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Black Hills Corporation reported Q3 2025 GAAP EPS of $0.34, including $0.10 of merger costs, and adjusted EPS of $0.45 versus $0.35 a year ago. Year-to-date GAAP EPS was $2.58 and adjusted EPS was $2.68 versus $2.52.
The company reaffirmed 2025 adjusted EPS guidance of $4.00 to $4.20 and targets delivering in the upper half of its 4%–6% long‑term EPS growth range starting in 2026. Management highlighted a $4.7 billion capital plan, with the 260‑mile, $350 million Ready Wyoming transmission project on track for year‑end service and new rider rates effective January 2026. The 99‑MW Lange II gas project is under construction for second‑half 2026, and a 50‑MW battery in Colorado received CPCN settlement approval.
Financing actions included $220 million of equity issued in 2025, $450 million of 4.55% notes (partly to repay a $300 million January 2026 maturity), and more than $600 million of revolver availability at quarter end. Data center demand is planned at 500 MW by 2029, expected to exceed 10% of total EPS in 2028, with a pipeline now over 3 GW and two additional Cheyenne sites announced to take energy as early as 2026. A Nebraska settlement provides $23.9 million in new annual revenue (ROE 9.85%, 50.5% equity), pending December approval with new rates January 1, 2026. The company submitted joint merger applications with NorthWestern Energy in Montana, Nebraska, and South Dakota and is working through the S‑4 process, aiming to close in the second half of next year.
NorthWestern Energy Group (NWE): Director equity grant reported. A director reported the acquisition of 640 shares on 11/04/2025, recorded as an A (acquired) transaction at a grant price of $58.61. The filing notes this was a fourth quarter 2025 stock grant under the non‑employee director compensation schedule, with shares issued as deferred share units on 11/03/2025.
Following the transaction, the reporting person beneficially owned 9,896 shares, held directly. The filing states these represent underlying deferred share units issuable after the reporting person’s termination of service and that the total includes shares acquired from dividend reinvestment.
NorthWestern Energy Group (NWE) director reported an equity grant. On 11/04/2025, the reporting person acquired 640 shares of common stock (deferred share units) at a grant price of $58.61.
The award reflects the company’s 2025 fourth‑quarter stock grant for non‑employee directors, with deferred share units issuable after service ends. Following the transaction, the reporting person beneficially owned 22,026 shares. The filing notes the grant price was set as of September 30, 2025, and shares were issued as deferred share units on November 3, 2025.
NorthWestern Energy Group, Inc. (NWE) reported a leadership transition. John Hines, Vice President — Supply / Montana Government Affairs, will retire from his position effective February 2, 2026.
The company recognized his 20 years of service, including nearly 15 years as Vice President, noting contributions to rebuilding the Montana electric portfolio after deregulation, maintaining resource adequacy in Montana and South Dakota, and modernizing older generation assets.
NorthWestern Energy Group (NWE) furnished an 8-K announcing quarterly results and reaffirmed full-year 2025 earnings guidance at $3.53 to $3.65 per diluted share. The company discussed financial results for the quarter ended September 30, 2025, via a press release furnished as Exhibit 99.1.
The company will host an investor conference call and webcast on October 30, 2025, at 3:30 p.m. Eastern to review results, with CEO Brian Bird and CFO Crystal Lail presenting accompanying slides furnished as Exhibit 99.2. A live and archived webcast will be available on the company’s website. The materials are furnished, not filed, under the Exchange Act.
NorthWestern Energy Group (NWE) reported third-quarter results and regulatory updates. Q3 2025 revenue was $386.95 million, up from $345.16 million a year ago, while net income was $38.23 million versus $46.82 million, reflecting higher administrative costs and interest expense. Diluted EPS was $0.62 compared to $0.76. For the first nine months, operating cash flow was $338.27 million.
The company advanced key initiatives. It entered an all-stock merger of equals agreement with Black Hills, with each NWE share to receive 0.98 Black Hills shares, subject to shareholder and regulatory approvals. NWE incurred $7.6 million of merger-related costs in Q3. In Montana, interim electric and gas rate structures remain in effect pending a final order expected in Q4 2025; Nebraska approved final gas rates effective July 1, 2025. NWE closed the $35.9 million cash acquisition of Energy West operations on July 1, 2025. It also plans to acquire additional interests in Colstrip Units 3 and 4 effective January 1, 2026, with filings aimed at cost recovery.
Capital activities included issuing $400 million Montana first mortgage bonds due 2030 and $100 million South Dakota first mortgage bonds due 2035, and expanding a term loan to $150 million. Shares outstanding were 61,407,029 as of October 24, 2025.
NorthWestern Energy Group (NWE) and Black Hills Corp. plan to merge and have submitted a joint application to the South Dakota Public Utilities Commission for approval. The companies say the combination aims to build greater scale, financial stability, and operational expertise while maintaining safe, reliable, and affordable service.
Under the merger agreement, Brian Bird, NorthWestern’s president and CEO, will lead the combined electric and natural gas utility, and Black Hills CEO Linn Evans will serve through closing, then retire. The companies state there will be no changes to energy service or rates in South Dakota, and regulatory oversight will remain the same.
Approvals will also be sought from commissions in Nebraska and Montana, the SEC, FERC, and clearance under the Hart-Scott-Rodino Act, along with shareholder approvals. Upon completion, the combined company would serve approximately 2.1 million electric and natural gas customers across eight contiguous states. The merger is expected to conclude 12 to 15 months from the August 2025 announcement.
NorthWestern Energy (NWE) and Black Hills Corp. advanced their planned merger by filing a joint application with the Nebraska Public Service Commission for approval. The companies state the combination aims to create greater scale, financial stability, and operational expertise while maintaining Nebraska’s regulatory oversight and no changes to customer service or rates.
Under the merger agreement, Brian Bird, NorthWestern’s president and CEO, will lead the combined electric and natural gas utility, and Linn Evans, Black Hills’ CEO, will serve through closing and then retire. The merger requires approvals from commissions in Nebraska, Montana, and South Dakota, as well as the SEC, FERC, clearance under the Hart-Scott-Rodino Act, and approval from both companies’ shareholders. If completed, the combined company would serve about 2.1 million customers across eight states, with closing targeted 12 to 15 months from the August 2025 announcement.
NorthWestern Energy (NWE) and Black Hills Corp. announced plans to merge and filed a joint application with the Montana Public Service Commission for approval. The combined electric and natural gas utility would be led by Brian Bird as president and CEO, with Black Hills’ CEO Linn Evans serving through closing before retiring.
The companies state there will be no changes to energy service or rates for NorthWestern’s Montana customers, and regulatory oversight in Montana remains the same. Approvals will also be sought from regulators in Nebraska and South Dakota, the SEC, FERC, Hart‑Scott‑Rodino, and both companies’ shareholders. If approved, the combined company would serve approximately 2.1 million customers across eight states, with closing expected in late 2026 or early 2027. The merger aims to enhance reliability, resiliency, and long‑term rate stability through operational efficiencies while maintaining local presence in Montana.
NorthWestern Energy Group, Inc. (NWE) reported an insider equity transaction by director Sherina M. Edwards. On 10/06/2025 she was granted 640 shares of common stock under the company’s non-employee director compensation schedule at a grant price shown as $58.61 per share. After the grant, Ms. Edwards beneficially owns 8,304 shares directly. The filing is a standard Section 16 Form 4 reporting a routine, non-derivative grant for director compensation and was signed by a power of attorney on 10/07/2025. The disclosure does not show any sales, option exercises, or derivative transactions associated with this reporting event.