Northwest Natural Holding Company

Reported Q2 2026 EPS was $0.01, flat versus the prior year period, and above expectations. Northwest Natural Gas EPS was $0.09 versus $0.12 last year; SiEnergy EPS was $0.05 versus $0.03; and Northwest Natural Water EPS was $0.05 versus $0.07. Year to date, EPS was $2.33 compared with adjusted EPS of $2.28 in 2025. Management raised full-year 2026 expectations and now sees EPS in the top half of the $2.95 to $3.15 range. They also reiterated the 2026 capital expenditure plan of approximately $500 million to $550 million, with funding expected from operating cash flow, about $150 million of net long-term debt issuance, and roughly $40 million to $50 million of equity through the ATM program.

Justin Palfreyman characterized the quarter as another solid period with disciplined execution across the company and said earnings were ahead of expectations both in Q2 and year to date. He emphasized regulatory progress in Oregon and Washington, strong growth in Texas, and continued advancement of growth projects such as MX3. His tone was constructive and confident, repeatedly stressing that the company is positioned for continued success over the coming years.

Ray Kaszuba said Q2 EPS of $0.01 was flat year over year but above expectations, and he walked through segment performance and seasonality. He cited Northwest Natural Gas EPS of $0.09 versus $0.12 last year, SiEnergy at $0.05 versus $0.03, and Water at $0.05 versus $0.07, with higher O&M, depreciation, and financing costs weighing on results. He highlighted $628 million of available liquidity at quarter end, the $500 million to $550 million capex plan, the successful $75 million Water bond issuance, and a dividend payout ratio targeted at 55% to 65%.

There was essentially no substantive analyst Q&A because the only queued question from Constantine Lednev could not be heard due to technical difficulties. Management said the team would follow up offline after the call. As a result, there were no additional concerns or debate raised on the line beyond the brief interruption.