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AGA Financial Forum May 2025
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Forward-looking Statements 2BKH | AGA Financial Forum | May 2025 | COMPANY INFORMATION Black Hills Corporation P.O. Box 1400 Rapid City, SD 57709-1400 NYSE Ticker: BKH www.blackhillscorp.com Company Contacts Kimberly Nooney Senior Vice President and CFO 605-721-2370 kim.nooney@blackhillscorp.com Sal Diaz Director of Investor Relations 605-399-5079 sal.diaz@blackhillscorp.com This presentation includes “forward-looking statements” as defined by the Securities and Exchange Commission. We make these forward- looking statements in reliance on the safe harbor protections provided under the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this presentation that address activities, events or developments that we expect, believe or anticipate will or may occur in the future are forward-looking statements. This includes, without limitations, our 2025 earnings guidance and long-term growth target. These forward-looking statements are based on assumptions which we believe are reasonable based on current expectations and projections about future events and industry conditions and trends affecting our business. However, whether actual results and developments will conform to our expectations and predictions is subject to a number of risks and uncertainties that, among other things, could cause actual results to differ materially from those contained in the forward-looking statements, including without limitation, the risk factors described in Item 1A of Part I of our 2024 Annual Report on Form 10-K and other reports that we file with the SEC from time to time, and the following: The accuracy of our assumptions on which our earnings guidance and growth target are based; Our ability to obtain adequate cost recovery for our utility operations through regulatory proceedings and favorable rulings on periodic applications to recover costs for capital additions, plant retirements and decommissioning, fuel, transmission, purchased power and other operating costs, and the timing in which new rates would go into effect; Our ability to complete our capital program in a cost-effective and timely manner; Our ability to execute on our strategy; Our ability to successfully execute our financing plans; The effects of changing interest rates; Our ability to achieve our greenhouse gas emissions intensity reduction goals; The impact of future governmental regulation; Our ability to overcome the impacts of supply chain disruptions on availability and cost of materials; Our ability to obtain sufficient insurance coverage at acceptable costs and whether such coverage will protect us against significant losses; The effects of inflation, tariffs and volatile energy prices; and Other factors discussed from time to time in our filings with the SEC. New factors that could cause actual results to differ materially from those described in forward-looking statements emerge from time to time, and it is not possible for us to predict all such factors, or the extent to which any such factor or combination of factors may cause actual results to differ from those contained in any forward-looking statement. We assume no obligation to update publicly any such forward-looking statements, whether as a result of new information, future events or otherwise.
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BKH | AGA Financial Forum | May 2025 | 3 Strong Confidence in Long-term Growth Outlook 4% to 6% Long-term EPS growth target* In upper half of range starting in 2026 $4.7billion Capital investment 2025-2029 with incremental upside opportunities • Integrated pure-play utility profile • Diversified mix of electric and gas businesses • Stable and growing service territories * Average compounded annual growth rate off 2023 base of $3.75 per share • Constructive regulatory jurisdictions • Solid financial position and liquidity • Robust capital plan with timely recovery 55%-65% dividend payout target 10%+ Data center EPS contribution to more than double by 2028 and continue into 2029
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Advancing Regulatory and Growth Initiatives Providing Excellent Operational Performance 4BKH | AGA Financial Forum | May 2025 | Reaffirmed earnings guidance and long- term growth rate Focusing on FFO/debt credit metrics to maintain solid investment -grade credit ratings 55 consecutive years of dividend increase* Delivering on Our Commitments to Stakeholders * Based upon new annualized dividend for 2025 Enactment of Wyoming HB192 limits wildfire -related liability Successfully executing multiple rate reviews annually Achieving significant progress on Ready Wyoming 260- mile electric transmission expansion project Advanced plans for electric generation resource additions Delivering on Financial Commitments Delivering industry -leading reliability New all-time peaks for Wyoming Electric system, representing a 10% increase over 2024 peak and 19 consecutive years of increasing peak demand Successfully serving data centers for over 10 years
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5BKH | AGA Financial Forum | May 2025 | Black Hills Corp. Overview Electric Utilities Transmission, distribution and generation Gas Utilities Transmission, distribution, sourcing and storage Integrated Pure-Play Utility with Strategic Diversity Note: information from 2024 Form 10-K Annual Report * Generation total includes 49.9 percent ownership in Colorado IPP owned by a third party, representing approximately 100 megawatts 8 stable and growing states 1.35 million utility customers 1.4 gigawatts* generation 9,200 miles electric lines 49,200 miles natural gas lines $10 billion assets $6.0 billion rate base 10+ years serving data centers
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6BKH | AGA Financial Forum | May 2025 | Key Investment Categories • Customer growth • Safety and system integrity projects • Replacement and modernization programs • Electric generation and transmission to serve growth and meet emissions reduction goals Opportunities Incremental to Plan • Electric generation and transmission to serve data center demand • Natural gas pipelines and storage • Other electric and gas projects in early development phase Capital Investment Depreciation Investing for Customer Needs Drives Growth Capital Investment Forecast of $4.7 billion 2025-2029* (millions) * Forecasted capital is subject to changes in timing and costs of projects and other factors; see Appendix for more detail of capital categories, recovery timing and historical trend of actual versus forecast $1,002 $859 $822 $1,089 $909 $0 $200 $400 $600 $800 $1,000 $1,200 2025 2026 2027 2028 2029
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7BKH | AGA Financial Forum | May 2025 | Path to 1 GW of Data Center Load Approximately 500 MW of expected demand to be served by year-end 2029 through innovative tariffs with minimal capital investment More than 1 GW of expected data center demand in the next 10 years Expect EPS contribution to more than double to 10%+ in 2028 and continue into 2029 Incremental demand likely to drive investment Evaluating additional opportunities in Colorado, South Dakota and Wyoming Strong and growing demand On Track to Deliver Data Center EPS Contribution of 10%+ in 2028
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8BKH | AGA Financial Forum | May 2025 | Regulatory Progress * $17.5 million of new annual revenue includes decision from request for rehearing, reargument and reconsideration, of which $17.0 million of new annual revenue was effective in new rates on March 22, 2025 ** As requested in filing; excludes ongoing rider recovery requested to be included in base rates Jurisdiction Filing Date Annual Revenue Increase ROE Debt / Equity New Rates Comments / Status Colorado Electric Docket 24AL-0275E June 14, 2024 $17.5 million* 9.3% to 9.5% 51% to 53% / 47% to 49% March 22, 2025* New rates approved based upon WACC of 6.91% and ranges of capital structure and ROE Kansas Gas Docket 25-BHCG-298-RTS Feb. 3, 2025 $17.2 million** 10.5%** 49.6% / 50.4%** Q3 2025** Requesting recovery of $118 million of investments and inflationary impacts and allows for future rider recovery; new rates requested to be effective Sept. 1, 2025; received intervenor response testimony Nebraska Gas Docket NG-124 May 1, 2025 $34.9 million** 10.5%** 49.5% / 50.5%** Q1 2026** Requesting recovery of $453 million of investments and inflationary impacts and renewal of system safety and integrity rider; interim rates requested to be effective Aug. 1, 2025 • Implemented new rates for Colorado Electric • Advancing rate review and rider renewal for Kansas Gas • Requested rate review and rider renewal for Nebraska Gas • Received approval for insurance cost tracker for Wyoming Gas and Wyoming Electric
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9BKH | AGA Financial Forum | May 2025 | 1.28 1.30 1.31 1.33 1.34 1.35 +1.2% +1.4% +1.0% +1.1% +0.8% +1.1% -3.0% -2.5% -2.0% -1.5% -1.0% -0.5% 0.0% 0.5% 1.0% 1.5% 1.20 1.25 1.30 1.35 2019 2020 2021 2022 2023 2024 Customer Count Growth Strong Ongoing Customer Growth 1.8% 1.6% 1.3% 0.7% 0.7% 0.7% 0.6% 1.1% 0.6% 0.6% 1.0% 0.1% 0.4% 0.3% 0.2% 0.4% 0.4% 0.0% 0.2% 0.4% 0.6% 0.8% 1.0% 1.2% 1.4% 1.6% 1.8% 2.0% Colorado Arkansas South Dakota Kansas Wyoming Nebraska Iowa Total BKH States U.S. Average * Compound annual growth rate in customer count for year -end 2019-2024 and population growth rate by state and national average based on available data from the U.S. Bureau of Economic Analysis for year -end 2019 through Q3 2024 Customer Count Growth More than Double Population Growth* Black Hills Energy Customer Count CAGR (2019-2024) Population Growth CAGR (2019-Q3 2024*) Black Hills’ Customer Count and Annual Growth Average Customer Count Growth Rate by State and Population Growth Rate* Black Hills Energy Customer Count (millions)
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10BKH | AGA Financial Forum | May 2025 | Industry-leading Reliability EEI 2021-2023 Overall System Three-Year Average SAIDI* (Excluding Major Events) Black Hills’ Electric Utilities EEI Utilities * System Average Interruption Frequency Index (SAIDI) is a measure of reliability calculated as total system interruption dur ation (in minutes) divided by total number of customers served
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BKH | AGA Financial Forum | May 2025 | Key Initiatives 11
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12BKH | AGA Financial Forum | May 2025 | Building on a Decade of Data Center Success More than 1 GW of Demand within the next 10 Years Ideal Location and Tariffs Well-positioned Infrastructure High-quality Customers Supportive Business Environment Scalable Service Model • Proven track record of partnering with hyperscale data centers to support their energy needs Microsoft 10+ years Meta starting in 2026 • Access to renewable resources • Current transmission capacity • Future infrastructure investment opportunities • Ideal Cheyenne attributes for data center operations and expansion • Innovative service tariff to serve customer needs
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13BKH | AGA Financial Forum | May 2025 | 260-mile, $350-million expansion and interconnection of electric system in Wyoming • Maintain long-term cost stability for customers • Enhance system resiliency • Expand access to power markets and provide flexibility as power markets develop in Western states • Support economic growth in Wyoming and attract data center and blockchain customer growth • Expand access to renewable resources and facilitate development of renewable development across wind- and sun-rich resource areas Black Hills’ SD/WY and Cheyenne electric system and service area Proposed transmission line route WYOMING SOUTH DAKOTA NEBRASKA COLORADO Map source: S&P Global Capital IQ Construction on 115kV lines near Cheyenne, Wyoming as part of Black Hills Energy's Ready Wyoming electric transmission project Ready Wyoming Electric Transmission Initiative Northeast Line Northwest Line Cheyenne Infrastructure
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Ready Wyoming Project on Track for Year-end All regulatory approvals received 100% of land rights-of-way procured First phase completed in late 2024 (~$40 million of ~$350 million project) On time for planned completion by year-end 2025 • ~150-mile 230-kV line • 1 substation • Interconnects with South Dakota Electric system on western end • ~85-mile 230-kV line • 1 substation • Interconnects with South Dakota Electric system on eastern end Northeast Line from Cheyenne Northwest Line from Cheyenne Cheyenne Area Infrastructure 12 of 26 miles in service (115kV line) 2 of 4 substations in service Pictured: Orchard Valley Substation and Ready Wyoming transmission lines 14BKH | AGA Financial Forum | May 2025 |
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15BKH | AGA Financial Forum | May 2025 | Serving South Dakota Electric Resource Needs* * The South Dakota Electric system serves customers in western South Dakota, eastern Wyoming and southeastern Montana ** Estimated investment is included in capital investment forecast Adding 99 MW of Dispatchable Natural Gas Generation in 2026 (Lange II) 2H 2026** Place new resource in service Q1 2025 Requested CPCN from Wyoming Public Service Commission Key Milestones: 2H 2025 Obtain approval for CPCN from Wyoming Public Service Commission
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16BKH | AGA Financial Forum | May 2025 | 1H 2025 Contract negotiations Colorado Clean Energy Plan Clean Energy Plan Portfolio** • 100 MW solar build-transfer (utility owned) • 50 MW battery storage build-transfer (utility owned) • 200 MW solar power purchase agreement * Emissions reduction target for Colorado Electric from a 2005 baseline ** Estimated investment is included in capital investment forecast; timing of projects are subject to final contract negotiations 2027-2028** Place new resources in service Q4 2024 Obtained PUC approval of resource portfolio Adding New Renewable Resources to Reduce Emissions 80% by 2030* Key Milestones: Mid-2025 File CPCN for utility- owned resources
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17BKH | AGA Financial Forum | May 2025 | Wildfire Risk Mitigation and Management Public Safety Power Shutoff Proactive Prevention Liability Legislation Risk-prioritized asset programs through line and pole inspections and vegetation management 25% of distribution lines undergrounded Enhanced risk assessment, forecasting and proactive field work management Wildfire Mitigation Plan • Asset programs • Integrity programs • Operational response Expect to formalize PSPS program by mid-2025 blackhillsenergy.com/wildfire-safety Collaborating with communities, local agencies and other stakeholders Wyoming HB192 signed into law, providing material liability protections when complying with commission- approved mitigation plans Working with stakeholders toward future legislation in Colorado and South Dakota Engaging with industry peers and legislators on public policy Committed to Our Strong Safety and Reliability Culture
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BKH | AGA Financial Forum | May 2025 | 18 Financial Update
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BKH | AGA Financial Forum | May 2025 | 19 45% 50% 55% 60% 65% Mar-22 Mar-23 Mar-24 Mar-25 $0 $1 $2 $3 $4 $5 Net Debt Equity* Net Debt to Capitalization* $0 $100 $200 $300 $400 $500 2025 2030 2035 2040 2045 2050 (millions) $0 $250 $500 $750 $1,000 $250 million accordion feature (with bank consent) Solid Investment-Grade Financial Position Capital Structure * Liquidity and Cash Flow Debt Maturities (millions) Long-term target $687 million of available liquidity on revolving credit facility at quarter-end (billions) Credit Ratings FFO / Debt Long-term Target 14-15% * Net debt to capitalization is a non-GAAP measure reconciled in Appendix; equity excludes non-controlling interest Note: FFO / Debt is a non-GAAP measure in accordance with rating agencies’ methodologies 3-month average short-term borrowings Moody’s S&P Baa2 BBB+ Stable outlook Stable outlook $300 million, 3.95% notes due Jan. 15, 2026
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20BKH | AGA Financial Forum | May 2025 | $3.75 $3.90 $3.91 $3.91 $3.50 $3.75 $4.00 $4.25 2023 2024 2025 2026-2029 $4.20 $4.00 Strategic Growth Trajectory on Track 4% EPS Guidance Midpoint Actual EPS EPS Guidance Range 2026-2029 4%-6% EPS Growth target off 2023 guidance midpoint of $3.75 ~5% Delivering on EPS Guidance and Long-term Growth Key Variances versus Normal One-time benefits Mild weather and MTM Key Variances versus Normal Significant O&M measures Mild weather, generation outages and higher insurance expense Key 2025 Guidance Assumptions • Normal weather • Constructive and timely outcomes of regulatory dockets • Excludes mark-to-market adjustments • No unplanned generation outages • O&M expense in line with ~3.5% CAGR off 2023 base of $552 million (excludes depreciation and amortization and taxes other than income taxes) • Equity issuance between $215 million and $235 million • Effective tax rate of ~13% for full year
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21BKH | AGA Financial Forum | May 2025 | $1.87 $1.87 $0.29 $0.11 $0.01 ($0.24) ($0.17) ($0.04) $0.04 $0.00 $0.25 $0.50 $0.75 $1.00 $1.25 $1.50 $1.75 $2.00 $2.25 $2.50 Q1 2024 Margin Weather MTM O&M Financing D&A Taxes & Other Q1 2025 Q1 2025 EPS Drivers Compared to Q1 2024 New shares ($0.09) Interest Expense ($0.08) Higher employee- related expenses, outside services and insurance ($0.24) New rates and rider recovery +$0.26* Customer growth and usage +$0.03 * New rates and rider recovery includes EPS of $0.24 for the gas utilities and $0.02 for the electric utilities ** Weather compared to normal in Q1 2025 drove $0.03 of favorability for the gas utilities and $0.01 per share of favorabilit y for the electric utilities Q1 2025: +$0.04 versus normal** Q1 2024: ($0.07) versus normal Other +$0.04
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22BKH | AGA Financial Forum | May 2025 | $2.70* 1970 1980 1990 2000 2010 2020 2025* Dividend Track Record 55 Consecutive Years of Annual Increases in 2025 and 83 Consecutive Years Paid* Annual Dividend Per Share * 2025 dividend represents current quarterly dividend at annualized rate 4.5% CAGR 2020-2025
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Appendix 1. Regulatory 2. Capital Investment 3. Environment, Social and Governance 4. Business Overview 5. Other Financial Information, Non-GAAP Information and Reconciliations 6. Vision, Mission, Values and Strategic Objectives BKH | AGA Financial Forum | May 2025 | 23
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BKH | AGA Financial Forum | May 2025 | 24 Regulatory
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25BKH | AGA Financial Forum | May 2025 | Estimated Rate Base by State and Segment State Legal Entity 2019 2020 2021 2022 2023 2024* Colorado Black Hills/Colorado Electric Utility Company, LP $803 South Dakota (all jurisdictions) Black Hills Power, Inc. (SD) Black Hills Power, Inc. (WY) 1,086 Wyoming Cheyenne Light, Fuel and Power Company 702 Total Electric Utilities $1,747 $1,954 $2,077 $2,212 $2,379 $2,591 Arkansas Black Hills Energy Arkansas, Inc. 838 Colorado (utility and RMNG pipeline) Black Hills Colorado Gas, Inc. Rocky Mountain Natural Gas, LLC 631 Iowa Black Hills/Iowa Gas Utility Company, LLC 378 Kansas Black Hills/Kansas Gas Utility Company, LLC 296 Nebraska Black Hills/Nebraska Gas , LLC 815 Wyoming Black Hills Wyoming Gas, LLC 471 Total Gas Utilities $2,180 $2,464 $2,760 $3,049 $3,256 $3,429 Total Utilities $3,927 $4,418 $4,837 $5,261 $5,635 $6,019 * Estimated rate base at year-end calculated using state-specific requirements and is representative of the entire value of rate base, including the value recovered through riders
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26BKH | AGA Financial Forum | May 2025 | Last Approved Utility Rate Review Results by Jurisdiction Note: Information from last approved rate review in each jurisdiction * Excludes amounts to serve non-jurisdictional and agriculture customers Jurisdiction Utility Effective Date Authorized Return on Equity Authorized Capital Structure Authorized Rate Base (in millions) Arkansas Arkansas Gas Oct. 2024 9.85% 54% debt / 46% equity $823.4 Colorado Colorado Electric March 2025 9.30% to 9.50% 51-53% debt / 47-49% equity $663.8 Colorado Colorado Gas Feb. 2024 9.30% 49.13% debt / 50.87% equity $378.4 Colorado RMNG July 2023 9.50% to 9.70% 48-50% debt / 50-52% equity $209.3 Iowa Iowa Gas Jan. 2025 Black Box Settlement Black Box Settlement $393.8 Kansas Kansas Gas Jan. 2022 Black Box Settlement Black Box Settlement Black Box Settlement Nebraska Nebraska Gas March 2021 9.50% 50% debt / 50% equity $504.2*_ South Dakota South Dakota Electric Oct. 2014 Black Box Settlement Black Box Settlement $543.9 Wyoming South Dakota Electric Oct. 2014 9.90% 46.68% debt / 53.32% equity $46.8 Wyoming Wyoming Electric March 2023 9.75% 48% debt / 52% equity $506.4 Wyoming Wyoming Gas Feb. 2024 9.85% 49% debt / 51% equity $450.8
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27BKH | AGA Financial Forum | May 2025 | Optimizing Regulatory Recovery 1 COE utilizes a FERC formula rate for a portion of transmission recovery; the company also recovers Electric Vehicle program c osts through a Transportation Electrification Program (TEP) rider. 2 South Dakota cost adjustments for environmental and transmission capex included in rate moratorium; applies only to non- FERC jurisdictional assets 3 Colorado Electric renewable energy recovery through Renewable Energy Standard Adjustment and/or Clean Energy Plan Rider Note: Rocky Mountain Natural Gas (RMNG) intrastate pipeline does not serve retail customers; therefore, RMNG does not utilize typical cost recovery mechanisms Commission approved cost adjustment Gas Utilities Energy Efficiency and Demand-side Management Integrity Additions Bad Debt Weather Normal Gas Cost Revenue Decoupling Arkansas Gas Colorado Gas Iowa Gas Kansas Gas Nebraska Gas Wyoming Gas Electric Utilities Energy Efficiency and Demand-side Management Transmission Expense1 Fuel Cost Transmission Capital2 Purchased Power Renewable Energy3 Colorado Electric Colorado Electric (FERC) South Dakota Electric (SD) South Dakota Electric (WY) South Dakota Electric (FERC) Wyoming Electric Wyoming Electric (FERC)
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Jurisdiction Recovery Amount * Recovery Period Recovery Completion Arkansas Gas $137.5 5 years Q2 2026 Colorado Gas $ 72.7 1-3 years Q2 2025 Kansas Gas $ 87.9 5 years Q1 2027 Colorado Electric $ 23.2 2 years Complete Iowa Gas $ 95.5 2 years Complete Nebraska Gas $ 79.8 3 years Complete South Dakota Electric $ 20.1 1 year Complete Wyoming Electric Completed through normal recovery process Wyoming Gas $ 29.4 3 years Complete Total $ 546 28 Winter Storm Uri Cost Recovery * Estimated recovery amounts excluding carrying costs; actual recovery is subject to variation from volumetric nature of recover y ($ in millions) BKH | AGA Financial Forum | May 2025 | $37 $161 $148 $90 $54 $44 $4 $37 $198 $346 $436 $490 $534 $538 7% 37% 64% 81% 91% 99% 100% 0% 20% 40% 60% 80% 100% 120% $0 $100 $200 $300 $400 $500 $600 2021 2022 2023 2024 2025 2026 2027 Winter Storm Uri Estimated Cost Recovery* Estimated Annual Cost Recovery * Cumulative Recovery * (millions) Cost Recovery* Cumulative Recovery* Cumulative Recovery (%)* 2021 $37 $37 7% 2022 $161 $198 36% 2023 $148 $346 63% 2024 $90 $444 81% 2025 $54 $498 91% 2026 $44 $542 99% 2027 $4 $546 100%
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BKH | AGA Financial Forum | May 2025 | 29 Capital Investment for Customer Needs
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30BKH | AGA Financial Forum | May 2025 | Customer Safety, Reliability and Integrity $3,634 Growth $574 General Plant $330 Corporate, $143 Growth $574 Minimal Lag $1,600 Rider Eligible $1,351 Other $1,156 Customer Focused Timely Recovery Focused on safety, reliability and growth $4.7 Billion Capital Investment Forecast (2025-2029) Primarily rider eligible, minimal lag and growth* * Growth Capital – primarily generates immediate revenue on customer connections Minimal Lag Capital – capital investment with regulatory lag of less than one year or incurred during expected regulatory test periods; includes nonregulated investment Rider Eligible Capital – capital investment recovered through state specific tariffs and meets Minimal Lag Capital definition Other Capital – capital investment recovered through standard rate review process; includes corporate Investing for Customer Needs Drives Growth Utility Investment Electric Utilities $2,415 Gas Utilities $2,123 Corporate $143 (in millions) Diverse mix of electric and gas utility investment
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31BKH | AGA Financial Forum | May 2025 | $550 $432 $383 $615 $435 $0 $100 $200 $300 $400 $500 $600 $700 2025 2026 2027 2028 2029 CO 38% SD 36% WY 26% Growth 5% Minimal Lag 41% Rider Eligible 26% Other 28% Electric Utilities Capital Investment Five-year Forecast of $2.4 Billion Focused on Safety, System Integrity and Growth (millions) Forecasted Capital by State * Growth Capital - generates immediate revenue upon customer connections Minimal Lag Capital – capital expenditures with regulatory lag of less than one year or incurred during expected regulatory test periods Rider Eligible Capital - capital expenditures recovered through state specific tariffs or FERC formula rates and meets Minimal Lag Capital definition Forecasted Capital Investment By Type 72% with Timely Recovery* Safety, Reliability and Integrity Growth General Plant Depreciation 2025-20292025-2029
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32BKH | AGA Financial Forum | May 2025 | Natural Gas Utilities Capital Investment Five-year Forecast of $2.1 Billion Focused on Safety, System Integrity and Growth Forecasted Capital by State 85% with Timely Recovery* * Growth Capital - generates immediate revenue upon customer connections Minimal Lag Capital – capital expenditures with regulatory lag of less than one year or incurred during expected regulatory test periods Rider Eligible Capital - capital expenditures recovered through state specific tariffs and meets Minimal Lag Capital definition Forecasted Capital Investment By Type (millions) AR 25% CO 17% IA 11% KS 8% NE 27%WY 12% Growth 22% Minimal Lag 29% Rider Eligible 34% Other 15% $431 $386 $412 $447 $447 $0 $100 $200 $300 $400 $500 2025 2026 2027 2028 2029 2025-20292025-2029 Safety, Reliability and Integrity Growth General Plant Depreciation
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33BKH | AGA Financial Forum | May 2025 | 2025F 2026F 2027F 2028F 2029F 2025-2029F Safety, Reliability and Integrity1 $489 $388 $334 $563 $396 $2,169 Growth2 36 17 18 24 19 115 General Plant 25 27 31 28 21 131 Electric Utilities $550 $432 $383 $615 $435 $2,415 Safety, Reliability and Integrity1 266 269 301 316 312 1,464 Growth2 124 87 78 84 86 459 General Plant 41 30 33 47 48 199 Gas Utilities $431 $386 $412 $447 $447 $2,123 Total Utilities $981 $817 $795 $1,062 $882 $4,538 Corporate 21 41 27 27 27 143 Total Black Hills Forecast $1,002 $859 $822 $1,089 $909 $4,681 Regulated Utility Capital Investment by Type (in millions) 1 Safety, Reliability and Integrity Capital - capital expenditures related to improving or maintaining system integrity 2 Growth Capital - generates immediate revenue on customer connections Note: Forecasted amounts are subject to change in timing and costs of projects and other factors; some totals may differ due to rounding Incremental Opportunities Likely
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34BKH | AGA Financial Forum | May 2025 | 2025F 2026F 2027F 2028F 2029F 2025-2029F Minimal Lag Capital - Electric Utilities1 $282 $120 $127 $334 $115 $978 Rider Eligible Capital - Electric Utilities2 180 101 129 78 147 637 Growth Capital - Electric Utilities3 36 17 18 24 19 115 Other 52 193 108 179 154 686 Electric Utilities $550 $432 $383 $615 $435 $2,415 Minimal Lag Capital - Gas Utilities1 77 102 101 231 112 622 Rider Eligible Capital - Gas Utilities2 134 139 177 128 137 714 Growth Capital - Gas Utilities3 124 87 78 84 86 459 Other 96 59 56 4 112 328 Gas Utilities $431 $386 $412 $447 $447 $2,123 Total Utilities $981 $817 $795 $1,062 $882 $4,538 Corporate 21 41 27 27 27 143 Total Capital Investment $1,002 $859 $822 $1,089 $909 $4,681 Capital Investment by Segment and Recovery 1 Minimal Lag Capital - investment with regulatory lag of less than one year or incurred during expected regulatory test periods 2 Rider Eligible Capital - capital expenditures recovered through state specific tariffs or FERC formula rates and meets minimal l ag capital definition 3 Growth Capital - generates immediate revenue on customer connections Note: Forecasted amounts are subject to change in timing and costs of projects and other factors; some totals may differ due to rounding (in millions) Incremental Opportunities Likely
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BKH | AGA Financial Forum | May 2025 | 35 Environmental, Social and Governance
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36BKH | AGA Financial Forum | May 2025 | • Net Zero GHG emissions target by 2035 for natural gas distribution system • Reducing GHG emissions intensity 40% by 2030 and 70% by 2040 for electric utilities (2005 baseline) • Decarbonization investment opportunities from renewables, infrastructure upgrades and emerging technology • Robust customer programs, including voluntary RNG/carbon offset and energy efficiency • Strong safety culture • Supporter of community and economic development • $4.3 million of charitable impact, including donations and energy assistance • Committed to a culture of inclusion and belonging through recruiting, engagement, and development programs • Engaged, values-driven team • HIRE Vets Gold Medallion Award from Dept. of Labor • Independent, diverse and experienced directors • Stock ownership requirement and compensation philosophy • Well-established succession planning process with Board engagement • Board oversight of ESG Environmental Social Governance Sustainable ESG Profile
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37BKH | AGA Financial Forum | May 2025 | Replacing aging and at-risk materials Leveraging operational best practices and processes, leading technologies and advanced leak detection systems Targeting best-in-class third-party line hit reduction Integrating low-carbon fuels such as RNG and hydrogenSee more at www.blackhillsenergy.com/sustainability 1 Electric goals are based on greenhouse gas emissions intensity as compared to 2005 levels for Scope 1 emission on our owned elec tric generation and Scope 3 emissions for purchased power. 2 Net Zero goal based on Scope 1 emissions of gas distribution systems, including fugitive emissions from pipeline mains and servi ce lines, meters, transfer stations, system damages and blow downs. Adding new renewable generation and integrate battery technology Retiring or converting remaining coal-fired power plants at end of engineered lives Supporting emissions reduction technologies 70% by 2040 1 40% by 2030 1 One-third reduction from 2005 2 Responsibly Reducing GHG Emissions by 2035 2 27% reduction from 2022 baseline
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38BKH | AGA Financial Forum | May 2025 | Pathway to a Cleaner Energy Future 1 Added renewable capacities as filed in resource plans, existing resource capacities as listed in 2023 10- K Annual Report. 2 Timeline of new resource and generation retirements and modifications as indicated in our preferred resource plans; subject t o change based on future resource plan filings and project construction timelines 3 Assumes coal plants are converted or retired at the end of engineered lives. Anticipated retirement or conversion of coal plants is subject to change based on costs and feasibility of other alternatives.
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39BKH | AGA Financial Forum | May 2025 | Responsibly Integrating Renewable Energy Owned Electric Generation Capacity* Capacity Mix by Location* (Dec. 31, 2024) * Ownership includes 49.9 percent ownership in a Colorado subsidiary by a third party representing approximately 100 megawatts; excludes power purchase agreements from third parties ** Integrated generation includes non-regulated generation assets in Gillette, Wyoming (68.9 MW) and Pueblo, Colorado (274 MW) c ontracted primarily to our regulated electric utilities Natural Gas and Diesel Oil Wind Coal 511.3 MW 343 MW 197 MW 343 MW South Dakota Electric Colorado Electric Wyoming Electric Integrated Generation** 45% 22% 70% 48% 47% 10% 37% 47% 16% 47% 6% 807 MW 1,210 MW 1,394 MW 0 200 400 600 800 1,000 1,200 1,400 1,600 2010 2016 2024 Percent of Total Capacity 15% 57% 28%32% 63% 37% 62% 6%
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0 2,500 5,000 7,500 10,000 12,500 Baseline 2022 40BKH | AGA Financial Forum | May 2025 | Enhancing Resiliency, Detecting and Reducing Leaks, Integrating Renewables Net Zero by 2035 for Natural Gas Utilities Continue Best Practices • Replace unprotected steel with lower emitting materials • Tighten transfer station systems and increase leak survey frequency • Reduce third-party line hits 40% Damages Meters Transfer Stations Mains and Services 2022 Baseline Gas Utility Emissions (metric tons) Other Meters 10% Achieve Net Zero Emissions Reduction Deep System Reductions • Pursue advanced leak detection systems • Target “Best-in-Class” for reducing third- party damage line hits Net Zero Strategies • Utilize carbon offset credits • Integrate low carbon fuels such as renewable natural gas and hydrogen Since 2020, Black Hills has participated in the Methane Challenge and is an active member of the ONE Future coalition to voluntarily reduce methane emissions across the natural gas value chain Note: Net Zero goal based on Scope 1 emissions of gas distribution systems, including fugitive emissions from pipeline mains and service lines, meters, transfer stations, system damages and blow downs
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41BKH | AGA Financial Forum | May 2025 | • Non-regulated RNG business launched in 2022 to leverage our team’s experience and drive new growth opportunities in RNG infrastructure investment; acquired first RNG production facilities in Dubuque, Iowa, landfill in Q1 2024 • 10 interconnect utility projects in service, producing the enough pipeline quality RNG to fuel 33,000 homes/year • Green Forward, a voluntary RNG and carbon offset program offered in all six natural gas states • Evaluating several project opportunities for development and interconnection across service territories rich with agriculture and growing communities • Evaluating other potential regulated and non-regulated RNG investments, programs and/or partnerships Black Hills’ renewable natural gas production facilities adjacent to the Dubuque, Iowa landfill Renewable Natural Gas Developing Innovative Solutions to Integrate Renewable Resources See more at www.blackhillsenergy.com/RNG
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42BKH | AGA Financial Forum | May 2025 | Supporting Emissions-Reduction Technologies Hydrogen Research Carbon Capture Research Clean Energy Ventures Investment Battery Research Collaboration Evaluating feasibility of hydrogen use and production • Received a 2023 hydrogen grant from the Wyoming Energy Authority (WEA) to evaluate feasibility of generating hydrogen from coal at our Wyodak mine using BrightLoop chemical looping with partners Babcock & Wilson and The Ohio State. Planning to submit a DOE application for recent funding opportunity for small scale project planned at our Gillette, Wyoming complex. • Awarded a second WEA grant in 2024 totaling $16M to construct a pilot scale BrightLoop hydrogen plant at our Neil Simpson Complex. Drilling of wells and well testing has been completed and are ready to test carbon dioxide sequestration and operation is anticipated in 2026. Evaluating carbon capture, utilization and storage (CCUS) • Completed an engineering analysis and design of several coal plant carbon capture technologies • Collaborating with Membrane Technology and Research and Carbon GeoCapture to evaluate MTR membrane technology for sequestering coal plant exhaust GHG emissions at our Neil Simpson Complex. Partnering with GeoCapture, filed for a third WEA grant to test carbon dioxide injection in wells recently completed adjacent to our power plants located in Gillette, Wyoming. Venture Capital Fund to support ESG efforts in natural gas utilities • Fund concentrates on sustainability, reliability, and resilience imperatives for natural gas utility sector • Focus on early-stage ESG investments in decarbonization, renewable natural gas, hydrogen and other clean energy solutions. We joined the NSF IUCRC Center Solid-State Energy Storage consortium • Collaboration between several universities, National Science Foundation and industry to develop solid-state battery technologies • Upon joining the NSF IUCRC, we our engaged in sodium ion laboratory research and testing being conducted by the Center. H2
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43BKH | AGA Financial Forum | May 2025 | Governance Diverse, Experienced Oversight, and Alignment of Stakeholder Interests 40% of board members are gender or ethnically diverse Average Board tenure of six years 9 of 10 directors are independent Independent board chair Diverse experience across multiple industries and sectors Board Composition Compensation PoliciesCorporate Governance Plurality plus voting policy Annual board and committee evaluations All board committees have authority to retain independent advisors paid for by company Code of Business Conduct applies to all employees and Board of Directors Code of Ethics for financial officers Hedging and pledging company stock prohibited Mandatory retirement age for directors Board engagement in succession planning process Maintain robust stock ownership guidelines for directors and executives Annual advisory vote on executive compensation Mandatory and supplemental clawback policies Compensation philosophy aligns compensation practices with stakeholder interests
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BKH | AGA Financial Forum | May 2025 | 44 Business Overview
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45BKH | AGA Financial Forum | May 2025 | Electric Utilities1 Operations Overview Natural Gas Utilities1 Three electric utilities which generate, transmit and distribute electricity to approximately 225,000 customers in CO, SD, WY and MT 1.4 gigawatts of generation 2 9,196 miles of transmission and distribution Efficient mine-mouth operations in Gillette, Wyoming fueled by low-sulfur Powder River Basin coal; mine production contracted to on site generation East-West interconnection in SD optimizes off-system sale of power and improves system reliability (1 of only 7 east-west interconnections in U.S.) 7 natural gas utilities which distribute natural gas to approximately 1,128,000 customers in AR, CO, IA, KS, NE and WY 3 4,648 miles of intrastate gas transmission pipelines and 44,524 miles of gas distribution mains and service lines Seven natural gas storage facilities in AR, CO and WY with 16.5 Bcf of underground gas storage working capacity 51,000 customers served through Choice Gas Program (unbundled natural gas supply) 1 Information from 2024 Form 10-K Annual Report Filing as of Dec. 31, 2024 2 Includes 49.9% third party ownership of Black Hills Colorado IPP reported as noncontrolling interest 3 Excludes minor entities and Shoshone pipeline
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46BKH | AGA Financial Forum | May 2025 | CO 10% AR 14% KS 5% IA 6% NE 14% WY 8% SD 18% WY 12% CO 13% Total Revenue (Full Year 2024) Regulated and Integrated Utility Businesses Clean Energy ProfileDiverse and Balanced Business Mix 92% Natural Gas and Renewables 57% Gas 43% Electric Utility Rate Base 99% Assets owned by or contracted to our regulated utilities Strategic Business Mix (Estimated as of Dec. 31, 2024)(As of Dec. 31, 2024)
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47BKH | AGA Financial Forum | May 2025 | Diverse Mix of Customer Class Electric Utilities Revenue Gas Utilities Revenue Note: Information from 2024 10-K filing for year ending Dec. 31, 2024; gas utilities excludes other inter -segment and non-regulated services revenue Electric Utilities Mix of Residential, Commercial and Industrial Gas Utilities Primarily Residential and Commercial Residential 55% Commercial 21% Industrial 2% Other Retail 3% Transportation 14% Other 5% Residential 27% Commercial 30% Industrial 19% Municipal 2% Other Retail 2% Off-system/ Wholesale 7% Transmission 6% Other 7%
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48BKH | AGA Financial Forum | May 2025 | Integrated Electric Utility Transmission Network Distribution Systems • 1,977 miles of electric transmission in SD, WY and CO • 7,219 miles of electric distribution in SD, WY and CO • 1,394 MW of generation capacity across Colorado, South Dakota and Wyoming Generation Resources * 49.9% third party ownership of Colorado generation subsidiary reported as noncontrolling interest Note: information from 2024 Form 10-K Annual Report Filing as of Dec. 31, 2024; totals approximated Gillette Energy Complex 717 megawatts of mine-mouth generation on site (partially owned by third parties) Efficient coal delivery under life of plant contracts • Fixed price plus escalators serving 450 MW • Cost Plus Return serving 295 MW Cheyenne Prairie Generating Station Combined-Cycle Gas-Fired Plants • 100 MW – 2014 (100% owned: 58% SDE / 42% WYE) Gas-fired Combustion Turbine • 40 MW – 2014 (100% owned by WYE) Corriedale Wind 52.5 MW - 2020 (62% SDE / 38% WYE) Ben French/Lange (Rapid City, SD – 100% owned by SDE) Combustion Turbines 40 MW gas – 2002 100 MW gas/oil – 1977-79 10 MW oil – 1965 Busch Ranch I Wind 29 MW – 2012 (50% owned and entire facility operated by COE, other 50% owned by Black Hills Electric Generation; all energy delivered to COE ) Peak View Wind 61 MW – 2016 (100% owned and operated by COE) Pueblo Airport Generation * Combined- Cycle Gas-Fired Plants • Two 100 MW Plants – 2012 (50.1%* owned by Black Hills Electric Generation with 20-yr PPA to COE) Simple Cycle Gas-Fired Plants • Two 100 MW plants – 2011 (100% owned by COE) Gas-Fired Combustion Turbine • 40 MW – 2016 (100% owned by COE) Busch Ranch II Wind 59 MW – 2019 (100% owned and operated by Black Hills Electric Generation with 25-year PPA to COE)
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49BKH | AGA Financial Forum | May 2025 | Nearly All Non-regulated Electric Generation Contracted to Black Hills’ Regulated Utilities Plant Owned Capacity Contracted to Black Hills Electric Utilities Contracted as % Total Co. Owned Counter- Party Expiration Comments Pueblo Airport Generating Station* 200 MW 200 MW 100% Colorado Electric Dec. 31, 2031 Excess power and capacity for benefit of Colorado Electric Busch Ranch I 14.5 MW 14.5 MW 100% Colorado Electric Oct. 16, 2037 Busch Ranch II 59.4 MW 59.4 MW 100% Colorado Electric Nov. 26, 2044 Wygen I 68.9 MW 60 MW 87% Wyoming Electric Dec. 31, 2032 Total 342.8 MW 333.9 MW 97% Note: Information from 2024 Form 10- K Annual Report Filing as of Dec. 31, 2024 * A third party holds a 49.9% non-operating ownership of Colorado IPP (PAGS) which is reported as noncontrolling interest
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50BKH | AGA Financial Forum | May 2025 | Full-service Natural Gas Utility • 4,648 miles of intrastate transmission • 50,000 horsepower of compression • 7 natural gas storage sites in AR, CO and WY with 53.4 million Mcf total capacity • 159 million Dth natural gas transported in 2024 • 30,917-mile natural gas distribution system • 1.1 million customers with 13,607 miles of service lines • 91 million Dth natural gas distributed to customers in 2024 • Diverse procurement sources and hedging programs • 516 miles of gathering lines Third-party sources deliver natural gas into Black Hills’ system Compression stations support storage and transmission 7 underground storage sites in three states provide reliable natural gas delivery and more stable pricing during peak demand periods Storage Injections and withdrawals meet system demands Extensive transmission network transports natural gas to distribution pipelines Distribution pipelines deliver natural gas to residential and commercial customers Variety of procurement sources and hedging programs provide reliable natural gas delivery and improve stability of price Black Hills-owned compression, transmission and storage delivers value through operational flexibility and provides diverse opportunities for growth Diversity of customer location and type reduces business risk Note: Information from 2024 Form 10- K Annual Report Filing as of Dec. 31, 2024; totals approximated Storage and Transmission DistributionGas Supply
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51BKH | AGA Financial Forum | May 2025 | Capital Structure ($ in millions) Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Capitalization Short-term Debt 342 335 501 1,061 525 525 1,125 600 600 600 18 134 360 Long-term Debt 4,128 4,130 4,131 3,607 3,954 3,956 3,800 3,801 3,803 4,247 4,249 4,250 3,952 Total Debt 4,470 4,465 4,632 4,668 4,479 4,481 4,925 4,401 4,403 4,847 4,266 4,384 4,311 Equity* 2,872 2,885 2,887 2,995 3,098 3,110 3,167 3,215 3,334 3,357 3,447 3,501 3,635 Total Capitalization 7,342 7,350 7,519 7,663 7,577 7,591 8,092 7,617 7,737 8,204 7,713 7,886 7,947 Net Debt to Net Capitalization Debt 4,470 4,465 4,632 4,668 4,479 4,481 4,925 4,401 4,403 4,847 4,266 4,384 4,311 Cash and Cash Equivalents (16) (10) (12) (21) (39) (153) (594) (87) (123) (625) (13) (16) (7) Net Debt 4,454 4,455 4,621 4,647 4,440 4,328 4,330 4,315 4,280 4,222 4,254 4,368 4,305 Net Capitalization 7,325 7,340 7,507 7,641 7,538 7,438 7,498 7,530 7,614 7,580 7,700 7,869 7,940 Debt to Capitalization 60.9% 60.7% 61.6% 60.9% 59.1% 59.0% 60.9% 57.8% 56.9% 59.1% 55.3% 55.6% 54.3% Net Debt to Capitalization* 60.8% 60.7% 61.5% 60.8% 58.9% 58.2% 57.8% 57.3% 56.2% 55.7% 55.2% 55.5% 54.2% Long-term Debt to Total Debt 92.4% 92.5% 89.2% 77.3% 88.3% 88.3% 77.2% 86.4% 86.4% 87.6% 99.6% 96.9% 91.7% * Excludes noncontrolling interest ** Net debt is a non-GAAP measure which includes total debt net of cash and cash equivalents **
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52BKH | AGA Financial Forum | May 2025 | EPS, as Adjusted Normalized for Weather and Mark-to-Market* $3.68 $3.78 $3.79 $4.02 $4.10 $2.00 $2.25 $2.50 $2.75 $3.00 $3.25 $3.50 $3.75 $4.00 $4.25 Full Year * Earnings per share, as adjusted is a non-GAAP measure and is reconciled to GAAP in the appendix; normalized total excludes weather impact versus normal and mark-to-market impacts on energy contracts Note: differences in totals due to rounding and timing of dilution driven by weighted average number of shares outstanding • Q1 and Q4 seasonality driven by peak heating demand at gas utilities • Q2 and Q3 driven by peak cooling demand, off-system energy sales opportunities and agricultural irrigation for gas utilities $0.00 $1.60 $0.31 $0.53 $1.25 $1.63 $0.41 $0.62 $1.29 $1.72 $0.54 $0.45 $1.10 $1.73 $0.36 $0.65 $1.28 $1.93 $0.39 $0.32 $1.47 $1.82 $0.00 $0.50 $1.00 $1.50 $2.00 Q1 Q2 Q3 Q4 2020* 2021 2022 2023 2024 2025 EPS, as adjusted* Q1 Q2 Q3 Q4 Full Year 2020* $1.59 $0.33 $0.58 $1.23 $3.73 2021 $1.54 $0.40 $0.70 $1.11 $3.74 2022 $1.82 $0.52 $0.54 $1.11 $3.97 2023 $1.73 $0.35 $0.67 $1.17 $3.91 2024 $1.87 $0.33 $0.35 $1.37 $3.91 2025 $1.87 Weather impact versus normal Q1 Q2 Q3 Q4 Full Year 2020* ($0.04) $0.02 $0.05 ($0.01) $0.03 2021 $0.07 $0.01 $0.00 ($0.16) ($0.07) 2022 $0.06 $0.01 $0.07 $0.05 $0.19 2023 $0.03 ($0.02) $0.02 ($0.09) ($0.06) 2024 ($0.07) ($0.06) $0.03 ($0.10) ($0.20) 2025 $0.04 Mark-to-Market energy contract impact Q1 Q2 Q3 Q4 Full Year 2020* $0.03 $0.00 $0.00 ($0.01) $0.02 2021 ($0.01) ($0.02) $0.08 ($0.02) $0.03 2022 $0.04 ($0.03) $0.02 ($0.04) ($0.01) 2023 ($0.04) $0.01 $0.00 ($0.02) ($0.05) 2024 $0.01 $0.00 $0.00 $0.00 $0.01 2025 $0.01 Weather and MTM normalized EPS, as adjusted* Q1 Q2 Q3 Q4 Full Year 2020* $1.60 $0.31 $0.53 $1.25 $3.68 2021 $1.63 $0.41 $0.62 $1.29 $3.78 2022 $1.72 $0.54 $0.45 $1.10 $3.79 2023 $1.73 $0.36 $0.65 $1.28 $4.02 2024 $1.93 $0.39 $0.32 $1.47 $4.10 2025 $1.82
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53BKH | AGA Financial Forum | May 2025 | Non-GAAP Financial Measures Net Income Available for Common Stock, as adjusted We have provided non-GAAP earnings data reflecting adjustments for special items as specified in the GAAP to non-GAAP reconciliation table in this presentation. Net income available for common stock, as adjusted, is defined as GAAP Net income available for common stock, adjusted for expenses, gains and losses that the Company believes do not reflect the Company’s core operating performance. The Company believes that this non-GAAP financial measure is useful to investors because the items excluded are not indicative of the Company’s continuing operating results. The Company’s management uses this non-GAAP financial measures as an indicator for evaluating current periods and planning and forecasting future periods. Earnings per share, as adjusted We have provided non-GAAP earnings data reflecting adjustments for special items as specified in the GAAP to non-GAAP reconciliation table in this presentation. Earnings per share, as adjusted, is defined as GAAP Earnings per share, diluted, adjusted for expenses, gains and losses that the Company believes do not reflect the Company’s core operating performance. Examples of these types of adjustments may include unique one-time non-budgeted events, impairment of assets, acquisition and disposition costs, and other adjustments noted in the earnings reconciliation tables in this presentation. The Company believes that this non-GAAP financial measure is useful to investors because the items excluded are not indicative of the Company’s continuing operating results. The Company’s management uses this non-GAAP financial measures as an indicator for evaluating current periods and planning and forecasting future periods. Limitations on the Use of Non-GAAP Measures Non-GAAP measures have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. Our presentation of these non-GAAP financial measures should not be construed as an inference that our future results will not be affected by unusual, non-routine, or non-recurring items. The Company is not able to provide a forward-looking quantitative GAAP to Non-GAAP reconciliation for non-GAAP measures because the Company does not know the unplanned or unique events that may occur later during the year. Non-GAAP measures should be used in addition to and in conjunction with results presented in accordance with GAAP. Non-GAAP measures should not be considered as an alternative to net income, operating income or any other operating performance measure prescribed by GAAP, nor should these measures be relied upon to the exclusion of GAAP financial measures. Our non-GAAP measures reflect an additional way of viewing our operations that we believe, when viewed with our GAAP results and the reconciliation to the corresponding GAAP financial measures, provide a more complete understanding of factors and trends affecting our business than could be obtained absent this disclosure. Management strongly encourages investors to review our financial information in its entirety and not rely on a single financial measure.
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54BKH | AGA Financial Forum | May 2025 | Non-GAAP Financial Measures 2020 2021 2022 2023 2024 2025 YTD 2020 2021 2022 2023 2024 2025 YTD Net income available for common stock (G AAP) 227.6$ 236.7$ 258.4$ 262.2$ 273.1$ 134.3$ 3.65$ 3.74$ 3.97$ 3.91$ 3.91$ 1.87$ Adjustments, after tax Impairment of investment 5.3 - - - - - 0.08 - - - - - Total Non-GAAP adjustments 5.3 - - - - - 0.08 - - - - - Net income available for common stock, as adjusted (Non-GAAP) 232.9$ 236.7$ 258.4$ 262.2$ 273.1$ 134.3$ 3.73$ 3.74$ 3.97$ 3.91$ 3.91$ 1.87$ Earnings, as adjusted (in millions) Earnings Per Share, as adjusted
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Agility Communication Creating Value Customer Service Integrity Leadership Partnership Respect Safety 55BKH | AGA Financial Forum | May 2025 |