Black Hills Corporation · NYSE:BKH
Black Hills — Q4 2025 Earnings Presentation
37 slides from Black Hills's earnings presentation, Feb 5, 2026
Slide 1: 2025 Fourth Quarter and Full Year Review
2025 Fourth Quarter and Full Year Review Feb. 5, 2026
Slide 2: Forward-looking Statements
Forward-looking Statements MERGER-RELATED INFORMATION COMPANY This presentation includes “forward-looking statements” as defined by the Securities and Exchange Commission. We make these forward-looking statements in reliance on the safe harbor protections No Offer or Solicitation INFORMATION provide
Slide 3: 2025 Achievements for Stakeholders
2025 Achievements for Stakeholders Achieved midpoint of earnings guidance and long-term growth target Deliver on Financial Maintained strong balance sheet and liquidity Commitments Increased dividend, completing 55 consecutive years of increase Completed rate reviews in Colorado, Kansas and
Slide 4: 2026 Key Initiatives
2026 Key Initiatives • Deliver year-over-year adjusted EPS growth of 6% Deliver on Financial • Maintain strong balance sheet to enable growth Commitments Increased dividend, extending track record to 56 consecutive years • Complete rate reviews for Arkansas Gas and South Dakota Electric Advance •
Slide 5: High-Quality Data Center Pipeline of 3 GW+
High-Quality Data Center Pipeline1 of 3 GW+ Flexible service model Strong and growing data center demand • Innovative tariff 2 providing flexibility for the unique needs of Current plan includes: our customers with a mix of: • Data center load of 600 MW by 2030 Market energy procurement with minim
Slide 6: Investing for Customer Needs Drives Growth
Investing for Customer Needs Drives Growth $4.7 billion capital investment forecast 2026-2030* Opportunities for upside to plan (millions) • Generation and transmission as part of resource $1,000 mix to serve additional data center demand • Natural gas pipelines and storage $800 $600 Key investment
Slide 7: Merger with NorthWestern Benefits Stakeholders
Merger with NorthWestern Benefits Stakeholders Increases Scale Strengthens Position and Growth Balance Sheet Increases the combined company Substantial Long-Term Strong and predictable cash flows support a customer-focused capital target EPS growth rate to 5-7%, supported by the doubling of each Val
Slide 8: Merger with NorthWestern Energy Update
Merger with NorthWestern Energy Update Filed joint applications for transaction approval with regulatory commissions in Montana, Nebraska, and South Dakota in Q4 2025 Filed joint application with FERC in Q4 2025 Filed S-4/Joint Proxy Statement on January 30, 2026 Shareholder votes scheduled
Slide 9: 2025 Financial Review
2025 Financial Review BKH | 2025 Fourth Quarter and Full Year Review | Feb. 5, 2026 | 9
Slide 10: 2025 EPS Drivers Compared to 2024
2025 EPS Drivers Compared to 2024 Taxes & 2025 Merger 2025 2024 Margin Weather O&M Financing D&A Other GAAP Costs Adjusted* $5.00 $0.09 $0.81 $4.50 ($0.36) $0.12 $4.10 $3.91 $0.01 $3.98 $4.00 ($0.33) ($0.15) $3.50 New rates 2025: Merger costs Interest and rider ($0.11) ($0.12) expense recovery 1 ver
Slide 11: Solid Investment-Grade Financial Position
Solid Investment-Grade Financial Position Credit Ratings Liquidity and Cash Flow (millions) Moody’s S&P $1,000 $250 million accordion feature FFO / Debt Baa2 BBB+ $750 (with bank consent) $747 million of available liquidity on Long-term Target 14-15% Stable outlook Stable outlook revolving credit fa
Slide 12: BKH Financial Outlook
BKH Financial Outlook Long-term Expect to deliver in upper half of 4% to 6% growth in 2026 to 2030 EPS Growth1 Includes 600 MW of data center pipeline with minimal capital investment 2026 Adjusted Initiated guidance in the range of $4.25 to $4.45 EPS2 Midpoint represents 6% growth compared to $4.10
Slide 13: Strategic Growth Trajectory on Track
Strategic Growth Trajectory on Track Consistently Delivering on EPS Guidance and Long-term Growth Target 2023 2024 2025 2026 2027-2030 2026-2030 $4.50 $4.45 4% to 6% EPS Growth target off 2023 guidance $4.25 midpoint of $3.75 $4.10 ~6% $4.25 Key 2026 Guidance Assumptions $4.00 $3.91 $3.91 ~5% $4.10
Slide 14: Dividend Track Record
Dividend Track Record 56 Consecutive Years of Annual Increases in 2026 and 84 Consecutive Years Paid* $2.81* 4.4% CAGR 2020-2026 1970 1980 1990 2000 2010 2020 2026* Annual Dividend Per Share * 2026 dividend represents current quarterly dividend at annualized rate BKH | 2025 Fourth Quarter and Full Y
Slide 15: Business Update
Business Update Pictured: Ready Wyoming electric transmission line connection at Orchard Valley Substation BKH | 2025 Fourth Quarter and Full Year Review | Feb. 5, 2026 | 15 15
Slide 16: Energized Ready Wyoming 260-mile, $350-million Electric Transmission Expansion
Energized Ready Wyoming 260-mile, $350-million Electric Transmission Expansion Benefits of expansion and interconnection of electric system in Wyoming • Maintain long-term cost stability for customers • Enhance system resiliency • Expand access to power markets and provide flexibility as power marke
Slide 17: Lange II Generation Project to Serve South Dakota Electric Resource Needs
Lange II Generation Project to Serve South Dakota Electric Resource Needs Adding 99 MW of Dispatchable Natural Gas Generation in Q4 2026 Pictured: Lange II generation project site under construction in Rapid City, South Dakota, including six Wartsila reciprocating internal combustion engines awaitin
Slide 18: Colorado Clean Energy Plan
Colorado Clean Energy Plan Adding 250 MW of New Renewable Resources to Reduce Emissions 80% by 2030 from a 2005 Baseline Pictured: Pueblo Airport Generating Station facilities in Colorado Clean Energy Plan portfolio: • 50 MW battery storage build-transfer (utility-owned) Received Colorado Public U
Slide 19: Regulatory Progress
Regulatory Progress • Completed three rate reviews representing $52 million of new annual revenue • In November 2025, filed Wildfire Mitigation Plan in Wyoming in accordance with wildfire liability legislation (WY HB192) • Filed rate review request for Arkansas Gas • Received approval for new large-
Slide 20: Flexible Model Serving Large-Load Demand
Flexible Model Serving Large-Load Demand Legislation-Backed, Commission-Approved Tariff Flexibility to serve through a mix of energy resources: Large-load Black Hills’ Market energy procurement Wyoming Electric Customer • Black Hills Energy secures market energy and System delivers energy through Bl
Slide 21: Compelling Long-term Value Proposition
Compelling Long-term Value Proposition Vertically-integrated Utility with Strategic Diversity and Significant Growth Opportunities 4% to 6% Customer-focused strategy prioritizing safety, reliability and affordability Adjusted EPS CAGR 2026-20301 Diversity of large electric and natural gas infras
Slide 22: Questions
Questions BKH | 2025 Fourth Quarter and Full Year Review | Feb. 5, 2026 | 22
Slide 23: Appendix
Appendix Ready Wyoming transmission lines connecting with Orchard Valley Substation BKH | 2025 Fourth Quarter and Full Year Review | Feb. 5, 2026 | 23
Slide 24: Q4 2025 EPS Drivers Compared to Q4 2024
Q4 2025 EPS Drivers Compared to Q4 2024 Taxes & Q4 2025 Merger Q4 2025 Q4 2024 Margin Weather O&M Financing D&A Other (GAAP) Costs (Adjusted)* $1.60 $0.02 $0.00 $0.13 $1.39 $0.02 $1.41 $1.40 $1.37 $0.01 ($0.08) ($0.05) $1.20 Q4 2025: Merger costs Interest ($0.07) ($0.02) New rates expense versus and
Slide 25: Strong Ongoing Customer Growth
Strong Ongoing Customer Growth Customer Count Growth Well Above Population Growth Steady Growth in Customer Count Average Customer Count Growth Rate by State (millions) and Population Growth Rate1, 2 1.4 1.5%1.8% +0.9% 1.6% 1.0%1.6% +1.1% 1.4% 1.4% +0.8% 1.37 0.5%1.4% 1.4 +1.1% 1.35 Customer Count G
Slide 26: Electric Utilities Capital Investment
Electric Utilities Capital Investment Five-year Forecast of $2.0 Billion Focused on Safety, System Integrity and Growth Forecasted Capital Investment By Type 74% with Timely Forecasted Capital (millions) Recovery* by State $500 $471 $455 $391 $400 $367 SD $356 Minimal Lag 39% 39% $300 Rider CO 2026-
Slide 27: Natural Gas Utilities Capital Investment
Natural Gas Utilities Capital Investment Five-year Forecast of $2.5 Billion Focused on Safety, System Integrity and Growth Forecasted Capital Investment By Type 91% with Timely Forecasted Capital (millions) $590 Recovery* by State $600 $552 $507 $500 $455 CO 25% $396 Rider Eligible $400 34% IA 9% AR
Slide 28: Regulated Utility Capital Investment by Type
Regulated Utility Capital Investment by Type (in millions) 2026F- 2025A 2026F 2027F 2028F 2029F 2030F 2030F 1 Safety, Reliability and Integrity $409 $399 $297 $397 $310 $329 $1,732 2 Growth 50 43 46 26 19 20 154 General Plant 21 29 24 32 26 42 154 Electric Utilities $481 $471 $367 $455 $356 $391 $2,
Slide 29: Capital Investment by Segment and Recovery
Capital Investment by Segment and Recovery (in millions) 2026F- 2025A 2026F 2027F 2028F 2029F 2030F 2030F Minimal Lag Capital - Electric Utilities1 $231 $341 $154 $99 $104 $102 $800 2 Rider Eligible Capital - Electric Utilities 134 25 70 198 118 152 564 3 Growth Capital - Electric Utilities 50 43 46
Slide 30: Capital Structure
Capital Structure ($ in millions) Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Capitalization Short-term Debt 1,061 525 525 1,125 600 600 600 18 134 360 424 126 - Long-term Debt 3,607 3,954 3,956 3,800 3,801 3,803 4,247 4,249 4,250 3,952 3,952 4,253 4,70
Slide 31: Adjusted EPS Normalized for Weather and Mark-to-Market
Adjusted EPS Normalized for Weather and Mark-to-Market* Adjusted EPS* $4.25 Q1 Q2 Q3 Q4 FY / YTD $2.00 2020* $1.59 $0.33 $0.58 $1.23 $3.73 $4.21 2021 $1.54 $0.40 $0.70 $1.11 $3.74 $4.00 $1.93 $4.10 2022 $1.82 $0.52 $0.54 $1.11 $3.97 $4.02 $1.82 2023 $1.73 $0.35 $0.67 $1.17 $3.91 $1.73 $1.72 $3.75 20
Slide 32: Last Approved Utility Rate Review Results by Jurisdiction
Last Approved Utility Rate Review Results by Jurisdiction Authorized Effective Authorized Authorized Capital Rate Base Jurisdiction Utility Date Return on Equity Structure (in millions) Arkansas Arkansas Gas Oct. 2024 9.85% 54% debt / 46% equity $823.4 Colorado Colorado Electric March 2025 9.30% to
Slide 33: Estimated Rate Base by State and Segment
Estimated Rate Base by State and Segment 2020 2021 2022 2023 2024 2025 Colorado $794 South Dakota (all jurisdictions) 1,101 Wyoming 800 Total Electric Utilities $1,954 $2,077 $2,212 $2,398 $2,591 $2,695 Arkansas 895 Colorado 685 Iowa 393 Kansas 318 Nebraska 884 Wyoming 481 Total Gas Utilities $2,464
Slide 34: Non-GAAP Financial Measures
Non-GAAP Financial Measures Adjusted earnings and Adjusted EPS As noted in this presentation, in addition to presenting its earnings information in conformity with Generally Accepted Accounting Principles (GAAP), the company has presented non-GAAP Adjusted earnings and Adjusted EPS, which reflect ad
Slide 35: Non-GAAP Financial Measures
Non-GAAP Financial Measures Adjusted Earnings (in millions) Adjusted Earnings Per Share 2020 2021 2022 2023 2024 Q4 2025 2025 2020 2021 2022 2023 2024 Q4 2025 2025 Net income available for $227.6 $236.7 $258.4 $262.2 $273.1 $ 104.9 $291.6 $ 3.65 $ 3.74 $ 3.97 $ 3.91 $ 3.91 $ 1.39 $ 3.98 common stock
Slide 36: Strategic Priorities
STRATEGIC PRIORITIES Agility Communication Creating Customer Integrity Leadership Partnership Respect Safety Value Service BKH | 2025 Fourth Quarter and Full Year Review | Feb. 5, 2026 | 36
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