AI Earnings Predictions for Black Hills Corporation (BKH)

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2 bkh-ex99.htm

EARNINGS RELEASE

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Black Hills Corp. Reports 2026 Third-Quarter Results and Reaffirms 2026 Earnings Guidance

• Reaffirms 2026 adjusted earnings guidance in the range of $4.25 to $4.45 per share, excluding merger-related costs

• Large-load opportunities driving significant upside to current five-year plan from earnings and cash flow

o Executed definitive agreements to serve Google’s planned data center with earnings initiating during 2027

o Requested Certificates of Public Convenience and Necessity for nearly $700 million of transmission expansion investments to serve the company’s large-load opportunities

• Successfully completed three rate review requests for South Dakota Electric and Arkansas Gas utilities

• Awaiting final decision from Montana to close merger with NorthWestern Energy

RAPID CITY, S.D. — Nov. 4, 2026 — Black Hills Corp. (NYSE: BKH) today announced financial results for the third quarter ended Sept. 30, 2026. Net income available for common stock and earnings per share, diluted (EPS) for the three and nine months ended Sept. 30, 2026, compared to the three and nine months ended Sept. 30, 2025, were:

Three Months Ended Sept. 30,

Nine Months Ended Sept. 30,

2026

2025

2026

2025

(in millions, except per share amounts)

GAAP:

Net income available for common stock

$

41.0

$

24.9

$

210.2

$

186.6

Earnings per share, Diluted

$

0.54

$

0.34

$

2.76

$

2.58

Non-GAAP (a):

Adjusted earnings

$

43.6

$

32.5

$

220.2

$

194.2

Adjusted EPS

$

0.57

$

0.45

$

2.89

$

2.68

(a) Black Hills incurred costs related to its pending merger with NorthWestern Energy of $0.03 and $0.13 per share during the three and nine months ended Sept. 30, 2026, respectively, compared with $0.10 and $0.11 per share during the respective 2025 periods. Additional details are provided in the GAAP-to-Non-GAAP reconciliation table included in the "Use of Non-GAAP Financial Measures" section below. Minor differences may result due to rounding.

Third-quarter GAAP EPS was $0.54 compared to $0.34 in the same period in 2025. Third-quarter adjusted EPS was $0.57, compared to $0.45 in the same period in 2025. Adjusted EPS financial results benefited from $0.15 per share of new rates and rider recovery and $0.06 per share of weather favorability, which more than offset higher operating expenses and financing and depreciation costs driven by capital investment and new assets in service.

Year-to-date GAAP EPS was $2.76 compared to $2.58 in the same period in 2025. Year-to-date adjusted EPS was $2.89, compared to $2.68 in the same period in 2025. Adjusted EPS financial results benefited from $0.63 per share of new rates and rider recovery and customer growth, which more than offset the unfavorable impacts of $0.12 per share from mild weather, and financing and depreciation costs driven by capital investment and new assets in service.

“We reported excellent third-quarter results as our team achieved significant progress on our strategic initiatives,” said Linn Evans, president and CEO of Black Hills Corp. “We delivered strong earnings and maintained our solid investment-grade credit ratings.

“We are excited to have reached agreements to serve Google's planned data center in Wyoming, as previously announced. We expect earnings to begin mid-2027 and increase to approximately $150 million of net income in 2030, consisting of returns on investment of $1.8 billion in 564 MW of new generation, and microgrid management fees based on contracted customer load. Additionally, we have requested Certificates of Public Convenience and Necessity (CPCNs) for $686 million of electric transmission expansion investments in Wyoming to serve our large-load opportunities. In total, additional investment of $2.5 billion in generation and transmission investment to serve large-load data center demand in Wyoming represents significant upside to our current plan.

“Our 99-MW Lange II generation facility is on track to be in service in the fourth quarter, with construction in the final stages in South Dakota to replace aging infrastructure and support updated reserve margins. We continued to make regulatory progress during the quarter, obtaining approval for new rates for Arkansas Gas and South Dakota Electric.

“Given strong execution by our team in serving our customers and advancing our regulatory and growth initiatives, we expect to deliver in the upper half of our 4% to 6% long-term EPS growth target supported by our current plan for 2026 to 2030. With significant upside to

serve large-load growth, we look forward to providing a comprehensive update for 2027 to 2031 as part of our year-end earnings release,” concluded Evans.

Merger with NorthWestern Energy Group, Inc.

• On Aug. 19, 2025, Black Hills Corp. and NorthWestern Energy announced a tax-free, all-stock merger. The transaction is expected to close by year-end 2026, subject to receipt of a satisfactory final regulatory approval from the Mon

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