Black Hills (US:BKH)2026-02-05 16:00Financial Performance and Guidance - Black Hills Corporation achieved a 2025 adjusted EPS of $4.10, representing growth from $3.91 in 2024 [27, 100] - The company initiated 2026 adjusted EPS guidance in the range of $4.25 to $4.45, with the midpoint reflecting a 6% year-over-year increase [10, 38] - The company targets a long-term adjusted EPS compound annual growth rate of 4% to 6% for the 2026-2030 period [38, 59] - The company maintained a strong dividend track record, marking 56 consecutive years of annual increases in 2026 [9, 10, 43] Strategic Growth and Capital Investment - The company forecasts $4.7 billion in capital investment from 2026 to 2030 to support safety, reliability, and growth initiatives [15, 38] - The data center pipeline has expanded to over 3 GW of load requests, with 600 MW of demand expected by 2030 [9, 14, 61] - The company is constructing the 99 MW Lange II natural gas generation project, expected to be in service in Q4 2026 [9, 10, 50] Merger and Regulatory Developments - The company announced a tax-free, all-stock merger with NorthWestern Energy, which is expected to close in the second half of 2026 [9, 21, 39] - The merger is projected to increase the combined company's target EPS growth rate to 5-7% and double the rate base to approximately $11 billion [19] - The company successfully completed rate reviews in Colorado, Kansas, and Nebraska during 2025, representing $52 million in new annual revenue [9, 54]