Black Hills Corp (NYSE: BKH) lifts Q2 profit and backs 2026 EPS guidance

Rhea-AI Filing Summary

Black Hills Corp. reported higher second-quarter 2026 results, with net income available for common stock of $38.2 million and diluted EPS of $0.50, compared with $27.5 million and $0.38 a year earlier. Adjusted EPS increased to $0.54, excluding $0.04 per share of after-tax merger-related costs.

Revenue for the quarter was $452.8 million and operating income rose to $97.0 million, helped by new rates and rider recovery, partly offset by higher interest and depreciation. For the first half of 2026, net income available for common stock was $169.2 million and adjusted EPS was $2.33, compared with $161.7 million and $2.24 in 2025.

The company reaffirmed 2026 adjusted EPS guidance of $4.25 to $4.45, excluding merger-related costs and mark-to-market adjustments, and cited large-load growth in Wyoming, including a prospective 1.8 GW data center project backed by $377 million in refundable advances. A quarterly dividend of $0.703 per share marks 56 consecutive years of increases. A tax-free, all-stock merger with NorthWestern Energy is expected to close by year-end 2026, subject to remaining approval from the Montana Public Service Commission.

Positive

• Q2 2026 adjusted EPS rose to $0.54 from $0.38 a year earlier, with net income available for common stock up to $38.2 million from $27.5 million, indicating materially improved profitability.
• 2026 adjusted EPS guidance of $4.25–$4.45 was reaffirmed, and management pointed to significant large-load opportunities and solid core utility performance as support for its 4%–6% long-term EPS growth target.

Negative

• None.

Filing Explained

Year-to-date new-share issuance produced $50 million of net proceeds; 2026 guidance assumes $50 million to $70 million of equity issuance.

This Form 8-K furnishes second-quarter results and reports that Black Hills issued $9 million of net proceeds from 0.1 million new common shares during the quarter.

Year-to-date issuance reached 0.7 million shares and $50 million of net proceeds; the additional shares increase the total share count and can reduce existing holders’ percentage ownership absent offsetting changes.

The sales occurred under an at-the-market equity offering program, which permits gradual open-market sales at prevailing prices; the filing describes the shares as issued, so this is completed issuance and proceeds rather than merely authorization or registration capacity.

The company’s 2026 guidance assumes $50 million to $70 million of equity issuance, but the filing does not state how much of that full-year assumption remains after the reported year-to-date issuance.

Separately, the June 30, 2026 integrated resource plan identified a 95-megawatt capacity shortfall beginning in 2027 and recommended 36 megawatts of natural-gas engines, 50 megawatts of battery storage, and energy-market purchases.

A June 19, 2026 tariff request seeks approval by September 1, 2026, with a proposed January 1, 2027 effective date, to recover certain transmission investment costs directly from benefiting large customers rather than customers not directly served.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Q2 2026 net income available for common stock: $38.2 million Q2 2026 diluted EPS (GAAP): $0.50 Q2 2026 adjusted EPS (non-GAAP): $0.54 +5 more

8 metrics

Q2 2026 net income available for common stock $38.2 million Three months ended June 30, 2026, vs $27.5 million in 2025

Q2 2026 diluted EPS (GAAP) $0.50 Three months ended June 30, 2026, vs $0.38 in 2025

Q2 2026 adjusted EPS (non-GAAP) $0.54 Excludes $0.04 per share of after-tax merger-related costs

Q2 2026 revenue $452.8 million Consolidated revenue for the three months ended June 30, 2026

2026 adjusted EPS guidance range $4.25 to $4.45 Full-year 2026 adjusted EPS guidance, excluding merger-related costs

Quarterly dividend $0.703 per share Approved July 28, 2026, payable Sept. 1, 2026

Lange II generation project capacity 99 MW South Dakota gas-fired facility, $320 million, targeted in-service Q4 2026

Refundable advances for 1.8 GW data center $377 million Total advances under amended generation reservation agreement, maturing Aug. 31, 2026

Key Terms

Adjusted EPS, Integrated Resource Plan, weather normalization mechanism, Large Power Contract Service (LPCS), +1 more

5 terms

Adjusted EPS financial

"Second-quarter adjusted EPS was $0.54, excluding $0.04 of after-tax merger-related costs"

Adjusted earnings per share (adjusted eps) is a measure of a company's profit per share that has been modified to exclude certain one-time or unusual items, such as costs from restructuring or asset sales. It provides a clearer picture of the company’s core performance by removing events that may distort the usual earnings. Investors use adjusted eps to better understand a company's ongoing profitability and compare it more accurately over time.

Integrated Resource Plan regulatory

"Wyoming Electric submitted its 2026 Integrated Resource Plan to the WPSC"

An integrated resource plan is a utility’s long-term roadmap showing how it will meet future electricity needs using a mix of power sources, energy efficiency, demand reductions and storage while balancing cost, reliability and regulatory requirements. Like a household budget that plans income, bills and savings, the plan reveals expected investments, operating costs and risks, so investors use it to assess future capital spending, potential rate changes and long-term profitability.

weather normalization mechanism regulatory

"pilot program for a weather normalization mechanism which was effective in August 2025"

Large Power Contract Service (LPCS) regulatory

"served under Wyoming Electric’s LPCS tariff"

at-the-market equity offering program financial

"issued a total of 0.7 million shares under its at-the-market equity offering program"

A program that lets a company sell newly issued shares directly into the open market at whatever the current trading price is, usually through a broker, and do so gradually over time instead of all at once. Investors care because it can dilute existing ownership and put steady selling pressure on the stock price, while giving the company a flexible, on-demand way to raise cash — like adding small amounts of water to a pool rather than dumping in a bucket.

Earnings Snapshot

Net income available for common stock: $38.2 million vs $27.5 million in 2025 · Guidance included

quarter ended June 30, 2026

Net income available for common stock $38.2 million vs $27.5 million in 2025 increased compared to Q2 2025

Diluted EPS (GAAP) $0.50 vs $0.38 in 2025 increased compared to Q2 2025

Adjusted EPS (non-GAAP) $0.54 vs $0.38 in 2025 increased compared to Q2 2025

Revenue $452.8 million vs $439.0 million in 2025 increased compared to Q2 2025

Guidance

Adjusted EPS guidance for 2026 reaffirmed at $4.25 to $4.45, excluding merger-related costs and mark-to-market adjustments.

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Available on EDGAR 08/05/2026 - 04:30 PM Accepted by SEC EDGAR 08/05/2026 - 04:29 PM Learn about SEC filing dates

FAQ

What were Black Hills Corp. (BKH) earnings for the second quarter of 2026?

Black Hills Corp. reported Q2 2026 net income available for common stock of $38.2 million and diluted EPS of $0.50, up from $27.5 million and $0.38 in Q2 2025. Adjusted EPS was $0.54, excluding $0.04 per share of merger-related costs.

What 2026 earnings guidance did Black Hills Corp. (BKH) provide?

Black Hills reaffirmed 2026 adjusted EPS guidance of $4.25 to $4.45. The outlook assumes normal weather, constructive regulatory outcomes, modest operations and maintenance growth, equity issuance of $50–$70 million, and an effective tax rate of about 14%, excluding merger-related costs and mark-to-market items.

How did revenue trend for Black Hills Corp. (BKH) in Q2 2026?

Second-quarter 2026 revenue was $452.8 million, compared with $439.0 million in Q2 2025. Operating income increased to $97.0 million from $82.5 million, driven mainly by new rates and rider recoveries at both the electric and gas utilities.

What is the status of Black Hills Corp. (BKH) merger with NorthWestern Energy?

Black Hills and NorthWestern Energy announced a tax-free, all-stock merger on Aug. 19, 2025. The transaction is expected to close by year-end 2026, subject to remaining approval from the Montana Public Service Commission; other key regulatory and shareholder approvals have been received.

What large-load and data center projects is Black Hills Corp. (BKH) pursuing?

Wyoming Electric is negotiating definitive agreements to serve a 1.8 GW data center in Cheyenne. The prospective customer has provided $377 million in refundable advances to secure generation equipment, and Wyoming Electric continues to serve growing large-load data center demand.

What dividend did Black Hills Corp. (BKH) declare in 2026?

The board approved a quarterly dividend of $0.703 per share, payable Sept. 1, 2026, to shareholders of record on Aug. 17, 2026. On an annualized basis, this represents 56 consecutive years of dividend increases, one of the longest streaks in its industry.

What major capital projects is Black Hills Corp. (BKH) advancing in its electric utilities?

South Dakota Electric is building the 99 MW, $320 million Lange II gas-fired generation project, expected in service in Q4 2026. Wyoming Electric’s 2026 Integrated Resource Plan also recommends adding 36 MW of gas RICE units and 50 MW of battery storage to address a 95 MW capacity shortfall.

0001130464false00011304642026-08-052026-08-05

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): Aug. 5, 2026

Black Hills Corporation

(Exact name of Registrant as Specified in Its Charter)

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

Registrant’s Telephone Number, Including Area Code: 605 721-1700

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

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

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

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

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

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

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

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common stock of $1.00 par value		BKH		The New York Stock Exchange

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

Emerging growth company ☐

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

Item 2.02 Results of Operations and Financial Condition.

On Aug. 5, 2026, Black Hills Corporation ("the Company") issued a press release announcing financial results for the second quarter of 2026.

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

Item 9.01 Financial Statements and Exhibits.

Exhibit No.		Description
99		Press Release dated Aug. 5, 2026
104		Cover Page Interactive Data File (formatted as the inline XBRL document)

SIGNATURES

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

			BLACK HILLS CORPORATION
Date:	Aug. 5, 2026	By:	/s/ Kimberly F. Nooney
			Kimberly F. Nooney Senior Vice President and Chief Financial Officer

Black Hills Corp. Reports 2026 Second-Quarter Results and Reaffirms 2026 Earnings Guidance

•Reaffirms 2026 adjusted earnings guidance in the range of $4.25 to $4.45 per share, excluding merger-related costs

•Served new all-time peak load at Wyoming Electric driven primarily by growing large-load demand

•Progressing toward completion of multiple definitive agreements for a 1.8 GW data center project in Wyoming

•Completed regulatory requirements to receive new wildfire liability protections in South Dakota and Wyoming

•On track to close merger with NorthWestern Energy pending approval from Montana as the final condition for closing

RAPID CITY, S.D. — Aug. 5, 2026 — Black Hills Corp. (NYSE: BKH) today announced financial results for the second quarter ended June 30, 2026. Net income available for common stock and earnings per share, diluted (EPS) for the three and six months ended June 30, 2026, compared to the three and six months ended June 30, 2025, were:

	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
	(in millions, except per share amounts)
GAAP:
Net income available for common stock	$	38.2		$	27.5		$	169.2		$	161.7
Earnings per share, Diluted	$	0.50		$	0.38		$	2.23		$	2.24
Non-GAAP (a):
Adjusted earnings	$	41.5		$	27.5		$	176.6		$	161.7
Adjusted EPS	$	0.54		$	0.38		$	2.33		$	2.24

(a)During the three and six months ended June 30, 2026, Black Hills incurred costs of $0.04 and $0.10 per share, respectively, related to the pending merger with NorthWestern Energy. See additional details in the GAAP-to-Non-GAAP reconciliation table in the Use of Non-GAAP Financial Measures section below. Minor differences may result due to rounding.

Second-quarter GAAP EPS was $0.50 compared to $0.38 in the same period in 2025. Second-quarter adjusted EPS was $0.54, excluding $0.04 of after-tax merger-related costs, compared to $0.38 in the same period in 2025. Financial results benefited from new rates and rider recovery, which more than offset higher financing and depreciation costs driven by capital investment and new assets in service.

Year-to-date GAAP EPS was $2.23 compared to $2.24 in the same period in 2025. Year-to-date adjusted EPS was $2.33, excluding $0.10 of after-tax merger-related costs, compared to $2.24 in the same period in 2025. Financial results benefited from new rates and rider recovery and cost management activities. These benefits more than offset $0.18 per share of impacts from mild weather and the impacts of higher financing and depreciation costs driven by capital investment and new assets in service.

“I’m extremely proud of our team and all we’ve accomplished in the first half of the year, delivering strong financial results and meaningful progress on our strategic initiatives,” said Linn Evans, president and CEO of Black Hills Corp. “We continued to advance our regulatory requests and execute our customer-focused capital plan, which includes our new 99-MW Lange II generation facility in South Dakota to be in service by year-end.

“We are also focused on serving our large-load demand pipeline of more than 3 GW in Wyoming. Our current financial plan includes 600 MW by 2030 driven by Microsoft’s expansion of existing operations and Meta’s new AI data center. We continue to make progress toward definitive agreements to serve a 1.8 GW data center project in Cheyenne, and other large-load customers, which would be additive to our plan.

“These significant large-load opportunities and the solid performance of our core businesses provide confidence in our ability to deliver in the upper half of our 4% to 6% long-term EPS growth target, and create compelling upside potential. We also look forward to a brighter energy future for all our stakeholders through our merger with NorthWestern Energy with only one regulatory approval remaining,” concluded Evans.

Merger with NorthWestern Energy Group, Inc.

•On Aug. 19, 2025, Black Hills Corp. and NorthWestern Energy announced a tax-free, all-stock merger. The transaction is expected to close by year-end 2026, subject to the satisfaction of certain closing conditions and remaining regulatory approval from the Montana Public Service Commission. All other remaining approvals and conditions for closing were received or satisfied, including approvals by shareholders of both companies, the completion of the waiting period on the Hart-Scott-Rodino Act, and approvals by the Federal Energy Regulatory Commission and regulatory commissions in Nebraska and South Dakota.

SECOND-QUARTER 2026 HIGHLIGHTS AND RECENT UPDATES

Electric Utilities

•On Aug. 4, South Dakota Electric filed a request with the South Dakota Public Utilities Commission (SDPUC) for recovery of costs related to its 99 MW, $320 million Lange II gas-fired generation project through a rider mechanism available under state law. The new facility under construction in Rapid City, South Dakota, is expected to be completed and in service during the fourth quarter of 2026 to replace generation resources planned for retirement and support updated reserve margin requirements.

•Year to date, Wyoming Electric recorded four new all-time customer load peaks driven primarily by growth in large-load data center demand. The new peaks advance a track record of 20 consecutive years of increasing electric demand in the Cheyenne, Wyoming region. The most recent peak of 439 MW on July 20, 2026, represents an increase of 16% over the peak of 379 MW on June 20, 2025.

•In July, South Dakota Electric and Wyoming Electric completed regulatory requirements for wildfire liability protections outlined in legislation enacted in 2025 and early 2026. On July 9, 2026, Wyoming Electric received approval from the Wyoming Public Service Commission (WPSC) of the company’s Wildfire Mitigation Plan. On July 2, 2026, South Dakota Electric submitted the company’s plan to the SDPUC in accordance with the legislation requirements.

•On June 30, Wyoming Electric submitted its 2026 Integrated Resource Plan to the WPSC based on a 20-year planning period, including a near-term period through 2033, which identified a near-term capacity shortfall of 95 MW beginning in 2027. Based on its forecasts and analysis, Wyoming Electric recommends the addition of 36 MW of new natural gas-fired reciprocating internal combustion engines (RICE), 50 MW of battery storage, and energy market purchases to meet the identified resource need. Wyoming Electric's IRP does not address Large Power Contract Service (LPCS) tariff capacity needs, which are handled separately under customer-specific agreements.

•On June 19, Wyoming Electric filed a request with the WPSC to establish a new Large Customer Transmission Cost Adjustment Mechanism (LCTCAM) tariff. The LCTCAM provides a framework to directly recover transmission investment costs from LPCS customers who are served by, and benefit from, the transmission facility. The proposed mechanism is designed to ensure that customers not directly served by those facilities are protected from bearing those costs. The filing requests WPSC approval of the tariff by Sept. 1, 2026, with an effective date of Jan. 1, 2027.

•On June 12, Colorado Electric filed a rate review request with the Colorado Public Utilities Commission seeking approval to recover approximately $184 million of critical investments since its last rate review in 2024. The rate review requested $27 million of new annual revenue based on a capital structure of 51% equity and 49% debt and a return on equity of 10.5%. The company is seeking new rates in the first quarter of 2027.

•On April 22, Wyoming Electric entered into an agreement to procure long lead-time generation equipment with a prospective data center customer seeking to construct a 1.8 GW data center to be served under Wyoming Electric’s LPCS tariff. The customer provided $285 million in refundable advances through June 30, 2026, in support of milestone payments to secure generation equipment. In July, the parties amended this generation reservation agreement to increase the total refundable advances to $377 million with a new maturity date of Aug. 31, 2026. Wyoming Electric continues to negotiate definitive agreements with the prospective customer.

•On March 18, South Dakota Electric filed a rate review request with the WPSC seeking approval to recover critical investments since its last rate review in 2014. The rate review requested $5 million of new annual revenue based on a capital structure of 53% equity and 47% debt and a return on equity of 10.5%. The company is seeking new rates in the first quarter of 2027.

•On Feb. 19, South Dakota Electric filed a rate review request with the SDPUC seeking approval to recover critical investments since its last rate review in 2014. The rate review requested $51 million of new annual revenue based on a capital structure of 53% equity and 47% debt and a return on equity of 10.5%. The company is seeking interim rates to be effective 180 days after filing, with new rates to be finalized in the first quarter of 2027.

2

Gas Utilities

•On June 25, Kansas Gas received approval from the Kansas Corporation Commission of an abbreviated rate review request seeking $2.4 million in new annual revenue for capital placed in service through Dec. 31, 2025, based on authorized returns and capital structure under a black box settlement agreement for the July 2025 rate review. New rates were effective July 1.

•On Dec. 5, 2025, Arkansas Gas filed a rate review request with the Arkansas Public Service Commission seeking approval to recover approximately $147 million of system investments for its natural gas pipeline infrastructure since its last general rate filing in 2023. The rate review requested $29 million of new annual revenue based on a capital structure of 50% equity and 50% debt and a return on equity of 10.5%. The company is seeking final rates in the second half of 2026.

Corporate and Other

•On July 28, Black Hills’ board of directors approved a quarterly dividend of $0.703 per share payable on Sept. 1, 2026, to common shareholders of record at the close of business on Aug. 17, 2026. On an annualized basis, the dividend represents 56 consecutive years of increases, the second-longest track record in the electric and natural gas industry.

•During the second quarter, the company issued a total of 0.1 million shares of new common stock for net proceeds of $9 million. Year to date, the company issued a total of 0.7 million shares of new common stock under its at-the-market equity offering program for net proceeds of $50 million.

•During the second quarter, Black Hills published its 2025 Corporate Sustainability Report, highlighting the company's continued progress toward emission reduction goals, strategic infrastructure investments and innovative solutions to deliver safe, reliable and cost-effective energy across the communities it serves. The company’s electric utilities achieved a 43% reduction in emissions intensity compared to 2005, continuing on pace to achieve its 70% by 2040 target. The natural gas utility reduced emissions by 25% since 2022, reflecting strong progress toward its net-zero by 2035 goal.

2026 ADJUSTED EARNINGS GUIDANCE REAFFIRMED

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

•Normal weather conditions within our utility service territories;

•Constructive and timely outcomes of utility regulatory dockets;

•Excludes merger-related costs;

•Excludes mark-to-market adjustments;

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

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

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

This guidance excludes the expected merger with NorthWestern Energy, which is expected to close by year-end 2026.

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

3

USE OF NON-GAAP FINANCIAL MEASURES

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

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

	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
	(in millions, except per share amounts)
Net income available for common stock (GAAP)	$	38.2		$	27.5		$	169.2		$	161.7
Adjustment:
Merger-related costs		4.1			-			8.6			-
Less: tax effect of adjustment		(0.7	)		-			(1.1	)		-
Adjustment, net of tax		3.3			-			7.5			-
Rounding		-			-			(0.1	)		-
Adjusted earnings (non-GAAP)	$	41.5		$	27.5		$	176.6		$	161.7
Weighted average shares, diluted		76.1			72.4			75.9			72.1
Earnings per share, diluted (GAAP)	$	0.50		$	0.38		$	2.23		$	2.24
Adjustment:
Merger-related costs		0.05			-			0.11			-
Less: tax effect of adjustment		(0.01	)		-			(0.02	)		-
Adjustment, net of tax		0.04			-			0.10			-
Adjusted EPS (non-GAAP)	$	0.54		$	0.38		$	2.33		$	2.24

4

BLACK HILLS CORPORATION

CONSOLIDATED FINANCIAL RESULTS

(Minor differences may result due to rounding)

	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
	(in millions, except per share amount)
Revenue	$	452.8		$	439.0		$	1,233.5		$	1,244.2
Operating expenses:
Fuel, purchased power and cost of natural gas sold		113.5			124.0			451.3			483.8
Operations and maintenance		150.5			147.6			298.6			301.3
Depreciation and amortization		75.3			69.8			150.1			139.0
Taxes other than income taxes		16.5			15.1			34.5			32.7
Total operating expenses		355.8			356.5			934.5			956.8
Operating income		97.0			82.5			299.0			287.4
Interest expense, net		(51.6	)		(48.9	)		(103.5	)		(100.3	)
Other income (expense), net		0.2			(0.4	)		0.8			0.6
Income tax benefit (expense)		(5.2	)		(4.4	)		(22.8	)		(22.5	)
Net income		40.4			28.8			173.5			165.2
Net income attributable to non-controlling interest		(2.2	)		(1.3	)		(4.3	)		(3.5	)
Net income available for common stock	$	38.2		$	27.5		$	169.2		$	161.7
Weighted average common shares outstanding:
Basic		75.9			72.4			75.7			72.0
Diluted		76.1			72.4			75.9			72.1
Earnings per share:
Earnings per share, Basic	$	0.50		$	0.38		$	2.24		$	2.25
Earnings per share, Diluted	$	0.50		$	0.38		$	2.23		$	2.24

5

CONSOLIDATING INCOME STATEMENTS

(Minor differences may result due to rounding)

	Consolidating Income Statement
Three Months Ended June 30, 2026	Electric Utilities			Gas Utilities			Corporate and Other			Total
	(in millions)
Revenue	$	226.3		$	230.5		$	(4.0	)	$	452.8
Fuel, purchased power and cost of natural gas sold		49.7			63.9			(0.1	)		113.5
Operations and maintenance		65.5			81.7			3.3			150.5
Depreciation and amortization		40.9			34.4			-			75.3
Taxes other than income taxes		9.1			7.4			-			16.5
Operating income	$	61.1		$	43.1		$	(7.2	)	$	97.0
Interest expense, net											(51.6	)
Other income (expense), net											0.2
Income tax benefit (expense)											(5.2	)
Net income											40.4
Net income attributable to non-controlling interest											(2.2	)
Net income available for common stock										$	38.2

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

Three Months Ended June 30, 2026 Compared to the Three Months Ended June 30, 2025

•Electric Utilities’ operating income increased $12.1 million primarily due to new rates and rider recovery driven by the Wyoming Electric's recently completed Ready Wyoming project;

•Gas Utilities’ operating income increased $7.6 million primarily due to new rates and rider recovery driven by the Nebraska Gas and Kansas Gas rate reviews partially offset by higher operating expenses;

•Corporate and Other operating loss increased $5.2 million primarily due to costs related to the pending merger with NorthWestern; and

•Net interest expense increased $2.7 million primarily due to higher rates on increased debt.

6

	Consolidating Income Statement
Six Months Ended June 30, 2026	Electric Utilities			Gas Utilities			Corporate and Other			Total
	(in millions)
Revenue	$	467.9		$	773.6		$	(8.0	)	$	1,233.5
Fuel, purchased power and cost of natural gas sold		116.5			335.1			(0.3	)		451.3
Operations and maintenance		131.5			165.6			1.5			298.6
Depreciation and amortization		81.4			68.7			-			150.1
Taxes other than income taxes		18.3			16.2			-			34.5
Operating income	$	120.2		$	188.0		$	(9.2	)	$	299.0
Interest expense, net											(103.5	)
Other income (expense), net											0.8
Income tax benefit (expense)											(22.8	)
Net income											173.5
Net income attributable to non-controlling interest											(4.3	)
Net income available for common stock										$	169.2

	Consolidating Income Statement
Six Months Ended June 30, 2025	Electric Utilities			Gas Utilities			Corporate and Other			Total
	(in millions)
Revenue	$	456.6		$	795.4		$	(7.8	)	$	1,244.2
Fuel, purchased power and cost of natural gas sold		122.5			361.4			(0.1	)		483.8
Operations and maintenance		138.0			168.1			(4.8	)		301.3
Depreciation and amortization		74.6			64.4			-			139.0
Taxes other than income taxes		18.2			14.5			-			32.7
Operating income	$	103.3		$	187.0		$	(2.9	)	$	287.4
Interest expense, net											(100.3	)
Other income (expense), net											0.6
Income tax benefit (expense)											(22.5	)
Net income											165.2
Net income attributable to non-controlling interest											(3.5	)
Net income available for common stock										$	161.7

Six Months Ended June 30, 2026, Compared to the Six Months Ended June 30, 2025

•Electric Utilities’ operating income increased $16.9 million primarily due to new rates and rider recovery driven by the Colorado Electric rate review and Wyoming Electric's recently completed Ready Wyoming project partially offset by lower retail customer usage and unfavorable weather;

•Gas Utilities’ operating income increased $1.0 million primarily due to new rates and rider recovery driven by the Nebraska Gas, Kansas Gas, and Arkansas Gas rate reviews mostly offset by unfavorable weather and higher operating expenses;

•Corporate and Other operating loss increased $6.3 million primarily due to costs related to the pending merger with NorthWestern; and

•Net interest expense increased $3.2 million primarily due to higher rates on increased debt partially offset by higher AFUDC debt.

7

OPERATING STATISTICS

Electric Utilities

	Revenue												Quantities Sold
	Three Months Ended June 30,						Six Months Ended June 30,						Three Months Ended June 30,						Six Months Ended June 30,
By Customer Class	2026			2025			2026			2025			2026			2025			2026			2025
	(in millions)												(in GWh)
Retail Revenue -
Residential	$	56.0		$	54.1		$	119.1		$	120.5			327.0			321.0			685.9			727.4
Commercial		67.4			66.9			137.4			135.7			499.6			499.7			991.8			1,016.9
Industrial (a)		58.2			49.3			114.5			97.5			784.0			663.9			1,491.4			1,273.7
Municipal		4.4			4.3			8.7			8.8			35.8			34.1			66.8			68.7
Other Retail		(1.6	)		3.5			1.7			6.9			—			—			—			—
Subtotal Retail Revenue - Electric		184.4			178.1			381.4			369.4			1,646.4			1,518.7			3,235.9			3,086.7
Wholesale		5.3			4.2			11.3			11.3			123.5			108.4			263.6			256.2
Market - off-system sales		2.5			10.7			13.4			22.0			90.4			220.0			288.7			393.6
Transmission		17.5			10.1			29.6			22.2			—			—			—			—
Other (b)		16.6			16.8			32.2			31.7			—			—			—			—
Total Revenue and Quantities Sold	$	226.3		$	219.9		$	467.9		$	456.6		$	1,860.3		$	1,847.1			3,788.2			3,736.5
Other Uses, Losses, or Generation, net (c)														142.3			125.4			245.5			219.5
Total Energy														2,002.6			1,972.5			4,033.7			3,956.0

(a)The increase in industrial quantities sold for the three and six months ended June 30, 2026, compared to the same periods in 2025, was primarily driven by Wyoming Electric's large-load customers under the LPSC and BCIS Tariffs.

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

(c)Includes company uses and line losses.

	Revenue												Quantities Sold
	Three Months Ended June 30,						Six Months Ended June 30,						Three Months Ended June 30,						Six Months Ended June 30,
By Business Unit	2026			2025			2026			2025			2026			2025			2026			2025
	(in millions)												(in GWh)
Colorado Electric	$	64.7		$	66.3		$	134.0		$	138.7			534.9			524.1			1,030.8			1,056.4
South Dakota Electric		76.1			78.0			162.8			164.9			527.0			638.9			1,206.7			1,320.9
Wyoming Electric		75.5			64.8			150.2			131.4			777.1			665.2			1,503.6			1,311.0
Integrated Generation		10.0			10.8			20.9			21.6			21.3			18.9			47.1			48.2
Total Revenue and Quantities Sold	$	226.3		$	219.9		$	467.9		$	456.6			1,860.3			1,847.1			3,788.2			3,736.5

	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Degree Days	Actual	Variance from Normal	Actual	Variance from Normal	Actual	Variance from Normal	Actual	Variance from Normal
Heating Degree Days:
Colorado Electric	539	(8)%	623	5%	2,540	(18)%	3,356	8%
South Dakota Electric	980	(4)%	908	(12)%	3,547	(18)%	4,346	1%
Wyoming Electric	974	(14)%	1,085	(5)%	3,299	(21)%	4,225	2%
Combined (a)	781	(8)%	815	(5)%	3,044	(19)%	3,875	4%
Cooling Degree Days:
Colorado Electric	347	23%	235	(16)%	358	27%	235	(16)%
South Dakota Electric	102	(17)%	162	41%	102	(17)%	162	41%
Wyoming Electric	47	(41)%	60	(24)%	47	(41)%	60	(24)%
Combined (a)	201	9%	174	(4)%	206	11%	174	(4)%

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

8

OPERATING STATISTICS (continued)

Gas Utilities

	Revenue												Quantities Sold and Transported
	Three Months Ended June 30,						Six Months Ended June 30,						Three Months Ended June 30,						Six Months Ended June 30,
By Customer Class	2026			2025			2026			2025			2026			2025			2026			2025
	(in millions)												(Dth in millions)
Retail Revenue -
Residential	$	111.6		$	113.3		$	423.3		$	457.4			6.7			7.2			31.9			37.9
Commercial		39.8			42.0			165.3			176.3			3.8			4.0			15.9			18.0
Industrial		6.9			6.4			13.8			13.0			1.7			1.4			2.7			2.4
Other Retail (a)		6.7			6.9			21.4			21.6			—			—			—			—
Subtotal Retail Revenue - Gas		165.0			168.6			623.8			668.3			12.2			12.6			50.5			58.3
Transportation		44.8			42.1			99.3			99.8			37.9			36.2			84.1			86.7
Other (b)		20.7			12.3			50.5			27.3			—			—			—			—
Total Revenue and Quantities Sold	$	230.5		$	223.0		$	773.6		$	795.4			50.1			48.8			134.6			145.0

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

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

	Revenue												Quantities Sold and Transported
	Three Months Ended June 30,						Six Months Ended June 30,						Three Months Ended June 30,						Six Months Ended June 30,
By Business Unit	2026			2025			2026			2025			2026			2025			2026			2025
	(in millions)												(Dth in millions)
Arkansas Gas	$	41.5		$	40.7		$	163.6		$	165.5			5.6			5.3			17.1			18.5
Colorado Gas		36.8			39.0			127.0			154.8			4.9			5.2			15.7			18.4
Iowa Gas		33.0			30.1			126.9			116.9			7.1			6.9			21.2			22.1
Kansas Gas		25.7			25.1			86.3			91.2			8.9			7.6			19.0			19.3
Nebraska Gas		63.6			57.9			194.4			188.1			16.2			16.4			42.5			46.1
Wyoming Gas		29.9			30.2			75.4			78.9			7.4			7.4			19.1			20.6
Total Revenue and Quantities Sold	$	230.5		$	223.0		$	773.6		$	795.4			50.1			48.8			134.6			145.0

	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Heating Degree Days	Actual	Variance from Normal	Actual	Variance from Normal	Actual	Variance from Normal	Actual	Variance from Normal
Arkansas Gas (a)	155	(45)%	193	(33)%	1,727	(20)%	2,150	(2)%
Colorado Gas	716	(16)%	822	(5)%	2,775	(24)%	3,659	---
Iowa Gas	597	(12)%	640	(5)%	3,591	(9)%	3.928	(1)%
Kansas Gas (a)	274	(33)%	367	(9)%	2,308	(18)%	2.983	7%
Nebraska Gas (a)	532	(12)%	553	(9)%	3,077	(14)%	3.592	---
Wyoming Gas	1,061	(10)%	1,110	(7)%	3,525	(21)%	4.433	1%
Combined (b)	657	(31)%	658	(8)%	3,170	(21)%	3,740	---

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

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

9

CONFERENCE CALL AND WEBCAST

Black Hills will host a live conference call and webcast at 11 a.m. EDT on Thursday, Aug. 6, 2026, to discuss the company's financial results.

To participate by phone and ask a question during the live broadcast, participants can access the event directly at Black Hills Corp. Conference Call. Please allow at least five minutes to register. Upon registration, dial-in information will be provided, including a personal identification number.

To access a listen-only webcast and view presentation slides, please register at Black Hills Corp. Webcast. At the conclusion of the call, a replay of the broadcast will be available at this link and at Black Hills’ investor relations website for up to one year.

ABOUT BLACK HILLS CORP.

Black Hills Corp. (NYSE: BKH) is a customer-focused, growth-oriented utility company with a tradition of improving life with energy and a vision to be the energy partner of choice. Based in Rapid City, South Dakota, the company serves more than 1.37 million natural gas and electric utility customers in eight states: Arkansas, Colorado, Iowa, Kansas, Montana, Nebraska, South Dakota and Wyoming. More information is available at www.blackhillscorp.com.

CAUTION REGARDING FORWARD-LOOKING STATEMENTS

This press release includes “forward-looking statements” as defined by the Securities and Exchange Commission. We make these forward-looking statements in reliance on the safe harbor protections provided under the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future are forward-looking statements. This includes, without limitations, our 2026 earnings guidance, long-term growth target and our expectations for regulatory 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 long-term growth target is 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;

•Our ability to serve customer growth opportunities, including large-load customers;

•Changes in laws, regulations and governmental policies; 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.

10

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

11

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