Black Hills-NorthWestern merger advances; NWE Q2 EPS $0.40, closing expected by year-end 2026

BLACK HILLS CORP /SD/

NWE Q2 2026 revenue $392.6M, net income $25.0M, diluted EPS $0.40; H1 revenue $890.2M, EPS $1.43.
Merger terms: each NWE share converts to 0.98 BKH share; all-stock merger of equals.
FERC, Nebraska PSC, and South Dakota PUC approved merger; Montana PSC order pending, closing targeted by year-end 2026.
Shareholders approved merger in April 2026; HSR waiting period expired; NWE incurred $6.7M merger costs in H1 2026.
NWE completed Colstrip Unit 3/4 acquisitions from Avista and Puget on Jan 1, 2026 for $0.

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