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- **Merger Update**: Black Hills merger filings complete; shareholder meetings in Q2/Q3 2026, with closing expected in H2 2026.
- **Colstrip Transaction**: 222 MW (Avista) effective Jan 1, 2026; 370 MW (Puget) under PPA through Q3 2027, with potential MPSC integration post-2027.
- **Data Center Growth**: 3 LOIs in high-level assessment, with 1 potential LOI conversion soon. Montana and South Dakota refining processes to attract data centers.
- **Financial Performance**: Q3 2025 non-GAAP EPS of $0.79, driven by margin improvements from rate execution and customer usage.
- **Dividend Yield**: 4%-5% dividend yield, combined with 4%-6% EPS growth, targeting 8%-11% total return.

**Core Details - Detail Page**

**Management Opening Remarks**
- Travis Meyer introduced the call, highlighting the release of Q3 2025 financial results and the pending merger with Black Hills Corporation. He emphasized the seamless integration of the Energy West acquisition and the filing of regulatory applications for the merger in Montana, Nebraska, and South Dakota.

**CEO Commentary (Brian Bird)**
- Reported GAAP EPS of $0.62 and non-GAAP EPS of $0.79 for Q3 2025, reaffirming the full-year guidance of $3.53 to $3.65.
- Announced the merger with Black Hills, with filings completed for regulatory approvals and plans to release a joint proxy statement in Q1 2026. Anticipates shareholder meetings in Q2/Q3 2026 and closing in the second half of 2026.
- Discussed the Colstrip transaction, including the acquisition of Avista's 222 MW interest (effective Jan 1, 2026) and Puget's 370 MW interest (expected Q4 2027). Filed a tariff waiver request for cost recovery and signed a PPA for Puget's output through Q3 2027.
- Highlighted progress on large load customers, with 3 LOIs and development agreements in Montana and South Dakota, and a proposed large load tariff filing for Q4 2025.

**CFO Financial Commentary (Crystal Lail)**
- Q3 2025 GAAP EPS of $0.62 (vs. $0.76 in Q3 2024) and non-GAAP EPS of $0.79 (vs. $0.65 in Q3 2024). Year-to-date GAAP EPS of $2.22 (vs. $2.34 in 2024) and non-GAAP EPS of $2.41 (vs. $2.27 in 2024).
- Margin improvement of $0.52 driven by rate execution ($0.35), customer usage ($0.08), and transmission/transportation ($0.05), offset by merger costs ($0.12) and tax impacts.
- Capital expenditures remain unchanged, with potential updates in the 2026 outlook.

**Q&A Highlights**
- **Data Center Progress**: 3 LOIs in high-level assessment, with 1 potential LOI conversion soon. Montana and South Dakota are refining processes to attract data centers.
- **South Dakota Gas Plant**: Submitted to SPP for resource adequacy study, with transmission feedback expected in early 2026. Inclusion in CapEx plan contingent on regulatory approvals.
- **Colstrip Update**: Tariff waiver request pending with MPSC, and PPA for Puget's output expected to offset operating costs.


NorthWestern Energy Group, Inc. (NWE) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

NWE

NWE fundamentals

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