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NorthWestern Energy Group, Inc.

Quarterly report

	Nine Months Ended September 30,
			2024			2023
OPERATING ACTIVITIES:
Net income			$	143,559	$	110,989	Items not affecting cash:				Depreciation and depletion			170,630		157,787	Amortization of debt issuance costs, discount and deferred hedge gain	3,490		3,997	Stock-based compensation costs	5,291		5,119	Equity portion of allowance for funds used during construction	(15,371)		(12,530)	Gain on disposition of assets	(14)		(27)	Impairment of alternative energy storage investment	4,159		—	Deferred income taxes	7,128		(13,281)	Changes in current assets and liabilities:	Accounts receivable			68,071		96,910	Inventories	(7,030)		(11,721)	Other current assets	(15,043)		389	Accounts payable	(14,235)		(60,815)	Accrued expenses and other	39,928		65,058	Regulatory assets	(4,708)		94,069	Regulatory liabilities	(31,102)		10,588	Other noncurrent assets and liabilities	(10,849)		(19,610)	Cash Provided by Operating Activities	343,904		426,922	INVESTING ACTIVITIES:
Property, plant, and equipment additions			(400,511)		(407,170)	Investment in equity securities	(4,599)		(3,804)	Cash Used in Investing Activities	(405,110)		(410,974)	FINANCING ACTIVITIES:
Proceeds from issuance of common stock, net			—		73,613	Dividends on common stock	(118,925)		(115,048)	Issuance of long-term debt	215,000		300,000	Issuances of short-term borrowings	100,000		—	Repayments on long-term debt	(100,000)		—	Line of credit repayments, net	(32,000)		(273,000)	Other financing activities, net	(164)		(2,336)	Cash Provided by (Used in) Financing Activities	63,911		(16,771)	Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash	2,705		(823)	Cash, Cash Equivalents, and Restricted Cash, beginning of period	25,187		22,463	Cash, Cash Equivalents, and Restricted Cash, end of period	$	27,892	$	21,640	Supplemental Cash Flow Information:
Cash (received) paid during the period for:
Income taxes			$	(4,469)	$	3,204	Interest	92,562		64,533	Significant non-cash transactions:
Capital expenditures included in accounts payable			25,966		43,389	Refinancing of Pollution Control Revenue Refunding Bonds	—		144,660

28 Oct 24

7:02pm

NorthWestern Energy Group, Inc.

Quarterly report

The following table summarizes our consolidated cash flows (in millions):

	Nine Months Ended September 30,
			2024			2023
Operating Activities
Net income			$	143.6	$	111.0	Non-cash adjustments to net income	175.3		141.1	Changes in working capital	35.9		194.5	Other noncurrent assets and liabilities	(10.9)		(19.6)	Cash Provided by Operating Activities	343.9		427.0	Investing Activities
Property, plant and equipment additions			(400.5)		(407.2)	Investment in equity securities	(4.6)		(3.8)	Cash Used in Investing Activities	(405.1)		(411.0)	Financing Activities
Proceeds from issuance of common stock, net			—		73.6	Issuance of long-term debt	215.0		300.0	Issuances of short-term borrowings	100.0		—	Line of credit repayments, net	(32.0)		(273.0)	Repayments on long-term debt	(100.0)		—	Dividends on common stock	(118.9)		(115.0)	Other financing activities, net	(0.2)		(2.4)	Cash Provided by (Used in) Financing Activities	63.9		(16.8)	Increase (decrease) in Cash, Cash Equivalents, and Restricted Cash	2.7		(0.8)	Cash, Cash Equivalents, and Restricted Cash, beginning of period	25.2		22.5	Cash, Cash Equivalents, and Restricted Cash, end of period	$	27.9	$	21.7

28 Oct 24

7:02pm

NorthWestern Energy Group, Inc.

Quarterly report

(in thousands, except share data)

	September 30, 2024			December 31, 2023
ASSETS
Current Assets:
Cash and cash equivalents			$	2,527	$	9,164	Restricted cash	25,365		16,023	Accounts receivable, net	144,186		212,257	Inventories	121,568		114,539	Regulatory assets	34,334		29,626	Prepaid expenses and other	40,440		25,397	Total current assets	368,420		407,006	Property, plant, and equipment, net	6,304,721		6,039,801	Goodwill	357,586		357,586	Regulatory assets	766,229		743,945	Other noncurrent assets	57,118		52,314	Total Assets	$	7,854,074	$	7,600,652	LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Current maturities of finance leases			$	3,529	$	3,338	Current portion of long-term debt	299,918		99,950	Short-term borrowings	100,000		—	Accounts payable	93,748		124,340	Accrued expenses and other	286,070		246,167	Regulatory liabilities	30,001		61,103	Total current liabilities	813,266		534,898	Long-term finance leases	2,798		5,461	Long-term debt	2,567,940		2,684,635	Deferred income taxes	640,082		600,520	Noncurrent regulatory liabilities	665,360		657,452	Other noncurrent liabilities	348,166		332,372	Total Liabilities	5,037,612		4,815,338	Commitments and Contingencies (Note 10)
Shareholders' Equity:
Common stock, par value $0.01; authorized 200,000,000 shares; issued and outstanding 64,803,949 and 61,308,009 shares, respectively; Preferred stock, par value $0.01; authorized 50,000,000 shares; none issued			648		648	Treasury stock at cost	(97,557)		(97,926)	Paid-in capital	2,084,560		2,078,753	Retained earnings	836,129		811,495	Accumulated other comprehensive loss	(7,318)		(7,656)	Total Shareholders' Equity	2,816,462		2,785,314	Total Liabilities and Shareholders' Equity	$	7,854,074	$	7,600,652

28 Oct 24

7:02pm

NorthWestern Energy Group, Inc.

Quarterly report

We have a variety of contractual obligations and other commitments that require payment of cash at certain specified periods. The following table summarizes our contractual cash obligations and commitments as of September 30, 2024.

	Total			2024			2025			2026			2027			2028			Thereafter
			(in thousands)
Long-term debt(1)			$	2,880,660	$	—	$	300,000	$	105,000	$	—	$	465,660	$	2,010,000	Finance leases	6,327		866	3,596	1,865	—	—	—	Short-term borrowings	100,000		—	100,000	—	—	—	—	Estimated pension and other postretirement obligations(2)	47,785		2,937	11,437	11,137	11,137	11,137	N/A
Qualifying facilities liability(3)			247,480		18,528	60,360	55,393	56,665	42,400	14,134	Supply and capacity contracts(4)	3,279,236		92,481	331,100	294,228	275,410	257,802	2,028,215	Contractual interest payments on debt(5)	1,578,806		35,493	125,836	116,651	114,992	112,135	1,073,699	Commitments for significant capital projects(6)	34,800		26,817	7,983	—	—	—	—	Total Commitments(7)	$	8,175,094	$	177,122	$	940,312	$	584,274	$	458,204	$	889,134	$	5,126,048

28 Oct 24

7:02pm

NorthWestern Energy Group, Inc.

Quarterly report

(in thousands, except share data)

	June 30, 2024			December 31, 2023
ASSETS
Current Assets:
Cash and cash equivalents			$	6,398	$	9,164	Restricted cash	24,640		16,023	Accounts receivable, net	149,500		212,257	Inventories	114,956		114,539	Regulatory assets	42,024		29,626	Prepaid expenses and other	26,527		25,397	Total current assets	364,045		407,006	Property, plant, and equipment, net	6,193,234		6,039,801	Goodwill	357,586		357,586	Regulatory assets	748,857		743,945	Other noncurrent assets	50,097		52,314	Total Assets	$	7,713,819	$	7,600,652	LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Current maturities of finance leases			$	3,462	$	3,338	Current portion of long-term debt	224,926		99,950	Short-term borrowings	100,000		—	Accounts payable	91,258		124,340	Accrued expenses and other	244,000		246,167	Regulatory liabilities	36,164		61,103	Total current liabilities	699,810		534,898	Long-term finance leases	3,730		5,461	Long-term debt	2,569,553		2,684,635	Deferred income taxes	629,311		600,520	Noncurrent regulatory liabilities	658,857		657,452	Other noncurrent liabilities	345,301		332,372	Total Liabilities	4,906,562		4,815,338	Commitments and Contingencies (Note 10)
Shareholders' Equity:
Common stock, par value $0.01; authorized 200,000,000 shares; issued and outstanding 64,803,261 and 61,299,477 shares, respectively; Preferred stock, par value $0.01; authorized 50,000,000 shares; none issued			648		648	Treasury stock at cost	(97,776)		(97,926)	Paid-in capital	2,082,857		2,078,753	Retained earnings	828,960		811,495	Accumulated other comprehensive loss	(7,432)		(7,656)	Total Shareholders' Equity	2,807,257		2,785,314	Total Liabilities and Shareholders' Equity	$	7,713,819	$	7,600,652

30 Jul 24

6:20pm

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