Black Hills Corp. Reaffirms 2025 Earnings Guidance and Reports 2025 First-Quarter Results

About this update from Black Hills Corporation

RAPID CITY, S.D., May 07, 2025 (GLOBE NEWSWIRE) -- Black Hills Corp. (NYSE: BKH) today announced financial results for the first quarter ending March 31, 2025. Operating income, net income available for common stock and earnings per share for the three months ended March 31, 2025, compared to the three months ended March 31, 2024, were: Earnings of $1.87 per share compared to $1.87 per share for the first quarter of 2024 benefited from new rates, rider recovery, and favorable weather, which largely offset higher operating expenses and financing and depreciation costs. “We are reaffirming our full-year earnings guidance, which represents a 5% annual growth rate, as we continue to make progress on our regulatory and growth initiatives,” said Linn Evans, president and CEO of Black Hills Corp. “We enjoy strong liquidity and credit ratings, and our team performed with excellence in delivering safe and reliable service to our customers and communities. “We implemented new electric rates in Colorado, filed a new gas rate review in Nebraska, and advanced our gas rate review in Kansas. We made excellent progress on our 260-mile transmission expansion project, Ready Wyoming, with all regulatory approvals and necessary rights-of-way from landowners procured, and are on track to be fully in service by year-end. We also continued to advance our plans to deliver new electric generation resources in South Dakota and Colorado. “Looking ahead, our core utility rate base growth and earnings from our growing data center demand provides strong confidence in our 4% to 6% long-term EPS growth target. By the end of our five-year plan, we expect to serve 500 megawatts of data center demand from existing customers through our innovative business model that requires minimal capital, doubling earnings contribution to more than 10% in 2028. Additionally, upside potential from data centers and other organic growth in our service territories are expected to drive long-term transmission and generation investment opportunities,” concluded Evans. FIRST-QUARTER 2025 HIGHLIGHTS AND RECENT UPDATES Electric Utilities Gas Utilities Corporate and Other 2025 EARNINGS GUIDANCE REAFFIRMED Black Hills reaffirms its guidance for 2025 earnings per share available for common stock to be in the range of $4.00 to $4.20, based on the following assumptions issued on Feb. 5, 2025: BLACK HILLS CORPORATION Three Months Ended March 31, 2025, Compared to the Three Months Ended March 31, 2024 CONFERENCE CALL AND WEBCAST Black Hills will host a live conference call and webcast at 11 a.m. EDT on Thursday, May 8, 2025, to discuss the company's financial results. To participate by phone and ask a question during the live broadcast, participants can access the event directly at Black Hills Corp. Conference Q&A . Please allow at least five minutes to register. Upon registration, dial-in information will be provided, including a personal identification number. To access a listen-only webcast and view presentation slides, please register at Black Hills Corp. Webcast . At the conclusion of the call, a replay of the broadcast will be available at this link and at Black Hills’ investor relations website for up to one year. AGA FINANCIAL FORUM PARTICIPATION Leadership from Black Hills Corp. is scheduled to meet with investors and analysts at the 2025 AGA Financial Forum taking place from May 18, 2025, through May 20, 2025. An investor presentation will be available prior to the conference on Black Hills’ website at www.blackhillscorp.com under “Events and Presentations." ABOUT BLACK HILLS CORP. Black Hills Corp. (NYSE: BKH) is a customer-focused, growth-oriented utility company with a tradition of improving life with energy and a vision to be the energy partner of choice. Based in Rapid City, South Dakota, the company serves 1.35 million natural gas and electric utility customers in eight states: Arkansas, Colorado, Iowa, Kansas, Montana, Nebraska, South Dakota and Wyoming. More information is available at www.blackhillscorp.com , www.blackhillscorp.com/corporateresponsibility and www.blackhillsenergy.com. CAUTION REGARDING FORWARD-LOOKING STATEMENTS This press release 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 provided under the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future are forward-looking statements. This includes, without limitations, our 2025 earnings guidance and long-term growth target. These forward-looking statements are based on assumptions which we believe are reasonable based on current expectations and projections about future events and industry conditions and trends affecting our business. However, whether actual results and developments will conform to our expectations and predictions is subject to a number of risks and uncertainties that, among other things, could cause actual results to differ materially from those contained in the forward-looking statements, including without limitation, the risk factors described in Item 1A of Part I of our 2024 Annual Report on Form 10-K and other reports that we file with the SEC from time to time, and the following: New factors that could cause actual results to differ materially from those described in forward-looking statements emerge from time-to-time, and it is not possible for us to predict all such factors, or the extent to which any such factor or combination of factors may cause actual results to differ from those contained in any forward-looking statement. We assume no obligation to update publicly any such forward-looking statements, whether as a result of new information, future events or otherwise.

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