Q2 2026 Black Hills Corp Earnings Call Transcript

Aug 6, 2026 / 03:00 PM GMT

Transcript 10-Q8-K

Key Points

Positve

Black Hills Corp (BKH) reaffirmed its 2026 adjusted EPS guidance of $4.25 to $4.45, representing 6% growth at the midpoint, and expects to deliver in the upper half of its 4% to 6% long-term growth target.
The company reported strong second-quarter adjusted EPS of $0.54, up from $0.38 in Q2 2025, driven by $0.21 per share from new rates and rider recovery.
Black Hills Corp (BKH) has a robust large load demand pipeline exceeding 3 gigawatts, with 600 megawatts already included in its financial plan and over 2.5 gigawatts of additional opportunities under active negotiation.
The pending merger with Northwestern Energy has received six of seven required approvals, including FERC and unanimous settlements in Nebraska and South Dakota, with a decision in Montana expected by mid-October to mid-November.
The company maintains a solid financial position with strong liquidity of over $650 million under its revolving credit facility and a 56-year track record of consecutive dividend increases.
Black Hills Corp (BKH) is advancing its regulatory agenda with multiple rate reviews, including a new $26.7 million request for Colorado Electric, and has completed wildfire liability protections in South Dakota and Wyoming.

Negative

Black Hills Corp (BKH) incurred $0.04 per share of merger-related transaction costs in Q2 2026 and $0.10 per share year-to-date, which negatively impacted GAAP earnings.
Higher financing costs of $0.06 per share and depreciation expenses of $0.06 per share in Q2 2026 partially offset gains from new rates, reflecting increased debt and new assets placed in service.
Weather was $0.03 per share unfavorable compared to normal in Q2 2026 and $0.18 per share unfavorable year-to-date compared to 2025, impacting earnings.
The 1.8 gigawatt data center project negotiations are complex and involve multiple parties, with the generation reservation agreement extended to August 31st, creating uncertainty about finalizing definitive agreements within the third quarter.
The company faces a $400 million debt maturity in January 2027, requiring refinancing, which could lead to higher interest expenses given current market conditions.
The Montana merger approval remains pending, with potential for a 30-day extension by the Commission, adding uncertainty to the expected second-half 2026 closing timeline.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

BKH.N - Black Hills Corp
Q2 2026 Black Hills Corp Earnings Call
Aug 06, 2026 / 03:00PM GMT

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Presentation
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Unidentified_1 [1]
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Good day and thank you for standing by. Welcome to the Q2 2026 Black Hills Corporation Earnings Conference Call. At this time, all participants are in a listen-only mode. Please be advised that today's conference is being recorded. After the speaker's presentation, there will be a question-and-answer session. To ask a question, please press *11 on your telephone and wait for your name to be announced. To withdraw your question, please press *11 again. I would now like to hand the conference over to your speaker today, Sal Diaz, Director, Investor Relations.

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Unidentified_2 [2]
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