# EDGAR Filing Document

**Accession Number:** 0001130464
**File Stem:** 0001193125-26-037663
**Filing Date:** 2026-2
**Character Count:** 87664
**Document Hash:** 213c966b9d9cc5a1d404c536aaafd70f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-037663.hdr.sgml**: 20260204

**ACCESSION NUMBER**: 0001193125-26-037663

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 50

**CONFORMED PERIOD OF REPORT**: 20260204

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

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260204

**DATE AS OF CHANGE**: 20260204

**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:** 26598664

**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):** Feb. 4, 2026<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 Feb. 4, 2026, Black Hills Corporation ("the Company") issued a press release announcing financial results for the fourth quarter of 2025.

The press release is attached as Exhibit 99.1 to this Form 8-K. A copy of the Company's presentation is attached as Exhibit 99.2 to this report. 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.

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| | |
|:---|:---|
| <u>Exhibit No.</u> | <u>Description</u> |
| 99.1 | [<u>Press Release dated Feb. 4, 2026</u>](bkh-ex99_1.htm) |
| 99.2 | [<u>Presentation dated Feb. 5, 2026</u>](bkh-ex99_2.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: | Feb. 4, 2026 | By:  | /s/ Kimberly F. Nooney |
|  |  |  | Kimberly F. Nooney<br>Senior Vice President and Chief Financial Officer |

---

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## Exhibit 99.1

![img40024774_0.gif](img40024774_0.gif)

**Black Hills Corp. Reports 2025 Fourth-Quarter and Full-Year Results and Initiates 2026 Earnings Guidance**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Delivered 2025 GAAP EPS of $3.98 and adjusted EPS of $4.10, at midpoint of earnings guidance range

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Initiates 2026 adjusted EPS guidance in the range of $4.25 to $4.45, reflecting 6% growth over 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Advancing plans to serve data center pipeline of more than 3 GW, including 600 MW in five-year plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Targeting upper half of 4% to 6% long-term adjusted EPS growth off 2023

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Extended track record of dividend increases to 56 consecutive years

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Energized Ready Wyoming 260-mile electric transmission expansion project on schedule

**RAPID CITY, S.D.** — Feb. 4, 2026 — Black Hills Corp. (NYSE: BKH) today announced financial results for the fourth quarter ended Dec. 31, 2025. Net income available for common stock and earnings per share, diluted (EPS) for the three and twelve months ended Dec. 31, 2025, compared to the three and twelve months ended Dec. 31, 2024, were:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended Dec. 31, | Three Months Ended Dec. 31, | Twelve Months Ended Dec. 31, | Twelve Months Ended Dec. 31, |
|  | 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)* |
| GAAP: |  |  |  |  |
| Net income available for common stock | $104.9 | $98.1 | $291.6 | $273.1 |
| EPS | $1.39 | $1.37 | $3.98 | $3.91 |
| Non-GAAP <sup>(a)</sup>: |  |  |  |  |
| Adjusted earnings | $106.2 | $98.1 | $300.4 | $273.1 |
| Adjusted EPS | $1.41 | $1.37 | $4.10 | $3.91 |

---

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(a)During the three and twelve months ended Dec. 31, 2025, Black Hills incurred costs of $0.02 per share and $0.12 per share, respectively, related to the pending merger with NorthWestern Energy. See additional details in the GAAP-to-Non-GAAP reconciliation table in the Use of Non-GAAP Financial Measures section below. Minor differences may result due to rounding.

Full-year 2025 GAAP EPS was $3.98 compared to $3.91 in 2024. Full-year adjusted EPS of $4.10, excluding $0.12 of merger-related costs, reflected an increase of approximately 5% compared to $3.91 in 2024. Financial results benefited primarily from new rates and rider recovery of $0.95 per share, which more than offset higher operating expenses and financing and depreciation costs.

"We delivered another solid year, achieving the midpoint of our earnings guidance and upper half of our long-term growth target," said Linn Evans, president and CEO of Black Hills Corp. "Our team energized our transformational Ready Wyoming 260-mile electric transmission expansion project on schedule, and we set the stage for an even stronger energy future with our plan to combine with NorthWestern Energy. We invested nearly $900 million of capital for the needs of our customers, and successfully executed our financing plan, maintaining strong credit quality and liquidity. During the year, we completed three rate reviews representing more than $52 million of new annual revenue.

"We expect to deliver in the upper half of our long-term 4% to 6% EPS growth target off the 2023 guidance midpoint of $3.75. For 2026, our earnings guidance reflects a 6% year-over-year growth. We plan to invest $4.7 billion of capital in 2026 through 2030 focused on the needs of our customers for safe, reliable service and to support growth.

"Our data center pipeline offers significant opportunities for new margins and capital investment. We are making progress in negotiations for large-load requests with high-quality partners under non-disclosure agreements. Our pipeline exceeds 3 GW, with 600 MW in our five-year plan by 2030 driven by Microsoft's ongoing expansion and Meta's new AI data center to be served with minimal capital investment through our innovative tariff in Wyoming," concluded Evans.

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**Merger with NorthWestern Energy Group, Inc.**

Black Hills Corp. and NorthWestern Energy announced a tax-free, all-stock merger on Aug. 19, 2025. In October 2025, the companies filed joint applications for approval of the transaction with regulatory commissions in Montana, Nebraska and South Dakota. In December 2025, the companies filed a joint application with the Federal Energy Regulatory Commission (FERC). In January 2026, Black Hills Corp. filed a Form S-4 and a Joint Proxy Statement with the Securities and Exchange Commission. Special meetings for shareholders of both companies to vote on the merger are scheduled for April 2, 2026. The transaction is expected to close in the second half of 2026, subject to the satisfaction or waiver of certain closing conditions.

**FOURTH-QUARTER AND FULL-YEAR 2025 HIGHLIGHTS AND RECENT UPDATES**

**Electric Utilities**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•In 2025, Wyoming electric recorded four new all-time peak loads, including an all-time peak of 379 MW 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;•In December, Wyoming Electric completed construction of its 260-mile, $350 million Ready Wyoming electric transmission expansion project. 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. As of Jan. 1, 2026, approximately $300 million of the total transmission investment is being recovered through the Wyoming Transmission Rider, with approximately $50 million of the remaining distribution investment expected to be recovered through base rates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•During the fourth quarter, South Dakota Electric continued construction of its 99 MW, $280 million Lange II gas-fired generation project. South Dakota Electric received approval from the Wyoming Public Service Commission for a certificate of public convenience and necessity (CPCN) for the project in June 2025 and commenced construction during the third quarter of 2025. The new facility is expected to be completed and in service during the fourth quarter of 2026 to replace generation resources planned for retirement and support updated planning reserve margin requirements.

&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;•In 2025, Colorado Electric received approval from the Colorado Public Utilities Commission (CPUC) for the addition of 250 MW of new renewable resources in support of its Clean Energy Plan to reduce emissions 80% by 2030 off a 2005 base. On Nov. 3, the CPUC approved the CPCN for the 50 MW battery storage project. During the first quarter of 2026, the company expects to sign an agreement executing a 200 MW solar power purchase agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•On March 22, new rates were effective for Colorado Electric resulting from its rate review request filed on June 14, 2024. The new rates provide $17 million of new annual revenue based on a weighted average cost of capital of 6.90% with a capital structure range of 47% to 49% equity and 51% to 53% debt, and a return on equity range of 9.3% to 9.5%. On April 7, the company filed a request for rehearing, reargument and reconsideration with the Colorado Public Utilities Commission. On May 6, the decision was received, increasing new annual revenue to $17.5 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•On March 6, the state of Wyoming enacted comprehensive wildfire mitigation legislation (HB192), effective July 1, 2025.<br>The legislation provides material liability protections for a utility that complies with its commission-approved wildfire<br>mitigation plan. In November, Wyoming Electric filed its Wildfire Mitigation Plan with the Wyoming Public Service Commission for review, and anticipates approval in March 2026.

**Gas Utilities**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•On Dec. 9, Nebraska Gas received approval from the Nebraska Public Service Commission of a unanimous settlement agreement for its rate review filed May 1, 2025. The approved settlement includes $23.9 million of new annual revenue based on a capital structure of 51% equity and 49% debt, and a return on equity of 9.85%. The settlement also provided renewal of a five-year system safety and integrity rider, an insurance cost recovery tracker, and a two-year weather normalization pilot program. Final rates were effective Jan. 1, 2026, replacing interim rates that were effective on Aug. 1, 2025.

&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.

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**Corporate and Other**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•On Jan. 23, 2026, Black Hills' board of directors approved a quarterly dividend of $0.703 per share payable on March 1, 2026, to common shareholders of record at the close of business on Feb. 17, 2026. On an annualized basis, the dividend represents 56 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 Oct. 2, Black Hills completed a public debt offering of $450 million, 4.55% senior unsecured notes due Jan. 31, 2031. Proceeds were used to repay the $300 million aggregate principal amount of its notes due Jan. 15, 2026, and remaining net proceeds were used for general corporate purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•During 2025, the company issued a total of 3.7 million shares of new common stock for net proceeds of $220 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•During 2025, Black Hills maintained its solid investment-grade credit ratings by rating agencies covering the company.

oOn Aug. 19, Moody's Ratings affirmed Black Hills' long-term issuer credit rating at Baa2 with a stable outlook

oOn Aug. 19, S&P Global Ratings affirmed Black Hills' issuer credit rating at BBB+ with a stable outlook

&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.

**INITIATES 2026 ADJUSTED EARNINGS GUIDANCE** 

Black Hills initiates its guidance for 2026 adjusted EPS\* to be in the range of $4.25 to $4.45, based on the following assumptions:

&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 merger-related costs;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Increase in operations and maintenance expense (excludes merger-related costs, depreciation and amortization, and taxes other than income taxes) of approximately 3.5% off 2025 of $580 million;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Equity issuance between $50 million and $70 million; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•An effective tax rate of approximately 14% for the full year.

This guidance excludes the expected merger with NorthWestern Energy, which is expected to close in the second half of 2026.

<sup>\*</sup>The 2026 Adjusted EPS guidance shown above is a forward-looking, non-GAAP financial measure. The company is not able to provide comparable GAAP EPS guidance due to items that are not considered representative of the company's underlying operating performance that cannot be reasonably quantified for the full-year period. These items include merger-related costs the company expects to incur in 2026, in addition to any other unplanned items that may affect GAAP results in 2026.

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**USE OF NON-GAAP FINANCIAL MEASURES**

As noted in this earnings release, in addition to presenting its earnings information in conformity with Generally Accepted Accounting Principles (GAAP), the company has presented non-GAAP Adjusted earnings and Adjusted EPS, which reflect adjustments for expenses, gains and losses that the company believes do not reflect ongoing core operating performance, such as costs related to the pending merger with NorthWestern. The company's management uses non-GAAP measures for financial planning and analysis, for reporting of results to the Board of Directors, in determining performance-based compensation and communicating its earnings outlook to analysts and investors. Non-GAAP financial measures are intended to supplement investors' understanding of our performance and should not be considered alternatives for financial measures presented in accordance with GAAP. Our non-GAAP measures may not be comparable to those of other companies.

Reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measures are included below.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended Dec. 31,** | **Three Months Ended Dec. 31,** | **Twelve Months Ended Dec. 31,** | **Twelve Months Ended Dec. 31,** |
|  | **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) |
| Net income available for common stock (GAAP) | $104.9 | $98.1 | $291.6 | $273.1 |
| Adjustment: |  |  |  |  |
| Merger-related costs | 1.4 | - | 9.9 | - |
| Less: tax effect of adjustment | (0.2) | - | (1.1) | - |
| Adjustment, net of tax | 1.3 | - | 8.8 | - |
| Adjusted earnings (non-GAAP) | $106.2 | $98.1 | $300.4 | $273.1 |
| Weighted average shares, diluted | 75.4 | 71.6 | 73.2 | 69.9 |
| Earnings per share, diluted (GAAP) | $1.39 | $1.37 | $3.98 | $3.91 |
| Adjustment: |  |  |  |  |
| Merger-related costs | 0.02 | - | 0.13 | - |
| Less: tax effect of adjustment | (0.00) | - | (0.01) | - |
| Adjustment, net of tax | 0.02 | - | 0.12 | - |
| Adjusted EPS (non-GAAP) | $1.41 | $1.37 | $4.10 | $3.91 |

---

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**BLACK HILLS CORPORATION**

**CONSOLIDATED FINANCIAL RESULTS**

*(Minor differences may result due to rounding)*

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended Dec. 31, | Three Months Ended Dec. 31, | Twelve Months Ended Dec. 31, | Twelve Months Ended Dec. 31, |
|  | 2025 | 2024 | 2025 | 2024 |
|  | (in millions) | (in millions) | (in millions) | (in millions) |
| Revenue | $635.5 | $597.1 | $2310.0 | $2127.7 |
| Operating expenses: |  |  |  |  |
| Fuel, purchased power, and cost of natural gas sold | 235.8 | 212.1 | 831.5 | 730.3 |
| Operations and maintenance | 137.6 | 136.2 | 589.8 | 557.0 |
| Depreciation and amortization | 73.3 | 68.3 | 283.8 | 270.1 |
| Taxes other than income taxes | 17.4 | 17.2 | 67.4 | 67.2 |
| Total operating expenses | 464.1 | 433.8 | 1772.5 | 1624.6 |
| Operating income | 171.4 | 163.3 | 537.5 | 503.1 |
| Interest expense, net | (50.5) | (49.7) | (200.1) | (181.7) |
| Other income (expense), net | 4.9 | 0.1 | 6.1 | (1.4) |
| Income tax (expense) | (17.2) | (12.7) | (43.7) | (36.3) |
| Net income | 108.6 | 101.0 | 299.8 | 283.7 |
| Net income attributable to non-controlling interest | (3.7) | (2.9) | (8.2) | (10.6) |
| Net income available for common stock | $104.9 | $98.1 | $291.6 | $273.1 |
| Weighted average common shares outstanding (in millions): | Weighted average common shares outstanding (in millions): | Weighted average common shares outstanding (in millions): |  |  |
| &nbsp;&nbsp;Basic | 75.2 | 71.4 | 73.0 | 69.8 |
| &nbsp;&nbsp;Diluted | 75.4 | 71.6 | 73.2 | 69.9 |
| Earnings per share: |  |  |  |  |
| &nbsp;&nbsp;Earnings per share, Basic | $1.39 | $1.37 | $3.99 | $3.91 |
| &nbsp;&nbsp;Earnings per share, Diluted | $1.39 | $1.37 | $3.98 | $3.91 |

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**CONSOLIDATING INCOME STATEMENTS**

*(Minor differences may result due to rounding)*

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Consolidating Income Statement** | **Consolidating Income Statement** | **Consolidating Income Statement** | **Consolidating Income Statement** |
| **Three Months Ended Dec. 31, 2025** | Electric Utilities | Gas Utilities | Corporate and Other | Total |
|  | (in millions) | (in millions) | (in millions) | (in millions) |
| Revenue | $236.5 | $402.9 | $(3.9) | $635.5 |
| Fuel, purchased power and cost of natural gas sold | 67.4 | 168.6 | (0.2) | 235.8 |
| Operations and maintenance | 63.4 | 79.5 | (5.3) | 137.6 |
| Depreciation and amortization | 39.5 | 33.8 | - | 73.3 |
| Taxes other than income taxes | 9.4 | 8.0 | - | 17.4 |
| Operating income | $56.8 | $113.0 | $1.6 | $171.4 |
| Interest expense, net |  |  |  | (50.5) |
| Other income (expense), net |  |  |  | 4.9 |
| Income tax benefit (expense) |  |  |  | (17.2) |
| Net income |  |  |  | 108.6 |
| Net income attributable to non-controlling interest |  |  |  | (3.7) |
| Net income available for common stock |  |  |  | $104.9 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Consolidating Income Statement** | **Consolidating Income Statement** | **Consolidating Income Statement** | **Consolidating Income Statement** |
| **Three Months Ended Dec. 31, 2024** | Electric Utilities | Gas Utilities | Corporate and Other | Total |
|  | (in millions) | (in millions) | (in millions) | (in millions) |
| Revenue | $216.3 | $385.2 | $(4.4) | $597.1 |
| Fuel, purchased power and cost of natural gas sold | 50.7 | 161.4 | - | 212.1 |
| Operations and maintenance | 62.2 | 78.0 | (4.0) | 136.2 |
| Depreciation and amortization | 36.5 | 31.8 | - | 68.3 |
| Taxes other than income taxes | 10.0 | 7.2 | - | 17.2 |
| Operating income | $56.9 | $106.8 | $(0.4) | $163.3 |
| Interest expense, net |  |  |  | (49.7) |
| Other income (expense), net |  |  |  | 0.1 |
| Income tax benefit (expense) |  |  |  | (12.7) |
| Net income |  |  |  | 101.0 |
| Net income attributable to non-controlling interest |  |  |  | (2.9) |
| Net income available for common stock |  |  |  | $98.1 |

---

***<u>Three Months Ended Dec. 31, 2025, Compared to the Three Months Ended Dec. 31, 2024</u>***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Electric Utilities' operating income decreased $0.1 million primarily due to higher operating expenses partially offset by new rates and rider recovery;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Gas Utilities' operating income increased $6.2 million primarily due to new rates and rider recovery driven by the Arkansas Gas, Kansas Gas, and Nebraska Gas rate reviews partially offset by unfavorable retail customer usage and higher operating expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Corporate and Other operating income increased $2.0 million primarily due to a one-time favorable true-up from the consolidation of our captive insurance cell partially offset by merger-related costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Other income, net increased $4.8 million due to higher investment income from our captive insurance cell and higher AFUDC equity driven by construction work-in-progress balances related to the Lange II and Ready Wyoming projects; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Income tax expense increased $4.5 million primarily due to higher pre-tax income and higher effective tax rate.

------

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Consolidating Income Statement** | **Consolidating Income Statement** | **Consolidating Income Statement** | **Consolidating Income Statement** |
| **Twelve Months Ended Dec. 31, 2025** | Electric Utilities | Gas Utilities | Corporate and Other | Total |
|  | (in millions) | (in millions) | (in millions) | (in millions) |
| Revenue | $942.8 | $1382.8 | $(15.6) | $2310.0 |
| Fuel, purchased power and cost of natural gas sold | 259.6 | 572.3 | (0.4) | 831.5 |
| Operations and maintenance | 271.2 | 328.0 | (9.4) | 589.8 |
| Depreciation and amortization | 152.4 | 131.4 | - | 283.8 |
| Taxes other than income taxes | 37.1 | 30.3 | - | 67.4 |
| Operating income | $222.5 | $320.8 | $(5.8) | $537.5 |
| Interest expense, net |  |  |  | (200.1) |
| Other income (expense), net |  |  |  | 6.1 |
| Income tax benefit (expense) |  |  |  | (43.7) |
| Net income |  |  |  | 299.8 |
| Net income attributable to non-controlling interest |  |  |  | (8.2) |
| Net income available for common stock |  |  |  | $291.6 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Consolidating Income Statement** | **Consolidating Income Statement** | **Consolidating Income Statement** | **Consolidating Income Statement** |
| **Twelve Months Ended Dec. 31, 2024** | Electric Utilities | Gas Utilities | Corporate and Other | Total |
|  | (in millions) | (in millions) | (in millions) | (in millions) |
| Revenue | $876.1 | $1269.4 | $(17.8) | $2127.7 |
| Fuel, purchased power and cost of natural gas sold | 206.4 | 524.3 | (0.4) | 730.3 |
| Operations and maintenance | 252.6 | 320.7 | (16.3) | 557.0 |
| Depreciation and amortization | 145.3 | 124.7 | 0.1 | 270.1 |
| Taxes other than income taxes | 38.8 | 28.4 | - | 67.2 |
| Operating income | $233.0 | $271.3 | $(1.2) | $503.1 |
| Interest expense, net |  |  |  | (181.7) |
| Other income (expense), net |  |  |  | (1.4) |
| Income tax benefit (expense) |  |  |  | (36.3) |
| Net income |  |  |  | 283.7 |
| Net income attributable to non-controlling interest |  |  |  | (10.6) |
| Net income available for common stock |  |  |  | $273.1 |

---

***<u>Twelve Months Ended Dec. 31, 2025, Compared to the Twelve Months Ended Dec. 31, 2024</u>***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Electric Utilities' operating income decreased $10.5 million primarily due to higher operating expenses, unplanned generation outages, lower transmission services revenues and unfavorable weather partially offset by new rates and rider recovery;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Gas Utilities' operating income increased $49.5 million primarily due to new rates and rider recovery driven by the Arkansas Gas, Iowa Gas, Kansas Gas, and Nebraska Gas rate reviews and favorable weather partially offset by unfavorable retail customer usage and higher operating expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Corporate and Other operating loss increased $4.6 million primarily due to $9.9 million of merger-related costs partially offset by a one-time favorable true-up from the consolidation of our captive insurance cell;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Net interest expense increased $18.4 million due to higher interest rates on long-term debt, higher CP Program borrowings and lower interest income partially offset by higher AFUDC debt driven by construction work-in-progress balances related to the Lange II and Ready Wyoming projects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Other income, net, increased $7.5 million primarily due to higher AFUDC equity driven by construction work-in-progress balances related to the Lange II and Ready Wyoming projects and higher investment income from our captive insurance cell;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Income tax expense increased $7.4 million primarily due to higher pre-tax income and higher effective tax rate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Net income attributable to non-controlling interest decreased $2.4 million due to lower net income from Black Hills Colorado IPP primarily driven by unplanned generation outages.

------

**OPERATING STATISTICS**

**Electric Utilities**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Revenue (in millions)** | **Revenue (in millions)** | **Revenue (in millions)** | **Revenue (in millions)** | **Quantities Sold (GWh)** | **Quantities Sold (GWh)** | **Quantities Sold (GWh)** | **Quantities Sold (GWh)** |
|  | **Three Months Ended Dec. 31,** | **Three Months Ended Dec. 31,** | **Twelve Months Ended Dec. 31,** | **Twelve Months Ended Dec. 31,** | **Three Months Ended Dec. 31,** | **Three Months Ended Dec. 31,** | **Twelve Months Ended Dec. 31,** | **Twelve Months Ended Dec. 31,** |
| **By customer class** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| Retail Revenue - |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Residential | $58.9 | $55.5 | $248.2 | $234.8 | 340.6 | 348.5 | 1461.5 | 1471.9 |
| &nbsp;&nbsp;Commercial | 69.1 | 63.7 | 279.4 | 263.6 | 489.6 | 500.8 | 2068.1 | 2091.4 |
| &nbsp;&nbsp;Industrial <sup>(a)</sup> | 53.7 | 42.0 | 201.0 | 168.9 | 702.6 | 526.4 | 2615.4 | 2169.8 |
| &nbsp;&nbsp;Municipal | 4.4 | 4.3 | 17.8 | 17.0 | 32.0 | 35.4 | 142.1 | 147.1 |
| &nbsp;&nbsp;Other Retail | 3.7 | 3.9 | 14.0 | 14.3 | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Subtotal Retail Revenue - Electric | 189.8 | 169.4 | 760.4 | 698.6 | 1564.8 | 1411.1 | 6287.1 | 5880.2 |
| Wholesale | 4.9 | 5.6 | 21.7 | 26.8 | 116.3 | 130.3 | 483.0 | 589.4 |
| Market - off-system sales | 13.6 | 12.0 | 51.9 | 34.8 | 236.1 | 258.8 | 896.7 | 765.6 |
| Transmission | 11.9 | 13.1 | 45.2 | 52.2 | - | - | - | - |
| Other <sup>(b)</sup> | 16.3 | 16.2 | 63.6 | 63.7 | - | - | - | - |
| &nbsp;&nbsp;Total Revenue and Quantities Sold | $236.5 | $216.3 | $942.8 | $876.1 | 1917.2 | 1800.2 | 7666.8 | 7235.2 |
| Other Uses, Losses, or Generation, net <sup>(c)</sup> |  |  |  |  | 144.2 | 152.7 | 476.8 | 390.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Energy |  |  |  |  | 2061.4 | 1952.9 | 8143.6 | 7625.5 |

---

------

(a)The increase in industrial revenues and quantities sold for the three and twelve months ended Dec. 31, 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 (in millions)** | **Revenue (in millions)** | **Revenue (in millions)** | **Revenue (in millions)** | **Quantities Sold (GWh)** | **Quantities Sold (GWh)** | **Quantities Sold (GWh)** | **Quantities Sold (GWh)** |
|  | **Three Months Ended Dec. 31,** | **Three Months Ended Dec. 31,** | **Twelve Months Ended Dec. 31,** | **Twelve Months Ended Dec. 31,** | **Three Months Ended Dec. 31,** | **Three Months Ended Dec. 31,** | **Twelve Months Ended Dec. 31,** | **Twelve Months Ended Dec. 31,** |
| **By business unit** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| Colorado Electric | $69.1 | $68.2 | $287.3 | $276.9 | 540.4 | 575.9 | 2218.1 | 2392.7 |
| South Dakota Electric | 86.0 | 79.5 | 341.6 | 322.0 | 650.5 | 674.2 | 2683.2 | 2556.5 |
| Wyoming Electric | 70.0 | 57.6 | 270.0 | 234.3 | 705.9 | 528.3 | 2676.8 | 2190.1 |
| Integrated Generation | 11.4 | 11.0 | 43.9 | 42.9 | 20.4 | 21.8 | 88.7 | 95.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Revenue and Quantities Sold | $236.5 | $216.3 | $942.8 | $876.1 | 1917.2 | 1800.2 | 7666.8 | 7235.2 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended Dec. 31,** | **Three Months Ended Dec. 31,** | **Three Months Ended Dec. 31,** | **Three Months Ended Dec. 31,** | **Twelve Months Ended Dec. 31,** | **Twelve Months Ended Dec. 31,** | **Twelve Months Ended Dec. 31,** | **Twelve Months Ended Dec. 31,** |
|  | **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 | 1714 | (14)% | 1876 | (8)% | 5104 | (1)% | 4926 | (8)% |
| &nbsp;&nbsp;South Dakota Electric | 2079 | (19)% | 2231 | (15)% | 6511 | (7)% | 6311 | (13)% |
| &nbsp;&nbsp;Wyoming Electric | 1996 | (17)% | 2137 | (13)% | 6378 | (5)% | 6272 | (10)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Combined <sup>(a)</sup> | 1898 | (17)% | 2052 | (12)% | 5850 | (4)% | 5676 | (10)% |
| Cooling Degree Days: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Colorado Electric | 11 | 25% | 22 | 210% | 1016 | (13)% | 1269 | 11% |
| &nbsp;&nbsp;South Dakota Electric | 18 | 543% | 10 | 376% | 778 | 18% | 913 | 49% |
| &nbsp;&nbsp;Wyoming Electric | --- | (100)% | 5 | --- | 337 | (30)% | 491 | 7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Combined <sup>(a)</sup> | 11 | 124% | 14 | 265% | 796 | (7)% | 989 | 20% |

---

------

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended Dec. 31,** | **Three Months Ended Dec. 31,** | **Twelve Months Ended Dec. 31,** | **Twelve Months Ended Dec. 31,** |
| **Contracted generating facilities Availability**<sup>(a)</sup> **by fuel type** | **2025** | **2024** | **2025** | **2024** |
| Coal <sup>(b)</sup> | 69.4% | 97.2% | 77.7% | 89.8% |
| Natural gas and diesel oil <sup>(b)</sup> | 88.4% | 85.5% | 92.6% | 92.9% |
| Wind | 82.3% | 87.6% | 82.5% | 90.6% |
| Total Availability | 82.1% | 88.2% | 86.9% | 91.7% |
| Wind Capacity Factor <sup>(a)</sup> | 39.7% | 38.0% | 34.2% | 36.7% |

---

------

(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**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Revenue <br>(in millions)** | **Revenue <br>(in millions)** | **Revenue <br>(in millions)** | **Revenue <br>(in millions)** | **Quantities Sold and Transported <br>(Dth in millions)** | **Quantities Sold and Transported <br>(Dth in millions)** | **Quantities Sold and Transported <br>(Dth in millions)** | **Quantities Sold and Transported <br>(Dth in millions)** |
|  | **Three Months Ended Dec. 31,** | **Three Months Ended Dec. 31,** | **Twelve Months Ended Dec. 31,** | **Twelve Months Ended Dec. 31,** | **Three Months Ended Dec. 31,** | **Three Months Ended Dec. 31,** | **Twelve Months Ended Dec. 31,** | **Twelve Months Ended Dec. 31,** |
| **By customer class** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| Retail Revenue - |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Residential | $226.8 | $215.4 | $770.2 | $691.9 | 18.4 | 18.4 | 59.9 | 56.7 |
| &nbsp;&nbsp;Commercial | 86.6 | 82.4 | 292.9 | 266.3 | 8.9 | 9.1 | 29.4 | 28.4 |
| &nbsp;&nbsp;Industrial | 6.0 | 5.4 | 27.2 | 23.7 | 0.9 | 0.9 | 5.2 | 6.0 |
| &nbsp;&nbsp;Other Retail <sup>(a)</sup> | 8.6 | 11.8 | 34.6 | 40.7 | - | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Subtotal Retail Revenue - Gas | 328.0 | 315.0 | 1124.9 | 1022.6 | 28.2 | 28.4 | 94.5 | 91.1 |
| Transportation | 51.0 | 47.3 | 194.4 | 178.2 | 43.8 | 42.2 | 166.7 | 159.2 |
| Other <sup>(b)</sup> | 23.9 | 22.9 | 63.5 | 68.6 | - | - | - | - |
| &nbsp;&nbsp;Total Revenue and Quantities Sold | $402.9 | $385.2 | $1382.8 | $1269.4 | 72.0 | 70.6 | 261.2 | 250.3 |

---

------

(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.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Revenue <br>(in millions)** | **Revenue <br>(in millions)** | **Revenue <br>(in millions)** | **Revenue <br>(in millions)** | **Quantities Sold and Transported <br>(Dth in millions)** | **Quantities Sold and Transported <br>(Dth in millions)** | **Quantities Sold and Transported <br>(Dth in millions)** | **Quantities Sold and Transported <br>(Dth in millions)** |
|  | **Three Months Ended Dec. 31,** | **Three Months Ended Dec. 31,** | **Twelve Months Ended Dec. 31,** | **Twelve Months Ended Dec. 31,** | **Three Months Ended Dec. 31,** | **Three Months Ended Dec. 31,** | **Twelve Months Ended Dec. 31,** | **Twelve Months Ended Dec. 31,** |
| **By business unit** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| Arkansas Gas | $89.9 | $81.6 | $286.5 | $248.8 | 9.1 | 8.4 | 32.5 | 29.9 |
| Colorado Gas | 69.0 | 87.3 | 251.8 | 278.8 | 8.6 | 9.7 | 30.6 | 31.0 |
| Iowa Gas | 59.0 | 51.9 | 197.6 | 162.3 | 11.4 | 10.9 | 39.6 | 37.3 |
| Kansas Gas | 45.5 | 39.6 | 160.4 | 130.4 | 9.1 | 8.7 | 37.0 | 34.8 |
| Nebraska Gas | 99.3 | 85.6 | 344.5 | 304.5 | 23.7 | 22.1 | 85.1 | 80.3 |
| Wyoming Gas | 40.2 | 39.2 | 142.0 | 144.6 | 10.1 | 10.8 | 36.4 | 37.0 |
| &nbsp;&nbsp;Total Revenue and Quantities Sold | $402.9 | $385.2 | $1382.8 | $1269.4 | 72.0 | 70.6 | 261.2 | 250.3 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended Dec. 31,** | **Three Months Ended Dec. 31,** | **Three Months Ended Dec. 31,** | **Three Months Ended Dec. 31,** | **Twelve Months Ended Dec. 31,** | **Twelve Months Ended Dec. 31,** | **Twelve Months Ended Dec. 31,** | **Twelve Months Ended Dec. 31,** |
|  | **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> | 1105 | (18)% | 1073 | (24)% | 3256 | (9)% | 2998 | (20)% |
| Colorado Gas | 1658 | (20)% | 2049 | (10)% | 5416 | (7)% | 5662 | (7)% |
| Iowa Gas | 2315 | --- | 2093 | (11)% | 6318 | (1)% | 5543 | (16)% |
| Kansas Gas <sup>(a)</sup> | 1529 | (12)% | 1516 | (14)% | 4530 | --- | 4092 | (12)% |
| Nebraska Gas <sup>(a)</sup> | 1997 | (8)% | 1891 | (15)% | 5630 | (3)% | 5172 | (13)% |
| Wyoming Gas | 2141 | (18)% | 2257 | (15)% | 6727 | (7)% | 6641 | (10)% |
| &nbsp;&nbsp;Combined <sup>(b)</sup> | 1991 | (12)% | 2015 | (12)% | 5802 | (5)% | 5517 | (11)% |

---

------

(a)Arkansas Gas and Kansas Gas have weather normalization mechanisms that mitigate the weather impact on Gas Utility margins. Nebraska Gas received NPSC approval to develop a two-year pilot program for a weather normalization mechanism which was effective in August 2025.

(b)Heating degree days are calculated based on a weighted average of total customers by state excluding Kansas Gas and Nebraska Gas (effective in August 2025) due to their weather normalization mechanisms. Arkansas Gas is partially excluded based on the weather normalization mechanism in effect from November through April.

------

**CONFERENCE CALL AND WEBCAST**

Black Hills will host a live conference call and webcast at 11 a.m. EST on Thursday, Feb. 5, 2026, 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 1.37 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>

**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 2026 earnings guidance, long-term growth target and our expectations for regulatory filings for and the closing of the merger with NorthWestern Energy. 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 our Quarterly Report on Form 10-Q for the quarter ended Sept. 30, 2025, Item 1A of Part I of our forthcoming 2025 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The expected timing and likelihood of completion and our ability to realize the anticipated benefits of the proposed merger with NorthWestern Energy Group, Inc., including the timing, receipt and terms and conditions of any required governmental and regulatory approvals of the proposed acquisition that could reduce anticipated benefits or give rise to the termination of the merger; 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.<br>

------

**NO OFFERS OR SOLICITATION**

This document is for informational purposes only and is not intended to and shall not constitute an offer to buy or sell or the solicitation of an offer to buy or sell any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made, except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended.

**IMPORTANT INFORMATION AND WHERE TO FIND IT**

Black Hills filed a registration statement on Form S-4 with the SEC to register the shares of Black Hills' common stock that will be issued to NorthWestern stockholders in connection with the pending merger transaction. The registration statement included a preliminary joint proxy statement of Black Hills and NorthWestern that will also constitute a prospectus of Black Hills. The definitive joint proxy statement/prospectus will be sent to the stockholders of each of Black Hills and NorthWestern in connection with the pending merger transaction. Additionally, Black Hills and NorthWestern will file other relevant materials in connection with the pending merger transaction with the SEC. Investors and security holders are urged to read the registration statement and joint proxy statement/prospectus when they become available (and any other documents filed with the SEC in connection with the transaction or incorporated by reference into the joint proxy statement/prospectus) because such documents will contain important information regarding the pending merger transaction and related matters. Investors and security holders may obtain free copies of these documents and other documents filed with the SEC by Black Hills or NorthWestern through the website maintained by the SEC at http://www.sec.gov or by contacting the investor relations department of Black Hills or NorthWestern at investorrelations@blackhillscorp.com or travis.meyer@northwestern.com, respectively.

Before making any voting or investment decision, investors and security holders of Black Hills and NorthWestern are urged to read carefully the entire registration statement and joint proxy statement/prospectus when they become available, including any amendments thereto (and any other documents filed with the SEC in connection with the pending merger transaction) because they will contain important information about the pending merger transaction. Free copies of these documents may be obtained as described above.

**PARTICIPANTS IN SOLICITATION**

Black Hills, NorthWestern and certain of their directors and executive officers may be deemed participants in the solicitation of proxies from the stockholders of each of Black Hills and NorthWestern in connection with the pending merger transaction. Information regarding the directors and executive officers of Black Hills and NorthWestern and other persons who may be deemed participants in the solicitation of the stockholders of Black Hills or of NorthWestern in connection with the pending merger transaction will be included in the joint proxy statement/prospectus related to the pending merger transaction, which will be filed by Black Hills with the SEC. Information about the directors and executive officers of Black Hills and their ownership of Black Hills common stock can also be found in Black Hills' filings with the SEC, including its Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2024, which was filed on Feb. 12, 2025, under the header "Information About Our Executive Officers," and its Proxy Statement on Schedule 14A, which was filed on March 14, 2025, under the headers "Election of Directors" and "Security Ownership of Management and Principal Shareholders," and other documents subsequently filed by Black Hills with the SEC. Information about the directors and executive officers of NorthWestern and their ownership of NorthWestern common stock can also be found in NorthWestern's filings with the SEC, including its Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2024, which was filed on Feb. 13, 2025, under the header "Information About Our Executive Officers" and its Proxy Statement on Schedule 14A, which was filed on March 12, 2025, under the headers "Election of Directors" and "Who Owns our Stock". Additional information regarding the respective directors and executive officers of Black Hills and NorthWestern and other participants in each respective proxy solicitation and a description of their direct and indirect interests in the proposed merger is contained in the registration statement and the joint proxy statement/prospectus under the headings "Additional Interests Of Black Hills and Northwestern Directors and Officers," and "Shares Beneficially Owned by NorthWestern Directors and Officers." To the extent any such person's ownership of Black Hills' or NorthWestern's securities, respectively, has changed since the filing of such proxy statement, such changes have been or will be reflected on Forms 3, 4 or 5 filed with the SEC. Additional information regarding the interests of such participants will be included in other relevant documents regarding the pending merger transaction filed with the SEC when they become available.

------

---

| | |
|:---|:---|
| **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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## Exhibit 99.2

![Slide 1](bkh-ex99_2s1.jpg)

2025 Fourth Quarter and Full Year Review Feb. 5, 2026

------

![Slide 2](bkh-ex99_2s2.jpg)

Forward-looking Statements COMPANY INFORMATION Black Hills Corporation P.O. Box 1400Rapid City, SD 57709-1400 NYSE Ticker: BKH www.blackhillscorp.com Company Contacts Kimberly Nooney Senior Vice President and CFO 605-721-2370 kim.nooney@blackhillscorp.com Sal DiazDirector of Investor Relations 605-399-5079sal.diaz@blackhillscorp.com This presentation 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 presentation 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 2026 earnings guidance, long-term growth target and our expectations for regulatory filings for and the closing of the merger with NorthWestern Energy. 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 our Quarterly Report on Form 10-Q for the quarter ended Sept. 30, 2025, Item 1A of Part I of our forthcoming 2025 Annual Report on Form 10-K, and other reports that we file with the SEC from time to time, and the following: The accuracy of our assumptions on which our earnings guidance and growth target are based; 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; Our ability to complete our capital program in a cost-effective and timely manner; Our ability to execute on our strategy; Our ability to successfully execute our financing plans; The effects of changing interest rates; Our ability to achieve our greenhouse gas emissions intensity reduction goals; The impact of future governmental regulation; Our ability to overcome the impacts of supply chain disruptions on availability and cost of materials; Our ability to obtain sufficient insurance coverage at acceptable costs and whether such coverage will protect us against significant losses; The effects of inflation, tariffs and volatile energy prices; The expected timing and likelihood of completion and our ability to realize the anticipated benefits of the proposed merger with NorthWestern Energy Group, Inc., including the timing, receipt and terms and conditions of any required governmental and regulatory approvals of the proposed acquisition that could reduce anticipated benefits or give rise to the termination of the merger; and 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. MERGER-RELATED INFORMATION No Offer or Solicitation This document is for informational purposes only and is not intended to and shall not constitute an offer to buy or sell or the solicitation of an offer to buy or sell any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made, except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended. Important Information and Where to Find It Black Hills filed a registration statement on Form S-4 with the SEC to register the shares of Black Hills' common stock that will be issued to NorthWestern stockholders in connection with the pending merger transaction. The registration statement included a preliminary joint proxy statement of Black Hills and NorthWestern that will also constitute a prospectus of Black Hills. The definitive joint proxy statement/prospectus will be sent to the stockholders of each of Black Hills and NorthWestern in connection with the pending merger transaction. Additionally, Black Hills and NorthWestern will file other relevant materials in connection with the pending merger transaction with the SEC. Investors and security holders are urged to read the registration statement and joint proxy statement/prospectus when they become available (and any other documents filed with the SEC in connection with the transaction or incorporated by reference into the joint proxy statement/prospectus) because such documents will contain important information regarding the pending merger transaction and related matters. Investors and security holders may obtain free copies of these documents and other documents filed with the SEC by Black Hills or NorthWestern through the website maintained by the SEC at http://www.sec.gov or by contacting the investor relations department of Black Hills or NorthWestern at investorrelations@blackhillscorp.com or travis.meyer@northwestern.com, respectively. Before making any voting or investment decision, investors and security holders of Black Hills and NorthWestern are urged to read carefully the entire registration statement and joint proxy statement/prospectus when they become available, including any amendments thereto (and any other documents filed with the SEC in connection with the pending merger transaction) because they will contain important information about the pending merger transaction. Free copies of these documents may be obtained as described above. Participants in Solicitation Black Hills, NorthWestern and certain of their directors and executive officers may be deemed participants in the solicitation of proxies from the stockholders of each of Black Hills and NorthWestern in connection with the pending merger transaction. Information regarding the directors and executive officers of Black Hills and NorthWestern and other persons who may be deemed participants in the solicitation of the stockholders of Black Hills or of NorthWestern in connection with the pending merger transaction will be included in the joint proxy statement/prospectus related to the pending merger transaction, which will be filed by Black Hills with the SEC. Information about the directors and executive officers of Black Hills and their ownership of Black Hills common stock can also be found in Black Hills' filings with the SEC, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2024, which was filed on February 12, 2025, under the header "Information About Our Executive Officers," and its Proxy Statement on Schedule 14A, which was filed on March 14, 2025, under the headers "Election of Directors" and "Security Ownership of Management and Principal Shareholders," and other documents subsequently filed by Black Hills with the SEC. Information about the directors and executive officers of NorthWestern and their ownership of NorthWestern common stock can also be found in NorthWestern's filings with the SEC, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2024, which was filed on February 13, 2025, under the header "Information About Our Executive Officers" and its Proxy Statement on Schedule 14A, which was filed on March 12, 2025, under the headers "Election of Directors" and "Who Owns our Stock". Additional information regarding the respective directors and executive officers of Black Hills and NorthWestern and other participants in each respective proxy solicitation and a description of their direct and indirect interests in the proposed merger is contained in the registration statement and the joint proxy statement/prospectus under the headings "Additional Interests Of Black Hills and Northwestern Directors and Officers," and "Shares Beneficially Owned by NorthWestern Directors and Officers." To the extent any such person's ownership of Black Hills' or NorthWestern's securities, respectively, has changed since the filing of such proxy statement, such changes have been or will be reflected on Forms 3, 4 or 5 filed with the SEC. Additional information regarding the interests of such participants will be included in other relevant documents regarding the pending merger transaction filed with the SEC when they become available.

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BKH \| 2025 Fourth Quarter and Full Year Review \| Feb. 5, 2026 \| 2025 Achievements for Stakeholders Announced tax-free, all-stock merger with NorthWestern Energy Filed joint regulatory requests for transaction approval in Montana, Nebraska, South Dakota, and with FERC Achieved midpoint of earnings guidance and long-term growth target Maintained strong balance sheet and liquidity Increased dividend, completing 55 consecutive years of increase Completed rate reviews in Colorado, Kansas and Nebraska Energized Ready Wyoming 260-mile transmission expansion Commenced construction on Lange II 99 MW generation project Obtained approval for 50 MW battery project in 2027 for Colorado Increased data center pipeline to 3 GW+ of load requests from 1 GW+ Delivered industry-leading reliability Established emergency public safety power shutoff program (PSPS) Served four new peaks at Wyoming Electric, a 21% increase over 2024 Advance Regulatory and Growth Initiatives Deliver Excellent Operational Performance Deliver on Financial Commitments Announced Merger with NorthWestern Energy

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BKH \| 2025 Fourth Quarter and Full Year Review \| Feb. 5, 2026 \| Deliver year-over-year adjusted EPS growth of 6% Maintain strong balance sheet to enable growth Increased dividend, extending track record to 56 consecutive years 2026 Key Initiatives Complete rate reviews for Arkansas Gas and South Dakota Electric Complete 99 MW Lange II generation project in Rapid City Serve current data center customers' growing demand Capture upside data center demand opportunities Deliver industry-leading reliability Invest in safety, reliability and growth-focused capital projects Obtain approval of wildfire mitigation plan in Wyoming and support new wildfire liability legislation in South Dakota and Colorado Filed S-4 / joint proxy statement Obtain state regulatory, federal and shareholder approvals Advance Regulatory and Growth Initiatives Deliver Excellent Operational Performance Deliver on Financial Commitments Close Merger with NorthWestern Energy

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BKH \| 2025 Fourth Quarter and Full Year Review \| Feb. 5, 2026 \| Current plan includes: Data center load of 600 MW by 2030 with minimal capital investment Data center demand contributing 10%+ of growing consolidated EPS beginning in 2028 Upside opportunities: Negotiating with high-quality partners to serve additional load requests Investment in generation as part of resource mix to serve unique needs of our customers Investment in transmission Strong and growing data center demand Innovative tariff 2 providing flexibility for the unique needs of our customers with a mix of: Market energy procurement (minimal capital) Contracted resources (minimal capital) Utility-owned resources Cost-effectively enabling speed to market Benefits to other customers and communities High-Quality Data Center Pipeline1 of 3 GW+ Flexible service model 1 Pipeline includes large-load requests under non-disclosure agreements 2 Large Power Contract Service (LPCS) tariff in Wyoming

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Key investment categories in current plan Customer growth Safety, integrity and modernization programs Generation and transmission to serve growth Battery storage for Colorado emission reduction requirements (50 MW in 2027) Minimal investment to serve 600 MW of data center demand BKH \| 2025 Fourth Quarter and Full Year Review \| Feb. 5, 2026 \| Investing for Customer Needs Drives Growth (millions) \* Forecasted capital is subject to changes in timing and costs of projects and other factors Capital Investment Depreciation Opportunities for upside to plan Generation and transmission as part of resource mix to serve additional data center demand Natural gas pipelines and storage $4.7 billion capital investment forecast 2026-2030\*

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BKH \| 2025 Fourth Quarter and Full Year Review \| Feb. 5, 2026 \| Merger with NorthWestern Benefits Stakeholders Increases Scale Position and Growth Increases the combined company target EPS growth rate to 5-7%, supported by the doubling of each company's rate base to total of ~$11 billion with significant growth opportunities Expands Investment Opportunity Leverages enhanced resources to make strategic investments that foster economic development, including addressing the growing demand for energy, including from data centers Substantial Long-Term Value for Customers Enhances Business Diversity Delivering energy to more than 2.1 million customers across multiple contiguous jurisdictions, served by a highly skilled workforce focused on safety and reliability Strengthens Balance Sheet Strong and predictable cash flows support a customer-focused capital investment program while producing high-quality, investment-grade credit metrics Bringing together two complementary teams focused on reliability and exceptional customer service to deliver even greater value. For more information, see http://www.blackhillsnorthwesternbettertogether.com Strategic combination represents a highly attractive value creation opportunity for both companies

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BKH \| 2025 Fourth Quarter and Full Year Review \| Feb. 5, 2026 \| Merger with NorthWestern Energy Update Filed joint applications for transaction approval with regulatory commissions in Montana, Nebraska, and South Dakota in Q4 2025 Filed joint application with FERC in Q4 2025 Filed S-4/Joint Proxy Statement on January 30, 2026 Shareholder votes scheduled for April 2, 2026 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026 Merger Announced August 19 File Regulatory Applications / Regulatory Approval Process: FERC, SEC, FTC/DOJ (HSR), MPSC, NPSC, SDPUC File Form S-4/Joint Proxy Statement BKH and NWE Shareholder Meetings Develop Transition and Integration Plans Anticipated Receipt of Required Approvals Anticipated Receipt of Required Approvals Anticipated Merger Close Anticipated Merger Close

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2025 Financial Review BKH \| 2025 Fourth Quarter and Full Year Review \| Feb. 5, 2026 \|

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BKH \| 2025 Fourth Quarter and Full Year Review \| Feb. 5, 2026 \| 2025 EPS Drivers Compared to 2024 Interest expense ($0.25) AFUDC +$0.12 New shares ($0.19) Merger costs ($0.12) Employee costs and outside services ($0.13) Insurance premiums ($0.08) Unplanned generation outages ($0.05) Other +$0.02 New rates and rider recovery 1 +$0.95 Customer growth +0.05 Lower natural gas usage ($0.12) Other ($0.07) 2025: ($0.11) versus normal 2 2024: ($0.20) versus normal Note: Differences in totals may exist due to rounding \* Adjusted EPS is a non-GAAP measure reflecting earnings net of merger-related costs; see Appendix for detail 1 New rates and rider recovery includes EPS of $0.67 for the gas utilities and $0.28 for the electric utilities 2 Weather compared to normal for 2025 drove $0.08 of unfavorability for the gas utilities and $0.03 per share of unfavorability for the electric utilities

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$250 million accordion feature (with bank consent) (millions) BKH \| 2025 Fourth Quarter and Full Year Review \| Feb. 5, 2026 \| Solid Investment-Grade Financial Position Capital Structure \* Liquidity and Cash Flow Debt Maturities (millions) Long-term target $747 million of available liquidity on revolving credit facility at quarter-end (billions) Credit Ratings FFO / Debt Long-term Target 14-15% Downgrade Threshold 13% Note: FFO / Debt is a non-GAAP measure calculated in accordance with rating agencies' methodologies 3-month average short-term borrowings Moody's S&P Baa2 BBB+ Stable outlook Stable outlook \* Net debt to capitalization is a non-GAAP measure reconciled in Appendix; equity excludes non-controlling interest

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BKH \| 2025 Fourth Quarter and Full Year Review \| Feb. 5, 2026 \| Note: Outlook excludes pending merger with NorthWestern Energy, expected to close in the second half of 2026 1 Average annual compound growth rate off 2023 guidance midpoint of $3.75 per share 2 Adjusted EPS is a non-GAAP measure which excludes merger-related costs; see slide 13 for a list of key guidance assumptions 3 Quarterly dividend payout increased on Jan. 23, 2026; 56 consecutive years of increase based on annualized rate for 2026 BKH Financial Outlook Targeting 55% to 65% payout ratio 56 consecutive years of increases in 2026 3 Dividend Initiated guidance in the range of $4.25 to $4.45Midpoint represents 6% growth compared to $4.10 adjusted EPS in 2025 Expect to deliver in upper half of 4% to 6% growth in 2026 to 2030 Includes 600 MW of data center pipeline with minimal capital investment Long-term EPS Growth1 2026 Adjusted EPS2 Capital Investment Forecasting $4.7 billion of investment from 2026 to 2030 Excludes upside potential from investments as part of resource mix to serve additional data center demand

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$4.45 $4.25 BKH \| 2025 Fourth Quarter and Full Year Review \| Feb. 5, 2026 \| Strategic Growth Trajectory on Track ~4% EPS Guidance Midpoint Actual Adjusted EPS\* Adjusted EPS Guidance Range\* 2026-2030 4% to 6% EPS Growth target off 2023 guidance midpoint of $3.75 ~5% Consistently Delivering on EPS Guidance and Long-term Growth Target Key 2026 Guidance Assumptions Normal weather Constructive and timely outcomes of regulatory dockets Excludes mark-to-market adjustments 3.5% increase in O&M expense off $580 million in 2025 (excludes merger-related costs, depreciation and amortization and taxes other than income taxes) Equity issuance between $50 million and $70 million Effective tax rate of 14% for full year \* Adjusted EPS is a non-GAAP measure reconciled in Appendix; reflects earnings net of merger-related costs. ~5% ~6%

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BKH \| 2025 Fourth Quarter and Full Year Review \| Feb. 5, 2026 \| Dividend Track Record 56 Consecutive Years of Annual Increases in 2026 and 84 Consecutive Years Paid\* Annual Dividend Per Share \* 2026 dividend represents current quarterly dividend at annualized rate 4.4% CAGR 2020-2026

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BKH \| 2025 Fourth Quarter and Full Year Review \| Feb. 5, 2026 \| Business Update Pictured: Ready Wyoming electric transmission line connection at Orchard Valley Substation

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BKH \| 2025 Fourth Quarter and Full Year Review \| Feb. 5, 2026 \| Energized Ready Wyoming 260-mile, $350-million Electric Transmission Expansion Benefits of expansion and interconnection of electric system in Wyoming Maintain long-term cost stability for customers Enhance system resiliency Expand access to power markets and provide flexibility as power markets develop in Western states Support economic growth in Wyoming and attract data center and blockchain customer growth Expand access to renewable resources and facilitate renewable development across wind- and sun-rich resource areas

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BKH \| 2025 Fourth Quarter and Full Year Review \| Feb. 5, 2026 \| Lange II Generation Project to Serve South Dakota Electric Resource Needs Adding 99 MW of Dispatchable Natural Gas Generation in Q4 2026 Q1 2025 – Requested CPCN from Wyoming Public Service Commission Q2 2025 – Obtained approval for CPCN from Wyoming Public Service Commission Q3 2025 – Commenced construction Q4 2026 – Expect to place new resource in service and begin recovery Pictured: Lange II generation project site under construction in Rapid City, South Dakota, including six Wartsila reciprocating internal combustion engines awaiting installation Note: The South Dakota Electric system serves customers in western South Dakota, eastern Wyoming and southeastern Montana

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BKH \| 2025 Fourth Quarter and Full Year Review \| Feb. 5, 2026 \| Colorado Clean Energy Plan Adding 250 MW of New Renewable Resources to Reduce Emissions 80% by 2030 from a 2005 Baseline Clean Energy Plan portfolio: 50 MW battery storage build-transfer (utility-owned) Received Colorado Public Utilities Commission approval of settlement for CPCN request; expect to place in service in 2027 200 MW solar power purchase agreement Expect to sign agreement in Q1 2026 Pictured: Pueblo Airport Generating Station facilities in Colorado

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BKH \| 2025 Fourth Quarter and Full Year Review \| Feb. 5, 2026 \| Regulatory Progress \* Black box settlement agreement approved on July 24, 2025 \*\* As requested in filing; excludes ongoing rider recovery requested to be included in base rates Jurisdiction Filing Date Annual Revenue Increase ROE Debt / Equity New Rates Comments / Status Nebraska Gas Application NG-124 May 1, 2025 $23.9 million 9.85% 49.48% / 50.52% Jan. 1, 2026 Approved settlement allowed 5-year integrity rider renewal, insurance cost tracker and weather normalization pilot Kansas Gas Docket 25-BHCG-298-RTS Feb. 3, 2025 $10.8 million\* n/a\* n/a\* Aug. 1, 2025\* Approved black box settlement; also allowed filing of abbreviated case in Q1 2026 for capital through Dec. 31, 2025 Colorado Electric Docket 24AL-0275E June 14, 2024 $17.5 million 9.3% to 9.5% 51% to 53% / 47% to 49% March 22, 2025 New rates approved based upon WACC of 6.90% Arkansas Gas Dec. 8, 2025 $29.4 million\*\* 10.5%\*\* 49.8% / 50.2%\*\* 2H 2026\*\* Seeking recovery of $147 million of investments since last general rate filing in 2023 South Dakota Electric Q1 2026 TBD TBD TBD 2H 2026 Preparing to request rate reviews in South Dakota and Wyoming Completed three rate reviews representing $52 million of new annual revenue In November 2025, filed Wildfire Mitigation Plan in Wyoming in accordance with wildfire liability legislation (WY HB192) Filed rate review request for Arkansas Gas Received approval for new large-load interruptible service tariff in South Dakota to serve blockchain opportunities In Q1 2026, preparing to file rate review requests for South Dakota Electric

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BKH \| 2025 Fourth Quarter and Full Year Review \| Feb. 5, 2026 \| Flexible Model Serving Large-Load Demand Legislation-Backed, Commission-Approved Tariff Black Hills' Wyoming Electric System Large-load Customer Energy delivered through our system Energy costs and service fees Contracted resources Black Hills Energy secures specific resources and delivers energy through Black Hills Energy system Customer pays risk-adjusted, demand-based microgrid management fee along with other pass-through costs Market energy procurement Black Hills Energy secures market energy and delivers energy through Black Hills Energy system Customer pays demand-based microgrid management fee comparable to returns from a rate base investment along with other pass-through costs Utility-owned resources Traditional rate base generation investments Risk-adjusted return on and of investments recovered through rates specific to customer Note: Large-load service model supported in Wyoming by Large Power Contract Services Tariff (LPCS) Benefits to Other Customers Flexibility to serve through a mix of energy resources:

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BKH \| 2025 Fourth Quarter and Full Year Review \| Feb. 5, 2026 \| 2 Compelling Long-term Value Proposition 4% to 6% Adjusted EPS CAGR 2026-20301 $4.7 billion capital plan 600 MW data center demand by 2030 Note: Excludes pending merger with NorthWestern Energy, expected to close in the second half of 2026 1 Average compounded annual growth rate off 2023 guidance midpoint of $3.75 per share; adjusted EPS is a non-GAAP measure reconciled to GAAP in the Appendix 2 Approximate dividend yield as of Feb. 3, 2026 4% Dividend yield2 55%-65% dividend payout target 56 years of consecutive annual increases 3 GW+ Data center pipeline Margins on market energy and contracted resources service model Investment opportunities as a mix of resources to serve demand Customer-focused strategy prioritizing safety, reliability and affordability Diversity of large electric and natural gas infrastructure across eight stable and growing states Constructive regulatory jurisdictions and mechanisms Vertically-integrated Utility with Strategic Diversity and Significant Growth Opportunities Expecting to deliver in upper half of range

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Questions BKH \| 2025 Fourth Quarter and Full Year Review \| Feb. 5, 2026 \|

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Appendix BKH \| 2025 Fourth Quarter and Full Year Review \| Feb. 5, 2026 \| Ready Wyoming transmission lines connecting with Orchard Valley Substation

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BKH \| 2025 Fourth Quarter and Full Year Review \| Feb. 5, 2026 \| Q4 2025 EPS Drivers Compared to Q4 2024 Interest expense ($0.03) AFUDC +$0.03 New shares ($0.08) Merger costs ($0.02) Other +$0.02 New rates and rider recovery 1 +$0.25 Customer growth +0.01 Lower natural gas usage ($0.05) Other ($0.07) Q4 2025: ($0.07) versus normal 2 Q4 2024: ($0.10) versus normal Note: Differences in totals may exist due to rounding \* Adjusted EPS is a non-GAAP measure reflecting earnings net of merger-related costs; see Appendix for detail 1 New rates and rider recovery includes EPS of $0.15 for the gas utilities and $0.10 for the electric utilities 2 Weather compared to normal for Q4 2025 drove $0.05 of unfavorability for the gas utilities and $0.02 per share of unfavorability for the electric utilities

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BKH \| 2025 Fourth Quarter and Full Year Review \| Feb. 5, 2026 \| Strong Ongoing Customer Growth 1 Trailing five-year compound annual growth rate from year-end 2020 to year-end 2025 2 Population growth rate by state and national average based on currently available data from the U.S. Bureau of Economic Analysis for year-end 2020 through Q3 2025 Customer Count Growth Well Above Population Growth Black Hills Energy Customer Count CAGR (2020-2025 1) Population Growth CAGR (2020- Q3 2025 2) Steady Growth in Customer Count Average Customer Count Growth Rate by State and Population Growth Rate1, 2 Black Hills Energy Customer Count (millions)

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BKH \| 2025 Fourth Quarter and Full Year Review \| Feb. 5, 2026 \| Electric Utilities Capital Investment Five-year Forecast of $2.0 Billion Focused on Safety, System Integrity and Growth Forecasted Capital by State \* Growth Capital - generates immediate revenue upon customer connections Minimal Lag Capital – capital expenditures with regulatory lag of less than one year or incurred during expected regulatory test periods Rider Eligible Capital - capital expenditures recovered through state specific tariffs or FERC formula rates and meets Minimal Lag Capital definition 74% with Timely Recovery\* Safety, Reliability and Integrity Growth General Plant Depreciation 2026-2030 2026-2030 Forecasted Capital Investment By Type (millions)

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BKH \| 2025 Fourth Quarter and Full Year Review \| Feb. 5, 2026 \| Natural Gas Utilities Capital Investment Five-year Forecast of $2.5 Billion Focused on Safety, System Integrity and Growth Forecasted Capital by State 91% with Timely Recovery\* \* Growth Capital - generates immediate revenue upon customer connections Minimal Lag Capital – capital expenditures with regulatory lag of less than one year or incurred during expected regulatory test periods Rider Eligible Capital - capital expenditures recovered through state specific tariffs and meets Minimal Lag Capital definition Forecasted Capital Investment By Type (millions) 2026-2030 2026-2030 Safety, Reliability and Integrity Growth General Plant Depreciation

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BKH \| 2025 Fourth Quarter and Full Year Review \| Feb. 5, 2026 \| Regulated Utility Capital Investment by Type 1 Safety, Reliability and Integrity Capital - capital expenditures related to improving or maintaining system integrity 2 Growth Capital - generates immediate revenue on customer connections Note: Forecasted amounts are subject to change in timing and costs of projects and other factors; some totals may differ due to rounding (in millions)

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BKH \| 2025 Fourth Quarter and Full Year Review \| Feb. 5, 2026 \| Capital Investment by Segment and Recovery 1 Minimal Lag Capital - investment with regulatory lag of less than one year or incurred during expected regulatory test periods 2 Rider Eligible Capital - capital expenditures recovered through state specific tariffs or FERC formula rates and meets minimal lag capital definition 3 Growth Capital - generates immediate revenue on customer connections Note: Forecasted amounts are subject to change in timing and costs of projects and other factors; some totals may differ due to rounding (in millions)

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BKH \| 2025 Fourth Quarter and Full Year Review \| Feb. 5, 2026 \| Capital Structure \* Excludes noncontrolling interest \*\* Net debt is a non-GAAP measure which includes total debt net of cash and cash equivalents ($ in millions)

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BKH \| 2025 Fourth Quarter and Full Year Review \| Feb. 5, 2026 \| \* Adjusted EPS is a non-GAAP measure and is reconciled to GAAP on slide 35. Normalized total excludes weather impact versus normal and mark-to-market impacts on energy contracts Note: differences in totals due to rounding and timing of dilution driven by weighted average number of shares outstanding Adjusted EPS Normalized for Weather and Mark-to-Market\* Q1 and Q4 seasonality driven by peak heating demand at gas utilities Q2 and Q3 driven by peak cooling demand, off-system energy sales opportunities and agricultural irrigation for gas utilities $0.00

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BKH \| 2025 Fourth Quarter and Full Year Review \| Feb. 5, 2026 \| Last Approved Utility Rate Review Results by Jurisdiction Note: Information from last approved rate review in each jurisdiction \* Excludes amounts to serve non-jurisdictional and agriculture customers Jurisdiction Utility Effective Date Authorized Return on Equity Authorized Capital Structure Authorized Rate Base (in millions) Arkansas Arkansas Gas Oct. 2024 9.85% 54% debt / 46% equity $823.4 Colorado Colorado Electric March 2025 9.30% to 9.50% 51-53% debt / 47-49% equity $663.8 Colorado Colorado Gas Feb. 2024 9.30% 49.13% debt / 50.87% equity $378.4 Colorado RMNG July 2023 9.50% to 9.70% 48-50% debt / 50-52% equity $209.3 Iowa Iowa Gas Jan. 2025 Black Box Settlement Black Box Settlement $393.8 Kansas Kansas Gas Aug. 2025 Black Box Settlement Black Box Settlement Black Box Settlement Nebraska Nebraska Gas Jan. 2026 9.85% 49% debt / 51% equity $781.3\*_ South Dakota South Dakota Electric Oct. 2014 Black Box Settlement Black Box Settlement $543.9 Wyoming South Dakota Electric Oct. 2014 9.90% 46.68% debt / 53.32% equity $46.8 Wyoming Wyoming Electric March 2023 9.75% 48% debt / 52% equity $551.2 Wyoming Wyoming Gas Feb. 2024 9.85% 49% debt / 51% equity $450.8

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BKH \| 2025 Fourth Quarter and Full Year Review \| Feb. 5, 2026 \| 2020 2021 2022 2023 2024 2025 Colorado $794 South Dakota (all jurisdictions) 1,101 Wyoming 800 Total Electric Utilities $1,954 $2,077 $2,212 $2,398 $2,591 $2,695 Arkansas 895 Colorado 685 Iowa 393 Kansas 318 Nebraska 884 Wyoming 481 Total Gas Utilities $2,464 $2,760 $3,049 $3,246 $3,445 $3,655 Total Utilities $4,418 $4,837 $5,261 $5,644 $6,035 $6,351 Estimated Rate Base by State and Segment Note: Estimated rate base at year-end calculated using state specific requirements and is representative of the entire value of rate base, including the value recovered through riders.

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BKH \| 2025 Fourth Quarter and Full Year Review \| Feb. 5, 2026 \| Adjusted earnings and Adjusted EPS As noted in this presentation, in addition to presenting its earnings information in conformity with Generally Accepted Accounting Principles (GAAP), the company has presented non-GAAP Adjusted earnings and Adjusted EPS, which reflect adjustments for expenses, gains and losses that the company believes do not reflect ongoing core operating performance, such as costs related to the pending merger with NorthWestern. The company's management uses non-GAAP measures for financial planning and analysis, for reporting of results to the Board of Directors, in determining performance-based compensation and communicating its earnings outlook to analysts and investors. Non-GAAP financial measures are intended to supplement investors' understanding of our performance and should not be considered alternatives for financial measures presented in accordance with GAAP. Our non-GAAP measures may not be comparable to those of other companies. Reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the reconciliation on the following page. Non-GAAP Financial Measures

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BKH \| 2025 Fourth Quarter and Full Year Review \| Feb. 5, 2026 \| Non-GAAP Financial Measures

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BKH \| 2025 Fourth Quarter and Full Year Review \| Feb. 5, 2026 \|

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