NorthWestern Energy Group (NWE) investor relations material

Executive summary

• Reported Q3 2025 GAAP diluted EPS of $0.62 and non-GAAP/adjusted EPS of $0.79, with year-to-date GAAP EPS at $2.22 and adjusted EPS at $2.41, reflecting higher expenses and merger-related costs but improved non-GAAP performance year-over-year.

• Affirmed 2025 earnings guidance of $3.53–$3.65 per share, targeting 4%–7% EPS growth and a long-term 4%–6% annual rate base growth.

• Announced an all-stock merger of equals with Black Hills Corporation, with regulatory filings submitted and closure expected in late 2026.

• Integrated Energy West natural gas asset acquisition, adding approximately 33,000 customers in Montana.

Financial highlights

• Q3 2025 operating revenues rose 12.1% year-over-year to $387.0 million, with utility margin up 16.6% to $300.1 million and operating income at $80.3 million.

• Q3 2025 net income was $38.2 million, down 18.4% from Q3 2024, mainly due to higher operating, merger, and interest expenses, and the absence of a prior year tax benefit.

• Adjusted non-GAAP net income for Q3 2025 was $48.4 million, up from $39.7 million in Q3 2024.

• Dividend of $0.66 per share declared, payable December 31, 2025.

Outlook and guidance

• 2025 non-GAAP EPS guidance reaffirmed at $3.53–$3.65 per share, assuming normal weather and final Montana rate review approval, excluding merger costs.

• Five-year capital plan of $2.74 billion–$2.7 billion expected to be funded without equity issuance, targeting FFO/debt ratio above 14% and maintaining credit ratings.

• Final outcome of Montana rate review expected in Q4 2025; 2026 outlook and updated capital plan to be provided in February.