Black Hills Corporation · NYSE:BKH
Black Hills — Q2 2026 Earnings Presentation
28 slides from Black Hills's earnings presentation, Aug 6, 2026
Slide 1: 2026 Second Quarter Review
2026 Second Quarter Review Aug. 6, 2026
Slide 2: Forward-looking Statements
Forward-looking Statements COMPANY This presentation includes “forward-looking statements” as defined by the Securities and Exchange Commission. We make these INFORMATION forward-looking statements in reliance on the safe harbor protections provided under the Private Securities Litigation Reform Act
Slide 3: Q2 2026 Delivering Results for Stakeholders
Q2 2026 Delivering Results for Stakeholders ✓ Reaffirmed guidance reflecting year-over-year adjusted EPS growth of 6% Deliver on Financial ✓ Maintained strong balance sheet to enable growth Commitments ✓ Increased dividend 56 consecutive years in 2026 at current annualized rate ✓ Completed Kansas Ga
Slide 4: 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 our Current financial plan includes: customers with a mix of: • Data center load of 600 MW by 2030 ✓ Market energy procurement
Slide 5: Merger with NorthWestern Energy Update
Merger with NorthWestern Energy Update Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026 Merger Announced File Regulatory Applications / Regulatory Approval Process: August 19 FERC, SEC, FTC/DOJ (HSR), MPSC, NPSC, SDPUC File Form S-4/Joint Proxy Statement BKH and NWE Shareholder Meetings Develop Trans
Slide 6: Q2 2026 Financial Review
Q2 2026 Financial Review BKH | 2026 Second Quarter Review | Aug. 6, 2026 | 6
Slide 7: Q2 2026 EPS Drivers Compared to Q2 2025
Q2 2026 EPS Drivers Compared to Q2 2025 Taxes & Q2 2026 Merger Q2 2026 Q2 2025 Margin Weather O&M Financing D&A Other (GAAP) Costs (Adjusted)* $0.70 $0.26 $0.01 $0.60 ($0.04) $0.54 $0.04 ($0.06) $0.02 $0.50 $0.50 Q2 2025: Merger costs New shares ($0.06) ($0.04)_ ($0.04) ($0.03) $0.38 versus $0.40 Lo
Slide 8: YTD 2026 EPS Drivers Compared to YTD 2025
YTD 2026 EPS Drivers Compared to YTD 2025 YTD (June) YTD (June) YTD (June) Taxes & 2026 Merger 2026 2025 Margin Weather O&M Financing D&A Other GAAP Costs Adjusted* $2.75 $0.41 $0.01 $2.50 ($0.18) $0.10 $2.33 $2.24 $0.04 $2.23 $2.25 ($0.17) ($0.12) $2.00 $1.75 New rates YTD 2025: Merger costs New sh
Slide 9: 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 (with bank consent) Baa2 BBB+ $750 $657 million of available liquidity on Long-term Target 14-15% Stable outlook Stable outlook $500 revolving cred
Slide 10: BKH Financial Outlook
BKH Financial Outlook 2026 Adjusted Reaffirmed guidance in the range of $4.25 to $4.45 EPS1 Midpoint represents 6% growth compared to $4.10 adjusted EPS in 2025 Long-term Expect to deliver in upper half of 4% to 6% growth in 2026 to 2030 EPS Growth2 Includes 600 MW of data center pipeline with minim
Slide 11: 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 | 2026 Second Quarter Review | A
Slide 12: Business Update
Business Update BKH | 2026 Second Quarter Review | Aug. 6, 2026 | 12
Slide 13: 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 ✓ Q1 2025 – Requested CPCN from Wyoming Public Service Commission ✓ Q2 2025 – Obtained CPCN from Wyoming Public Service Commission; no CPCN process in South Dakota
Slide 14: High-Quality Data Center Pipeline of GW+
High-Quality Data Center Pipeline1 of 3 GW+ In 2026-2030 plan + Upside Pipeline 2 3 GW+ 600 MW by 2030 Microsoft and Meta 1,800 MW data center + 600 MW+ Other opportunities ✓ Reserved generation equipment Actively negotiating 600 MW+, Current Serving Microsoft’s and ✓ Site permitting underway of whi
Slide 15: Regulatory Progress
Regulatory Progress • Advanced rate review requests for Arkansas Gas and South Dakota Electric • Filed new rate review request for Colorado Electric • In July, received approval of Wildfire Mitigation Plan in Wyoming and submitted plan to South Dakota Public Utilities Commission, satisfying regulato
Slide 16: Wyoming Integrated Resource Plan (IRP)
Wyoming Integrated Resource Plan (IRP) Expanding Electric Infrastructure to Serve Our Customers in Wyoming • Plan focused on non-LPCS* retail needs; excludes capacity to serve large customers under LPCS* • 20-year planning horizon (2026-2045) with near-term analysis through 2033 • Identifies 95 MW o
Slide 17: 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 2026-2030* ✓ Diversity of large electric and natural gas infras
Slide 18: Questions
Questions BKH | 2026 Second Quarter Review | Aug. 6, 2026 | 18
Slide 19: Appendix
Appendix BKH | 2026 Second Quarter Review | Aug. 6, 2026 | 19
Slide 20: 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 data center demand • Natural gas pipelines and storage $800 $600 Key investment categories
Slide 21: Flexible Large-Load Demand Service Model
Flexible Large-Load Demand Service Model 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 22: 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% $4.10
Slide 23: Merger with NorthWestern Benefits Stakeholders
Merger with NorthWestern Benefits Stakeholders Increases Scale Strengthens Position and Growth Balance Sheet Increases the combined company Substantial Long-Term Strong and predictable cash flows support a customer-focused capital target EPS growth rate to 5-7%, supported by the doubling of each Val
Slide 24: Capital Structure
Capital Structure ($ in millions) Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Mar-26 Jun-26 1 Capitalization Short-term Debt 525 1,125 600 600 600 18 134 360 424 126 - 662 785 1 Long-term Debt 3,956 3,800 3,801 3,803 4,247 4,249 4,250 3,952 3,952 4,253 4,701 3,993 3,
Slide 25: Adjusted EPS Normalized for Weather and Mark-to-Market
Adjusted EPS Normalized for Weather and Mark-to-Market* Adjusted EPS* Q1 Q2 Q3 Q4 FY / YTD $4.50 2021 $1.54 $0.40 $0.70 $1.11 $3.74 $2.00 2022 $1.11 $1.82 $0.52 $0.54 $3.97 $4.00 2023 $1.73 $0.35 $0.67 $1.17 $3.91 $4.21 $1.93 $1.91 $4.10 $4.02 2024 $1.87 $0.33 $0.35 $1.37 $3.91 $1.82 2025* $1.41 $3.
Slide 26: 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 27: Non-GAAP Financial Measures
Non-GAAP Financial Measures Adjusted Earnings (in millions) Adjusted Earnings Per Share Q2 YTD Q2 YTD 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 2026 2026 2026 2026 Net income available for $ 236.7 $ 258.4 $ 262.2 $ 273.1 $ 291.6 $ 38.2 $ 169.2 $ 3.74 $ 3.97 $ 3.91 $ 3.91 $ 3.98 $ 0.50 $ 2.23
Slide 28: Strategic Priorities
STRATEGIC PRIORITIES Agility Communication Creating Customer Integrity Leadership Partnership Respect Safety Value Service BKH | 2026 Second Quarter Review | Aug. 6, 2026 | 28