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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 12, 2025
NorthWestern Energy Group, Inc.
(Exact name of registrant as specified in its charter)
| | | | | | | | | | | | | | |
| Delaware | 000-56598 | 93-2020320 |
(State or other jurisdiction of
incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) |
| 3010 W. 69th Street | Sioux Falls | South Dakota | | 57108 |
| (Address of principal executive offices) | | (Zip Code) |
Registrant’s telephone number, including area code: 605-978-2900
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
| | | | | | | | | | | |
| Registrant | Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| NorthWestern Energy Group, Inc. | Common stock | NWE | Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging Growth Company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
☐
Item 2.02 Results of Operations and Financial Condition
On February 12, 2025, NorthWestern Energy Group, Inc. d/b/a NorthWestern Energy (Nasdaq: NWE) (the “Company”), issued a press release (the “Press Release”) discussing financial results for the year ended December 31, 2024. The Press Release is furnished as Exhibit 99.1 hereto and is incorporated herein by reference.
The information in this Current Report on Form 8-K provided under Item 2.02 shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information provided under Item 2.02 in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.
Item 7.01 Regulation FD Disclosure.
As previously announced and as stated in the Press Release, the Company will host an investor conference call and webcast on Thursday, February 13, 2025, at 3:30 p.m. Eastern time to review its financial results for the year ending December 31, 2024. During the conference call, Brian Bird, president and chief executive officer, and Crystal Lail, vice president and chief financial officer of the Company, will make a slide presentation (the "Investor Call Presentation") concerning the Company's financial results.
The conference call will be webcast live on the Internet at www.northwesternenergy.com/earnings-registration. To participate, please go to the site at least 15 minutes in advance of the webcast to register. An archived webcast will be available shortly after the call and remain active for one year.
A copy of the Investor Call Presentation is being furnished pursuant to Regulation FD as Exhibit 99.2 to this Current Report on Form 8-K and is incorporated herein by reference. The information in the presentation shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section. Furthermore, the presentation shall not be deemed to be incorporated by reference into the Company's filings under the Securities Act of 1933, as amended, or under the Securities Exchange Act of 1934, as amended, except as set forth with respect thereto in any such filing.
Item 9.01 Financial Statements and Exhibits.
| | | | | | | | |
| Exhibit No. | | Description of Document |
| | Press Release, dated February 12, 2025 |
| | Investor Call Presentation, dated February 13, 2025 |
| 104 | | Cover Page Interactive Data File – the cover page XBRL tags are embedded within the Inline XBRL document |
| | |
| * filed herewith |
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| | | | | | | | | | | |
| | NorthWestern Energy Group, Inc. | |
| | | |
| By: | /s/ Timothy P. Olson | |
| | Timothy P. Olson | |
| | Corporate Secretary | |
Date: February 13, 2025
| | | | | |
| NorthWestern Energy Group, Inc. d/b/a NorthWestern Energy 3010 W. 69th Street Sioux Falls, SD 57108 www.northwesternenergy.com |
NorthWestern Reports 2024 Financial Results
•2024 Diluted GAAP EPS of $3.65, compared to $3.22 in 2023.
•2024 Adjusted Diluted Non-GAAP EPS of $3.40, compared to $3.27 in 2023.
•Affirms 4% to 6% long-term EPS growth rate.
•Increases quarterly dividend by 1.5% - to $0.66 per share - payable March 31, 2025.
•Announces $2.7 billion 5-year capital plan, an 11% increase over prior plan.
BUTTE, MT / SIOUX FALLS, SD - February 12, 2025 - NorthWestern Energy Group, Inc. d/b/a NorthWestern Energy (Nasdaq: NWE) reported financial results for the year ended December 31, 2024. Net income for the period was $224.1 million, or $3.65 per diluted share, as compared with net income of $194.1 million, or $3.22 per diluted share, for the same period in 2023. NorthWestern's 2024 non-GAAP net income and earnings per share were $208.9 million and $3.40, respectively, compared to $197.3 million and $3.27 in 2023. See “Adjusted Non-GAAP Earnings” and “Non-GAAP Financial Measures” sections below for more information on these measures.
Full-year 2024 earnings were driven by the resolution of rate reviews in Montana and South Dakota, higher electric transmission revenues, and income tax benefits, partly offset by non-recoverable electric supply costs, a less favorable QF (qualifying facility) liability adjustment, mild weather, insurance costs, depreciation, and interest expense.
"We are pleased to report a year of strategic progress and strong execution in 2024, reinforcing our commitment to providing safe, reliable, and affordable energy to our customers. It has been a busy year for everyone at NorthWestern as we continue to focus on delivering essential services while making critical investments for the future,” said Brian Bird, President & Chief Executive Officer.
"A key priority this year was ensuring the long-term resilience of our system. We filed rate reviews across all jurisdictions to recover the necessary investments made to support our obligation to provide safe and reliable service to our customers. We substantially completed our 175MW Yellowstone County Generating Station which is already in service and benefiting customers by reducing reliance on volatile and costly power market purchases. Additionally, we announced plans to invest in several regional transmission projects, including the North Plains Connector project, and entered into an agreement to acquire incremental Colstrip ownership to further enhance reliability and provide capacity in Montana. These actions have opened the door to large-load customers like the two recently announced data centers that will ultimately encourage economic development in the state and help lower energy costs for everyone."
"Beyond reliability, we made excellent progress in enhancing system safety and sustainability. The release of our Wildfire Mitigation Plan and Public Safety Power Shutoff plan reflects our proactive approach to protecting customers and the beautiful land we call home. Additionally, our planned acquisition of Energy West Montana’s and Cut Bank Gas’s natural gas assets and customers strengthens NorthWestern’s position in Montana, aligning with our long-term strategy. While we faced headwinds in 2024—including inflation, the delay in interim rates in Montana, and adverse weather—we remain confident in our path forward. I continue to be proud of our employees’ dedication and hard work in delivering safe, affordable, and reliable energy. Their efforts ensure we continue to serve our customers, support our communities, and create long-term value for our shareholders. As we look to 2025, we are well-positioned to build on this momentum and continue delivering a bright future," said Bird.
NorthWestern Reports 2024 Financial Results
February 12, 2025
Page 2
FOURTH QUARTER FINANCIAL RESULTS
Net income for the three months ending December 31, 2024 was $80.6 million, or $1.31 per diluted share, as compared with net income of $83.1 million, or $1.37 per diluted share, for the same period in 2023. This decrease of $2.5 million in net income was primarily due to higher insurance costs, non-recoverable electric supply costs, mild weather, depreciation, and interest expense, partly offset by new rates in Montana and South Dakota, higher electric transmission revenues, and income tax benefits.
Adjusted diluted non-GAAP earnings per share for the quarter was $1.13 (or $0.18 lower than GAAP after adjusting to exclude the impact of an income tax benefit and unfavorably mild weather) as compared to $1.38 for the same period in 2023. See “Adjusted Non-GAAP Earnings” and “Non-GAAP Financial Measures” sections below for additional information on these measures, including a reconciliation of GAAP diluted earnings per share to Non-GAAP adjusted diluted earnings per share.
FINANCIAL OUTLOOK
Affirming Long-Term EPS Growth and Announcing Capital Plan
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 announcing a $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.
Dividend Declared
NorthWestern Energy Group’s Board of Directors has declared a quarterly common stock dividend of $0.66 per share, representing a 1.5% increase over the previous quarter’s dividend. The dividend is payable on March 31, 2025, to shareholders of record as of March 14, 2025.
Looking ahead, we remain committed to maintaining a dividend payout ratio within our targeted range of 60-70% over the long term.
Additional information regarding this release can be found in the earnings presentation at
https://www.northwesternenergy.com/investors/earnings.
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NorthWestern Reports 2024 Financial Results
February 12, 2025
Page 3
COMPANY UPDATES
Regulatory Update
Rate reviews are necessary to recover the cost of providing safe, reliable service, while contributing to earnings growth and achieving our financial objectives. We regularly review the need for electric and natural gas rate adjustments in each state in which we provide service. Our ongoing rate review activity includes the following:
Montana Rate Review - In July 2024, we filed a Montana electric and natural gas rate review (2023 test year) with the Montana Public Service Commission (MPSC). The filing requests a base rate annual revenue increase of $156.5 million ($69.4 million net with Property Tax and Power Cost and Credit Recovery Mechanism (PCCAM) tracker adjustments) for electric and $28.6 million for natural gas. Our request is based on a return on equity of 10.80 percent with a capital structure including 46.81 percent equity, and forecasted 2024 electric and natural gas rate base of $3.45 billion and $731.9 million, respectively. The electric rate base investment includes the 175-megawatt natural gas-fired Yellowstone County Generating Station, which was placed in service in October 2024.
In November 2024, the MPSC partially approved our requested interim rates, which are subject to refund, increasing electric and natural gas base rates by $18.4 million and $17.4 million, respectively, and decreasing our PCCAM base costs by $88.0 million, effective December 1, 2024.
In January 2025, intervenor testimony was filed and we anticipate filing our rebuttal testimony in March 2025. Based on the procedural schedule developed by the MPSC, a hearing on our rate review request is scheduled to commence on April 22, 2025. If a final order is not received by May 23, 2025, which is 270 days from acceptance of our filing, we intend to implement our requested rates as permitted by the MPSC regulations, which will be subject to refund until a final order is received.
South Dakota Natural Gas Rate Review - In June 2024, we filed a natural gas rate review (2023 test year) with the South Dakota Public Utilities Commission (SDPUC) for an annual increase to natural gas rates totaling approximately $6.0 million. Our request was based on a rate of return of 7.75 percent and rate base of $95.6 million. In December 2024, the SDPUC issued a final order approving the settlement agreement between NorthWestern and SDPUC Staff for an annual increase in base rates of approximately $4.6 million and an authorized rate of return of 6.91 percent. The approved settlement is based on a rate base of $96.2 million. Final rates were effective December 19, 2024.
Nebraska Natural Gas Rate Review - In June 2024, we filed a natural gas rate review (2023 test year) with the Nebraska Public Service Commission (NPSC). The filing requests a base rate annual revenue increase of $3.6 million. Our request is based on a return on equity of 10.70 percent, a capital structure including 53.13 percent equity, and rate base of $47.4 million. Interim rates, which increased base natural gas rates $2.3 million, were implemented on October 1, 2024. Interim rates will remain in effect on a refundable basis until the NPSC issues a final order.
Electric Resource Planning - Montana
Yellowstone County 175 MW plant - Construction of the generation facility was substantially completed and the plant placed in service in October 2024. As of December 31, 2024, we have incurred $305.5 million of generation plant costs and $12.1 million of non-generation plant costs related to Yellowstone County Generating Station (YCGS). The lawsuit challenging the YCGS air quality permit, which required us to suspend construction activities for a period of time, as well as additional related legal and construction challenges, delayed the project timing and increased costs. On January 3, 2025, the Montana Supreme Court ordered that the YCGS air quality permit be reinstated.
Acquisition of Colstrip Interests - As previously disclosed, in January 2023 and in July 2024, we entered into definitive agreements, the first with Avista Corporation (Avista) and the second with Puget Sound Energy
NorthWestern Reports 2024 Financial Results
February 12, 2025
Page 4
(Puget), to acquire their respective interests in Colstrip Units 3 & 4 for $0. In particular, we agreed to acquire a 15% (222 megawatts) interest from Avista and a 25% (370 megawatts) interest from Puget. These agreements are substantially similar and are both scheduled to close December 31, 2025, subject to the satisfaction of customary closing conditions and approvals contained within the agreements. Under the terms of the agreements, we will be responsible for operating costs starting on January 1, 2026; while Puget and Avista will remain responsible for their respective pre-closing share of environmental and pension liabilities attributed to events or conditions existing prior to the closing of the transaction and for any future decommission and demolition costs associated with the existing facilities that comprise their interests.
Acquisition of Avista and Puget's interests would result in our ownership of 55 percent of the facility with the ability to guide operating and maintenance investments. This would provide capacity to help us meet our obligation to provide reliable and cost effective power to our customers in Montana, while allowing opportunity for us to identify and plan for newer lower or no-carbon technologies in the future.
Environmental Protection Agency (EPA) Rules
In April 2024, the EPA released Greenhouse Gas (GHG) Rules for existing coal-fired facilities and new coal and natural gas-fired facilities as well as Mercury and Air Toxics Standards (MATS) Rules. Compliance with the rules will require expensive upgrades at Colstrip Units 3 and 4 with proposed compliance dates that may not be achievable and / or require technology that is unproven, resulting in significant impacts to costs of the facilities. The final MATS and GHG Rules require compliance as early as 2027 and 2032, respectively. However, the Trump Administration is evaluating energy related regulations impacting reliability and affordability which may impact the EPA rules.
Acquisition of Energy West Montana Assets
In July 2024, we entered into an Asset Purchase Agreement with Hope Utilities to acquire its Energy West natural gas utility distribution system and operations serving approximately 33,000 customers located near Great Falls, Cut Bank, and West Yellowstone, Montana for approximately $39.0 million, subject to certain working capital and other agreed upon closing adjustments. The transaction is subject to a number of customary closing conditions, including MPSC approval, and we expect the acquisition to be completed in the first half of 2025.
Regional Transmission Development Activities
In August 2024, the U.S. Department of Energy awarded a $700.0 million grant through the Grid Resilience and Innovation Partnership (GRIP) program to advance the North Plains Connector (NPC) Consortium project. The 415-mile, high-voltage direct-current transmission line is intended to connect Montana's Colstrip substation, of which we are the operator and a joint owner, to central North Dakota, bridging the eastern and western U.S. energy grids. The NPC Consortium includes potential upgrades to our jointly owned Colstrip Transmission System and $70.0 million of the award is earmarked for the Colstrip Transmission System Upgrade. The NPC project, estimated to be a $3.6 billion investment, aims to enhance grid reliability, support renewable energy integration, and provide additional capacity across multiple states. We collaborated with Grid United, the Montana Department of Commerce, and other regional utilities on the successful GRIP grant application.
In addition to the Colstrip Transmission System Upgrade, in December 2024, we signed a nonbinding memorandum of understanding (MOU) with North Plains Connector LLC, a wholly owned subsidiary of Grid United, to own 10 percent (300 megawatts) of the NPC Consortium project. The project is entering the permitting phase and initiating regulatory filings with approvals targeted in 2026. Construction is expected to commence in 2028, with the project expected to be operational by 2032. Under the terms of the MOU, Grid United will continue to fund the development of the NPC and we will invest when the regulatory approvals and permits are in place. The project is a critical infrastructure investment that aligns with our commitment to providing reliable and affordable energy to our customers while also supporting broader grid resilience efforts in the region.
NorthWestern Reports 2024 Financial Results
February 12, 2025
Page 5
President Trump issued an Executive Order on January 20, 2025, "Unleashing American Energy," directing all federal executive agency heads to review all agency actions implicating energy reliability and affordability or potentially burdening the development of domestic energy resources. This Executive Order has delayed, for up to 90 days, the disbursement of the funds granted by the U.S. Department of Energy for the NPC Consortium project.
We have also entered into a nonbinding letter of intent with Grid United to continue transmission development to further enhance the grid through the southwest corridor of Montana. Development to expand the southwest corridor of Montana through grid build out would represent a significant step in enhancing connectivity between Montana and the broader Western energy market - bolstering grid reliability, allowing for critical import capability, and enabling customers to access and benefit from emerging energy markets in the West.
Montana Data Centers
In December 2024, we announced two separate nonbinding letters of intent to provide electric supply services for data centers being developed in Montana. The combined energy service requirement is expected to be 75 megawatts beginning in early 2026 with growth of up to 400 megawatts or more by 2030. Our strategic acquisition of additional interest in Colstrip Units 3 & 4 beginning in 2026, the construction of the YCGS, and our balanced energy portfolio have enabled us to serve new large energy supply customers while continuing to provide our current customers with affordable and reliable energy.
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NorthWestern Reports 2024 Financial Results
February 12, 2025
Page 6
CONSOLIDATED STATEMENT OF INCOME
| | | | | | | | | | | | | | |
| Year Ended December 31, | |
| (in millions, except per share amounts) | 2024 | | 2023 | | | |
| Revenues | | | | | | |
| Electric | $ | 1,200.7 | | | $ | 1,068.8 | | | | |
| Gas | 313.2 | | | 353.3 | | | | |
| Total Revenues | 1,513.9 | | | 1,422.1 | | | | |
| Operating Expenses | | | | | | |
| Fuel, purchased supply and direct transmission expense (exclusive of depreciation and depletion shown separately below) | 433.8 | | | 420.2 | | | | |
| Operating and maintenance | 227.8 | | | 220.5 | | | | |
| Administrative and general | 137.4 | | | 117.3 | | | | |
| Property and other taxes | 163.9 | | | 153.1 | | | | |
| Depreciation and depletion | 227.6 | | | 210.5 | | | | |
| Total Operating Expenses | 1,190.6 | | | 1,121.7 | | | | |
| Operating Income | 323.3 | | | 300.5 | | | | |
| Interest Expense, net | (131.7) | | | (114.6) | | | | |
| Other Income, net | 23.0 | | | 15.8 | | | | |
| Income Before Income Taxes | 214.7 | | | 201.6 | | | | |
| Income Tax Benefit (Expense) | 9.4 | | | (7.5) | | | | |
| Net Income | 224.1 | | | 194.1 | | | | |
| Basic Shares Outstanding | 61.3 | | | 60.3 | | | | |
| Earnings per Share - Basic | $ | 3.66 | | | $ | 3.22 | | | | |
| Diluted Shares Outstanding | 61.4 | | | 60.4 | | | | |
| Earnings per Share - Diluted | $ | 3.65 | | | $ | 3.22 | | | | |
| | | | | | |
| Dividends Declared per Common Share | $ | 2.60 | | | $ | 2.56 | | | | |
Note: Subtotal variances may exist due to rounding. |
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NorthWestern Reports 2024 Financial Results
February 12, 2025
Page 7
RECONCILIATION OF PRIMARY CHANGES
| | | | | | | | | | | | | | | | | | | | | | | |
| Year Ended December 31, 2024 vs. 2023 |
| Pre-tax
Income | | Inc. Tax Benefit (Expense)(3) | | Net
Income | | Diluted Earnings Per Share |
| (in millions) | | |
| December 31, 2023 | $ | 201.6 | | | $ | (7.5) | | | $ | 194.1 | | | $ | 3.22 | |
Variance in revenue and fuel, purchased supply, and direct transmission expense(1) items impacting net income: | | | | | | | |
| Base rates | 62.4 | | | (15.8) | | | 46.6 | | | $ | 0.77 | |
Electric transmission revenue | 18.6 | | | (4.7) | | | 13.9 | | | $ | 0.23 | |
| Montana interim rates (subject to refund) | 4.8 | | | (1.2) | | | 3.6 | | | $ | 0.06 | |
| Montana natural gas transportation | 2.3 | | | (0.6) | | | 1.7 | | | $ | 0.03 | |
| Montana property tax tracker collections | 1.1 | | | (0.3) | | | 0.8 | | | $ | 0.01 | |
Production tax credits, offset within income tax benefit (expense) | 0.2 | | | (0.2) | | | — | | | $ | — | |
Non-recoverable Montana electric supply costs | (7.9) | | | 2.0 | | | (5.9) | | | $ | (0.10) | |
QF liability adjustment | (4.2) | | | 1.1 | | | (3.1) | | | $ | (0.05) | |
Natural gas retail volumes | (4.0) | | | 1.0 | | | (3.0) | | | $ | (0.05) | |
Electric retail volumes | (0.9) | | | 0.2 | | | (0.7) | | | $ | (0.01) | |
| Other | (3.2) | | | 0.8 | | | (2.4) | | | $ | (0.04) | |
| | | | | | | $ | — | |
Variance in expense items(2) impacting net income: | | | | | | | $ | — | |
Operating, maintenance, and administrative | (19.4) | | | 4.9 | | | (14.5) | | | $ | (0.24) | |
Depreciation | (17.1) | | | 4.3 | | | (12.8) | | | $ | (0.21) | |
Interest expense | (17.1) | | | 4.3 | | | (12.8) | | | $ | (0.21) | |
Property and other taxes not recoverable within trackers | (4.4) | | | 1.1 | | | (3.3) | | | $ | (0.06) | |
Release of unrecognized tax benefits (inclusive of related interest previously accrued) | — | | | 17.8 | | | 17.8 | | | $ | 0.29 | |
Gas repairs safe harbor method change | — | | | 7.0 | | | 7.0 | | | $ | 0.12 | |
| Other | 1.9 | | | (4.8) | | | (2.9) | | | $ | (0.05) | |
| Dilution from higher share count | | | | | | | $ | (0.06) | |
| December 31, 2024 | $ | 214.7 | | | $ | 9.4 | | | $ | 224.1 | | | $ | 3.65 | |
| Change in Net Income | | | | | $ | 30.0 | | | $ | 0.43 | |
(1) Exclusive of depreciation and depletion shown separately below (2) Excluding fuel, purchased supply, and direct transmission expense (3) Income Tax Benefit (Expense) calculation on reconciling items assumes blended federal plus state effective tax rate of 25.3%. Note: Subtotal variances may exist due to rounding. |
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NorthWestern Reports 2024 Financial Results
February 12, 2025
Page 8
EXPLANATION OF CONSOLIDATED RESULTS
Year Ended December 31, 2024 Compared with Year Ended December 31, 2023
Consolidated gross margin in 2024 was $460.8 million as compared with $416.3 million in 2023, an increase of $44.5 million or 10.7 percent. This increase was primarily due to new base rates in Montana and South Dakota, electric transmission revenue, Montana interim rates, subject to refund, and Montana property tax tracker collections. These were offset in part by non-recoverable Montana electric supply costs, a less favorable QF liability adjustment, electric and natural gas retail volumes, and depreciation.
| | | | | | | | | | | |
| Year Ended December 31, |
| (in millions) | 2024 | | 2023 |
| Reconciliation of gross margin to utility margin: | | | |
| Operating Revenues | $ | 1,513.9 | | | $ | 1,422.1 | |
| Less: Fuel, purchased supply and direct transmission expense (exclusive of depreciation and depletion shown separately below) | 433.8 | | | 420.2 | |
| Less: Operating and maintenance | 227.8 | | | 220.5 | |
| Less: Property and other taxes | 163.9 | | | 154.6 | |
| Less: Depreciation and depletion | 227.6 | | | 210.5 | |
| Gross Margin | 460.8 | | | 416.3 | |
| Operating and maintenance | 227.8 | | | 220.5 | |
| Property and other taxes | 163.9 | | | 154.6 | |
| Depreciation and depletion | 227.6 | | | 210.5 | |
Utility Margin(1) | $ | 1,080.1 | | | $ | 1,001.9 | |
(1) Non-GAAP financial measure. See “Non-GAAP Financial Measures” below. |
| | | | | | | | | | | | | | | | | | | | | | | |
| Year Ended December 31, |
| (in millions) | 2024 | | 2023 | | Change | | % Change |
| |
| Utility Margin | | | | | | | |
| Electric | $ | 871.1 | | | $ | 806.1 | | | $ | 65.0 | | | 8.1 | % |
| Natural Gas | 209.0 | | | 195.8 | | | 13.2 | | | 6.7 | |
| | | | | | | |
Total Utility Margin(1) | $ | 1,080.1 | | | $ | 1,001.9 | | | $ | 78.2 | | | 7.8 | % |
(1) Non-GAAP financial measure. See “Non-GAAP Financial Measures” below. | | | |
Consolidated utility margin in 2024 was $1,080.1 million as compared with $1,001.9 million in 2023, an increase of $78.2 million, or 7.8 percent.
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NorthWestern Reports 2024 Financial Results
February 12, 2025
Page 9
Primary components of the change in utility margin include the following:
| | | | | |
| (in millions) | Utility Margin
2024 vs. 2023 |
| Utility Margin Items Impacting Net Income | |
| Base rates | $ | 62.4 | |
| Electric transmission revenue due to market conditions and rates | 18.6 | |
| Montana interim rates (subject to refund) | 4.8 | |
| Montana natural gas transportation | 2.3 | |
| Montana property tax tracker collections | 1.1 | |
Non-recoverable Montana electric supply costs | (7.9) | |
QF liability adjustment | (4.2) | |
| Natural gas retail volumes | (4.0) | |
| Electric retail volumes | (0.9) | |
| Other | (3.0) | |
| Change in Utility Margin Impacting Net Income | 69.2 | |
| |
| Utility Margin Items Offset Within Net Income | |
| Property and other taxes recovered in revenue, offset in property and other taxes | 6.4 | |
| Operating expenses recovered in revenue, offset in operating and maintenance expense | 2.4 | |
| Production tax credits, offset in income tax expense | 0.2 | |
| Change in Items Offset Within Net Income | 9.0 | |
Increase in Consolidated Utility Margin(1) | $ | 78.2 | |
| (1) Non-GAAP financial measure. See “Non-GAAP Financial Measures” below. | |
Lower electric residential and commercial retail volumes were driven by unfavorable weather in South Dakota impacting residential demand and lower commercial demand in all jurisdictions as compared to the prior year, partly offset by higher industrial demand and customer growth. Lower natural gas retail volumes were driven by unfavorable weather in all jurisdictions partly offset by customer growth.
Under the PCCAM, net supply costs higher or lower than the PCCAM base rate (PCCAM Base) (excluding QF costs) are allocated 90 percent to Montana customers and 10 percent to shareholders. For the twelve months ended December 31, 2024, we under-collected supply costs of $8.0 million resulting in an increase to our under collection of costs, and recorded a decrease in pre-tax earnings of $0.9 million (10 percent of the PCCAM Base cost variance). For the twelve months ended December 31, 2023, we over collected supply costs of $32.9 million resulting in a reduction to our under collection of costs, and recorded an increase in pre-tax earnings of $7.0 million, which was inclusive of a $3.2 million increase in pre-tax earnings related to the retroactive application of higher PCCAM Base rates to July 1, 2022.
The less favorable adjustment to our electric QF liability (unrecoverable costs associated with contracts covered by the Public Utility Regulatory Policies Act of 1978 (PURPA) as part of a 2002 stipulation with the MPSC and other parties) reflects a $0.8 million gain in 2024, as compared with a $5.0 million gain for the same period in 2023, due to a favorable adjustment in the prior year, decreasing the QF liability by $4.2 million, reflecting annual actual contract price escalation for the 2023-2024 contract year, which was less than previously estimated. The 2023-2024 contract year was the last year of the contract that contains variable pricing terms.
NorthWestern Reports 2024 Financial Results
February 12, 2025
Page 10
| | | | | | | | | | | | | | | | | | | | | | | |
| (in millions) | Year Ended December 31, |
| 2024 | | 2023 | | Change | | % Change |
| |
| Operating Expenses (excluding fuel, purchased supply and direct transmission expense) | | | | | | | |
| Operating and maintenance | $ | 227.8 | | | $ | 220.5 | | | $ | 7.3 | | | 3.3 | % |
| Administrative and general | 137.4 | | | 117.3 | | | 20.1 | | | 17.1 | |
| Property and other taxes | 163.9 | | | 153.1 | | | 10.8 | | | 7.1 | |
| Depreciation and depletion | 227.6 | | | 210.5 | | | 17.1 | | | 8.1 | |
| Total Operating Expenses (excluding fuel, purchased supply and direct transmission expense) | $ | 756.7 | | | $ | 701.4 | | | $ | 55.3 | | | 7.9 | % |
Consolidated operating expenses, excluding fuel, purchased supply and direct transmission expense, were $756.7 million in 2024, as compared with $701.4 million in 2023. Primary components of the change include the following:
| | | | | |
| (in millions) | Operating Expenses |
| 2024 vs. 2023 |
| Operating Expenses (excluding fuel, purchased supply and direct transmission expense) Impacting Net Income | |
| Depreciation expense due to plant additions and higher depreciation rates | $ | 17.1 | |
Labor and benefits(1) | 7.9 | |
| Insurance expense, primarily due to increased wildfire risk premiums | 7.7 | |
| Property and other taxes not recoverable within trackers | 4.4 | |
| Litigation outcome (Pacific Northwest Solar) | 2.4 | |
| Electric generation maintenance | 2.0 | |
| Non-cash impairment of alternative energy storage investment | 1.7 | |
| Technology implementation and maintenance | 1.5 | |
| Uncollectible accounts | (1.4) | |
| Other | (2.3) | |
| Change in Items Impacting Net Income | 41.0 | |
| |
| Operating Expenses Offset Within Net Income | |
| Property and other taxes recovered in trackers, offset in revenue | 6.4 | |
Pension and other postretirement benefits, offset in other income(1) | 4.8 | |
| Operating and maintenance expenses recovered in trackers, offset in revenue | 2.4 | |
| Deferred compensation, offset in other income | 0.7 | |
| Change in Items Offset Within Net Income | 14.3 | |
| Increase in Operating Expenses (excluding fuel, purchased supply and direct transmission expense) | $ | 55.3 | |
| (1) In order to present the total change in labor and benefits, we have included the change in the non-service cost component of our pension and other postretirement benefits, which is recorded within other income on our Condensed Consolidated Statements of Income. This change is offset within this table as it does not affect our operating expenses. |
Consolidated operating income in 2024 was $323.3 million as compared with $300.5 million in 2023. This increase was primarily due to new base rates in Montana and South Dakota, electric transmission revenue, Montana interim rates, subject to refund, and Montana property tax tracker collections. These were offset in part by non-recoverable Montana electric supply costs, a less favorable QF liability adjustment, electric and natural gas retail volumes, depreciation, operating, and administrative and general costs.
NorthWestern Reports 2024 Financial Results
February 12, 2025
Page 11
Consolidated interest expense in 2024 was $131.7 million, as compared with $114.6 million in 2023. This increase was due to higher borrowings and interest rates, partly offset by higher capitalization of Allowance for Funds Used During Construction (AFUDC).
Consolidated other income in 2024 was $23.0 million, as compared with $15.8 million in 2023. This increase was primarily due to a $2.3 million reversal of a previously expensed Community Renewable Energy Project penalty due to a favorable legal ruling, higher capitalization of AFUDC, a decrease in the non-service cost component of pension expense, and an increase in the value of deferred shares held in trust for deferred compensation, offset in part by a $2.5 million non-cash impairment of an alternative energy storage equity investment.
Consolidated income tax benefit in 2024 was $9.4 million, as compared to an income tax expense of $7.5 million in 2023. Our effective tax rate for the twelve months ended December 31, 2024 was (4.4) percent as compared with 3.7 percent for the same period of 2023. Income tax benefit for the twelve months ended December 31, 2024, includes a $21.0 million benefit related to a reduction in our unrecognized tax benefits, inclusive of $4.1 million of previously accrued interest ($16.9 million net of interest). Additionally, during the twelve months ended December 31, 2024, we filed a tax accounting method change with the Internal Revenue Service consistent with the guidance for natural gas transmission and distribution property. This resulted in an income tax benefit of $7.0 million during 2024, related to repair costs that were previously capitalized for tax purposes in the 2022 and prior tax years. Income tax expense for the twelve months ended December 31, 2023, includes a one-time $3.2 million expense for the reduction of previously claimed alternative minimum tax credits as well as a $3.2 million benefit related to a reduction in our unrecognized tax benefits.
We currently estimate our effective tax rate will range between 13.0 percent to 17.0 percent in 2025. Based on the significant Net Operating Loss (NOL) income tax position we have, we anticipate paying minimal cash for income taxes into 2028.
The following table summarizes the differences between our effective tax rate and the federal statutory rate:
| | | | | | | | | | | | | | | | | | | | | | | |
| ($ in millions) | Year Ended December 31, |
| 2024 | | 2023 |
| Income Before Income Taxes | $ | 214.7 | | | | | $ | 201.6 | | | |
| | | | | | | |
| Income tax calculated at federal statutory rate | 45.1 | | | 21.0 | % | | 42.4 | | | 21.0 | % |
| | | | | | | |
| Permanent or flow through adjustments: | | | | | | | |
| State income taxes, net of federal provisions | 0.4 | | | 0.2 | | | 0.6 | | | 0.3 | |
| Flow-through repairs deductions | (23.1) | | | (10.8) | | | (25.9) | | | (12.9) | |
| Release of unrecognized tax benefits (2024 is inclusive of $4.1 million of related interest previously accrued) | (21.0) | | | (9.8) | | | (3.2) | | | (1.6) | |
| Production tax credits | (11.1) | | | (5.2) | | | (10.3) | | | (5.1) | |
| Gas repairs safe harbor method change | (7.0) | | | (3.3) | | | — | | | — | |
| Amortization of excess deferred income taxes | (2.9) | | | (1.4) | | | (2.2) | | | (1.1) | |
| Prior year permanent return to accrual adjustments | (0.4) | | | (0.2) | | | — | | | — | |
| Plant and depreciation of flow through items | 9.4 | | | 4.4 | | | 6.6 | | | 3.3 | |
| Unregulated Tax Cuts and Jobs Act excess deferred income taxes | — | | | — | | | (3.4) | | | (1.7) | |
| Reduction to previously claimed alternative minimum tax credit | — | | | — | | | 3.2 | | | 1.6 | |
| Other, net | 1.2 | | | 0.7 | | | (0.3) | | | (0.1) | |
| (54.5) | | | (25.4) | | | (34.9) | | | (17.3) | |
| | | | | | | |
| Income Tax (Benefit) Expense | $ | (9.4) | | | (4.4) | % | | $ | 7.5 | | | 3.7 | % |
NorthWestern Reports 2024 Financial Results
February 12, 2025
Page 12
Our effective tax rate typically differs from the federal statutory tax rate primarily due to the regulatory impact of flowing through federal and state tax benefits of repairs deductions, state tax benefit of accelerated tax depreciation deductions (including bonus depreciation when applicable) and production tax credits.
Consolidated net income in 2024 was $224.1 million as compared with $194.1 million in 2023, an increase of $30.0 million. This increase was primarily due to new base rates in Montana and South Dakota, electric transmission revenue, and income tax benefits from a change to the gas repairs safe harbor method and a reduction to our unrecognized tax benefits. These were offset in part by non-recoverable Montana electric supply costs, a less favorable QF liability adjustment, electric and natural gas retail volumes, depreciation, operating, administrative and general costs, and interest expense.
LIQUIDITY AND OTHER CONSIDERATIONS
Liquidity and Capital Resources
As of December 31, 2024, our total consolidated net liquidity was approximately $191.3 million, including $4.3 million of cash and $187.0 million of revolving credit facility availability with no letters of credit outstanding. This compares to total net liquidity one year ago at December 31, 2023 of $241.2 million.
Earnings Per Share
Basic earnings per share are computed by dividing earnings applicable to common stock by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflect the potential dilution of common stock equivalent shares that could occur if unvested shares were to vest. Common stock equivalent shares are calculated using the treasury stock method, as applicable. The dilutive effect is computed by dividing earnings applicable to common stock by the weighted average number of common shares outstanding plus the effect of the outstanding unvested restricted stock and performance share awards. Average shares used in computing the basic and diluted earnings per share are as follows:
| | | | | | | | | | | | | | |
| December 31, | |
| 2024 | | 2023 | |
| Basic computation | 61,293,052 | | | 60,321,481 | | |
| Dilutive effect of | | | | |
Performance and restricted share awards(1) | 81,153 | | | 36,312 | | |
Forward equity sale(2) | — | | | — | | |
| Diluted computation | 61,374,205 | | | 60,357,793 | | |
(1) Performance share awards are included in diluted weighted average number of shares outstanding based upon what would be issued if the end of the most recent reporting period was the end of the term of the award. (2) Forward equity shares are included in diluted weighted average number of shares outstanding based upon what would be issued if the end of the most recent reporting period was the end of the term of the forward sale agreement. |
Adjusted Non-GAAP Earnings
We reported GAAP earnings of $3.65 per diluted share for the year ended December 31, 2024 and $3.22 per diluted share for the same period in 2023. Adjusted Non-GAAP earnings per diluted share for the same periods are $3.40 and $3.27, respectively. A reconciliation of items factored into our Adjusted Non-GAAP diluted earnings are summarized below. The amount below represents a non-GAAP measure that may provide users of this data with additional meaningful information regarding the impact of certain items on our expected earnings. More information on this measure can be found in the "Non-GAAP Financial Measures" section below.
NorthWestern Reports 2024 Financial Results
February 12, 2025
Page 13
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (in millions, except per share amounts) | | | | | | | | |
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| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| Actual |
| | | | | | | | | | | |
| Nine Months Ended September 30, 2024 | | Q4 2024 | | Full Year 2024 |
| Pre-tax
Income | Net(1)
Income | Diluted
EPS | | Pre-tax
Income | Net(1)
Income | Diluted
EPS | | Pre-tax
Income | Net(1)
Income | Diluted EPS(2) |
| 2024 Reported GAAP | $155.0 | $143.6 | $2.34 | | $59.7 | $80.6 | $1.31 | | $214.7 | $224.1 | $3.65 |
| | | | | | | | | | | |
| Non-GAAP Adjustments: | | | | | | | | |
| Add Back Unfavorable Weather | 2.3 | | 1.7 | | 0.03 | | | 8.3 | | 6.2 | | 0.10 | | | 10.6 | | 7.9 | | 0.13 | |
| Impairment of Alternative Energy Storage Investment | 4.2 | | 3.1 | | 0.05 | | | — | | — | | — | | | 4.2 | | 3.1 | | 0.05 | |
| Community Renewable Energy Project Penalty (not tax deductible) | (2.3) | | (2.3) | | (0.04) | | | — | | — | | — | | | (2.3) | | (2.3) | | (0.04) | |
| Natural Gas Repairs Safe Harbor Method Change | — | | (7.0) | | (0.11) | | | — | | — | | — | | | — | | (7.0) | | (0.11) | |
| Release of Unrecognized Tax Benefit | — | | — | | — | | | — | | (16.9) | | (0.28) | | | — | | (16.9) | | (0.28) | |
| | | | | | | | | | | |
| 2024 Non-GAAP | $159.2 | $139.1 | $2.27 | | $68.0 | $69.9 | $1.13 | | $227.2 | $208.9 | $3.40 |
| | | | | | | | | | | |
| | | | | | | | | | | |
| Nine Months Ended September 30, 2023 | | Q4 2023 | | Full Year 2023 |
| Pre-tax
Income | Net(1)
Income | Diluted
EPS | | Pre-tax
Income | Net(1)
Income | Diluted
EPS | | Pre-tax
Income | Net(1)
Income | Diluted EPS(2) |
| 2023 Reported GAAP | $125.1 | $111.0 | $1.85 | | $76.6 | $83.1 | $1.37 | | $201.6 | $194.1 | $3.22 |
| | | | | | | | | | | |
| Non-GAAP Adjustments: | | | | | | | | |
| (Deduct) Favorable Weather / Add Back Unfavorable Weather | (0.9) | | (0.7) | | (0.01) | | | 5.2 | | 3.9 | | 0.06 | | | 4.3 | | 3.2 | | 0.05 | |
| Add Back Reduction Related to Previously Claimed AMT Credit | — | | 3.2 | | 0.05 | | | — | | — | | — | | | — | | 3.2 | | 0.05 | |
| Release of Unrecognized Tax Benefit | — | | — | | — | | | — | | (3.2) | | (0.05) | | | — | | (3.2) | | (0.05) | |
| | | | | | | | | | | |
| 2023 Non-GAAP | $124.2 | $113.5 | $1.89 | | $81.8 | $83.8 | $1.38 | | $205.9 | $197.3 | $3.27 |
| | | | | | | | | | | |
| (1) Income tax rate on reconciling items assumes blended federal plus state effective tax rate of 25.3%. |
| (2) Due to changes in the quarterly diluted share count, full year EPS may be +/- $0.01 different than the sum of the quarters. |
Company Hosting Earnings Webinar
NorthWestern will host an investor earnings webinar on Thursday, February 13, 2025, at 3:30 p.m. Eastern time to review its financial results for the year ending December 31, 2024. To register for the webinar, please visit www.northwesternenergy.com/earnings-registration. Please go to the site at least 15 minutes in advance of the webinar to register. An archived webinar will be available shortly after the event and remain active for one year.
NorthWestern Reports 2024 Financial Results
February 12, 2025
Page 14
NorthWestern Energy - Delivering a Bright Future
NorthWestern Energy Group, doing business as NorthWestern Energy, provides essential energy infrastructure and valuable services that enrich lives and empower communities while serving as long-term partners to our customers and communities. We work to deliver safe, reliable, and innovative energy solutions that create value for customers, communities, employees, and investors. We do this by providing low-cost and reliable service performed by highly-adaptable and skilled employees. We provide electricity and / or natural gas to approximately 787,000 customers in Montana, South Dakota, Nebraska, and Yellowstone National Park. Our operations in Montana and Yellowstone National Park are conducted through our subsidiary, NW Corp, and our operations in South Dakota and Nebraska are conducted through our subsidiary, NWE Public Service. We have provided service in South Dakota and Nebraska since 1923 and in Montana since 2002.
Non-GAAP Financial Measures
This press release includes financial information prepared in accordance with GAAP, as well as other financial measures, such as Utility Margin, Adjusted Non-GAAP pretax income, Adjusted Non-GAAP net income and Adjusted Non-GAAP Diluted EPS that are considered “non-GAAP financial measures.” Generally, a non-GAAP financial measure is a numerical measure of a company’s financial performance, financial position or cash flows that excludes (or includes) amounts that are included in (or excluded from) the most directly comparable measure calculated and presented in accordance with GAAP.
We define Utility Margin as Operating Revenues less fuel, purchased supply and direct transmission expense (exclusive of depreciation and depletion) as presented in our Condensed Consolidated Statements of Income. This measure differs from the GAAP definition of Gross Margin due to the exclusion of Operating and maintenance, Property and other taxes, and Depreciation and depletion expenses, which are presented separately in our Condensed Consolidated Statements of Income. A reconciliation of Utility Margin to Gross Margin, the most directly comparable GAAP measure, is included in the press release above.
Management believes that Utility Margin provides a useful measure for investors and other financial statement users to analyze our financial performance in that it excludes the effect on total revenues caused by volatility in energy costs and associated regulatory mechanisms. This information is intended to enhance an investor's overall understanding of results. Under our various state regulatory mechanisms, as detailed below, our supply costs are generally collected from customers. In addition, Utility Margin is used by us to determine whether we are collecting the appropriate amount of energy costs from customers to allow for recovery of operating costs, as well as to analyze how changes in loads (due to weather, economic, or other conditions), rates, and other factors impact our results of operations. Our Utility Margin measure may not be comparable to that of other companies' presentations or more useful than the GAAP information provided elsewhere in this report.
Management also believes the presentation of Adjusted Non-GAAP pre-tax income, Adjusted Non-GAAP net income and Adjusted Non-GAAP Diluted EPS is more representative of normal earnings than GAAP pre-tax income, net income and EPS due to the exclusion (or inclusion) of certain impacts that are not reflective of ongoing earnings. The presentation of these non-GAAP measures is intended to supplement investors' understanding of our financial performance and not to replace other GAAP measures as an indicator of actual operating performance. Our measures may not be comparable to other companies' similarly titled measures.
Special Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including, without limitation, the information under "Adjusted Non-GAAP Earnings." Forward-looking statements involve risks and uncertainties, which could cause actual results or outcomes to differ materially from those expressed. We caution that while we make such statements in good faith and believe such statements are based on reasonable assumptions, including without
NorthWestern Reports 2024 Financial Results
February 12, 2025
Page 15
limitation, management's examination of historical operating trends, data contained in records and other data available from third parties, we cannot assure you that we will achieve our projections. Factors that may cause such differences include, but are not limited to:
•adverse determinations by regulators, such as adverse outcomes from the denial of interim rates or final rates not consistent with a reasonable ability to earn our allowed returns, as well as potential adverse federal, state, or local legislation or regulation, including costs of compliance with existing and future environmental requirements, and wildfire damages in excess of liability insurance coverage, could have a material effect on our liquidity, results of operations and financial condition;
•the impact of extraordinary external events and natural disasters, such as a wide-spread or global pandemic, geopolitical events, earthquake, flood, drought, lightning, weather, wind, and fire, could have a material effect on our liquidity, results of operations and financial condition;
•acts of terrorism, cybersecurity attacks, data security breaches, or other malicious acts that cause damage to our generation, transmission, or distribution facilities, information technology systems, or result in the release of confidential customer, employee, or Company information;
•supply chain constraints, recent high levels of inflation for product, services and labor costs, and their impact on capital expenditures, operating activities, and/or our ability to safely and reliably serve our customers;
•changes in availability of trade credit, creditworthiness of counterparties, usage, commodity prices, fuel supply costs or availability due to higher demand, shortages, weather conditions, transportation problems or other developments, may reduce revenues or may increase operating costs, each of which could adversely affect our liquidity and results of operations;
•unscheduled generation outages or forced reductions in output, maintenance or repairs, which may reduce revenues and increase operating costs or may require additional capital expenditures or other increased operating costs; and
•adverse changes in general economic and competitive conditions in the U.S. financial markets and in our service territories.
Our 2024 Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, reports on Form 8-K and other Securities and Exchange Commission filings discuss some of the important risk factors that may affect our business, results of operations and financial condition. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Investor Relations Contact: Media Contact:
Travis Meyer (605) 978-2967 Jo Dee Black (866) 622-8081
travis.meyer@northwestern.com jodee.black@northwestern.com
1 2024 Year-End Earnings Webcast February 13, 2025 8-K February 13, 2025
NorthWestern Energy 2 Forward Looking Statements During the course of this presentation, there will be forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements often address our expected future business and financial performance, and often contain words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” or “will.” The information in this presentation is based upon our current expectations as of the date of this document unless otherwise noted. Our actual future business and financial performance may differ materially and adversely from our expectations expressed in any forward-looking statements. We undertake no obligation to revise or publicly update our forward-looking statements or this presentation for any reason. Although our expectations and beliefs are based on reasonable assumptions, actual results may differ materially. The factors that may affect our results are listed in certain of our press releases and disclosed in the Company’s 10-K and 10-Q along with other public filings with the SEC.
2024 In Review Critical Infrastructure Investment • Maintained safe & reliable service while reaching new all-time winter & summer electric system peaks in Montana • Safely completed over $550 million of capital investment • Yellowstone County Generating Station online & serving customers • Strengthened Montana presence with planned acquisition of Energy West Montana & Cut Bank Gas assets • Agreement for incremental Colstrip Ownership in Montana • Addresses remaining capacity gap & enables opportunities for new large-load customers • Announced plans for Regional Transmission Expansion Regulatory & Operational Performance • Rate reviews filed across all jurisdictions to recover necessary investment to provide safe & reliable service • Refreshed Wildfire Mitigation Plan & implemented Public Safety Power Shutoff Plan Strong Financial Performance & Outlook • Reporting diluted GAAP EPS of $3.65 • Affirming long-term EPS & rate base target growth rates of 4% - 6%1 • Increasing quarterly dividend by 1.5% - to $0.66 per share – payable March 31, 2025 • Announcing $2.74 billion 5-year capital plan, an 11% increase over prior plan 3 Lone Peak, Big Sky, MT 1.) Based on 2024 Adjusted Diluted Non-GAAP EPS of $3.40 and estimated rate base of $5.38 billion See “Full Year 2024 Non-GAAP Earnings” below and “Non-GAAP Financial Measures” in appendix
9%-11% Total Growth >11% Total Growth Incremental Opportunities: > 6% EPS Growth ~5% Dividend Yield Base Capital Plan: 4%-6% EPS Growth ✓ Data centers & new large- load opportunities ✓ FERC Regional Transmission ✓ Incremental generating capacity (subject to successful resource procurement bids) $2.74 billion of highly executable and low-risk capital investment forecasted over the next five years. This investment is expected to drive annualized earnings and rate base growth of approximately 4% - 6%. See slide titled “Strong Growth Outlook” for additional information. + The NorthWestern Value Proposition + 4 = = 2025-2029 Capital Investment ($ Millions)
2024 Financial Results 5 1.) See “Fourth Quarter 2024 Non-GAAP Earnings” and “Full Year 2024 Non-GAAP Earnings” below and “Non-GAAP Financial Measures” in appendix. Fourth Quarter 2024 EPS vs Prior Period • GAAP: $0.06 or (4.4%) • Non-GAAP1: $0.25 or (18.1%) Full Year 2024 EPS vs Prior Period • GAAP: $0.43 or 13.4% • Non-GAAP1: $0.13 or 4.0% Fourth Quarter Earnings Per Share Full Year Earnings Per Share
Thank youFourth Quarter Financial Review 6
Fourth Quarter Earnings Drivers 7 The decrease in diluted EPS was primarily driven by higher operating, depreciation, interest, and income tax expenses, partially offset by increased utility margin and income tax benefits. After-tax EPS vs Prior Year 1.) Utility Margin is a non-GAAP Measure. See appendix slide titled “Reconciling Gross Margin to Utility Margin” for additional disclosure. 2.) See “Fourth Quarter 2024 Non-GAAP Earnings” below and “Non-GAAP Financial Measures” in appendix. 3.) Release of a $16.9 million Unrecognized Tax Benefit in 2024 as compared to a $3.2 million release of an Unrecognized Tax Benefit in 2023.
We estimate weather to be a $8.3 million pre-tax detriment as compared to normal and a $3.1 million detriment as compared to fourth quarter 2023. (1) As a result of the adoption of Accounting Standard Update 2017-07 in March 2018, pension and other employee benefit expense is now disaggregated on the GAAP income statement with portions now recorded in both OG&A expense and Other (Expense) Income lines. To facilitate better understanding of trends in year-over-year comparisons, the non-GAAP adjustment above re-aggregates the expense in OG&A - as it was historically presented prior to the ASU 2017-07 (with no impact to net income or earnings per share). (2) Utility Margin is a non-GAAP Measure. See the slide titled “Reconciling Gross Margin to Utility Margin” for additional disclosures. Fourth Quarter 2024 Non-GAAP Earnings 8 Note: Subtotal variances may exist due to rounding.
Thank youFull Year Financial Review 9
Year-Over-Year Earnings Drivers 10 The increase in diluted EPS was primarily driven by higher base rates, increased transmission revenues, and income tax benefits, partially offset by higher operating, interest, and depreciation expenses. After-tax EPS vs Prior Year 1.) Utility Margin is a non-GAAP Measure. See appendix slide titled “Reconciling Gross Margin to Utility Margin” for additional disclosure. 2.) See “Full Year 2024 Non-GAAP Earnings” below and “Non-GAAP Financial Measures” in appendix. 3.) $23.9 million benefit in 2024 ($16.9 million release of an Unrecognized Tax Benefit plus $7.0 million related to a natural gas Safe Harbor method change) as compared to a $3.2 million benefit related to the release of an Unrecognized Tax Benefit in 2023.
Year-Over-Year Utility Margin Bridge Pre-tax Millions vs. Prior Year $69.2 million or 6.9% increase in Utility Margin items that impact Net Income NOTE: Utility Margin is a non-GAAP Measure. See appendix slide titled “Reconciling Gross Margin to Utility Margin” for additional disclosure. 11
(1) As a result of the adoption of Accounting Standard Update 2017-07 in March 2018, pension and other employee benefit expense is now disaggregated on the GAAP income statement with portions now recorded in both OG&A expense and Other (Expense) Income lines. To facilitate better understanding of trends in year-over-year comparisons, the non-GAAP adjustment above re- aggregates the expense in OG&A - as it was historically presented prior to the ASU 2017-07 (with no impact to net income or earnings per share). (2) Utility Margin is a non-GAAP Measure. See the slide titled “Reconciling Gross Margin to Utility Margin” for additional disclosure. Full Year 2024 Non-GAAP Earnings 12 We estimate weather to be a $10.6 million pre-tax detriment as compared to normal and a $6.3 million detriment as compared to 2023. The adjusted non-GAAP measures presented in the table reflect significant items that are non-recurring or a variance from normal weather. However, they should not be considered a substitute for financial results and measures determined or calculated in accordance with GAAP. Note: Subtotal variances may exist due to rounding.
Credit, Cash Flow, and Financing Plans 13 Credit Ratings No equity expected to fund the current $2.74 billion 5-year capital plan Financing plans (targeting a FFO to Debt ratio > 14%) are expected to maintain our current credit ratings. We expect to pay minimal cash taxes into 2028 due to utilization of our NOL’s and tax credits. Financing plans are subject to change.
Thank youLooking Forward 14
Strong Growth Outlook 15 ✓ 2025 EPS guidance expected to be provided following the outcome of our pending Montana rate review ✓ Affirming long-term growth rates from 2024 base1 • EPS growth of 4% to 6% • Rate base growth of 4% to 6% • Continued focus on closing the gap between earned & authorized returns ✓ No equity expected to fund the current 5-year | $2.74 billion capital plan • Capital plan sized to be funded by cash from operations, aided by net operating losses, and secured debt • Incremental capital opportunities may result in equity financing ✓ Expect to maintain FFO / Debt > 14% in 2025 and beyond ✓ Earnings growth is expected to exceed dividend growth until we return to our targeted 60% to 70% payout ratio 1.) Based on 2024 Adjusted Diluted Non-GAAP EPS of $3.40 and estimated rate base of $5.38 billion See “Full Year 2024 Non-GAAP Earnings” above and “Non-GAAP Financial Measures” in appendix
11% increase in 5-year capital investment plan $2.74 billion of highly-executable and low-risk critical capital investment Regulated Utility Five-Year Capital Forecast (millions) 16
17 Rate Review Summary Key Dates of Montana procedural Schedule • 1/17/25: Intervenor testimony received • 3/14/25: NWE rebuttal and cross- intervenor testimony due • 3/24/25: Final day to file settlements • 4/22/25: Hearing Commences • 5/23/25: Implementation of requested rates (subject to refund) SD Natural Gas The South Dakota Public Utilities Commission unanimously approved a settlement agreement between NorthWestern and SDPUC Staff for an annual increase in base rates of approximately $4.6 million and an authorized rate of return of 6.91%. Final rates were effective December 19, 2024. MT Electric MT Natural Gas NE Natural Gas Date Filed July 10, 2024 July 10, 2024 June 6, 2024 Test Year End 2023 with 2024 Known & Measurables 2023 with 2024 Known & Measurables 2023 with 2024 Known & Measurables Revenue Request $156.5 Million ($69.4M net with Property Tax Tracker and PCCAM Adjustments) $28.6 Million $3.6 Million ($3.3M Retail and $0.3M Tx) Equity Layer / ROE Requested: 46.81% / 10.80% (Authorized: 48.02% / 9.65%) Requested: 46.81% / 10.80% (Authorized: 48.02% / 9.55%) Requested: 53.13% / 10.70% (Authorized: N/A / 10.40%) Debt Layer / Cost of Debt Requested: 53.19% / 4.57% (Authorized: 51.98% / 4.01%) Requested: 53.19% / 4.57% (Authorized: 51.98% / 4.01%) Requested: 46.87% / 4.42% (Authorized: N/A / 6.50%) Authorized Rate Base Requested: $3.45 Billion (Authorized: $2.84 Bill ion) Requested: $731.9 Million (Authorized: $582.8 Mill ion) Requested: $47.4 Million (Authorized: $24.3 Mill ion) Other Items to Note $874M of Gross Plant Investment (Jan '23-Dec '24F) $174M of Gross Plant Investment (Jan '23-Dec '24F) $42M of Gross Plant Investment (Jan '07-Dec '23) Interim Rates $18.4 million base rate increase effective Dec. 1, 2024 $17.4 million base rate increase effective Dec. 1, 2024 $2.3 million base rate increase effective Oct. 1, 2024 Note: For Montana electric, the equity and debt layer, ROE, and cost of debt exclude Colstrip Unit 4 metrics of a 10.00% return on equity, an equity weighting of 50.0%, and a return on rate base of 8.25%
18 Incremental Colstrip Capacity NorthWestern’s planned no cost acquisition of 592 MW of additional Colstrip capacity supports the integration of large-load customers, delivering substantial benefits to our customers, communities, and investors. 760 MW Existing Ownership Montana Average Load ✓ No cost acquisition of incremental Colstrip ownership allows us to reliably and affordably serve existing customers ▪ Provides energy independence & improves system reliability / integrity ▪ Moves portfolio from short capacity position to long capacity ▪ Maintains affordability while insulating customers from volatile capacity and energy market pricing ✓ Increased ownership (from 15% to 55%) is expected to protect existing interest and provide Montana control to keep the plant open beyond Washington and Oregon mandated closure deadlines ✓ Significant capacity surplus provides opportunity for new large-load customers, spreading fixed costs over more kilowatt-hours, lowering and stabilizing the cost per unit for all our customers 222 MW 222 MW 370 MW Avista & Puget Sound Energy 1400 MW Montana Peak Load + Planning Reserve
MT ✓ Montana ▪ Served by overall utility portfolio, which is expected to be long capacity beginning in 2026 ▪ Over 60% carbon free ▪ If data center demand interest develops beyond existing capacity, we will work with the Montana PSC to structure appropriate tariffs ✓ South Dakota ▪ Significant indications of interest ▪ Any new large load customers would require incremental capacity ▪ South Dakota PUC has an established process for large load customers with a deviated rate tariff 19 Large Load Customers Large-Load Data Center Opportunities Rate Moderation: Adding large customers with high energy usage spreads fixed costs over more kilowatt- hours, lowering and stabilizing the cost per unit for everyone. Economic Development: Large load customers bring jobs and infrastructure investments, benefiting the local economy. Increased Property Tax Revenue: Large load customers contribute significantly to local property tax bases. Grid Efficiency: High-consumption customers allow for optimization of grid usage, improving overall system efficiency and reliability. Revenue Stability: Large load customers provide a steady and predictable revenue stream, helping stabilize rates for all customers. ✓ Announced: December 17, 2024 ▪ Company: Confidential Data Center Developer ▪ Load: 50 MW expected to grow to 250 MW ▪ Start Date: Mid-2027 ▪ Agreement Status: Letter of Intent ✓ Announced: December 19, 2024 ▪ Company: Atlas Power ▪ Load: 75 MW expected to grow to 150 MW ▪ Start Date: January 2026 ▪ Agreement Status: Letter of Intent (Existing transmission customer) ✓ Expect to serve under existing Montana tariffs Note on pie Chart: Based on MWh’s supplied from owned & long-term contracted resources. Contracted energy from Colstrip Energy Limited Partners (CELP), Yellowstone Energy Limited Partners (YELP) as well as a majority of the contracted wind, hydro and solar are federally mandated Qualifying Facilities, as defined under the Public Utility Regulatory Policies Act of 1978 (PURPA). NorthWestern does not own all the renewable energy certificates (RECs) generated by contracted resources, and periodically sells its own RECs with proceeds benefiting retail customers. Accordingly, we cannot represent that 100% of carbon-free energy in the portfolio was delivered to our customers.
20 Regional Transmission Opportunities 20 Colstrip Transmission System North Plains Connector (NPC) Consortium Project • $3.6 billion, 415-mile, high-voltage direct-current transmission line connecting to Montana's Colstrip substation, bridging the eastern and western U.S. energy grids • Project awarded $700M Grid Resilience & Innovation Partnership grant by U.S. Department of Energy 1 • $70.0 million of the award is earmarked for upgrades to the Colstrip Transmission System (of which we are ~30% owner) North Plains Connector In December 2024, NorthWestern announced a memorandum of understanding to own 10% of the North Plains Connector. The project, targeting a 2032 in-service date, strengthens grid reliability and efficiency. A separate partnership will explore expanding Montana's southwest transmission corridor to bolster reliability, allow for critical import capability, and enhance Western market access. 1.) President Trump issued an Executive Order on January 20, 2025, "Unleashing American Energy," directing all federal executive agency heads to review all agency actions implicating energy reliability and affordability or potentially burdening the development of domestic energy resources. This Executive Order has delayed, for up to 90 days, the disbursement of the funds granted by the U.S. Department of Energy for the NPC Consortium project.
Conclusion Pure Electric & Gas Utility Solid Utility Foundation Best Practices Corporate Governance Attractive Future Growth Prospects Strong Earnings & Cash Flows 21 NorthWestern Energy Group, Inc. dba: NorthWestern Energy Ticker: NWE (Nasdaq) www.northwesternenergy.com Corporate Support Office 3010 West 69th Street Sioux Falls, SD 57108 (605) 978-2900 Investor Relations Officer Travis Meyer 605-978-2967 travis.meyer@northwestern.com
Thank youAppendix: 22
(1) The revenue requirement associated with the FERC regulated portion of Montana electric transmission and ancillary services are included as revenue credits to our MPSC jurisdictional customers. Therefore, we do not separately reflect FERC authorized rate base or authorized returns. (2) The Montana gas revenue requirement includes a step down which approximates annual depletion of our natural gas production assets included in rate base. (3) For those items marked as "n/a," the respective settlement and/or order was not specific as to these terms. (4) In June 2024, we filed a South Dakota natural gas rate review filing (2023 test year) with the SDPUC and a Nebraska natural gas rate review filing (2023 test year) with the NEPSC. Coal Generation Rate Base as a percentage of Total Rate Base Revenue from coal generation is not easily identifiable due to the use of bundled rates in South Dakota and other rate design and accounting considerations. However, NorthWestern is a fully regulated utility company for which rate base is the primary driver of earnings. The data to the left illustrates that NorthWestern only derives approximately 8-10% of earnings from its jointly owned coal generation rate base. Rate Base & Authorized Return Summary Appendix 23
Thank youFull Ye r Appendix 24
Full Year Financial Results 25 1.) Utility Margin is a non- GAAP Measure. See appendix slide titled “Reconciling Gross Margin to Utility Margin” for additional disclosure. Note: Subtotal variances may exist due to rounding. Appendix (in millions except per share amounts) 2024 2023 Variance % Variance Operating Revenues $1,513.9 $1,422.1 $91.8 6.5% 433.8 420.2 13.6 3.2% Utility Margin 1,080.1 1,001.9 78.2 7.8% Operating Expenses Operating and maintenance 227.8 220.5 7.3 3.3% Administrative and general 137.4 117.3 20.1 17.1% Property and other taxes 163.9 153.1 10.8 7.1% Depreciation and depletion 227.6 210.5 17.1 8.1% Total Operating Expenses 756.7 701.4 55.3 7.9% Operating Income 323.3 300.5 22.8 7.6% Interest Expense, net (131.7) (114.6) (17.1) (14.9%) Other Income, net 23.0 15.8 7.2 45.6% Income Before Income Taxes 214.7 201.6 13.1 6.5% Income Tax Benefit (Expense) 9.4 (7.5) 16.9 225.3% Net Income $224.1 $194.1 $30.0 15.5% Effective Tax Rate (4.4%) 3.7% (8.1%) Diluted Average Shares Outstanding 61.4 60.4 1.0 1.7% Diluted Earnings Per Share $3.65 $3.22 $0.43 13.4% Dividends Paid per Common Share $2.60 $2.56 0.04$ 1.6% Twelve Months Ended December 31, Fuel, purchased supply & direct transmission expense (exclusive of depreciation and depletion) 1
Utility Margin (Full Year) (dollars in millions) Twelve Months Ended December 31, 2024 2023 Variance Electric $ 871.1 $ 806.1 $ 65.0 8.1% Natural Gas 209.0 195.8 13.2 6.7% Total Utility Margin(1) $ 1,080.1 $ 1,001.9 $ 78.2 7.8% Increase in utility margin due to the following factors: $ 62.4 Base rates 18.6 Electric transmission revenue due to market conditions and rates 4.8 Montana interim rates (subject to refund) 2.3 Montana natural gas transportation 1.1 Montana property tax tracker collections (7.9) Non-recoverable Montana electric supply costs (4.2) QF liability adjustment (4.0) Natural gas retail volumes (0.9) Electric retail volumes (3.0) Other $ 69.2 Change in Utility Margin Impacting Net Income $ 6.4 Property & other taxes recovered in revenue, offset in property & other taxes 2.4 Operating expenses recovered in revenue, offset in operating & maintenance expense 0.2 Production tax credits, offset in income tax expense $ 9.0 Change in Utility Margin Offset Within Net Income $ 78.2 Increase in Utility Margin 26 Appendix (1) Utility Margin is a non-GAAP Measure. See appendix slide titled “Reconciling Gross Margin to Utility Margin” for additional disclosure.
(dollars in millions) Twelve Months Ended December 31, 2024 2023 Variance Operating & maintenance $ 227.8 $ 220.5 $ 7.3 3.3% Administrative & general 137.4 117.3 20.1 17.1% Property and other taxes 163.9 153.1 10.8 7.1% Depreciation and depletion 227.6 210.5 17.1 8.1% Operating Expenses $ 756.7 $ 701.4 $ 55.3 7.9% Increase in operating expenses due to the following factors: $ 17.1 Depreciation expense due to plant additions and higher depreciation rates 7.9 Labor and benefits(1) 7.7 Insurance expense, primarily due to increased wildfire risk premiums 4.4 Property and other taxes not recoverable within trackers 2.4 Litigation outcome (Pacific Northwest Solar) 2.0 Electric generation maintenance 1.7 Non-cash impairment of alternative energy storage investment 1.5 Technology implementation and maintenance expenses (1.4) Uncollectible accounts (2.3) Other $ 41.0 Change in Operating Expense Items Impacting Net Income $ 6.4 Property and other taxes recovered in trackers, offset in revenue 4.8 Pension and other postretirement benefits, offset in other income(1) 2.4 Operating and maintenance expenses recovered in trackers, offset in revenue 0.7 Deferred compensation, offset in other income $ 14.3 Change in Operating Expense Items Offset Within Net Income $ 55.3 Increase in Operating Expenses Operating Expenses (Full Year) (1) In order to present the total change in labor and benefits, we have included the change in the non- service cost component of our pension and other postretirement benefits, which is recorded within other income on our Condensed Consolidated Statements of Income. This change is offset within this table as it does not affect our operating expenses. 27 Appendix
Operating to Net Income (Full Year) (dollars in millions) Twelve Months Ended December 31, 2024 2023 Variance Operating Income $ 323.3 $ 300.5 $ 22.8 7.6% Interest expense (131.7) (114.6) (17.1) (14.9)% Other income, net 23.0 15.8 7.2 45.6% Income Before Taxes 214.7 201.6 13.1 6.5% Income tax benefit (expense) 9.4 (7.5) 16.9 225.3% Net Income $ 224.1 $ 194.1 $ 30.0 15.5% $17.1 million increase in interest expense was primarily due to higher borrowings and interest rates partly offset by higher capitalization of AFUDC. $7.2 million increase in other income, net was primarily due a $2.3 million reversal of a previously expensed Community Renewable Energy Project penalty due to a favorable legal ruling, higher capitalization of AFUDC, a decrease in the non-service cost component of pension expense, and an increase in the value of deferred shares held in trust for deferred compensation, offset in part by a $2.5 million non-cash impairment of an alternative energy storage equity investment. $16.9 million increase in income tax benefit was primarily due to a reduction in our unrecognized tax benefits, a natural gas safe harbor tax repairs accounting method change, and other increased flow-through benefits offset by higher pre-tax income.28 Appendix
Tax Reconciliation (Full Year) 29 Appendix (in millions) Variance Income Before Income Taxes $214.7 $201.6 $13.1 Income tax calculated at federal statutory rate 45.1 21.0% 42.4 21.0% 2.7 Permanent or flow-through adjustments: State income taxes, net of federal provisions 0.4 0.2% 0.6 0.3% (0.2) Flow-through repairs deductions (23.1) (10.8%) (25.9) (12.9%) 2.8 Release of unrecognized tax benefits (2024 is inclusive of $4.1 million of related interest previously accrued) (21.0) (9.8%) (3.2) (1.6%) (17.8) Production tax credits (11.1) (5.2%) (10.3) (5.1%) (0.8) Gas repairs safe harbor method change (7.0) (3.3%) - - (7.0) Amortization of excess deferred income taxes (2.9) (1.4%) (2.2) (1.1%) (0.7) Prior year permanent return to accrual adjustments (0.4) (0.2%) - - (0.4) Plant and depreciation of flow-through items 9.4 4.4% 6.6 3.3% 2.8 Unregulated Tax Cuts and Jobs Act excess deferred income taxes - - (3.4) (1.7%) 3.4 Reduction to previously claimed alternative minimum tax credit - - 3.2 1.6% (3.2) Other, net 1.2 0.7% (0.3) (0.1%) 1.5 Sub-total (54.5) (25.4%) (34.9) (17.3%) (19.6) Income Tax (Benefit) Expense (9.4)$ (4.4%) 7.5$ 3.7% (16.9)$ 2024 2023 Twelve Months Ended December 31,
Segment Results (Full Year) *Direct transmission expense excludes depreciation and depletion. (1) Utility Margin is a non-GAAP Measure. See appendix slide titled “Reconciling Gross Margin to Utility Margin” for additional disclosure. (2) Consists of unallocated corporate costs and some limited unregulated activity within the energy industry. 30 Appendix
Electric Segment (Full Year) (1) Utility Margin is a non-GAAP Measure. See appendix slide titled “Reconciling Gross Margin to Utility Margin” for additional disclosure. 31 Appendix
Natural Gas Segment (Full Year) 32 Appendix (1) Utility Margin is a non-GAAP Measure. See appendix slide titled “Reconciling Gross Margin to Utility Margin” for additional disclosure.
(dollars in millions) As of December 31, As of December 31, 2024 2023 Cash and cash equivalents 4.3$ 9.2$ Restricted cash 24.7 16.0 Accounts receivable, net 187.8 212.3 Inventories 122.9 114.5 Other current assets 78.5 55.0 Goodwill 357.6 357.6 PP&E and other non-current assets 7,221.8 6,836.1 Total Assets 7,997.5$ 7,600.7$ Payables 111.8 124.3 Current Maturities - debt and leases 403.5 103.3 Other current liabilities 286.9 307.3 Long-term debt & capital leases 2,697.2 2,690.1 Other non-current liabilities 1,640.4 1,590.3 Shareholders' equity 2,857.7 2,785.3 Total Liabilities and Equity 7,997.5$ 7,600.7$ Capitalization: Short-Term Debt & Short-Term Finance Leases 403.5 103.3 Long-Term Debt & Long-Term Finance Leases 2,697.2 2,690.1 Less: Basin Creek Finance Lease (5.5) (8.8) Shareholders' Equity 2,857.7 2,785.3 Total Capitalization 5,953.0$ 5,569.9$ Ratio of Debt to Total Capitalization 52.0% 50.0% Balance Sheet 33 Appendix Debt to Total Capitalization up from last year and inside our targeted 50% - 55% range.
(dollars in millions) 2024 2023 Operating Activities Net Income 224.1$ 194.1$ Non-Cash adjustments to net income 213.5 210.1 Changes in working capital (18.9) 115.6 Other noncurrent assets & liabilities (11.9) (30.6) Cash Provided by Operating Activities 406.8 489.2 Cash Used in Investing Activities (554.5) (570.8) Cash Provided by Financing Activities 151.5 84.3 Cash Provided by Operating Activities 406.8$ 489.2$ Less: Changes in working capital (18.9) 115.6 Funds from Operations 425.7$ 373.6$ PP&E additions 549.3 566.9 Capital expenditures included in trade accounts payable (19.9) (22.4) AFUDC Credit 18.6 17.6 Total Capital Investment 548.0$ 562.1$ Twelve Months Ended December 31, Cash from Operating Activities decreased by $82.4 million primarily due to significant net cash inflows in the prior period from the recovery of previously under- collected energy supply costs, compared to minimal net cash inflows in the current period due to the timely recovery of energy supply costs. Funds from Operations increased by $52.1 million over prior period. Net Under-Collected Supply Costs (in millions) Beginning (Jan. 1) Ending (Dec. 31) (Outflow) / Inflow 2023 $115.4 $7.8 $107.6 2024 $7.8 $5.9 $1.9 2024 Decrease in Net Cash Inflows $(105.7) Full Year Cash Flow 34 No Planned Equity Issuances in 2025 Financing plans (targeting a FFO to Debt ratio > 14%) are expected to maintain our current credit ratings and are subject to change. Debt financing in 2024 • Issued $175 million, 5.56% coupon, 7-year Montana FMBs in Q1 • Issued $33 million, 5.55% coupon, 5-year South Dakota FMBs in Q1 • Issued $7 million, 5.75% coupon, 10-year, South Dakota FMBs in Q1 • Entered $100 million term loan in Q2 with variable rate of Secured Overnight Financing Rate plus an applicable margin. Appendix
Reconciling Gross Margin to Utility Margin Management believes that Utility Margin provides a useful measure for investors and other financial statement users to analyze our financial performance in that it excludes the effect on total revenues caused by volatility in energy costs and associated regulatory mechanisms. This information is intended to enhance an investor's overall understanding of results. Under our various state regulatory mechanisms, as detailed below, our supply costs are generally collected from customers. In addition, Utility Margin is used by us to determine whether we are collecting the appropriate amount of energy costs from customers to allow recovery of operating costs, as well as to analyze how changes in loads (due to weather, economic or other conditions), rates and other factors impact our results of operations. Our Utility Margin measure may not be comparable to that of other companies' presentations or more useful than the GAAP information provided elsewhere in this report. (1) Utility Margin is a non-GAAP Measure. 35 Appendix 2024 2023 2024 2023 2024 2023 (in millions) Reconciliation of gross margin to utility margin Operating Revenues 290.9$ 264.2$ 82.6$ 91.8$ 373.5$ 356.0$ Less: Fuel, purchased supply and direct transmission expense (exclusive of depreciation and depletion shown separately below) 72.6 64.2 22.1 34.0 94.7 98.2 Less: Operating & maintenance expense 45.4 42.2 15.0 14.4 60.4 56.6 Less: Property and other tax expense 29.9 17.3 9.0 4.7 38.9 22.0 Less: Depreciation and depletion expense 47.6 43.6 9.4 9.1 57.0 52.7 Gross Margin 95.4 96.9 27.1 29.6 122.5 126.5 Plus: Operating & maintenance expense 45.4 42.2 15.0 14.4 60.4 56.6 Plus: Property and other tax expense 29.9 17.3 9.0 4.7 38.9 22.0 Plus: Depreciation and depletion 47.6 43.6 9.4 9.1 57.0 52.7 Utility Margin 218.3$ 200.0$ 60.5$ 57.8$ 278.8$ 257.8$ 2024 2023 2024 2023 2024 2023 (in millions) Reconciliation of gross margin to utility margin Operating Revenues 1,200.7$ 1,068.8$ 313.2$ 353.3$ 1,513.9$ 1,422.1$ Less: Fuel, purchased supply and direct transmission expense (exclusive of depreciation and depletion shown separately below) 329.6 262.7 104.2 157.5 433.8 420.2 Less: Operating & maintenance expense 171.7 166.0 56.1 54.5 227.8 220.5 Less: Property and other tax expense 126.5 120.3 37.4 34.3 163.9 154.6 Less: Depreciation and depletion expense 190.0 174.1 37.6 36.4 227.6 210.5 Gross Margin 382.9 345.7 77.9 70.6 460.8 416.3 Plus: Operating & maintenance expense 171.7 166.0 56.1 54.5 227.8 220.5 Plus: Property and other tax expense 126.5 120.3 37.4 34.3 163.9 154.6 Plus: Depreciation and depletion 190.0 174.1 37.6 36.4 227.6 210.5 Utility Margin 871.1$ 806.1$ 209.0$ 195.8$ 1,080.1$ 1,001.9$ Reconciliation of Gross Margin to Utility Margin for the Three Months Ended December 31, Reconciliation of Gross Margin to Utility Margin for the Twelve Months Ended December 31, Electric Natural Gas Total Electric Natural Gas Total (1) (1)
Q1 Q2 Q3 Q4 Full Year '17/'18 Tracker $3.3 $3.3 '18/'19 Tracker ($5.1) $0.3 (4.8) 2018 (Expense) Benefit $0.0 $0.0 ($1.8) $0.3 ($1.5) Full Year '18/'19 Tracker ($1.6) $4.6 $3.0 '19/'20 Tracker $0.1 ($0.7) (0.6) 2019 (Expense) Benefit ($1.6) $4.6 $0.1 ($0.7) $2.4 Full Year ($9.4) ($9.4) '19/'20 Tracker ($0.1) $0.2 $0.1 Recovery of modeling costs $0.7 $0.7 '20/'21 Tracker ($0.6) ($0.3) ($0.9) 2020 (Expense) Benefit $0.6 $0.2 ($0.6) ($0.3) ($0.1) Full Year '20/'21 Tracker ($0.8) ($0.5) ($1.3) '21/'22 Tracker ($2.7) ($1.4) ($4.1) 2021 (Expense) Benefit ($0.8) ($0.5) ($2.7) ($1.4) ($5.4) Q1 Q2 Q3 Q4 Full Year '21/'22 Tracker ($0.8) ($0.8) ($1.6) '22/'23 Tracker ($3.9) ($1.7) ($5.6) 2022 (Expense) Benefit ($0.8) ($0.8) ($3.9) ($1.7) ($7.2) Q1 Q2 Q3 Q4 Year-to-Date '22/'23 Tracker $0.5 $2.1 $2.6 Retro-active application of PCCAM base $3.2 $3.2 '23/'24 Tracker $0.1 $1.1 $1.2 2023 (Expense) Benefit $0.5 $2.1 $0.1 $4.3 $7.0 Q1 Q2 Q3 Q4 Year-to-Date '23/'24 Tracker ($3.0) $1.2 ($1.8) '24/'25 Tracker $0.7 $0.2 $0.9 2024 (Expense) Benefit ($3.0) $1.2 $0.7 $0.2 ($0.9) Year-over-Year Variance ($3.5) ($0.9) $0.6 ($4.1) ($7.9) CU4 Disallowance ('18/'19 Tracker) First full year recorded in Q3 PCCAM Impact by Quarter Qualified Facility Earnings Adjustment Our electric QF liability consists of unrecoverable costs associated with contracts covered under PURPA that are part of a 2002 stipulation with the MPSC and other parties. Risks / losses associated with these contracts are born by shareholders, not customers. Therefore, any mitigation of prior losses and / or benefits of liability reduction also accrue to shareholders. 36 Appendix Pretax millions – shareholder (detriment) benefit
Thank youFourth Quarter Appendix 37
Fourth Quarter Financial Results 38 1.) Utility Margin is a non-GAAP Measure. See appendix slide titled “Reconciling Gross Margin to Utility Margin” for additional disclosure. Note: Subtotal variances may exist due to rounding. Appendix (in millions except per share amounts) 2024 2023 Variance % Variance Operating Revenues $373.5 $356.0 $17.5 4.9% 94.7 98.2 (3.5) (3.6%) Utility Margin 278.7 257.8 21.0 8.1% Operating Expenses Operating and maintenance 60.4 56.6 3.8 6.8% Administrative and general 30.8 23.3 7.5 32.1% Property and other taxes 38.8 22.0 16.8 76.3% Depreciation and depletion 57.0 52.7 4.3 8.2% Total Operating Expenses 187.0 154.6 32.4 21.0% Operating Income 91.7 103.2 (11.5) (11.1%) Interest expense, net (35.4) (29.5) (5.9) (20.2%) Other income, net 3.4 2.9 0.5 18.0% Income Before Income Taxes 59.7 76.6 (16.9) (22.1%) Income tax benefit 20.8 6.5 14.3 218.5% Net Income $80.6 $83.1 ($2.6) (3.1%) Effective Tax Rate (34.9%) (8.4%) (26.5%) Diluted Shares Outstanding 61.4 61.3 0.1 0.2% Diluted Earnings Per Share $1.31 $1.37 ($0.06) (4.4%) Dividends Paid per Common Share $0.65 $0.64 $0.01 1.6% Three Months Ended December 31, Fuel, purchased supply & direct transmission expense (exclusive of depreciation and depletion) 1
Utility Margin (Q4) (dollars in millions) Three Months Ended December 31, 2024 2023 Variance Electric $ 218.3 $ 200.0 $ 18.3 9.2% Natural Gas 60.5 57.8 2.7 4.7% Total Utility Margin1 $ 278.8 $ 257.8 $ 21.0 8.1% (1) Utility Margin is a non-GAAP Measure. See appendix slide titled “Reconciling Gross Margin to Utility Margin” for additional disclosure. Increase in utility margin due to the following factors: $ 9.0 Base rates 5.1 Electric transmission revenue due to market conditions and rates 4.8 Montana interim rates (subject to refund) 0.4 Montana natural gas transportation (4.1) Non-recoverable Montana electric supply costs (3.8) Montana property tax tracker collections (1.9) Electric Retail volumes (1.3) Natural gas retail volumes (5.4) Other $ 2.8 Change in Utility Margin Impacting Net Income $ 14.6 Property & other taxes recovered in revenue, offset in property & other taxes 1.9 Operating expenses recovered in revenue, offset in operating & maintenance expense 1.7 Production tax credits, offset in income tax expense $ 18.2 Change in Utility Margin Offset Within Net Income $ 21.0 Increase in Utility Margin 39 Appendix
Operating Expenses (Q4) Increase in operating expenses due to the following factors: $ 4.3 Depreciation expense due to plant additions and higher depreciation rates 3.3 Insurance expense, primarily due to increased wildfire risk premiums 2.2 Property and other taxes not recoverable within trackers 1.5 Labor and benefits(1) 1.0 Technology implementation and maintenance expenses 0.7 Uncollectible accounts 0.7 Electric generation maintenance 0.1 Other $ 13.8 Change in Operating Expense Items Impacting Net Income (dollars in millions) Three Months Ended December 31, 2024 2023 Variance Operating & maintenance $ 60.4 $ 56.6 $ 3.8 6.8% Administrative & general 30.8 23.3 7.5 32.1% Property and other taxes 38.8 22.0 16.8 76.3% Depreciation and depletion 57.0 52.7 4.3 8.2% Operating Expenses $ 187.0 $ 154.6 $ 32.4 21.0% $ 14.6 Property and other taxes recovered in trackers, offset in revenue 1.9 Operating and maintenance expenses recovered in trackers, offset in revenue 4.3 Pension and other postretirement benefits, offset in other income(1) (2.2) Deferred compensation, offset in other income $ 18.6 Change in Operating Expense Items Offset Within Net Income $ 32.4 Increase in Operating Expenses (1) In order to present the total change in labor and benefits, we have included the change in the non- service cost component of our pension and other postretirement benefits, which is recorded within other income on our Condensed Consolidated Statements of Income. This change is offset within this table as it does not affect our operating expenses. 40 Appendix
Operating to Net Income (Q4) (dollars in millions) Three Months Ended December 31, 2024 2023 Variance Operating Income $ 91.7 $ 103.2 $ (11.5) (11.1)% Interest expense (35.4) (29.5) (5.9) (20.2)% Other income, net 3.4 2.9 0.5 18.0% Income Before Taxes 59.7 76.6 (16.9) (22.1)% Income tax benefit (expense) 20.8 6.5 14.3 218.5% Net Income $ 80.6 $ 83.1 $ (2.6) (3.1)% $5.9 million increase in interest expense was primarily due to higher borrowings and lower capitalization of Allowance for Funds Used During Construction (AFUDC). $0.5 million increase in other income, net was primarily due to an increase in the value of deferred shares held in trust for deferred compensation, partly offset by lower capitalization of AFUDC. $14.3 million increase in income tax benefit was primarily due to a release of an unrecognized tax benefit as well as lower pre-tax income, partly offset by lower permanent and flow-through tax benefits. 41 Appendix
(in millions) Variance Income Before Income Taxes $59.7 $76.6 (16.9) Income tax calculated at federal statutory rate 12.6 21.0% 16.1 21.0% (3.5) Permanent or flow-through adjustments: State income taxes, net of federal provisions (0.3) (0.5%) (0.8) (1.0%) 0.5 Release of unrecognized tax benefits (2024 is inclusive of $4.1 million of related interest previously accrued) (21.0) (35.1%) (3.2) (4.2%) (17.8) Flow-through repairs deductions (9.3) (15.6%) (14.2) (18.6%) 4.9 Production tax credits (3.7) (6.2%) (4.7) (6.2%) 1.0 Amortization of excess deferred income taxes (2.1) (3.5%) (0.8) (1.0%) (1.3) Prior year permanent return to accrual adjustments (0.4) (0.7%) (0.4) (0.5%) - Plant and depreciation of flow-through items 3.4 5.7% 5.4 7.0% (2.0) Unregulated Tax Cuts and Jobs Act excess deferred income taxes - - (3.4) (4.4%) 3.4 Other, net - - (0.5) (0.7%) 0.5 Sub-total (33.4) (55.9%) (22.6) (29.6%) (10.8) Income Tax Benefit (20.8)$ (34.9%) (6.5)$ (8.6%) (14.3)$ Three Months Ended December 31, 2024 2023 Tax Reconciliation (Q4) 42 Appendix
Segment Results (Q4) 43 Appendix *Direct transmission expense excludes depreciation and depletion. (1) Utility Margin is a non-GAAP Measure. See appendix slide titled “Reconciling Gross Margin to Utility Margin” for additional disclosure. (2) Consists of unallocated corporate costs and some limited unregulated activity within the energy industry.
Electric Segment (Q4) (1) Utility Margin is a non-GAAP Measure. See appendix slide titled “Reconciling Gross Margin to Utility Margin” for additional disclosure. 44 Appendix
Natural Gas Segment (Q4) 45 Appendix (1) Utility Margin is a non-GAAP Measure. See appendix slide titled “Reconciling Gross Margin to Utility Margin” for additional disclosure.
Thank youRate Review Appendix 46
Montana Electric Rate Review Montana Electric: • $69.4M Net Request • $874M Plant-in-Service additions (’23-’24F) • Operating Costs 1.1% CAGR (’21-’23) • Typical Residential Bill: 8.3% at full request 47 $156.5 Million Base Rate Increase Requested & $69.4 Million Total Request Typical 750 kWh Residential Electric Bill YCGS Net Customer Impact Appendix Plant in Service Additions Base Rates Flow-Through Costs Typical Res. Monthly Bill Prior Rates $64.33 $45.74 $110.07 Interim Rates $67.42 $28.23 $95.64 $ Change $3.08 ($17.51) ($14.43) % Change +4.8% (38.3%) (13.1%)
Montana Gas Rate Review 48 $28.6 Million Base Rate Increase Requested Montana Natural Gas: • $28.6M Total Request • $174M Plant-in-Service additions (’23-’24F) • Operating Costs 3.3% CAGR (’21-’23) • Typical Residential Bill: 17.0% at full request Typical 65 Therm Residential Natural Gas Bill Appendix Plant in Service Additions Base Rates Flow-Through Costs Typical Res. Monthly Bill Prior Rates $32.77 $19.12 $51.89 Interim Rates $36.96 $15.23 $52.19 $ Change $4.19 ($3.89) $0.30 % Change +12.8% (20.3%) +0.6%
Nebraska Natural Gas Rate Review 49 $3.6 Million Rate Increase Requested Typical 100 Therm Residential Natural Gas Bill Nebraska Natural Gas: • $3.6M Total Request • $42M Plant-in-Service additions (’07-’23) • Operating Costs 1.3% CAGR (’07-’23) • Typical Residential Bill: 5.8% at full request • Interim rates of $2.3M implemented Oct. 1st, 2024. Appendix
50 South Dakota Natural Gas Rate Review Unanimous approval from the South Dakota Public Utilities Commission of a constructive settlement with the PUC staff. • First natural gas rate review since 2010 with base rates driven by more than $80 million invested in South Dakota critical infrastructure. • Received nearly 77% of our ask ($4.6M vs request of $6.0M) in base rates with a 6.91% authorized rate of return vs 7.75% requested. • Base rate increase well below the rate of inflation since 2010. • Rates went into effect December 19th, 2024. Appendix
Non-GAAP Financial Measures 51 Appendix Pre-Tax Adjustments ($ Millions) 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Reported GAAP Pre-Tax Income 181.2$ 156.5$ 176.1$ 178.3$ 182.2$ 144.2$ 190.2$ 182.4$ 201.6$ 214.7$ Non-GAAP Adjustments to Pre-Tax Income: Weather 13.2 15.2 (3.4) (1.3) (7.3) 9.8 1.1 (8.9) 4.3 10.6 Lost revenue recovery related to prior periods - (14.2) - - - - - - - - Remove benefit of insurance settlement (20.8) - - - - - - - - - QF liability adjustment 6.1 - - (17.5) - - (6.9) - - - Electric tracker disallowance of prior period costs - 12.2 - - - 9.9 - - - - Income tax adjustment - - - 9.4 - - - - - - Community Renewable Energy Project Penalty - - - - - - - 2.5 - (2.3) Impairment of Alternative Energy Storage Investment - - - - - - - - - 4.2 Adjusted Non-GAAP Pre-Tax Income 179.7$ 169.7$ 172.7$ 168.9$ 174.9$ 163.9$ 184.4$ 176.0$ 205.9$ 227.2$ Tax Adjustments to Non-GAAP Items ($ Millions) 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 GAAP Net Income 151.2$ 164.2$ 162.7$ 197.0$ 202.1$ 155.2$ 186.8$ 183.0$ 194.1$ 224.1$ Non-GAAP Adjustments Taxed at 38.5% (12'-17') and 25.3% (18'-current): Weather 8.1 9.3 (2.1) (1.0) (5.5) 7.3 0.8 (6.6) 3.2 7.9 Lost revenue recovery related to prior periods - (8.7) - - - - - - - - Remove benefit of insurance settlement (12.8) - - - - - - - - - QF liability adjustment 3.8 - - (13.1) - - (5.2) - - - Electric tracker disallowance of prior period costs - 7.5 - - - 7.4 - - - - Income tax adjustment - (12.5) - (12.8) (22.8) - - - - - Community Renewable Energy Project Penalty - - - - - - - 2.5 - (2.3) Previously claimed AMT credit - - - - - - - - 3.2 - Release of Unrecognized Tax Benefit - - - - - - - - (3.2) (16.9) Impairment of Alternative Energy Storage Investment - - - - - - - - - 3.1 Natural Gas Safe Harbor Method Change - - - - - - - - - (7.0) Non-GAAP Net Income 150.3$ 159.8$ 160.6$ 170.1$ 173.8$ 169.9$ 182.4$ 178.9$ 197.3$ 208.9$ Non-GAAP Diluted Earnings per Share 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Diluted Average Shares (Millions) 47.6 48.5 48.7 50.2 50.8 50.7 51.9 56.3 60.4 61.4 Reported GAAP Diluted Earnings per Share 3.17$ 3.39$ 3.34$ 3.92$ 3.98$ 3.06$ 3.60$ 3.25$ 3.22$ 3.65$ Non-GAAP Adjustments: Weather 0.17 0.19 (0.04) (0.02) (0.11) 0.14 0.01 (0.11) 0.05 0.13 Lost revenue recovery related to prior periods - (0.18) - - - - - - - - Remove benefit of insurance settlementments & recoveries (0.27) - - - - - - - - - QF liability adjustment 0.08 - - (0.26) - - (0.10) - - - Electric tracker disallowance of prior period costs - 0.16 - - - 0.15 - - - - Income tax adjustment - (0.26) - (0.25) (0.45) - - - - - Community Renewable Energy Project Penalty - - - - - - - 0.04 - (0.04) Previously claimed AMT credit - - - - - - - - 0.05 - Release of Unrecognized Tax Benefit - - - - - - - - (0.05) (0.28) Impairment of Alternative Energy Storage Investment - - - - - - - - - 0.05 Natural Gas Safe Harbor Method Change - - - - - - - - - (0.11) Non-GAAP Diluted Earnings per Share 3.15$ 3.30$ 3.30$ 3.39$ 3.42$ 3.35$ 3.51$ 3.18$ 3.27$ 3.40$
Non-GAAP Financial Measures This presentation includes financial information prepared in accordance with GAAP, as well as other financial measures, such as Utility Margin, Adjusted Non-GAAP pretax income, Adjusted Non-GAAP net income and Adjusted Non-GAAP Diluted EPS that are considered “non-GAAP financial measures.” Generally, a non-GAAP financial measure is a numerical measure of a company’s financial performance, financial position or cash flows that excludes (or includes) amounts that are included in (or excluded from) the most directly comparable measure calculated and presented in accordance with GAAP. We define Utility Margin as Operating Revenues less fuel, purchased supply and direct transmission expense (exclusive of depreciation and depletion) as presented in our Consolidated Statements of Income. This measure differs from the GAAP definition of Gross Margin due to the exclusion of Operating and maintenance, Property and other taxes, and Depreciation and depletion expenses, which are presented separately in our Consolidated Statements of Income. A reconciliation of Utility Margin to Gross Margin, the most directly comparable GAAP measure, is included in this presentation. Management believes that Utility Margin provides a useful measure for investors and other financial statement users to analyze our financial performance in that it excludes the effect on total revenues caused by volatility in energy costs and associated regulatory mechanisms. This information is intended to enhance an investor's overall understanding of results. Under our various state regulatory mechanisms, as detailed below, our supply costs are generally collected from customers. In addition, Utility Margin is used by us to determine whether we are collecting the appropriate amount of energy costs from customers to allow recovery of operating costs, as well as to analyze how changes in loads (due to weather, economic or other conditions), rates and other factors impact our results of operations. Our Utility Margin measure may not be comparable to that of other companies' presentations or more useful than the GAAP information provided elsewhere in this report. Management also believes the presentation of Adjusted Non-GAAP pre-tax income, Adjusted Non-GAAP net income and Adjusted Non-GAAP Diluted EPS is more representative of normal earnings than GAAP pre-tax income, net income and EPS due to the exclusion (or inclusion) of certain impacts that are not reflective of ongoing earnings. The presentation of these non-GAAP measures is intended to supplement investors' understanding of our financial performance and not to replace other GAAP measures as an indicator of actual operating performance. Our measures may not be comparable to other companies' similarly titled measures. 52 Appendix
Thank youDelivering a bright future 53
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