Form Type and Filing Date: This is an 8-K Current Report filed by Northwest Natural Holding Company and Northwest Natural Gas Company on July 31, 2026, for events occurring on July 29, 2026 Item Reported: The filing reports under "Item 8 - Other Events," indicating a material event that does not fit into the other standard 8-K reporting categories Dual Filers: The document is filed jointly by two…

Our analysis rates this filing NEUTRAL. Northwest Natural Holding Company presents a balanced, stable profile typical of regulated utility companies. The recent Washington rate case resolution is a material positive, securing multi-year revenue growth with an approved 9.5% ROE that provides…

Concern level: MODERATE (3.8/10). Key factors: Plant Cost Recovery Risk for post-March 31, 2025 additions creates contingent refund liability, though limited to future capital projects and subject to regulatory review; Rate Base Growth Dependency - revenue increases contingent on executing $80.7M in completed additions plus $69.8M projected over Years 2-3; execution risk on capital deployment;…

Notable risk changes: Washington rate case resolved favorably with $20.1M Year 1 revenue increase approved (effective August 1, 2026) - positive regulatory outcome; 9.5% Return on Equity approved across all three years of multi-year rate plan - provides earnings visibility and reduces regulatory uncertainty; Line extension allowance preserved in Washington - resolves previously litigated issue favorably for the…

The model predicts NWN will underperform the S&P 500 by about 0.0% over 30 days. This is model analysis for research, not investment advice.