Black Hills amends ATM sales agreement, resets capacity to $400M

BLACK HILLS CORP /SD/

First Amendment to Equity Distribution Sales Agreement dated May 8, 2025 resets aggregate gross sales price to $400M.
Amendment covers at-the-market offering of common stock using existing shelf registration; same agents and forward purchasers.
Existing Sales Agreement terms remain in effect except for the new $400M limit superseding the prior cap.
Proceeds may be used to repay borrowings under credit facilities where affiliates of the agents are lenders.
Offering is made under base prospectus dated June 16, 2023 and Prospectus Supplement dated May 8, 2025.

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