NorthWestern Energy (NWE) director Yingling receives 581-share Q1 2026 stock grant

Rhea-AI Filing Summary

NorthWestern Energy Group, Inc. director Jeffrey W. Yingling reported receiving a first quarter 2026 stock grant under the company’s compensation schedule for non-employee directors. The award covered 581 shares of common stock at a grant price of $64.54 per share, determined as of December 31, 2025.

Following this grant, Yingling beneficially owned 22,821 shares of NorthWestern common stock, including deferred share units that will be issued after his service ends and shares accumulated through dividend reinvestment.

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

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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^*

Yingling Jeffrey W.

(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)
02/03/2026

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	02/03/2026		A		581(1)(2)	A	$64.54(3)	22,821(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. First quarter stock grant for 2026 received pursuant to the NorthWestern Energy Group, Inc. compensation rate schedule for non-employee directors.

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

3. Grant price as of December 31, 2025. Shares issued as deferred share units on February 2, 2026.

4. Includes shares acquired from dividend reinvestment.

Remarks:

	Emily L. Folsom, by power of attorney	02/04/2026
	** 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 transaction did NorthWestern Energy Group (NWE) director Jeffrey W. Yingling report?

Jeffrey W. Yingling reported receiving a stock grant of 581 common shares. The grant represents his first quarter 2026 compensation as a non-employee director under NorthWestern Energy Group’s director compensation schedule, increasing his beneficial holdings in the company.

How many NorthWestern Energy Group (NWE) shares does Jeffrey W. Yingling now beneficially own?

After the reported grant, Yingling beneficially owns 22,821 NorthWestern shares. This total includes common stock, underlying deferred share units issuable after he leaves the board, and additional shares accumulated through the company’s dividend reinvestment activity.

What was the grant price for Jeffrey W. Yingling’s NorthWestern Energy (NWE) stock award?

The reported grant price was $64.54 per share. This price was set as of December 31, 2025, and the shares were issued as deferred share units on February 2, 2026, as part of his non-employee director compensation.

Is Jeffrey W. Yingling’s NorthWestern Energy (NWE) stock grant a routine compensation award?

Yes, the filing describes the grant as routine director compensation. It states the 581-share award is a first quarter 2026 stock grant received pursuant to NorthWestern Energy Group’s compensation rate schedule for non-employee directors, rather than an open-market stock purchase or sale.

Does Jeffrey W. Yingling’s reported NorthWestern Energy (NWE) ownership include deferred share units?

Yes, his reported holdings include deferred share units. The filing explains that some underlying deferred share units will be issued only after Yingling’s termination of service from the company, and these units are counted in his beneficial ownership.

Are dividends factored into Jeffrey W. Yingling’s NorthWestern Energy (NWE) share total?

Yes, dividend reinvestment contributes to his reported share total. The filing notes that his 22,821 beneficially owned shares include additional shares acquired through dividend reinvestment, alongside his director stock grants and deferred share units.