Northwestern Energy Group, Inc. · NASDAQ:NWE
Northwestern Energy — Barclays Energy-Power Conference 2026
48 slides from Northwestern Energy's conference presentation, Sep 9, 2026
Slide 1: Barclays Energy-Power Conference September 2026
Barclays Energy-Power Conference September 2026 8-K Date: September 9, 2026 ** TABLE COPY ** TABLE COPY ** TABLE COPY ** TABLE COPY ** TABLE COPY ** TABLE COPY **
Slide 2: Forward-Looking Statements
Forward-Looking Statements 2 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 Act of 1934, as amended. These
Slide 3: NorthWestern Energy Group, Inc. corporate and investor relations contact
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 4: Overview
Thank youOverview 4
Slide 5: NWE – An Investment for the Long Term
NWE – An Investment for the Long Term 5 • 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 10
Slide 6: About NorthWestern
About NorthWestern 6 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 p
Slide 7: 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 pr
Slide 8: A Diversified Electric and Gas Utility
A Diversified Electric and Gas Utility 8 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 9: Highly Carbon-Free Supply Portfolio
Highly Carbon-Free Supply Portfolio Based upon 2025 MWh’s supplied from owned and long-term contracted resources. Approximately 52% of our total company owned and contracted supply is carbon-free – better than the national average of ~43% in 2025. (eia.gov table 7.2b) Contracted energy from Colstrip
Slide 10: Strong Utility Foundation
Strong Utility Foundation 10 (1) NWE rates are an average for 2025 - total residential revenues divided by total residential loads delivered. Electric source: U.S. EIA - Average Retail Price of Electricity, Annual for 2025. Natural Gas source: U.S. EIA - U.S. Price of Natural Gas Delivered to Reside
Slide 11: Solid Economic Indicators
Solid Economic Indicators 11 • Customer growth rates historically exceed National Averages. • Projected population growth in Montana & South Dakota better than National Average. • Unemployment rates better than National Average. *In 2025, we changed the methodology for counting our Lighting customer
Slide 12: NorthWestern's Combo Advantage
• Investment in production*, transmission, & distribution • Extreme winters necessitate economical gas heating • Energy Choice (Ban the Ban) laws in MT, SD, & NE • Access to low & less volatile natural gas pricing • AECO & Henry Hub (Ventura) *Proven and producing reserves only (no exploration) Nort
Slide 13: Natural Gas LDC – AECO Advantage to Customers
Natural Gas LDC – AECO Advantage to Customers 13 Natural gas is one of the most affordable energy sources, and NWE has access to some of the lowest and most stable natural gas prices in the nation through the Alberta Energy Company (AECO) and Henry trading hubs. Source: S&P Capital IQ Pro We have fa
Slide 14: Best Practices Governance
Best Practices Governance 14 America’s Most Responsible Companies Recognized by Newsweek as one of the most responsible companies in 2023. One of only eleven EEI member utilities selected. Board of Directors Executive Team 5th Best Score Among 50 Publicly Traded North American Utility and Power Comp
Slide 15: Affordability
15 Affordability Above: Over the last ten years, all NWE typical residential bills have increased less than the national average for household energy and most jurisdictions have increased less than the Consumer Price Index. Right: NWE’s residential electric and natural gas rates are significantly be
Slide 16: Merger and Financial Updates
Thank youMerger a d Financial Updates 16
Slide 17: Merger with Black Hills Benefits Stakeholders
17 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 18: Merger with Black Hills Timeline
Merger with Black Hills Timeline 18 ✓ Filed joint applications for approval in Montana, Nebraska, and South Dakota in Q4 2025 ✓ Nebraska hearing held April 7, 2026; unanimous approval of settlements received May 19, 2026 ✓ South Dakota hearing held and unanimous approval of settlements received June
Slide 19: Affirming 2026 Non-GAAP EPS Guidance
19 Affirming 2026 Non-GAAP EPS Guidance of $3.68 - $3.83 per diluted share ✓ Affirming long-term growth rate from 2024 base1 • EPS growth of 4% to 6% • Rate base growth of 4% to 6% • Continued focus on closing the gap between earned & authorized returns ✓ $3.2 billion 5-year capital plan including a
Slide 20: Track Record of Growing Capital Investment
Track Record of Growing Capital Investment 20 $2.72 Billion invested over the last 5 years* $3.21 Billion forecasted over the next 5 years** * Historical Capital Investment includes property, plant, and equipment additions and AFUDC Credit, both from our cash flow statement, and change in capital ex
Slide 21: Solid Balance Sheet
Solid Balance Sheet 21 Investment grade credit ratings, liquidity significantly greater than our $100 million target, debt to capitalization within our targeted 50%-55% range, and a manageable schedule of debt maturities. Target: 50% - 55% - Annual ratio based on average of each quarter's debt/cap r
Slide 22: Disciplined Expense Program (A Peer Comparison)
22 Disciplined Expense Program (A Peer Comparison) Per Customer… Per Employee… Per Rate Base… NorthWestern ranks favorably among our regional peers for electric expense efficiency. Source: FERC Form 1 Reports - 2025 expenses through S&P Capital IQ Pro, company 10-Ks, and company investor presentatio
Slide 23: Other Updates
Thank youOther Updates 23
Slide 24: Data Center Process (Montana & South Dakota)
24 Data Center Process (Montana & South Dakota) Data Center Request & Assessment • Load & Location • Viability Assessment • Supply Potential / Southwest Power Pool Screening • Customer/Developer Required Timing • High-level Cost Estimates Energy Service Agreement (ESA) • Regulatory Approvals (as nee
Slide 25: Large-Load Customers
✓ Montana ▪ Expected to be served by overall utility portfolio, which is long capacity beginning in 2026 ▪ Diversified and highly carbon-free generating portfolio ▪ Submitted a Large New Load tariff rule proposal with the MPSC in March 2026 ✓ South Dakota ▪ Significant indications of interest ▪ Any
Slide 26: Colstrip Transaction Overview
Colstrip Transaction Overview 26 Announcement: Effective Date: Capacity: Acquisition Price: Status Update: Puget July 2024 December 31, 2025 370 MW (185 MW each of units 3 & 4) $0.0 Signed contract in October 2025 to sell the dispatchable capacity and associated energy through late 2027. Revenue fro
Slide 27: Colstrip Facility Ownership Overview
Colstrip Facility Ownership Overview 27 As of January 2026, we own 55% of Colstrip Units 3 & 4. This allows us to guide investments in operation and maintenance in providing on- demand, 24/7 cost-effective generation for our Montana customers until a viable equivalent, carbon-free energy resource is
Slide 28: Regional Transmission Opportunities
28 Regional Transmission Opportunities Colstrip Transmission System North Plains Connector (NPC) Consortium Project • Approximately $6 billion, 425-mile, 525kv high-voltage direct-current transmission line connecting to Montana's Colstrip substation, bridging the eastern and western U.S. energy grid
Slide 29: NorthWestern Wildfire Mitigation Plan
NorthWestern Wildfire Mitigation Plan 29 Reduction of Ignition Potential System and Environmental Monitoring Enhanced Vegetation Maintenance Enriched Public Communication and Outreach ✓ Comprehensive summary of robust wildfire mitigation activities ✓ MT plan approved in November 2025 and to be filed
Slide 30: NorthWestern Public Safety Power Shutoff Plan
NorthWestern Public Safety Power Shutoff Plan Communication to Stakeholders at each Situation Weather / Environment + System Performance + Customer / Community Impact = Determines PSPS Event PSPS Decision Process 30 PSPS Guiding Principles: • Uphold our commitment to sustainable, affordable, and rel
Slide 31: Conclusion
Conclusion 31 Pure Electric & Gas Utility Solid Utility Foundation Best Practices Corporate Governance Attractive Future Growth Prospects Strong Earnings & Cash Flows The pending merger with Black Hills Corporation will combine the strengths of both companies, resulting in an organization with great
Slide 32: Appendix
Thank youAppendix 32
Slide 33: Regulated Utility Five-Year Capital Plan
Highly diversified, executable, and low-risk critical capital investment plan. Regulated Utility Five-Year Capital Plan (millions) 33 Appendix
Slide 34: Rate base and authorized returns by jurisdiction
(1) The revenue requirement associated with the FERC regulated portion of Montana electric transmission and ancillary services are included as revenue credits to our MPSC jurisdictional customers. Therefore, we do not separately reflect FERC authorized rate base or authorized returns. (2) The Montan
Slide 35: 2025 System Statistics
2025 System Statistics 35 Note: Statistics above are as of 12/31/2025, including 592 MW of Colstrip generation supply acquired 1/1/2026. (1) Nebraska is a natural gas only jurisdiction (2) Dave Gates Generating Station (DGGS) in Montana is a 150 MW nameplate facility, but we consider it a 105 MW (60
Slide 36: Timeline of Montana Generation Portfolio
Timeline of Montana Generation Portfolio Since 2011, we have added approximately 1,716 MW, both owned and long-term contracted, to our generation portfolio, of which 949 MW (~55%) is from carbon-free resources. Appendix 36
Slide 37: EPS & Dividend History
EPS & Dividend History 37 2010-2025 CAGR’s: GAAP EPS: 2.1% Non-GAAP EPS: 3.7% Dividend: 4.5% See “Non-GAAP Financial Measures” slide in appendix. Appendix
Slide 38: Wildfire Relative Risk Assessment
• Hardening as needed • Normal assessments • Lower environmental monitoring • All hardening strategies • Maximum assessments • Highest environmental monitoring Wildfire Relative Risk Assessment MT Distribution MT Transmission Based on 2026 Montana model. Does not include CTS. *Percentages shown in q
Slide 39: Electric Wallet Share
Electric Wallet Share Appendix 39
Slide 40: Natural Gas Wallet Share
Natural Gas Wallet Share Appendix 40 Note: Montana typical bill is based on 65 therms which translates to ~0.50% lower wallet share than pictured. For consistency with South Dakota and Nebraska, 100 therms is used for Montana in this illustration. Oct. - Sept. Fiscal Year
Slide 41: Affordability – Residential Electric Rates by State
Affordability – Residential Electric Rates by State Appendix 41 Data from Charles River Associates "Retail Rate Trends in the U.S.", February 2, 2026, authors: Matthew DeCourcey and Mayank Saraswat via EIA 861M reports looking at 5-year change in residential electric rates taking trailing twelve mon
Slide 42: Experienced and Engaged Board of Directors
Experienced and Engaged Board of Directors 42 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), Operatio
Slide 43: Strong Executive Team
Strong Executive Team 43 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 Car
Slide 44: Our Commissioners
Our Commissioners 44 Appendix
Slide 45: Year-to-Date 2026 Non-GAAP Earnings
We estimate weather to be a $15.3 million pre-tax detriment as compared to normal, and a $15.0 million detriment as compared to second quarter 2025. Year-to-Date 2026 Non-GAAP Earnings 45 Note: Subtotal variances may exist due to rounding. Appendix (1) As a result of the adoption of Accounting Stand
Slide 46: Non-GAAP Financial Measures
Non-GAAP Financial Measures 46 Appendix Pre-Tax Adjustments ($ Millions) 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Reported GAAP Pre-Tax Income 156.5$ 176.1$ 178.3$ 182.2$ 144.2$ 190.2$ 182.4$ 201.6$ 214.7$ 187.6$ Non-GAAP Adjustments to Pre-Tax Income: Weather 15.2 (3.4) (1.3) (7.3) 9.8 1.1
Slide 47: Non-GAAP Financial Measures
Non-GAAP Financial Measures This presentation includes financial information prepared in accordance with GAAP, as well as other financial measures, such as Utility Margin, Adjusted Non-GAAP pretax income, Adjusted Non-GAAP net income and Adjusted Non-GAAP Diluted EPS that are considered “non-GAAP fi
Slide 48: Thank you
Thank youDelivering a bright future 48
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