Black Hills : BKH June 2024 Investor Meetings Presentation

Investor Meetings

June 2024

Forward-looking Statements

COMPANY

INFORMATION

Black Hills Corporation

P.O. Box 1400

Rapid City, SD 57709-1400 NYSE Ticker: BKHwww.blackhillscorp.com

Company Contacts

Kimberly Nooney

Senior Vice President and CFO 605-721-2370

[e-mail]

Jerome E. Nichols

Director of Investor Relations 605-721-1171

[e-mail]

This presentation includes "forward-looking statements" as defined by the Securities and Exchange Commission. We make these forward- looking statements in reliance on the safe harbor protections provided under the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this presentation that address activities, events or developments that we expect, believe or anticipate will or may occur in the future are forward-looking statements. This includes, without limitations, our long-term growth target. These forward-looking statements are based on assumptions which we believe are reasonable based on current expectations and projections about future events and industry conditions and trends affecting our business. However, whether actual results and developments will conform to our expectations and predictions is subject to a number of risks and uncertainties that, among other things, could cause actual results to differ materially from those contained in the forward-looking statements, including without limitation, the risk factors described in Item 1A of Part I of our 2023 Annual Report on Form 10-K and other reports that we file with the SEC from time to time, and the following:

• The accuracy of our assumptions on which our long-term growth target is based;
• Our ability to obtain adequate cost recovery for our utility operations through regulatory proceedings and favorable rulings on periodic applications to recover costs for capital additions, plant retirements and decommissioning, fuel, transmission, purchased power and other operating costs, and the timing in which new rates would go into effect;
• Our ability to complete our capital program in a cost-effective and timely manner;
• Our ability to execute on our strategy;
• Our ability to successfully execute our financing plans;
• The effects of changing interest rates;
• Our ability to achieve our greenhouse gas emissions intensity reduction goals;
• Board of Directors' approval of any future quarterly dividends;
• The impact of future governmental regulation;
• Our ability to overcome the impacts of supply chain disruptions on availability and cost of materials;
• The effects of inflation and volatile energy prices; and
• Other factors discussed from time to time in our filings with the SEC.

New factors that could cause actual results to differ materially from those described in forward-looking statements emerge from time to time, and it is not possible for us to predict all such factors, or the extent to which any such factor or combination of factors may cause actual results to differ from those contained in any forward-looking statement. We assume no obligation to update publicly any such forward-looking statements, whether as a result of new information, future events or otherwise.

BKH | Investor Meetings | June 2024 | 2

Black Hills Corp. Overview

Integrated Pure-Play Utility with Strategic Diversity

Electric Utilities

Transmission, distribution and generation

Gas Utilities

Transmission, distribution, sourcing and storage

Note: information from 2023 Form 10-K Annual Report

* Generation total includes 49.9 percent ownership in Colorado IPP owned by a third party, representing approximately 100 megawatts

8 stable and growing states

1.34 million utility customers

1.4 gigawatts* generation

9,000 miles electric lines

47,000 miles natural gas lines

$9.6 billion assets $5.6 billion rate base

BKH | Investor Meetings | June 2024 | 3

Strong Long-term Growth Outlook

$4.3billion	4% to 6%	55% to 65%
Capital Investment 2024-2028	Dividend payout target
+ Capital-light opportunities	Long-term EPS growth target *	• Long-term growth rate
		in line with EPS **

• • Integrated pure-play utility profile
  • Diversified mix of electric and gas businesses
  • Stable and growing service territories
• Average annual compound growth rate off 2023 base of $3.75 per share
• Future dividends subject to board approval

• Constructive regulatory jurisdictions
• Solid financial position and liquidity
• Robust capital plan with timely recovery

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Low-risk Utility Investment

Regulated and Integrated	Diverse and Balanced
Utility Businesses	Business Mix

			WY
		NE	8%
		14%
				SD
99%	6%	58% Gas	19%
	IA
Assets owned by or	KS	42% Electric
contracted to our
5%	Utility Rate Base*
regulated utilities*		WY
				10%
	AR
	14%
			CO
		CO	13%
		11%

* As of Dec. 31, 2023

Clean Energy Profile

92%

Natural Gas and

Renewables

Total Revenue

(Full Year 2023)

BKH | Investor Meetings | June 2024 | 5

Growing and Stable Jurisdictions

Total 5-year Population and Customer Growth

Year-end2018-2023 in total (not annualized), ranked by BKH growth (State and U.S. Average: Year-end2018 -2023)*

Better than Average Employment

in Black Hills' States**

(March 2024)

Colorado

Arkansas

3.4%

2.5%

10.1%

8.3%

	4%
Rate	3%

South Dakota

Kansas

0.3%

5.4%

5.1%

4.0%

Unemployment	2%

Wyoming

1.7%

3.7%

Nebraska

3.6%

1.7%

1%

Iowa

1.1%

3.0%

Total BKH States

U.S. Average

2.2%

1.9%

5.8%

Customer count growth rate 3x U.S. average population growth rate

0%

Black Hills Customer Count Growth Total Population Growth*

Note: Total growth rate based on year-end 2018 to year-end 2023 total population and customer counts for Black Hills' utilities

• U.S. and state population data from Bureau of Economic Analysis (bea.gov)
• Unemployment information from U.S. Bureau of Labor Statistics (bls.gov)

BKH | Investor Meetings | June 2024 | 6

Investing for Customer Needs Drives Growth

$4.3 billion Capital Investment Forecast 2024-2028*

(millions)

$1,400

$1,200

$1,000

$800

$600 $400 $200

$0

Anticipating incremental opportunities

2023A	2024	2025	2026	2027	2028
	Capital Investment		Depreciation

• Customer growth
• Safety and system integrity projects
• Replacement and modernization programs
• Electric generation and transmission
• Natural gas pipelines and storage
• Renewable natural gas

* Forecasted capital is subject to changes in timing and costs of projects and other factors

BKH | Investor Meetings | June 2024 | 7

Rate Review Progress

• Implemented new rates for Colorado Gas and Wyoming Gas in February
• Advanced Arkansas Gas rate review
• Filed rate review for Iowa Gas; interim rates in effect
• Preparing to file rate review for Colorado Electric in June





		Annual
		Revenue		Debt /	New Rates
Jurisdiction	Filing Date	Increase	ROE	Equity	Effective	Comments / Status
Wyoming Gas	Q2 2023	$13.9 million	9.9%	49% / 51%	Feb. 1, 2024	Settlement approved providing new rates
Docket 30026-78-GR-23	and renewal of Wyoming Integrity Rider
Colorado Gas	Q2 2023	$20.2 million	9.3%	49% / 51%	Feb. 13, 2024	Settlement approved for new rates
Docket 23AL-0231G
Arkansas Gas	Q4 2023	$44.1 million*	10.5%*	52% / 48%*	Q4 2024	Requesting new rates by Q4 2024
Docket 23-074-U
Iowa Gas	May 1, 2024	$20.7 million*	10.5%*	49% / 51% *	Q1 2025	Interim rates within 10 days of filing
Docket RPU-2024-0001
Colorado Electric	June 2024	tbd	tbd	tbd	tbd	Last rate review in 2016

• Rate review completed and new rates in effect

* As requested in filing; excludes ongoing rider recovery requested to be included in base rates

BKH | Investor Meetings | June 2024 | 8

Wildfire Risk Mitigation

• Wildfire risk mitigation has been a top priority for decades; embedded within safety culture and reliability goals
• Publishing comprehensive Wildfire Mitigation Plan in Q2 2024
• Preparing to partner and communicate with our communities, local agencies, regulators and other key stakeholders to implement a Public Safety Power Shutoff program

Asset Integrity Operational

Programs Programs Response

• Vegetation management
• Transmission line inspection and Distribution management (5-year cycle)
• Pole inspections
• 25% undergrounded lines
• Enhanced risk assessment, forecasting and proactive field work management

Pictured: "Needles" rock formations in Black Hills of Western South Dakota

BKH | Investor Meetings | June 2024 | 9

Black Hills' Electric Utility Service Territory

Colorado

• Pueblo area along plains near Front Range of Rocky Mountains
• Limited transmission lines in relatively open and lower-risk areas

South Dakota

• Rapid City and communities in mix of forested and non-forested areas
• Transmission across mix of plains with some forested areas

Wyoming

SOUTH DAKOTA

MONTANA

WYOMING

NEBRASKA

COLORADO

• Service territory and transmission across lightly populated areas
• Proven system performance through sustained wind and wind events; strong natural wind resource for renewable development

Black Hills' Electric Service Territory		Black Hills' Electric Transmission

Source: S&P Global Market Intelligence Topography Mapping based on information from Esri, HERE, Garmin, FAO, NOAA, USGS, Bureau of Land Management, EPA, NPS

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