Slides
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2026 Third Quarter Review Nov. 5, 2026
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Forward-looking Statements 2 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 2026 earnings guidance, long-term growth target and our expectations for regulatory approvals for and the closing of the merger with NorthWestern Energy. These forward-looking statements are based on assumptions which we believe are reasonable based on current expectations and projections about future events and industry conditions and trends affecting our business. However, whether actual results and developments will conform to our expectations and predictions is subject to a number of risks and uncertainties that, among other things, could cause actual results to differ materially from those contained in the forward-looking statements, including without limitation, the risk factors described in Item 1A of Part I of our 2025 Annual Report on Form 10-K, and other reports that we file with the SEC from time to time, and the following: The accuracy of our assumptions on which our earnings guidance and growth target are based; Our ability to obtain timely and adequate regulatory approvals and cost recovery; Our ability to execute our capital investment program and strategic initiatives; Our ability to access capital markets and successfully execute financing plans; The effects of inflation, interest rates, commodity prices, supply chain constraints and labor availability; Severe weather, wildfire, cybersecurity incidents (including risks associated with the use of artificial intelligence and evolving cyber threats), operational and other business risks; Changes in laws, regulations and governmental policies; Our ability to serve customer growth opportunities, including large-load customers and accurately forecast long-term customer demand; The expected timing, scope and benefits of the Google data center project in southern Wyoming, including construction, financing and operational milestones; the timing and availability of equipment and milestone payments; the receipt of required regulatory, permitting and licensing approvals; transmission availability; the availability and cost of labor, materials and financing; changes in customer development schedules, customer demand forecasts, and energy requirements; the ability to satisfy contractual conditions and performance obligations; the performance of customers, suppliers, contractors and other counterparties; and the ability to successfully develop, place into service and realize the anticipated economic and operational benefits of the project and related large-load customer opportunities; and The expected timing and likelihood of completion and our ability to realize the anticipated benefits of the proposed merger with NorthWestern, including the timing, receipt and terms and conditions of any required governmental and regulatory approvals of the proposed acquisition that could reduce anticipated benefits or give rise to the termination of the merger. 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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3BKH | 2026 Third Quarter Review | Nov. 5, 2026 | Reaffirmed guidance reflecting year -over-year adjusted EPS growth of 6% Maintained strong balance sheet to enable growth Increased dividend 56 consecutive years in 2026 at current annualized rate Q3 2026 Delivering Results for Stakeholders Executed definitive agreements to serve planned Google data center in Wyoming Requested Certificates of Public Convenience & Necessity for $686 million of transmission expansion projects to support large- load growth in Wyoming Obtained approval for new rates for Arkansas Gas and South Dakota Electric, and advanced rate review request for Colorado Electric On track to complete 99 MW Lange II generation project in South Dakota in Q4 2026 Completed final regulatory requirements in July for wildfire liability protections in South Dakota and Wyoming Achieved strong EEI reliability rankings (2025 SAIDI data published October 2026) Served all -time load peak for Wyoming Electric in July; 16% increase over June 2025 Advancing $905 * million capital plan in 2026 with minimal large- load investment Advance Regulatory and Growth Initiatives Deliver Excellent Operational Performance Deliver on Financial Commitments Close Merger with NorthWestern Energy Reached partial settlement in Montana and completed hearing; awaiting decision * 2026 forecasted capital excludes generation investments to serve Google
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4BKH | 2026 Third Quarter Review | Nov. 5, 2026 | Executed Agreements to Serve Google Data Center 0.6 GW Company grid interconnection 2.7GW Total resources 1 2.1 GW Third-party contracted resources 1 Total resource mix includes planned reserve margins for confidential load 2 Forecasted $2.4 billion of unlevered free cash flow after netting out $1.8 billion of generation investment and excludes additional planned transmission expansion investment Significant benefit to current plan driven by earnings on investment and microgrid management fees Data center and new resources to be constructed in southern Wyoming Targeting initial service in late 2027 and peak load in 2030 Definitive agreements under flexible large-load tariff Private microgrid structure managed by Black Hills Strong customer protections including no cost shifting Beneficial credit provisions +$150 million Net income expected in 2030 +$2.4 billion Unlevered free cash flow through 2048 2 Net Income Driven by: Returns on $1.8 billion of investments in 564 MW of new company-owned generation through a non-regulated affiliate with earnings beginning with construction in 2027 Microgrid management fees based upon contracted minimum peak load to begin in 2027 and increase throughout the project’s ramp period
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5BKH | 2026 Third Quarter Review | Nov. 5, 2026 | Executing on 3 GW+ pipeline and assessing 2.5 GW+ of emerging opportunities 600 MW by 2030 in 2026-2030 plan driven by Microsoft and Meta + Upside to current plan from executed definitive agreements to serve Google’s planned data center with 2.7 GW of resources 2 + 600 MW of additional upside to current plan under advancing negotiations 3 + Assessing 2.5 GW+ of emerging opportunities in early or exploratory projects from existing and new customers Investing in transmission system to serve large-load customers Requested Large Customer Transmission Cost Adjustment Mechanism (LCTCAM) to enable direct allocation of costs to large-load customers Requested CPCNs for $686 million of transmission expansion projects with the bulk of investments additive to current plan Strong and growing Large-load demand • Innovative tariff 1 providing flexibility for the unique needs of our customers with a mix of: Market energy procurement (minimal capital) Contracted resources (minimal capital) Company-owned resources • Cost-effectively enabling speed to market • Benefits to other customers and communities Serving Significant Large-load Opportunities Flexible service model 1 Large Power Contract Service (LPCS) tariff in Wyoming; see Appendix for more detail 2 Total resource mix includes 564 MW of company-owned generation and 2.1 GW of contracted resources to serve confidential load; total resource mix includes reserve margins 3 Pipeline includes large-load requests under non-disclosure agreements and in active negotiations
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6BKH | 2026 Third Quarter Review | Nov. 5, 2026 | Merger with NorthWestern Energy Update Filed joint applications for approval in Montana, Nebraska, and South Dakota in Q4 2025 Nebraska hearing held April 7, 2026; unanimous approval of settlements received May 19, 2026 South Dakota hearing held and unanimous approval of settlements received June 24, 2026 Settlements reached with certain key intervenors in Montana o Montana hearing concluded May 15, 2026; final briefs submitted July 13, 2026; statutory deadline for decision is Nov. 12, 2026 Filed joint application with FERC on Dec. 22, 2025 FERC approval received on May 29, 2026 Filed S-4/Joint Proxy Statement on Jan. 30, 2026; Shareholder approvals received by both companies on April 2, 2026 Filed Hart-Scott-Rodino on March 20, 2026 The 30-day waiting period expired on April 20, 2026, satisfying a U.S. antitrust condition to closing Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026 Merger Announced August 19 File Regulatory Applications / Regulatory Approval Process: FERC, SEC, FTC/DOJ (HSR), MPSC, NPSC, SDPUC File Form S-4/Joint Proxy Statement BKH and NWE Shareholder Meetings Develop Transition and Integration Plans Anticipated Receipt of Required Approvals Anticipated Merger Close
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Q3 2026 Financial Review
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$0.34 $0.45 $0.54 $0.57 $0.11 $0.22 ($0.12) $0.06 ($0.04) ($0.05) $0.02 $0.03 $0.00 $0.15 $0.30 $0.45 $0.60 $0.75 Q3 2025 GAAP Q3 2025 Merger Costs Q3 2025 Adjusted* Margin Weather O&M Financing D&A Taxes & Other Q3 2026 GAAP Q3 2026 Merger Costs Q3 2026 Adjusted* 8BKH | 2026 Third Quarter Review | Nov. 5, 2026 | Q3 2026 EPS Drivers Compared to Q3 2025 New shares ($0.03) Higher employee costs ($0.06) Q3 2026 Merger costs ($0.03) Other ($0.03) Higher usage +$0.03 Transport volumes +$0.02 Q3 2026: $0.02 versus normal 2 Q3 2025: ($0.04) versus normal Note: Differences in totals may exist due to rounding * Adjusted EPS is a non-GAAP measure reflecting earnings net of merger -related costs; see Appendix for detail 1 New rates and rider recovery includes EPS $0.12 for electric utilities and $0.03 for the gas utilities 2 Weather compared to normal for Q3 2026 drove $0.03 per share of favorability for the electric utilities and $0.02 of unfavorability for the gas utilities New rates and rider recovery 1 +$0.15
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$2.58 $2.68 $2.76 $2.89 $0.10 $0.63 ($0.12) ($0.10) ($0.20) ($0.17) $0.04 $0.13 $0.00 $0.25 $0.50 $0.75 $1.00 $1.25 $1.50 $1.75 $2.00 $2.25 $2.50 $2.75 $3.00 $3.25 $3.50 YTD 2025 GAAP YTD 2025 Merger Costs YTD 2025 Adjusted* Margin Weather O&M Financing D&A Taxes & Other YTD 2026 GAAP YTD Merger Costs YTD 2026 Adjusted* 9BKH | 2026 Third Quarter Review | Nov. 5, 2026 | YTD 2026 EPS Drivers Compared to YTD 2025 Note: Differences in totals may exist due to rounding * Adjusted EPS is a non-GAAP measure reflecting earnings net of merger-related costs; see Appendix for detail 1 New rates and rider recovery includes EPS of $0.35 for electric utilities and $0.24 for the gas utilities 2 Weather compared to normal for YTD 2026 drove $0.15 per share of unfavorablility for gas utilities and $0.01 of favorability for the electric utilities New shares ($0.14) Interest expense ($0.04) AFUDC ($0.02) 2026 YTD Merger costs ($0.13) 2025 unplanned outages +$0.05 New rates and rider recovery 1 +$0.60 Customer Growth +$0.03 YTD 2026 versus normal 2 ($0.15) YTD 2025 versus normal ($0.04) (Year to date September 30)
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$0 $250 $500 $750 $1,000 $250 million accordion feature (with bank consent) 45% 50% 55% 60% Sep-23 Sep-24 Sep-25 Sep-26 $0 $1 $2 $3 $4 $5 $6 Net Debt Equity Net Debt to Capitalization $0 $100 $200 $300 $400 $500 2026 2030 2035 2040 2045 2050 (millions) BKH | 2026 Third Quarter Review | Nov. 5, 2026 | 10 Solid Investment-Grade Financial Position Capital Structure * Liquidity and Cash Flow Debt Maturities (millions) Long-term target $685 million of available liquidity on revolving credit facility at quarter-end (billions) Credit Ratings FFO / Debt Long-term Target 14-15% Note: FFO / Debt is a non-GAAP measure calculated in accordance with rating agencies’ methodologies 3-month average short-term borrowings Moody’s S&P Baa2 BBB+ Stable outlook Stable outlook * Net debt to capitalization is a non-GAAP measure reconciled in Appendix; equity excludes non-controlling interest
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11BKH | 2026 Third Quarter Review | Nov. 5, 2026 | 1 Adjusted EPS is a non-GAAP measure which excludes merger-related costs; see slide 34 or earnings press release for reconciliation of adjustments 2 Average annual compound growth rate off 2023 guidance midpoint of $3.75 per share 3. 56 consecutive years of increase based on annualized rate for 2026 BKH Financial Outlook (2026-2030) Targeting 55% to 65% payout ratio 56 consecutive years of increases in 2026 3 Dividend Reaffirmed guidance in the range of $4.25 to $4.45 Midpoint represents 6% growth compared to $4.10 adjusted EPS in 2025 Base plan supports upper half of 4% to 6% growth in 2026 to 2030 Includes 600 MW of data center load (Microsoft and Meta) and minimal capital investment Long-term EPS Growth 2 2026 Adjusted EPS1 Capital Investment Base forecast of $4.7 billion in 2026 to 2030 Excludes generation to serve planned Google data center and other additional transmission investment to serve large-load demand Excludes planned Google data center, additional transmission investments, and pending merger with NorthWestern Energy
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$1.8 billion 12BKH | 2026 Third Quarter Review | Nov. 5, 2026 | Large-load Financial Opportunities Significant upside to 2027 to 2031 plan$2.5 Microgrid Management Fees 564 MW of new company-owned generation to serve Google billion $0.7 • Cash earnings on investment to begin with construction in mid- 2027 • Contracted cost pass-through mechanisms billion Company-owned generation and transmission Fee based on contracted minimum peak load Fee expected to begin in late 2027 and increase throughout ramp period Recovery expected directly from customers through proposed large-load transmission tariff pending approval Management of 2.1 GW of resources to serve Google (confidential peak load) Transmission expansion and upgrades to serve large-load opportunities Expanded transmission system expected to unlock future opportunities $0.7 billion transmission investment to be in service by mid-2029 ~$150 million of net income in 2030 from Google data center Management of 600 MW in current plan (to be served through market energy and contracted resources) Total contracted fee revenue expected to increase as load ramps $2.4 billion of unlevered free cash flow, after netting out $1.8 billion generation investment for Google
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$2.81* 1970 1980 1990 2000 2010 2020 2026* 13BKH | 2026 Third Quarter Review | Nov. 5, 2026 | Dividend Track Record 56 Consecutive Years of Annual Increases in 2026 and 84 Consecutive Years Paid* Annual Dividend Per Share * 2026 dividend represents current quarterly dividend at annualized rate 4.4% CAGR 2020-2026
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Business Update Pictured: Lange II generation project site under construction in Rapid City, South Dakota
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Industry-Leading Reliability 15BKH | 2026 Third Quarter Review | Nov. 5, 2026 | 0 50 100 150 200 250 300 350 400 450 WYE SDE COE First Quartile Second Quartile Third Quartile Fourth Quartile 2025 Overall System SAIDI (Excluding Major Events)* Black Hills Combined * System Average Interruption Duration Index (SAIDI) is a measure of reliability calculated as total system interruption duratio n (in minutes) divided by total number of customers served EEI Utilities
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16BKH | 2026 Third Quarter Review | Nov. 5, 2026 | Regulatory Progress 1 Large Power Contract Service (LPCS) tariff serving large- load customers in Wyoming; initial 13 MW of each large- load customer’s usage is classified as industrial retail load 2 As requested in filing Jurisdiction Filing Date Annual Revenue Increase ROE Debt / Equity New Rates Comments / Status Arkansas Gas Docket 25-064-U Dec. 5, 2025 $17.9 million 9.8% 52.5% / 47.5% Oct. 12, 2026 New rates approved and implemented on Oct. 12, 2026 South Dakota Electric South Dakota Docket EL26-003 Feb. 19, 2026 $27.4 million Black-box settlement based on 7.58% weighted average cost of capital Dec. 1, 2026 Black-box settlement approved with final rates to replace interim rates in effect since Aug. 18, 2026; settlement includes 4-year base-rate moratorium ending Aug. 18, 2030 South Dakota Electric Wyoming Docket 20002-148-ER-26; Record No: 18089 March 18, 2026 $4.0 million 9.6% 47% / 53% Dec. 1 2026 Settlement approved for recovery of investments and increased costs to serve since last rate review in 2014 Colorado Electric Docket 26AL-0232E June 12, 2026 $26.7 million 2 10.5% 2 49%/51% 2 Q1 2027 2 Seeking recovery of $184 million of investments since last rate review in 2024 Received approval of new rates for Arkansas Gas Received approval of settlements in rate review requests for South Dakota Electric Requested CPCN approvals for South Cheyenne Transmission Expansion and Aeolus Transmission Project Requested Large Customer Transmission Cost Adjustment Mechanism (LCTCAM) Satisfied final regulatory requirements in July to receive wildfire liability protections in South Dakota and Wyoming Submitted Wyoming Electric Integrated Resource Plan (focused on non-LPCS customers1) Submitted 2026 Colorado Clean Energy Plan
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17BKH | 2026 Third Quarter Review | Nov. 5, 2026 | Lange II Generation Project to Serve South Dakota Electric Resource Needs Adding 99 MW of Dispatchable Natural Gas Generation in Q4 2026 Q1 2025 – Requested CPCN from Wyoming Public Service Commission Q2 2025 – Obtained CPCN from Wyoming Public Service Commission; no CPCN process in South Dakota Q3 2025 – Commenced construction August 2026 – Requested recovery through rider available under state law Q4 2026 – Expect to place in service and begin recovery Note: The South Dakota Electric system serves customers in western South Dakota, northeastern Wyoming and southeastern Montana Pictured: Lange II generation project site under construction in Rapid City, South Dakota
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18BKH | 2026 Third Quarter Review | Nov. 5, 2026 | Google Data Center Overview and Physical Flow of Power 590 MW Grid Interconnect 0.6 GW Company grid interconnection New generation and market energy Transmission System Delivery 564 MW * New natural gas generation 26 MW industrial service tariff and market energy Owned and operated by: Generation resources feed into the privately managed microgrid, which then feeds power to the data center 2.1 GW Owned by third-party partners and located in southern Wyoming Turbine Power Plant and Fuel Cells 2.1 GW Collocated third- party contracted resources Note: Total project resources include reserve margins to serve confidential load * 564 MW company-owned generation investment of $1.8 billion located in southern Wyoming
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19BKH | 2026 Third Quarter Review | Nov. 5, 2026 | Planned Google Data Center Construction Timeline 2026 2027 2028 2029 2030 Executed definitive agreements through 2048 Filed industrial siting permits for new generation Received air permit and one industrial siting permit Received CPCN for new substation Proposed large-load transmission tariff (LCTCAM) Requested CPCNs for transmission expansion projects to serve all large-load customers Data center initial service Note: Timelines for contracted resources based upon third- party disclosures 564 MW of company-owned generation begins construction mid-2027 Generation in service in multiple phases late 2027 through 2029 Third-party contracted resources in service in multiple phases through 2030 + Construction of transmission projects to serve large-load customers, including Google, in service in multiple phases in late 2027 through mid-2029 Project peak load in 2030
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20BKH | 2026 Third Quarter Review | Nov. 5, 2026 | Significant Large-load Opportunities Emerging opportunities Active negotiations targeting agreements with customers; not in current 2026-2030 plan Microsoft expansion and new Meta AI data center; included in 2026-2030 plan Early or exploratory stage projects from existing and new customers Executing on 3 GW+ pipeline and assessing 2.5 GW+ of emerging opportunities Executed definitive agreements in Q3 2026; to be included in 2027-2031 plan Planned large-load growth Signed agreements Advancing negotiations 2.5 GW+ Data center in Wyoming (confidential peak load) Microsoft and Meta 3 GW+ Microsoft, Meta and other existing and new customers Note: chart not to scale; for illustrative purposes only
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21BKH | 2026 Third Quarter Review | Nov. 5, 2026 | Electric Transmission Expansion Investing nearly $700 million in transmission system to serve large-load opportunities Large-Load transmission tariff Transmission expansion investment Large Customer Transmission Cost Adjustment Mechanism (LCTCAM) • Designed to effectively recover electric transmission costs to serve large-load customers • Allows direct allocation to customers for recovery of expenses and investments Requested approval of LCTCAM in Q2 2026 Expect a decision from Wyoming Public Service Commission (WPSC) mid-2027 Aeolus Transmission Project • $606 million project includes two new 230-kV lines spanning approximately 125 miles with upgrade capabilities to 345-kV, to be in service by mid-2029 • Expect a decision from WPSC in mid-2027 South Cheyenne Transmission Project • $80 million project including new and upgraded substations and 15 miles of transmission lines to be in service in multiple phases in late 2027 through 2028 • Expect a decision from WPSC in mid-2027 Recovery for both projects expected through proposed LCTCAM (pending regulatory approval)
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22BKH | 2026 Third Quarter Review | Nov. 5, 2026 | Google Agreements Provide Protections for Retail Customers and Shareholders Firm Commitments Credit and Counterparty Termination and Exit Protections • Cost pass-through mechanisms: contract structures protect customers from costs associated with the planned data center while protecting returns from inflation, interest rate volatility through pass-through of debt costs, and other cost pressures Other Considerations • Strong collateral and financial assurance requirements back long- term commitments • Customer advances to support long lead-time equipment reservation requirements • Stranded asset risk protection: Generation Facilities Agreement provides for full recovery of all generation capital investment over the contract term • Early termination provisions safeguard customers and shareholders should the project terminate prior to the end of the agreements’ term • Experience: Black Hills and project partners bring strong operational expertise in energy and infrastructure development and data center management and service
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23BKH | 2026 Third Quarter Review | Nov. 5, 2026 | Compelling Long-term Value Proposition 4% to 6% Adjusted EPS CAGR 2026-2030* $4.7 billion capital plan 2026-2030 600 MW data center demand by 2030 Note: Excludes pending merger with NorthWestern Energy, expected to close by year -end 2026 * Average compounded annual growth rate off 2023 guidance midpoint of $3.75 per share; adjusted EPS is a non- GAAP measure reconciled to GAAP in the Appendix ~ 3.5% Dividend yield 55%-65% dividend payout target 56 years of consecutive annual increases 3 GW+ Data center pipeline • Margins on market energy and contracted resources service model • Investment opportunities as a mix of resources to serve demand Customer-focused strategy prioritizing safety, reliability and affordability Diversity of large electric and natural gas infrastructure across eight stable and growing states Constructive regulatory jurisdictions and mechanisms Vertically-integrated Utility with Strategic Diversity and Significant Growth Opportunities Expecting to deliver in upper half of range 2.5 GW+ Emerging opportunities
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24 Questions BKH | 2026 Third Quarter Review | Nov. 5, 2026 |
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Appendix
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26BKH | 2026 Third Quarter Review | Nov. 5, 2026 | Flexible Large-Load Demand Service Model Legislation-Backed, Commission-Approved Tariff Black Hills’ Wyoming Electric System Large-load Customer Energy delivered through our system Energy costs and service fees Contracted resources • Black Hills Energy secures specific resources and delivers energy through Black Hills Energy system • Customer pays risk-adjusted, demand-based microgrid management fee along with other pass- through costs Market energy procurement • Black Hills Energy secures market energy and delivers energy through Black Hills Energy system • Customer pays demand-based microgrid management fee comparable to returns from a rate base investment along with other pass-through costs Company-owned resources • Traditional rate base generation investments • Risk-adjusted return on and of investments recovered through rates specific to customer Note: Large-load service model supported in Wyoming by Large Power Contract Services Tariff (LPCS) Benefits to Other Customers Flexibility to serve through a mix of energy resources:
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27BKH | 2026 Third Quarter Review | Nov. 5, 2026 | Merger with NorthWestern Benefits Stakeholders Increases Scale Position and Growth Increases the combined company target EPS growth rate to 5-7%, supported by the doubling of each company’s rate base to total of ~$11 billion with significant growth opportunities Expands Investment Opportunity Leverages enhanced resources to make strategic investments that foster economic development, including addressing the growing demand for energy, including from data centers Substantial Long-Term Value for Customers Enhances Business Diversity Delivering energy to more than 2.1 million customers across multiple contiguous jurisdictions, served by a highly skilled workforce focused on safety and reliability Strengthens Balance Sheet Strong and predictable cash flows support a customer-focused capital investment program while producing high-quality, investment- grade credit metrics Bringing together two complementary teams focused on reliability and exceptional customer service to deliver even greater value. For more information, see http://www.blackhillsnorthwesternbettertogether.com Strategic combination represents a highly attractive value creation opportunity for both companies
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28BKH | 2026 Third Quarter Review | Nov. 5, 2026 | Q4 2025 Received CPCN for project; project Included in capital investment forecast Q2 2025 Executed build transfer agreement Q4 2025 Safe Harbor start of construction Q3 2026 Start of civil work Q4 2026 Major construction underway Q2 2027 Major component delivery Q4 2027 Final completion Colorado Battery Energy Storage Project Constructing 50 MW of battery energy and storage systems (BESS) to be in service in late 2027 at existing Pueblo Airport Generating Station in Pueblo, Colorado, resulting from our 2022 Colorado Clean Energy Plan Pictured: groundwork underway at Pueblo Airport Generating Station in Pueblo, Colorado
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29BKH | 2026 Third Quarter Review | Nov. 5, 2026 | Colorado Clean Energy Plan Plan to deliver reliable, cost-effective energy while reducing emissions Pictured: Peakview Wind facility in Pueblo, Colorado Our 2026 Clean Energy Plan builds on our 2022 plan, focusing on our key objectives to deliver reliable and cost-effective energy while supporting Colorado’s requirements to reduce greenhouse gas emissions 80% by 2030, off a 2005 baseline. • 25-year planning horizon (2026-2051) • Recommends the addition of the following resources: 100 MW wind energy 200 MW of additional battery energy storage systems 125 MW of firm, dispatchable natural gas-fired generation
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30BKH | 2026 Third Quarter Review | Nov. 5, 2026 | Wyoming Integrated Resource Plan (IRP) • Plan focused on non-LPCS* retail needs; excludes capacity to serve large customers under LPCS* • 20-year planning horizon (2026-2045) with near-term analysis through 2033 • Identifies 95 MW of near-term capacity needs beginning in 2027 • Recommends cost-effectively serving through the following resources: 36 MW of new natural gas-fired generation 50 MW of new battery storage Market energy purchases Expanding Electric Infrastructure to Serve Our Customers in Wyoming Pictured: Cheyenne Prairie Generating Station in Cheyenne, Wyoming * Large Power Contract Service (LPCS) tariff serving large- load customers in Wyoming; initial 13 MW of each large-load customer’s usage is classified as industrial retail load
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Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Mar-26 Jun-26 Sep-26 Capitalization Short-term Debt 1,125 600 600 600 18 134 360 424 126 - 662 785 870 Long-term Debt 3,800 3,801 3,803 4,247 4,249 4,250 3,952 3,952 4,253 4,701 3,993 3,994 3,995 Total Debt 4,925 4,401 4,403 4,847 4,266 4,384 4,311 4,376 4,379 4,701 4,655 4,779 4,866 Equity 2 3,167 3,215 3,334 3,357 3,447 3,501 3,635 3,636 3,768 3,824 3,945 3,943 3,953 Total Capitalization 8,092 7,617 7,737 8,204 7,713 7,886 7,947 8,012 8,147 8,525 8,600 8,722 8,818 Net Debt to Net Capitalization Debt 4,925 4,401 4,403 4,847 4,266 4,384 4,311 4,376 4,379 4,701 4,655 4,779 4,866 Cash and Cash Equivalents (594) (87) (123) (625) (13) (16) (7) (8) (21) (183) (24) (72) (18) Net Debt 3 4,330 4,315 4,280 4,222 4,254 4,368 4,305 4,368 4,358 4,518 4,631 4,707 4,847 Net Capitalization 7,498 7,530 7,614 7,580 7,700 7,869 7,940 8,004 8,126 8,342 8,576 8,651 8,800 Debt to Capitalization 60.9% 57.8% 56.9% 59.1% 55.3% 55.6% 54.3% 54.6% 53.7% 55.1% 54.1% 54.8% 55.2% Net Debt to Capitalization 3 57.8% 57.3% 56.2% 55.7% 55.2% 55.5% 54.2% 54.6% 53.6% 54.2% 54.0% 54.4% 55.1% Long-term Debt to Total Debt 77.2% 86.4% 86.4% 87.6% 99.6% 96.9% 91.7% 90.3% 97.1% 100.0% 85.8% 83.6% 82.1% 31BKH | 2026 Third Quarter Review | Nov. 5, 2026 | Capital Structure 1 June 2026 and September 2026 short-term debt includes $285 million and $399 million, respectively, of refundable advances for construction 2 Excludes noncontrolling interest 3 Net debt is a non-GAAP measure which includes total debt net of cash and cash equivalents ($ in millions) Note: Differences in totals due to rounding 1 1 1 1
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$3.78 $3.79 $4.02 $4.10 $4.21 $3.04 $0.00 $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 $3.50 $4.00 $4.50 Full Year $1.48 $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 $0.42 $0.50 $1.48 $1.91 $0.58 $0.55 — $0.00 $0.50 $1.00 $1.50 $2.00 2021 2022 2023 2024 2025* 2026* 32BKH | 2026 Third Quarter Review | Nov. 5, 2026 | * Adjusted EPS is a non-GAAP measure and is reconciled to GAAP for merger -related costs on slide 34. Adjusted EPS in 2025 and 2026 is reflective of adjustments for costs related to the pending merger with NorthWestern Energy. Normalized total excludes weather impact versus normal and mark-to-market impacts on energy contracts Note: Differences in totals due to rounding and timing of dilution driven by weighted average number of shares outstanding Adjusted EPS Normalized for Weather and Mark-to-Market* • Q1 and Q4 seasonality driven by peak heating demand at gas utilities • Q2 and Q3 driven by peak cooling demand, off-system energy sales opportunities and agricultural irrigation for gas utilities Adjusted EPS* Q1 Q2 Q3 Q4 FY / YTD 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 $0.38 $0.45 $1.41 $4.10 2026* $1.79 $0.54 $0.57 — $2.89 Weather impact versus normal Q1 Q2 Q3 Q4 FY / YTD 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 ($0.04) ($0.04) ($0.07) ($0.11) 2026 ($0.13) ($0.03) $0.02 — ($0.15) Mark-to-Market (MTM) gains (losses) on energy contrac Q1 Q2 Q3 Q4 FY / YTD 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 ($0.01) ($0.01) $0.00 $0.00 2026 $0.00 $0.00 ($0.01) — $0.00 Adjusted EPS Normalized for Weather and MTM* Q1 Q2 Q3 Q4 FY / YTD 2021 $1.48 $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 $0.42 $0.50 $1.48 $4.21 2026* $1.91 $0.58 $0.55 — $3.04
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33BKH | 2026 Third Quarter Review | Nov. 5, 2026 | Adjusted earnings and Adjusted EPS As noted in this presentation, in addition to presenting its earnings information in conformity with Generally Accepted Accounting Principles (GAAP), the company has presented non-GAAP Adjusted earnings and Adjusted EPS, which reflect adjustments for expenses, gains and losses that the company believes do not reflect ongoing core operating performance, such as costs related to the pending merger with NorthWestern Energy. The company’s management uses non-GAAP measures for financial planning and analysis, for reporting of results to the Board of Directors, in determining performance-based compensation and communicating its earnings outlook to analysts and investors. Non-GAAP financial measures are intended to supplement investors’ understanding of our performance and should not be considered alternatives for financial measures presented in accordance with GAAP. Our non-GAAP measures may not be comparable to those of other companies. Reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the reconciliation on the following page. Non-GAAP Financial Measures
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34BKH | 2026 Third Quarter Review | Nov. 5, 2026 | Non-GAAP Financial Measures 2021 2022 2023 2024 2025 Q3 2026 YTD 2026 2021 2022 2023 2024 2025 Q3 2026 YTD 2026 Net income available for common stock (GAAP) 236.7$ 258.4$ 262.2$ 273.1$ 291.6$ 41.0$ 210.2$ 3.74$ 3.97$ 3.91$ 3.91$ 3.98$ 0.54$ 2.76$ Adjustments, after tax Merger-related costs - - - - 8.8 2.5 10.0 - - - - 0.12 0.03 0.13 Total Non-GAAP Adjustments - - - - 8.8 2.5 10.0 - - - - 0.12 0.03 0.13 Rounding - - - - - 0.1 - - - - - - - Adjusted Earnings (Non-GAAP) 236.7$ 258.4$ 262.2$ 273.1$ 300.4$ 43.6$ 220.2$ 3.74$ 3.97$ 3.91$ 3.91$ 4.10$ 0.57$ 2.89$ Adjusted Earnings Per ShareAdjusted Earnings (in millions)
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Agility Communication Creating Value Customer Service Integrity Leadership Partnership Respect Safety STRATEGIC PRIORITIES 35BKH | 2026 Third Quarter Review | Nov. 5, 2026 |