Diverse Resource Portfolio & Low-Carbon Pathway

44 NET INCOME BRIDGE Drivers included: • . Higher margin from new rates in Oregon and customer growth in Natural Gas Distributions segment (NGD) COVID financial effects related to fewer commercial customers and delay in recognition of late fee revenue Increased O&M from compensation & non- payroll factors Increased depreciation & general taxes from higher level of system investments February 2021 winter weather event included higher asset management revenues partially offset by a loss from the gas cost incentive sharing mechanism as a result of purchasing higher priced gas than was forecasted during the event $1.58 NI from Cont. Ops NGD Margin Excld. Feb. Event $0.52 Q1 2020 vs. Q1 2021 NGD O&M $-0.07 NGD Deprec & Gen Taxes NGD $-0.10 Taxes $-0.06 Feb. '21 Winter Event $0.09 $1.94 Other $-0.02 Net Income NW Natural HOLDINGS™

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