NW Natural hits record adjusted profit on SiEnergy integration and infrastructure growth

Northwest Natural Holding Company (NYSE:NWN) posted a sharp increase in annual profitability for 2025, supported by the strategic acquisition of SiEnergy and record-level capital investment in its core utility systems.

The Portland-based utility reported a statutory profit of $2.77 per share, compared to $2.03 per share in 2024.

On an adjusted basis, which excludes certain one-time items, earnings reached a record $2.93 per share, significantly outpacing the $2.33 reported in the prior year.

The company’s growth was underpinned by an 11.1% surge in utility connections—adding roughly 98,000 gas and water customers—largely attributed to its expansion into the Texas market via the SiEnergy deal.

NW Natural invested $467 million into its utility infrastructure throughout the year, focusing on system resiliency and reliability.

The company also marked a corporate milestone in November by increasing its annual dividend for the 70th consecutive year, maintaining one of the longest track records of dividend growth in the utility sector.

Looking ahead, the company initiated 2026 earnings guidance in the range of $2.95 to $3.15 per share.

Management also announced the third expansion of its Mist Gas Storage facility (MX3), a project expected to bolster its long-term earnings growth target to a potential 5% to 7%.

Total capital expenditures are projected to reach as much as $2.9 billion through 2030 to support a growing rate base.