Q4 2025 Black Hills Corp Earnings Call Transcript
Key Points
- Black Hills Corp (BKH) achieved the midpoint of its earnings guidance and long-term growth target for 2025.
- The company increased its dividend for the 55th consecutive year in 2025, extending the track record to 56 years.
- BKH successfully completed the Ready Wyoming transmission project, a 260-mile transformative project, on schedule.
- The company has a robust data center pipeline, tripling it to more than 3 gigawatts, with significant demand from major clients like Meta and Microsoft.
- BKH maintained a strong investment-grade credit rating and efficiently funded a $900 million capital investment plan.
- The company faced higher operating, financing, and depreciation expenses, which were offset by new rates and customer growth.
- Weather conditions posed an $0.11 headwind compared to normal, impacting financial performance.
- Operating and maintenance expenses increased by $0.36 per share, including $0.12 of merger-related transaction costs.
- The merger with NorthWestern Energy is still in the discovery phase, with regulatory approvals pending, creating uncertainty.
- The company anticipates a need for additional investment in generation and transmission infrastructure to meet future data center demand.
Good day, and thank you for standing by. Welcome to the Q4 2025 Black Hills Corporation earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions)
I would now like to hand the conference over to your speaker today, Sal Diaz, Director of Investor Relations.
Thank you, operator. Good morning, and welcome to Black Hills Corporation's fourth quarter and full year 2025 earnings conference call. You can find our earnings release and materials for our call this morning on our website at blackhillscorp.com. Leading our earnings call are Linn Evans, President and Chief Executive Officer; Kimberly Nooney, Senior Vice President and Chief Financial Officer; and Marne Jones, Senior Vice President and Chief Utility Officer.
During our earnings discussion today, comments we make may contain forward-looking statements as defined by the Securities and Exchange Commission, and there are a number of uncertainties inherent
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