Investor Presentaiton
L
Track Record of Delivering Results
Return on Average Equity
11
12%
10%
11.0%
11.0%
10.8%
10.5%
10.5%
9.8%
9.5%
9.6%
9.9% 9.9% 10.1%
10.1%
9.8%
9.4%
9.5% 9.3%
9.1%
8%
8.7%
8.3%
7.5%
6%
4%
2%
Return on Equity - GAAP Earnings
Return on Equity - Non-GAAP Earnings
0%
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
1 Year Total Shareholder Return
1/1/2020 12/31/2020
3 Year Total Shareholder Return
1/1/2018 12/31/2020
5 Year Total Shareholder Return
1/1/2016 - 12/31/2020
10 Year Total Shareholder Return
1/1/2011-12/31/2020
S&P 500
267.0%
20%
15%
10%
5%
50%
S&P
500
40%
18.4%
DJUA
30%
1.6%
120%
300%
S&P 500
48.9%
100%
250%
S&P 500
8.0%
103.0%
200%
0%
DJUA
60%
DJUA
76.6% 150%
31.8%
NWE
194.8%
12 Peer
-5%
20%
Avg.
-10%
NWE
-15.1%
12 Peer
Avg. *
NWE
9.4%
12 Peer
40%
NWE
29.0%
12 Peer
181.6%
100%
10%
-16.8%
-15%
Avg. *
5.2%
Avg. *
51.8%
20%
50%
-20%
0%
0%
0%
*
Peer Group: ALE, AVA, BKH, IDA, MGEE, NWN, OGE, OGS, OTTR, PNM, POR & SR
DJUA
206.7%
Return on Equity on Non-GAAP Earnings within 8.3% - 10.5% band over the last 10 years with average of 9.4%.
Total Shareholder Return is in line or better than our 12 peer average for the 1, 3 & 10 year periods but lags in the
5 year period, due in part to regulatory concerns in Montana during this period.
See appendix for "Non-GAAP Financial Measures"View entire presentation