The filing adds almost no surprise—Montana remains the merger’s last real gate

This is confirmation, not a fresh earnings catalyst. The filing reproduces NorthWestern’s second-quarter financial statements that were already publicly released on July 29, 2026, so the market had already seen the quarter and the merger update.

The quarter itself was mixed rather than cleanly strong. Second-quarter revenue rose about 15% and net income about 18%, but operating income grew only about 6%, while six-month diluted EPS fell to $1.43 from $1.60 as higher operating costs, interest expense and merger-related spending weighed on results (Income Statement; Cash Flow statement). NorthWestern incurred $3.3 million of merger-related costs in the quarter and $6.7 million year to date. 〔0〕

The balance sheet shows a more capital-intensive combination ahead. Six-month capital spending increased to $304.8 million from $221.0 million, while long-term debt rose to $3.44 billion from $3.18 billion at December 31, 2025 (Cash Flow statement; Balance Sheets). Operating cash flow improved, but it did not cover capital spending and dividends, leaving financing activity to bridge the gap.

The only genuinely current takeaway is that Montana remains the key closing condition. Shareholder approval, antitrust clearance, FERC approval, Nebraska approval and South Dakota approval are already complete; the parties are still awaiting the Montana Public Service Commission’s final order. The company continues to anticipate closing by year-end 2026. 〔1〕

Net read: neutral for this filing. The financials do not change the known merger case, and the regulatory path has not materially advanced beyond the previously disclosed status. The next meaningful information event is the Montana PSC decision, not these already-public quarterly numbers.