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

Rhea-AI Filing Summary

NorthWestern Energy Group (NWE) – Form 4: On 01 Aug 2025 non-employee director Jan Robert Horsfall was granted 731 deferred share units of common stock at an accounting price of $51.30, classified as an “A” (acquisition) transaction. The award is part of the board’s Q3-2025 compensation schedule; units convert into common shares only after the director’s service ends. Following the grant, Horsfall’s direct beneficial ownership rises to 9,232 shares, a figure that also includes dividend-reinvested shares. No shares were sold, no options or other derivatives were involved, and total company share count is unaffected. The filing reflects routine director compensation and offers a modest signal of insider alignment but carries no material impact on earnings, cash flow, or governance.

Insights

Securities Analyst

TL;DR: Routine director stock grant; neutral for valuation, minor positive for alignment.

The 731-share deferred unit grant is immaterial versus NWE’s ~60 m outstanding shares and does not change insider ownership meaningfully. Because the units vest only after board service ends, near-term float and earnings per share remain untouched. While insider acquisition—versus sale—sends a mildly constructive signal, the transaction is compensation-driven, not discretionary buying, and therefore has limited predictive value for future performance. Overall impact on NWE’s investment thesis is neutral.

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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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^*

HORSFALL JAN ROBERT

(Last) (First) (Middle)

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)
08/01/2025

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	08/01/2025		A		731(1)(2)	A	$51.3(3)	9,232(4)	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. Third quarter stock grant for 2025 received pursuant to the NorthWestern Energy Group, Inc. compensation rate schedule for non-employee directors.

2. Represents underlying deferred share units that are issuable subsequent to the reporting person's termination of service from the company.

3. Grant price as of June 30, 2025. Shares issued as deferred share units on August 1, 2025.

4. Includes shares acquired from dividend reinvestment.

Remarks:

	Emily L. Folsom, by power of attorney	08/04/2025
	** 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.
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