NW Holdings reported a consolidated net income of $113.3 million for the year ended December 31, 2025, an increase of $34.4 million from 2024. Diluted earnings per share for NW Holdings increased by $0.74 to $2.77 in 2025. NW Natural's net income increased by $35.2 million to $124.2 million in 2025. Customer growth was 11.1%, primarily driven by the acquisition of Texas gas utilities and organic growth in the water segment. Total capital expenditures for NW Holdings reached $466.9 million in 2025, reflecting continued investment in utility systems for safety and reliability. The company completed the acquisitions of SiEnergy Operating, LLC and Pines Holdings, Inc. in 2025, expanding its gas utility presence in Texas. New rates became effective for NW Natural in Oregon (November 1, 2024, and October 31, 2025) and for the largest water utility in Arizona (November 1, 2024). Increased interest expense, operations and maintenance expense, and depreciation expense partially offset the financial benefits from new rates and acquisitions. The NW Holdings Other segment reported a net loss of $24.6 million, primarily due to higher interest expense from new debt issuances and increased transaction and business development costs, partially offset by NWN Renewables operating revenues.