Black Hills : Presentation - Final

2022 Fourth Quarter and Full Year Review

Feb. 8, 2023

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 F. Nooney

Vice President and Treasurer

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 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 2021 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 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.

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2022 Review

3

Key Takeaways

Realigned Financial Outlook

• Macroeconomic shift in 2022 magnified carrying costs in 2023 and into 2024; we remain confident in our strategy and long-term growth opportunities

Consistent Execution of Strategy

✓

✓

✓

✓

✓

✓

Delivered excellent team and system performance

Achieved earnings within guidance

Executed regulatory strategy

Progress on resiliency, growth and sustainability initiatives

Continued customer growth

Committed to strengthening balance sheet in 2023

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Excellent Operational Performance

✓

✓

Top-quartile reliability for all three electric utilities	Industry-Leading Reliability
Served ongoing demand growth	EEI 2021 Overall System SAIDI (Excluding Major Events)

• • 11 new summer or winter electric demand peaks
  • 9 consecutive years of peaks at Wyoming Electric and 53% increase since 2013
  • Winter peaks at all three electric utilities in December
• Excellent team and system performance through Winter Storm Elliot and other weather challenges
• Improved customer experience; enhanced call IVR and JD Power recognition for customer bill

alerts	EEI Utilities
	Source: 2021 EEI Reliability Survey based on rankings for SAIDI, or System Average Interruption Duration Index

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