Black Hills Corp FY2025 GAAP EPS $3.98; 2026 adj. EPS guidance $4.25-$4.45

BLACK HILLS CORP /SD/

2025-FY EPS reported $3.98 revenue$2,310,000,000

Full-year 2025 GAAP EPS of $3.98, adjusted EPS of $4.10 (at midpoint of guidance).
Q4 2025 GAAP EPS $1.39 vs $1.37 YoY; adjusted EPS $1.41 vs $1.37.
Initiated 2026 adjusted EPS guidance $4.25-$4.45, ~6% growth over 2025.
Data center pipeline exceeds 3 GW; 600 MW included in five-year capital plan.
Recorded $0.12/share merger costs in 2025 for pending NorthWestern Energy combination.

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