NWE Form 4: Director adds 640 deferred units; holds 9,896

Rhea-AI Filing Summary

NorthWestern Energy Group (NWE): Director equity grant reported. A director reported the acquisition of 640 shares on 11/04/2025, recorded as an A (acquired) transaction at a grant price of $58.61. The filing notes this was a fourth quarter 2025 stock grant under the non‑employee director compensation schedule, with shares issued as deferred share units on 11/03/2025.

Following the transaction, the reporting person beneficially owned 9,896 shares, held directly. The filing states these represent underlying deferred share units issuable after the reporting person’s termination of service and that the total includes shares acquired from dividend reinvestment.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider HORSFALL JAN ROBERT

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	640	$58.61	$38K

Holdings After Transaction: Common Stock — 9,896 shares (Direct)

Footnotes (1)

1. Fourth quarter stock grant for 2025 received pursuant to the NorthWestern Energy Group, Inc. compensation rate schedule for non-employee directors. Represents underlying deferred share units that are issuable subsequent to the reporting person's termination of service from the company. Grant price as of September 30, 2025. Shares issued as deferred share units on November 3, 2025. Includes shares acquired from dividend reinvestment.

Form 4 Insider Transactions: What Each Field Means →

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^*

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)
11/04/2025

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	11/04/2025		A		640(1)(2)	A	$58.61(3)	9,896(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. Fourth quarter stock grant for 2025 received pursuant to the NorthWestern Energy Group, Inc. compensation rate schedule for non-employee directors.

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

3. Grant price as of September 30, 2025. Shares issued as deferred share units on November 3, 2025.

4. Includes shares acquired from dividend reinvestment.

Remarks:

	Emily L. Folsom, by power of attorney	11/04/2025
	** 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 NorthWestern Energy (NWE) report in this Form 4?

A director reported acquiring 640 shares on 11/04/2025 as part of a fourth quarter 2025 stock grant.

What was the grant price in the NWE director transaction?

The grant price was $58.61 as of September 30, 2025.

How many NWE shares does the reporting person own after the transaction?

Beneficial ownership after the transaction is 9,896 shares, held directly.

How were the NWE shares delivered to the director?

They were issued as deferred share units on 11/03/2025 and are issuable after service termination.

Does the reported ownership include dividend reinvestment?

Yes. The ownership total includes shares acquired from dividend reinvestment.

What is the reporting person’s relationship to NWE?

The reporting person is a Director of NorthWestern Energy Group, Inc.