Watt‘s the Q2‘26 number for NWE, IDA, and BKH?

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Watt‘s the Q2‘26 number for NWE, IDA, and BKH?

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US Power & Utilities

Watt’s the Q2’26 number for NWE, IDA,

and BKH?

Price Objective Change

Q2’26 focus: Guidance, growth and execution 17 July 2026

We preview Q2’26 results for Northwestern Energy (NWE), IDACORP (IDA) and Black Equity

Hills (BKH), with earnings releases expected to highlight continued regulatory and large- United States

load development across the group. We expect all three companies to reaffirm their Utilities

current full-year guidance and long-term growth outlooks. Investors’ focus will center on Ross Fowler, CFA

regulatory execution, capital investment, data center development and the pending Black Research Analyst

Hills-NorthWestern merger. BofAS+1 646 855 1506

ross.fowler@bofa.com

NWE Q2’26 $0.43/sh. vs. $0.40/sh. in the prior yr qtr. F. Paul Cole

We have No Rating on Northwestern Energy (NWE). We expect NWE to report Q2’26 ResearchBofAS Analyst

EPS of $0.43, in line with consensus and up from $0.40 in Q2’25, as new Montana +1 646 743 2122 paul.cole2@bofa.com

electric rates and incremental Colstrip revenue more than offset higher property taxes,

Nicolas Woods

O&M, depreciation and interest expense. We expect management to reaffirm its 2026 Research Analyst

EPS guidance ($3.68-3.83) and standalone long-term growth targets, while providing BofAS

+1 646 556 4179

updates on the remaining Montana merger approval, the state’s regulatory environment nicolas.woods_barron@bofa.com

and the outlook for data center development. Our ’26-’28 EPS estimates are unchanged. Rinny Singh

Research Analyst

IDA Q2’26 $1.68/sh. vs. $1.76/sh. in the prior yr qtr. BofAS+1 646 855 5729

We reiterate our Buy rating on IdaCorp (IDA). We expect IDA to report Q2’26 EPS of rinny.singh@bofa.com