Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission File Number 001-31303 Black Hills Corporation Incorporated in South Dakota IRS Identification Number 46-0458824 700 ...

2025 First Quarter Review May 8, 2025 Forward-looking Statements COMPANY INFORMATION Black Hills Corporation P.O. Box 1400 Rapid City, SD 57709-1400 NYSE Ticker: BKH www.blackhillscorp.com Company Contacts Kimberly Nooney Senior Vice President and CFO 605-721-2370 kim.nooney@blackhillscorp.com Sal Diaz Director of Investor Relations 605-399-5079 sal.diaz@blackhillscorp.com This presentation includes "forward-looking statements" as defined by the Securities and Exchange Commission. We make these forward- loo ...

Financial Performance - Operating income for Q1 2025 was $205.0 million, up from $193.3 million in Q1 2024, reflecting a growth of approximately 6.5%[2] - Net income available for common stock increased to $134.3 million in Q1 2025 from $127.9 million in Q1 2024, representing a growth of about 3.4%[2] - Earnings per share (EPS) remained stable at $1.87 for both Q1 2025 and Q1 2024[2] - The company reaffirmed its 2025 EPS guidance range of $4.00 to $4.20, indicating a projected annual growth rate of 5%[3][7] - Total revenue for the three months ended March 31, 2025, was $236.7 million, an increase of 6.8% from $222.2 million in the same period of 2024[21] Revenue Growth - New electric rates in Colorado are expected to generate $17.5 million in annual revenue, effective from May 2025[8] - The company is pursuing $35 million in new annual revenues in Nebraska to enhance service reliability[7] - Retail revenue from residential customers increased to $66.4 million in Q1 2025, up 6.2% from $62.5 million in Q1 2024[21] - Gas utilities reported total revenue of $572.4 million for Q1 2025, a 12.5% increase from $508.7 million in Q1 2024[26] - Retail revenue from residential gas customers rose to $344.1 million in Q1 2025, up 15.5% from $297.8 million in Q1 2024[26] Operational Highlights - Wyoming Electric experienced a nearly 10% increase in peak load, reaching an all-time high, driven by data center and blockchain growth[7] - The total quantities sold for electric utilities reached 1,889.4 GWh in Q1 2025, representing a 6.1% increase from 1,780.0 GWh in Q1 2024[21] - The total quantities sold and transported for gas utilities increased to 96.1 Dth million in Q1 2025, compared to 88.4 Dth million in Q1 2024[26] - The availability of coal generating facilities decreased to 86.3% in Q1 2025 from 95.6% in Q1 2024[24] - The company reported a 7% increase in heating degree days for Colorado Electric in Q1 2025 compared to the previous year[23] Capital Projects and Investments - The Ready Wyoming transmission expansion project, a 260-mile initiative, is on track for completion by year-end 2025, with a total investment of $350 million[11] - Black Hills plans to serve 500 megawatts of data center demand by the end of its five-year plan, contributing over 10% to earnings by 2028[5] Shareholder Returns - The board approved a quarterly dividend of $0.676 per share, marking 55 consecutive years of increases[11] Regulatory and Investor Engagement - The company emphasizes the importance of regulatory proceedings for cost recovery and the execution of its capital program[34] - The company plans to participate in the 2025 AGA Financial Forum from May 18 to May 20, 2025, to engage with investors and analysts[33]

Core Insights - Black Hills Corp. reported financial results for Q1 2025, showing operating income of $205 million, net income available for common stock of $134.3 million, and earnings per share (EPS) of $1.87, consistent with Q1 2024 [1][12][21] - The company reaffirmed its full-year earnings guidance, projecting a growth rate of 5% for 2025, with a long-term EPS growth target of 4% to 6% [2][4] Financial Performance - Revenue for Q1 2025 was $805.2 million, up from $726.4 million in Q1 2024, driven by new rates and increased demand [1][13] - Operating expenses increased to $600.2 million from $533.1 million, primarily due to higher fuel and purchased power costs [1][13] - Interest expense rose to $51.3 million from $44 million, reflecting higher interest rates [21] Regulatory and Growth Initiatives - The company implemented new electric rates in Colorado, resulting in an additional $17.5 million in annual revenue [7][8] - Black Hills is advancing regulatory reviews for gas rates in Nebraska and Kansas, seeking $35 million in new annual revenues in Nebraska [6][9] - The Ready Wyoming transmission expansion project, a 260-mile initiative, is on track for completion by year-end 2025, enhancing long-term cost stability and system resiliency [3][11] Operational Highlights - Wyoming Electric set new peak loads, reflecting a nearly 10% increase over 2024, driven by data center and blockchain growth [6][11] - The company is pursuing the addition of 350 megawatts of renewable generation resources in Colorado as part of its Clean Energy Plan [11][21] - Black Hills' gas utilities saw an operating income increase of $20.7 million, attributed to new rates and favorable winter weather [21][25] Future Outlook - The company expects to serve 500 megawatts of data center demand by the end of its five-year plan, with a projected earnings contribution of over 10% by 2028 [4][6] - Black Hills anticipates continued growth in its utility rate base and organic growth opportunities in its service territories [4][6] - The board approved a quarterly dividend of $0.676 per share, marking 55 consecutive years of increases [11][21]

RAPID CITY, S.D., May 01, 2025 (GLOBE NEWSWIRE) -- Black Hills Corp. (NYSE: BKH) today announced that its Nebraska natural gas utility has filed a rate review application with the Nebraska Public Service Commission requesting $34.9 million in new annual revenue to recover the necessary capital infrastructure and operational costs required to deliver safe, reliable natural gas service for over 304,000 Nebraska customers. Since its last general rate filing in 2020, the company will have invested over $453 mil ...

If you are a dividend investor looking for high yields today, you may want to consider companies that provide energy in some form. Modern society can't exist without reliable sources of energy and, thus, energy companies are providing a basic necessity. That said, there are different ways to go about investing in high-yield energy-related stocks. Here are three options that have reliable histories of increasing their dividends.1. Black Hills is a Dividend KingBlack Hills (BKH -0.56%) provides electricity an ...

Group 1: Investment Themes - Warren Buffett's investment decisions are closely monitored due to the strong performance of Berkshire Hathaway [1] - High-yield stocks that align with Buffett's investment themes include midstream energy, utilities, and banks [1] Group 2: Midstream Energy Sector - Berkshire Hathaway has a significant presence in the midstream energy sector, which offers more consistent revenue and earnings compared to oil production [2] - Enbridge (ENB) is highlighted as a midstream investment opportunity, offering a 5.7% dividend yield supported by a $15 billion capital spending plan through 2029 [3][4] Group 3: Utility Sector - Utilities are characterized by regulated growth and monopolistic positions, making them resilient during economic downturns [5] - Black Hills (BKH) is presented as a utility option with a 4.4% yield and a history of 55 annual dividend increases, benefiting from a growing customer base [6] Group 4: Banking Sector - Toronto-Dominion Bank (TD) is suggested as a potential investment, currently yielding approximately 4.8%, despite facing challenges in its U.S. division due to regulatory issues [7][8] - The bank's growth is temporarily limited by an asset cap related to past money laundering issues, but these problems are being addressed [9] Group 5: Investment Strategy - Investors are encouraged to learn from Buffett's strategies rather than replicate them exactly, focusing on high-yield opportunities in midstream and utility sectors, as well as considering TD Bank as a turnaround investment [10]

Warren Buffett uses Berkshire Hathaway as his investment vehicle, with the conglomerate buying and selling stocks and entire companies. Investors can get ideas by examining Berkshire's portfolio of investments, both public and private. One big investment area for Buffett is utilities. You can easily invest in well-run utilities, too, and here's a particularly attractive option for doing that right now. Black Hills is a Dividend King What sets Black Hills (BKH -0.53%) apart from most of its peers is its impr ...

Invest with the #1 Ranked REIT and #1 Finance Analyst on Seeking Alpha"Your articles should be mandatory in High schools and Colleges, as a separate subject on real estate investments.""Always well-written, factual, and very entertaining, and you did it the hard way.""Brad is the go-to guy, with REITs. Wonderful info, he has provided great ideas, on which I read & perform my own DD.""Brad Thomas is one of the most read authors on Seeking Alpha, and over the years, he has developed a trusted brand in the REI ...

Company Overview - Black Hills Corp. is a customer-focused, growth-oriented utility company based in Rapid City, South Dakota, serving 1.35 million natural gas and electric utility customers across eight states: Arkansas, Colorado, Iowa, Kansas, Montana, Nebraska, South Dakota, and Wyoming [4]. Upcoming Earnings Announcement - Black Hills Corp. will announce its 2025 first-quarter earnings after the market closes on May 7, 2025 [1]. - A live conference call and webcast to discuss the financial results will take place at 11 a.m. EDT on May 8, 2025 [1]. Participation Details - Participants can join the live broadcast by phone and ask questions after registering, with dial-in information provided upon registration [2]. - A listen-only webcast will be available, along with presentation slides, and a replay of the broadcast will be accessible for up to one year on the company's investor relations website [3].