Northwestern Energy Group, Inc. · NASDAQ:NWE
Northwestern Energy — Shareholder Meeting (April 2026)
26 slides from Northwestern Energy's shareholder meeting presentation, Apr 30, 2026
Slide 1: Annual Meeting of Shareholders April 30, 2026
Annual Meeting of Shareholders April 30, 2026
Slide 2: NWE's President & CEO – Brian Bird
NWE’s President & CEO – Brian Bird Brian Bird • Current position since January 2023 • President & Chief Operating Officer 2021-2022 • Chief Financial Officer 2003-2021 • Board member since January 2023 • 25-plus years energy and utility industry experience • Serves on Board of Directors for the foll
Slide 3: Experienced and Engaged Board of Directors
Experienced and Engaged Board of Directors 3 Linda Sullivan Board Chair Dave Goodin Director Sherina Maye Edwards Director Brian Bird Director, President & Chief Executive Officer Britt Ide Director Kent Larson Director Mahvash Yazdi Director Jeffrey Yingling Director Compensation (Chair), Operation
Slide 4: Strong Executive Team
Strong Executive Team 4 Crystal Lail VP & Chief Financial Officer Shannon Heim General Counsel & VP – Federal Government Affairs Brian Bird President & Chief Executive Officer Bleau LaFave VP – Asset Management & Business Development Jason Merkel VP - Distribution Bobbi Schroeppel VP – Customer Care
Slide 5: Thank you and Farewell to John Hines and Mike Cashell
5 “We would like to thank John Hines and Mike Cashell for their combined 60+ years of dedicated service to NorthWestern. John’s leadership over two decades, most recently as Vice President of Supply and Montana Government Affairs, played a critical role in rebuilding our generation portfolio in Mont
Slide 6: NWE's Auditors – Deloitte & Touche LLP
NWE’s Auditors – Deloitte & Touche LLP 6 • Independent registered public accounting firm • Deloitte provides the following services for more than 20 industries: • Risk & Financial Advisory • Audit & Assurance • Consulting • Tax • Merger & Acquisition • Artificial Intelligence and Analytics • Cloud •
Slide 7: NWE's Board Chair Linda Sullivan; Meeting Agenda
NWE’s Board Chair Linda Sullivan • Director since April 27, 2017 • Retired Executive Vice President and Chief Financial Officer (CFO) of American Water Works Company, Inc., the largest publicly traded U.S. water and wastewater utility (2014-19) • 22 years of experience with Edison International Comp
Slide 8: Corporate Secretary's Report
Corporate Secretary’s Report 8 Report • Affidavit of distribution for the proxy materials • Registered holders of common stock of the Company • Establishment of a quorum
Slide 9: Items of Business to be Considered
Items of Business to be Considered 9 Election of Directors • Our Board is nominating nine people to serve as directors for one year, until the next annual meeting of shareholders (or until a successor is able to serve) or, if earlier, the consummation of the NWE-BKH Merger. Ratification of Deloitte
Slide 10: Electronic Voting
Electronic Voting 10 • If you have not voted: Please use the virtual meeting voting platform to cast your vote now. • If you previously voted but want to change your vote: Please use the virtual meeting voting platform to cast your new vote now.
Slide 11: Forward-Looking Statements
Forward-Looking Statements 11 Brian Bird President & CEO Information in this communication, other than statements of historical facts, may constitute forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Ac
Slide 12: NorthWestern Energy Group, Inc. – Guiding Principles
NorthWestern Energy Group, Inc. dba: NorthWestern Energy Ticker: NWE (Nasdaq) www.northwesternenergy.com Corporate Support Office 3010 West 69th Street Sioux Falls, SD 57108 (605) 978-2900 Director - Corporate Development & Investor Relations Officer Travis Meyer 605-978-2967 travis.meyer@northweste
Slide 13: NWE – An Investment for the Long Term
NWE – An Investment for the Long Term 13 • Recent rate reviews aid earnings, cash flow, and balance sheet strength • NOLs and tax credits expected to mitigate future cash tax obligations into 2029 • History of consistent annual dividend growth • 100% pure electric and natural gas utility with over 1
Slide 14: About NorthWestern
About NorthWestern 14 Montana Operations Electric 440,700 customers 25,542 miles – transmission & distribution lines 1,660 MW maximum capacity owned power generation Natural Gas 249,400 customers 8,072 miles of transmission and distribution pipeline 17.85 Bcf of gas storage capacity Own 25.3 Bcf of
Slide 15: About Our Company
About Our Company 15 850,300 Customers MT – 690,100 SD/NE – 160,200 1,667 Employees MT – 1,353 SD/NE - 314 339 Communities in Montana and South Dakota with electric service MT – 223 (99 electric only / 124 combo) SD – 116 (74 electric only / 42 combo) 234 Communities in Montana, South Dakota, and Ne
Slide 16: A Diversified Electric and Gas Utility
A Diversified Electric and Gas Utility 16 NorthWestern’s ‘80/20’ rules: Approximately 80% Electric and 80% Montana. Nearly $5.6 billion of rate base investment to serve our customers. Data as reported in our 2025 10-K
Slide 17: 2025 - Year In Review
2025 - Year In Review Executing on Strategic Initiatives • Announced agreement with Black Hills Corporation for an all-stock Merger of Equals o To create a premier regional regulated electric and natural gas utility company • Closed acquisition of Avista and Puget Colstrip interests o Providing reso
Slide 18: Merger with Black Hills Benefits Stakeholders
18 Merger with Black Hills Benefits Stakeholders Strategic combination represents a highly attractive value creation opportunity for both companies. Increases Scale Position and Growth Increases the combined company target EPS growth rate to 5-7%, supported by the doubling of each company’s rate bas
Slide 19: The NorthWestern Value Proposition
8% to 10% Total Return >10% Total Return Incremental Opportunities: > 6% EPS Growth Approximately 4% Dividend Yield Base Capital Plan: 4% to 6% EPS Growth ✓ Data centers & new large- load opportunities ✓ FERC Regional Transmission ✓ Incremental generating capacity (subject to successful resource pro
Slide 20: Reliability
Reliability 99.979% Uninterrupted Reliability In 2024 and 2025, our System Average Interruption Duration Index (SAIDI) performance was 110.4 and 111.6 minutes, respectively, ranking in the second quartile compared to other utilities. In 2025, our customers enjoyed uninterrupted power 99.979% of the
Slide 21: Affordability
Affordability * Electric - EEI Typical Bills and Average Summer and Winter Rates Reports 2008-2025 ** Natural Gas - EIA U.S. Price of Natural Gas Delivered to Residential Customers 2008-2025 Utility Bills Below National Average Keeping energy bills low… empowering our customers and communities to th
Slide 22: Sustainability
Sustainability Based on MWh's supplied from owned & long-term contracted resources. Contracted Coke & Waste Tailings as well as much of the contracted wind, hydro and solar are federally mandated Qualifying Facilities, as defined under the Public Utility Regulatory Policies Act of 1978 (PURPA). Nort
Slide 23: The Incredible Value of Electricity & Natural Gas
The Incredible Value of Electricity & Natural Gas Compared to the cost of other niceties of your daily life, the necessity of powering your home remains an incredible value. Coffee / Latte Heat, Cool, Power, & Protect Your Entire Home $4 - $5 per day Cell Phone Bill Family of 4 $6 - $7 per day (Elec
Slide 24: Conclusion
Conclusion Pure Electric & Gas Utility Solid Utility Foundation Best Practices Corporate Governance Attractive Future Growth Prospects Strong Earnings & Cash Flows 24
Slide 25: Preliminary Results
Preliminary Results 25 1. Election of Directors 2. Ratification of Deloitte & Touche LLP, as Independent Registered Public Accounting Firm for 2026 3. Advisory Vote to Approve Named Executive Officer Compensation
Slide 26: Thank you
Thank youDelivering a bright future 26
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