# EDGAR Filing Document

**Accession Number:** 0001993004
**File Stem:** 0001993004-25-000122
**Filing Date:** 2025-7
**Character Count:** 98655
**Document Hash:** 19e79ea96089974cb5322a3a061ff61b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001993004-25-000122.hdr.sgml**: 20250731

**ACCESSION NUMBER**: 0001993004-25-000122

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 69

**CONFORMED PERIOD OF REPORT**: 20250730

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

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250731

**DATE AS OF CHANGE**: 20250731

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NorthWestern Energy Group, Inc.
- **CENTRAL INDEX KEY:** 0001993004
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRIC & OTHER SERVICES COMBINED [4931]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 932020320
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-56598
- **FILM NUMBER:** 251169851

**BUSINESS ADDRESS:**
- **STREET 1:** 3010 WEST 69TH STREET
- **CITY:** SIOUX FALLS
- **STATE:** SD
- **ZIP:** 57108
- **BUSINESS PHONE:** 605-978-2900

**MAIL ADDRESS:**
- **STREET 1:** 3010 WEST 69TH STREET
- **CITY:** SIOUX FALLS
- **STATE:** SD
- **ZIP:** 57108

?xml version='1.0' encoding='ASCII'? nwe-20250730

    

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 8-K**

**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

![2in_Color.jpg](nwe-20250730_g1.jpg)<br>

**NorthWestern Energy Group, Inc.**

(Exact name of registrant as specified in its charter)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Delaware** | **Delaware** | **Delaware** | **000-56598** | **93-2020320** |
| (State or other jurisdiction of<br>incorporation or organization) | (State or other jurisdiction of<br>incorporation or organization) | (State or other jurisdiction of<br>incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) |
| **3010 W. 69th Street** | **Sioux Falls** | **South Dakota** | | **57108** |
| (Address of principal executive offices) | (Address of principal executive offices) | (Address of principal executive offices) | | (Zip Code) |

---

**Registrant's telephone number, including area code: 605-978-2900** 

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 (<u>see</u> General Instruction A.2. below):

☐ 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:

---

| | | | |
|:---|:---|:---|:---|
| Registrant | Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| **NorthWestern Energy Group, Inc.** | **Common stock** | **NWE** | **Nasdaq Stock Market LLC** |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in 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.

☐

    

------

**Item 2.02&nbsp;&nbsp;&nbsp;&nbsp;Results of Operations and Financial Condition.**

On July 30, 2025, NorthWestern Energy Group, Inc. d/b/a NorthWestern Energy (Nasdaq: NWE) (the "*Company*") issued a press release (the "*Press Release*") discussing financial results for the quarter ended June 30, 2025, and announcing earnings guidance for 2025 in the range of $3.53 to $3.65 per diluted share. The Press Release is furnished as Exhibit 99.1 hereto and is incorporated herein by reference.

The information in this Current Report on Form 8-K provided under Item 2.02 shall not be deemed "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. The information provided under Item 2.02 in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

**Item 7.01 Regulation FD Disclosure.**

As previously announced and as stated in the Press Release, the Company will host an investor conference call and webcast on July 31, 2025, at 3:30 p.m. Eastern time to review its financial results. During the conference call, Brian Bird, president and chief executive officer, and Crystal Lail, vice president and chief financial officer, will make a slide presentation (the "*Investor Call Presentation*") concerning the Company's financial results.

A live webcast of the investor conference call can be accessed from the Company's website at *www.northwesternenergy.com/earnings-registration*. To listen and view the slideshow presentation, please go to the site at least 15 minutes in advance of the call to register. An archived webcast will be available shortly after the event and remain active for one year.

A copy of the Investor Call Presentation is being furnished pursuant to Regulation FD as Exhibit 99.2 to this Current Report on Form 8-K and is incorporated herein by reference. The information in the presentations 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 liability of that section. Furthermore, the presentations shall not be deemed to be incorporated by reference into the Company's filings under the Securities Act of 1933, as amended, or under the Securities Exchange Act of 1934, as amended, except as set forth with respect thereto in any such filing.

**Item 9.01**&nbsp;&nbsp;&nbsp;&nbsp;**Financial Statements and Exhibits.**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description of Document** |
| <u>[99.1\*](ex991pressreleaseq22025.htm)</u> | Press Release, dated July 30, 2025 |
| <u>[99.2\*](exh992earnpres25q2.htm)</u> | Investor Call Presentation, dated July 31, 2025 |
| 104 | Cover Page Interactive Data File – the cover page XBRL tags are embedded within the Inline XBRL document |
| \* filed herewith | \* filed herewith |

---

------

**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.

---

| | |
|:---|:---|
| | **NorthWestern Energy Group, Inc.** |
| By: | /s/ Timothy P. Olson |
|  | Timothy P. Olson |
|  | Corporate Secretary |

---

Date: July 31, 2025

## Exhibit 99.1

---

| | |
|:---|:---|
| ![nweenergylogocurrenta33.jpg](nweenergylogocurrenta33.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;NorthWestern Energy Group, Inc.<br>d/b/a NorthWestern Energy<br>3010 W. 69<sup>th</sup> Street<br>Sioux Falls, SD 57108<br>www.northwesternenergy.com |

---

**FOR IMMEDIATE RELEASE**

**NorthWestern Reports Second Quarter 2025 Financial Results**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Second Quarter 2025 Diluted GAAP EPS of $0.35, compared to $0.52 in 2024.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Second Quarter 2025 Adjusted Diluted Non-GAAP EPS of $0.40, compared to $0.53 in 2024.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***• Announces 2025 earnings guidance range of $3.53 to $3.65 per diluted share.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***• Affirms $531 million capital plan for 2025 and 4% to 6% long-term EPS and rate base growth rate.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***• Announces $0.66 per share quarterly dividend - payable September 30, 2025.***

**BUTTE, MT / SIOUX FALLS, SD - July 30, 2025** - NorthWestern Energy Group, Inc. d/b/a NorthWestern Energy (Nasdaq: NWE) reported financial results for the second quarter of 2025. Net income for the period was $21.2 million, or $0.35 per diluted share, as compared with net income of $31.7 million, or $0.52 per diluted share, for the same period in 2024. This decrease was primarily due to lower retail natural gas and electric usage primarily driven by weather, Montana property tax tracker collections, non-recoverable Montana electric supply costs, depreciation, operating, administrative and general costs, and interest expense. These were partly offset by higher retail rates, higher electric transmission, and natural gas transportation revenues.

NorthWestern's second quarter 2025 non-GAAP net income and earnings per share were $24.1 million and $0.40, respectively, compared to $32.2 million and $0.53 in 2024. See "Adjusted Non-GAAP Earnings" and "Non-GAAP Financial Measures" sections below for more information on these measures.

*"We are pleased to report another quarter of strong operational performance, reinforcing our dedication to delivering safe, reliable, and affordable energy to our customers and communities. On July 1st, we successfully completed the acquisition of Energy West's natural gas distribution system in Montana, welcoming over 33,000 valued customers and 43 highly-skilled employees to our team. We also are happy to announce our third large-load letter of intent. We're actively working with an experienced developer, Quantica Infrastructure, to evaluate the transmission infrastructure and generation resources needed to support their proposed 500 megawatt project in Montana,"* said Brian Bird, President and Chief Executive Officer.

*"Earnings for the second quarter met our expectations, though they were lower than last year, primarily due to the delay in implementing updated interim rates in Montana. In late May, ahead of a productive public hearing, we implemented updated interim electric rates that more closely align with current service costs. An outcome in the rate review is expected early in the fourth quarter this year."* Mr. Bird continued, "*The operational and financial progress this quarter continues to advance our strategic objectives that benefit our customers and investors."*

------

*NorthWestern Reports Second Quarter 2025 Financial Results*

*July 30, 2025*

*Page 2*

**<u>FINANCIAL OUTLOOK</u>**

**Initiating 2025 Guidance and Affirming Long-Term Growth Rates**

We are initiating 2025 non-GAAP earnings guidance of $3.53 - $3.65 per diluted share. This guidance is based upon, but not limited to, the following major assumptions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Final approval of all material aspects of NorthWestern's settlement position in the currently pending Montana general rate review;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Normal weather in our service territories;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An effective income tax rate of approximately 12%-15%; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Diluted average shares outstanding of approximately 61.5 million.

We are affirming our long-term (five-year) diluted earnings per share growth guidance of 4% to 6%, based on an updated 2024 adjusted diluted non-GAAP EPS baseline of $3.40.

Additionally, we are affirming our $2.7 billion capital investment plan for 2025-2029, which is expected to support rate base growth of 4% to 6% from an updated 2024 base year of approximately $5.4 billion.

We plan to fund this capital program through a combination of cash from operations and secured debt issuances. Any incremental investments in generation, transmission, or other strategic growth opportunities may require equity financing.

**Dividend Declared**

NorthWestern Energy Group's Board of Directors has declared a quarterly common stock dividend of $0.66 per share payable on September 30, 2025, to shareholders of record as of September 15, 2025.

Looking ahead, we remain committed to maintaining a dividend payout ratio within our targeted range of 60-70% over the long term.

Additional information regarding this release can be found in the earnings presentation at<br>*https://www.northwesternenergy.com/investors/earnings.*

------

*NorthWestern Reports Second Quarter 2025 Financial Results*

*July 30, 2025*

*Page 3*

**<u>COMPANY UPDATES</u>**

**Regulatory Update**

*Montana Rate Review -* In July 2024, we filed a Montana electric and natural gas rate review with the Montana Public Service Commission (MPSC). In November 2024, the MPSC partially approved our requested interim rates effective December 1, 2024, subject to refund. Subsequently, we modified our request through rebuttal testimony. In March 2025, we filed a natural gas settlement with certain parties. In April 2025, we filed a partial electric settlement with certain other parties. Both settlements are subject to approval by the MPSC.

The partial electric settlement includes, among other things, agreement on base revenue increases (excluding base revenues associated with Yellowstone County Generating Station (YCGS)), allocated cost of service, rate design, updates to the amount of revenues associated with property taxes (excluding property taxes associated with YCGS), regulatory policy issues related to requested changes in regulatory mechanisms, and agreement to support a separate motion for revised electric interim rates. The partial electric settlement provides for the deferral and annual recovery of incremental operating costs related to wildfire mitigation and insurance expenses through the Wildfire Mitigation Balancing Account.

The natural gas settlement includes, among other things, agreement on base revenues, allocated cost of service, rate design, updates to the amount of revenues associated with property taxes, and agreement to support a separate motion for revised natural gas interim rates.

The details of our filing request, as adjusted in rebuttal testimony are set forth below:

---

| | | |
|:---|:---|:---|
| **Requested Revenue Increase (Decrease) Through Rebuttal Testimony (in millions)** | **Requested Revenue Increase (Decrease) Through Rebuttal Testimony (in millions)** | **Requested Revenue Increase (Decrease) Through Rebuttal Testimony (in millions)** |
| | **Electric** | **Natural Gas** |
| Base Rates | $153.8 | 27.9 |
| Power Cost and Credit Adjustment Mechanism (PCCAM)<sup>(1)</sup> | (94.5) | n/a |
| Property Tax (tracker base adjustment)<sup>(1)</sup> | (1.3) | 0.1 |
| **Total Revenue Increase Requested through Rebuttal Testimony** | $58.0 | $28.0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) These items are flow-through costs. PCCAM reflects our fuel and purchased power costs.

The details of our interim rates granted are set forth below:

---

| | | |
|:---|:---|:---|
| **Interim Revenue Increase (Decrease) Granted (in millions)** | **Interim Revenue Increase (Decrease) Granted (in millions)** | **Interim Revenue Increase (Decrease) Granted (in millions)** |
| | **Electric**<sup>(1)</sup> | **Natural Gas**<sup>(2)</sup> |
| Base Rates | $18.4 | $17.4 |
| PCCAM<sup>(3)</sup> | (88.0) | n/a |
| Property Tax (tracker base adjustment)<sup>(3)(4)</sup> | 7.4 | 0.2 |
| **Total Interim Revenue Granted** | $(62.2) | $17.6 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) These electric interim rates were effective December 1, 2024, through May 22, 2025. See further discussion on revised electric interim rates below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) These natural gas interim rates were effective December 1, 2024, and are expected to remain in effect until the MPSC final order rates are effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) These items are flow-through costs. PCCAM reflects our fuel and purchased power costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Our requested interim property tax base increase went into effect on January 1, 2025, as part of our 2024 property tax tracker filing.

------

*NorthWestern Reports Second Quarter 2025 Financial Results*

*July 30, 2025*

*Page 4*

The details of our settlement agreement are set forth below:

---

| | | |
|:---|:---|:---|
| **Requested Revenue Increase (Decrease) through Settlement Agreements (in millions)** | **Requested Revenue Increase (Decrease) through Settlement Agreements (in millions)** | **Requested Revenue Increase (Decrease) through Settlement Agreements (in millions)** |
| | **Electric**<sup>(1)</sup> | **Natural Gas** |
| *Base Rates:* |  |  |
| &nbsp;&nbsp;Base Rates (Settled) | $66.4 | $18.0 |
| &nbsp;&nbsp;Base Rates - YCGS (Non-settled)<sup>(2)(3)</sup> | 43.9 | n/a |
| **Requested Base Rates** | 110.3 | 18.0 |
| *Pass-through items:* |  |  |
| &nbsp;&nbsp;Property Tax (tracker base adjustment) (Settled)<sup>(4)</sup> | (5.2) | 0.1 |
| &nbsp;&nbsp;Property Tax (tracker base adjustment) - YCGS (Non-settled)<sup>(2)(4)</sup> | 4.0 | n/a |
| &nbsp;&nbsp;PCCAM (Non-settled)<sup>(2)(3)(4)</sup> | (94.5) | n/a |
| **Requested Pass-Through Rates** | (95.7) | 0.1 |
| **Total Requested Revenue Increase** | $14.6 | $18.1 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) We implemented these electric rates on July 2, 2025, on an interim basis, subject to refund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) These items were not included within the partial electric settlement and will be contested items that are expected to be determined in the MPSC's final order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Intervenor positions on YCGS propose up to an $11.6 million reduction to the base rate revenue request and an additional $38.4 million decrease to the PCCAM base.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) These items are flow-through costs. PCCAM reflects our fuel and purchased power costs.

On May 23, 2025, as permitted by Montana statute, we implemented our initially requested electric rates, reflecting a base rate revenue increase of $156.5 million, on an interim basis, subject to refund with interest. Within our June 30, 2025 financial statements, we have deferred base rate revenues collected between May 23, 2025, and June 30, 2025, down to our requested revised electric interim rates of $110.3 million as shown within the above table. As of June 30, 2025, we have deferred approximately $3.5 million of base rate revenues collected. On June 20, 2025, we submitted the revised electric interim rates as shown within the above table to the MPSC for approval. The MPSC subsequently approved this request and the rates were implemented on July 2, 2025.

As discussed above, if the MPSC chooses to accept the intervenors positions on the remaining contested issues or does not accept the Settlement Agreements in its final order, losses related to excess interim revenues collected will be incurred. Additionally, any difference between interim and final approved rates will be refunded to customers with interest. However, if final approved rates are higher than interim rates, we will not recover the difference.

A hearing on the electric and natural gas rate review was held in June 2025, and final briefs are due in August 2025. Interim rates will remain in effect on a refundable basis, with interest, until the MPSC issues a final order.

*Nebraska Natural Gas Rate Review -* In June 2025, the Nebraska Public Service Commission approved a settlement agreement increasing base rate annual revenue by $2.4 million and final rates were implemented on July 1, 2025.

**Environmental Protection Agency (EPA) Rules**

In April 2024, the EPA released greenhouse gas (GHG) Rules for existing coal-fired facilities and new coal and natural gas-fired facilities as well as Mercury and Air Toxics Standards (MATS) Rules. Compliance with the rules would require expensive upgrades at Colstrip Units 3 and 4 with proposed compliance dates that may not be achievable and / or require technology that is unproven, resulting in significant impacts to costs of the facilities. The final MATS and GHG Rules require compliance as early as 2027 and 2032, respectively. On April 8, 2025, President Trump issued a proclamation, "Regulatory Relief for Certain Stationary Sources to Promote American Energy," exempting certain coal plants, including Colstrip Units 3 and 4, Big Stone Plant, and Coyote Plant, from

------

*NorthWestern Reports Second Quarter 2025 Financial Results*

*July 30, 2025*

*Page 5*

compliance with the MATS Rule through July 8, 2029. On June 11, 2025, the EPA issued Notices of Proposed Rulemaking to, among other things, rescind the 2024 MATS Rule.

**Acquisition of Energy West Montana Assets**

In July 2024, NW Corp entered into an Asset Purchase Agreement with Hope Utilities to acquire its Energy West natural gas distribution and system operations serving approximately 33,000 customers located in Great Falls, Cut Bank, and West Yellowstone, Montana. In May 2025, the MPSC approved this acquisition and on July 1, 2025, NW Corp completed this acquisition for approximately $36.5 million in cash, which is subject to certain post-close working capital adjustments that we expect to finalize in the second half of 2025.

**Montana Wildfire Risk Mitigation**

The Montana Legislature approved House Bill 490 in April 2025, with broad bipartisan support in both the House (90-0) and Senate (40-8), and the Governor signed this bill into law in May 2025. This bill requires development, approval, and implementation of electric facilities providers' wildfire mitigation plans. Importantly, House Bill 490 helps address some preexisting liability risks facing electric facilities providers in Montana. It changes Montana law, recognizing utilities' obligation to provide a public service for customers that is different from typical businesses; circumscribes certain damages; and enacts liability protections related to wildfire and wildfire prevention efforts involving providers. More specifically, House Bill 490 precludes common law strict liability claims for damages related to wildfire and electric activities or wildfire mitigation activities; establishes a statutory standard of care, supplanting common law causes of action and other theories of recovery; and creates a rebuttable presumption that an electric facilities provider acted reasonably if it substantially followed an approved wildfire mitigation plan. The legislation also defines the availability of damages by allowing noneconomic personal injury damages only when there is bodily injury and punitive damages only when an injured party proves by clear and convincing evidence that an electric facilities provider's actions were grossly negligent or intentional. We expect to file our wildfire mitigation plan with the MPSC in the third quarter of 2025 for review and approval.

**Montana Data Centers**

In July 2025, we entered into a nonbinding letter of intent with Quantica Infrastructure to evaluate the transmission infrastructure and generation resources needed to support their proposed Phase 1 need of 5 megawatts in 2026 with growth up to 500 megawatts by 2030. This is our third signed letter of intent for data center load growth. In December 2024, we announced two separate nonbinding letters of intent to provide electric supply services for data centers being developed in Montana with a combined energy service requirement expected to be 75 megawatts beginning in early 2026 with growth of up to 400 megawatts or more by 2030. We anticipate that service could be provided through our regulated business, pending further evaluation and regulatory considerations.

**Montana Electric Transmission Construction**

In May 2025, Senate Bill 301 was passed by the Montana Legislature with unanimous bipartisan support and signed into law. The intention of this bill is to expedite and streamline the process for a public utility to construct electric transmission lines to serve the increasing demand for electricity, enhance grid reliability, and address current transmission congestion within Montana. This bill allows a public utility to request a Certificate of Public Convenience & Necessity for electric transmission lines rated higher than 69 kilovolts from the MPSC and also provides a process for a public utility to apply for advanced cost approval of electric transmission lines and related facilities before actual construction begins.

------

*NorthWestern Reports Second Quarter 2025 Financial Results*

*July 30, 2025*

*Page 6*

**Colstrip Acquisitions and Requests for Cost Recovery**

As previously disclosed, we entered into definitive agreements with Avista Corporation (Avista) and Puget Sound Energy (Puget) to acquire their respective interests in Colstrip Units 3 and 4 for $0 and expect to complete these acquisitions on December 31, 2025. Accordingly, we will be responsible for associated operating costs on January 1, 2026. Puget and Avista will remain responsible for their respective pre-closing share of environmental and pension liabilities attributed to events or conditions existing prior to the closing of the transaction and for any future decommissioning and demolition costs associated with the existing facilities that comprise their interests. During the second half of 2025 we intend to make filings with the MPSC and the Federal Energy Regulatory Commission (FERC) associated with these transactions, including recovery of incremental operating costs.

[The remainder of page is intentionally left blank]

------

*NorthWestern Reports Second Quarter 2025 Financial Results*

*July 30, 2025*

*Page 7*

**<u>CONSOLIDATED STATEMENT OF INCOME</u>**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended <br>June 30,** | **Six Months Ended <br>June 30,** |
| *($ in millions, except per share amounts)* | **2025** | **2024** | **2025** | **2024** |
| Revenues |  |  |  |  |
| &nbsp;&nbsp;Electric | $279.5 | $260.1 | $615.0 | $603.3 |
| &nbsp;&nbsp;Gas | 63.2 | 59.8 | 194.4 | 192.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Revenues** | 342.7 | 319.9 | 809.3 | 795.3 |
| Operating expenses |  |  |  |  |
| &nbsp;&nbsp;Fuel, purchased supply and direct transmission expense (exclusive of depreciation and depletion shown separately below) | 75.3 | 76.5 | 213.5 | 251.2 |
| &nbsp;&nbsp;Operating and maintenance | 62.3 | 57.4 | 119.0 | 111.5 |
| &nbsp;&nbsp;Administrative and general | 33.8 | 31.3 | 75.1 | 71.7 |
| &nbsp;&nbsp;Property and other taxes | 48.2 | 36.3 | 91.4 | 83.4 |
| &nbsp;&nbsp;Depreciation and depletion | 62.4 | 56.9 | 124.8 | 113.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Operating Expenses** | 281.9 | 258.3 | 623.8 | 631.6 |
| Operating income | 60.8 | 61.6 | 185.5 | 163.7 |
| Interest expense, net | (36.3) | (31.9) | (72.8) | (62.9) |
| Other income, net | 0.1 | 6.2 | 4.0 | 10.5 |
| Income before income taxes | 24.6 | 35.9 | 116.8 | 111.3 |
| Income tax expense | (3.4) | (4.2) | (18.6) | (14.6) |
| **Net Income** | $21.2 | $31.7 | $98.2 | $96.7 |
| Average Common Shares Outstanding | 61.4 | 61.3 | 61.4 | 61.3 |
| Basic Earnings per Average Common Share | $0.35 | $0.52 | $1.60 | $1.58 |
| Diluted Earnings per Average Common Share | $0.35 | $0.52 | $1.60 | $1.58 |
| Dividends Declared per Common Share | $0.66 | $0.65 | $1.32 | $1.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Note: Subtotal variances may exist due to rounding. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Note: Subtotal variances may exist due to rounding. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Note: Subtotal variances may exist due to rounding. |  |  |

---

------

*NorthWestern Reports Second Quarter 2025 Financial Results*

*July 30, 2025*

*Page 8*

**<u>RECONCILIATION OF PRIMARY CHANGES DURING THE QUARTER</u>**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30, 2025 vs. 2024** | **Three Months Ended<br>June 30, 2025 vs. 2024** | **Three Months Ended<br>June 30, 2025 vs. 2024** | **Three Months Ended<br>June 30, 2025 vs. 2024** |
| *($ in millions, except per share amounts)* | **Pre-tax<br>Income** | **Income Tax (Expense) Benefit** <sup>(3)</sup> | **Net <br>Income** | **Diluted<br>Earnings<br>Per Share** |
| **Second Quarter, 2024** | **35.9** | **(4.2)** | **31.7** | **0.52** |
| *Variance in revenue and fuel, purchased supply, and direct transmission expense*<sup>(1)</sup> *items impacting net income:* |  |  |  |  |
| &nbsp;&nbsp;Rates | 19.4 | (4.9) | 14.5 | 0.23 |
| &nbsp;&nbsp;Electric transmission revenue | 5.7 | (1.4) | 4.3 | 0.07 |
| &nbsp;&nbsp;Natural gas transportation | 1.6 | (0.4) | 1.2 | 0.02 |
| &nbsp;&nbsp;Production tax credits, offset within income tax benefit | 1.2 | (1.2) |  |  |
| &nbsp;&nbsp;Natural gas retail volumes | (4.0) | 1.0 | (3.0) | (0.05) |
| &nbsp;&nbsp;Montana property tax tracker collections | (4.3) | 1.1 | (3.2) | (0.05) |
| &nbsp;&nbsp;Electric retail volumes | (2.9) | 0.7 | (2.2) | (0.04) |
| &nbsp;&nbsp;Non-recoverable Montana electric supply costs | (2.0) | 0.5 | (1.5) | (0.02) |
| &nbsp;&nbsp;Other | (0.2) | 0.1 | (0.1) |  |
| *Variance in* ***expense*** *items*<sup>(2)</sup> *impacting net income:* |  |  |  |  |
| &nbsp;&nbsp;Depreciation | (5.5) | 1.4 | (4.1) | (0.07) |
| &nbsp;&nbsp;Interest expense | (4.4) | 1.1 | (3.3) | (0.05) |
| &nbsp;&nbsp;Operating, maintenance, and administrative | (10.0) | 2.5 | (7.5) | (0.12) |
| &nbsp;&nbsp;Property and other taxes not recoverable within trackers | (1.5) | 0.4 | (1.1) | (0.02) |
| &nbsp;&nbsp;Other | (4.4) | (0.1) | (4.5) | (0.07) |
| &nbsp;&nbsp;Dilution from higher share count |  |  |  |  |
| **Second Quarter, 2025** | **24.6** | **(3.4)** | **21.2** | **0.35** |
| **Change in Net Income** |  |  | **(10.5)** | **(0.17)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Exclusive of depreciation and depletion shown separately below<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Excluding fuel, purchased supply, and direct transmission expense<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Income Tax (Expense) Benefit calculation on reconciling items assumes blended federal plus state effective tax rate of 25.3%. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Exclusive of depreciation and depletion shown separately below<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Excluding fuel, purchased supply, and direct transmission expense<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Income Tax (Expense) Benefit calculation on reconciling items assumes blended federal plus state effective tax rate of 25.3%. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Exclusive of depreciation and depletion shown separately below<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Excluding fuel, purchased supply, and direct transmission expense<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Income Tax (Expense) Benefit calculation on reconciling items assumes blended federal plus state effective tax rate of 25.3%. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Exclusive of depreciation and depletion shown separately below<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Excluding fuel, purchased supply, and direct transmission expense<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Income Tax (Expense) Benefit calculation on reconciling items assumes blended federal plus state effective tax rate of 25.3%. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Exclusive of depreciation and depletion shown separately below<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Excluding fuel, purchased supply, and direct transmission expense<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Income Tax (Expense) Benefit calculation on reconciling items assumes blended federal plus state effective tax rate of 25.3%. |

---

------

*NorthWestern Reports Second Quarter 2025 Financial Results*

*July 30, 2025*

*Page 9*

**<u>EXPLANATION OF CONSOLIDATED RESULTS</u>**

**Three Months Ended June 30, 2025 Compared with the Three Months Ended June 30, 2024**

**Consolidated gross margin** for the three months ended June 30, 2025 was $94.5 million as compared with $92.8 million in 2024, an increase of $1.7 million, or 1.8 percent. This increase was primarily due to higher retail rates, higher electric transmission, and natural gas transportation revenues. These were partly offset by lower retail natural gas and electric usage primarily driven by weather, Montana property tax tracker collections, non-recoverable Montana electric supply costs, depreciation, and operating and maintenance costs.

---

| | | |
|:---|:---|:---|
| *($ in millions)* | **Three Months Ended June 30,** | **Three Months Ended June 30,** |
| **Reconciliation of gross margin to utility margin:** | **2025** | **2024** |
| Operating Revenues | $342.7 | $319.9 |
| Less: Fuel, purchased supply and direct transmission expense (exclusive of depreciation and depletion shown separately below) | 75.3 | 76.5 |
| Less: Operating and maintenance | 62.3 | 57.4 |
| Less: Property and other taxes | 48.2 | 36.2 |
| Less: Depreciation and depletion | 62.4 | 57.0 |
| **Gross Margin** | **94.5** | **92.8** |
| Operating and maintenance | 62.3 | 57.4 |
| Property and other taxes | 48.2 | 36.2 |
| Depreciation and depletion | 62.4 | 57.0 |
| **Utility Margin**<sup>(1)</sup> | $**267.4** | $**243.4** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Non-GAAP financial measure. See "Non-GAAP Financial Measures" below. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Non-GAAP financial measure. See "Non-GAAP Financial Measures" below. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Non-GAAP financial measure. See "Non-GAAP Financial Measures" below. |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** |
| *($ in millions)* | **2025** | **2024** | **Change** | **% Change** |
| **Utility Margin** |  |  |  |  |
| Electric | $219.8 | $199.2 | $20.6 | 10.3% |
| Natural Gas | 47.6 | 44.2 | 3.4 | 7.7 |
| **Total Utility Margin**<sup>(1)</sup> | $**267.4** | $**243.4** | $**24.0** | **9.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Non-GAAP financial measure. See "Non-GAAP Financial Measures" below. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Non-GAAP financial measure. See "Non-GAAP Financial Measures" below. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Non-GAAP financial measure. See "Non-GAAP Financial Measures" below. |  |  |

---

**Consolidated utility margin** for the three months ended June 30, 2025 was $267.4 million as compared with $243.4 million for the same period in 2024, an increase of $24.0 million, or 9.9 percent.

------

*NorthWestern Reports Second Quarter 2025 Financial Results*

*July 30, 2025*

*Page 10*

Primary components of the change in utility margin include the following:

---

| | |
|:---|:---|
| *($ in millions)* | **Utility Margin 2025 vs. 2024** |
| **Utility Margin Items Impacting Net Income** |  |
| Interim rates (subject to refund) | $17.9 |
| Transmission revenue due to market conditions and rates | 5.7 |
| Montana natural gas transportation | 1.6 |
| Base rates | 1.5 |
| Montana property tax tracker collections | (4.3) |
| Natural gas retail volumes | (4.0) |
| Electric retail volumes | (2.9) |
| Non-recoverable Montana electric supply costs | (2.0) |
| Other | (0.2) |
| **Change in Utility Margin Items Impacting Net Income** | **13.3** |
| **Utility Margin Items Offset Within Net Income** |  |
| Property and other taxes recovered in revenue, offset in property and other taxes | 10.4 |
| Production tax credits, offset in income tax expense | 1.2 |
| Operating expenses recovered in revenue, offset in operating and maintenance expense | (0.9) |
| **Change in Utility Margin Items Offset Within Net Income** | **10.7** |
| **Increase in Consolidated Utility Margin**<sup>(1)</sup> | $**24.0** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Non-GAAP financial measure. See "Non-GAAP Financial Measures" below. |  |

---

Lower electric retail volumes were driven by unfavorable spring weather in all jurisdictions impacting residential demand, and lower commercial and industrial demand, partly offset by customer growth in all jurisdictions. Lower natural gas retail volumes were driven by unfavorable weather in all jurisdictions, partly offset by customer growth in all jurisdictions.

Under the PCCAM, net supply costs higher or lower than the PCCAM base rate (PCCAM Base) (excluding qualifying facility costs) are allocated 90 percent to Montana customers and 10 percent to shareholders. For the three months ended June 30, 2025, we under-collected supply costs of $7.6 million resulting in an increase to our under collection of costs, and recorded a decrease in pre-tax earnings of $0.8 million (10 percent of the PCCAM Base cost variance). For the three months ended June 30, 2024, we over-collected supply costs of $11.0 million resulting in a reduction to our under collection of costs, and recorded an increase in pre-tax earnings of $1.2 million (10 percent of the PCCAM Base cost variance).

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** |
| *($ in millions)* | **2025** | **2024** | **Change** | **% Change** |
| **Operating Expenses (excluding fuel, purchased supply and direct transmission expense)** |  |  |  |  |
| Operating and maintenance | $62.3 | $57.4 | $4.9 | 8.5% |
| Administrative and general | 33.8 | 31.3 | 2.5 | 8.0 |
| Property and other taxes | 48.2 | 36.3 | 11.9 | 32.8 |
| Depreciation and depletion | 62.4 | 56.9 | 5.5 | 9.7 |
| **Total Operating Expenses (excluding fuel, purchased supply and direct transmission expense)** | $**206.7** | $**181.9** | $**24.8** | **13.6%** |

---

------

*NorthWestern Reports Second Quarter 2025 Financial Results*

*July 30, 2025*

*Page 11*

**Consolidated operating expenses**, excluding fuel, purchased supply and direct transmission expense, were $206.7 million for the three months ended June 30, 2025, as compared with $181.9 million for the three months ended June 30, 2024. Primary components of the change include the following:

---

| | |
|:---|:---|
| | **Operating Expenses** |
| *($ in millions)* | **2025 vs. 2024** |
| **Operating Expenses (excluding fuel, purchased supply and direct transmission expense) Impacting Net Income** |  |
| Depreciation expense due to plant additions and higher depreciation rates | $5.5 |
| Electric generation maintenance | 3.7 |
| Insurance expense, primarily due to increased wildfire risk premiums | 3.0 |
| Property and other taxes not recoverable within trackers | 1.5 |
| Wildfire mitigation expense, partly offset by higher base revenues | 1.4 |
| Labor and benefits<sup>(1)</sup> | 1.3 |
| Technology implementation and maintenance expenses | 0.9 |
| Uncollectible accounts | (0.1) |
| Other | (0.2) |
| **Change in Items Impacting Net Income** | **17.0** |
| **Operating Expenses Offset Within Net Income** |  |
| Property and other taxes recovered in trackers, offset in revenue | 10.4 |
| Deferred compensation, offset in other income | (1.2) |
| Operating and maintenance expenses recovered in trackers, offset in revenue | (0.9) |
| Pension and other postretirement benefits, offset in other income<sup>(1)</sup> | (0.5) |
| **Change in Items Offset Within Net Income** | **7.8** |
| **Increase in Operating Expenses (excluding fuel, purchased supply and direct transmission expense)** | $**24.8** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) In order to present the total change in labor and benefits, we have included the change in the non-service cost component of our pension and other postretirement benefits, which is recorded within other income on our Condensed Consolidated Statements of Income. This change is offset within this table as it does not affect our operating expenses. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) In order to present the total change in labor and benefits, we have included the change in the non-service cost component of our pension and other postretirement benefits, which is recorded within other income on our Condensed Consolidated Statements of Income. This change is offset within this table as it does not affect our operating expenses. |

---

We estimate property taxes throughout each year, and update those estimates based on valuation reports received from the Montana Department of Revenue. Under Montana law, we are allowed to track the increases and decreases in the actual level of state and local taxes and fees and adjust our rates to recover the increase or decrease between rate cases less the amount allocated to FERC-jurisdictional customers and net of the associated income tax benefit.

**Consolidated operating income** for the three months ended June 30, 2025 was $60.8 million as compared with $61.6 million in the same period of 2024. This decrease was primarily due to lower retail natural gas and electric usage primarily driven by weather, Montana property tax tracker collections, non-recoverable Montana electric supply costs, depreciation, and operating, administrative and general costs. These were partly offset by higher retail rates, higher electric transmission, and natural gas transportation revenues.

**Consolidated interest expense** was $36.3 million for the three months ended June 30, 2025 as compared with $31.9 million for the same period of 2024. This increase was due to higher borrowings and interest rates and lower capitalization of Allowance for Funds Used During Construction (AFUDC).

------

*NorthWestern Reports Second Quarter 2025 Financial Results*

*July 30, 2025*

*Page 12*

**Consolidated other income** was $0.1 million for the three months ended June 30, 2025 as compared with $6.2 million for the same period of 2024. This decrease was primarily due to lower capitalization of AFUDC, a decrease in the value of deferred shares held in trust for deferred compensation, higher non-service component pension expense, and a $1.0 million expense accrual related to an estimated penalty for the previously disclosed Community Renewable Energy Project informed by a recent MPSC ruling.

**Consolidated income tax expense** was $3.4 million for the three months ended June 30, 2025 as compared to $4.2 million for the same period of 2024. Our effective tax rate for the three months ended June 30, 2025 was 13.7% as compared with 11.8% for the same period in 2024.

The following table summarizes the differences between our effective tax rate and the federal statutory rate:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** |
| *($ in millions)* | **2025** | **2025** | **2024** | **2024** |
| Income Before Income Taxes | $24.6 |  | $35.9 |  |
| Income tax calculated at federal statutory rate | 5.2 | 21.0% | 7.5 | 21.0% |
| Permanent or flow-through adjustments: |  |  |  |  |
| State income tax, net of federal provisions | 0.1 | 0.4 | 0.0 | 0.1 |
| Flow-through repairs deductions | (2.8) | (11.4) | (3.0) | (8.5) |
| Production tax credits | (0.6) | (2.4) | (2.0) | (5.6) |
| Share-based compensation | (0.3) | (1.2) | 0.0 | 0.0 |
| Amortization of excess deferred income tax | (0.1) | (0.4) | (0.2) | (0.5) |
| Plant and depreciation flow-through items | 1.5 | 6.1 | 1.1 | 3.0 |
| Other, net | 0.4 | 1.6 | 0.8 | 2.3 |
|  | (1.8) | (7.3) | (3.3) | (9.2) |
| **Income tax expense** | $3.4 | 13.7% | $4.2 | 11.8% |

---

We compute income tax expense for each quarter based on the estimated annual effective tax rate for the year, adjusted for certain discrete items. Our effective tax rate typically differs from the federal statutory tax rate primarily due to the regulatory impact of flowing through federal and state tax benefits of repairs deductions, state tax benefit of accelerated tax depreciation deductions (including bonus depreciation when applicable) and production tax credits.

**<u>LIQUIDITY AND OTHER CONSIDERATIONS</u>**

**Liquidity and Capital Resources**

As of June 30, 2025, our total net liquidity was approximately $317.9 million, including $2.9 million of cash and $315.0 million of revolving credit facility availability with no letters of credit outstanding. This compares to total net liquidity one year ago at June 30, 2024 of $393.4 million.

------

*NorthWestern Reports Second Quarter 2025 Financial Results*

*July 30, 2025*

*Page 13*

**Earnings Per Share** 

Basic earnings per share are computed by dividing earnings applicable to common stock by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflect the potential dilution of common stock equivalent shares that could occur if unvested shares were to vest. Common stock equivalent shares are calculated using the treasury stock method, as applicable. The dilutive effect is computed by dividing earnings applicable to common stock by the weighted average number of common shares outstanding plus the effect of the outstanding unvested restricted stock and performance share awards. Average shares used in computing the basic and diluted earnings per share are as follows:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** |
| | **June 30, 2025** | **June 30, 2024** |
| Basic computation | 61380777 | 61288870 |
| &nbsp;&nbsp;*Dilutive effect of:* |  |  |
| Performance share awards<sup>(1)</sup> | 103169 | 68478 |
| Diluted computation | 61483946 | 61357348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>(1) Performance share awards are included in diluted weighted average number of shares outstanding based upon what would be issued if the end of the most recent reporting period was the end of the term of the award. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>(1) Performance share awards are included in diluted weighted average number of shares outstanding based upon what would be issued if the end of the most recent reporting period was the end of the term of the award. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>(1) Performance share awards are included in diluted weighted average number of shares outstanding based upon what would be issued if the end of the most recent reporting period was the end of the term of the award. |

---

---

| | | |
|:---|:---|:---|
| | **Six Months Ended** | **Six Months Ended** |
| | **June 30, 2025** | **June 30, 2024** |
| Basic computation | 61360252 | 61277418 |
| *Dilutive effect of:* |  |  |
| Performance share awards<sup>(1)</sup> | 95733 | 56065 |
| Diluted computation | 61455985 | 61333483 |

---

As of June 30, 2025, there were 68,107 shares from performance and restricted share awards which were antidilutive and excluded from the earnings per share calculations, compared to 35,933 shares as of June 30, 2024.

[The remainder of page is intentionally left blank]

------

*NorthWestern Reports Second Quarter 2025 Financial Results*

*July 30, 2025*

*Page 14*

**<u>Adjusted Non-GAAP Earnings</u>**

We reported GAAP earnings of $0.35 per diluted share for the three months ended June 30, 2025 and $0.52 per diluted share for the same period in 2024. Adjusted Non-GAAP earnings per diluted share for the same periods are $0.40 and $0.53, respectively. A reconciliation of items factored into our Adjusted Non-GAAP diluted earnings are summarized below. The amount below represents a non-GAAP measure that may provide users of this data with additional meaningful information regarding the impact of certain items on our expected earnings. More information on this measure can be found in the "Non-GAAP Financial Measures" section below.

---

| | | | |
|:---|:---|:---|:---|
| *($ in millions, except EPS)* |  |  |  |
| **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** |
|  | **Pre-tax<br>Income** | **Net**<sup>(1)</sup>**Income**  | **Diluted<br>EPS** |
| **2025 Reported GAAP** | **$24.6** | **$21.2** | **0.35** |
| **<u>Non-GAAP Adjustments:</u>** | **<u>Non-GAAP Adjustments:</u>** | **<u>Non-GAAP Adjustments:</u>** | **<u>Non-GAAP Adjustments:</u>** |
| <u>Unfavorable</u> weather as compared to normal | 2.5 | 1.9 | 0.03 |
| Community Renewable Energy Project Penalty<br>(not tax deductible) | 1.0 | 1.0 | 0.02 |
| 2025 Adj. Non-GAAP | $28.1 | $24.1 | $0.40 |
| **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** |
|  | **Pre-tax<br>Income** | **Net**<sup>(1)</sup>**Income**  | **Diluted<br>EPS** |
| **2024 Reported GAAP** | **$35.9** | **$31.7** | **0.52** |
| **<u>Non-GAAP Adjustments:</u>** | **<u>Non-GAAP Adjustments:</u>** | **<u>Non-GAAP Adjustments:</u>** | **<u>Non-GAAP Adjustments:</u>** |
| <u>Unfavorable</u> weather as compared to normal | 0.7 | 0.5 | 0.01 |
| 2024 Adj. Non-GAAP | $36.6 | $32.2 | $0.53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Income tax rate on reconciling items assumes blended federal plus state effective tax rate of 25.3%. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Income tax rate on reconciling items assumes blended federal plus state effective tax rate of 25.3%. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Income tax rate on reconciling items assumes blended federal plus state effective tax rate of 25.3%. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Income tax rate on reconciling items assumes blended federal plus state effective tax rate of 25.3%. |

---

**<u>Company Hosting Earnings Webinar</u>**

NorthWestern will host an investor earnings webinar on Thursday, July 31, 2025, at 3:30 p.m. Eastern time to review its financial results for the quarter ending June 30, 2025. To register for the webinar, please visit <u>www.northwesternenergy.com/earnings-registration</u>. Please go to the site at least 15 minutes in advance of

the webinar to register. An archived webinar will be available shortly after the event and remain active for one

year.

------

*NorthWestern Reports Second Quarter 2025 Financial Results*

*July 30, 2025*

*Page 15*

**<u>NorthWestern Energy - Delivering a Bright Future</u>**

NorthWestern Energy Group, Inc., doing business as NorthWestern Energy, provides essential energy infrastructure and valuable services that enrich lives and empower communities while serving as long-term partners to our customers and communities. We work to deliver safe, reliable, and innovative energy solutions that create value for customers, communities, employees, and investors. We do this by providing low-cost and reliable service performed by highly-adaptable and skilled employees. We provide electricity and / or natural gas to approximately 842,100 customers in Montana, South Dakota, Nebraska, and Yellowstone National Park. Our operations in Montana and Yellowstone National Park are conducted through our subsidiary, NW Corp, and our operations in South Dakota and Nebraska are conducted through our subsidiary, NWE Public Service. We have provided service in South Dakota and Nebraska since 1923 and in Montana since 2002.

**<u>Non-GAAP Financial Measures</u>**

This press release includes financial information prepared in accordance with GAAP, as well as other financial measures, such as Utility Margin, Adjusted Non-GAAP pretax income, Adjusted Non-GAAP net income and Adjusted Non-GAAP Diluted EPS that are considered "non-GAAP financial measures." Generally, a non-GAAP financial measure is a numerical measure of a company's financial performance, financial position or cash flows that excludes (or includes) amounts that are included in (or excluded from) the most directly comparable measure calculated and presented in accordance with GAAP.

We define Utility Margin as Operating Revenues less fuel, purchased supply, and direct transmission expense (exclusive of depreciation and depletion) as presented in our Condensed Consolidated Statements of Income. This measure differs from the GAAP definition of Gross Margin due to the exclusion of Operating and maintenance, Property and other taxes, and Depreciation and depletion expenses, which are presented separately in our Condensed Consolidated Statements of Income. A reconciliation of Utility Margin to Gross Margin, the most directly comparable GAAP measure, is included in the press release above.

Management believes that Utility Margin provides a useful measure for investors and other financial statement users to analyze our financial performance in that it excludes the effect on total revenues caused by volatility in energy costs and associated regulatory mechanisms. This information is intended to enhance an investor's overall understanding of results. Under our various state regulatory mechanisms, as detailed below, our supply costs are generally collected from customers. In addition, Utility Margin is used by us to determine whether we are collecting the appropriate amount of energy costs from customers to allow for recovery of operating costs, as well as to analyze how changes in loads (due to weather, economic or other conditions), rates and other factors impact our results of operations. Our Utility Margin measure may not be comparable to that of other companies' presentations or more useful than the GAAP information provided elsewhere in this report.

Management also believes the presentation of Adjusted Non-GAAP pre-tax income, Adjusted Non-GAAP net income, and Adjusted Non-GAAP Diluted EPS is more representative of normal earnings than GAAP pre-tax income, net income, and EPS due to the exclusion (or inclusion) of certain impacts that are not reflective of ongoing earnings. The presentation of these non-GAAP measures is intended to supplement investors' understanding of our financial performance and not to replace other GAAP measures as an indicator of actual operating performance. Our measures may not be comparable to other companies' similarly titled measures.

------

*NorthWestern Reports Second Quarter 2025 Financial Results*

*July 30, 2025*

*Page 16*

**<u>Special Note Regarding Forward-Looking Statements</u>**

This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, including, without limitation, the information under *"Reconciliation of Non-GAAP Items."* Forward-looking statements involve risks and uncertainties, which could cause actual results or outcomes to differ materially from those expressed. We caution that while we make such statements in good faith and believe such statements are based on reasonable assumptions, including without limitation, management's examination of historical operating trends, data contained in records and other data available from third parties, we cannot assure you that we will achieve our projections. Factors that may cause such differences include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adverse determinations by regulators, such as adverse outcomes from the denial of interim rates or final rates not consistent with a reasonable ability to earn our allowed returns, as well as potential adverse federal, state, or local legislation or regulation, including costs of compliance with existing and future environmental requirements, and wildfire damages in excess of liability insurance coverage, could have a material effect on our liquidity, results of operations and financial condition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact of extraordinary external events and natural disasters, such as a wide-spread or global pandemic, geopolitical events, earthquake, flood, drought, lightning, weather, wind, and fire, could have a material effect on our liquidity, results of operations and financial condition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• acts of terrorism, cybersecurity attacks, data security breaches, or other malicious acts that cause damage to our generation, transmission, or distribution facilities, information technology systems, or result in the release of confidential customer, employee, or Company information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• supply chain constraints, recent high levels of inflation for product, services and labor costs, and their impact on capital expenditures, operating activities, and/or our ability to safely and reliably serve our customers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in availability of trade credit, creditworthiness of counterparties, usage, commodity prices, fuel supply costs or availability due to higher demand, shortages, weather conditions, transportation problems or other developments, may reduce revenues or may increase operating costs, each of which could adversely affect our liquidity and results of operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• unscheduled generation outages or forced reductions in output, maintenance or repairs, which may reduce revenues and increase operating costs or may require additional capital expenditures or other increased operating costs; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adverse changes in general economic and competitive conditions in the U.S. financial markets and in our service territories.

Our 2024 Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, reports on Form 8-K and other

Securities and Exchange Commission filings discuss some of the important risk factors that may affect our

business, results of operations and financial condition. We undertake no obligation to publicly update or revise

any forward-looking statements, whether as a result of new information, future events or otherwise.

**Investor Relations Contact:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Media Contact:**

Travis Meyer (605) 978-2967&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jo Dee Black (866) 622-8081

travis.meyer@northwestern.com&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;jodee.black@northwestern.com

## Exhibit 99.2

![](exh992earnpres25q2001.jpg)

Second Quarter Earnings Webcast July 31, 2025 8-K Date: July 31, 2025

------

![](exh992earnpres25q2002.jpg)

NorthWestern Energy 2 Forward Looking Statements During the course of this presentation, there will be forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements often address our expected future business and financial performance, and often contain words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," or "will." The information in this presentation is based upon our current expectations as of the date of this document unless otherwise noted. Our actual future business and financial performance may differ materially and adversely from our expectations expressed in any forward-looking statements. We undertake no obligation to revise or publicly update our forward-looking statements or this presentation for any reason. Although our expectations and beliefs are based on reasonable assumptions, actual results may differ materially. The factors that may affect our results are listed in certain of our press releases and disclosed in the Company's 10-K and 10-Q along with other public filings with the SEC.

------

![](exh992earnpres25q2003.jpg)

Recent Highlights ✓ Reported GAAP diluted EPS of $0.35 o Non-GAAP diluted EPS of $0.401 ✓ Initiating 2025 earnings guidance range of $3.53 - $3.652 ✓ Affirming long-term rate base and earnings per share growth rate targets of 4% - 6%3 ✓ Completed acquisition of Energy West and Cut Bank Gas •~33,000 customers and 43 valued employees ✓ Third Letter of Intent signed with 500+ megawatt data center developer4 ✓ Dividend Declared: $0.66 per share payable September 30, 2025 to shareholders of record as of September 15, 2025 1.) See "Second Quarter 2025 Non-GAAP Earnings" below and "Non-GAAP Financial Measures" in appendix. 2.) See "2025 Earnings Bridge" below for additional details and major assumptions included in guidance. 3.) Based on 2024 Adjusted Diluted Non-GAAP EPS of $3.40 and estimated rate base of $5.38 billion. 4.) See "Large Load Customers" below for additional details. 3 In June 2025, NorthWestern's operations team at Hauser Dam was honored with the Occupational Safety and Health Administration's Voluntary Protection Program (VPP) Star Worksite designation, the highest safety recognition from OSHA. Powerhouse at Hauser Dam on the Missouri River (near Helena, Montana)

------

![](exh992earnpres25q2004.jpg)

9%-11% Total Return >11% Total Return Incremental Opportunities: > 6% EPS Growth ~5% Dividend Yield Base Capital Plan: 4%-6% EPS Growth ✓ Data centers & new large- load opportunities ✓ FERC Regional Transmission ✓ Incremental generating capacity (subject to successful resource procurement bids) $2.74 billion of highly executable and low-risk capital investment forecasted over the next five years. This investment is expected to drive annualized earnings and rate base growth of approximately 4% - 6%. See slide titled "Strong Growth Outlook" for additional information. + The NorthWestern Value Proposition + 4 = = 2025-2029 Capital Investment ($ Millions)

------

![](exh992earnpres25q2005.jpg)

Thank youSecond Quarter Financial Review 5

------

![](exh992earnpres25q2006.jpg)

Second Quarter Financial Results 6 1.) Utility Margin is a non- GAAP Measure. See appendix slide titled "Reconciling Gross Margin to Utility Margin" for additional disclosure. Note: Subtotal variances may exist due to rounding.

------

![](exh992earnpres25q2007.jpg)

Second Quarter 2025 Financial Results 7 1.) See "Second Quarter 2025 Non-GAAP Earnings" below and "Non-GAAP Financial Measures" in appendix. Second Quarter Net Income vs Prior Period • GAAP: $10.5 million or -33.1% • Non-GAAP1: $8.1 million or -25.2% Second Quarter EPS vs Prior Period • GAAP: $0.17 or -32.7% • Non-GAAP1: $0.13 or -24.5%

------

![](exh992earnpres25q2008.jpg)

Year-to-Date 2025 Financial Results 8 1.) See "Year-to-Date 2025 Non-GAAP Earnings" below and "Non-GAAP Financial Measures" in appendix. Year-to-Date Net Income vs Prior Period • GAAP: $1.5 million or 1.6% • Non-GAAP1: $0.2 million or 0.2% Year-to-Date EPS vs Prior Period • GAAP: $0.02 or 1.3% • Non-GAAP1: No Change

------

![](exh992earnpres25q2009.jpg)

Second Quarter Earnings Drivers 9 The decrease in diluted EPS during the quarter is primarily due to higher operating and other expenses partially offset by an improvement in Utility Margin. After-Tax EPS vs Prior Year 1.) Utility Margin is a non-GAAP measure. See appendix slide titled "Reconciling Gross Margin to Utility Margin" for additional disclosure. 2.) See "Second Quarter 2025 Non-GAAP Earnings" below and "Non-GAAP Financial Measures" in appendix.

------

![](exh992earnpres25q2010.jpg)

Second Quarter Utility Margin Bridge Pre-tax Millions vs. Prior Year $13.3 million or 5.5% increase in Utility Margin items that impact Net Income Note: Utility Margin is a non-GAAP measure. See appendix slide titled "Reconciling Gross Margin to Utility Margin" for additional disclosure. 10

------

![](exh992earnpres25q2011.jpg)

We estimate weather to be a $2.5 million pre-tax detriment as compared to normal and a $1.8 million detriment as compared to second quarter 2024. (1) As a result of the adoption of Accounting Standard Update 2017-07 in March 2018, pension and other employee benefit expense is now disaggregated on the GAAP income statement with portions now recorded in both OG&A expense and Other (Expense) Income lines. To facilitate better understanding of trends in year-over-year comparisons, the non-GAAP adjustment above re-aggregates the expense in OG&A - as it was historically presented prior to the ASU 2017-07 (with no impact to net income or earnings per share). (2) Utility Margin is a non-GAAP Measure. See the slide titled "Reconciling Gross Margin to Utility Margin" for additional disclosures. Second Quarter 2025 Non-GAAP Earnings 11 Note: Subtotal variances may exist due to rounding.

------

![](exh992earnpres25q2012.jpg)

Credit, Cash Flow, and Financing Plans 12 Stable Outlook at Moody's, S&P, and Fitch. No equity expected to fund the current $2.74 billion 5-year capital plan. Financing plans (targeting a FFO to Debt ratio > 14%) are expected to maintain our current credit ratings. We expect to pay minimal cash taxes into 2028 due to utilization of our NOL's and tax credits. Financing plans are subject to change. FFO: Cash from Operations less Working Capital Adjustments. Debt: Long- & Short-term Debt (including unamortized debt issuance costs and pension liability).

------

![](exh992earnpres25q2013.jpg)

13 Montana Electric Rate Review MPSC approval of the partial Joint Party Settlement, along with NorthWestern's proposals for YCGS and PCCAM, would allow for recovery of increased operating costs and an opportunity to earn a fair return on the investment that funds the critical energy infrastructure in Montana. Key Dates • 6/9/25 - 6/18/25: MPSC Public Hearings • 7/2/25: Implementation of revised interim rates ($110.3 million subject to refund) • 7/21/25: NWE opening brief submitted • 8/11/25: Intervenor response briefs due • 8/26/25: NWE optional response due

------

![](exh992earnpres25q2014.jpg)

Key Dates • 6/9/25 - 6/18/25: MPSC Public Hearings • 7/2/25: Interim rates remain in place as implemented Dec. 1, 2024 ($17.4 million subject to refund) • 7/21/25: NWE opening brief submitted • 8/11/25: Intervenor response briefs due • 8/26/25: NWE optional response due MPSC approval of the Joint Party Settlement would allow for recovery of increased operating costs and an opportunity to earn a fair return on the investment that funds the critical energy infrastructure in Montana. 14 Montana Natural Gas Rate Review

------

![](exh992earnpres25q2015.jpg)

15 Initiating 2025 Non-GAAP EPS Guidance1 of $3.53 - $3.65 per diluted share ✓ Affirming long-term growth rates from 2024 base2 • EPS growth of 4% to 6% • Rate base growth of 4% to 6% • Continued focus on closing the gap between earned & authorized returns ✓ No equity expected to fund the current 5-year \| $2.74 billion capital plan • Capital plan sized to be funded by cash from operations, aided by income tax net operating losses, and secured debt • Incremental capital opportunities may result in equity financing ✓ Expect to maintain FFO / Debt > 14% in 2025 and beyond ✓ Earnings growth is expected to exceed dividend growth until we return to our targeted 60% to 70% payout ratio 1.) See "2025 Earnings Bridge" below for additional details and major assumptions included in guidance. 2.) Based on 2024 Adjusted Diluted Non-GAAP EPS of $3.40 and estimated rate base of $5.38 billion. See "Non-GAAP Financial Measures" in appendix. Strong Growth Outlook

------

![](exh992earnpres25q2016.jpg)

16 2025 Earnings Bridge This guidance range is based upon, but not limited to, the following major assumptions: • Final approval of all material aspects of NorthWestern's settlement position in the currently pending Montana general rate review; • Normal weather in our service territories; • An effective income tax rate of approximately 12%-15%; and • Diluted average shares outstanding of approximately 61.5 million. 2025 guidance represents 4% to 7% EPS growth from 2024 Non-GAAP Base Year1 1.) Based on 2024 Adjusted Diluted Non-GAAP EPS of $3.40. See "Non-GAAP Financial Measures" in appendix.

------

![](exh992earnpres25q2017.jpg)

$2.74 billion of highly-executable and low-risk critical capital investment Regulated Utility Five-Year Capital Forecast (millions) 17

------

![](exh992earnpres25q2018.jpg)

Thank youOther Updates 18

------

![](exh992earnpres25q2019.jpg)

19 Montana Wildfire Bill No Strict Liability: • Confirms strict liability cannot be applied to utility operations related to wildfire Legal Protections for Providers: • Negligence standard based on Montana specific circumstances • Rebuttable presumption utility acted reasonably if it substantially followed a MPSC approved wildfire mitigation plan (burden of proof rests on plaintiffs) • 3-year statute of limitations from date of damage Damages: • Economic: Property damage (market value or restoration) and fire control costs • Noneconomic: Only if bodily injury or death occurs • Punitive: Only with clear & convincing evidence of gross negligence or intent NorthWestern's Wildfire Mitigation Plan is expected to be filed during the third quarter of 2025 and updated every three years thereafter. HB 490 was passed by the Montana Legislature with broad bipartisan support in both the House (90-0) and Senate (40-8) and has been signed into law. The new law clarifies and limits wildfire-related risks, protecting our customers, communities and investors.

------

![](exh992earnpres25q2020.jpg)

20 Transmission Bill Allows Certificate of Public Convenience & Necessity (CPCN) for electric transmission to be issued by the Montana Public Service Commission (MPSC) • Greater confidence of fair and equitable return Bill allows greater confidence for investors providing the critical capital necessary for the continued modernization of the energy grid. • Approvals MPSC shall determine within 300 days of application if transmission projects (greater than 69 kV) are in public interest and may grant or deny a CPCN • Cost clarity post CPCN Within 90 days of application, the MPSC shall issue an order responding to a utilities request for advanced approval of prudent cost recovery. SB 301 was also passed by the Montana Legislature with unanimous bipartisan support and signed into law.

------

![](exh992earnpres25q2021.jpg)

✓ Montana ▪ Expected to be served by overall utility portfolio, which is projected to be long capacity beginning in 2026 ▪ Current generating portfolio over 60% carbon free ▪ If data center demand interest develops beyond existing capacity, we will work with the Montana Public Service Commission to structure appropriate tariffs ✓ South Dakota ▪ Significant indications of interest ▪ Any new large load customers would require incremental capacity with infrastructure rider to provide generation cost recovery. ▪ South Dakota PUC has an established process for large load customers with a deviated rate tariff 21 Large Load Customers ✓ Confidentially Announced: December 17, 2024 ▪ Company: Sabey Data Centers ▪ Load: 50 MW expected to grow to 250 MW ▪ Start Date: Mid-2027 ▪ Agreement Status: Letter of Intent ✓ Announced: December 19, 2024 ▪ Company: Atlas Power ▪ Load: 75 MW expected to grow to 150 MW ▪ Start Date: January 2026 ▪ Agreement Status: Letter of Intent (Existing transmission customer) ✓ Announced: July 30, 2025 ▪ Company: Quantica Infrastructure ▪ Load: 175MW growing to 500MW by 2030 ▪ Start Date: 2028 ▪ Agreement Status: Letter of Intent

------

![](exh992earnpres25q2022.jpg)

22 Data Center Process (Montana & South Dakota) Data Center Request • Load & Location • Supply Potential • Customer/Developer Required Timing High-Level Assessment • Viability Assessment • SPP Screening • High Level $ Estimate • Development Costs Letter of Intent (LOI) • Supply Development Estimates • SIS/FS Studies • SD SPP DPNS • Contract Negotiations Energy Service Agreement (ESA) • Regulatory Approvals (as needed) • Contract Signing • Business Development Handoff Construction • PM Assignment • Construction Kick-Off • Supply Development • Generation Build Process SPP: Southwest Power Pool SIS: System Impact Study FS: Facilities Study SD: South Dakota DPNS: Delivery Point Network Study PM: Project Management Queue Count: 9 Queue Count: 4 Queue Count: 3 Queue Count: 0 Queue Count: 0

------

![](exh992earnpres25q2023.jpg)

23 Regional Transmission Opportunities Colstrip Transmission System North Plains Connector (NPC) Consortium Project • $3.6 billion, 415-mile, high-voltage direct-current transmission line connecting to Montana's Colstrip substation, bridging the eastern and western U.S. energy grids • Project awarded $700M Grid Resilience & Innovation Partnership grant by U.S. Department of Energy1 • $70.0 million of the award is earmarked for upgrades to the Colstrip Transmission System (of which we are ~30% owner) North Plains Connector In December 2024, NorthWestern announced a memorandum of understanding to own 10% of the North Plains Connector. The project, targeting a 2032 in-service date, strengthens grid reliability and efficiency. A separate partnership will explore expanding Montana's southwest transmission corridor to bolster reliability, allow for critical import capability, and enhance Western market access. 1.) President Trump issued an Executive Order on January 20, 2025, "Unleashing American Energy," directing all federal executive agency heads to review all agency actions implicating energy reliability and affordability or potentially burdening the development of domestic energy resources. This Executive Order has delayed the disbursement of the funds granted by the U.S. Department of Energy for the NPC Consortium project.

------

![](exh992earnpres25q2024.jpg)

24 Incremental Colstrip Capacity NorthWestern's planned no cost acquisition of 592 MW of additional Colstrip capacity supports the integration of large-load customers, delivering substantial benefits to our customers, communities, and investors. ✓ No cost acquisition of incremental Colstrip ownership allows us to reliably and affordably serve existing customers ▪ Provides energy independence & improves system reliability / integrity ▪ Moves portfolio from short capacity position to long capacity ▪ Maintains affordability while insulating customers from volatile capacity and energy market pricing ✓ Increased ownership (from 15% to 55%) is expected to protect existing interest and provide Montana control to keep the plant open beyond Washington and Oregon mandated closure deadlines ✓ Significant capacity surplus provides opportunity for new large- load customers, spreading fixed costs over more kilowatt- hours, lowering and stabilizing the cost per unit for all our customers 760 MW Existing Ownership Montana Average Load 222 MW 222 MW 370 MW Avista & Puget Sound Energy 1400 MW Montana Peak Load + Planning Reserve During the second half of 2025 we intend to make filings with the MPSC and FERC to request regulatory approvals and cost recovery mechanisms that provide reasonable opportunities to recover these additional operating costs while providing valuable electric generation capacity and energy to customers.

------

![](exh992earnpres25q2025.jpg)

Conclusion Pure Electric & Gas Utility Solid Utility Foundation Best Practices Corporate Governance Attractive Future Growth Prospects Strong Earnings & Cash Flows 25 NorthWestern Energy Group, Inc. dba: NorthWestern Energy Ticker: NWE (Nasdaq) www.northwesternenergy.com Corporate Support Office 3010 West 69th Street Sioux Falls, SD 57108 (605) 978-2900 Investor Relations Officer Travis Meyer 605-978-2967 travis.meyer@northwestern.com

------

![](exh992earnpres25q2026.jpg)

Thank youAppendix: 26

------

![](exh992earnpres25q2027.jpg)

(1) The revenue requirement associated with the FERC regulated portion of Montana electric transmission and ancillary services are included as revenue credits to our MPSC jurisdictional customers. Therefore, we do not separately reflect FERC authorized rate base or authorized returns. (2) The Montana gas revenue requirement includes a step down which approximates annual depletion of our natural gas production assets included in rate base. (3) For those items marked as "n/a," the respective settlement and/or order was not specific as to these terms. (4) In June 2024, we filed a South Dakota natural gas rate review filing (2023 test year) with the SDPUC and a Nebraska natural gas rate review filing (2023 test year) with the NEPSC. Coal Generation Rate Base as a percentage of Total Rate Base Revenue from coal generation is not easily identifiable due to the use of bundled rates in South Dakota and other rate design and accounting considerations. However, NorthWestern is a fully regulated utility company for which rate base is the primary driver of earnings. The data to the left illustrates that NorthWestern only derives approximately 8-10% of earnings from its jointly owned coal generation rate base. Rate Base & Authorized Return Summary Appendix 27

------

![](exh992earnpres25q2028.jpg)

Thank youSecond Quarter Appendix 28

------

![](exh992earnpres25q2029.jpg)

Second Quarter Financial Results 29 1.) Utility Margin is a non- GAAP Measure. See appendix slide titled "Reconciling Gross Margin to Utility Margin" for additional disclosure. Note: Subtotal variances may exist due to rounding. Appendix

------

![](exh992earnpres25q2030.jpg)

Utility Margin (Q2) ($ in millions) Three Months Ended June 30, 2025 2024 Variance Electric $219.8 $199.2 $20.6 10.3% Natural Gas 47.6 44.2 3.4 7.7% Total Utility Margin1 $267.4 $243.4 $24.0 9.9% (1) Utility Margin is a non-GAAP Measure. See appendix slide titled "Reconciling Gross Margin to Utility Margin" for additional disclosure. Increase in utility margin due to the following factors: $17.9 Interim rates (subject to refund) 5.7 Transmission revenue due to market conditions and rates 1.6 Montana natural gas transportation 1.5 Base rates (4.3) Montana property tax tracker collections (4.0) Natural gas retail volumes (2.9) Electric retail volumes (2.0) Non-recoverable Montana electric supply costs (0.2) Other $13.3 Change in Utility Margin Impacting Net Income $10.4 Property & other taxes recovered in revenue, offset in property & other taxes 1.2 Production tax credits, offset in income tax expense (0.9) Operating expenses recovered in revenue, offset in operating & maintenance expense $10.7 Change in Utility Margin Offset Within Net Income $24.0 Increase in Utility Margin 30 Appendix

------

![](exh992earnpres25q2031.jpg)

Operating Expenses (Q2) Increase in operating expenses due to the following factors: $5.5 Depreciation expense due to plant additions and higher depreciation rates 3.7 Electric generation maintenance 3.0 Insurance expense, primarily due to increased wildfire risk premiums 1.5 Property and other taxes not recoverable within trackers 1.4 Wildfire mitigation expense, partly offset by higher base revenues 1.3 Labor and benefits(1) 0.9 Technology implementation and maintenance expenses (0.1) Uncollectible accounts (0.2) Other $17.0 Change in Operating Expense Items Impacting Net Income ($ in millions) Three Months Ended June 30, 2025 2024 Variance Operating & maintenance $62.3 $57.4 $4.9 8.5% Administrative & general 33.8 31.3 2.5 8.0% Property & other taxes 48.2 36.3 11.9 32.8% Depreciation & depletion 62.4 56.9 5.5 9.7% Operating Expenses $206.7 $181.9 $24.8 13.6% $10.4 Property and other taxes recovered in trackers, offset in revenue (1.2) Deferred compensation, offset in other income (0.9) Operating and maintenance expenses recovered in trackers, offset in revenue (0.5) Pension and other postretirement benefits, offset in other income(1) $7.8 Change in Operating Expense Items Offset Within Net Income $24.8 Increase in Operating Expenses (1) In order to present the total change in labor and benefits, we have included the change in the non-service cost component of our pension and other postretirement benefits, which is recorded within other income on our Condensed Consolidated Statements of Income. This change is offset within this table as it does not affect our operating expenses. 31 Appendix

------

![](exh992earnpres25q2032.jpg)

Operating to Net Income (Q2) ($ in millions) Three Months Ended June 30, 2025 2024 Variance Operating Income $60.8 $61.6 $(0.8) (1.3%) Interest expense, net (36.3) (31.9) 4.4 13.8% Other income, net 0.1 6.2 (6.1) (98.4%) Income Before Taxes 24.6 35.9 (11.3) (31.5%) Income tax expense (3.4) (4.2) (0.8) (19.0%) Net Income $21.2 $31.7 $(10.5) (33.1%) $4.4 million increase in interest expense, net was primarily due to higher borrowings and interest rates and lower capitalization of Allowance for Funds Used During Construction (AFUDC). $6.1 million decrease in other income, net was primarily due to lower capitalization of AFUDC, a decrease in the value of deferred shares held in trust for deferred compensation, higher non-service component pension expense, and a $1.0 million expense accrual related to an estimated penalty for the previously disclosed Community Renewable Energy Project informed by a recent MPSC ruling. $0.8 million decrease in income tax expense was primarily due to a decrease in pre-tax income. 32 Appendix

------

![](exh992earnpres25q2033.jpg)

Tax Reconciliation (Q2) 33 Appendix

------

![](exh992earnpres25q2034.jpg)

Segment Results (Q2) 34 Appendix \*Direct transmission expense excludes depreciation and depletion. (1) Utility Margin is a non-GAAP Measure. See appendix slide titled "Reconciling Gross Margin to Utility Margin" for additional disclosure. (2) Consists of unallocated corporate costs and some limited unregulated activity within the energy industry.

------

![](exh992earnpres25q2035.jpg)

Electric Segment (Q2) (1) Included within this line is our lighting customer class, for which we have historically counted each lighting district as one customer. We have retroactively modified our customer counts to now reflect each lighting service as a customer as that better aligns with the MWH usage of this customer class. (2) Utility Margin is a non-GAAP Measure. See appendix slide titled "Reconciling Gross Margin to Utility Margin" for additional disclosure. 35 Appendix

------

![](exh992earnpres25q2036.jpg)

Natural Gas Segment (Q2) 36 Appendix (1) Utility Margin is a non-GAAP Measure. See appendix slide titled "Reconciling Gross Margin to Utility Margin" for additional disclosure.

------

![](exh992earnpres25q2037.jpg)

Thank you2025 Year-to-Date Appendix 37

------

![](exh992earnpres25q2038.jpg)

We estimate weather to be a $0.3 million pre-tax detriment as compared to normal and a $1.6 million benefit as compared to the six months ending second quarter 2024. (1) As a result of the adoption of Accounting Standard Update 2017-07 in March 2018, pension and other employee benefit expense is now disaggregated on the GAAP income statement with portions now recorded in both OG&A expense and Other (Expense) Income lines. To facilitate better understanding of trends in year-over-year comparisons, the non-GAAP adjustment above re-aggregates the expense in OG&A - as it was historically presented prior to the ASU 2017-07 (with no impact to net income or earnings per share). (2) Utility Margin is a non-GAAP Measure. See the slide titled "Reconciling Gross Margin to Utility Margin" for additional disclosures. Year-to-Date 2025 Non-GAAP Earnings 38 Note: Subtotal variances may exist due to rounding. Appendix

------

![](exh992earnpres25q2039.jpg)

Year-to-Date Financial Results 39 1.) Utility Margin is a non- GAAP Measure. See appendix slide titled "Reconciling Gross Margin to Utility Margin" for additional disclosure. Note: Subtotal variances may exist due to rounding. Appendix

------

![](exh992earnpres25q2040.jpg)

Utility Margin (YTD) ($ in millions) Six Months Ended June 30, 2025 2024 Variance Electric $462.6 $427.1 $35.5 8.3% Natural Gas 133.3 117.0 16.3 13.9% Total Utility Margin1 $595.9 $544.1 $51.8 9.5% (1) Utility Margin is a non-GAAP Measure. See appendix slide titled "Reconciling Gross Margin to Utility Margin" for additional disclosure. Increase in utility margin due to the following factors: $30.1 Interim rates (subject to refund) 9.9 Transmission revenue due to market conditions and rates 5.8 Base rates 4.1 Electric retail volumes 2.9 Montana natural gas transportation 0.3 Natural gas retail volumes (6.8) Montana property tax tracker collections (1.7) Non-recoverable Montana electric supply costs (0.6) Other $44.0 Change in Utility Margin Impacting Net Income $6.6 Property & other taxes recovered in revenue, offset in property & other taxes 2.0 Production tax credits, offset in income tax expense (0.8) Operating expenses recovered in revenue, offset in operating & maintenance expense $7.8 Change in Utility Margin Offset Within Net Income $51.8 Increase in Utility Margin 40 Appendix

------

![](exh992earnpres25q2041.jpg)

Operating Expenses (YTD) Increase in operating expenses due to the following factors: $11.1 Depreciation expense due to plant additions and higher depreciation rates 7.2 Electric generation maintenance 6.3 Insurance expense, primarily due to increased wildfire risk premiums 2.4 Labor and benefits(1) 1.4 Wildfire mitigation expense, partly offset by higher base revenues 1.4 Property and other taxes not recoverable within trackers 1.4 Technology implementation and maintenance expenses 0.3 Uncollectible accounts (2.4) Litigation outcome (Pacific Northwest Solar) (2.2) Non-cash impairment of alternative energy storage investment (2.7) Other $24.2 Change in Operating Expense Items Impacting Net Income ($ in millions) Six Months Ended June 30, 2025 2024 Variance Operating & maintenance $119.0 $111.5 $7.5 6.7% Administrative & general 75.1 71.7 3.4 4.7% Property & other taxes 91.4 83.4 8.0 9.6% Depreciation & depletion 124.8 113.7 11.1 9.8% Operating Expenses $410.3 $380.3 $30.0 7.9% $6.6 Property and other taxes recovered in trackers, offset in revenue (0.8) Operating and maintenance expenses recovered in trackers, offset in revenue $5.8 Change in Operating Expense Items Offset Within Net Income $30.0 Increase in Operating Expenses41 Appendix (1) In order to present the total change in labor and benefits, we have included the change in the non-service cost component of our pension and other postretirement benefits, which is recorded within other income on our Condensed Consolidated Statements of Income. This change is offset within this table as it does not affect our operating expenses.

------

![](exh992earnpres25q2042.jpg)

Operating to Net Income (YTD) ($ in millions) Six Months Ended June 30, 2025 2024 Variance Operating Income $185.5 $163.7 $21.8 13.3% Interest expense, net (72.8) (62.9) 9.9 15.7% Other income, net 4.0 10.5 (6.5) (61.9%) Income Before Taxes 116.8 111.3 25.3 22.7% Income tax expense (18.6) (14.6) 4.0 27.4% Net Income $98.2 $96.7 $1.5 1.6% $9.9 million increase in interest expense, net was primarily due to higher borrowings and interest rates and lower capitalization of Allowance for Funds Used During Construction (AFUDC). $6.5 million decrease in other income, net was primarily due to lower capitalization of AFUDC, a prior year reversal of $2.3 million from a previously disclosed CREP penalty due to a favorable legal ruling, and a $1.0 million expense accrual related to an estimated penalty for the CREP informed by a recent MPSC ruling, partly offset by an increase of $2.5 million driven by a prior year non-cash impairment of an alternative energy storage equity investment. $4.0 million increase in income tax expense was primarily due to an increase in pre-tax income. 42 Appendix

------

![](exh992earnpres25q2043.jpg)

Tax Reconciliation (YTD) 43 Appendix

------

![](exh992earnpres25q2044.jpg)

Segment Results (YTD) 44 Appendix \*Direct transmission expense excludes depreciation and depletion. (1) Utility Margin is a non-GAAP Measure. See appendix slide titled "Reconciling Gross Margin to Utility Margin" for additional disclosure. (2) Consists of unallocated corporate costs and some limited unregulated activity within the energy industry.

------

![](exh992earnpres25q2045.jpg)

Electric Segment (YTD) (1) Included within this line is our lighting customer class, for which we have historically counted each lighting district as one customer. We have retroactively modified our customer counts to now reflect each lighting service as a customer as that better aligns with the MWH usage of this customer class. (2) Utility Margin is a non-GAAP Measure. See appendix slide titled "Reconciling Gross Margin to Utility Margin" for additional disclosure. 45 Appendix

------

![](exh992earnpres25q2046.jpg)

Natural Gas Segment (YTD) 46 Appendix (1) Utility Margin is a non-GAAP Measure. See appendix slide titled "Reconciling Gross Margin to Utility Margin" for additional disclosure.

------

![](exh992earnpres25q2047.jpg)

Cash from Operating Activities decreased by $12.3 million primarily due to lower collections of accounts receivable balances due to timing of colder weather and an increase in our net cash outflows for energy supply costs, as shown in the table below. Funds from Operations increased by $10.8 million over prior period. Net Under-Collected Supply Costs (in millions) Beginning (Jan. 1) Ending (June 30) (Outflow) / Inflow 2024 $7.8 $14.9 ($7.1) 2025 $5.9 $28.6 ($22.7) 2025 Increase in Net Cash Outflows ($15.6) Year-to-Date Cash Flow 47 No Planned Equity Issuances in 2025 Financing plans (targeting a FFO to Debt ratio > 14%) are expected to maintain our current credit ratings and are subject to change. Debt financing in 2025 • Issued $400 million, 5.07% coupon, 5-year Montana FMBs in Q1 • Issued $100 million, 5.49% coupon, 10-year South Dakota FMBs in Q2 • Amended our existing NorthWestern Energy Group $100 million term loan to extend the maturity date from April 11, 2025 to April 10, 2026 in Q2. Appendix

------

![](exh992earnpres25q2048.jpg)

Balance Sheet 48 Appendix Debt to Total Capitalization up from last quarter and inside our targeted 50% - 55% range.

------

![](exh992earnpres25q2049.jpg)

Reconciling Gross Margin to Utility Margin Management believes that Utility Margin provides a useful measure for investors and other financial statement users to analyze our financial performance in that it excludes the effect on total revenues caused by volatility in energy costs and associated regulatory mechanisms. This information is intended to enhance an investor's overall understanding of results. Under our various state regulatory mechanisms, as detailed below, our supply costs are generally collected from customers. In addition, Utility Margin is used by us to determine whether we are collecting the appropriate amount of energy costs from customers to allow recovery of operating costs, as well as to analyze how changes in loads (due to weather, economic or other conditions), rates and other factors impact our results of operations. Our Utility Margin measure may not be comparable to that of other companies' presentations or more useful than the GAAP information provided elsewhere in this report. 1) Utility Margin is a non-GAAP Measure. 49 Appendix

------

![](exh992earnpres25q2050.jpg)

PCCAM Impact by Quarter Qualified Facility Earnings Adjustment Our electric QF liability consists of unrecoverable costs associated with contracts covered under PURPA that are part of a 2002 stipulation with the MPSC and other parties. Risks / losses associated with these contracts are born by shareholders, not customers. Therefore, any mitigation of prior losses and / or benefits of liability reduction also accrue to shareholders.50 Appendix Pretax millions – shareholder (detriment) benefit

------

![](exh992earnpres25q2051.jpg)

Non-GAAP Financial Measures 51 Appendix Pre-Tax Adjustments ($ Millions) 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Reported GAAP Pre-Tax Income 181.2$156.5$176.1$178.3$182.2$144.2$190.2$182.4$201.6$214.7$ Non-GAAP Adjustments to Pre-Tax Income: Weather 13.2 15.2 (3.4) (1.3) (7.3) 9.8 1.1 (8.9) 4.3 10.6 Lost revenue recovery related to prior periods - (14.2) - - - - - - - - Remove benefit of insurance settlement (20.8) - - - - - - - - - QF liability adjustment 6.1 - - (17.5) - - (6.9) - - - Electric tracker disallowance of prior period costs - 12.2 - - - 9.9 - - - - Income tax adjustment - - - 9.4 - - - - - - Community Renewable Energy Project Penalty - - - - - - - 2.5 - (2.3) Impairment of Alternative Energy Storage Investment - - - - - - - - - 4.2 Adjusted Non-GAAP Pre-Tax Income 179.7$169.7$172.7$168.9$174.9$163.9$184.4$176.0$205.9$227.2$ Tax Adjustments to Non-GAAP Items ($ Millions) 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 GAAP Net Income 151.2$164.2$162.7$197.0$202.1$155.2$186.8$183.0$194.1$224.1$ Non-GAAP Adjustments Taxed at 38.5% (12'-17') and 25.3% (18'-current): Weather 8.1 9.3 (2.1) (1.0) (5.5) 7.3 0.8 (6.6) 3.2 7.9 Lost revenue recovery related to prior periods - (8.7) - - - - - - - - Remove benefit of insurance settlement (12.8) - - - - - - - - - QF liability adjustment 3.8 - - (13.1) - - (5.2) - - - Electric tracker disallowance of prior period costs - 7.5 - - - 7.4 - - - - Income tax adjustment - (12.5) - (12.8) (22.8) - - - - - Community Renewable Energy Project Penalty - - - - - - - 2.5 - (2.3) Previously claimed AMT credit - - - - - - - - 3.2 - Release of Unrecognized Tax Benefit - - - - - - - - (3.2) (16.9) Impairment of Alternative Energy Storage Investment - - - - - - - - - 3.1 Natural Gas Safe Harbor Method Change - - - - - - - - - (7.0) Non-GAAP Net Income 150.3$159.8$160.6$170.1$173.8$169.9$182.4$178.9$197.3$208.9$ Non-GAAP Diluted Earnings per Share 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Diluted Average Shares (Millions) 47.6 48.5 48.7 50.2 50.8 50.7 51.9 56.3 60.4 61.4 Reported GAAP Diluted Earnings per Share 3.17$3.39$3.34$3.92$3.98$3.06$3.60$3.25$3.22$3.65$ Non-GAAP Adjustments: Weather 0.17 0.19 (0.04) (0.02) (0.11) 0.14 0.01 (0.11) 0.05 0.13 Lost revenue recovery related to prior periods - (0.18) - - - - - - - - Remove benefit of insurance settlementments & recoveries (0.27) - - - - - - - - - QF liability adjustment 0.08 - - (0.26) - - (0.10) - - - Electric tracker disallowance of prior period costs - 0.16 - - - 0.15 - - - - Income tax adjustment - (0.26) - (0.25) (0.45) - - - - - Community Renewable Energy Project Penalty - - - - - - - 0.04 - (0.04) Previously claimed AMT credit - - - - - - - - 0.05 - Release of Unrecognized Tax Benefit - - - - - - - - (0.05) (0.28) Impairment of Alternative Energy Storage Investment - - - - - - - - - 0.05 Natural Gas Safe Harbor Method Change - - - - - - - - - (0.11) Non-GAAP Diluted Earnings per Share 3.15$3.30$3.30$3.39$3.42$3.35$3.51$3.18$3.27$3.40$

------

![](exh992earnpres25q2052.jpg)

Non-GAAP Financial Measures This presentation includes financial information prepared in accordance with GAAP, as well as other financial measures, such as Utility Margin, Adjusted Non-GAAP pretax income, Adjusted Non-GAAP net income and Adjusted Non-GAAP Diluted EPS that are considered "non-GAAP financial measures." Generally, a non-GAAP financial measure is a numerical measure of a company's financial performance, financial position or cash flows that excludes (or includes) amounts that are included in (or excluded from) the most directly comparable measure calculated and presented in accordance with GAAP. We define Utility Margin as Operating Revenues less fuel, purchased supply and direct transmission expense (exclusive of depreciation and depletion) as presented in our Consolidated Statements of Income. This measure differs from the GAAP definition of Gross Margin due to the exclusion of Operating and maintenance, Property and other taxes, and Depreciation and depletion expenses, which are presented separately in our Consolidated Statements of Income. A reconciliation of Utility Margin to Gross Margin, the most directly comparable GAAP measure, is included in this presentation. Management believes that Utility Margin provides a useful measure for investors and other financial statement users to analyze our financial performance in that it excludes the effect on total revenues caused by volatility in energy costs and associated regulatory mechanisms. This information is intended to enhance an investor's overall understanding of results. Under our various state regulatory mechanisms, as detailed below, our supply costs are generally collected from customers. In addition, Utility Margin is used by us to determine whether we are collecting the appropriate amount of energy costs from customers to allow recovery of operating costs, as well as to analyze how changes in loads (due to weather, economic or other conditions), rates and other factors impact our results of operations. Our Utility Margin measure may not be comparable to that of other companies' presentations or more useful than the GAAP information provided elsewhere in this report. Management also believes the presentation of Adjusted Non-GAAP pre-tax income, Adjusted Non-GAAP net income and Adjusted Non-GAAP Diluted EPS is more representative of normal earnings than GAAP pre-tax income, net income and EPS due to the exclusion (or inclusion) of certain impacts that are not reflective of ongoing earnings. The presentation of these non-GAAP measures is intended to supplement investors' understanding of our financial performance and not to replace other GAAP measures as an indicator of actual operating performance. Our measures may not be comparable to other companies' similarly titled measures. 52 Appendix

------

![](exh992earnpres25q2053.jpg)

Thank youDelivering a bright future 53

------