The NGD segment's net income increased year-to-date, driven by higher margin from new rates and customer growth - For the nine months ended Sep 30, 2023, residential and commercial margin increased by **$53.1 million**, primarily due to new customer rates in Oregon and Washington and a **0.7% growth in residential meters**[203](index=203&type=chunk) - Year-to-date, the **average cost of gas increased by 33%** from $0.46 to $0.61 per therm compared to the prior year period, contributing to a $95.9 million increase in total cost of gas[206](index=206&type=chunk)[207](index=207&type=chunk) - Operations and maintenance expense for NW Holdings increased by **$38.8 million year-to-date**, driven by amortization of deferred balances, higher contract labor, compensation, and IT costs[214](index=214&type=chunk) NGD Segment Financials (in thousands) | | Nine Months Ended Sep 30, 2023 | Nine Months Ended Sep 30, 2022 | YTD Change | | :--- | :--- | :--- | :--- | | **NGD net income** | $47,520 | $32,531 | $14,989 | | **NGD margin** | $396,472 | $333,797 | $62,675 | [Regulatory Matters](index=57&type=section&id=Regulatory%20Matters) The company is managing new climate regulations and procuring Renewable Natural Gas while benefiting from recent rate case approvals - New rates became effective November 1, 2022, in both Oregon and Washington, authorizing **significant revenue requirement increases** which are a primary driver of improved financial performance in 2023[232](index=232&type=chunk)[233](index=233&type=chunk) - The company is subject to new climate regulations: Washington's **Climate Commitment Act (CCA)** and Oregon's **Climate Protection Program (CPP)**, and intends to seek recovery of compliance costs in customer rates[285](index=285&type=chunk)[287](index=287&type=chunk) - The company estimates the CCA could increase non-low income residential bills by **1.5% to 6%** in the first year, and the CPP could increase them by **1% to 11%** in the first compliance period[291](index=291&type=chunk)[292](index=292&type=chunk) - Under Oregon's SB 98, the company is actively procuring Renewable Natural Gas (RNG), with signed agreements totaling about **3% of its annual sales volume** in Oregon[298](index=298&type=chunk) [Financial Condition](index=66&type=section&id=Financial%20Condition) The company maintains a balanced capital structure and sufficient liquidity, though S&P revised its ratings outlook to negative - NW Holdings utilized its at-the-market (ATM) equity program to raise **$40.9 million in net proceeds** during the first nine months of 2023[304](index=304&type=chunk) - In October 2023, **S&P revised NW Natural's ratings outlook from 'stable' to 'negative'** and initiated a rating on NW Holdings of A+ with a negative outlook[333](index=333&type=chunk) - For the five-year period from 2023 to 2027, NW Natural expects capital expenditures to range from **$1.3 billion to $1.5 billion**[348](index=348&type=chunk) Consolidated Capital Structure (excluding short-term debt) | | NW Holdings (Sep 30, 2023) | NW Natural (Sep 30, 2023) | | :--- | :--- | :--- | | **Common equity** | 43.0% | 46.1% | | **Long-term debt** | 57.0% | 53.9% | [Quantitative and Qualitative Disclosures About Market Risk](index=73&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) There have been no material changes in the company's exposure to market risks since its 2022 Form 10-K - **No material changes** have occurred related to disclosures about market risk for the nine months ended September 30, 2023[356](index=356&type=chunk) [Controls and Procedures](index=73&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective with no material changes to internal controls - The CEO and CFO concluded that as of the end of the reporting period, the company's **disclosure controls and procedures were effective**[357](index=357&type=chunk) - There were **no changes in internal control over financial reporting** during the quarter that have materially affected, or are reasonably likely to materially affect, these controls[360](index=360&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=74&type=section&id=Item%201.%20Legal%20Proceedings) No new material litigation has been reported beyond ordinary course proceedings or prior disclosures - The company states it has only **nonmaterial litigation** or litigation that occurs in the ordinary course of business, aside from previously disclosed proceedings[361](index=361&type=chunk) [Risk Factors](index=74&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes from the risk factors disclosed in the 2022 Annual Report - There were **no material changes** from the risk factors discussed in the 2022 Form 10-K[362](index=362&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=74&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No shares of common stock were repurchased during the quarter ended September 30, 2023 - **No shares** of NW Holdings' common stock were purchased during the quarter ended September 30, 2023[363](index=363&type=chunk) [Other Information](index=74&type=section&id=Item%205.%20Other%20Information) The Board of Directors approved and adopted revised indemnity agreements for directors and executive officers - On November 1, 2023, the Board approved **revised indemnity agreements** for directors and executive officers to align with current market practices and legal updates[365](index=365&type=chunk) - Key features of the revised agreements include **prompt advancement of litigation expenses**, explicit indemnity for derivative actions, and the ability for the director or officer to enforce the indemnity obligation in court[365](index=365&type=chunk) [Exhibits](index=75&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including indentures and officer certifications - The report includes several exhibits, such as a supplemental indenture for new First Mortgage Bonds, revised forms of indemnity agreements, and required **CEO/CFO certifications under Sarbanes-Oxley**[370](index=370&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to____________ NORTHWEST NATURAL HOLDING COMPANY NORTHWEST NATURAL GAS COMPANY (Exact name of registrant as specified in its charter) (Exact name of registran ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to____________ NORTHWEST NATURAL HOLDING COMPANY NORTHWEST NATURAL GAS COMPANY (Exact name of registrant as specified in its charter) (Exact name of registra ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION NORTHWEST NATURAL HOLDING COMPANY NORTHWEST NATURAL GAS COMPANY (Exact name of registrant as specified in its charter) (Exact name of registrant as specified in its charter) Oregon 82-4710680 Oregon 93-0256722 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 250 S.W. Taylor Street Portland Oregon 97204 250 S.W. ...

Financial Data and Key Metrics Changes - For 2022, the company reported net income of $86.3 million or $2.54 per share, an increase of $7.6 million or around 10% compared to net income of $78.7 million or $2.56 per share in 2021 [8][36] - For the fourth quarter, net income was $47.9 million or $1.36 per share compared to $40.5 million or $1.32 per share for the same period in 2021 [32] Business Line Data and Key Metrics Changes - The gas utility contributed an additional $0.10 of earnings in 2022, primarily due to new rates in Oregon and Washington, customer growth, and amortization of deferrals approved in the Oregon rate case [37] - The water and wastewater utilities grew 3.8% over the last 12 months, with Texas posting 8% organic growth and Idaho's water utility providing 4% growth [14][15] Market Data and Key Metrics Changes - In Oregon, employment grew at a strong annualized rate of 4% in the fourth quarter, while unemployment was 4.5% in December 2022, up from a low of 3.5% in July [11][12] - The housing market has moderated, with home sales, new listings, and average prices all down, impacting gas utility customer growth [12] Company Strategy and Development Direction - The company is focused on decarbonization and believes in leveraging existing systems innovatively rather than solely electrifying gas systems [23][28] - The company is investing in renewable natural gas (RNG) and has contracted to invest approximately $50 million in two facilities being developed by EDL [52][53] Management's Comments on Operating Environment and Future Outlook - Management noted that inflation is weighing on households, and they are working closely with commissions to support customers through rate mitigation strategies [16][19] - The company initiated earnings guidance for 2023 in the range of $2.55 to $2.75 per share, assuming continued customer growth and average weather conditions [43] Other Important Information - The company increased dividends for the 67th year and was recognized as one of the world's most ethical companies by Ethisphere [7] - Cash provided by operating activities was $148 million, with nearly $340 million invested into the business, primarily for gas utility capital expenditures [40] Q&A Session Summary - No questions were recorded during the Q&A session, and the call concluded without further inquiries [63]

Investor Presentation December 2022 INVESTOR INFORMATION NW Natural Holdings 250 SW Taylor Street Portland, OR 97204 nwnaturalholdings.com Nikki Sparley Director, Investor Relations (503) 721-2530 nikki.sparley@nwnatural.com COMPANY INFORMATION 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, which are subject to the safe harbors create ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to____________ NORTHWEST NATURAL HOLDING COMPANY NORTHWEST NATURAL GAS COMPANY (Exact name of registrant as specified in its charter) (Exact name of regi ...

Financial Data and Key Metrics Changes - For Q3 2022, the company reported a net loss of $19.6 million or $0.56 per share, an improvement from a net loss of $20.7 million or $0.67 per share in Q3 2021, reflecting an improvement of $0.11 per share [17] - For the first nine months of 2022, net income was $38.4 million or $1.14 per share, compared to $38.1 million or $1.24 per share for the same period in 2021, indicating a slight increase in net income [19] - Utility margin increased by $6.6 million due to customer growth, new rates in Washington, and colder weather in 2022 compared to 2021 [20] Business Line Data and Key Metrics Changes - The gas utility contributed $300,000 of higher earnings related to increased margin and lower pension expense in Q3 2022 [18] - The water and wastewater utilities experienced over 3% growth over the last 12 months, with Texas posting nearly 11% organic growth [12] - The collective gas and water utility customer base grew by 5.3%, including recent acquisitions [12] Market Data and Key Metrics Changes - Unemployment in Oregon was 3.8% in September 2022, with the housing market moderating from its highs in 2021 [8] - The median sales price of homes decreased by approximately 4.7% in Q3 2022, while the inventory of homes for sale in the Portland Metro area remained tight at only 2.2 months of supply [9] Company Strategy and Development Direction - The company is committed to environmental stewardship and is focusing on integrating renewable natural gas and hydrogen into its operations [24] - An integrated resource plan was filed with Oregon and Washington commissions to outline long-range resource plans and pathways to reduce emissions [25] - The company is actively pursuing renewable natural gas projects and has closed its largest acquisition to date in Arizona, indicating a focus on growth in the water and wastewater sector [33] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving financial results in line with previous guidance and noted that economic conditions are being carefully monitored [6][8] - The company reaffirmed its 2022 earnings guidance for net income in the range of $2.45 to $2.65 per share, assuming continued customer growth and average weather conditions [23] - Management highlighted the importance of innovation and collective action in addressing climate change, with ongoing projects in hydrogen blending and carbon capture [24][62] Other Important Information - The Oregon Public Utility Commission approved a revenue requirement increase of $59.4 million effective November 1, based on a 50-50 capital structure and an ROE of 9.4% [13] - The company announced a dividend increase for the fourth quarter, marking the 67th consecutive year of annual dividend increases [35] Q&A Session Summary Question: Broader aspirations for hydrogen projects - Management believes in the potential of different hydrogen products and aims to decarbonize the existing gas utility system by integrating hydrogen [39][40] Question: Impact of consolidation in the RNG market - Management sees consolidation as a reaffirmation of their strategy and believes it will allow them to focus on smaller projects while larger companies pursue bigger transactions [43][44] Question: Activity in the water business - The water sector is experiencing a steady pipeline of activity, with recent tuck-in acquisitions indicating ongoing growth [45] Question: Details on the RNG tracker from the rate case - The RNG tracker allows for investments in renewable natural gas assets to be incorporated into rates annually, with a lag in implementation [46][47] Question: O&M expenses outlook - Management indicated that O&M expenses have been managed effectively, with expectations for them to level off for the remainder of the year [64][66]

Financial Data and Key Metrics Changes - For Q2 2022, the company reported net income of $1.7 million or $0.05 per share, compared to a net loss of $700,000 or $0.02 per share for the same period in 2021, marking an increase of $0.07 per share [15] - For the first six months of 2022, net income was $58 million or $1.77 per share, compared to $58.8 million or $1.92 for the same period in 2021, reflecting a $0.15 decrease in earnings per share largely due to the issuance of 2.9 million shares of common stock [18] Business Line Data and Key Metrics Changes - The gas utility segment saw an increase in utility margin of $2.3 million due to customer growth and new rates, contributing $1.7 million [16] - The water and wastewater utility experienced nearly 11% organic growth in Texas and 4% organic growth in Idaho, leading to a consolidated 3% customer growth over the last 12 months [11] Market Data and Key Metrics Changes - In Oregon, unemployment was reported at 3.6% in June 2022, close to pre-pandemic levels of 3.4% in February 2020, indicating a robust labor market [8] - The median sales price of homes in the area increased by 9.4% for Q2 2022 compared to the previous year, with low inventory at 1.4 months of supply [9] Company Strategy and Development Direction - The company is focusing on sustainable growth through investments in hydrogen gas facilities and competitive renewable natural gas projects [24][31] - A significant acquisition of Far West Water and wastewater utilities in Yuma, Arizona, is expected to be accretive to earnings per share after its first full year of operations [32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued customer growth and reaffirmed 2022 earnings per share guidance in the range of $2.45 to $2.65, assuming average weather conditions and no significant regulatory changes [22] - The company is actively managing inflationary impacts on materials and labor costs, with a proactive approach to procurement and inventory management [38][39] Other Important Information - The company filed a settlement in May 2022 for a revenue requirement increase of $62.7 million related to its Oregon general rate case, with rates expected to be effective November 1 [13][14] - The company has received stable outlook ratings from Moody's and S&P, reaffirming its strong balance sheet and liquidity [21] Q&A Session Summary Question: Dynamics and expectations for pension expense into next year - Management noted a benefit of about $0.05 per quarter from lower pension expenses, expecting this trend to continue through the year, with rates set based on year-end discount rates [35] Question: Trends with inflation and impact on O&M budget and capital plan - Management indicated no significant disruptions from supply chain issues, although there are slower delivery times and inflationary impacts on materials, which are a small component of overall costs [38][39] Question: Any large renegotiations of contracts to watch for in 2023 - Management confirmed that major contracts, particularly union contracts, are stable for the next couple of years, with no significant renegotiations expected [41]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to____________ NORTHWEST NATURAL HOLDING COMPANY NORTHWEST NATURAL GAS COMPANY (Exact name of registrant as specified in its charter) (Exact name of registran ...