NorthWestern Energy Group Earnings Call Transcripts
Fiscal Year 2026
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Q1 2026 adjusted EPS rose 7.4% year-over-year to $1.31, with strong margin growth offset by higher costs and warm weather. The Black Hills merger advanced with key approvals, and data center demand surged, driving long-term growth prospects.
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The meeting covered board elections, auditor ratification, and executive compensation, all of which were approved. Strategic highlights included a major merger, legislative wins, and strong financial performance with continued focus on reliability, affordability, and sustainability.
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Shareholders approved the merger with Black Hills Energy, related executive compensation, and potential adjournment. The combined company, Bright Horizon Energy, will enhance scale and growth, with leadership and board roles assigned. Transaction expected to close in H2 2026.
Fiscal Year 2025
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2025 saw strong non-GAAP EPS growth of 5.3% year-over-year, major acquisitions, and progress on a merger with Black Hills. Updated guidance projects continued earnings growth and a 17% increase in the five-year capital plan, with robust data center and generation investments.
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Q3 2025 adjusted EPS rose to $0.79, driven by margin gains, despite merger costs and higher expenses. The all-stock merger with Black Hills is progressing, and 2025 earnings guidance is reaffirmed. Data center and large load customer activity, as well as new generation projects, present growth opportunities.
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The merger creates a leading regional utility with a contiguous eight-state footprint, $11B rate base, and 2.1M customers. Structured as an all-stock deal, it targets 5–7% EPS growth, operational synergies, and enhanced scale, with closing expected in 12–15 months.
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Q2 2025 EPS declined year-over-year due to regulatory timing, but year-to-date results are flat and 2025 guidance remains strong. Data center growth, legislative wins, and new acquisitions support long-term EPS and dividend targets.
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Q1 2025 delivered strong EPS growth, driven by new rates, customer growth, and favorable weather. Regulatory progress includes a full gas settlement and partial electric settlement, with legislative wins on wildfire and transmission bills supporting long-term growth.
Fiscal Year 2024
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Delivered 4% adjusted EPS growth in 2024 despite regulatory and weather headwinds, affirmed 4%-6% long-term EPS growth target, and increased the five-year capital plan by 11% to $2.74 billion. Major capacity additions and data center projects offer further upside.
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Q3 2024 net income rose to $46.8M with GAAP EPS of $0.76, but 2024 EPS guidance was revised down to $3.32-$3.47 due to delays in Montana interim rates. Credit metrics remain sensitive to regulatory outcomes, and major investments hinge on Commission support.
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Q2 2024 saw strong earnings growth, driven by regulatory execution and strategic acquisitions, with EPS up significantly year-over-year. Guidance and long-term growth targets were affirmed, while capital investments and rate reviews support future expansion and reliability.