Item 2.02 - Results of Operations and Financial Condition: The filing reports on NorthWestern Energy Group's operational and financial results as of February 11, 2026 Item 7.01 - Regulation FD Disclosure: The company is making a disclosure under Regulation Fair Disclosure, indicating material information is being disclosed to investors Item 9.01 - Financial Statements and Exhibits: The filing…

Our analysis rates this filing CAUTIOUS. NorthWestern Energy faces an ELEVATED concern profile driven by the materialization of regulatory risk (YCGS disallowance) and advancement of a complex merger requiring multiple state and federal approvals. The 19.5% GAAP EPS decline, while partially offset…

Concern level: HIGH (6.8/10). Key factors: Two high-severity risks materialized: YCGS regulatory disallowance ($0.71 EPS impact, 19.5% GAAP EPS decline YoY) and Black Hills merger execution risk with $9.3M costs incurred and multiple regulatory approvals pending; Risk trend INCREASING with regulatory recovery risk transitioning from forward-looking concern to concrete negative event, signaling…

Notable risk changes: YCGS Regulatory Disallowance: Material non-cash charge for regulatory rejection of capital costs - concrete negative event reducing 2025 GAAP EPS by 19.5% YoY, signaling regulatory friction in Montana; Black Hills Merger Advancement: Form S-4 declared effective with shareholder vote April 2, 2026 and expected close H2 2026; $9.3M merger costs incurred YTD with significant regulatory approval…

Not disclosed in 8-K filing.

The model predicts NWE will outperform the S&P 500 by about 0.0% over 30 days (model confidence 50%). This is model analysis for research, not investment advice.