Director Jan Horsfall receives 581 NorthWestern (NWE) shares in grant

Rhea-AI Filing Summary

NorthWestern Energy Group, Inc. director Jan Robert Horsfall reported receiving a grant of 581 shares of common stock on February 3, 2026, coded as an acquisition. The grant represents his first quarter 2026 stock award under the company’s compensation schedule for non-employee directors.

The shares carried a grant price of $64.54 as of December 31, 2025 and were issued as deferred share units on February 2, 2026. After this grant, Horsfall beneficially owned 10,505 shares, including deferred share units and shares acquired through dividend reinvestment, all reported as held directly.

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

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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)
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)	10,505(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 NWE director Jan Robert Horsfall report?

Jan Robert Horsfall reported acquiring 581 shares of NorthWestern Energy Group common stock. The transaction occurred on February 3, 2026 as a first quarter 2026 stock grant under the non-employee director compensation schedule, increasing his beneficial ownership to 10,505 shares.

At what price were the 581 NWE shares granted to director Jan Robert Horsfall?

The 581 shares were granted at a price of $64.54 per share. This grant price was determined as of December 31, 2025, with the shares issued as deferred share units on February 2, 2026 under the non-employee director compensation schedule.

How many NWE shares does Jan Robert Horsfall beneficially own after this Form 4?

After the reported transaction, Jan Robert Horsfall beneficially owned 10,505 NorthWestern Energy Group shares. This total includes underlying deferred share units issuable after his termination of service and additional shares acquired through dividend reinvestment, all reported as directly owned.

What is the nature of the NWE stock grant reported by Jan Robert Horsfall?

The filing describes a first quarter 2026 stock grant for 581 shares to Jan Robert Horsfall. It was received under NorthWestern Energy Group’s compensation rate schedule for non-employee directors and issued as deferred share units, to be delivered after his service with the company ends.

Are Jan Robert Horsfall’s reported NWE shares held directly or indirectly?

The Form 4 indicates that Jan Robert Horsfall’s 10,505 NorthWestern Energy Group shares are held directly. This figure includes deferred share units and shares from dividend reinvestment, with no footnote stating that another entity holds voting or investment authority over the reported securities.