NorthWestern Energy Group (NWE) Company Report

NorthWestern Energy Group, Inc.'s subsidiary, NorthWestern Corporation (NW Corp), issued an additional $100 million principal amount of Montana First Mortgage Bonds on November 7, 2025.
These "Additional MT Bonds" have an interest rate of 5.073% per year, payable semi-annually, and will mature on March 21, 2030.
This issuance brings the aggregate outstanding amount of NW Corp’s 2030 Notes to $500 million.
NW Corp intends to use the net proceeds to fund future capital expenditures, finance working capital needs, and for general corporate purposes.

Nov 13, 2025, 9:28 PM

8-K

NorthWest Copper Announces Significant Drill Results at Kwanika Project

NWE

New Projects/Investments

NorthWest Copper Corp. announced standout assay results from the fourth drill hole (K-25-280) of its 2025 drilling program at the Kwanika project in British Columbia.
Drill hole K-25-280 intersected 36 metres grading 0.80 % Cu, 3.21 g/t Au (3.67% copper equivalent) in the Central Zone, which is the best result from the 2025 drill program to date.
CEO Paul Olmsted stated these results strengthen confidence in meaningfully enhancing the potential economics in an updated Preliminary Economic Assessment (PEA) through targeting higher-grade zones.
The company expects metallurgical test work results in the near-term and the next PEA in mid-2026.

Nov 12, 2025, 11:45 AM

Press Release

NorthWest Copper Corp. Announces Positive Drill Results at Kwanika Project

NWE

New Projects/Investments

NorthWest Copper Corp. announced excellent assay results from the third drill hole, K-25-271, of its 2025 expanded diamond drilling program at the Kwanika project.
The drill hole intersected 27.7 metres grading 1.23 % Cu, 1.53 g/t Au (2.63% copper equivalent) within the Central Zone, starting at 198.2 metres.
These results support management's belief that the 2023 Preliminary Economic Assessment (PEA) significantly understates the economic potential of the Kwanika project.
Hole K-25-271 also indicated potential to fill a 100-metre gap between the Pit and Central Zones and extended the Western Zone down-dip and the low-grade mineralization around the Pit Zone by roughly 30 metres.
The company anticipates releasing additional information on the remaining fifteen holes from the 2025 drill program and expects to advance an updated mineral resource and new PEA in 2026.

Nov 6, 2025, 5:07 PM

Press Release

NorthWestern Energy Group Reports Q3 2025 Results and Provides Merger Update

NWE

Earnings

M&A

New Projects/Investments

NorthWestern Energy Group reported GAAP diluted EPS of $0.62 and non-GAAP diluted EPS of $0.79 for Q3 2025, affirming its 2025 earnings guidance range of $3.53 to $3.65.
The company is proceeding with an all-stock merger of equals with Black Hills Corporation, having filed joint applications with regulatory commissions in Montana, Nebraska, and South Dakota, with an anticipated closing in the second half of 2026.
A dividend of $0.66 per share was declared, payable December 31, 2025.
NWE has integrated the Energy West natural gas assets and is managing its Colstrip interests, including a tariff waiver request for the Avista portion and plans to sell electricity from the Puget portion through late 2027.
The company is pursuing a 131-megawatt natural gas generation project in the Southwest Power Pool, estimated at $300 million, and is actively engaging with large load customers, having entered a development agreement with SABY.

Oct 30, 2025, 7:30 PM

Transcript

NorthWestern Energy Group Reports Q3 2025 Results and Affirms 2025 Guidance

NWE

Earnings

Guidance Update

M&A

NorthWestern Energy Group reported GAAP diluted EPS of $0.62 per share and non-GAAP diluted EPS of $0.79 per share for the third quarter of 2025.
The company affirmed its 2025 earnings guidance range of $3.53-$3.65.
An update was provided on the all-stock merger of equals with Black Hills Corporation, with joint applications filed with regulatory commissions and an anticipated closing in the second half of 2026.
A dividend of $0.66 per share was declared, payable December 31st, 2025.

Oct 30, 2025, 7:30 PM

Transcript

NorthWestern Energy Reports Q3 2025 Financial Results and Affirms 2025 Guidance

NWE

Earnings

Guidance Update

M&A

NorthWestern Energy Group, Inc. reported Third Quarter 2025 Diluted GAAP EPS of $0.62 and Adjusted Diluted Non-GAAP EPS of $0.79.
The company affirmed its 2025 earnings guidance range of $3.53 to $3.65 per diluted share, along with a 4% to 6% long-term EPS and rate base growth rate.
A quarterly common stock dividend of $0.66 per share was declared, payable on December 31, 2025.
The all-stock merger of equals with Black Hills Corporation is anticipated to close in the second half of 2026, and the acquisition of Energy West's natural gas operations was completed on July 1, 2025, for approximately $35.9 million.

Oct 30, 2025, 1:48 PM

8-K

NorthWestern Energy Reports Strong Q3 Results, Advances Merger Plans

NWE

Earnings

Guidance Update

M&A

NorthWestern Energy reported strong third-quarter 2025 financial results, with revenue reaching $387 million and adjusted earnings of $0.79 per share, exceeding analyst expectations.
The company reaffirmed its full-year earnings guidance and maintained a 4–6% EPS growth target, supported by a $2.7 billion investment plan through 2029.
NorthWestern recently completed the acquisition of Energy West, adding 33,000 customers, and announced plans to merge with Black Hills Corporation, with regulatory approvals expected by late 2026.

Oct 30, 2025, 6:10 AM

Morningstar

NorthWest Copper announces drill results from Kwanika project

NWE

New Projects/Investments

NorthWest Copper Corp. reported assay results from the second hole (K-25-272) of its 2025 diamond drilling program at Kwanika, highlighted by an intersection of 16.9 metres grading 1.37% copper equivalent (CuEq).
The drill hole K-25-272 extended the higher-grade mineralization down dip by 50 metres, confirming continuity and potential for further expansion at depth in both the Central and Western Zones.
Other significant intersections include 28.0 metres of 0.73% CuEq in the Pit Zone, 20.3 metres of 1.12% CuEq in the Central Zone, and 22.0 metres of 1.07% CuEq in the Western Zone.
These results, combined with the first hole's findings, validate the company's high-grade Target Model at Kwanika, aiming to enhance project economics beyond the 2023 Preliminary Economic Assessment (PEA).

Oct 15, 2025, 11:45 AM

Press Release

NorthWest Copper Announces First Drill Results from 2025 Program

NWE

New Projects/Investments

NorthWest Copper announced the first assay results from its 2025 Kwanika diamond drilling program, with drill hole K-25-269 intersecting higher-grade mineralization in the Central and Western Zones.
Key results from the Central Zone of hole K-25-269 include 44.0 metres of 0.66 % Cu and 2.81 g/t Au from 198.0 metres downhole, and 12.0 metres of 1.01 % Cu and 0.41 g/t Au from 246.0 metres downhole.
The 2025 Kwanika drill program is planned to complete 5,135 metres across 17 drill holes to confirm and expand the higher-grade target model, with the potential to enhance Kwanika project economics.

Oct 6, 2025, 11:45 AM

Press Release

NorthWestern Energy Group Amends Term Loan, Increases Commitment to $150 Million

NWE

Debt Issuance

M&A

On September 29, 2025, NorthWestern Energy Group, Inc. (NWE) amended its Term Loan Credit Agreement, increasing the total commitment to $150 million from the previous $100 million, with the company having already borrowed the full amount.
Mizuho Bank, Ltd. was added as a lender, joining U.S. Bank National Association, which remains the administrative agent.
The unsecured Term Loan, which bears a variable annual interest rate based on SOFR, is due on April 10, 2026, and its proceeds are designated for general corporate purposes.
A primary financial covenant for the Term Loan mandates that the consolidated debt to total capitalization ratio must not exceed 65 percent.
The document also notes the company's planned merger with River Merger Sub Inc., which will result in NWE becoming a wholly owned subsidiary of Black Hills Corporation, as per an agreement dated August 18, 2025.

Oct 3, 2025, 9:04 PM

8-K

Earnings Transcripts

Quarterly earnings call transcripts for NorthWestern Energy Group.

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