NorthWestern Energy : Corporation Financial Statements Q4 2025

About this update from Northwestern Energy Group, Inc.

NORTHWESTERN CORPORATION (A direct, wholly-owned subsidiary of NorthWestern Energy Group, Inc.) Financial Statements for the Years Ended December 31, 2025 and 2024 and Management's Narrative Analysis of the Results of Operations Table of Contents Page Independent Auditor's Report 1 Consolidated Statements of Income for the Years Ended December 31, 2025 and 2024 3 Consolidated Statements of Comprehensive Income for the Years Ended December 31, 2025 and 2024 4 Consolidated Balance Sheet as of December 31, 2025 and 2024 5 Consolidated Statements of Cash Flows for the Years Ended December 31, 2025 and 2024 6 Consolidated Statements of Shareholders' Equity for the Years Ended December 31, 2025 and 2024 7 Notes to Consolidated Financial Statements 8 Management's Narrative Analysis of the Results of Operations (Unaudited) 39 ‌INDEPENDENT AUDITOR'S REPORT To the Board of Directors of NorthWestern Corporation Sioux Falls, South Dakota Opinion We have audited the consolidated financial statements of NorthWestern Corporation (the "Company"), which comprise the consolidated balance sheets as of December 31, 2025 and 2024, and the related consolidated statements of income, comprehensive income, shareholders' equity, and cash flows for the years then ended, and the related notes to the consolidated financial statements (collectively referred to as the "financial statements"). In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America. Basis for Opinion We conducted our audits in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Responsibilities of Management for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern for one year after the date that the financial statements are issued. Auditor's Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements. In performing an audit in accordance with GAAS, we: Exercise professional judgment and maintain professional skepticism throughout the audit. Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. Accordingly, no such opinion is expressed. Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements. Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern for a reasonable period of time. We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit Other Information Included in Management's Narrative Analysis of the Results of Operations Management is responsible for the other information included in Management's Narrative Analysis of the Results of Operations. The other information comprises the information included in Management's Narrative Analysis of the Results of Operations but does not include the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information, and we do not express an opinion or any form of assurance thereon. In connection with our audits of the financial statements, our responsibility is to read the other information and consider whether a material inconsistency exists between the other information and the financial statements, or the other information otherwise appears to be materially misstated. If, based on the work performed, we conclude that an uncorrected material misstatement of the other information exists, we are required to describe it in our report. /s/ DELOITTE & TOUCHE LLP February 27, 2026 ‌NORTHWESTERN CORPORATION CONSOLIDATED STATEMENTS OF INCOME (in thousands) Year Ended December 31, 2025 2024 Revenues Electric $ 1,065,115 $ 1,010,234 Gas 242,282 224,213 Total Revenues 1,307,397 1,234,447 Operating Expenses Fuel, purchased supply and direct transmission expense (exclusive of depreciation and depletion shown separately below) 290,660 319,817 Operating, administrative, and general 366,065 299,634 Property and other taxes 174,885 156,932 Depreciation and depletion 198,386 178,069 Total Operating Expenses 1,029,996 954,452 Operating Income 277,401 279,995 Interest Expense, net (118,111) (102,557) Other Income, net 8,835 22,306 Income Before Income Taxes 168,125 199,744 Income Tax Expense (13,173) (19,665) Net Income $ 154,952 $ 180,079 See Notes to Consolidated Financial Statements

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