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

Rhea-AI Filing Summary

NorthWestern Energy Group, Inc. (NWE) director Kent T. Larson received a fourth-quarter stock grant of 640 shares on 10/06/2025 under the company's non-employee director compensation schedule. The shares were issued at a reported price of $58.61 and, after the grant, Mr. Larson beneficially owns 10,367 shares directly. The filing is a routine Section 16 Form 4 reporting an award to a director rather than a market purchase or sale. The form was signed by an authorized representative on 10/07/2025.

Positive

• Routine director grant of 640 shares issued under the standard compensation schedule
• Increased direct ownership to 10,367 shares, strengthening alignment with shareholders
• Timely Section 16 disclosure filed and signed on 10/07/2025

Negative

• None.

Insights

Corporate Governance Analyst

Board compensation issued in ordinary course; ownership modest.

The grant of 640 shares is described as the standard fourth-quarter award under the director compensation schedule, indicating this is routine non-employee director pay rather than a performance-contingent event. The director now holds 10,367 shares directly, which provides continued alignment with shareholder interests.

Risks and dependencies include typical dilution and timing effects from periodic grants; no exercise or derivative instruments were reported. Watch for similar annual grants at year-end and any changes to the director compensation schedule in the next proxy or disclosure cycle.

Insider Transaction Specialist

Transaction is an issuance, not a market trade; filing fulfills Section 16 reporting.

The Form 4 records an acquisition code A and shows the shares were issued at $58.61 on 10/06/2025; ownership is reported as direct (D). This aligns with compensation-related issuance practices for non-employee directors.

Monitor future filings for any sales or derivative activity by the reporting person that could signal liquidity events; also confirm whether grants follow a fixed schedule disclosed in governance materials.

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^*

Larson Kent T

(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)
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	10,367	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 did NWE director Kent T. Larson report on Form 4?

He reported receiving a fourth-quarter director stock grant of 640 shares on 10/06/2025, issued at $58.61, increasing direct ownership to 10,367 shares.

Was the transaction a market purchase or a compensation grant?

The filing shows transaction code A and the explanation states it was a fourth-quarter stock grant under the non-employee director compensation schedule.

How is ownership reported after the transaction?

Ownership is reported as direct (D) with a total of 10,367 shares beneficially owned following the grant.

When was the Form 4 signed and filed?

The form was signed by an authorized representative on 10/07/2025.

Does the filing show any derivative or option activity for the reporting person?

No. Table II for derivative securities contains no entries; only non-derivative common stock was reported.