Watt’s the Q2’26 number for BKH?

Research evidence excerpt

Watt’s the Q2’26 number for BKH?

Exhibit 3: EPS estimates lead to a 5.5% long-term CAGR

BKH Earnings Dashboard

CAGR

BKH Financial Snapshot 2024A 2025A 2026E 2027E 2028E 2029E 2030E '23-'30

BofA vs Guidance 0% -1% 0% 0% 2% 3% 4%

Payout Ratio: 55-65% Guidance 67% 66% 65% 64% 63% 62% 61%

FFO/Debt: 14-15% Target 18.0% 15.9% 17.3% 17.4% 17.6% 17.8% 18.1%

Source: BofA Global Research estimates, Company filings, Bloomberg

BofA GLOBAL RESEARCH

Merger dockets showing progress for approvals

Regulatory risk to the merger approval dockets is steadily decreasing. With federal

approvals and Nebraska secured and settlements filed in both remaining states, we

continue to expect a close in 2H 2026.

• Hart-Scott-Rodino cleared on April 20

• FERC approved the merger on June 1, finding no adverse impact on competition

• Of the three required state commissions:

o Nebraska was first to approve, on May 19.

o South Dakota, there was an approval in late June.

o In Montana, the applicants reached a partial settlement with key

intervenors; the MPSC held its hearings in May. Expect a staff

recommendation or even an order a few weeks before the approval

target date (mid Sept-mid Oct).

Other regulatory items on our radar

Beyond the merger, BKH has five open rate cases:

• Arkansas Gas (25-064-U): new rates are expected in 2H 2026

• South Dakota Electric South Dakota (EL26-003): new rates are expected in Q1'27

• South Dakota Electric Wyoming (20002-148-ER-26): new rates are expected in

Q1'27

• Kansas Gas (26-BHCG-0240-RTS): new rates are expected in Q3'26

• Colorado Electric: rates expected in Q2’27.

Also, South Dakota received wildfire liability legislation, and in Wyoming, BKH is awaiting

approval of Wildfire Mitigation Plan in accordance with the legislation enacted in 2025.

Abbreviations