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BUTTE, MT / SIOUX FALLS, SD - October 29, 2025 - NorthWestern Energy Group, Inc. d/b/a NorthWestern Energy (Nasdaq: NWE) reported financial results for the Third Quarter of 2025. Net income for the period was $38.2 million, or $0.62 per diluted share, as compared with net income of $46.8 million, or $0.76 per diluted share, for the same period in 2024. This decrease was primarily due to higher operating expenses, including merger-related costs and depreciation, higher interest expense, and a prior year income tax benefit from a gas repairs safe harbor method change. These were offset in part by new rates and customer usage.

NorthWestern’s Third Quarter 2025 non-GAAP net income and earnings per share were $48.4 million and $0.79, respectively, compared to $39.7 million and $0.65 in 2024. See “Adjusted Non-GAAP Earnings” and “Non-GAAP Financial Measures” sections below for more information on these measures.

"We are pleased to deliver on another quarter of strong operational and financial results while advancing several key initiatives including closing the Energy West transaction, successfully integrating the natural gas distribution assets into our system and welcoming roughly 40 employees and 33,000 customers," said President and CEO, Brian Bird. "We are excited about the announcement of the merger with Black Hills Corporation, creating a stronger regional utility better positioned to meet increasingly complex and rapidly growing energy demands. We have submitted merger filing applications in October with regulators in Montana, South Dakota, and Nebraska, and anticipate approvals that will enable us to close the transaction in the back half of 2026.”

Read the full Press Release or visit Financial/Webcasts to learn more. 

NorthWestern Energy - Delivering a Bright Future

NorthWestern Energy Group, Inc., 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 842,100 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.