Black Hills Q4 Earnings Call Highlights: EPS Up 5%, Data Center Pipeline Triples, Merger with NorthWestern Energy Progresses.

Black Hills reported 2025 adjusted EPS of $4.10, up 5%, and initiated 2026 adjusted EPS guidance of $4.25-$4.45, a 6% growth target. The company has tripled its data center pipeline to over 3 GW and expects data centers to contribute over 10% of consolidated EPS starting in 2028. Black Hills has filed joint regulatory applications and a Form S-4 for its planned merger with NorthWestern Energy, targeting a close in the second half of the year.