NorthWestern Energy Group (NWE) investor relations material

Strategic vision and operational foundation

• Focus on delivering safe, reliable, and affordable energy solutions with a strong commitment to safety, excellence, and sustainability.

• Operates as a pure electric and natural gas utility with over 100 years of history and a diverse supply portfolio, including 52% hydro, wind, and solar.

• Maintains residential electric and natural gas rates below national averages, with solid system reliability and customer satisfaction.

• Service territory spans Montana, South Dakota, and Nebraska, serving over 850,000 customers.

• Recognized for emergency response, governance, and workplace excellence.

Financial performance and growth outlook

• Targets 4–6% EPS and rate base growth, with a 4% dividend yield and a long-term payout ratio of 60–70%.

• Five-year capital investment plan of $3.21 billion, focused on diversified, low-risk projects.

• Affirmed 2026 non-GAAP EPS guidance of $3.68–$3.83 per diluted share.

• Maintains a debt-to-capitalization ratio within 50–55% and liquidity above $100 million.

• No equity issuances anticipated for 2026 capital plan; equity expected from 2027 for South Dakota generation investment.

Merger with Black Hills Corporation

• Merger will double the combined rate base to ~$11 billion, increasing scale and EPS growth target to 5–7%.

• Expands investment opportunities, enhances business diversity, and strengthens the balance sheet.

• Regulatory and shareholder approvals received; merger close anticipated in 2026.

• Integration will deliver energy to over 2.1 million customers across multiple jurisdictions.