NorthWestern Energy Group Inc (NAS:NWE)

Q2 2026 NorthWestern Energy Group Inc Earnings Call Transcript

Jul 30, 2026 / 07:30 PM GMT

Release Date Price: $69.73 (-1.25%)

Transcript 8-K10-Q

Key Points

Positve

NorthWestern Energy Group Inc (NWE) reaffirmed its 2026 earnings guidance range of $3.68 to $3.83 and its long-term rate base and EPS growth targets of 4% to 6%.
The company reported a $0.10 increase in adjusted EPS for Q2 2026 compared to the prior year, driven by improved base rate recovery in Montana.
The merger with Black Hills Corporation received key regulatory approvals from the Nebraska PSC, South Dakota PUC, and FERC, with a final decision from the Montana PSC expected between mid-October and mid-November.
The company is actively pursuing data center opportunities, with expectations to sign ESAs with two of three development partners (Quantic and Atlas) by year-end.
The $3.2 billion capital plan for 2026-2030 remains on track, excluding potential incremental investments from regional transmission growth or serving large loads, which could drive faster growth.
The company's standalone value proposition offers an approximate 4% dividend yield and 8% to 10% total return, with potential for greater than 10% if data center and large load opportunities are executed.
The merger with Black Hills is expected to deliver 5% to 7% EPS growth on a combined basis, with cost savings benefits accruing to customers in future rate reviews.
The company saw improved market conditions in July, with warmer temperatures and higher demand, which could help recover costs from the Colstrip assets in the second half of the year.

Negative

NorthWestern Energy Group Inc (NWE) incurred $0.04 of merger-related costs and $0.05 of unrecovered operating expenses from Colstrip in Q2 2026, impacting GAAP earnings.
The company experienced an unseasonably warm winter in Q1 2026, which significantly impacted year-to-date results, requiring a large weather adjustment.
The final merger approval from the Montana PSC is still pending, with a decision expected in 90 to 120 days, creating uncertainty around the closing timeline.
The ESA with SEBI, one of the three data center development partners, is unlikely to be completed by year-end due to ongoing land procurement issues.
The company faces ongoing public pushback and local moratorium discussions regarding data center siting, which could delay or complicate project development.
The PCAM tariff waiver for Colstrip is insufficient to recover O&M costs for the Avista share, and a rate review filing is needed to address this, with timing still under consideration.
The company's transmission import capacity is expected to decline through 2028, even before accounting for large load pipeline, highlighting the need for significant new transmission investments.
The South Dakota sales tax issue on equipment purchases for large load customers remains unresolved, potentially hindering data center development in that state.

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

NWE.OQ - NorthWestern Energy Group Inc
Q2 2026 NorthWestern Energy Group Inc Earnings Call
Jul 30, 2026 / 07:30PM GMT

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Presentation
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Unidentified_1 [1]
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Hello everyone.

Thank you for joining us and welcome to the Northwestern Energy Second Quarter 2026 Financial Results Webinar.

After today's prepared remarks, we will host a question-and-answer session. If you would like to ask a question, please press star 1 to raise your hand.

To withdraw your question, press star 1 again.

I will now hand the conference over to Travis Meyer, Director of Corporate Development and Investor Relations Officer. Travis, please go ahead.

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Unidentified_2 [2]
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Thank you,

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