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Black Hills’ NorthWestern Energy Merger Nears The Finish Line With Six Of Seven Approvals Secured! – Major Drivers, Financial Forecasts, DCF & Comparable Valuation, ESG & Other Risks (9/26)

Black Hills Corporation reported solid progress during the second quarter of 2026, reflecting continued focus on strategic growth, operational execution, and financial discipline. The company remains on track to meet its full-year earnings guidance, supported by a nearly $1 billion capital investment plan aimed at serving the increasing energy demands of its customer base across eight states. Financially, Black Hills Corporation delivered GAAP earnings per share (EPS) of $0.50 for the quarter, which adjusted to $0.54 excluding $0.04 of merger-related expenses. This marks an improvement from $0.38 EPS in Q2 2025. Year-to-date, GAAP EPS stood at $2.23, or $2.33 adjusted, versus $2.24 the prior year. Positive contributions from new rates and rider recovery, along with modest operational expense reductions, helped offset adverse weather impacts and increases in financing and depreciation costs driven by new asset investments like the Ready Wyoming transmission project.