Black Hills Corporation (BKH) SEC Filings & Earnings Calls

Regulatory approval risk from Montana PSC

“Completion remains subject to satisfactory final regulatory approval by the Commission.” · word for word

Project execution risk; regulatory approvals; financing risk.

“Risks include regulatory approvals, contract performance, financing.”

Regulatory approval risk for merger

“conditions include regulatory approvals from state commissions and FERC”

Merger completion risk

“Pending Merger with NorthWestern” · word for word

Weather sensitivity

“Gas Utility margin decreased due to unfavorable weather of $13.6M in H1 2026.”

Interest rate risk

“Interest expense, net, increased due to higher rates on increased debt.”

Wildfire liability risk

“Wildfire liability mitigation legislation enacted, but risk remains.”

Merger closing risk: Montana PSC approval remains the final condition; delay or denial could impact strategic plans.

“On track to close merger with NorthWestern Energy pending approval from Montana as the final condition for closing.” · word for word

Weather sensitivity: mild weather impacted EPS by $0.18 year-to-date; normal weather assumption in guidance.

“These benefits more than offset $0.18 per share of impacts from mild weather.” · word for word

Regulatory risk: rate review outcomes and cost recovery approvals are critical to financial performance.

“Colorado Electric filed a rate review request seeking $27 million of new annual revenue; South Dakota Electric filed for Lange II cost recovery.”

Merger completion risk: pending Montana PSC approval; potential for delay or conditions.

“subject to the satisfaction of certain closing conditions and remaining regulatory approval from the Montana Public Service Commission”

Forward-looking statements caution about risks including regulatory approvals, integration, and market conditions.

“Forward-looking statements subject to risks, uncertainties and other factors that may cause actual results to differ materially.”

Merger execution risk

“Operating loss increased primarily due to $4.6 million of costs related to the pending merger with NorthWestern.” · word for word

Weather sensitivity

“Gas Utility margin decreased $13.2 million due to unfavorable weather in Q1 2026 vs Q1 2025.”

Weather sensitivity impacting earnings.

“Weather impacts from mild winter temperatures of $0.18 per share.”

Merger execution risk.

“Pending merger with NorthWestern Energy subject to regulatory approvals.”

Regulatory approvals pending from federal (HSR, FERC) and state (MT, NE, SD) authorities; closing risk remains.

“The merger remains subject to the receipt of required federal (Hart-Scott-Rodino and FERC) and state (Montana, Nebraska, and South Dakota) regulatory approvals and the satisfaction of other customary closing conditions.” · word for word

Merger execution risk

“The transaction is intended to be tax-free and expected to close in the second half of 2026, subject to the satisfaction or waiver of certain closing conditions, including approvals from the FERC, MPSC, NPSC and SDPUC, clearance under the HSR Act, consent of the FCC, and approval from each company's shareholders.”

Regulatory disallowance risk

“While rate regulation is premised on the full recovery of prudently incurred costs and a reasonable rate of return on invested capital, there can be no assurance that our various regulatory authorities will judge all of our costs to have been prudently incurred or that the regulatory process in which rates are determined will result in full or timely recover”

Climate regulation risk

“Substantial changes in federal climate and emissions policies may create long-term uncertainty in our resource planning and capital investment decisions.”

Cybersecurity risk

“The utility industry has been the target of several cyberattacks on operational systems and has seen an increased volume and sophistication of cybersecurity incidents from international activist organizations, other nation state actors and individuals.”

Regulatory and shareholder approval risks; potential termination or delay of merger.

“Conditions include HSR clearance, shareholder votes, and multiple regulatory approvals.”

Merger execution risk

“The transaction is intended to be tax-free and expected to close in the second half of 2026, subject to the satisfaction or waiver of certain closing conditions, including approvals from the FERC, MPSC, NPSC and SDPUC, clearance under the HSR Act, consent of the FCC, and approval from each company's shareholders.” · word for word

Regulatory disallowance risk

“While rate regulation is premised on the full recovery of prudently incurred costs and a reasonable rate of return on invested capital, there can be no assurance that our various regulatory authorities will judge all of our costs to have been prudently incurred or that the regulatory process in which rates are determined will result in full or timely recover” · word for word

Generation outage risk

“2025 included unplanned outages at Wygen III, Pueblo Airport Generation #4-5 and Busch Ranch I and II.” · word for word

Interest rate risk

“Interest expense, net increased $18.4 million due to higher interest rates on long-term debt, higher CP Program borrowings and lower interest income partially offset by higher AFUDC debt.”

Climate regulation risk

“Substantial changes in federal climate and emissions policies may create long-term uncertainty in our resource planning and capital investment decisions.” · word for word

Merger integration risk with NorthWestern Energy

“Pending merger with NorthWestern Energy, regulatory approvals pending”

Merger integration risk

“Corporate and Other operating loss increased $4.3 million primarily due to NorthWestern merger-related costs” · word for word

Unplanned generation outages

“2025 included unplanned outages at Wygen III, Pueblo Airport Generation #4-5 and Busch Ranch I and II.” · word for word

Tariff impact on operations

“Trade tariffs have not had a material impact on our operations or financial performance to date. We are closely monitoring the impacts of trade tariffs and the potential effect they may have on our financial position, results of operations, or cash flows.” · word for word

Merger integration risk; regulatory approvals pending.

“Merger with NorthWestern Energy; regulatory filings in MT, NE, SD; FERC filing pending.”

Data center load growth dependent on customer demand and project execution.

“Data center load pipeline >3 GW; 500 MW by 2029; subject to customer decisions.”

Regulatory risk; rate case outcomes and project approvals.

“Nebraska rate settlement pending approval; Colorado solar project negotiations.”