NorthWestern Energy : Corporation Financial Statements Q1 2026

About this update from Northwestern Energy Group, Inc.

NORTHWESTERN CORPORATION (A direct, wholly-owned subsidiary of NorthWestern Energy Group, Inc.) Financial Statements For the Period Ending March 31, 2026 Table of Contents Page Condensed Consolidated Statements of Income for the Three Months Ended March 31, 2026 and 2025 3 Condensed Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2026 and 2025 4 Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025 5 Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2026 and 2025 6 Condensed Consolidated Statements of Common Shareholders' Equity for the Three Months Ended March 31, 2026 and 2025 7 Notes to Condensed Consolidated Financial Statements 8 NORTHWESTERN CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF INCOME (in thousands) Three Months Ended March 31, 2026 2025 Revenues Electric $ 290,432 $ 281,439 Gas 86,607 87,689 Total Revenues 377,039 369,128 Operating expenses Fuel, purchased supply and direct transmission expense (exclusive of depreciation and depletion shown separately below) 83,834 91,897 Operating, administrative and general 92,761 80,524 Property and other taxes 46,988 41,097 Depreciation and depletion 53,718 49,726 Total Operating Expenses 277,301 263,244 Operating income 99,738 105,884 Interest expense, net (31,289) (28,518) Other income, net 1,657 2,896 Income before income taxes 70,106 80,262 Income tax expense (15,576) (13,775) Net Income 54,530 66,487 See Notes to Condensed Consolidated Financial Statements NORTHWESTERN CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (in thousands) Three Months Ended March 31, 2026 2025 Net Income $ 54,530 $ 66,487 Other comprehensive income (loss), net of tax: Reclassification of net losses on derivative instruments 113 113 Foreign currency translation (1) 1 Total Other Comprehensive Income 112 114 Comprehensive Income $ 54,642 $ 66,601 See Notes to Condensed Consolidated Financial Statements NORTHWESTERN CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) As of March 31, As of December 31, 2026 2025 ASSETS Current Assets: Cash and cash equivalents $ 3,041 $ 4,201 Restricted cash 10,035 10,787 Accounts receivable, net 154,962 165,506 Accounts receivable from related parties - 473 Inventories 97,889 98,430 Regulatory assets 94,070 83,773 Prepaid expenses and other 28,778 27,528 Total current assets 388,775 390,698 Property, plant, and equipment, net 5,630,922 5,583,528 Goodwill 273,856 273,856 Regulatory assets 677,157 675,159 Other noncurrent assets 55,111 37,964 Total Assets $ 7,025,821 $ 6,961,205 LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities: Current maturities of finance leases $ 1,844 $ 1,865 Accounts payable 77,831 96,333 Accounts payable to related parties 3,731 600 Accrued expenses 280,654 238,473 Regulatory liabilities 18,826 21,147 Total current liabilities 382,886 358,418 Long-term finance leases 8,436 - Long-term debt 2,668,492 2,690,083 Deferred income taxes 711,498 695,700 Noncurrent regulatory liabilities 567,903 562,961 Other noncurrent liabilities 261,315 245,106 Total Liabilities 4,600,530 4,552,268 Commitments and Contingencies (Note 5) Shareholders' Equity: Common stock, par value $0.01 0 0 Paid-in capital 2,052,534 2,050,822 Retained earnings 379,708 365,178 Accumulated other comprehensive loss (6,951) (7,063) Total Shareholders' Equity 2,425,291 2,408,937 Total Liabilities and Shareholders' Equity $ 7,025,821 $ 6,961,205 See Notes to Condensed Consolidated Financial Statements

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