NW Holdings is a utility holding company based in Portland, Oregon, primarily engaged in regulated natural gas and water distribution. Its flagship business, NW Natural, has served customers in the Pacific Northwest since 1859 and distributes natural gas to roughly 810,000 meters across Oregon and southwest Washington, primarily in the Portland metro area and the Willamette Valley. Residential customers account for the majority of meters and roughly two-thirds of margin, with commercial customers contributing an additional 25%. NW Holdings acquired SiEnergy in January 2025, a fast-growing gas distribution utility serving roughly 90,000 meters across the Dallas/Fort Worth, Houston, and Austin metro areas in Texas. Unlike NW Natural, SiEnergy operates without exclusive service territories and actively competes for developer and homebuilder relationships to drive new customer connections — a contracted backlog of 240,000+ future meters provides multi-year growth visibility. NW Holdings also operates NW Natural Water, a regulated water and wastewater utility serving roughly 81,000 connections across five states. As regulated utilities, NW Natural and SiEnergy earn authorized returns on their rate bases, set by state commissions, with gas commodity costs passed through to customers via annual filings. Growth is driven by infrastructure investment at NW Natural, aggressive customer growth at SiEnergy targeting 20%+ annually, and continued water utility expansion. NW Holdings targets 4-6% long-term EPS growth, supported by a CapEx plan of $2.5-2.7B through 2030.