Financial Data and Key Metrics Changes - For the full year 2025, the company reported record-adjusted earnings per share of $2.93, compared to $2.33 per share for 2024, reflecting significant earnings growth driven by new rates in Oregon and strong organic customer growth [19][20] - The company generated approximately $270 million in cash provided by operating activities, about 35% above 2024 [20] - The company invested a record $467 million in systems related to safety, reliability, and technology, with 75% allocated to Northwest Natural Gas [21] Business Line Data and Key Metrics Changes - The Northwest Natural Gas utility segment saw adjusted earnings per share improve by $0.45, primarily due to new rates in Oregon [19] - SiEnergy contributed $0.33 per share for 2025, exceeding expectations, with an 18% organic customer growth [19][12] - The water segment contributed $0.35 per share, driven by new rates and additional revenues from an acquisition, marking a significant increase in earnings [20][15] Market Data and Key Metrics Changes - The company expects to achieve 2%-3% organic customer growth across its utilities through 2030, with SiEnergy and Water expected to outpace overall consolidated growth rates [16] - The company anticipates a consolidated capital expenditure of approximately $500 million-$550 million in 2026, with a five-year CapEx plan of $2.6 billion to $2.9 billion through 2030 [23] Company Strategy and Development Direction - The company is focused on disciplined execution and delivering consistent, growing earnings and returns for shareholders, with a long-term EPS growth target of 4%-6% [4][22] - The MX3 Gas Storage Expansion project is expected to enhance regional reliability and capacity, potentially increasing long-term earnings growth targets to 5%-7% once approved [6][12] - The company is diversifying into the water utility business and expanding into multiple jurisdictions, including Texas, to enhance long-term growth prospects [4][5] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's positioning for the next several years, emphasizing the importance of natural gas in meeting energy demand [8][10] - The company is optimistic about the growth in the Texas market, driven by industrial and commercial activity, and sees potential benefits from reduced mortgage rates [36][37] - Management highlighted the importance of maintaining affordable rates for customers while achieving growth targets [17] Other Important Information - The company has a strong dividend growth record, marking 70 consecutive years of dividend increases, with a target payout ratio of 55%-65% [17] - The company is committed to maintaining strong investment-grade credit ratings and funding its growth through a balanced mix of operating cash flows, long-term debt, and equity [24] Q&A Session Summary Question: Guidance and Growth Range - Management is comfortable with the current 4%-6% long-term EPS growth guidance without MX3, expecting to increase it to 5%-7% once the project achieves notice to proceed [27] Question: Notice to Proceed Timeline - Management expects to receive notice to proceed by the end of next year, with several milestones already achieved [28] Question: SiEnergy Growth Expectations - SiEnergy has exceeded growth expectations despite a slowdown in the Texas housing market, with strong additions to its customer backlog [29] Question: Rate Case Considerations - Management is contemplating a rate case for SiEnergy this year, evaluating factors including customer affordability [30] Question: Water Business Expansion - The company is focused on both organic growth and potential acquisitions in the water business, with a strong pipeline of opportunities [34] Question: Impact of Mortgage Rates on Growth - Management noted a recent uptick in housing development in Texas due to reduced mortgage rates, which is seen as a positive sign for future growth [36]

Financial Data and Key Metrics Changes - For the full year 2025, the company reported record-adjusted earnings per share of $2.93, compared to $2.33 per share for 2024, reflecting significant earnings growth driven by new rates in Oregon and strong organic customer growth [19][20] - The company generated approximately $270 million in cash provided by operating activities, about 35% above 2024 [20] - The company invested a record $467 million in systems related to safety, reliability, and technology, with 75% allocated to Northwest Natural Gas [21] Business Line Data and Key Metrics Changes - The Northwest Natural Gas utility segment saw adjusted earnings per share improve by $0.45, primarily due to new rates in Oregon [19] - SiEnergy contributed $0.33 per share for 2025, exceeding expectations, with an 18% organic customer growth rate [19][12] - The water segment contributed $0.35 per share, driven by new rates and additional revenues from an acquisition, marking a significant increase in earnings [20][15] Market Data and Key Metrics Changes - The company expects to achieve consolidated organic customer growth of 2%-3% and rate-based growth of 6%-8% through 2030, supported by a planned capital expenditure of $2.6 billion-$2.9 billion [16][23] - SiEnergy is projected to generate between 10%-15% of consolidated earnings per share in 2026, with expectations of 15%-20% customer growth each year through 2030 [14][22] Company Strategy and Development Direction - The company is focused on disciplined execution and delivering consistent, growing earnings and returns for shareholders, with a long-term EPS growth target of 4%-6% [7][22] - The MX3 Gas Storage Expansion project is expected to enhance regional reliability and capacity, potentially increasing long-term earnings growth targets to 5%-7% once approved [6][12] - The company is diversifying into the water utility business and expanding into multiple jurisdictions, including Texas, to enhance long-term growth prospects [4][5] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's positioning for future growth, emphasizing the importance of natural gas in meeting energy demand [5][10] - The company anticipates another record year for capital investment and earnings in 2026, with a focus on returning capital to shareholders [17][24] - Management noted that the transition to multi-year rate cases will provide greater clarity and predictability for customers and utilities [8][9] Other Important Information - The company has a strong balance sheet with significant liquidity of approximately $590 million as of December 31, 2025 [21] - The dividend payout ratio is expected to moderate to 55%-65% over the next several years, with a commitment to returning capital to shareholders [24] Q&A Session Summary Question: Where does the company see itself within the existing growth range, and how does the MX3 project impact this? - Management is comfortable with the 4%-6% long-term EPS growth guidance without MX3, expecting to increase it to 5%-7% once the project achieves notice to proceed [27] Question: When is the expected notice to proceed for the MX3 project, and are there any potential delays? - The company expects notice to proceed by the end of next year, with several milestones already achieved [28] Question: How is SiEnergy performing relative to expectations, and is a rate case being considered? - SiEnergy has exceeded expectations with strong growth and record additions to its backlog, and a rate case is being contemplated [29][30] Question: What are the next steps for the water segment in terms of expansion and acquisitions? - The company is focused on both organic growth and opportunistic acquisitions, particularly in Texas, where growth has been strong [34][35] Question: Have recent changes in mortgage rates affected housing development and customer growth in Texas? - Management noted a recent uptick in housing activity due to lower mortgage rates, which is seen as a positive for long-term growth in Texas [36][37]

Financial Data and Key Metrics Changes - For the full year 2025, the company reported record-adjusted earnings per share of $2.93, compared to $2.33 per share for 2024, reflecting significant earnings growth driven by new rates in Oregon and strong organic customer growth [18][19] - The company generated approximately $270 million in cash provided by operating activities, about 35% above 2024 [19] - The company invested a record $467 million in systems related to safety, reliability, and technology, with 75% allocated to Northwest Natural Gas [20] Business Line Data and Key Metrics Changes - The Northwest Natural Gas utility segment saw adjusted earnings per share improve by $0.45, primarily due to new rates in Oregon [18] - SiEnergy contributed $0.33 per share for 2025, with 18% organic customer growth and a backlog nearing 250,000 future meters, representing over a 30% increase in customer backlog [11][12] - The water segment contributed $0.35 per share, accounting for 12% of consolidated adjusted earnings per share, driven by new rates and acquisitions [14][19] Market Data and Key Metrics Changes - The company is positioned to address the growing energy demand in the Pacific Northwest, with the MX3 Gas Storage Expansion project expected to enhance regional reliability and capacity [5][9] - The Pacific Northwest Electric Grid faces a potential 9-gigawatt capacity shortfall by 2030, highlighting the importance of the company's storage capabilities [9] Company Strategy and Development Direction - The company aims to diversify into the water utility business and expand into multiple jurisdictions, including Texas, to enhance long-term growth prospects [4][5] - The transition to multi-year rate cases in Oregon and Washington is expected to create a more balanced and predictable earnings profile [7][8] - The company plans to maintain a strong balance sheet while targeting a long-term dividend payout ratio of 55%-65% [16][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strategy and execution, anticipating another record year for capital investment and earnings in 2026 [16][25] - The company expects consolidated capital expenditures of approximately $500 million-$550 million in 2026, with a long-term EPS growth rate of 4%-6% reaffirmed [21][23] Other Important Information - The MX3 Gas Storage Expansion project is estimated to cost approximately $300 million and is expected to be in service by the end of 2029 [10] - The company is committed to returning capital to shareholders, with a focus on steady dividend increases [16][24] Q&A Session Summary Question: Guidance and Growth Range - Management is comfortable with the 4%-6% long-term EPS growth guidance without MX3, expecting to increase it to 5%-7% once the project achieves notice to proceed [27] Question: Notice to Proceed Timeline - The company expects notice to proceed by the end of next year, with several milestones already achieved [28] Question: SiEnergy Growth Expectations - SiEnergy has exceeded expectations with strong growth and record additions to its backlog, despite a slowdown in the Texas housing market [29] Question: Rate Case Considerations - Management is evaluating a rate case for SiEnergy, considering customer affordability and potential benefits from the GRIP mechanism [31][32] Question: Water Business Expansion - The company is focused on both organic growth and opportunistic acquisitions in the water business, with a robust M&A pipeline [33][34] Question: Impact of Mortgage Rates on Growth - Recent reductions in mortgage rates have shown a positive impact on housing development and customer growth in Texas [36][37]

Q4 2025 EARNINGS CALL February 27, 2026 Financial Updates Financial Updates Introduction Guidance Business Updates Investor Information Company Information NW Natural Holdings 250 SW Taylor Street Portland, OR 97204 nwnaturalholdings.com Nikki Sparley Director of Investor Relations and Assistant Treasurer (503) 721-2530 nikki.sparley@nwnatural.com FORWARD LOOKING STATEMENTS This and other presentations made by NW Natural Holdings from time to time, may contain forward-looking statements within the meaning o ...

Key Takeaways Southwest Gas posted Q4 EPS of $1.36, missing estimates and slipping from last year.SWX ended 2025 with $576.6M in cash and reduced long-term debt to $3.43B.SWX guides 2026 EPS of $4.17-$4.32 and projects $1.25B in capital spending.Southwest Gas Holdings Inc. (SWX) recorded fourth-quarter 2025 operating earnings of $1.36 per share, which missed the Zacks Consensus Estimate of $1.40 by 2.9%. The bottom line also decreased from the year-ago quarter’s figure of $1.39.SWX reported earnings of $3.6 ...

Chesapeake Utilities (NYSE:CPK) Q4 2025 Earnings call February 26, 2026 08:30 AM ET Company ParticipantsBeth Cooper - Executive Vice President, Chief Financial Officer, Treasurer, and Assistant Corporate SecretaryJeff Householder - Chair of the Board, President, and CEOJim Moriarty - Executive Vice President, General Counsel, Corporate Secretary, and Chief Policy and Risk OfficerLucia Dempsey - Head of Investor RelationsMichael Brown - Equity Research AssociateConference Call ParticipantsAlex Kania - Managi ...

Chesapeake Utilities (NYSE:CPK) Q4 2025 Earnings call February 26, 2026 08:30 AM ET Speaker7Welcome to Chesapeake Utilities Corporation's fourth quarter and full year 2025 earnings conference call. At this time, all participants have been placed on a listen-only mode, and the floor will be open for your questions following the presentation. If you would like to ask a question at that time, please press star one on your telephone keypad. If at any point your question has been answered, you may remove yoursel ...

Karen Haller: Thanks, Tyler. Good morning, everyone, and thank you for joining us today. Last year, we turned the page on our transformational strategy with the successful disposition of Century in September. An important milestone that completed our transition to a fully regulated natural gas business. This strategic step enabled us to fully pay down the remaining holding company debt, strengthened our balance sheet, and unlocked meaningful capital to reinvest in our core operations. With our focus now ful ...

Financial Data and Key Metrics Changes - In 2025, the company reported adjusted earnings per diluted share from continuing operations increased nearly 19%, from $3.07 in 2024 to $3.65 in 2025, representing a $0.58 improvement year-over-year [27] - Adjusted net income increased by 8.7% from $261.2 million in 2024 to $283.9 million in 2025, exceeding guidance by nearly $9 million [29] - Consolidated GAAP earnings per diluted share for 2025 were $6.08, which included discontinued operations from the sale of Centuri [26] Business Line Data and Key Metrics Changes - The utility's substantial net income growth was primarily driven by positive regulatory outcomes and strong economic activity in the service area, further enhanced by cost optimization efforts [12] - The company achieved a nearly $120 million improvement in operating margin, reflecting combined rate relief and continued customer growth [30] Market Data and Key Metrics Changes - The company expects significant earnings per share growth of 12%-14% from 2025-2030, driven by anticipated improvements in the regulatory environment [9] - The company anticipates filing rate cases in Arizona and Nevada, which are expected to be catalysts for better aligning capital recovery with investments [15] Company Strategy and Development Direction - The company has transitioned to a fully regulated natural gas business, allowing for a stronger foundation and greater flexibility to execute strategic priorities [5] - The 2026 strategy is anchored in operational excellence, financial discipline, and regulatory progress, with a focus on improving returns and advancing customer-focused investments [10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, highlighting the introduction of 2026 and long-term guidance ranges, with a focus on sustainable value for customers and shareholders [8] - The company is confident in its ability to execute its plan with discipline and create long-term value for stockholders while driving meaningful outcomes for all stakeholders [14] Other Important Information - The board approved a 4% increase in the annual dividend, bringing it to an annualized $2.58 per share for 2026 [41] - The company has a significant cash balance of nearly $600 million, expected to be utilized for dividend payments and reinvestment in the utility business [12] Q&A Session Summary Question: Discussion on equity and timing - Management indicated that they do not anticipate needing equity in 2026 and plan to utilize holding company leverage capacity to offset capital needs [55][56] Question: Scope of the Great Basin project - Management confirmed that there is strong demand for the Great Basin project, with potential for additional capacity based on future customer interest [60][62] Question: Earnings contribution post-Great Basin in-service - Management expects the Great Basin project to contribute significantly to margin, with full benefits anticipated in 2029 and 2030 [72] Question: Rate case outcomes and historical experience - Management acknowledged the importance of historical success in rate case outcomes and the potential for formula rate adjustments to enhance earnings contributions [74] Question: Progress in Nevada workshops - Management reported positive progress in Nevada workshops, with expectations for draft regulations to be released soon [79]

Financial Data and Key Metrics Changes - In 2025, the company reported adjusted net income of $283.9 million, an increase of 8.7% from $261.2 million in 2024, exceeding guidance by nearly $9 million [29][30] - Adjusted earnings per diluted share from continuing operations rose nearly 19% to $3.65 in 2025 from $3.07 in 2024, driven by utility optimization and lower financing costs [27][28] - The adjusted return on equity for the year was 8.3%, supported by effective cost management and regulatory outcomes [8] Business Line Data and Key Metrics Changes - The utility's substantial net income growth was primarily driven by positive regulatory outcomes and strong economic activity in the service area [12] - Operating margin improved by nearly $120 million, reflecting combined rate relief and customer growth [30] - O&M expenses increased by $16.8 million, with a focus on managing costs while delivering natural gas service [31] Market Data and Key Metrics Changes - The company anticipates significant earnings per share growth of 12%-14% from 2025 to 2030, driven by improvements in the regulatory environment [9][45] - The expected revenue increase in the Arizona rate case is over $100 million, with a proposed rate base of $3.9 billion [18] Company Strategy and Development Direction - The company has transitioned to a fully regulated natural gas business, allowing for a stronger focus on core operations and strategic priorities [5][11] - The 2026 strategy emphasizes operational excellence, financial discipline, and regulatory progress, with a capital plan of approximately $1.25 billion for 2026 [10][36] - The company is initiating a five-year capital guidance of approximately $6.3 billion, with 73% directed towards Southwest Gas and 27% towards Great Basin [21] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about future growth opportunities, particularly with the anticipated improvements in regulatory frameworks in Arizona and Nevada [9][15] - The company expects to maintain a disciplined strategy focused on investing in capital plans while sustaining responsible annual dividend growth [10][41] - Management highlighted the importance of reducing regulatory lag and aligning capital recovery with investments to improve long-term earnings visibility [15][63] Other Important Information - The board approved a 4% increase in the annual dividend, bringing it to an annualized $2.58 per share for 2026 [10][41] - The company achieved an S&P credit rating upgrade to BBB+ with stable outlooks following the completion of the Centuri disposition [11][12] Q&A Session Summary Question: Discussion on equity needs and timing - Management indicated that they do not anticipate equity needs in 2026 and plan to utilize holding company leverage capacity to offset capital needs [55][56] Question: Details on the Great Basin project and customer interest - Management confirmed strong demand for the Great Basin project, with nearly 800 MCF subscribed, and indicated potential for future open seasons to accommodate additional interest [60][62] Question: Earnings contribution post-Great Basin in-service - Management expects significant margin contributions from the Great Basin project, estimated at $215 million-$245 million annually once operational [72] Question: Rate case outcomes and historical success - Management acknowledged the importance of historical success in rate case outcomes and the potential for formula rate adjustments to enhance earnings contributions [74][75] Question: Progress in Nevada workshops and ROE considerations - Management reported positive progress in Nevada workshops and indicated that recent regulatory decisions could provide a constructive framework for future rate cases [78][80]