<div id="readability-page-1"><h3>Valentine's Day Sale - 70% Off</h3><ul><li>Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions </li><li> Stay ahead of the market with the latest news and analysis and maximize your portfolio's potential</li></ul>An update from Northwestern ( (NWE) ) is now available. NorthWestern Energy reported 2025 net income of $181.1 million, or $2.94 per diluted share, down from $224.1 million and $3.65 per share in 2024, largely due to higher operating expenses and a regulatory disallowance tied to Yellowstone County Generating Station capital costs, partially offset by higher rates and transmission and gas revenues. On an adjusted non-GAAP basis, 2025 earnings rose to $220.1 million, or $3.58 per share, from $208.9 million and $3.40 per share in 2024. For the fourth quarter of 2025, net income fell to $44.7 million, or $0.72 per diluted share, from $80.6 million, or $1.31 per share, as cost pressures and non-cash charges weighed on results, while adjusted EPS improved modestly to $1.17 from $1.13. The company’s board increased the quarterly dividend by 1.5% to $0.67 per share, payable March 31, 2026, signaling continued commitment to shareholder returns within a targeted 60–70% payout ratio. Strategically, 2025 was described as transformational, highlighted by completion of the Energy West acquisition, adding about 33,000 natural gas customers, and the December 2025 conclusion of Montana electric and natural gas rate reviews, which approved settlements including deferral and recovery of wildfire mitigation and insurance costs. NorthWestern also closed on the acquisition of Avista and Puget Colstrip interests on January 1, 2026, bolstering resource adequacy and supporting service reliability and affordability for Montana customers. The company advanced its planned all-stock merger of equals with Black Hills Corporation under an agreement signed August 18, 2025, with regulatory applications filed in Montana, South Dakota, Nebraska, and at FERC, and shareholder votes scheduled for April 2, 2026. The combined parent company is slated to be named Bright Horizon Energy, with merger-related costs of $9.3 million recorded in 2025 and closing anticipated in the second half of 2026, pending approvals and other conditions. Looking ahead, NorthWestern initiated 2026 non-GAAP earnings guidance of $3.68 to $3.83 per diluted share and reaffirmed a 4% to 6% long-term EPS growth target from a 2024 adjusted EPS base of $3.40. It also unveiled a $3.2 billion capital plan for 2026–2030, up 17% from the prior plan, aimed at supporting 4% to 6% annual rate base growth and funded through operating cash flow, debt, rate increases, and, starting in 2027, equity issuances tied to South Dakota generation investments. Regulatory developments in Montana included a December 2025 final order from the state commission approving natural gas and partial electric settlements from a 2024 rate review filing, which set returns on equity for electric and gas operations and endorsed a Wildfire Mitigation Balancing Account for recovery of incremental wildfire-related costs. These outcomes, combined with new assets and pending merger synergies, are expected to shape NorthWestern’s earnings profile, capital structure, and risk management as it navigates higher costs and expanding infrastructure needs in its core service regions. The most recent analyst rating on (NWE) stock is a Buy with a $62.00 price target. To see the full list of analyst forecasts on Northwestern stock, see the NWE Stock Forecast page. Spark’s Take on NWE Stock According to Spark, TipRanks’ AI Analyst, NWE is a Outperform. NorthWestern Energy’s overall stock score of 74 reflects a solid financial foundation with strong profitability and stable growth, tempered by challenges in cash flow management and debt levels. The technical analysis supports a moderately positive outlook, while the valuation is fair with an attractive dividend yield. Positive sentiment from the earnings call and strategic corporate events further bolster the company’s prospects. To see Spark’s full report on NWE stock, click here. More about Northwestern NorthWestern Energy Group, Inc., which operates as NorthWestern Energy, is a regulated utility serving electric and natural gas customers across Montana, South Dakota, and Nebraska. Listed on Nasdaq under the ticker NWE, the company focuses on providing safe, reliable, and affordable energy, with growing investments in generation, transmission, and wildfire mitigation infrastructure in its service territories. Average Trading Volume: 597,097 Technical Sentiment Signal: Buy Current Market Cap: $4.2B Learn more about NWE stock on TipRanks’ Stock Analysis page.</div>

NorthWestern Energy reported a 2025 net income of $181.1 million, down from $224.1 million in 2024, due to higher operating expenses. Adjusted earnings rose to $220.1 million. The board increased the quarterly dividend by 1.5% to $0.67 per share. The company completed the Energy West acquisition and is advancing a merger with Black Hills Corporation, expected to close in late 2026. For 2026, non-GAAP earnings guidance is set at $3.68 to $3.83 per share, with a $3.2 billion capital plan for 2026-2030. Analyst rating on NWE stock is a Buy with a $62.00 price target.

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NorthWestern Updates 2025 Results, Guidance and Dividend Strategy