Black Hills : Q2 2023 Black Hills Corporation Earnings Conference Call (Presentation)

COMPANY

INFORMATION

Black Hills Corporation

P.O. Box 1400

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

Company Contacts

Kimberly F. Nooney Senior Vice President and Chief Financial Officer 605-721-2370

kim.nooney@blackhillscorp.com

Jerome E. Nichols

Director of Investor Relations 605-721-1171

jerome.nichols@blackhillscorp.com

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 2023 earnings guidance and 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 2022 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 earnings guidance and growth target are 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 | 2023 Second Quarter Review | Aug. 3, 2023 | 2

2023 EPS

Long-term

EPS Growth

Dividend

Capital

Investment

Guidance of $3.65 to $3.85

4% to 6% growth target off 2023 base

55% to 65% payout ratio target *

$3.5 billion five-year forecast (2023 to 2027)