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

Rhea-AI Filing Summary

Linda G. Sullivan, a director of NorthWestern Energy Group, Inc. (NWE), received a non‑derivative grant of 938 shares of common stock as a fourth‑quarter 2025 stock grant under the company's director compensation schedule. The award was executed on 10/06/2025 at an indicated per‑share price of $58.61. After the grant and including shares acquired through dividend reinvestment, Ms. Sullivan beneficially owns 31,600 shares. The Form 4 was signed by power of attorney on 10/07/2025.

Positive

• Director equity award: 938 shares granted to a director on 10/06/2025, indicating compensation is paid in company stock
• Increased beneficial ownership: Reporting person now holds 31,600 shares, including dividend reinvestment

Negative

• None.

Insights

Corporate Governance Analyst

Director received routine equity grant; ownership increased to 31,600 shares.

The transaction is a standard non‑employee director compensation event: 938 common shares granted under the established compensation schedule and executed on 10/06/2025. The filing discloses a post‑transaction beneficial holding of 31,600 shares, which includes shares from dividend reinvestment.

This raises no new governance flags in the filing: the grant is recorded at a per‑share price of $58.61, and the Form 4 was timely signed on 10/07/2025. Investors may note director equity levels as part of alignment metrics over the next 12 months.

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
Estimated average burden
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^*

Sullivan Linda G

(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		938(1)	A	$58.61	31,600(2)	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.

2. Includes shares acquired from dividend reinvestment.

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 Linda G. Sullivan report on the Form 4 for NWE?

She reported receiving 938 shares of common stock as a director stock grant on 10/06/2025, and now beneficially owns 31,600 shares.

What was the reported price per share on the transaction?

The Form 4 lists a price of $58.61 per share for the reported grant.

Does the filing say why the shares were granted?

Yes. The shares were issued as a fourth quarter 2025 stock grant under the company's compensation schedule for non‑employee directors.

When was the Form 4 signed and filed?

The signature by power of attorney is dated 10/07/2025.

Are dividend‑reinvested shares included in the ownership total?

Yes. The reported 31,600 shares include shares acquired from dividend reinvestment.