# EDGAR Filing Document

**Accession Number:** 0001130464
**File Stem:** 0000950170-25-100354
**Filing Date:** 2025-7
**Character Count:** 39331
**Document Hash:** 2a9e0c541990491a9d155848c431a49a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950170-25-100354.hdr.sgml**: 20250730

**ACCESSION NUMBER**: 0000950170-25-100354

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 12

**CONFORMED PERIOD OF REPORT**: 20250730

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250730

**DATE AS OF CHANGE**: 20250730

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BLACK HILLS CORP /SD/
- **CENTRAL INDEX KEY:** 0001130464
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRIC SERVICES [4911]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 460458824
- **STATE OF INCORPORATION:** SD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-31303
- **FILM NUMBER:** 251167873

**BUSINESS ADDRESS:**
- **STREET 1:** 7001 MT RUSHMORE RD
- **STREET 2:** PO BOX 1400
- **CITY:** RAPID CITY
- **STATE:** SD
- **ZIP:** 57709
- **BUSINESS PHONE:** 6057212343

**MAIL ADDRESS:**
- **STREET 1:** 7001 MT RUSHMORE RD
- **STREET 2:** PO BOX 1400
- **CITY:** RAPID
- **STATE:** SD
- **ZIP:** 57709

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BLACK HILLS HOLDING CORP
- **DATE OF NAME CHANGE:** 20001222

?xml version='1.0' encoding='ASCII'? 8-K

**UNITED STATES SECURITIES AND EXCHANGE COMMISSIONWASHINGTON, D.C. 20549**

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**FORM** 8-K

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**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported):** July 30, 2025<br>

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Black Hills Corporation

**(Exact name of Registrant as Specified in Its Charter)**

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---

| | | |
|:---|:---|:---|
| South Dakota | 001-31303 | 46-0458824 |
| **(State or Other Jurisdiction<br>of Incorporation)** | **(Commission File Number)** | **(IRS Employer<br>Identification No.)** |
| 7001 Mount Rushmore Road |  |  |
| Rapid City**,** South Dakota |  | 57702 |
| **(Address of Principal Executive Offices)** |  | **(Zip Code)** |

---

**Registrant's Telephone Number, Including Area Code:** 605 721-1700<br>

**(Former Name or Former Address, if Changed Since Last Report)**

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

**Securities registered pursuant to Section 12(b) of the Act:**

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| | |
|:---|:---|
| **<br>Title of each class** | **<br>Name of each exchange on which registered** |
| Common stock of $1.00 par value<br> BKH | The New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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## **Item 2.02 Results of Operations and Financial Condition.** 
On July 30, 2025, Black Hills Corporation ("the Company") issued a press release announcing financial results for the second quarter of 2025.

The press release is attached as Exhibit 99 to this Form 8-K. This information is being furnished pursuant to Item 2.02 of Form 8-K and shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

## **Item 9.01 Financial Statements and Exhibits.** 

---

| | |
|:---|:---|
| <u>Exhibit No.</u> | <u>Description</u> |
| 99 | [<u>Press Release dated July 30, 2025</u>](bkh-ex99.htm) |
| 104 | Cover Page Interactive Data File (formatted as the inline XBRL document) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | BLACK HILLS CORPORATION |
| Date: | July 30, 2025 | By:  | /s/ Kimberly F. Nooney |
|  |  |  | Kimberly F. Nooney<br>Senior Vice President and Chief Financial Officer |

---

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## Ex-99

![img129363028_0.jpg](img129363028_0.jpg)

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Reaffirms 2025 earnings guidance range of $4.00 to $4.20 per share

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Established Emergency Public Safety Power Shutoff (PSPS) program

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Received approval for new rates at Kansas Gas providing $10.8 million of new annual revenues

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Received CPCN for South Dakota Electric's 99-megawatt generation project

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Served new all-time peak load of 379 megawatts at Wyoming Electric, reflecting an increase of 21% over the 2024 peak

**RAPID CITY, S.D.** — July 30, 2025 — Black Hills Corp. (NYSE: BKH) today announced financial results for the second quarter ending June 30, 2025. Operating income, net income available for common stock and earnings per share for the three and six months ended June 30, 2025, compared to the three and six months ended June 30, 2024, were:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | Six Months Ended June 30, |
|  | 2025 | 2024 | 2025 | 2024 |
|  | (in millions, except per share amounts) | (in millions, except per share amounts) | (in millions, except per share amounts) | (in millions, except per share amounts) |
| Operating Income | $82.5 | $70.6 | $287.4 | $264.0 |
| Net income available for common stock | $27.5 | $22.8 | $161.7 | $150.6 |
| Earnings per share, Diluted | $0.38 | $0.33 | $2.24 | $2.19 |

---

Earnings of $0.38 per share compared to $0.33 per share for the second quarter of 2024 benefited from new rates and rider recovery, and milder weather in the prior year, which were partially offset by higher operating expenses, financing and depreciation costs.

"We delivered strong earnings and achieved key milestones for our regulatory and growth initiatives," said Linn Evans, president and CEO of Black Hills Corp. "We are maintaining our solid financial credit metrics and executing on our $1 billion capital plan for this year to serve our customers and support our long-term growth strategy. I'm pleased with the relentless focus of our team in advancing our strategy and remaining on track to achieve our 2025 earnings guidance that represents 5% year-over-year growth at the midpoint.

"We are successfully executing on our plan to deliver in the upper half of our long-term 4% to 6% growth target as we complete and advance our pipeline of key regulatory and growth initiatives. Our $350-million Ready Wyoming electric transmission project is on track for completion by year-end 2025, and during the second half of 2026 our $280-million Lange II generation project in South Dakota is planned to be in service. Meta's new data center site is under construction in Wyoming, which will contribute to our forecast of more than 10% of our EPS from data centers by 2028. Additionally, upside potential from data centers, blockchain demand and other organic growth in our service territories will drive transmission and generation investment opportunities further supporting our long-term growth trajectory," concluded Evans.

**SECOND-QUARTER 2025 HIGHLIGHTS AND RECENT UPDATES**

**Electric Utilities**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•In the first half of 2025, Wyoming electric recorded four new all-time peak loads, including an all-time peak of 379 megawatts on June 20, 2025. The peaks represent 19 consecutive years of increasing electric demand in Wyoming and an increase of 21% over the all-time peak in 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•On June 30, the company established its Emergency Public Safety Power Shutoff program across all three of its electric utilities to promote customer safety and mitigate wildfire risk. In establishing the PSPS program, the company engaged with wildfire experts and key stakeholders including customers, community and local agencies, regulators and community leaders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•During the second quarter, Wyoming Electric continued construction of its 260-mile, $350-million Ready Wyoming electric transmission expansion project. The project is on track to be completed and in service by year-end 2025. The project is expected to maintain long-term cost stability for customers, enhance system resiliency and access to power markets, support local economic growth and facilitate development of Wyoming's strong wind and solar natural resources.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•On June 10, South Dakota Electric received approval from the Wyoming Public Service Commission for a certificate of public convenience and necessity (CPCN) for the 99-megawatt, $280 million Lange II gas-fired generation project. The new facility is scheduled to begin construction in the third quarter of 2025 and to be in service during the second half of 2026. The addition of these resources will replace generation resources planned for retirement and support updated planning reserve margin requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•During the second quarter, Colorado Electric continued to advance the addition of 350 megawatts of new renewable generation resources in support of its Clean Energy Plan. In 2024, the Colorado Public Utilities Commission approved the addition of a 100-megawatt utility-owned solar project, a 50-megawatt utility-owned battery storage project and a 200-megawatt solar power purchase agreement. On June 12, the company filed a request for a CPCN for the battery storage project and expects a decision by year-end. Negotiations with counterparties for the other two projects are ongoing, which will drive the final cost and timing of projects.

**Gas Utilities**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•On July 24, Kansas Gas received approval from the Kansas Corporation Commission of a settlement agreement for its rate review request seeking approval to recover approximately $118 million of system investments and increased operations and maintenance costs driven by inflation and operational needs to serve customers. The black box settlement provides approximately $10.8 million of new annual revenue, with new rates effective Aug. 1, 2025. The settlement provides the renewal of the company's safety and integrity rider and allows for a new insurance cost tracker with deferred accounting treatment. It also includes approval for the company to file an abbreviated case during the first quarter of 2026 that includes the addition of capital placed in service through Dec. 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•On May 1, Nebraska Gas filed a rate review request with the Nebraska Public Service Commission seeking approval to recover approximately $453 million of system investments and increased operations and maintenance costs driven by inflation and operational needs to serve customers. The rate review requested $35 million of new annual revenue based on a capital structure of 50.5% equity and 49.5% debt and a return on equity of 10.5%. Interim rates will be effective Aug. 1, 2025 and new final rates in the first quarter of 2026.

**Corporate and Other**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•On July 22, Black Hills' board of directors approved a quarterly dividend of $0.676 per share payable on Sept. 2, 2025, to common shareholders of record at the close of business on Aug. 18, 2025. On an annualized basis, the dividend represents 55 consecutive years of increases, the second-longest track record in the electric and natural gas industry.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•On June 2, the company utilized one of two one-year extension options available for its Revolving Credit Facility, extending the maturity to May 31, 2030, with all other terms unchanged.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•During the second quarter, the company issued a total of 0.3 million shares of new common stock for net proceeds of $20 million. Year-to-date, the company has issued a total of 1.1 million shares of new common stock for net proceeds of $65 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•During the second quarter, Black Hills published its 2024 Corporate Sustainability Report, highlighting the company's environmental, social and governance impacts and its progress on major projects and climate goals.

**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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Normal weather conditions within our utility service territories

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Constructive and timely outcomes of utility regulatory dockets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Excludes mark-to-market adjustments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•No unplanned outages at our generation facilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Compounded annual growth rate of approximately 3.5% for operations and maintenance expense (excludes depreciation and amortization and taxes other than income taxes) off 2023 of $552 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Equity issuance between $215 million and $235 million; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•An effective tax rate of approximately 13% for the full year.

------

**BLACK HILLS CORPORATION**

**CONSOLIDATED FINANCIAL RESULTS**

*(Minor differences may result due to rounding)*

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended June 30, | Three Months Ended June 30, | Six Months Ended June 30, | Six Months Ended June 30, |
|  | 2025 | 2024 | 2025 | 2024 |
|  | (in millions, except per share amount) | (in millions, except per share amount) | (in millions, except per share amount) | (in millions, except per share amount) |
| Revenue | $439.0 | $402.6 | $1244.2 | $1129.0 |
| Operating expenses: |  |  |  |  |
| Fuel, purchased power and cost of natural gas sold | 124.0 | 107.1 | 483.8 | 423.7 |
| Operations and maintenance | 147.6 | 141.7 | 301.3 | 275.2 |
| Depreciation and amortization | 69.8 | 66.6 | 139.0 | 132.5 |
| Taxes other than income taxes | 15.1 | 16.6 | 32.7 | 33.6 |
| Total operating expenses | 356.5 | 332.0 | 956.8 | 865.0 |
| Operating income | 82.5 | 70.6 | 287.4 | 264.0 |
| Interest expense, net | (48.9) | (42.6) | (100.3) | (86.7) |
| Other income (expense), net | (0.4) | 0.4 | 0.6 | (0.5) |
| Income tax benefit (expense) | (4.4) | (3.7) | (22.5) | (20.6) |
| Net income | 28.8 | 24.7 | 165.2 | 156.2 |
| Net income attributable to non-controlling interest | (1.3) | (1.9) | (3.5) | (5.6) |
| Net income available for common stock | $27.5 | $22.8 | $161.7 | $150.6 |
| Weighted average common shares outstanding: | Weighted average common shares outstanding: | Weighted average common shares outstanding: |  |  |
| &nbsp;&nbsp;Basic | 72.4 | 69.0 | 72.0 | 68.6 |
| &nbsp;&nbsp;Diluted | 72.4 | 69.0 | 72.1 | 68.7 |
| Earnings per share: |  |  |  |  |
| &nbsp;&nbsp;Earnings Per Share, Basic | $0.38 | $0.33 | $2.25 | $2.20 |
| &nbsp;&nbsp;Earnings Per Share, Diluted | $0.38 | $0.33 | $2.24 | $2.19 |

---

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**CONSOLIDATING INCOME STATEMENTS**

*(Minor differences may result due to rounding)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Consolidating Income Statement** | **Consolidating Income Statement** | **Consolidating Income Statement** | **Consolidating Income Statement** |
| **Three Months Ended June 30, 2025** | Electric Utilities | Gas Utilities | Corporate and Other | Total |
|  | (in millions) | (in millions) | (in millions) | (in millions) |
| Revenue | $219.9 | $223.0 | $(3.9) | $439.0 |
| Fuel, purchased power and cost of natural gas sold | 55.3 | 68.9 | (0.2) | 124.0 |
| Operations and maintenance | 69.2 | 80.1 | (1.7) | 147.6 |
| Depreciation and amortization | 37.5 | 32.3 | - | 69.8 |
| Taxes other than income taxes | 8.9 | 6.2 | - | 15.1 |
| Operating income | $49.0 | $35.5 | $(2.0) | $82.5 |
| Interest expense, net |  |  |  | (48.9) |
| Other income (expense), net |  |  |  | (0.4) |
| Income tax benefit (expense) |  |  |  | (4.4) |
| Net income |  |  |  | 28.8 |
| Net income attributable to non-controlling interest |  |  |  | (1.3) |
| Net income available for common stock |  |  |  | $27.5 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Consolidating Income Statement** | **Consolidating Income Statement** | **Consolidating Income Statement** | **Consolidating Income Statement** |
| **Three Months Ended June 30, 2024** | Electric Utilities | Gas Utilities | Corporate and Other | Total |
|  | (in millions) | (in millions) | (in millions) | (in millions) |
| Revenue | $205.1 | $202.0 | $(4.5) | $402.6 |
| Fuel, purchased power and cost of natural gas sold | 45.9 | 61.3 | (0.1) | 107.1 |
| Operations and maintenance | 68.1 | 79.3 | (5.7) | 141.7 |
| Depreciation and amortization | 35.5 | 31.1 | - | 66.6 |
| Taxes other than income taxes | 9.3 | 7.3 | - | 16.6 |
| Operating income | $46.3 | $23.0 | $1.3 | $70.6 |
| Interest expense, net |  |  |  | (42.6) |
| Other income (expense), net |  |  |  | 0.4 |
| Income tax benefit (expense) |  |  |  | (3.7) |
| Net income |  |  |  | 24.7 |
| Net income attributable to non-controlling interest |  |  |  | (1.9) |
| Net income available for common stock |  |  |  | $22.8 |

---

***<u>Three Months Ended June 30, 2025, Compared to the Three Months Ended June 30, 2024</u>***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Electric Utilities' operating income increased $2.7 million primarily due to new rates and rider recovery partially offset by higher operating expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Gas Utilities' operating income increased $12.5 million primarily due to new rates and rider recovery driven by the Arkansas Gas and Iowa Gas rate reviews and favorable weather;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Corporate and Other operating loss increased $3.3 million primarily due to a prior year gain on the sale of a Corporate asset and higher unallocated outside services expenses; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Interest expense, net increased $6.3 million primarily due to higher interest rates on long-term debt, higher CP Program borrowings and lower interest income on lower cash and cash equivalents balances.

------

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Consolidating Income Statement** | **Consolidating Income Statement** | **Consolidating Income Statement** | **Consolidating Income Statement** |
| **Six Months Ended June 30, 2025** | Electric Utilities | Gas Utilities | Corporate and Other | Total |
|  | (in millions) | (in millions) | (in millions) | (in millions) |
| Revenue | $456.6 | $795.4 | $(7.8) | $1244.2 |
| Fuel, purchased power and cost of natural gas sold | 122.5 | 361.4 | (0.1) | 483.8 |
| Operations and maintenance | 138.0 | 168.1 | (4.8) | 301.3 |
| Depreciation and amortization | 74.6 | 64.4 | - | 139.0 |
| Taxes other than income taxes | 18.2 | 14.5 | - | 32.7 |
| Operating income | $103.3 | $187.0 | $(2.9) | $287.4 |
| Interest expense, net |  |  |  | (100.3) |
| Other income (expense), net |  |  |  | 0.6 |
| Income tax benefit (expense) |  |  |  | (22.5) |
| Net income |  |  |  | 165.2 |
| Net income attributable to non-controlling interest |  |  |  | (3.5) |
| Net income available for common stock |  |  |  | $161.7 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Consolidating Income Statement** | **Consolidating Income Statement** | **Consolidating Income Statement** | **Consolidating Income Statement** |
| **Six Months Ended June 30, 2024** | Electric Utilities | Gas Utilities | Corporate and Other | Total |
|  | (in millions) | (in millions) | (in millions) | (in millions) |
| Revenue | $427.3 | $710.6 | $(8.9) | $1129.0 |
| Fuel, purchased power and cost of natural gas sold | 100.8 | 323.2 | (0.3) | 423.7 |
| Operations and maintenance | 125.5 | 157.9 | (8.2) | 275.2 |
| Depreciation and amortization | 70.8 | 61.5 | 0.2 | 132.5 |
| Taxes other than income taxes | 19.3 | 14.3 | - | 33.6 |
| Operating income | $110.9 | $153.7 | $(0.6) | $264.0 |
| Interest expense, net |  |  |  | (86.7) |
| Other income (expense), net |  |  |  | (0.5) |
| Income tax benefit (expense) |  |  |  | (20.6) |
| Net income |  |  |  | 156.2 |
| Net income attributable to non-controlling interest |  |  |  | (5.6) |
| Net income available for common stock |  |  |  | $150.6 |

---

***<u>Six Months Ended June 30, 2025, Compared to the Six Months Ended June 30, 2024</u>***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Electric Utilities' operating income decreased $7.6 million primarily due to higher operating expenses and current year unplanned generation outages partially offset by new rates and rider recovery;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Gas Utilities' operating income increased $33.3 million primarily due to new rates and rider recovery driven by the Arkansas Gas, Iowa Gas and Colorado Gas rate reviews and favorable weather partially offset by higher operating expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Corporate and Other operating loss increased $2.3 million primarily due to a prior year gain on the sale of a Corporate asset and higher unallocated outside services expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Interest expense, net increased $13.6 million primarily due to higher interest rates on long-term debt, higher CP Program borrowings and lower interest income on lower cash and cash equivalents balances; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Net income attributable to non-controlling interest decreased $2.1 million due to lower net income from Black Hills Colorado IPP primarily driven by unplanned generation outages.

------

**OPERATING STATISTICS**

**Electric Utilities**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Revenue** | **Revenue** | **Revenue** | **Revenue** | **Quantities Sold** | **Quantities Sold** | **Quantities Sold** | **Quantities Sold** |
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| **By Customer Class** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  | (in millions) | (in millions) | (in millions) | (in millions) | (in GWh) | (in GWh) | (in GWh) | (in GWh) |
| Retail Revenue - |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Residential | $54.1 | $50.8 | $120.5 | $113.3 | 321.0 | 323.5 | 727.4 | 712.3 |
| &nbsp;&nbsp;Commercial | 66.9 | 63.3 | 135.7 | 129.2 | 499.7 | 506.9 | 1016.9 | 1018.7 |
| &nbsp;&nbsp;Industrial <sup>(a)</sup> | 49.3 | 41.7 | 97.5 | 85.2 | 663.9 | 558.3 | 1273.7 | 1111.9 |
| &nbsp;&nbsp;Municipal | 4.3 | 4.1 | 8.8 | 8.4 | 34.1 | 36.1 | 68.7 | 70.3 |
| &nbsp;&nbsp;Other Retail | 3.5 | 3.5 | 6.9 | 7.0 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subtotal Retail Revenue - Electric | 178.1 | 163.4 | 369.4 | 343.1 | 1518.7 | 1424.8 | 3086.7 | 2913.2 |
| Wholesale | 4.2 | 6.5 | 11.3 | 15.0 | 108.4 | 158.7 | 256.2 | 334.7 |
| Market - off-system sales | 10.7 | 5.5 | 22.0 | 12.1 | 220.0 | 164.2 | 393.6 | 279.8 |
| Transmission | 10.1 | 12.9 | 22.2 | 25.5 |  |  |  |  |
| Other <sup>(b)</sup> | 16.8 | 16.8 | 31.7 | 31.6 |  |  |  |  |
| &nbsp;&nbsp;Total Revenue and Quantities Sold | $219.9 | $205.1 | $456.6 | $427.3 | $1847.1 | $1747.7 | 3736.5 | 3527.7 |
| Other Uses, Losses, or Generation, net <sup>(c)</sup> |  |  |  |  | 125.4 | 25.1 | 219.5 | 126.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Energy |  |  |  |  | 1972.5 | 1772.8 | 3956.0 | 3654.6 |

---

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(a)The increase in industrial revenues and quantities sold for the three and six months ended June 30, 2025, compared to the same periods in 2024, was primarily driven by Wyoming Electric LPCS Tariff and BCIS Tariff customers.

(b)Includes Integrated Generation, inter-segment rent, and non-regulated services to our retail customers under the Service Guard Comfort Plan and Tech Services.

(c)Includes company uses and line losses.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Revenue** | **Revenue** | **Revenue** | **Revenue** | **Quantities Sold** | **Quantities Sold** | **Quantities Sold** | **Quantities Sold** |
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| **By Business Unit** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  | (in millions) | (in millions) | (in millions) | (in millions) | (in GWh) | (in GWh) | (in GWh) | (in GWh) |
| Colorado Electric | $66.3 | $64.1 | $138.7 | $133.8 | 524.1 | 585.7 | 1056.4 | 1141.4 |
| South Dakota Electric | 78.0 | 75.9 | 164.9 | 156.5 | 638.9 | 591.4 | 1320.9 | 1212.5 |
| Wyoming Electric | 64.8 | 55.6 | 131.4 | 116.4 | 665.2 | 549.5 | 1311.0 | 1124.7 |
| Integrated Generation | 10.8 | 9.5 | 21.6 | 20.6 | 18.9 | 21.1 | 48.2 | 49.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Revenue and Quantities Sold | $219.9 | $205.1 | $456.6 | $427.3 | 1847.1 | 1747.7 | 3736.5 | 3527.7 |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2025** | **2024** | **2024** | **2025** | **2025** | **2024** | **2024** |
| **Degree Days** | **Actual** | **Variance from Normal** | **Actual** | **Variance from Normal** | **Actual** | **Variance from Normal** | **Actual** | **Variance from Normal** |
| Heating Degree Days: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Colorado Electric | 623 | 5% | 524 | (12)% | 3356 | 8% | 3031 | (7)% |
| &nbsp;&nbsp;South Dakota Electric | 908 | (12)% | 898 | (15)% | 4346 | 1% | 4032 | (10)% |
| &nbsp;&nbsp;Wyoming Electric | 1085 | (5)% | 1040 | (10)% | 4225 | 2% | 4026 | (7)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Combined <sup>(a)</sup> | 815 | (5)% | 757 | (13)% | 3875 | 4% | 3577 | (8)% |
| Cooling Degree Days: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Colorado Electric | 235 | (16)% | 343 | 25% | 235 | (16)% | 343 | 25% |
| &nbsp;&nbsp;South Dakota Electric | 162 | 41% | 114 | 8% | 162 | 41% | 114 | 8% |
| &nbsp;&nbsp;Wyoming Electric | 60 | (24)% | 118 | 75% | 60 | (24)% | 118 | 75% |
| &nbsp;&nbsp;&nbsp;&nbsp;Combined <sup>(a)</sup> | 174 | (4)% | 219 | 25% | 174 | (4)% | 219 | 25% |

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(a)Degree days are calculated based on a weighted average of total customers by state.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| **Contracted generating facilities Availability**<sup>(a)</sup> **by fuel type** | **2025** | **2024** | **2025** | **2024** |
| Coal | 79.4% | 75.5% | 82.7% | 85.6% |
| Natural gas and diesel oil | 93.2% | 91.6% | 92.4% | 94.1% |
| Wind | 78.6% | 92.1% | 82.4% | 91.2% |
| Total Availability <sup>(b)</sup> | 87.2% | 87.1% | 88.1% | 91.3% |
| Wind Capacity Factor <sup>(a)</sup> | 31.1% | 36.9% | 35.5% | 38.4% |

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(a)Availability and Wind Capacity Factor are calculated using a weighted average based on capacity of our generating fleet.

(b)2025 included unplanned outages at Wygen III, Pueblo Airport Generation #4-5, and Busch Ranch I and II. 2024 includes unplanned outages at Wygen I and Pueblo Airport Generation #4-5.

**OPERATING STATISTICS (continued)**

**Gas Utilities**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Revenue** | **Revenue** | **Revenue** | **Revenue** | **Quantities Sold and Transported** | **Quantities Sold and Transported** | **Quantities Sold and Transported** | **Quantities Sold and Transported** |
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| **By Customer Class** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  | (in millions) | (in millions) | (in millions) | (in millions) | (Dth in millions) | (Dth in millions) | (Dth in millions) | (Dth in millions) |
| Retail Revenue - |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Residential | $113.3 | $102.6 | $457.4 | $400.4 | 7.2 | 6.9 | 37.9 | 34.7 |
| &nbsp;&nbsp;Commercial | 42.0 | 38.2 | 176.3 | 156.7 | 4.0 | 3.9 | 18.0 | 16.9 |
| &nbsp;&nbsp;Industrial | 6.4 | 5.8 | 13.0 | 10.9 | 1.4 | 1.8 | 2.4 | 2.7 |
| &nbsp;&nbsp;Other Retail <sup>(a)</sup> | 6.9 | 6.4 | 21.6 | 22.4 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subtotal Retail Revenue - Gas | 168.6 | 153.0 | 668.3 | 590.4 | 12.6 | 12.6 | 58.3 | 54.3 |
| Transportation | 42.1 | 36.0 | 99.8 | 87.6 | 36.2 | 34.5 | 86.7 | 81.2 |
| Other <sup>(b)</sup> | 12.3 | 13.0 | 27.3 | 32.6 |  |  |  |  |
| &nbsp;&nbsp;Total Revenue and Quantities Sold | $223.0 | $202.0 | $795.4 | $710.6 | 48.8 | 47.1 | 145.0 | 135.5 |

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(a)Includes Black Hills Energy Services revenue under the Choice Gas Program.

(b)Includes inter-segment rent and non-regulated services under the Service Guard Comfort Plan, Tech Services, and HomeServe.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Revenue** | **Revenue** | **Revenue** | **Revenue** | **Quantities Sold and Transported** | **Quantities Sold and Transported** | **Quantities Sold and Transported** | **Quantities Sold and Transported** |
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| **By Business Unit** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  | (in millions) | (in millions) | (in millions) | (in millions) | (Dth in millions) | (Dth in millions) | (Dth in millions) | (Dth in millions) |
| Arkansas Gas | $40.7 | $31.2 | $165.5 | $141.8 | 5.3 | 5.0 | 18.5 | 17.0 |
| Colorado Gas | 39.0 | 42.3 | 154.8 | 160.0 | 5.2 | 5.1 | 18.4 | 18.0 |
| Iowa Gas | 30.1 | 27.6 | 116.9 | 89.4 | 6.9 | 7.1 | 22.1 | 20.6 |
| Kansas Gas | 25.1 | 20.9 | 91.2 | 71.2 | 7.6 | 7.9 | 19.3 | 17.6 |
| Nebraska Gas | 57.9 | 50.4 | 188.1 | 164.7 | 16.4 | 14.5 | 46.1 | 41.6 |
| Wyoming Gas | 30.2 | 29.6 | 78.9 | 83.5 | 7.4 | 7.5 | 20.6 | 20.7 |
| &nbsp;&nbsp;Total Revenue and Quantities Sold | $223.0 | $202.0 | $795.4 | $710.6 | 48.8 | 47.1 | 145.0 | 135.5 |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2025** | **2024** | **2024** | **2025** | **2025** | **2024** | **2024** |
| **Heating Degree Days** | **Actual** | **Variance from Normal** | **Actual** | **Variance from Normal** | **Actual** | **Variance from Normal** | **Actual** | **Variance from Normal** |
| Arkansas Gas <sup>(a)</sup> | 193 | (33)% | 144 | (54)% | 2150 | (2)% | 1916 | (17)% |
| Colorado Gas | 822 | (5)% | 790 | (9)% | 3659 | --- | 3533 | (5)% |
| Iowa Gas | 640 | (5)% | 507 | (27)% | 3928 | (1)% | 3405 | (18)% |
| Kansas Gas <sup>(a)</sup> | 367 | (9)% | 266 | (37)% | 2983 | 7% | 2557 | (11)% |
| Nebraska Gas | 553 | (9)% | 457 | (26)% | 3592 | --- | 3259 | (12)% |
| Wyoming Gas | 1110 | (7)% | 1096 | (9)% | 4433 | 1% | 4252 | (5)% |
| &nbsp;&nbsp;Combined <sup>(b)</sup> | 658 | (8)% | 587 | (20)% | 3740 | --- | 3452 | (10)% |

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(a)Arkansas Gas and Kansas Gas have weather normalization mechanisms that mitigate the weather impact on revenue.

(b)The combined heating degree days are calculated based on a weighted average of total customers by state excluding Kansas Gas due to its weather normalization mechanism. Arkansas Gas is partially excluded based on the weather normalization mechanism in effect from November through April.

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**CONFERENCE CALL AND WEBCAST**

Black Hills will host a live conference call and webcast at 11 a.m. EDT on Thursday, July 31, 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.

**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 <u>www.blackhillscorp.com</u>, <u>www.blackhillscorp.com/corporateresponsibility</u> and <u>www.blackhillsenergy.com.</u>

**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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The accuracy of our assumptions on which our earnings guidance and long-term growth target is based;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our ability to obtain adequate cost recovery for our utility operations through regulatory proceedings and favorable rulings on periodic applications to recover costs for capital additions, plant retirements and decommissioning, fuel, transmission, purchased power, and other operating costs and the timing in which new rates would go into effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our ability to complete our capital program in a cost-effective and timely manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our ability to execute on our strategy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our ability to successfully execute our financing plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The effects of changing interest rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our ability to achieve our greenhouse gas emissions intensity reduction goals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The impact of future governmental regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our ability to overcome the impacts of supply chain disruptions on availability and cost of materials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The effects of inflation, tariffs and volatile energy prices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Our ability to obtain sufficient insurance coverage at reasonable costs and whether such coverage will protect us against significant losses; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Other factors discussed from time to time in our filings with the SEC.

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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| | |
|:---|:---|
| **Investor Relations:** |  |
| Sal Diaz |  |
| Phone | 605-399-5079 |
| Email | investorrelations@blackhillscorp.com |
| **Media Contact:** |  |
| 24-hour Media Assistance | 888-242-3969 |

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