[Form 4] NorthWestern Energy Group, Inc. Insider Trading Activity

Rhea-AI Filing Summary

NorthWestern Energy Group, Inc. (NWE) reported a non-derivative insider acquisition: a director received a fourth-quarter 2025 stock grant of $58.61-priced shares. On 10/06/2025 the reporting person acquired 640 shares at a reported price of $58.61, bringing their beneficial ownership to 3,950 shares. The filing identifies the grant as part of the company's 2025 compensation schedule for non-employee directors. The transaction was reported on 10/07/2025 by a power of attorney signature.

Positive

• 640-share grant aligns director compensation with shareholder interests
• Transaction is part of the 2025 compensation schedule, indicating governance consistency
• Reporting via power of attorney shows timely disclosure (filed 10/07/2025)

Negative

• Beneficial ownership increased to 3,950 shares, modestly diluting per‑share ownership
• Transaction price $58.61 may reflect recent market level but adds additional outstanding shares

Insights

Corporate Governance / Insider Transactions Analyst

Board alignment through routine director stock grant; modest ownership change.

The filing shows a scheduled fourth-quarter grant of 640 common shares to a non-employee director at an indicated price of $58.61, raising total reported beneficial ownership to 3,950 shares. Such grants are commonly used to align directors' incentives with shareholders without involving cash compensation.

Key dependencies include the company's director compensation policy and any holding requirements that affect when shares can be sold. This is a routine governance event with near-term significance around disclosure and ownership levels through Q4 2025.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Goodin David L

(Last) (First) (Middle)

NORTHWESTERN ENERGY

3010 W 69TH STREET

(Street)

SIOUX FALLS SD 57108

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
NorthWestern Energy Group, Inc. [ NWE ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
10/06/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	10/06/2025		A		640(1)	A	$58.61	3,950	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Fourth quarter stock grant for 2025 received pursuant to the NorthWestern Energy Group, Inc. compensation rate schedule for non-employee directors.

Remarks:

	Emily L. Folsom, by power of attorney	10/07/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What transaction did NorthWestern Energy (NWE) report on 10/06/2025?

Acquisition of 640 common shares by a non-employee director at a reported price of $58.61, increasing beneficial ownership to 3,950 shares.

Was this Form 4 filing for an exercise or a grant?

The filing describes a fourth-quarter 2025 stock grant under the company's compensation schedule for non-employee directors.

Who reported the transaction for NWE and when was it filed?

The form was signed by Emily L. Folsom by power of attorney and dated 10/07/2025.

How many shares does the reporting person own after the transaction?

The filing reports 3,950 shares beneficially owned following the transaction.

Does the Form 4 indicate any derivative transactions or dispositions?

No. Table II (derivative securities) shows no reported derivative transactions; this is a non-derivative acquisition.