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Here are 1-3 brief analogies to describe NorthWestern Energy (NWE):

• Like a regional Duke Energy, providing essential electricity and natural gas services across Montana, South Dakota, and Nebraska.
• The Con Edison for the Northern Plains, delivering power and natural gas to homes and businesses.

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• Electricity Services: NorthWestern Energy generates, purchases, transmits, and distributes electricity to residential, commercial, and industrial customers.
• Natural Gas Services: NorthWestern Energy produces, purchases, stores, transmits, and distributes natural gas to residential, commercial, and industrial customers, also holding municipal franchises for this service.

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NorthWestern Energy (NWE) primarily sells electricity and natural gas services to a broad base of customers, including individuals and various businesses, rather than a few major corporate clients. The company serves the following three categories of customers:

• Residential customers
• Commercial customers
• Industrial customers

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Brian B. Bird, President and Chief Executive Officer

Mr. Bird became President and CEO of NorthWestern Energy Group in January 2023, after serving as President and Chief Operating Officer from February 2021 to December 2022. He previously held the position of Chief Financial Officer for NorthWestern Energy from December 2003 to February 2021. He joined NorthWestern Corporation nearly 20 years ago as CFO during the company's Chapter 11 bankruptcy. Before joining NorthWestern Energy, Mr. Bird's experience included roles as Treasurer & Vice President at NRG Energy, Inc. from 1997 to 2002 and Chief Financial Officer at SUN Sports & Entertainment, Inc. from 2002 to 2003. His background encompasses corporate finance, treasury, accounting, and mergers and acquisitions. He also serves as a Director at Kilowatt Labs, Inc. and Energy Insurance Mutual Ltd. Co. Mr. Bird earned an MBA in finance from the University of Minnesota.

Crystal D. Lail, Chief Financial Officer

Ms. Lail was appointed Chief Financial Officer of NorthWestern Energy in February 2021. She joined the company in 2003 as an accountant and rose through the ranks, becoming Assistant Controller and then Vice President and Controller around 2015. Before her tenure at NorthWestern, Ms. Lail worked in public accounting. As CFO, she is responsible for overseeing the company's accounting, treasury, financial planning, tax, and investor relations functions.

Bobbi L. Schroeppel, Vice President, Customer Care, Communications and Human Resources

Ms. Schroeppel has served as Vice President of Customer Care, Communications and Human Resources at NorthWestern Energy since May 2009 and at NorthWestern Energy Public Service Corporation since January 1, 2024. She joined NorthWestern in May 1998, holding various positions in market research, support services, and strategy. Her current responsibilities involve strategic and daily leadership of the company's customer-facing, corporate communication, and human resources processes. She also previously served as Director-at-Large at the MEA Energy Association and was named Chair of the MEA Board of Directors in 2018.

Shannon M. Heim Esq., Vice President of Federal Government Affairs and General Counsel

Ms. Heim serves as the Vice President of Federal Government Affairs and General Counsel for NorthWestern Energy. She previously held the position of Director – Regulatory Corporate Counsel for the company.

Michael R. Cashell, Vice President, Transmission

Mr. Cashell is responsible for all electric transmission and natural gas transmission and storage operations at NorthWestern Energy. He has been in his current position since 2011 and has been in the utility industry since 1986.

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Key Risks to NorthWestern Energy (NWE)

1. Regulatory Concentration and Unfavorable Outcomes: NorthWestern Energy faces substantial risk due to its significant reliance on operating income from its Montana service territory, making it highly susceptible to decisions by the Montana Public Service Commission. Unfavorable rate case outcomes or stricter cost-recovery rules could materially reduce the company's earnings per share. The energy sector is broadly subject to significant regulatory and political influences, including changes in environmental policies and energy regulations, which can impose new compliance requirements or operational constraints.
2. Wildfire and Catastrophe Risks: NorthWestern Energy is exposed to wildfire and other catastrophe risks that can threaten its costs, revenue, and credit. The company has faced substantial wildfire losses in recent years, with industry-wide losses exceeding $50 billion between 2020 and 2023. These catastrophic events can also make it more difficult or costly for the utility to secure sufficient liability insurance, potentially leading to significantly higher insurance premium costs.
3. Interest Rate Volatility and Elevated Debt Levels: As a capital-intensive utility, NorthWestern Energy is highly sensitive to fluctuations in interest rates. Rising interest rates, such as the increase since 2022, have elevated corporate borrowing costs across the industry, increasing project finance costs and potentially pressuring future returns. The company carried approximately $2.9 billion in long-term debt as of year-end 2024, which funds grid upgrades and gas projects. Elevated leverage could reduce financial flexibility if interest rates remain high, leading to increased debt service pressures that could compress free cash flow and raise the cost of capital.

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The increasing adoption of distributed generation, particularly rooftop solar panels, poses a clear emerging threat to NorthWestern Energy. As residential, commercial, and industrial customers generate their own electricity, they reduce their reliance on purchasing power from NWE, directly impacting the utility's electricity sales and grid utilization revenue. This trend allows customers to partially or entirely bypass the traditional utility model, similar to how Netflix allowed customers to bypass Blockbuster's rental model or YouTube allowed content consumers to bypass traditional cable companies.

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NorthWestern Energy (NWE) operates in the electricity and natural gas markets across Montana, South Dakota, and Nebraska. The addressable markets for their main products and services in these regions are as follows:

Natural Gas Market

• Montana: The market size of the Natural Gas Distribution industry in Montana is projected to be $260.6 million in 2026.
• South Dakota: The market size of the Natural Gas Distribution industry in South Dakota is estimated to be $974.0 million in 2026.
• Nebraska: In 2021, customers in Nebraska consumed 180.1 billion cubic feet (Bcf) of natural gas. The value of natural gas delivered to consumers in Nebraska was $831 million in 2015.

Electricity Market

• Montana: Total retail electricity sales in Montana amounted to 15,567,013 megawatthours (MWh) in 2024.
• South Dakota: Total retail electricity sales in South Dakota were 13,637,204 MWh in 2024.
• Nebraska: Total retail electricity sales in Nebraska were 35,191,045 MWh in 2024.

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• Strategic Infrastructure Investments and Rate Base Growth: The company has outlined a significant capital investment program, including a forecasted $683 million in 2026 and a five-year $2.6 billion capital program from 2025-2029. These investments are directed towards grid modernization, capacity expansion, and upgrades to transmission and distribution lines for both electricity and natural gas. Such investments are anticipated to increase the company's rate base, which in turn allows for higher rates and increased electric transmission and natural gas transportation revenues.
• Expansion into Large Load Customer Markets, particularly Data Centers: NorthWestern Energy is actively pursuing opportunities to serve large-load customers, with a particular focus on the growing data center industry in Montana and South Dakota. The company has signed letters of intent and development agreements for data centers, seeing this as a key area for diversifying revenue streams and attracting significant capital investment.
• Strategic Acquisitions and Mergers: Acquisitions of additional utility assets and customer bases are expected to contribute to revenue growth. NorthWestern Energy completed the acquisition of Energy West and Cut Bank Gas facilities in July 2025, adding approximately 33,000 new natural gas customers. Furthermore, the proposed merger with Black Hills Corporation, anticipated to close in the second half of 2026, is expected to create a larger combined utility platform and enhance earnings per share growth.
• Favorable Regulatory Outcomes and Rate Adjustments: The company's ability to secure favorable outcomes from rate reviews is a crucial driver for revenue. NorthWestern Energy has already received unanimous approval for multi-party rate review settlements in Montana for both electric and natural gas, and in South Dakota for electric services. A decision on the Montana rate review is expected in Q4 2025, which could further impact financial projections positively.

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Share Repurchases

• In 2025, NorthWestern Energy repurchased 3,129 shares at an average price of $67.87 under its equity compensation plan.

Share Issuance

• Equity issuances are expected to support South Dakota generation investments starting in 2027.

Outbound Investments

• NorthWestern increased its ownership stake in the Colstrip power plant from 15% to 55% with the acquisition of Avista and Puget interests on December 31, 2025.
• In July 2025, NorthWestern completed the acquisition of Energy West Montana's and Cut Bank Gas's natural gas assets for approximately $35.9 million in cash, adding around 33,000 natural gas customers.
• NorthWestern and Black Hills Corporation announced an all-stock merger of equals in August 2025, expected to close in the second half of 2026, forming a combined entity with approximately $9.8 billion market capitalization and $18 billion enterprise value.

Capital Expenditures

• NorthWestern Energy updated its five-year capital plan to $3.21 billion for 2026-2030, a 17% increase over the prior plan.
• Expected capital expenditures for 2026 are forecasted at $683 million.
• The 2026-2030 capital plan includes significant investments in electric distribution ($792 million), electric transmission ($741 million), and a 131 MW South Dakota generation project ($332 million).