EX-99.2

NORTHWESTERN ENERGY GROUP

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025

NORTHWESTERN ENERGY GROUP

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

(in thousands, except per share amounts)


	Three Months Ended June 30,					Six Months Ended June 30,
	2025			2024		2025		2024
Revenues
Electric	$	279,468	$	260,134	$	614,951	$	603,320
Gas		63,245		59,795		194,392		191,951
Total Revenues		342,713		319,929		809,343		795,271
Operating expenses
Fuel, purchased supply and direct transmission
expense (exclusive of depreciation and depletion		75,271		76,480		213,468		251,201
shown separately below)		75,271		76,480		213,468		251,201
Operating and maintenance		62,336		57,367		119,045		111,549
Administrative and general		33,773		31,281		75,130		71,726
Property and other taxes		48,168		36,256		91,408		83,427
Depreciation and depletion		62,379		56,933		124,779		113,676
Total Operating Expenses		281,927		258,317		623,830		631,579
Operating income		60,786		61,612		185,513		163,692
Interest expense, net		(36,254)		(31,875)		(72,765)		(62,854)
Other income, net		78		6,160		4,006		10,479
Income before income taxes		24,610		35,897		116,754		111,317
Income tax expense		(3,382)		(4,243)		(18,586)		(14,577)
Net Income	$	21,228	$	31,654	$	98,168	$	96,740


Average Common Shares Outstanding		61,381		61,289		61,360		61,277
Basic Earnings per Average Common Share	$	0.35	$	0.52	$	1.60	$	1.58
Diluted Earnings per Average Common Share	$	0.35	$	0.52	$	1.60	$	1.58
Dividends Declared per Common Share	$	0.66	$	0.65	$	1.32	$	1.30

See Notes to Condensed Consolidated Financial Statements


NORTHWESTERN ENERGY GROUP
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
		(Unaudited)
		(in thousands)
		Three Months Ended June 30,				Six Months Ended June 30,
		2025		2024		2025		2024
Net Income	$	21,228	$	31,654	$	98,168	$	96,740
Other comprehensive income, net of tax:
Foreign currency translation adjustment		4		(1)		5		(2)
Reclassification of net losses on derivative instruments		113		113		226		226
Total Other Comprehensive Income		117		112		231		224
Comprehensive Income	$	21,345	$	31,766	$	98,399	$	96,964

See Notes to Condensed Consolidated Financial Statements


NORTHWESTERN ENERGY GROUP
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(in thousands, except share data)
ASSETS		June 30, 2025		December 31, 2024
ASSETS
Current Assets:
Cash and cash equivalents	$	2,936	$	4,283
Restricted cash		23,612		24,734
Accounts receivable, net		154,923		187,764
Inventories		125,398		122,940
Regulatory assets		67,504		39,851
Prepaid expenses and other		28,707		38,614
Total current assets		403,080		418,186
Property, plant, and equipment, net		6,531,509		6,398,275
Goodwill		357,586		357,586
Regulatory assets		778,974		764,414
Other noncurrent assets		64,818		59,063
Total Assets	$	8,135,967	$	7,997,524
LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Current maturities of finance leases	$	3,731	$	3,596
Current portion of long-term debt		59,964		299,950
Short-term borrowings		100,000		100,000
Accounts payable		93,744		111,794
Accrued expenses and other		251,932		254,599
Regulatory liabilities		28,061		32,261
Total current liabilities		537,432		802,200
Long-term finance leases		0		1,865
Long-term debt		3,029,611		2,695,343
Deferred income taxes		702,905		663,430
Noncurrent regulatory liabilities		674,431		660,942
Other noncurrent liabilities		311,912		316,044
Total Liabilities		5,256,291		5,139,824
Commitments and Contingencies (Note 11)
Shareholders' Equity:
Common stock, par value $0.01; authorized 200,000,000 shares; issued and outstanding 64,875,751 and 61,387,122 shares, respectively; Preferred stock, par value $0.01; authorized 50,000,000 shares; none Issued		649		648
Treasury stock at cost		(97,705)		(97,394)
Paid-in capital		2,088,674		2,084,133
Retained earnings		894,531		877,017
Accumulated other comprehensive loss		(6,473)		(6,704)
Total Shareholders' Equity		2,879,676		2,857,700
Total Liabilities and Shareholders' Equity	$	8,135,967	$	7,997,524

See Notes to Condensed Consolidated Financial Statements

NORTHWESTERN ENERGY GROUP

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(in thousands)

Six Months Ended June 30,

2025 2024


OPERATING ACTIVITIES:
Net income	$	98,168	$	96,740
Adjustments to reconcile net income to cash provided by operations:
Depreciation and depletion		124,779		113,676
Amortization of debt issuance costs, discount and deferred hedge gain		2,343		2,337
Stock-based compensation costs		4,168		3,797
Equity portion of allowance for funds used during construction		(4,066)		(9,397)
Loss on disposition of assets		151		21
Impairment of alternative energy storage investment		—		4,659
Deferred income taxes		16,746		12,953
Changes in current assets and liabilities:
Accounts receivable		32,841		62,757
Inventories		(2,458)		(417)
Other current assets		9,907		(1,130)
Accounts payable		(27,688)		(20,693)
Accrued expenses and other		(2,861)		(2,157)
Regulatory assets		(27,653)		(12,398)
Regulatory liabilities		(4,200)		(24,939)
Other noncurrent assets and liabilities		(8,576)		(1,866)
Cash Provided by Operating Activities		211,601		223,943
INVESTING ACTIVITIES:
Property, plant, and equipment additions		(220,978)		(247,361)
Investment in debt & equity securities		(5,778)		(917)
Cash Used in Investing Activities		(226,756)		(248,278)
FINANCING ACTIVITIES:
Dividends on common stock		(80,654)		(79,275)
Issuance of long-term debt		500,000		215,000
Issuance of short-term borrowings		—		100,000
Repayments on long-term debt		(300,000)		(100,000)
Line of credit repayments, net		(103,000)		(105,000)
Other financing activities, net		(3,660)		(539)
Cash Provided by Financing Activities		12,686		30,186
(Decrease) Increase in Cash, Cash Equivalents, and Restricted Cash		(2,469)		5,851
Cash, Cash Equivalents, and Restricted Cash, beginning of period		29,017		25,187
Cash, Cash Equivalents, and Restricted Cash, end of period	$	26,548	$	31,038

Supplemental Cash Flow Information:
Cash (received) paid during the period for:
Production tax credits(1)		(8,255)		—
Interest		67,166		59,995
Significant non-cash transactions:
Capital expenditures included in accounts payable		32,015		27,144

1) Proceeds from production tax credits transferred are included in cash provided by operating activities within the Condensed Consolidated Statement of Cash Flows. See Notes to Condensed Consolidated Financial Statements

NORTHWESTERN ENERGY GROUP

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

(Unaudited)

(in thousands, except per share data)


						Three Months Ended June 30,
	Number of	Number of		Common		Treasury					Retained		Accumulated Other				Total
	Common	Treasury		Common						Paid in Capital							Comprehensive		Shareholders'
	Shares	Shares		Stock		Treasury	Stock							Earnings			Loss		Equity
Balance at March 31, 2024	64,798	3,515	$	648	$	(97,990)		$	2,080,953	Paid in Capital	$	836,951		$	(7,544)		$	2,813,018


Net income	—	—		—		—			—		31,654			—			31,654
Foreign currency translation	—	—		—		—			—		—			(1)			(1)
adjustment, net of tax	—	—							—		—			(1)			(1)
Reclassification of net losses on				—		—
derivative instruments from OCI to net	—	—		—		—			—		—			113			113
income, net of tax	—	—		—		—			—		—			113			113
Stock-based compensation	5	—		—		—			1,732		—			—			1,732
Issuance of shares	—	(11)		—		214			172		—			—			386
Dividends on common stock ($0.650	—	—		—		—			—		(39,645)			—			(39,645)
per share)	—	—		—		—			—		(39,645)			—			(39,645)
Balance at June 30, 2024	64,803	3,504	$	648	$	(97,776)		$	2,082,857	$	828,960		$	(7,432)		$	2,807,257


Balance at March 31, 2025	64,870	3,497	$	649	$	(97,935)		$	2,086,594	$	913,650		$	(6,590)		$	2,896,368


Net income	—	—		—		—			—		21,228			—			21,228
Foreign currency translation	—	—		—		—			—		—			4			4
adjustment, net of tax	—	—		—		—			—		—			4			4
Reclassification of net losses on
derivative instruments from OCI to net	—	—		—		—			—		—			113			113
income, net of tax	—	—		—		—			—		—			113			113
Stock-based compensation	6	—		—		—			1,870		—			—			1,870
Issuance of shares	—	(8)		—		230			210		—			—			440
Dividends on common stock ($0.660	—	—		—		—			—		(40,347)			—			(40,347)
per share)	—	—		—		—			—		(40,347)			—			(40,347)
Balance at June 30, 2025	64,876	3,489		649		(97,705)			2,088,674		894,531			(6,473)			2,879,676


						Six Months Ended June 30,
	Number of	Number of		Common		Treasury					Retained		Accumulated Other				Total
	Common	Treasury		Common						Paid in Capital							Comprehensive		Shareholders'
	Shares	Shares		Stock		Treasury	Stock							Earnings			Loss		Equity
Balance at December 31, 2023	64,762	3,513	$	648	$	(97,926)		$	2,078,753	Paid in Capital	$	811,495		$	(7,656)		$	2,785,314


Net income	—	—		—		—			—		96,740			—			96,740
Foreign currency translation	—	—		—		—			—		—			(2)			(2)
adjustment, net of tax	—	—							—		—			(2)			(2)
Reclassification of net losses on				—		—
derivative instruments from OCI to	—	—		—		—			—		—			226			226
net income, net of tax	—	—		—		—			—		—			226			226
Stock-based compensation	41	—		—		(272)			3,771		—			—			3,499
Issuance of shares	—	(9)		—		422			333		—			—			755
Dividends on common stock ($1.300	—	—		—		—			—		(79,275)			—			(79,275)
per share)	—	—		—		—			—		(79,275)			—			(79,275)
Balance at June 30, 2024	64,803	3,504	$	648	$	(97,776)		$	2,082,857	$	828,960		$	(7,432)		$	2,807,257


Balance at December 31, 2024	64,811	3,490	$	648	$	(97,394)		$	2,084,133	$	877,017		$	(6,704)		$	2,857,700


Net income	—	—		—		—			—		98,168			—			98,168
Foreign currency translation	—	—		—		—			—		—			5			5
adjustment, net of tax	—	—		—		—			—		—			5			5
Reclassification of net losses on
derivative instruments from OCI to	—	—		—		—			—		—			226			226
net income, net of tax	—	—		—		—			—		—			226			226
Stock-based compensation	65	—		1		(729)			4,142		—			—			3,414
Issuance of shares	—	(1)		—		418			399		—			—			817
Dividends on common stock ($1.320	—	—		—		—			—		(80,654)			—			(80,654)
per share)	—	—		—		—			—		(80,654)			—			(80,654)
Balance at June 30, 2025	64,876	3,489		649		(97,705)			2,088,674		894,531			(6,473)			2,879,676

See Notes to Condensed Consolidated Financial Statements

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Reference is made to Notes to Financial Statements included in the NorthWestern Energy Group's Annual Report)

(Unaudited)

(1) Nature of Operations and Basis of Consolidation

NorthWestern Energy Group, doing business as NorthWestern Energy, provides electricity and/or natural gas to approximately 842,100 customers in Montana, South Dakota, Nebraska and Yellowstone National Park, through its subsidiaries NorthWestern Corporation (NW Corp) and NorthWestern Energy Public Service Corporation (NWE Public Service). We have generated and distributed electricity in South Dakota and distributed natural gas in South Dakota and Nebraska since 1923 and have generated and distributed electricity and distributed natural gas in Montana since 2002.

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (GAAP) requires us to make estimates and assumptions that may affect the reported amounts of assets, liabilities, revenues and expenses during the reporting period. Actual results could differ from those estimates. The unaudited Condensed Consolidated Financial Statements (Financial Statements) reflect all adjustments (which unless otherwise noted are normal and recurring in nature) that are, in our opinion, necessary to fairly present our financial position, results of operations and cash flows. The actual results for the interim periods are not necessarily indicative of the operating results to be expected for a full year or for other interim periods. Events occurring subsequent to June 30, 2025 have been evaluated as to their potential impact to the Financial Statements through the date of issuance.

The Financial Statements included herein have been prepared by NorthWestern, without audit, pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations; however, we believe that the condensed disclosures provided are adequate to make the information presented not misleading. We recommend that these Financial Statements be read in conjunction with the audited financial statements and related footnotes included in the NorthWestern Energy Group Annual Report on Form 10-K for the year ended December 31, 2024.

Supplemental Cash Flow Information

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Condensed Consolidated Balance Sheets that sum to the total of the same such amounts shown in the Condensed Consolidated Statements of Cash Flows (in thousands):


		June 30,		December 31,		June 30,		December 31,
		2025		2024		2024		2023
Cash and cash equivalents	$	2,936	$	4,283	$	6,398	$	9,164
Restricted cash		23,612		24,734		24,640		16,023
Total cash, cash equivalents, and restricted cash shown in	$	26,548	$	29,017	$	31,038	$	25,187
the Condensed Consolidated Statements of Cash Flows	$	26,548	$	29,017	$	31,038	$	25,187

Goodwill

We completed our annual goodwill impairment test as of April 1, 2025, and no impairment was identified. We calculate the fair value of our reporting units by considering various factors, including valuation studies based primarily on a discounted cash flow analysis, with published industry valuations and market data as supporting information. Key assumptions in the determination of fair value include the use of an appropriate discount rate and estimated future cash flows. In estimating cash flows, we incorporate expected long-term growth rates in our service territory, regulatory stability, and commodity prices (where appropriate), as well as other factors that affect our revenue, expense and capital expenditure projections.

(2) Acquisition

In July 2024, NW Corp entered into an Asset Purchase Agreement with Hope Utilities to acquire its Energy West natural gas distribution system and operations serving approximately 33,000 customers located in Great Falls, Cut Bank, and West Yellowstone, Montana. In May 2025, the Montana Public Service Commission (MPSC) approved this acquisition and on July 1, 2025, NW Corp completed this acquisition for approximately $36.5 million in cash, which is subject to certain post-closing working capital adjustments. Determination of the final purchase price and allocation to the acquired assets and assumed liabilities are expected to be completed in the second half of 2025. Upon the completion of the acquisition, NW Corp transferred the utility operations to its two wholly-owned subsidiaries, NorthWestern Great Falls Gas LLC and NorthWestern Cut Bank Gas LLC.

(3) Regulatory Matters

Montana Rate Review

In July 2024, we filed a Montana electric and natural gas rate review with the MPSC. In November 2024, the MPSC partially approved our requested interim rates effective December 1, 2024, subject to refund. Subsequently, we modified our request through rebuttal testimony. In March 2025, we filed a natural gas settlement with certain parties. In April 2025, we filed a partial electric settlement with certain other parties. Both settlements are subject to approval by the MPSC.

The partial electric settlement includes, among other things, agreement on base revenue increases (excluding base revenues associated with Yellowstone County Generating Station (YCGS)), allocated cost of service, rate design, updates to the amount of revenues associated with property taxes (excluding property taxes associated with YCGS), regulatory policy issues related to requested changes in regulatory mechanisms, and agreement to support a separate motion for revised electric interim rates. The partial electric settlement provides for the deferral and annual recovery of incremental operating costs related to wildfire mitigation and insurance expenses through the Wildfire Mitigation Balancing Account.

The natural gas settlement includes, among other things, agreement on base revenues, allocated cost of service, rate design, updates to the amount of revenues associated with property taxes, and agreement to support a separate motion for revised natural gas interim rates.

The details of our filing request, as adjusted in rebuttal testimony, are set forth below:

Requested Revenue Increase (Decrease) Through Rebuttal Testimony (in millions)


	Electric		Natural Gas
Base Rates	$	153.8		27.9
Power Cost & Credit Adjustment Mechanism (PCCAM)(1)		(94.5)		n/a
Property Tax (tracker base adjustment)(1)		(1.3)		0.1
Total Revenue Increase Requested through Rebuttal Testimony	$	58.0	$	28.0

(1) These items are flow-through costs. PCCAM reflects our fuel and purchased power costs.

The details of our interim rates granted are set forth below:

Interim Revenue Increase (Decrease) Granted (in millions)


	Electric(1)		Natural Gas(2)
Base Rates	$	18.4	$	17.4
PCCAM(3)		(88.0)		n/a
Property Tax (tracker base adjustment)(3)(4)		7.4		0.2
Total Interim Revenue Granted	$	(62.2)	$	17.6

(1)

These electric interim rates were effective December 1, 2024, through May 22, 2025. See further discussion on revised electric interim rates below.

(2)

These natural gas interim rates were effective December 1, 2024, and are expected to remain in effect until the MPSC final order rates are effective.

(3)

These items are flow-through costs. PCCAM reflects our fuel and purchased power costs.

(4)

Our requested interim property tax base increase went into effect on January 1, 2025, as part of our 2024 property tax tracker filing.

The details of our settlement agreement are set forth below:

Requested Revenue Increase (Decrease) through Settlement Agreements (in millions)


	Electric(1)		Natural Gas
Base Rates:
Base Rates (Settled)	$	66.4	$	18.0
Base Rates - YCGS (Non-settled)(2)(3)		43.9		n/a
Requested Base Rates		110.3		18.0

Pass-through items:
Property Tax (tracker base adjustment) (Settled)(4)		(5.2)		0.1
Property Tax (tracker base adjustment) - YCGS (Non-settled)(2)(4)		4.0		n/a
PCCAM (Non-settled)(2)(3)(4)		(94.5)		n/a
Requested Pass-Through Rates		(95.7)		0.1
Total Requested Revenue Increase	$	14.6	$	18.1

(1)

We implemented these electric rates on July 2, 2025, on an interim basis, subject to refund.

(2)

These items were not included within the partial electric settlement and will be contested items that are expected to be determined in the MPSC's final order.

(3)

Intervenor positions on YCGS propose up to an $11.6 million reduction to the base rate revenue request and an additional $38.4 million decrease to the PCCAM base.

(4)

These items are flow-through costs. PCCAM reflects our fuel and purchased power costs.

On May 23, 2025, as permitted by Montana statute, we implemented our initially requested electric rates, reflecting a base rate revenue increase of $156.5 million, on an interim basis, subject to refund with interest. Within our June 30, 2025 financial statements, we have deferred base rate revenues collected between May 23, 2025, and June 30, 2025, down to our requested revised electric interim rates of $110.3 million as shown within

the above table. As of June 30, 2025, we have deferred approximately $3.5 million of base rate revenues collected. On June 20, 2025, we submitted the revised electric interim rates as shown within the above table to the MPSC for approval. The MPSC subsequently approved this request and the revised rates were implemented on July 2, 2025.

As discussed above, if the MPSC chooses to accept the intervenors positions on the remaining contested issues or does not accept the Settlement Agreements in its final order, losses related to excess interim revenues collected will be incurred. Additionally, any difference between interim and final approved rates will be refunded to customers with interest. However, if final approved rates are higher than interim rates, we will not recover the difference.

A hearing on the electric and natural gas rate review was held in June 2025, and final briefs are due in August 2025. Interim rates will remain in effect on a refundable basis, with interest, until the MPSC issues a final order.

Nebraska Natural Gas Rate Review

In June 2024, we filed a natural gas rate review with the Nebraska Public Service Commission (NPSC). Interim rates, which increased base natural gas rates $2.3 million, were implemented on October 1, 2024. In April 2025, we reached a settlement agreement with certain parties for a base rate annual revenue increase of $2.4 million. In June 2025, the NPSC approved this settlement agreement and final rates were implemented on July 1, 2025.

(4) Income Taxes

We compute income tax expense for each quarter based on the estimated annual effective tax rate for the year, adjusted for certain discrete items. Our effective tax rate typically differs from the federal statutory tax rate due to the regulatory impact of flowing through the federal and state tax benefit of repairs deductions, state tax benefit of accelerated tax depreciation deductions (including bonus depreciation when applicable) and production tax credits. The regulatory accounting treatment of these deductions requires immediate income recognition for temporary tax differences of this type, which is referred to as the flow-through method. When the flow-through method of accounting for temporary differences is reflected in regulated revenues, we record deferred income taxes and establish related regulatory assets and liabilities.

On July 4, 2025, the One Big Beautiful Bill Act (“OBBB”) was signed into law, which includes significant changes to the U.S. tax code and related laws. Key provisions of the OBBB include modifications and extensions to certain provisions of the Tax Cuts and Jobs Act of 2017, changes to interest expense limitations, and updates to energy-related tax incentives. We have evaluated the potential impact of the OBBB to our financial statements and determined that the impact is not material.

During the three months ended June 30, 2025 income tax expense was $3.4 million compared to $4.2 million for the same period in 2024. For the three months ended June 30, 2025, the effective tax rate was 13.7% compared to 11.8% for the same period in 2024. The higher effective tax rate was primarily due to higher plant depreciation flow through items and lower production tax credits, partly offset by higher flow through repairs deductions.

During the six months ended June 30, 2025 income tax expense was $18.6 million compared to $14.6 million for the same period in 2024. For the six months ended June 30, 2025, the effective tax rate was 15.9% compared to 13.1% for the same period in 2024. The higher effective tax rate was primarily due to higher plant depreciation flow through items and lower production tax credits, partly offset by higher flow through repairs deductions.

(5) Comprehensive Income (Loss)

The following tables display the components of Other Comprehensive Income (Loss), after-tax, and the related tax effects (in thousands):


	Three Months Ended
	June 30, 2025							June 30, 2024
	Before-Tax Amount		Tax Expense			Net-of-Tax Amount		Before-Tax Amount			Tax Expense			Net-of-Tax Amount
Foreign currency translation adjustment	$	4	$	-		$	4	$	(1	)	$	-		$	(1	)
Reclassification of net income on derivative instruments		153		(40	)		113		153			(40	)		113
Other comprehensive income (loss)	$	157	$	(40	)	$	117	$	152		$	(40	)	$	112


	Six Months Ended
	June 30, 2025							June 30, 2024
	Before-Tax Amount		Tax Expense			Net-of-Tax Amount		Before-Tax Amount			Tax Expense			Net-of-Tax Amount
Foreign currency translation adjustment	$	5	$	-		$	5	$	(2	)	$	-		$	(2	)
Reclassification of net income on derivative instruments		306		(80	)		226		306			(80	)		226
Other comprehensive income (loss)	$	311	$	(80	)	$	231	$	304		$	(80	)	$	224

Balances by classification included within accumulated other comprehensive loss (AOCL) on the Condensed Consolidated Balance Sheets are as follows, net of tax (in thousands):


		June 30, 2025		December 31, 2024
Foreign currency translation	$	1,438	$	1,433
Derivative instruments designated as cash flow hedges		(8,695)		(8,921)
Postretirement medical plans		784		784
Accumulated other comprehensive loss	$	(6,473)	$	(6,704)

The following tables display the changes in AOCL by component, net of tax (in thousands):


					Three Months Ended
					June 30, 2025
	Affected Line Item		Interest Rate
	in the Condensed		Derivative
	Consolidated		Instruments		Postretirement	Foreign Currency
	Statements of		Designated as		Postretirement	Foreign Currency				Total
	Income	Cash Flow Hedges			Medical Plans	Translation				Total
Beginning balance		$	(8,808)	$	784	$	1,434	$	(6,590)
Other comprehensive income before
reclassifications			—		—		4		4
Amounts reclassified from AOCL	Interest Expense		113		—		—		113
Net current-period other comprehensive income			113		—		4		117
Ending balance		$	(8,695)	$	784	$	1,438	$	(6,473)


					Three Months Ended
					June 30, 2024
	Affected Line Item		Interest Rate
	in the Condensed		Derivative
	Consolidated		Instruments		Postretirement	Foreign Currency
	Statements of		Designated as		Postretirement	Foreign Currency				Total
	Income	Cash Flow Hedges			Medical Plans	Translation				Total
Beginning balance		$	(9,260)	$	280	$	1,436	$	(7,544)
Other comprehensive loss before
reclassifications			—		—		(1)		(1)
Amounts reclassified from AOCL	Interest Expense		113		—		—		113
Net current-period other comprehensive income (loss)			113		—		(1)		112
Ending balance		$	(9,147)	$	280	$	1,435	$	(7,432)


					Six Months Ended
					June 30, 2025
	Affected Line Item		Interest Rate		Defined Benefit
	in the Condensed		Derivative		Defined Benefit
	Consolidated		Instruments		Pension Plan and	Foreign Currency
	Statements of		Designated as		Postretirement	Foreign Currency				Total
	Income	Cash Flow Hedges			Medical Plans	Translation				Total
Beginning balance		$	(8,921)	$	784	$	1,433	$	(6,704)
Other comprehensive loss before
reclassifications			—		—		5		5
Amounts reclassified from AOCL	Interest Expense		226		—		—		226
Net current-period other comprehensive income			226		—		5		231
Ending balance		$	(8,695)	$	784	$	1,438	$	(6,473)


					Six Months Ended
					June 30, 2024
	Affected Line Item		Interest Rate
	in the Condensed		Derivative		Pension and
	Consolidated		Instruments		Pension and			Foreign Currency
	Statements of		Designated as		Postretirement							Total
	Income	Cash Flow Hedges			Medical Plans	Translation						Total
Beginning balance		$	(9,373)	$	280	$	1,437	Foreign Currency		$	(7,656)
Other comprehensive loss before
reclassifications			—		—		(2)			(2)
Amounts reclassified from AOCL	Interest Expense		226		—		—			226
Net current-period other comprehensive income (loss)			226		—		(2)			224
Ending balance		$	(9,147)	$	280	$	1,435		$	(7,432)

(6) Financing Activities

On March 21, 2025, NW Corp issued and sold $400.0 million aggregate principal amount of Montana First Mortgage Bonds at a fixed interest rate of 5.07 percent maturing on March 21, 2030. These bonds were issued and sold to certain initial purchasers without being registered under the Securities Act of 1933, as amended (Securities Act), in reliance upon exemptions therefrom in compliance with Rule 144A under the Securities Act, or under Regulation S under the Securities Act for sales to non-U.S. persons. Proceeds were utilized to redeem NW Corp's $161.0 million of 5.01 percent Montana First Mortgage Bonds due May 1, 2025 and $75.0 million of 3.11 percent Montana First Mortgage Bonds due July 1, 2025, to repay outstanding borrowings under our NW Corp revolving credit facility, and for general utility purposes.

On April 11, 2025, we amended our existing NorthWestern Energy Group $100.0 million Term Loan Credit Agreement to extend the maturity date from April 11, 2025 to April 10, 2026.

On May 1, 2025, NWE Public Service issued and sold $100.0 million aggregate principal amount of South Dakota First Mortgage Bonds at a fixed interest rate of 5.49 percent maturing on May 1, 2035. These bonds were issued in transactions exempt from the registration requirements of the Securities Act of 1933. Proceeds were utilized to repay at maturity $64.0 million of NWE Public Service's 5.01 percent South Dakota First Mortgage Bonds due on May 1, 2025 and for other general utility purposes.

(7) Segment Information

Our reportable segments are engaged in the electric and natural gas utility businesses.

Our Chief Operating Decision Maker (CODM), who is our Chief Executive Officer, uses segment net income to evaluate if our operating segments are earning their authorized rate of return and in the annual budget and forecasting process. Our CODM also uses segment net income to determine how to allocate capital resources between our operating segments and when to allocate the resources necessary to file for rate reviews. Segment asset and capital expenditure information is not provided for our reportable segments. As an integrated electric and gas utility, we operate significant assets that are not dedicated to a specific reportable segment.

Financial data for the reportable segments are as follows (in thousands):


Three Months Ended
	June 30, 2025		Electric		Gas		Total
	Operating revenues	$	279,468	$	63,245	$	342,713
	Fuel, purchased supply and direct transmission expense (exclusive of depreciation and depletion shown separately below)		59,603		15,668		75,271
	Operating, general, and administrative		73,615		22,773		96,388
	Property and other taxes		37,318		10,850		48,168
	Depreciation and depletion		52,387		9,992		62,379
	Interest expense, net		(27,562)		(7,297)		(34,859)
	Other income, net		121		456		577
	Income tax (expense) benefit		(4,230)		201		(4,029)
	Segment net income	$	24,874	$	(2,678)	$	22,196
	Reconciliation to consolidated net income
	Other, net(1)						(968)
	Consolidated net income					$	21,228


Three Months Ended
	June 30, 2024		Electric		Gas		Total
	Operating revenues	$	260,134	$	59,795	$	319,929
	Fuel, purchased supply and direct transmission expense (exclusive of depreciation and depletion shown separately below)		60,887		15,593		76,480
	Operating, general, and administrative		66,761		21,721		88,482
	Property and other taxes		28,006		8,251		36,257
	Depreciation and depletion		47,546		9,387		56,933
	Interest expense, net		(23,298)		(7,147)		(30,445)
	Other income, net		4,031		927		4,958
	Income tax (expense) benefit		(3,891)		304		(3,587)
	Segment net income	$	33,776	$	(1,073)	$	32,703
	Reconciliation to consolidated net income
	Other, net(1)						(1,049)
	Consolidated net income					$	31,654


Six Months Ended
June 30, 2025		Electric		Gas		Total
Operating revenues	$	614,951	$	194,392	$	809,343
Fuel, purchased supply and direct transmission expense (exclusive of depreciation and depletion shown separately below)		152,355		61,113		213,468
Operating, general, and administrative		146,094		47,943		194,037
Property and other taxes		70,604		20,645		91,249
Depreciation and depletion		104,875		19,904		124,779
Interest expense, net		(55,318)		(14,331)		(69,649)
Other income, net		2,611		1,547		4,158
Income tax expense		(14,102)		(4,226)		(18,328)
Segment net income	$	74,214	$	27,777	$	101,991
Reconciliation to consolidated net income
Other, net(1)						(3,823)
Consolidated net income					$	98,168


Six Months Ended
June 30, 2024		Electric		Gas		Total
Operating revenues	$	603,320	$	191,951	$	795,271
Fuel, purchased supply and direct transmission expense (exclusive of depreciation and depletion shown separately below)		176,228		74,973		251,201
Operating, general, and administrative		134,979		45,650		180,629
Property and other taxes		64,306		19,120		83,426
Depreciation and depletion		94,850		18,826		113,676
Interest expense, net		(47,955)		(13,396)		(61,351)
Other income, net		9,492		1,981		11,473
Income tax expense		(11,174)		(2,869)		(14,043)
Segment net income	$	83,320	$	19,098	$	102,418
Reconciliation to consolidated net income
Other, net(1)						(5,678)
Consolidated net income					$	96,740

(1) Consists of unallocated corporate costs and certain limited unregulated activity within the energy industry.

(8) Revenue from Contracts with Customers

Nature of Goods and Services

We provide retail electric and natural gas services to three primary customer classes. Our largest customer class consists of residential customers, which includes single private dwellings and individual apartments. Our commercial customers consist primarily of main street businesses, and our industrial customers consist primarily of manufacturing and processing businesses that turn raw materials into products.

Electric Segment - Our regulated electric utility business primarily provides generation, transmission, and distribution services to customers in our Montana and South Dakota jurisdictions. We recognize revenue when electricity is delivered to the customer. Payments on our tariff-based sales are generally due 0-30 days after the billing date.

Natural Gas Segment - Our regulated natural gas utility business primarily provides production, storage, transmission, and distribution services to customers in our Montana, South Dakota, and Nebraska jurisdictions. We recognize revenue when natural gas is delivered to the customer. Payments on our tariff-based sales are generally due 0-30 days after the billing date.

Disaggregation of Revenue

The following tables disaggregate our revenue by major source and customer class (in millions):


						Three Months Ended
			June 30, 2025						June 30, 2024
		Electric		Natural Gas		Total		Electric		Natural Gas		Total
Montana	$	81.8	$	18.0	$	99.8	$	86.0	$	18.9	$	104.9
South Dakota		16.2		5.6		21.8		15.4		5.9		21.3
Nebraska		—		4.5		4.5		—		3.8		3.8
Residential		98.0		28.1		126.1		101.4		28.6		130.0
Montana		93.9		10.4		104.3		99.7		10.7		110.4
South Dakota		27.8		3.9		31.7		26.3		3.7		30.0
Nebraska		—		2.4		2.4		—		2.0		2.0
Commercial		121.7		16.7		138.4		126.0		16.4		142.4
Industrial		9.9		0.1		10.0		11.3		0.2		11.5
Lighting, governmental, irrigation, and
interdepartmental		9.4		0.3		9.7		8.6		0.3		8.9
Total Retail Revenues		239.0		45.2		284.2		247.3		45.5		292.8
Regulatory Amortization		10.3		5.2		15.5		(10.9)		3.7		(7.2)
Transmission		28.1		—		28.1		22.4		—		22.4
Transportation, wholesale and other		2.1		12.8		14.9		1.3		10.6		11.9
Total Revenues(1)	$	279.5	$	63.2	$	342.7	$	260.1	$	59.8	$	319.9


						Six Months Ended
			June 30, 2025						June 30, 2024
		Electric		Natural Gas		Total		Electric		Natural Gas		Total
Montana	$	196.8	$	69.4	$	266.2	$	203.4	$	67.5	$	270.9
South Dakota		38.5		21.2		59.7		34.7		19.5		54.2
Nebraska		—		17.7		17.7		—		14.3		14.3
Residential		235.3		108.3		343.6		238.1		101.3		339.4
Montana		190.9		37.2		228.1		201.2		35.8		237.0
South Dakota		57.1		15.1		72.2		54.1		13.0		67.1
Nebraska		—		9.8		9.8		—		8.2		8.2
Commercial		248.0		62.1		310.1		255.3		57.0		312.3
Industrial		20.0		0.6		20.6		23.0		0.6		23.6
Lighting, governmental, irrigation, and
interdepartmental		14.0		0.8		14.8		13.3		0.9		14.2
Total Retail Revenues		517.3		171.8		689.1		529.7		159.8		689.5
Regulatory Amortization		38.0		(4.2)		33.8		25.5		10.6		36.1
Transmission		54.7		—		54.7		44.8		—		44.8
Transportation, wholesale and other		5.0		26.7		31.7		3.3		21.6		24.9
Total Revenues(1)	$	615.0	$	194.3	$	809.3	$	603.3	$	192.0	$	795.3

(1)

Certain amounts in the prior period have been reclassified to conform with current period presentation. These reclassifications have no effect on the reported financial results.

(9)

Earnings Per Share

Basic earnings per share are computed by dividing earnings applicable to common stock by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflect the potential dilution of common stock equivalent shares that could occur if unvested shares were to vest. Common stock equivalent shares are calculated using the treasury stock method, as applicable. The dilutive effect is computed by dividing earnings applicable to common stock by the weighted average number of common shares outstanding plus the effect of the outstanding unvested restricted stock and performance share awards. Average shares used in computing the basic and diluted earnings per share are as follows:


	Three Months Ended
	June 30, 2025	June 30, 2024
Basic computation	61,380,777	61,288,870
Dilutive effect of:
Performance share awards(1)	103,169	68,478
Diluted computation	61,483,946	61,357,348

(1)

Performance share awards are included in diluted weighted average number of shares outstanding based upon what would be issued if the end of the most recent reporting period was the end of the term of the award.


	Six Months Ended
	June 30, 2025	June 30, 2024
Basic computation	61,360,252	61,277,418
Dilutive effect of:
Performance share awards(1)	95,733	56,065
Diluted computation	61,455,985	61,333,483

As of June 30, 2025, there were 68,107 shares from performance and restricted share awards which were antidilutive and excluded from the earnings per share calculations, compared to 35,933 shares as of June 30, 2024.

(10) Employee Benefit Plans

We sponsor and/or contribute to pension and postretirement health care and life insurance benefit plans for eligible employees. Net periodic benefit cost (credit) for our pension and other postretirement plans consists of the following (in thousands):


		Pension Benefits				Other Postretirement Benefits
	Three Months Ended June 30,					Three Months Ended June 30,
	2025			2024		2025		2024
Components of Net Periodic Benefit Cost (Credit)
Service cost	$	1,167	$	1,378	$	66	$	74
Interest cost		6,104		5,739		129		132
Expected return on plan assets		(5,734)		(6,335)		(355)		(321)
Amortization of prior service credit		—		—		—		—
Recognized actuarial loss (gain)		—		6		(68)		(25)
Net periodic benefit cost (credit)	$	1,537	$	788	$	(228)	$	(140)


Components of Net Periodic Benefit Cost (Credit)
Service cost	$	2,362	$	2,796	$	128	$	154
Interest cost		12,149		11,472		256		279
Expected return on plan assets		(11,476)		(12,663)		(709)		(640)
Amortization of prior service credit		—		—		—		—
Recognized actuarial loss (gain)		—		17		(138)		(37)
Net periodic benefit cost (credit)	$	3,035	$	1,622	$	(463)	$	(244)

We contributed $4.2 million to our pension plans during the six months ended June 30, 2025. We expect to contribute an additional $5.8 million to our pension plans during the remainder of 2025.