Black Hills Q3 GAAP EPS rises to $0.54 from $0.34

The Wyoming data-center agreements include $1.8 billion of planned generation investment and expected project net income of $150 million in 2030.

Available on EDGAR 11/04/2026 - 05:22 PM EST Accepted by SEC EDGAR 11/04/2026 - 05:21 PM EST Learn about SEC filing dates

Rhea-AI Filing Summary

Black Hills Corporation reported third-quarter 2026 revenue of $466.1 million, compared with $430.2 million a year earlier. Net income available for common stock was $41.0 million versus $24.9 million; diluted GAAP EPS was $0.54 versus $0.34, and adjusted EPS was $0.57 versus $0.45. For the first nine months, diluted GAAP EPS was $2.76 versus $2.58 and adjusted EPS was $2.89 versus $2.68.

Black Hills reaffirmed 2026 adjusted EPS guidance of $4.25 to $4.45, excluding merger-related costs. Under definitive agreements through 2048 to serve Google's planned Wyoming data center, the company plans to invest $1.8 billion in 564 MW of company-owned generation and manage 2.1 GW of third-party resources. Project earnings are expected to begin in mid- and late-2027, with net income of $150 million expected in 2030. The company requested Certificates of Public Convenience and Necessity for $686 million of transmission expansion investments.

South Dakota Electric's approved rate settlement provides $27.4 million in new annual revenue and a four-year base-rate moratorium through August 2030, absent an extraordinary event. Arkansas Gas's new rates provide $17.9 million in annual revenue and took effect October 12, 2026. The NorthWestern Energy merger remains subject to satisfactory final Montana regulatory approval and is expected to close by year-end 2026.

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Positive

• Moderate pointThird-quarter revenue increased to $466.1 million from $430.2 million.
• Moderate pointThird-quarter GAAP diluted EPS increased to $0.54 from $0.34.

Negative

• None.

Filing Explained

Year-to-date issuance of one million shares raises the share count, reducing existing holders’ percentage ownership absent offsetting changes.

The release reports that Wyoming Electric’s rate settlement is approved, providing $4.0 million in new annual revenue, with new rates effective Dec. 1, 2026.

Black Hills also reports issuing 1.0 million new common shares year to date under its at-the-market program, for $69 million in net proceeds. The program allows gradual sales of new shares at prevailing market prices, and issuing shares increases the share count and reduces existing holders’ percentage ownership absent offsetting changes.

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, or exhibit attachments filed with this report.

Key Figures

Third-quarter revenue: $466.1 million Net income available for common stock: $41.0 million Diluted GAAP EPS: $0.54 per share +5 more

8 metrics

Third-quarter revenue $466.1 million Three months ended September 30, 2026; $430.2 million in 2025

Net income available for common stock $41.0 million Three months ended September 30, 2026; $24.9 million in 2025

Diluted GAAP EPS $0.54 per share Three months ended September 30, 2026; $0.34 in 2025

Adjusted EPS $0.57 per share Three months ended September 30, 2026; $0.45 in 2025

2026 adjusted EPS guidance $4.25 to $4.45 per share Excludes merger-related costs

Planned generation investment $1.8 billion for 564 MW Company-owned generation for the planned Wyoming data center

Expected project net income $150 million Expected in 2030 from the planned Wyoming data center project

Transmission expansion investments $686 million CPCN requests for Wyoming Electric projects

Key Terms

Adjusted EPS, Certificates of Public Convenience and Necessity (CPCNs), Large Customer Transmission Cost Adjustment Mechanism (LCTCAM), weighted average cost of capital, +1 more

5 terms

Adjusted EPS financial

"Adjusted EPS (non-GAAP)"

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.

Certificates of Public Convenience and Necessity (CPCNs) regulatory

"requested Certificates of Public Convenience and Necessity (CPCNs)"

Large Customer Transmission Cost Adjustment Mechanism (LCTCAM) regulatory

"new Large Customer Transmission Cost Adjustment Mechanism (LCTCAM) tariff"

weighted average cost of capital financial

"based on a weighted average cost of capital of 7.58%"

Weighted average cost of capital (WACC) is the average annual price a company pays for the money it uses, combining the cost of borrowed funds (debt) and the cost of owners’ funds (equity), with each source weighted by its share of the company’s financing. Investors use it as a benchmark to judge whether projects or a stock are likely to earn more than that blended price—think of it as a household’s combined interest rate on a mortgage and credit cards; a lower WACC usually makes future cash flows and valuation more attractive.

unlevered free cash flow financial

"generate unlevered free cash flow of approximately $2.4 billion"

Unlevered free cash flow is the cash a company generates from its core business after paying operating costs and reinvesting in the business, but before any interest or debt repayments. It shows how much cash would be available to all providers of capital—owners and lenders alike—and helps investors compare underlying business performance and value companies without the distortion of different debt levels, like judging a car’s fuel efficiency before adding cargo weight.

Earnings Snapshot

Revenue: $466.1 million · Guidance included

Third quarter 2026

Revenue $466.1 million Compared with $430.2 million in third quarter 2025

Net income available for common stock (GAAP) $41.0 million Compared with $24.9 million in third quarter 2025

Diluted EPS (GAAP) $0.54 per share Compared with $0.34 in third quarter 2025

Adjusted earnings (non-GAAP) $43.6 million Compared with $32.5 million in third quarter 2025

Adjusted EPS (non-GAAP) $0.57 per share Compared with $0.45 in third quarter 2025

Guidance

Reaffirmed 2026 adjusted EPS guidance of $4.25 to $4.45 per share, excluding merger-related costs.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were BKH's third-quarter 2026 earnings?

Black Hills reported third-quarter 2026 diluted GAAP EPS of $0.54 and adjusted EPS of $0.57. The comparable 2025 figures were $0.34 and $0.45, respectively. Net income available for common stock was $41.0 million, compared with $24.9 million.

What is BKH's 2026 adjusted EPS guidance?

Black Hills reaffirmed adjusted EPS guidance of $4.25 to $4.45 per share, excluding merger-related costs and mark-to-market adjustments. Its assumptions include normal weather, constructive and timely utility regulatory outcomes, equity issuance between $50 million and $70 million, and an effective tax rate of approximately 14% for the full year.

How much will BKH invest in Google's planned Wyoming data center?

Black Hills plans to invest $1.8 billion in 564 MW of company-owned generation and manage the output of 2.1 GW of third-party contracted resources. Agreements with Google and other third-party partners run through 2048; the project is contracted to be served through 2.7 GW of resources, including reserve margins for project load.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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false000113046400011304642026-11-042026-11-04

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): Nov. 4, 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 Nov. 4, 2026, Black Hills Corporation ("the Company") issued a press release announcing financial results for the third 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 Nov. 4, 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:	Nov. 4, 2026	By:	/s/ Kimberly F. Nooney
			Kimberly F. Nooney Senior Vice President and Chief Financial Officer

Black Hills Corp. Reports 2026 Third-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

•Large-load opportunities driving significant upside to current five-year plan from earnings and cash flow

oExecuted definitive agreements to serve Google’s planned data center with earnings initiating during 2027

oRequested Certificates of Public Convenience and Necessity for nearly $700 million of transmission expansion investments to serve the company’s large-load opportunities

•Successfully completed three rate review requests for South Dakota Electric and Arkansas Gas utilities

•Awaiting final decision from Montana to close merger with NorthWestern Energy

RAPID CITY, S.D. — Nov. 4, 2026 — Black Hills Corp. (NYSE: BKH) today announced financial results for the third quarter ended Sept. 30, 2026. Net income available for common stock and earnings per share, diluted (EPS) for the three and nine months ended Sept. 30, 2026, compared to the three and nine months ended Sept. 30, 2025, were:

	Three Months Ended Sept. 30,						Nine Months Ended Sept. 30,
	2026			2025			2026			2025
	(in millions, except per share amounts)
GAAP:
Net income available for common stock	$	41.0		$	24.9		$	210.2		$	186.6
Earnings per share, Diluted	$	0.54		$	0.34		$	2.76		$	2.58
Non-GAAP (a):
Adjusted earnings	$	43.6		$	32.5		$	220.2		$	194.2
Adjusted EPS	$	0.57		$	0.45		$	2.89		$	2.68

(a)Black Hills incurred costs related to its pending merger with NorthWestern Energy of $0.03 and $0.13 per share during the three and nine months ended Sept. 30, 2026, respectively, compared with $0.10 and $0.11 per share during the respective 2025 periods. Additional details are provided in the GAAP-to-Non-GAAP reconciliation table included in the "Use of Non-GAAP Financial Measures" section below. Minor differences may result due to rounding.

Third-quarter GAAP EPS was $0.54 compared to $0.34 in the same period in 2025. Third-quarter adjusted EPS was $0.57, compared to $0.45 in the same period in 2025. Adjusted EPS financial results benefited from $0.15 per share of new rates and rider recovery and $0.06 per share of weather favorability, which more than offset higher operating expenses and financing and depreciation costs driven by capital investment and new assets in service.

Year-to-date GAAP EPS was $2.76 compared to $2.58 in the same period in 2025. Year-to-date adjusted EPS was $2.89, compared to $2.68 in the same period in 2025. Adjusted EPS financial results benefited from $0.63 per share of new rates and rider recovery and customer growth, which more than offset the unfavorable impacts of $0.12 per share from mild weather, and financing and depreciation costs driven by capital investment and new assets in service.

“We reported excellent third-quarter results as our team achieved significant progress on our strategic initiatives,” said Linn Evans, president and CEO of Black Hills Corp. “We delivered strong earnings and maintained our solid investment-grade credit ratings.

“We are excited to have reached agreements to serve Google's planned data center in Wyoming, as previously announced. We expect earnings to begin mid-2027 and increase to approximately $150 million of net income in 2030, consisting of returns on investment of $1.8 billion in 564 MW of new generation, and microgrid management fees based on contracted customer load. Additionally, we have requested Certificates of Public Convenience and Necessity (CPCNs) for $686 million of electric transmission expansion investments in Wyoming to serve our large-load opportunities. In total, additional investment of $2.5 billion in generation and transmission investment to serve large-load data center demand in Wyoming represents significant upside to our current plan.

“Our 99-MW Lange II generation facility is on track to be in service in the fourth quarter, with construction in the final stages in South Dakota to replace aging infrastructure and support updated reserve margins. We continued to make regulatory progress during the quarter, obtaining approval for new rates for Arkansas Gas and South Dakota Electric.

“Given strong execution by our team in serving our customers and advancing our regulatory and growth initiatives, we expect to deliver in the upper half of our 4% to 6% long-term EPS growth target supported by our current plan for 2026 to 2030. With significant upside to

serve large-load growth, we look forward to providing a comprehensive update for 2027 to 2031 as part of our year-end earnings release,” 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 receipt of a satisfactory final regulatory approval from the Montana Public Service Commission. All other remaining approvals and conditions for closing have been 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.

THIRD-QUARTER 2026 HIGHLIGHTS AND RECENT UPDATES

Electric Utilities

•On Nov. 4, South Dakota Electric received approval from the South Dakota Public Utilities Commission (SDPUC) for a settlement of its rate review request filed Feb. 19, 2026. The black-box settlement provides $27.4 million in new annual revenue based on a weighted average cost of capital of 7.58%. The settlement also includes a four-year moratorium period, in which South Dakota Electric will not increase base rates, absent an extraordinary event, until August 2030. The moratorium excludes South Dakota Electric’s additional regulatory mechanisms. New rates will be effective in December 2026, and will replace interim rates which were effective in August 2026.

•On Oct. 7, South Dakota Electric received approval from the Wyoming Public Service Commission (WPSC) for a settlement of its rate review request filed March 18, 2026. The settlement provides $4.0 million in new annual revenue based on a capital structure of 53% equity and 47% debt and a return on equity of 9.60%, with new rates effective Dec. 1, 2026.

•On Sept. 30, Black Hills signed definitive agreements with terms through 2048 with Google and other third-party partners to serve a planned data center project to be constructed in Cheyenne, Wyoming. The project is contracted to be served through 2.7 GW of resources, which includes reserve margins for project load. The company plans to invest $1.8 billion in 564 MW of new company-owned generation and manage the output of 2.1 GW of third-party contracted resources. Under the company’s flexible large-load tariff in Wyoming, return on investment and management fees on contracted resources are expected to add $150 million of net income in 2030, with earnings beginning in mid- and late-2027, respectively. The project is forecasted to generate unlevered free cash flow of approximately $2.4 billion, after netting out $1.8 billion of investment, during the contract term through 2048.

•In 2026 to date, Wyoming Electric requested approval from the WPSC for a new large-load transmission recovery tariff and CPCNs for two transmission expansion projects with total investment of $686 million to serve the growing energy needs of Wyoming Electric's large-load customers.

oOn June 19, Wyoming Electric filed a request with the WPSC to establish a new Large Customer Transmission Cost Adjustment Mechanism (LCTCAM) tariff. The tariff provides a framework to directly recover transmission investment costs from LPCS customers who are served by, and benefit from, the transmission facilities. The LCTCAM is designed to ensure that customers not directly served by those facilities are protected from bearing those costs. The company expects a decision by the WPSC in the first quarter of 2027.

oOn Sept. 1, Wyoming Electric filed a request with the WPSC for a CPCN to expand infrastructure in Cheyenne, Wyoming. The $80 million project, named the South Cheyenne Transmission Project, includes new substations and nearly 15 miles of transmission lines and upgrades to be in service in multiple phases in late 2027 through 2028. Recovery is expected to be requested under the LCTCAM, which is currently pending with the WPSC. The company expects a decision by the WPSC in mid-2027.

oOn Nov. 2, Wyoming Electric filed a request with the WPSC for a CPCN to expand transmission capacity across the Cheyenne region and key interconnection points. The $606 million project, named the Aeolus Transmission Project, includes two new 230-kilovolt transmission lines, with upgrade capabilities to 345 kilovolts, spanning approximately 125 miles. Pending approval by the WPSC, completion of the project is expected by mid-2029. Recovery is expected to be requested under the LCTCAM, which is currently pending with the WPSC. The company expects a decision by the WPSC in mid-2027.

•During the third quarter, South Dakota Electric continued construction of its Lange II project which is anticipated to be in service during the fourth quarter of 2026. The addition of these resources will replace generation facilities planned for retirement and support updated planning reserve margin requirements. On Aug. 4, South Dakota Electric filed a request with the South Dakota Public Utilities Commission (SDPUC) for recovery of costs related to the 99 MW, $320 million gas-fired generation project through a rider mechanism.

•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 2025 peak of 379 MW on June 20, 2025.

2

•On Sept. 11, Colorado Electric filed its 2026 Clean Energy Plan with the Colorado Public Utilities Commission (CPUC). The updated Electric Resource Plan builds on the company’s 2022 Clean Energy Plan. The plan includes a 25-year planning horizon, and reliably achieves Colorado’s requirement to reduce greenhouse gas emissions by 80% by 2030, based on 2005 levels. To meet these objectives, the plan proposes the addition of 100 MW of wind energy, 200 MW of battery energy storage systems, and 125 MW of firm, dispatchable natural gas-fired generation.

•In July, Wyoming Electric and South Dakota Electric completed regulatory requirements for wildfire liability protections outlined in legislation enacted in 2025 and early 2026, respectively. On July 9, 2026, Wyoming Electric received approval from the WPSC of the company’s Wildfire Mitigation Plan. On July 2, 2026, South Dakota Electric submitted the company’s plan to the SDPUC and was posted by the commission, aligning the company’s wildfire mitigation plans 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 12, Colorado Electric filed a rate review request with the CPUC seeking approval to recover approximately $184 million of critical investments since its last rate review in 2024. The rate review requested $26.7 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.

Gas Utilities

•On Oct. 12, Arkansas Gas received final approval from the Arkansas Public Service Commission of new rates to recover approximately $147 million of system investments for its natural gas pipeline infrastructure since its last general rate filing in 2023. The new rates provide $17.9 million of new annual revenue based on a capital structure of 47.5% equity and 52.5% debt and a return on equity of 9.8%. New rates were effective Oct. 12, 2026.

Corporate and Other

•On Oct. 28, Black Hills’ board of directors approved a quarterly dividend of $0.703 per share payable on Dec. 1, 2026, to common shareholders of record at the close of business on Nov. 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.

•Year to date, the company issued a total of 1.0 million shares of new common stock under its at-the-market equity offering program for net proceeds of $69 million.

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.

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

3

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.

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

	Three Months Ended Sept. 30,						Nine Months Ended Sept. 30,
	2026			2025			2026			2025
	(in millions, except per share amounts)
Net income available for common stock (GAAP)	$	41.0		$	24.9		$	210.2		$	186.6
Adjustment:
Merger-related costs		3.1			8.4			11.7			8.4
Less: tax effect of adjustment		(0.6	)		(0.8	)		(1.7	)		(0.8	)
Adjustment, net of tax		2.5			7.6			10.0			7.6
Rounding		0.1			-			-			-
Adjusted earnings (non-GAAP)	$	43.6		$	32.5		$	220.2		$	194.2
Weighted average shares, diluted		76.4			72.9			76.1			72.4
Earnings per share, diluted (GAAP)	$	0.54		$	0.34		$	2.76		$	2.58
Adjustment:
Merger-related costs		0.04			0.11			0.15			0.12
Less: tax effect of adjustment		(0.01	)		(0.01	)		(0.02	)		(0.01	)
Adjustment, net of tax		0.03			0.10			0.13			0.11
Rounding		-			0.01			-			(0.01	)
Adjusted EPS (non-GAAP)	$	0.57		$	0.45		$	2.89		$	2.68

4

BLACK HILLS CORPORATION

CONSOLIDATED FINANCIAL RESULTS

(Minor differences may result due to rounding)

	Three Months Ended Sept. 30,						Nine Months Ended Sept. 30,
	2026			2025			2026			2025
	(in millions, except per share amount)
Revenue	$	466.1		$	430.2		$	1,699.6		$	1,674.5
Operating expenses:
Fuel, purchased power and cost of natural gas sold		121.4			112.0			572.8			595.7
Operations and maintenance		153.4			150.8			451.9			452.2
Depreciation and amortization		76.2			71.5			226.3			210.5
Taxes other than income taxes		17.0			17.2			51.5			50.0
Total operating expenses		368.0			351.5			1,302.5			1,308.4
Operating income		98.1			78.7			397.1			366.1
Interest expense, net		(50.1	)		(49.4	)		(153.7	)		(149.6	)
Other income (expense), net		1.3			0.6			2.2			1.1
Income tax benefit (expense)		(5.8	)		(4.0	)		(28.5	)		(26.5	)
Net income		43.5			25.9			217.1			191.1
Net income attributable to non-controlling interest		(2.5	)		(1.0	)		(6.9	)		(4.5	)
Net income available for common stock	$	41.0		$	24.9		$	210.2		$	186.6
Weighted average common shares outstanding:
Basic		76.1			72.8			75.8			72.3
Diluted		76.4			72.9			76.1			72.4
Earnings per share:
Earnings per share, Basic	$	0.54		$	0.34		$	2.77		$	2.58
Earnings per share, Diluted	$	0.54		$	0.34		$	2.76		$	2.58

5

CONSOLIDATING INCOME STATEMENTS

(Minor differences may result due to rounding)

	Consolidating Income Statement
Three Months Ended Sept. 30, 2026	Electric Utilities			Gas Utilities			Corporate and Other			Total
	(in millions)
Revenue	$	280.4		$	189.7		$	(4.0	)	$	466.1
Fuel, purchased power and cost of natural gas sold		81.8			39.7			(0.1	)		121.4
Operations and maintenance		70.7			82.8			(0.1	)		153.4
Depreciation and amortization		41.9			34.3			-			76.2
Taxes other than income taxes		9.1			7.9			-			17.0
Operating income	$	76.9		$	25.0		$	(3.8	)	$	98.1
Interest expense, net											(50.1	)
Other income (expense), net											1.3
Income tax benefit (expense)											(5.8	)
Net income											43.5
Net income attributable to non-controlling interest											(2.5	)
Net income available for common stock										$	41.0

	Consolidating Income Statement
Three Months Ended Sept. 30, 2025	Electric Utilities			Gas Utilities			Corporate and Other			Total
	(in millions)
Revenue	$	249.7		$	184.4		$	(3.9	)	$	430.2
Fuel, purchased power and cost of natural gas sold		69.8			42.3			(0.1	)		112.0
Operations and maintenance		69.8			80.3			0.7			150.8
Depreciation and amortization		38.3			33.2			-			71.5
Taxes other than income taxes		9.4			7.8			-			17.2
Operating income	$	62.4		$	20.8		$	(4.5	)	$	78.7
Interest expense, net											(49.4	)
Other income (expense), net											0.6
Income tax benefit (expense)											(4.0	)
Net income											25.9
Net income attributable to non-controlling interest											(1.0	)
Net income available for common stock										$	24.9

Three Months Ended Sept. 30, 2026, Compared to the Three Months Ended Sept. 30, 2025

•Electric Utilities’ operating income increased $14.5 million primarily due to new rates driven by the South Dakota Electric rate review (interim rates effective August 2026), and rider recovery driven by Wyoming Electric's Ready Wyoming project, favorable weather and increased retail usage.

•Gas Utilities’ operating income increased $4.2 million primarily due to new rates and rider recovery driven by the Nebraska Gas rate review, increased retail customer usage, increased transportation volumes and favorable weather partially offset by higher operating expenses.

6

	Consolidating Income Statement
Nine Months Ended Sept. 30, 2026	Electric Utilities			Gas Utilities			Corporate and Other			Total
	(in millions)
Revenue	$	748.3		$	963.3		$	(12.0	)	$	1,699.6
Fuel, purchased power and cost of natural gas sold		198.3			374.8			(0.3	)		572.8
Operations and maintenance		202.1			248.4			1.4			451.9
Depreciation and amortization		123.3			103.0			-			226.3
Taxes other than income taxes		27.5			24.0			-			51.5
Operating income	$	197.1		$	213.1		$	(13.1	)	$	397.1
Interest expense, net											(153.7	)
Other income (expense), net											2.2
Income tax benefit (expense)											(28.5	)
Net income											217.1
Net income attributable to non-controlling interest											(6.9	)
Net income available for common stock										$	210.2

	Consolidating Income Statement
Nine Months Ended Sept. 30, 2025	Electric Utilities			Gas Utilities			Corporate and Other			Total
	(in millions)
Revenue	$	706.3		$	979.9		$	(11.7	)	$	1,674.5
Fuel, purchased power and cost of natural gas sold		192.2			403.7			(0.2	)		595.7
Operations and maintenance		207.8			248.5			(4.1	)		452.2
Depreciation and amortization		113.0			97.6			(0.1	)		210.5
Taxes other than income taxes		27.6			22.4			-			50.0
Operating income	$	165.7		$	207.7		$	(7.3	)	$	366.1
Interest expense, net											(149.6	)
Other income (expense), net											1.1
Income tax benefit (expense)											(26.5	)
Net income											191.1
Net income attributable to non-controlling interest											(4.5	)
Net income available for common stock										$	186.6

Nine Months Ended Sept. 30, 2026, Compared to the Nine Months Ended Sept. 30, 2025

•Electric Utilities’ operating income increased $31.4 million primarily due to new rates and rider recovery driven by the Colorado Electric and South Dakota Electric rate reviews and Wyoming Electric's Ready Wyoming project partially offset by higher operating expenses.

•Gas Utilities’ operating income increased $5.4 million primarily due to new rates and rider recovery driven by the Nebraska Gas and Kansas Gas rate reviews, increased transportation volumes and customer growth partially offset by unfavorable weather and higher operating expenses.

•Corporate and Other operating loss increased $5.8 million primarily due to higher costs related to the pending merger and the prior year consolidation of our Captive insurance cell.

•Net interest expense increased $4.1 million primarily due to higher rates on higher debt balances.

•Income tax expense increased $2.0 million due to higher pre-tax income partially offset by a lower effective tax rate primarily driven by increased current year tax benefits from federal PTCs associated with increased wind production.

•Net income attributable to non-controlling interest increased $2.4 million due to higher net income from Black Hills Colorado IPP primarily driven by prior year unplanned generation outages.

7

OPERATING STATISTICS

Electric Utilities

	Revenue												Quantities Sold
	Three Months Ended Sept. 30,						Nine Months Ended Sept. 30,						Three Months Ended Sept. 30,						Nine Months Ended Sept. 30,
By Customer Class	2026			2025			2026			2025			2026			2025			2026			2025
	(in millions)												(in GWh)
Retail Revenue -
Residential	$	78.8		$	68.8		$	197.9		$	189.3			448.2			393.5			1,134.1			1,120.9
Commercial		76.5			74.6			213.9			210.3			573.7			561.6			1,565.5			1,578.5
Industrial (a)		64.2			49.8			178.7			147.3			770.1			639.1			2,261.5			1,912.8
Municipal		5.3			4.6			13.9			13.4			43.0			41.4			109.9			110.1
Other Retail		3.0			3.5			4.8			10.3			—			—			—			—
Subtotal Retail Revenue - Electric		227.8			201.3			609.2			570.6			1,835.0			1,635.6			5,071.0			4,722.3
Wholesale		6.4			5.5			17.7			16.9			128.0			110.5			391.6			366.7
Market - off-system sales		9.7			16.3			23.0			38.3			256.9			267.0			545.5			660.6
Transmission		20.8			11.1			50.3			33.3			—			—			—			—
Other (b)		15.7			15.5			48.1			47.2			—			—			—			—
Total Revenue and Quantities Sold	$	280.4		$	249.7		$	748.3		$	706.3			2,219.9			2,013.1			6,008.1			5,749.6
Other Uses, Losses, or Generation, net (c)														148.6			112.9			394.2			332.4
Total Energy														2,368.5			2,126.0			6,402.3			6,082.0

(a)The increase in industrial quantities sold for the three and nine months ended Sept. 30, 2026, compared to the same periods in 2025, was primarily driven by Wyoming Electric's large-load customers under the LPCS 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 Sept. 30,						Nine Months Ended Sept. 30,						Three Months Ended Sept. 30,						Nine Months Ended Sept. 30,
By Business Unit	2026			2025			2026			2025			2026			2025			2026			2025
	(in millions)												(in GWh)
Colorado Electric	$	86.8		$	79.6		$	220.7		$	218.3			568.6			621.3			1,599.4			1,677.7
South Dakota Electric		95.1			90.6			257.7			255.5			769.5			711.8			1,976.2			2,032.7
Wyoming Electric		87.1			68.6			237.6			200.0			856.9			659.9			2,360.5			1,970.9
Integrated Generation		11.4			10.9			32.3			32.5			24.9			20.1			72.0			68.3
Total Revenue and Quantities Sold	$	280.4		$	249.7		$	748.3		$	706.3			2,219.9			2,013.1			6,008.1			5,749.6

	Three Months Ended Sept. 30,				Nine Months Ended Sept. 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	17	(61)%	34	(15)%	2,557	(19)%	3,390	8%
South Dakota Electric	71	(50)%	86	(41)%	3,618	(19)%	4,432	---
Wyoming Electric	85	(47)%	157	---	3,384	(22)%	4,382	2%
Combined (a)	50	(51)%	77	(24)%	3,094	(20)%	3,952	3%
Cooling Degree Days:
Colorado Electric	1,056	22%	770	(13)%	1,414	23%	1,005	(14)%
South Dakota Electric	767	37%	598	10%	869	27%	760	15%
Wyoming Electric	522	32%	277	(31)%	569	19%	337	(30)%
Combined (a)	847	28%	610	(8)%	1,053	24%	785	(8)%

(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 Sept. 30,						Nine Months Ended Sept. 30,						Three Months Ended Sept. 30,						Nine Months Ended Sept. 30,
By Customer Class	2026			2025			2026			2025			2026			2025			2026			2025
	(in millions)												(Dth in millions)
Retail Revenue -
Residential	$	83.6		$	86.0		$	506.9		$	543.4			3.4			3.6			35.3			41.5
Commercial		28.2			30.0			193.4			206.3			2.4			2.5			18.3			20.5
Industrial		9.9			8.2			23.7			21.3			2.6			2.0			5.2			4.4
Other Retail (a)		6.2			4.4			27.7			26.0			—			—			—			—
Subtotal Retail Revenue - Gas		127.9			128.6			751.7			797.0			8.4			8.1			58.8			66.4
Transportation		47.2			43.6			146.5			143.4			37.4			36.2			121.6			122.8
Other (b) (c)		14.6			12.2			65.1			39.5			—			—			—			—
Total Revenue and Quantities Sold	$	189.7		$	184.4		$	963.3		$	979.9			45.8			44.3			180.4			189.2

(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.

(c)The increase in Other Revenue for the nine months ended September 30, 2026 was primarily driven by an increase in weather normalization mechanism revenue, including the implementation of the Nebraska Gas's pilot program effective August 2025.

	Revenue												Quantities Sold and Transported
	Three Months Ended Sept. 30,						Nine Months Ended Sept. 30,						Three Months Ended Sept. 30,						Nine Months Ended Sept. 30,
By Business Unit	2026			2025			2026			2025			2026			2025			2026			2025
	(in millions)												(Dth in millions)
Arkansas Gas	$	28.5		$	31.0		$	192.1		$	196.5			4.9			4.9			22.0			23.4
Colorado Gas		26.8			27.9			153.8			182.7			3.3			3.5			19.0			21.9
Iowa Gas		23.0			21.7			149.9			138.6			6.0			6.1			27.2			28.1
Kansas Gas		26.8			23.7			113.2			114.9			10.1			8.6			29.1			27.9
Nebraska Gas		61.7			57.2			256.1			245.4			15.8			15.6			58.2			61.7
Wyoming Gas		22.9			22.9			98.2			101.8			5.7			5.6			24.9			26.2
Total Revenue and Quantities Sold	$	189.7		$	184.4		$	963.3		$	979.9			45.8			44.3			180.4			189.2

	Three Months Ended Sept. 30,				Nine Months Ended Sept. 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)	---	(100)%	1	(92)%	1,727	(20)%	2,151	(3)%
Colorado Gas	59	(46)%	99	(7)%	2,834	(25)%	3,758	---
Iowa Gas	54	(26)%	75	2%	3,645	(10)%	4,003	(1)%
Kansas Gas (a)	1	(96)%	18	(20)%	2,309	(18)%	3,001	7%
Nebraska Gas	20	(62)%	41	(23)%	3,097	(15)%	3,633	---
Wyoming Gas	109	(45)%	153	(22)%	3,634	(22)%	4,586	---
Combined (b)	53	(57)%	71	(11)%	3,223	(22)%	3,811	(1)%

(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 implement a two-year pilot program for a weather normalization mechanism which was effective August 1, 2025.

(b)The combined 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 its weather normalization mechanism. 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. EST on Thursday, Nov. 5, 2026, to discuss the company's financial results.

To participate by phone and ask a question during the live broadcast, participants can access the event directly at Black Hills Corp. Conference 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;

•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.

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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