NorthWestern Energy Group, Inc. · NASDAQ:NWE
NorthWestern Energy — EEI Financial Conference 2026
49 slides from NorthWestern Energy's conference presentation, Nov 6, 2026
Slide 1: EEI Financial Conference
EEI Financial Conference November 2026 8-K Date: November 6, 2026
Slide 2: Forward-Looking Statements
Forward-Looking Statements Information in this communication, other than statements of historical facts, may constitute forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These s
Slide 3: NorthWestern Energy
NorthWestern Energy NorthWestern Energy Group, Inc. Corporate Support Office Director - Corporate Development dba: NorthWestern Energy 3010 West 69th Street & Investor Relations Officer Ticker: NWE (Nasdaq) Sioux Falls, SD 57108 Travis Meyer www.northwesternenergy.com (605) 978-2900 605-978-2967 3 t
Slide 4: Overview
Thank Overview you 4
Slide 5: NWE – An Investment for the Long Term
NWE – An Investment for the Long Term Pure Electric • 100% pure electric and natural gas utility with over 100 years of operating history & Natural Gas • Solid economic indicators in service territory Utility • Diverse electric supply portfolio ~52% hydro, wind, & solar • Residential electric and na
Slide 6: About NorthWestern
About NorthWestern South Dakota Operations Electric 65,600 customers 3,730 miles – transmission & distribution lines 420 MW nameplate owned power generation Natural Gas 51,200 customers 1,908 miles of transmission and distribution pipeline Montana Operations Electric 440,700 customers 25,542 miles –
Slide 7: The NorthWestern Value Proposition
The NorthWestern Value Proposition Approximately 4% Dividend Yield + + Base Capital Plan: Incremental Opportunities: 4% to 6% EPS Growth > 6% EPS Growth 2026-2030 Capital Investment ($ Millions) $3.21 billion of highly diversified, ✓ Data centers & new large- executable and low-risk load opportuniti
Slide 8: A Diversified Electric and Gas Utility
A Diversified Electric and Gas Utility NorthWestern’s ‘80/20’ rules: Approximately 80% Electric and 80% Montana. Nearly $5.6 billion of rate base investment to serve our customers. 8 Data as reported in our 2025 10-K
Slide 9: Highly Carbon-Free Supply Portfolio
Highly Carbon-Free Supply Portfolio 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 Po
Slide 10: Strong Utility Foundation
Strong Utility Foundation (1) NWE rates are *In 2025, JD Power an average for 2025 switched from an 8- - total residential index model to a 6- revenues divided by index model total residential resulting in overall loads delivered. lower scores for NWE and Peers. Electric source: U.S. EIA - Average *
Slide 11: Solid Economic Indicators
Solid Economic Indicators • Customer growth rates historically exceed National Averages. • Projected population growth *In 2025, we changed the methodology for counting our Lighting customers. The historical data shown here has been modified according to this methodology. *In 2025, we acquired Energ
Slide 12: NorthWestern's Combo Advantage
NorthWestern’s Combo Advantage ✓ Combination electric & natural gas provider in Montana & South Dakota (natural gas only in Nebraska) • Targeting best-in-class Customer Experience • Opportunity to invest in critical Capacity expansion (supply & transmission) • Continued Grid Evolution to improve res
Slide 13: Natural Gas LDC – AECO Advantage to Customers
Natural Gas LDC – AECO Advantage to Customers Natural gas is one of the most affordable energy sources, and NWE has access to some of the lowest and most stable natural gas prices in the nation through the Alberta Energy Company (AECO) and Henry trading hubs. Source: S&P Capital IQ Pro We have facil
Slide 14: Best Practices Governance Diverse Leadership
Best Practices Governance Diverse Leadership Board of Directors Executive Team 5th Best Score Among 50 Publicly Traded North American Utility and Power Companies by Moody’s Investment Services for Best Governance Practices Recent Governance Recognition America’s Most Responsible Companies Recognized
Slide 15: Affordability
Affordability Above: Over the last ten years, all NWE typical residential bills have increased less than the national average for household energy and most jurisdictions have increased less than the Consumer Price Index. Right: NWE’s residential electric and natural gas rates 15 are significantly be
Slide 16: Merger and Financial Updates
Thank you Merger and Financial Updates 16
Slide 17: Merger with Black Hills Benefits Stakeholders
Merger with Black Hills Benefits Stakeholders Increases Scale Strengthens Position and Growth Balance Sheet Increases the combined company Substantial Long-Term Strong and predictable cash flows target EPS growth rate to 5-7%, support a customer-focused capital supported by the doubling of each Valu
Slide 18: Merger with Black Hills Timeline
Merger with Black Hills Timeline ✓ Filed joint applications for approval in Montana, Nebraska, and South Dakota in Q4 2025 ✓ Nebraska hearing held April 7, 2026; unanimous approval of settlements received May 19, 2026 ✓ South Dakota hearing held and unanimous approval of settlements received June 24
Slide 19: Strong Growth Outlook
Strong Growth Outlook Affirming 2026 Non-GAAP EPS Guidance of $3.68 - $3.83 per diluted share ✓ Affirming long-term growth rate 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 The 2026 Non-GAAP EPS guida
Slide 20: Track Record of Growing Capital Investment
Track Record of Growing Capital Investment * Historical Capital Investment includes property, plant, and equipment additions and AFUDC Credit, both from our cash flow statement, and change in capital expenditures included in accounts payable. The $35.9 million acquisition of Energy West is included
Slide 21: Solid Balance Sheet
Solid Balance Sheet Target: 50% - 55% - Annual ratio based on average of each quarter's debt/cap ratio Excludes Finance Leases and New Market Tax Credit Financing Investment grade credit ratings, liquidity significantly greater than our $100 million target, debt to capitalization within our targeted
Slide 22: Disciplined Expense Program (A Peer Comparison)
Disciplined Expense Program (A Peer Comparison) Per Customer… Per Employee… Per Rate Base… NorthWestern ranks favorably among our regional peers for electric expense efficiency. Source: FERC Form 1 Reports - 2025 expenses through S&P Capital IQ Pro, company 10-Ks, and company investor presentations.
Slide 23: Other Updates
Thank Other Updates you 23
Slide 24: Data Center Process (Montana & South Dakota)
Data Center Process (Montana & South Dakota) Data Center Request Development Energy Service Construction & Assessment Agreement Agreement (ESA) • Project Management • Load & Location • Deposit Funds • Regulatory Approvals Assignment • Viability Assessment Studies (Montana: (as needed) • Construction
Slide 25: Large-Load Customers
Large-Load Customers ✓ Montana ▪ Expected to be served by overall utility portfolio, which is Montana Large-Load Opportunities long capacity beginning in 2026 ▪ Diversified and highly carbon-free generating portfolio ✓ Announced: December 19, 2024 ▪ Submitted a Large New Load tariff rule proposal wi
Slide 26: Colstrip Transaction Overview
Colstrip Transaction Overview Avista Puget NorthWestern’s acquisition of Announcement: January 2023 July 2024 Avista and Puget’s 592 MW of Effective Date: December 31, 2025 December 31, 2025 additional Colstrip capacity: Capacity: 222 MW 370 MW • Avista interests advance our (111 MW each of units 3
Slide 27: Colstrip Facility Ownership Overview
Colstrip Facility Ownership Overview 55% As of January 2026, we own 55% of Colstrip Units 3 & 4. This allows us to guide investments in operation and maintenance in providing on- demand, 24/7 cost-effective generation for our Montana customers until a viable equivalent, carbon-free energy resource i
Slide 28: Regional Transmission Opportunities
Regional Transmission Opportunities North Plains Connector (NPC) Consortium Project North Plains Connector • Approximately $6 billion, 425-mile, 525kv high-voltage direct-current transmission line connecting to Montana's Colstrip substation, bridging the eastern and western U.S. energy grids • Proje
Slide 29: NorthWestern Wildfire Mitigation Plan
NorthWestern Wildfire Mitigation Plan PSPS Reduction of System and Enhanced Enriched Public Ignition Potential Environmental Vegetation Communication Monitoring Maintenance and Outreach NorthWesternEnergy.com/Wildfire Enhanced NorthWesternEnergy.com/Wildfire Powerline Safety Settings ✓ Comprehensive
Slide 30: NorthWestern Public Safety Power Shutoff Plan
NorthWestern Public Safety Power Shutoff Plan PSPS Decision Process PSPS Guiding Principles: • Uphold our commitment to sustainable, affordable, and reliable service • Ensure the safety of our employees, customers, communities, the public, and the environment Communication to Stakeholders at each Si
Slide 31: Conclusion
Conclusion Best Practices Attractive Strong Pure Electric Solid Utility Corporate Future Growth Earnings & & Gas Utility Foundation Governance Prospects Cash Flows The pending merger with Black Hills Corporation will combine the strengths of both companies, resulting in an organization with greater
Slide 32: Appendix
Thank Appendix you 32
Slide 33: Regulated Utility Five-Year Capital Plan (millions)
Appendix Regulated Utility Five-Year Capital Plan (millions) Highly diversified, executable, and low-risk critical capital investment plan. 33
Slide 34: Rate Base & Authorized Return Summary
Appendix Rate Base & Authorized Return Summary (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
Slide 35: 2025 System Statistics
Appendix 2025 System Statistics Note: Statistics above are as of 12/31/2025, including 592 MW of Colstrip generation supply acquired 1/1/2026. (1) Nebraska is a natural gas only jurisdiction (2) Dave Gates Generating Station (DGGS) in Montana is a 150 MW nameplate facility, but we consider it a 105
Slide 36: Timeline of Montana Generation Portfolio
Appendix Timeline of Montana Generation Portfolio Since 2011, we have added approximately 1,712 MW, both owned and long-term contracted, to our generation portfolio, of which 945 MW (~55%) is from carbon-free resources. 36
Slide 37: EPS & Dividend History
Appendix EPS & Dividend History 2010-2025 CAGR’s: GAAP EPS: 2.1% Non-GAAP EPS: 3.7% Dividend: 4.5% See “Non-GAAP Financial Measures” slide in appendix. 37
Slide 38: Wildfire Relative Risk Assessment
Appendix Wildfire Relative Risk Assessment MT Distribution MT Transmission 6.18% 3.87% In Montana, only 1.84% of our 4.15% 1.84% Distribution system and 3.87% of our 61.28% 32.73% Transmission system is exposed to Quadrant 1 wildfire risk*. 41.99% 47.96% Quadrant 1: Quadrant 3: Quadrant 4: • All har
Slide 39: Electric Wallet Share
Appendix Electric Wallet Share 39
Slide 40: Natural Gas Wallet Share
Appendix Natural Gas Wallet Share Note: Montana typical bill is based on 65 therms which translates to ~0.50% lower wallet share than pictured. For consistency with South Dakota and Nebraska, 100 therms is used for Montana in this illustration. Oct. - Sept. Fiscal Year 40
Slide 41: Affordability – Residential Electric Rates by State
Appendix Affordability – Residential Electric Rates by State Data from Charles River Associates "Retail Rate Trends in the U.S.", February 2, 2026, authors: Matthew DeCourcey and Mayank Saraswat via EIA 861M reports looking at 5-year change in residential electric rates taking trailing twelve months
Slide 42: Experienced and Engaged Board of Directors
Appendix Experienced and Engaged Board of Directors Linda Sullivan Brian Bird Sherina Maye Edwards Dave Goodin Jan Horsfall Board Chair Director, President Director Director Director & Chief Executive Officer Governance, Audit, Operations Compensation Operations (Chair), Audit Independent Non-Indepe
Slide 43: Strong Executive Team
Appendix Strong Executive Team Brian Bird Crystal Lail Shannon Heim Bleau LaFave President & VP & Chief General Counsel VP – Asset Chief Executive Financial & VP – Federal Management & Officer Officer Government Business Affairs Development Current Joined position company in since 2023 2003, current
Slide 44: Our Commissioners
Appendix Our Commissioners Election Results Montana • Commissioner Annie Bukacek (R) was reelected • Jeff Pattison (R) was elected to fill Commissioner Randy Pinocci’s seat South Dakota • Don Haggar (R) was elected to fill Commissioner Gary Hanson’s seat Nebraska • Wendy DeBoer (D) was elected to fi
Slide 45: Year-to-Date 2026 Non-GAAP Earnings
Appendix Year-to-Date 2026 Non-GAAP Earnings (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 li
Slide 46: Financial Impact of Incremental Colstrip Ownership
Appendix Financial Impact of Incremental Colstrip Ownership Three Months Ended September 30, 2026 GAAP Impact Non-GAAP Addback Remaining Impact Avista Puget Total Avista Puget Total Avista Puget Total Utility Margin1 $ - $ 5.3 $ 5.3 $ 4.3 $ - $ 4.3 $ - $ 5.3 $ 5.3 Operating Expense 4.3 7.2 11.5 - -
Slide 47: Non-GAAP Financial Measures
Appendix Non-GAAP Financial Measures Pre-Tax Adjustments ($ Millions) 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Reported GAAP Pre-Tax Income $ 156.5 $ 176.1 $ 178.3 $ 182.2 $ 144.2 $ 190.2 $ 182.4 $ 201.6 $ 214.7 $ 187.6 Non-GAAP Adjustments to Pre-Tax Income: Weather 15.2 (3.4) (1.3) (7.3)
Slide 48: Non-GAAP Financial Measures
Appendix 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 “no
Slide 49: Thank you
Thank you Delivering a bright future 49
NorthWestern Energy Group — EEI Financial Conference 2026 on 6ix