BLACK HILLS CORP /SD/ Q2 FY2025 earnings call

• Key stakeholder commitments: Deliver 5% year-over-year earnings growth, execute $1 billion capital plan, provide top quartile reliability and above industry average safety performance.
• Financial commitments met, with progress on regulatory initiatives: Approved Kansas Gas rate review, active rate review in Nebraska; 7 rate reviews since 2024 recovered over $1.3 billion of new system investments. Rider mechanisms aid in recovering investments.
• Progress on growth projects: Ready Wyoming transmission expansion, Lange II generation project, Colorado Clean Energy Plan. Wyoming Electric had 4 all-time peak loads in H1 2025 due to data center and blockchain growth.
• Operational efforts: Launched emergency public safety power shutoff program across electric utilities to mitigate wildfire risk.

No specific breakdown of product segments by absolute revenue and revenue contribution % provided in the transcript.

• Reaffirmed 2025 earnings guidance range $4 to $4.20, midpoint 5% growth over 2024 EPS.
• Long-term EPS growth target 4%-6% starting 2026, driven by $4.7 billion capital plan, customer growth, data center demand (Meta, Microsoft).
• 2028 data center expected to contribute >10% of total EPS; 500 MW data center demand by 2029; pipeline of over 1 GW demand in development.

• Uncertainties in forward-looking statements as defined by SEC.
• Factors causing future results to differ from expectations outlined in 10-K and 10-Q.
• Wildfire risk mitigation program implementation uncertainties.

Q: How should we anticipate digital growth to proceed?

A: Marne Jones said growth from data centers and blockchain won't be strictly linear.

Q: Were Wyoming announcements incremental to prior pipeline?

A: Linn Evans said it's incremental to the pipeline, will be disciplined with executed agreements.

Q: What's driving the upper half of 4%-6% EPS growth starting 2026?

A: Kimberly Nooney said drivers include Ready Wyoming, Lange II, Colorado CEP, customer growth, and data center ramp-up.

Q: Details on unplanned outages?

A: Marne Jones said all generation is up and running, Kimberly Nooney said $5M pretax O&M impact is immaterial with offsets from noncontrolling interest.