v3.26.1
Debt
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Debt DEBT
The nature and terms of our debt instruments and credit facilities are described in detail in Note 9 to the consolidated financial statements in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025. Other than as described below, there were no other material changes in the terms of our debt instruments during the three and six months ended June 30, 2026.

Short-Term Debt
NW Holdings' short-term debt consisted of the following:

June 30, 2026June 30, 2025December 31, 2025
In millionsBalance Outstanding
Weighted Average Interest Rate(1)
Balance Outstanding
Weighted Average Interest Rate(1)
Balance Outstanding
Weighted Average Interest Rate(1)
Commercial Paper Borrowings - NW Holdings$105.3 4.1 %$157.4 4.8 %$162.0 4.1 %
Commercial Paper Borrowings - NW Natural— — %— — %10.0 4.0 %
SiEnergy Credit Agreement Loans16.0 4.7 %— — %— — %
Total short-term debt$121.3 $157.4 $172.0 
(1) Weighted average interest rate on outstanding short-term debt
Long-Term Debt
NW Holdings' long-term debt consisted of the following:

June 30, 2026June 30, 2025December 31, 2025
In millionsBalance Outstanding
Weighted Average Interest Rate(1)
Balance Outstanding
Weighted Average Interest Rate(1)
Balance Outstanding
Weighted Average Interest Rate(2)
NW Natural first mortgage bonds$1,544.7 4.7 %$1,374.7 4.6 %$1,544.7 4.7 %
SiEnergy term loan(3)
— — %148.1 6.1 %— — %
SiEnergy secured senior notes185.0 5.6 %— — %185.0 5.6 %
NWN Water unsecured senior notes75.0 5.4 %— — %— — %
NWN Water term loan— — %55.0 4.7 %55.0 4.7 %
Other water debt3.8 4.5 4.0 
NW Holdings unsecured senior bonds335.0 5.7 %285.0 5.7 %285.0 5.7 %
NW Holdings term loan50.0 4.7 %50.0 5.3 %50.0 5.2 %
NW Holdings junior subordinated debentures325.0 7.0 %325.0 7.0 %325.0 7.0 %
Long-term debt, gross2,518.5 2,242.3 2,448.7 
Less: unamortized debt issuance costs16.1 14.1 15.9 
Less: current maturities125.7 141.5 160.6 
Total long-term debt$2,376.7 $2,086.7 $2,272.2 

(1)    Weighted average interest rate for the six months ended June 30, 2026 and June 30, 2025
(2)    Weighted average interest rate for the year ended December 31, 2025
(3)    On January 7, 2025, NW Holdings acquired SiEnergy. SiEnergy's subsidiary, Si Investment Co., had this existing term loan outstanding at the date of acquisition. In August 2025, the associated facilities were terminated and are no longer available for financing.

NW Natural's first mortgage bonds (FMBs) have maturity dates ranging from 2026 through 2055 and interest rates ranging from 2.82% to 7.85%. SiEnergy's secured senior notes have maturity dates ranging from 2030 through 2055 and interest rates ranging from 4.86% to 6.04%. NWN Water's unsecured senior notes have maturity dates ranging from 2031 through 2036 and interest rates ranging from 5.15% to 5.58%. NW Holdings' unsecured senior bonds have maturity dates ranging from 2028 through 2034 and interest rates ranging from 5.35% to 5.86%. NW Holdings' Junior Subordinated Debentures have an interest rate of 7.0% and a maturity date of 2055. At June 30, 2026, NW Holdings and NW Natural had long-term debt outstanding of $2,502.4 million and $1,535.3 million, respectively, which included $16.1 million and $9.4 million of unamortized debt issuance costs at NW Holdings and NW Natural, respectively. Debt of $125.7 million is scheduled to mature in the next twelve months, which consists of $75.0 million at NW Natural, $0.7 million at NWN Water, and $50.0 million at NW Holdings.
Summary of Significant Debt Issuances

In millionsSix months ended June 30, 2026
NW HoldingsIssuance DateMaturity DateInterest RateAmount
Series E Senior Notes (a)
June 2026June 20315.35 %$50.0 
NWN Water
Series A Senior Notes (b)
June 2026June 20315.15 %33.0 
Series B Senior Notes (b)
June 2026June 20365.58 %42.0 
Total long-term debt issuance$125.0 
(a) Proceeds were used to support working capital needs and for general corporate purposes including repayment of debt.
(b) Proceeds were used to repay the existing indebtedness under the Credit Agreement; any remaining proceeds were used for working capital needs and for general corporate purposes.

In June 2026, NW Holdings entered into a Note Purchase Agreement between NW Holdings and the institutional investors named as purchasers therein. The Note Purchase Agreement provided for the issuance of (i) $10.0 million in aggregate principal amount of its 5.35% Senior Notes, Series F, due August 5, 2031 (the “Series F Notes”) and (ii) $60.0 million in aggregate principal amount of its 5.83% Senior Notes, Series G, due August 5, 2036 (the “Series G Notes”) in reliance on an exemption from registration under Section 4(a)(2) of the Securities Act of 1933, as amended. The Series F Notes and Series G Notes were issued and sold on August 5, 2026.

Summary of Significant Debt Extinguishments and Repayments

NWN Water
On June 10, 2026, NWN Water fully repaid the $55.0 million outstanding under the Credit Agreement dated as of June 10, 2021, among NWN Water Company, LLC, Northwest Natural Holding Company, as Guarantor, and Bank of America, N.A., upon its maturity.

Fair Value of Long-Term Debt
NW Holdings' and NW Natural's outstanding debt does not trade in active markets. The fair value of debt is estimated using the value of outstanding debt at natural gas distribution companies with similar credit ratings, terms, and remaining maturities to NW Holdings' and NW Natural's debt that actively trade in public markets. These valuations are based on Level 2 inputs as defined in the fair value hierarchy. See Note 2 in the 2025 Form 10-K for a description of the fair value hierarchy.

The following table provides an estimate of the fair value of long-term debt, including current maturities of long-term debt, using market prices in effect on the valuation date:
June 30,December 31,
In millions202620252025
NW Holdings:
Gross long-term debt$2,518.5 $2,242.3 $2,448.7 
Unamortized debt issuance costs(16.1)(14.1)(15.9)
Carrying amount$2,502.4 $2,228.2 $2,432.8 
Estimated fair value(1)
$2,343.1 $2,076.4 $2,317.1 
NW Natural:
Gross long-term debt$1,544.7 $1,374.7 $1,544.7 
Unamortized debt issuance costs(9.4)(9.0)(9.8)
Carrying amount$1,535.3 $1,365.7 $1,534.9 
Estimated fair value(1)
$1,346.7 $1,193.2 $1,383.1 
(1) Estimated fair value does not include unamortized debt issuance costs.