NorthWestern Energy Group Affirms FY2025 Adj EPS Guidance of $3.53-$3.65 vs $3.58 Est

FINANCIAL OUTLOOK

Affirming 2025 Guidance and Long-Term Growth Rates

We are affirming our 2025 non-GAAP earnings guidance of $3.53 - $3.65 per diluted share. This guidance is based upon, but not limited to, the following major assumptions:

• Final approval of all material aspects of NorthWestern's settlement position in the currently pending Montana general rate review;
• Normal weather in our service territories;
• Excludes transaction costs related to the pending merger with Black Hills Corp.;
• An effective income tax rate of approximately 12%-15%; and
• Diluted average shares outstanding of approximately 61.5 million.

We are affirming our long-term (five-year) diluted earnings per share growth guidance of 4% to 6%, based on an updated 2024 adjusted diluted non-GAAP EPS baseline of $3.40.

Additionally, we are affirming our $2.7 billion capital investment plan for 2025-2029, which is expected to support rate base growth of 4% to 6% from an updated 2024 base year of approximately $5.4 billion.

We plan to fund this capital program through a combination of cash from operations and secured debt issuances. Any incremental investments in generation, transmission, or other strategic growth opportunities may require equity financing.