Northwestern Energy Group Inc

NorthWestern reported GAAP diluted EPS of $0.40 in Q2 2026 and non-GAAP diluted EPS of $0.50. Management said the adjusted $0.50 was $0.10 higher than 2025. Year to date, GAAP earnings were $1.43 versus $1.60 in the prior period, while adjusted earnings were $1.81 versus $1.62. Crystal Dawn Lail said Q2 included merger-related costs, incremental Colstrip ownership costs and weather impacts; on an adjusted basis, weather was unfavorable by $0.01, merger costs were $0.04 and unrecovered Colstrip operating expenses were $0.05. The company reaffirmed full-year 2026 earnings guidance of $3.68 to $3.83, reaffirmed long-term rate base and EPS growth targets of 4% to 6%, and said its $3.2 billion capital plan for 2026 through 2030 is unchanged. The company also declared a dividend of $0.67 per share payable September 1, 2026.

Brian Bird framed the quarter around execution on the merger, customer value and longer-term growth. He said the company has made “great progress” this quarter, highlighted approvals from Nebraska, South Dakota and FERC, and said the team is “cautiously optimistic” about Montana while preparing to close if approval comes. He also emphasized that the combined company should better serve customers, capture cost savings and support a more competitive growth strategy in a changing utility landscape.

Crystal Dawn Lail said Q2 GAAP earnings of $0.40 were affected by merger costs, incremental Colstrip ownership costs and weather, while adjusted EPS of $0.50 was up $0.10 from 2025. She pointed to a $0.38 improvement in margin versus the prior period, helped by new Montana rates, the sale of Puget Colstrip interest and growth in transmission revenues. She said the company has executed its financing plans for the year, expects no back-half impact from them, and reiterated that the $3.2 billion capital plan through 2030 remains on track and unchanged.

Analysts focused on the Quantica data center opportunity, with questions about whether the quoted 7.2 GW interconnection request could be realized. Brian Bird pushed back on extrapolating from that figure and said NorthWestern is focused on the 1.1 GW currently being discussed from a Quantica perspective. Questions also centered on Colstrip cost recovery, where Crystal Dawn Lail said the long-term fix is a rate review to put the asset into base rates and noted the PCCAM docket is expected to move through late 2026 or early 2027. Other questions addressed transmission capacity, community pushback on data centers, and the timing of Montana merger approval; management said the 90 to 120 day timing view still stands and does not change because of Commissioner Molnar’s status.