NorthWestern Energy Group Inc

Latest Results (24.02.2026):

NorthWestern Energy Group, Inc. — Third Quarter 2025: Reported GAAP net income was $38.2 million, or $0.62 diluted EPS, down from $46.8 million and $0.76 in Q3 2024; adjusted (non‑GAAP) diluted EPS was $0.79 versus $0.65 a year ago. Revenues were $387.0 million and utility margin grew to $300.1 million. Management affirmed 2025 guidance and multi‑year growth targets while announcing dividend and ongoing strategic transactions.

Quarterly financials

Q3 2025 GAAP diluted EPS $0.62 (net income $38.2M) vs. $0.76 in Q3 2024. Total revenues $387.0M (up from $345.2M) and utility margin $300.1M (up from $257.3M).

Adjusted (Non‑GAAP) earnings

Adjusted diluted non‑GAAP EPS was $0.79 in Q3 2025 (vs. $0.65 in Q3 2024). Adjustments included unfavorable weather and $7.6M of merger‑related costs in Q3 2025.

Drivers of change vs. prior year

Lower GAAP earnings were mainly from higher operating expenses (including $7.6M merger costs), higher depreciation and interest expense, and an unfavorable comparison to a prior‑year tax benefit related to gas repairs safe harbor. Offsets included new rates, higher customer usage and transmission revenues.

Guidance and capital plan

Affirmed 2025 adjusted EPS guidance of $3.53–$3.65 per diluted share and long‑term (five‑year) EPS growth target of 4%–6%. Affirmed a $531M capital plan for 2025 and a $2.7B capital investment plan for 2025–2029 to support 4%–6% rate base growth.

Dividend

Board declared a $0.66 quarterly dividend per share, payable December 31, 2025 (record date December 15, 2025), and reiterated a targeted long‑term payout ratio of 60%–70%.

Merger and transaction activity

Filed merger applications in Oct 2025 with Montana, South Dakota and Nebraska regulators for the all‑stock merger with Black Hills Corporation; anticipate closing in H2 2026 subject to approvals. Q3 2025 included $7.6M of merger‑related costs.

Acquisitions and generation initiatives

Completed Energy West natural gas acquisition (added ~33,000 customers) on July 1, 2025. Agreements to acquire Avista and Puget interests in Colstrip Units 3 & 4 effective Jan 1, 2026; filed a PCCAM waiver for near‑term cost recovery and expect to sell near‑term excess Puget capacity to largely offset ~$30M annual O&M. Submitted SPP project for a proposed 131 MW Aberdeen gas plant (~$300M estimate).

Liquidity and capital structure

Net liquidity at Sept. 30, 2025 was ~$262.2M (cash $6.2M plus $256.0M revolver availability). Interest expense rose (Q3 interest expense $38.4M vs. $33.4M prior year) driven by higher borrowings and rates.

Other notes

Effective tax rate for Q3 2025 was 18.7% vs. (7.3)% in Q3 2024 (the prior year benefited from a gas repairs safe harbor tax change). Management will host an earnings webinar Oct 30, 2025 and cited ongoing regulatory matters including the Montana rate review and filings related to data center load opportunities.