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

Rhea-AI Filing Summary

NorthWestern Energy Group, Inc. executive Bleau LaFave reported equity compensation activity involving company common stock. LaFave acquired 671 shares upon the 12/31/25 vesting of performance units granted under the company’s 2023 Long-Term Incentive Program, valued using the $68.45 closing price on 2/11/26 when the board approved payout and vesting. To cover tax obligations, 198 shares were disposed of through a tax-withholding transaction, leaving LaFave with 3,496 directly owned shares of common stock after these transactions.

Insights

Equity compensation analyst

Routine equity award vesting with tax withholding; neutral signal.

The filing shows Bleau LaFave receiving 671 shares of NorthWestern Energy Group common stock from vesting performance units under the 2023 Long-Term Incentive Program, using a reference price of $68.45 per share set on February 11, 2026 when the board approved payout.

A separate transaction disposed of 198 shares as a tax-withholding settlement, a common administrative step rather than an open-market sale. Because the transactions reflect standard incentive plan mechanics without a discretionary purchase or sale, the overall investment signal is neutral for outside shareholders.

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^*

LaFave Bleau

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	VP - Bus Dvlpmt & Asset Mgmt

3. Date of Earliest Transaction (Month/Day/Year)
02/27/2026

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	02/27/2026		A		671(1)	A	$68.45(2)	3,694	D
Common Stock	02/27/2026		F		198	D	$0	3,496	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. Shares acquired upon 12/31/25 vesting of performance units granted under the company's 2023 Long-Term Incentive Program.

2. Share price is the closing share price on 2/11/26, the date when the company's Board of Directors approved payout and vesting of the award.

Remarks:

	Emily L. Folsom, by power of attorney	03/02/2026
	** 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 insider transactions did NorthWestern Energy Group (NWE) report for Bleau LaFave?

Bleau LaFave reported receiving 671 shares of NorthWestern Energy Group common stock from vested performance units and disposing of 198 shares for tax withholding. These transactions are part of the company’s 2023 Long-Term Incentive Program, resulting in direct ownership of 3,496 shares after the activity.

Was Bleau LaFave’s Form 4 transaction in NWE stock a buy or sell?

The Form 4 reflects an equity award vesting and related tax withholding, not an open-market buy or sell. LaFave acquired 671 shares through performance unit vesting and disposed of 198 shares to cover tax obligations, leaving 3,496 directly owned shares of NorthWestern Energy Group common stock.

What price was used for Bleau LaFave’s NorthWestern Energy Group performance award vesting?

The equity award vesting used a reference share price of $68.45, equal to NorthWestern Energy Group’s closing price on February 11, 2026. That is the date when the board of directors approved payout and vesting of the performance unit award under the 2023 Long-Term Incentive Program.

How many NorthWestern Energy Group shares does Bleau LaFave own after these Form 4 transactions?

After the reported transactions, Bleau LaFave directly owns 3,496 shares of NorthWestern Energy Group common stock. This reflects the 671 shares acquired from vesting performance units and the 198 shares disposed of in a tax-withholding transaction associated with that long-term incentive award.

What triggered the 671-share award for Bleau LaFave at NorthWestern Energy Group (NWE)?

The 671-share award was triggered by the December 31, 2025 vesting of performance units granted under NorthWestern Energy Group’s 2023 Long-Term Incentive Program. The board approved payout and vesting of this award on February 11, 2026, using the same date’s closing share price as the valuation.

Why did Bleau LaFave dispose of 198 NWE shares in the Form 4 filing?

The 198-share disposition is classified as a tax-withholding transaction, not a market sale. Shares were delivered to satisfy tax liabilities associated with the vesting of performance units, a standard administrative feature of equity compensation rather than a discretionary divestment by the executive.