Market Signal Briefing

WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)--Energy Vault Holdings, Inc. (NYSE: NRGV) (“Energy Vault”), a leader in sustainable, grid-scale energy storage solutions, today announced the pricing of $140.0 million aggregate principal amount of 5.250% convertible senior notes due 2031 (the “Notes”) in a private placement to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The offering was upsiz.

QUÉBEC CITY, Feb. 12, 2026 (GLOBE NEWSWIRE) -- Robex Resources Inc. (“Robex” or the “Company”) is pleased to announce that it has achieved commercial production at its Kiniero Gold Project in Guinea, having satisfied the commercial production criteria under both its Senior Secured Facility Agreement with Sprott and the Guinea Mining Code.

Commercial production status was achieved following the first shipment of gold on 11 February 2026. The shipment comprised approximately 197 kilograms of gold, equivalent to 6,336 troy ounces.

Under the Guinea Mining Code, the date of first commercial production is defined as the earlier of either the completion of a sustained period of production above a prescribed threshold or the date of the first shipment for commercial purposes. The Company confirms that the shipment constitutes the date of first commercial production for Kiniero under the Code.

In addition, Robex confirms that all relevant commercial production requirements under its senior secured financing arrangements with Sprott have been satisfied.

As at the end of January 2026, and following the successful ramp up of operations, Kiniero had processed approximately 393,000 dry metric tonnes of ore at an average head grade of approximately 1.0 g/t Au. Metallurgical gold recovery averaged approximately 88%, with mill availability of over 92%. Gold recovered totalled approximately 10,900 troy ounces, with approximately 5,550 troy ounces poured, reflecting the normal buildup of gold inventory within the CIL circuit during commissioning and early operations.

CEO Comment

Matthew Wilcox, Managing Director and Chief Executive Officer of Robex, commented:

“The delivery of our first commercial gold shipment marks a major milestone for Robex and reflects the successful ramp-up of operations at Kiniero. The performance of both the processing plant and the operating team has been strong as we transition into commercial production.

With Kiniero now in commercial operation and generating cash flow, the asset is positioned to support the development of Bankan as part of our transformative merger with Predictive Discovery. This milestone reinforces the strategic rationale for the combination and our objective of building a leading multi-asset gold producer.”

Plant Operational Performance

Since commissioning and through to early February, the Kiniero processing plant has demonstrated stable and improving performance as operations progressed through ramp-up.

Key reconciled metrics for the month ended 31 January 2026 are shown below:

Kiniero Gold Operation, GuineaUnitsJan-26Operating metrics  Ore processeddmt392,678Average head gradeg/t Au0.98Metallurgical gold recovery%87.9Mill availability%92.3Mill operating time%85.6Gold recoveredoz10,931Gold pouredoz5,547Gold in circuitoz7,725   
Operational Performance Charts

Throughput increased progressively through January, with higher daily processing rates achieved toward month-end following the ball mill coming online in mid-January and reaching sustained operating capacity by 24 January 2026. CIL Train B was brought online on 23 January with active carbon loaded, and by 25 January all circuits were fully operational.

Improved plant stability and increased operating capacity contributed to higher throughput, while short term variability reflects normal commissioning and ramp up conditions.

Figure 1: Daily Dry Tonnes Processed and Throughput Rate

Daily data shown is unreconciled and provided for illustrative purposes only.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This announcement was approved by the Managing Director.

Robex Resources Inc.
Matthew Wilcox, Managing Director and Chief Executive Officer
Alain William, Chief Financial Officer
Email: [email protected]
www.robexgold.com

Investors and Media: 
Nathan Ryan
NWR Communications
+61 420 582 887
[email protected]

ABOUT ROBEX RESOURCES INC.

Robex Resources is a Canadian gold mining company listed on the TSX-V and ASX, and headquartered in Quebec, Canada. Robex’s material properties consist of the Nampala Project in Mali and the Kiniero Project in Guinea.

Not an Offer

No securities regulatory authority has either approved or disapproved of the contents of this news release. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in the United States or any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The securities being offered have not been registered under the U.S. Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from U.S. registration requirements and applicable U.S. state securities laws.

Forward-looking Statements

This announcement contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively “Forward-looking Information”). These include statements regarding future outlook and anticipated events, such as the consummation and timing of the Transaction; the timing and receipt of the final order of the Superior Court of Québec; the approval of the TSXV; the satisfaction of the closing conditions under the Arrangement Agreement; and future plans, projections, objectives, estimates and forecasts and the timing related thereto. All statements, other than statements of historical fact, that address circumstances, events, activities or developments that could or may or will occur are Forward-looking Information. Forward-looking Information is generally identified by the use of words like “will”, “create”, “enhance”, “improve”, “potential”, “expect”, “upside”, “growth”, “estimate”, “anticipate” and similar expressions and phrases or statements that certain actions, events or results “may”, “could”, or “should”, or the negative or grammatical variations of such terms, are intended to identify Forward-looking Information. Although Robex believes that the expectations reflected in the Forward-looking Information are reasonable, undue reliance should not be placed on Forward- looking Information since no assurance can be provided that such expectations will prove to be correct. Forward-looking Information is based on information available at the time those statements are made and/or good faith belief of the officers and directors of Robex as of that time with respect to future events and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or suggested by the Forward-looking Information. Forward-looking Information involves numerous risks and uncertainties. Such factors may include, but are not limited to, risks related to the closing of the Arrangement, changes in commodity prices, foreign exchange fluctuations and general economic conditions, increased costs and demand for production inputs, the speculative nature of exploration and project development, including the risks of obtaining necessary approvals, licenses and permits and diminishing quantities or grades of reserves, political and social risks (including, but not limited to, in Guinea, Ivory Coast, Mali and West Africa more broadly), changes to the legal and regulatory framework within which Robex operates or may in the future operate, environmental conditions including extreme weather conditions, recruitment and retention of personnel, industrial relations issues and litigation, as well as the risks identified in the section titled “Risk Factors” in Robex’s most recently filed Annual Information Form which is available on SEDAR+ at www.sedarplus.ca. Forward-looking Information is designed to help readers understand Robex' views as of that time with respect to future events and speak only as of the date they are made. Except as required by applicable law, Robex assumes no obligation to update or to publicly announce the results of any change to any Forward-looking Information contained or incorporated by reference herein to reflect actual results, future events or developments, changes in assumptions or changes in other factors affecting the Forward-looking Information. If Robex updates any Forward-looking Information, no inference should be drawn that Robex will make additional updates with respect to such or other Forward-looking Information. All Forward-Looking Information contained in this announcement is expressly qualified in its entirety by this cautionary statement.

Production Targets

The production targets and forecast financial information in respect of Robex’s Kiniero Project was released to ASX on 22 August 2025 in an announcement by Robex titled “Amendment to Kiniero Gold Project Technical Report”, and in respect of the Nampala Project in an ASX announcement by Robex dated 6 May 2025 titled “Replacement Prospectus”. Robex confirms that all the material assumptions underpinning the production targets and forecast financial information derived from the production targets in the relevant market announcement continue to apply and have not materially changed.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/26392161-1833-4bd9-9873-a24e3111bdb1

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Bitcoin got hammered again. The world’s biggest cryptocurrency dropped dangerously close to $60,000 after months of brutal selling that started back in October 2025 when it peaked above $100,000.

The damage is pretty severe – Bitcoin lost more than half its value from those highs and now trades around $66,000. Since December 2025, it’s been a one-way ticket down for crypto holders who watched their portfolios get crushed. The slide below $70,000 on February 5 triggered massive selling across spot markets and derivatives trading. Macro fears, institutions cutting risk, and tech stock chaos all played a part in the mess.

Not much relief in sight.

Bitcoin can’t seem to catch a break, mostly stuck between $66,000 and $72,000 in recent sessions. K33 research thinks the price might have found a temporary floor at $60,000, pointing to what they call “capitulation-like conditions” showing up in trading volumes, funding rates, and ETF money flows. Vetle Lunde from K33 said the data shows “extreme outliers” with trade volumes hitting the 95th percentile and funding rates at levels not seen since the March 2023 banking crisis hit. The Bitcoin RSI also looks oversold – one of the worst readings since 2015.

But some big players see opportunity in the carnage. Val Vavilov from Bitfury thinks this crash gives investors a chance to “rebalance and add exposure” to Bitcoin, though he’s clear it’s just one piece of a bigger investment puzzle.

Trading went absolutely wild during the selloff. Spot volumes exploded to $32 billion over two days – the highest since FTX collapsed and took crypto markets with it.

Derivatives markets show serious stress too. Funding rates in Bitcoin swaps crashed to lows not seen since March 2023 when banks started failing left and right.

ETF action got crazy as well. BlackRock’s iShares Bitcoin Trust saw over $10 billion in trading on February 5, marking huge outflows even though money came back later in the week. K33 analysts think $60,000 could hold as strong support, maybe setting up a consolidation phase where Bitcoin trades between $60,000 and $75,000 for months. They don’t see much downside from here. Related coverage: Bitcoin Bounces Hard From K Low.

Bitcoin currently trades at $66,624. Markets stay nervous with technical analysts watching key levels – resistance near $71,800 and crucial support at $60,000. Nobody knows which way it breaks next.

JPMorgan jumped into the conversation on February 7 with a report saying current Bitcoin volatility might actually attract more institutional money. Their analysts think the risk-return profile still looks good despite the recent beating. Coinbase reported a 20% spike in user activity on February 8 as retail investors rushed to buy the dip. That surge shows smaller investors want in at these lower prices.

Galaxy Digital dropped a report on February 9 talking about potential catalysts for a rebound. They mentioned macro shifts like interest rate changes or inflation data could move Bitcoin’s price short-term. These factors might determine if Bitcoin stabilizes or keeps falling.

The crypto community watches every word from influential figures. Elon Musk tweeted about cryptocurrency’s future on February 10, sparking discussions about market sentiment. No immediate price action followed, but his comments usually move investor thinking.

Binance saw trading volume spike on February 10 with Bitcoin transactions hitting peaks not seen since last year’s bull run. The exchange said Asian markets drove much of the activity as traders there responded to price swings. That global interest stays strong even during this bear market.

Grayscale announced on February 11 that its Bitcoin Trust had its biggest one-day inflow since September 2025. CEO Michael Sonnenshein said institutional interest remains solid with many viewing current prices as strategic entry points. That capital flowing into the trust shows bigger investors still believe in Bitcoin long-term. See also: Bernstein Doubles Down on 0K Bitcoin.

The Chicago Mercantile Exchange reported rising open interest for Bitcoin futures on February 9. More traders are positioning for price moves, either hedging or speculating. CME’s data shows professional traders stay engaged despite uncertainty.

Ark Invest’s Cathie Wood made a statement February 9 calling current conditions a “unique buying opportunity” for long-term investors. Her bullish outlook resonated with some investors and sparked recovery discussions in investment circles.

Bitcoin’s next move remains unclear as support and resistance levels get tested.

Regulatory developments add another layer of complexity to Bitcoin’s current struggles. The European Union’s Markets in Crypto-Assets (MiCA) regulation officially took effect in January 2025, creating new compliance costs for exchanges and potentially dampening institutional appetite. Meanwhile, the U.S. Securities and Exchange Commission has ramped up enforcement actions against several crypto firms, with three major settlements announced in February alone totaling over $400 million in fines.

Central bank digital currency (CBDC) progress also weighs on Bitcoin sentiment. The Federal Reserve’s digital dollar pilot program expanded to include five major commercial banks in February, while the European Central Bank announced accelerated timelines for its digital euro rollout. China’s digital yuan processed over $200 billion in transactions during 2025, demonstrating how government-backed alternatives could challenge Bitcoin’s store-of-value narrative. These macro headwinds compound the technical selling pressure already hammering crypto markets.

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Ripple is expanding its Middle East push by deepening ties with UAE bank Zand, integrating stablecoins, cross-currency liquidity, and on-chain issuance as regulated institutions move dollar- and dirham-linked assets onto blockchain rails.

The perpetual preferred STRC hits $100 par amid bitcoin downturn, enabling potential further BTC purchases for the company. Feb 12, 2026, 3:41 a.m.

Stretch (STRC), the perpetual preferred equity issued by Strategy (MSTR) the world’s largest corporate bitcoin holder reclaimed its $100 par value during Wednesday’s U.S. session for the first time since mid-January.

STRC trading at or above par enables the company to resume at-the-market (ATM) offerings to fund further bitcoin acquisitions. STRC last hit the $100 level on Jan. 16 when bitcoin hovered near $97,000; however, as the largest cryptocurrency by market capitalization retreated to as low as $60,000 by on Feb. 5, STRC dipped to a low of $93 before its recent rebound.

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Positioned as a short-duration, high-yield credit instrument, STRC currently offers an 11.25% annual dividend distributed monthly. To mitigate volatility and incentivize trading near par, Strategy resets this rate monthly, recently hiking it to the current 11.25% yield.

MSTR common stock faced pressure, sliding 5% on Wednesday to close at $126, as bitcoin hovers around $67,500.

More For You

Last week's rout delivered bitcoin's biggest realized loss ever; bottoming signals grow

1 hour ago

The Feb. 5 shock booked the largest-ever realized loss — $3.2 billion — in bitcoin history.

What to know:

The Feb. 5 crash in bitcoin saw $3.2 billion in realized losses, officially overtaking the 2022 Terra Luna collapse as the single largest loss event in bitcoin's history.According to data platform checkonchain, daily net losses exceeded $1.5 billion.

Institution-focused crypto lending platform BlockFills announced it halted customer deposits and withdrawals last week as Bitcoin and the broader crypto market continued to tumble. 

The suspension, which remains in effect, was intended to protect clients and restore liquidity on the platform, BlockFills said in an X post on Wednesday.

Last week’s market tumble saw Bitcoin fall another 24% from $78,995 to $60,000.

Blockfills said the withdrawal and deposit halt came “in light of recent market and financial conditions.”

“Management has been working hand in hand with investors and clients to bring this issue to a swift resolution and to restore liquidity to the platform,” BlockFills said.

“Clients have been able to continue trading with BlockFills for the purpose of opening and closing positions in spot and derivatives* trading and select other circumstances,” BlockFills added.

Source: BlockFillsThe halt potentially impacts about 2,000 institutional clients, including asset managers and hedge funds, which contributed to more than $60 billion in trading volume on the platform in 2025.

The crypto liquidity and lending platform serves only investors with crypto holdings of $10 million or more.

BlockFills was founded by CEO Nick Hammer and President Gordon Wallace in 2017 and is backed by the likes of Susquehanna Private Equity Investments and CME Group.

Bitcoin is down 46% from its October highBitcoin’s price began to fall on Oct. 10 after a social media post on tariffs by US President Donald Trump sent shockwaves through the crypto markets, contributing to nearly $20 billion worth of positions being liquidated.

It fell further in the months following, hitting a year-to-date low of $60,008 on Feb. 5.

Bitcoin has since rebounded to $67,575, but is still 46.6% off its all-time high of $126,080 set on Oct. 6.

BlockFills’ withdrawal halt marks the first suspension among major crypto platforms as a result of market conditions. 

Magazine: Big questions: Should you sell your Bitcoin for nickels for a 43% profit? 

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently. Read our Editorial Policy https://cointelegraph.com/editorial-policy

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Telegram just dropped something big. The messaging giant rolled out cross-chain deposit functionality for its TON Wallet today, letting users fund their wallets with crypto from seven major blockchains without the usual conversion headaches that drive people nuts.

The new feature works with stablecoins like USDC and USDT from Ethereum, Solana, TRON, BSC, Polygon, Arbitrum, and Base – all getting converted automatically to USDT on TON at a 1:1 ratio. Users don’t need to hold any TON-native assets beforehand, which removes a pretty big barrier. Bitcoin, Ethereum, and Solana deposits get converted straight into Toncoin. MoonPay handles all the technical heavy lifting behind the scenes, making the whole process feel seamless for Telegram’s massive user base of over 100 million people. And soon, users will be able to withdraw USDT on TON back to USDT or USDC on these same blockchains, though fees will apply.

Self-custodial wallets scare off newcomers. Too complicated.

Andrew Rogozov, who founded The Open Platform and runs Wallet in Telegram, said the update tackles this head-on. “Now, users can bring their funds directly from other networks, simplifying entry into the TON ecosystem,” Rogozov told reporters. He thinks this removes the biggest friction points that keep regular people from trying crypto. The whole point is making self-custodial wallets work like the custodial ones people already know, but without giving up control of their keys. That’s been the holy grail for years, and Telegram might’ve cracked it.

Ivan Soto-Wright runs MoonPay and he’s pretty excited about handling the backend complexity. “We’re taking care of all the technical stuff so users can just focus on using their existing crypto holdings,” Soto-Wright said during a call with journalists. MoonPay’s infrastructure basically acts as the bridge between all these different blockchains, converting everything seamlessly without users having to think about gas fees or network compatibility issues.

The deposit process itself is straightforward – users pick their tokens and source networks, get a deposit address, then confirm transfers from external wallets or exchanges.

But here’s where it gets interesting for Telegram’s broader strategy. The feature only works with the self-custodial TON Wallet that’s built right into Telegram’s interface. Users can jump straight into DeFi protocols, blockchain games, and crypto payments without needing to understand the technical stuff that usually scares people away. Telegram’s basically positioning itself as the easiest on-ramp to Web3 for regular people who just want things to work. See also: Binance CEO Denies Tether Rumors as.

Wallet in Telegram sits under The Open Platform umbrella, which claims over 150 million registered users across its services. That’s a massive potential audience for TON ecosystem projects. MoonPay, founded back in 2019, processes crypto transactions in over 180 countries and works with tons of enterprise customers. The company’s got regulatory approvals including a New York BitLicense and MiCA authorization in the EU, which probably made them attractive to Telegram for this partnership.

The timing feels deliberate. February 11, 2026 marks what Telegram’s calling a major milestone for its wallet services. The platform runs a dual-wallet system – there’s the multi-chain wallet and this self-custodial option – giving users flexibility in how they manage their digital assets. With cross-chain deposits now live, the TON Wallet becomes way more accessible for people wanting to explore what TON offers without jumping through conversion hoops first.

Rogozov seems confident this MoonPay partnership will pull in new users who’ve been sitting on the sidelines. “Our partnership with MoonPay is a key element in our strategy to make crypto transactions more intuitive,” he said. The idea is eliminating those annoying conversion steps that make people give up before they even start. For someone holding USDC on Ethereum who wants to try a TON-based game, they can now fund their wallet directly instead of figuring out how to get TON first.

The crypto industry’s been pushing hard on user experience lately, and Telegram’s move fits that trend. Cross-chain functionality used to require technical knowledge that most people don’t have. Now it’s becoming table stakes for platforms that want mainstream adoption. Other messaging apps and social platforms are probably watching this rollout closely to see how users respond.

Market observers think this could influence how other platforms approach blockchain integration. Telegram’s got the user base to actually test whether simplified crypto access moves the needle on adoption rates. The company didn’t immediately respond to requests for comment about usage metrics or future expansion plans. Related coverage: Bitcoin Plummets to ,500 in 24.

MoonPay’s regulatory framework probably sealed the deal for Telegram. With compliance requirements getting stricter globally, partnering with an established player makes sense. The collaboration lets Telegram offer seamless cross-chain functionality without building that infrastructure from scratch or dealing with regulatory headaches in multiple jurisdictions.

Withdrawal functionality is coming soon, completing the circle for users who want to move assets back to other chains. Fees will apply, though Telegram hasn’t specified rates yet.

The partnership reflects broader industry consolidation around user-friendly infrastructure. Major exchanges like Binance and Coinbase have been simplifying cross-chain transfers, while wallet providers race to eliminate technical barriers that limit mainstream crypto adoption.

Telegram’s approach could pressure other messaging platforms to accelerate their Web3 integrations. WeChat and WhatsApp have explored digital payments extensively, but neither offers comprehensive blockchain functionality yet. Discord and Signal face similar strategic decisions as crypto features become expected rather than experimental.

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Privacy-focused Midnight blockchain to go live next month, says Cardano's Charles HoskinsonInput Output Global's Founder Charles Hoskinson said Midnight, the long-awaited privacy-focused blockchain, will launch in the final week of March as a partner chain to Cardano. Feb 12, 2026, 2:23 a.m.

Input Output Global (IOG) founder Charles Hoskinson announced Thursday that Midnight, the company's long-awaited privacy-focused blockchain, will officially launch during the final week of March.

The announcement came during Hoskinson's keynote speech at Consensus Hong Kong, marking a major step forward in IOG's efforts to bring data protection and regulatory compliance to decentralized systems.

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"We have some great collaborations to help us run it," he said. "Google is one of them. Telegram is another. We're really excited, there's more that will come."

Midnight uses zero-knowledge (ZK) proofs to enable selective disclosure. Think of it as a smart curtain for blockchain data, letting users share only what they choose while keeping the rest private. It works as a partner chain to the smart contract platform Cardano and provides privacy and regulatory compliance for decentralized applications.

Alongside the mainnet timeline, Hoskinson unveiled Midnight City Simulation, an interactive platform offering a glimpse of how Midnight's delivers scalable privacy through selective disclosure. The so-called rational privacy ensures that transaction data remains private by default, while specific information can be shared with authorized parties when required.

This flexibility balances transparency and confidentiality on the blockchain through multiple disclosure views, categorized as public, auditor, and god, each with a different access level.

The simulation, hosted at midnight.city, became operational at 10:00 a.m. Hong Kong time Thursday, although public access to the simulation remains restricted until Feb. 26, according to a press release.

The simulation, which runs on the Midnight network and recruits AI-driven agents that interact unpredictably to create a steady flow of transactions, shows how well the blockchain can handle real-world demand and scales accordingly.

IOG said this test demonstrates the network’s ability to keep generating and processing proofs at scale — an important step in proving it’s ready for real-world use.

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Last week's rout delivered bitcoin's biggest realized loss ever; bottoming signals grow

29 minutes ago

The Feb. 5 shock booked the largest-ever realized loss — $3.2 billion — in bitcoin history.

What to know:

The Feb. 5 crash in bitcoin saw $3.2 billion in realized losses, officially overtaking the 2022 Terra Luna collapse as the single largest loss event in bitcoin's history.According to data platform checkonchain, daily net losses exceeded $1.5 billion.

Bitcoin price failed to stay above $70,000 and started another decline. BTC is now trading below $68,800 and might extend losses in the near term.

Bitcoin is slowly moving lower below $68,800 and $68,000. The price is trading below $68,000 and the 100 hourly simple moving average. There is a bearish trend line forming with resistance at $68,200 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might dip again if it trades below the $66,500 and $65,000 levels. Bitcoin Price Dips Again Bitcoin price failed to remain stable above the $70,000 zone. BTC started a fresh decline and traded below the $68,800 support zone. There was a push below $68,000.

The price dipped below the 50% Fib retracement level of the upward move from the $60,500 swing low to the $72,256 high. There is also a bearish trend line forming with resistance at $68,200 on the hourly chart of the BTC/USD pair.

Bitcoin is now trading below $68,000 and the 100 hourly simple moving average. If the price remains stable above $65,000, it could attempt a fresh increase. Immediate resistance is near the $68,200 level and the trend line.

Source: BTCUSD on TradingView.com The first key resistance is near the $69,000 level. A close above the $69,000 resistance might send the price further higher. In the stated case, the price could rise and test the $70,000 resistance. Any more gains might send the price toward the $71,500 level. The next barrier for the bulls could be $72,000 and $72,500.

More Losses In BTC? If Bitcoin fails to rise above the $69,000 resistance zone, it could start another decline. Immediate support is near the $66,000 level. The first major support is near the $65,000 level or the 61.8% Fib retracement level of the upward move from the $60,500 swing low to the $72,256 high.

The next support is now near the $63,500 zone. Any more losses might send the price toward the $62,000 support in the near term. The main support now sits at $61,200, below which BTC might struggle to recover in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $66,000, followed by $65,000.

Major Resistance Levels – $69,000 and $70,000.

TL;DR:

SHIB’s price has plummeted to levels not seen since 2023, breaking key technical supports amid massive selling pressure. Investor confidence is weakening as capital flows from volatile assets toward safe havens like tokenized gold. Prominent crypto figures, such as Erik Voorhees, are reallocating millions of dollars into assets that prioritize capital preservation. This Wednesday, the crypto market faced a phase of high volatility, with Shiba Inu’s plunge to 2023 lows stands out as one of the most concerning events for meme coin enthusiasts. At the time of writing, the asset was trading around $0.000005817, reflecting a steady decline that has invalidated multiple technical recovery attempts.

Despite bounces in oversold territory, the strength of the sellers has taken control of the order book, generating extreme fear among retail holders. Consequently, investors have decided to cut losses definitively, moving their funds toward financial ecosystems that offer stability in a volatile context.

The distribution pattern is highly predictable: every time the price attempts to stabilize, a new wave of selling forms, pushing the valuation toward new local lows. As a result, market sentiment remains bearish, with transaction volumes confirming an active outflow of capital toward other economic sectors.

The Pivot to Gold: Erik Voorhees’ Strategic Move Amidst this turmoil, Erik Voorhees has taken a proactive stance, recently purchasing over $6 million in PAXG. This acquisition of tokenized gold suggests that even the longest-standing advocates of cryptocurrencies are seeking refuge from the systemic uncertainty surrounding speculative tokens.

This narrative shift is fundamental to understanding the current dynamic, where traditional digital assets are losing ground to precious metals by considerable margins. In fact, confirmed blockchain transactions reveal a growing preference for a store of value over the pursuit of exponential short-term gains.

In summary, the performance gap between gold and cryptocurrencies continues to widen, which could prolong the compression phase for assets like Shiba Inu. For now, the market will watch whether the historical 2023 support manages to contain the fall or if the institutional exodus toward gold marks the beginning of a deeper winter for altcoins.

XRP may have already reached what traders call a price ceiling sooner than many expected. Despite continuing to trend downward, the cryptocurrency’s upside potential appears limited in the near term. Weak network activity and declining trader participation are adding pressure to XRP price action, reinforcing a broader bearish outlook across the crypto market.

From a technical analysis perspective, XRP has struggled to maintain its previous descending channel structure. After breaking through multiple support levels in recent weeks, the asset slid toward the $1.30–$1.40 range. Although minor recovery attempts have occurred, each bounce has been short-lived. Sellers continue to dominate the market, and key moving averages are sloping downward, confirming sustained bearish momentum. This pattern signals that XRP remains under pressure, with limited signs of a strong trend reversal.

Typically, falling prices attract renewed interest from traders seeking lower entry points. However, current on-chain data tells a different story. Activity on the XRP Ledger has dropped significantly compared to previous peaks. Transaction volume and payment flows have slowed, indicating reduced engagement from both retail traders and institutional participants. Lower network usage often reflects fading speculative interest, which can further weaken price performance.

Historically, XRP’s valuation has been closely tied to strong liquidity flows and high transactional use. As ledger activity declines, it becomes increasingly difficult for the cryptocurrency to generate sustained upward momentum. Even if short-term rallies occur, they may struggle to gain traction without a meaningful increase in trading volume and network participation.

In this context, XRP may have effectively reached a functional price ceiling. Not because it has hit record highs, but because shrinking demand and reduced ecosystem activity limit its recovery potential. Unless trader confidence and network engagement return, XRP’s rally prospects could remain constrained in the coming months.

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The probability of a U.S. government shutdown before February 14 has jumped sharply, adding fresh pressure to the already fragile crypto market. On prediction platform Polymarket, traders are now pricing in an 84% chance of a shutdown, reflecting growing concerns that Congress may fail to pass a federal funding bill before the deadline. The odds have surged by 66% in recent days, signaling heightened fiscal uncertainty in Washington.

As government shutdown risks rise, Bitcoin and the broader cryptocurrency market continue to decline. Total crypto market capitalization has dropped 1.8% to $2.3 trillion, while the Crypto Fear and Greed Index has slipped from 10 to 9, indicating extreme fear among investors. During the last partial government shutdown, Bitcoin fell below $70,000, and traders are now wary of a similar move as macroeconomic uncertainty intensifies.

Market analysts remain divided on Bitcoin’s next move. A popular crypto analyst known as The Hunter warned that the current correction could deepen, highlighting key levels such as $67,000 for Bitcoin, $1,950 for Ethereum, and $81 for Solana. He suggested that continued selling pressure could potentially drive BTC below $50,000. In contrast, analyst Axel Bitblaze compared the current market structure to patterns seen in 2024 before a significant rally. He believes Bitcoin may trade within a broad $60,000 to $80,000 range, with sharp pullbacks and brief rallies creating choppy conditions rather than a rapid recovery.

From a technical analysis perspective, Bitcoin remains under pressure after failing to hold gains near the $95,000 to $100,000 resistance zone earlier in 2026. The price has since broken below the $85,000 to $90,000 consolidation area, accelerating the decline toward the $60,000 to $70,000 support range. The Relative Strength Index (RSI) currently sits near 30, approaching oversold territory, which could signal a short-term bounce. However, the MACD remains deeply negative, reflecting strong bearish momentum. Immediate support stands at $65,700, followed by the key psychological level at $60,000, while resistance is now clustered around $70,000 to $72,000.

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XRP is showing strength in its Wave 4 bounce following last week’s sharp sell-off. While short-term momentum is building, the larger downtrend hasn’t been broken yet, leaving the possibility of one final push lower before a true recovery can take hold.

Wave 4 Relief Bounce Unfolds After Brutal Capitulation XRP is currently moving through a Wave 4 relief phase after last Thursday’s aggressive sell-off. According to CasiTrades, the intensity of that drop with RSI hitting multi-year lows suggests capitulation likely took place. However, it also raises the probability that the broader correction may still require one more wave down before fully completing.

The rebound since that flush has shown strength, which is typical for a Wave 4 reaction after a deeply oversold move. So far, price has already reached the first Wave 4 target at the 0.382 Fibonacci retracement near $1.52. This level also aligns with the macro 0.65 retracement, creating a strong confluence zone where temporary resistance would be expected during a bounce of this nature.

Source: Chart from CasiTrades on X There is still room for the relief to extend higher toward the $1.65 region, where the 0.5 retracement and macro 0.618 Fib converge. That level now stands as the key decision point. A sustained move above it would strengthen the recovery outlook, while rejection there would increase the likelihood of a wave down to complete the correction.

$1.65: The Line In The Sand For XRP’s Next Big Move Analyst CasiTrades further explained that if price fails to reclaim and hold $1.65 as support, it would likely pave the way for a final impulsive leg lower, with downside targets sitting around $1.09 and potentially as deep as the $0.90 region.

She noted that the recent relief rally has already helped reset the RSI from extremely oversold conditions. As a result, a drop into those lower targets could form a bullish divergence on momentum indicators, which often marks strong long-term buying opportunities, if the setup materializes.

On the other hand, if XRP successfully breaks above $1.65 and flips it into solid support, the outlook shifts. In that scenario, the focus would be on waiting for a confirmed back-test of the reclaimed level, using that strength as a more favorable and structured entry rather than chasing price prematurely.

CasiTrades emphasized that this is not the moment for panic selling. XRP is hovering near the deeper end of a broader correction, and major technical levels across exchanges have already been tested. Thus, the anticipated final wave down either shortens or fails altogether, potentially marking the beginning of a stronger recovery phase.

XRP trading at $1.37 on the 1D chart | Source: XRPUSDT on Tradingview.com Featured image from Freepik, chart from Tradingview.com

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Bitcoin (BTC) has once again fallen below $67,000 this week, extending its recent downturn and signaling shifting market dynamics diverging from those of traditional assets. Currently, it is trading near $66,900, with a market capitalization of about $1.33 trillion, and has dropped roughly 3.4% in the last 24 hours.

Investors have noted that BTC is not moving in line with equities this cycle, even as stock indices hit fresh records. Analysis from asset managers points to a stronger correlation between Bitcoin and tech stocks than with traditional safe-haven assets like gold, suggesting the digital asset behaves more like a risk-on growth asset.

At the same time, institutional positioning is showing signs of rotation, with some large allocators reducing their exposure to established ETFs while others continue to buy into weakness.

BTC's price trends to the downside on the daily chart. Source: BTCUSD on Tradingview Market Forces: Correlation and ETF Positioning Recent reports indicate that Bitcoin’s price movements align more closely with those of high-growth equities than with gold, challenging the narrative that the crypto serves as a “digital safe haven.”

Grayscale’s research shows higher short-term correlation with tech benchmarks, underlining Bitcoin’s sensitivity to risk appetite. This behavior contrasts with episodes in earlier market cycles when Bitcoin’s price acted more independently of equities.

The shift is likely tied to the emergence of institutional products such as spot Bitcoin ETFs, which have integrated the asset deeper into traditional financial portfolios. The result: during periods of equity strength, traders aren’t automatically bidding Bitcoin higher, leaving crypto underperforming relative to stocks.

Meanwhile, regulatory filings show major financial institutions trimming exposure to existing spot Bitcoin ETFs and reallocating capital into vehicles tied to other tokens. This selective rotation reflects changing demand from institutional and professional investors amid persistent volatility.

Bitcoin Price Pressure and Technical Signals Bitcoin’s breakdown below key support levels has triggered significant liquidations, with leveraged positions in the derivatives market exceeding $250 million recently as the price slipped through intraday floors and into a tighter technical range.

Traders are watching the $72,000 zone closely, with a reclaim above that area seen by some as a prerequisite for stabilizing short-term momentum. Investors also emphasize that Bitcoin’s recent slide is not driven by a single macro headline but instead reflects broader technical cleanup and risk repricing after sharp prior moves.

Until deleveraging eases and new demand enters, whether from retail traders or institutional buyers, price swings are likely to remain wide and sentiment fragile.

As of now, Bitcoin’s role in financial markets is evolving: once treated as a unique alternative, it now increasingly mirrors risk assets, complicating narratives about its diversification benefits and reinforcing the need for close monitoring of flows, ETF activity, and cross-market linkages.

Cover image from ChatGPT, BTCUSD chart on Tradingview

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Aviva Investors is partnering with Ripple to launch tokenized fund structures on the XRP Ledger, signaling a decisive move by the European asset manager to bring regulated financial products onto blockchain infrastructure at institutional scale. Ripple and Aviva Investors Advance Tokenized Funds on XRPL Asset managers are accelerating efforts to adopt blockchain technology.

Chainlink, the leading decentralized oracle network, has launched live on-chain price feeds for Ondo Finance’s tokenized U.S. equities on the Ethereum blockchain.

Ondo Global Markets, the tokenization platform created by Ondo Finance, has integrated Chainlink Data Feeds to deliver reliable, institutional‑grade price information for tokenized stocks such as SPYon (a tokenized SPDR S&P 500 ETF), QQQon (a tokenized Invesco QQQ ETF), and TSLAon (a tokenized Tesla share).

These feeds are now live on Ethereum and updating in real time, allowing decentralized applications to reference accurate market data for these assets directly onchain.

Chainlink now gives Ondo’s tokenized stocks live price updates on Ethereum.

Lending in DeFi must be transparent, since proper pricing is key: the protocol must know and continue to follow the current value of the collateral asset as it moves. Without live prices, the protocol wouldn’t know when the asset is becoming risky, when it needs adjustment, or when it needs to be liquidated to protect the lending pool.

Tokenized equities (as opposed to passive investments) are now available for use on a DeFi protocol because they have real numbers on which it can establish rules for borrowing, collateral limits, and liquidation thresholds.

Ondo also said the tokenized stocks remain aligned with the real value of the equities they represent because the price feeds include updates like dividends and other corporate charges. This keeps tokens up to date, so DeFi apps can use the latest values that reflect what is happening in traditional stock markets.

The first group of supported tokenized equities is SPYon, representing the SPDR S&P 500 ETF, QQQon, representing the Invesco QQQ ETF, and TSLAon, representing Tesla stock. Ondo said they will add more tokenized stocks and ETFs with time as Chainlink covers more options and as DeFi protocols start integrating these assets.

Euler now lets people borrow stablecoins by using Ondo’s tokenized stocks as collateral. Users on the modular lending platform Euler can now use Ondo’s tokenized US stocks as collateral in a DeFi lending market and even borrow stablecoins against them. People can use these tokenized equities to unlock liquidity on Ethereum instead of just holding them to watch the price move.

It’s the first time people can use tokenized stocks as collateral in Ethereum-based lending, because users usually buy them for exposure but never use them as crypto assets like ETH or stablecoins.

Until now, tokenized real-world assets have been purely passive. Investors could hold a tokenized version of a stock and track its price, but they could not borrow against it, leverage it, or use it to generate income as traditional finance allows. In traditional finance, stocks are often used as collateral for loans, and Ondo wants to make this available in DeFi.

Now, Ondo believes that the pieces are finally coming together. Tokenized stocks can begin to behave like true building blocks in decentralized finance, with strong liquidity driven by traditional stock exchanges, and Chainlink providing reliable on-chain price feeds.

CEO of Euler, Jonathan Han, said users can now borrow against securities instead of selling them and giving up long-term profits.

Of course, good markets require good risk management, especially when new forms of collateral are used. So Ondo said the Senator will set and monitor critical safety limits, such as collateral requirements, liquidation levels, and borrowing limits, to ensure the system remains stable even when markets become volatile.

Sentora CEO Anthony Demartino said retail investors didn’t have the freedom to use their securities before, but they can now use their assets productively while maintaining their long-term investments through tokenization.

Ondo also made it clear that lending is just the first step, as it plans to expand tokenized equities into vaults, structured products, and broader DeFi applications. 

So, eventually, Ondo’s tokenized stocks might contribute to the broader on-chain finance ecosystem by making it easier to integrate traditional systems with decentralized ones.

XRPUSD – Daily Chart – 120226 – Market Structure Bill Effect Meanwhile, the US jobs report added to the selling pressure as an unexpected drop in unemployment cooled Fed rate cut bets.

XRP’s substantial February losses reaffirm a bearish short-term outlook, while the medium-term outlook remains bullish.

Below, I will explore the key drivers behind recent price trends, the medium-term (4-8 weeks) outlook, and the technical levels traders should watch.

US Jobs Report Hits Hopes for an H1 2026 Fed Rate Cut On February 11, the US jobs report signaled a resilient labor market, weighing on demand for risk assets, such as Bitcoin (BTC) and XRP.

Nonfarm payrolls increased from 48k in December to 130k in January. Meanwhile, unemployment dropped from 4.4% to 4.3% despite the participation rate rising from 62.4% to 62.5%. Crucially, average hourly earnings increased by 3.7% year-over-year in January, mirroring December’s trend.

Tighter labor market conditions may boost wages and consumer confidence. A pickup in wages could fuel consumer spending and demand-driven inflation. Rising inflation would force the Fed to delay rate cuts, leaving borrowing costs elevated.

XRPUSD – 30 Minute Chart – 120226 – US Jobs Report XRP-Spot ETF Inflows Signal Strong Institutional Interest While a more hawkish Fed rate path and delays to crypto legislation weighed on sentiment, demand for XRP-spot ETFs cushioned the downside.

The US XRP-spot ETF market extended its inflow streak to five sessions on Tuesday, February 10. XRP-spot ETF issuers have seen total net inflows of $1.23 billion since launch, reflecting strong institutional investor interest. In contrast, the US BTC-spot ETF market has reported net outflows of $4.3 billion over the same period, impacting sentiment.

For context, BTC has fallen 46% from its October all-time high of $125,761 (Binance), as the US BTC-spot ETF market kick-started an extended outflow streak from October 10. XRP and the broader market remain under the shadow of BTC despite the US XRP-spot ETF market suggesting a decoupling.

Ripple’s advancements on Main Street are driving XRP utility, bolstering institutional demand for XRP-spot ETFs.

On February 11, Reece Merrick, Senior Executive Officer/Managing Director, Middle East & Africa at Ripple, shared another Ripple milestone, stating:

“We’re thrilled to announce that Ripple is partnering with Aviva Investors to bring traditional fund structures to the XRP Ledger. This marks our first collaboration with a European investment management firm to tokenize real-world assets (RWAs) at scale.”

Such developments are likely to continue driving demand for XRP-spot ETFs, key to XRP’s price trajectory.

XRP Price Forecast: Short-, Medium-, and Long-Term Targets XRP has plunged 16% in February, reaffirming the negative short-term outlook (1-4 weeks), with a target price of $1.0.

However, robust demand for spot ETFs, hopes that the Senate will pass the Market Structure Bill, and increased XRP utility reinforce the bullish medium- to long-term price projections:

Medium-term (4-8 weeks): $2.5. Longer-term (8-12 weeks): $3.0. Key Downside Risks to the Bullish Medium-Term Outlook Several scenarios could derail the constructive medium-term bias. These include:

A hawkish Bank of Japan, with a higher neutral interest rate (potentially 1.5%-2.5%). Aggressive BoJ rate hikes could narrow US-Japan rate differentials in favor of the yen. Narrowing rate differentials may trigger a yen carry trade unwind, drying up crypto market liquidity, as seen in mid-2024. A yen carry trade unwind would validate the bearish trend reversal. Fading bets on an H1 2026 Fed rate cut. Delays and/or partisan opposition to the Market Structure Bill. Extended periods of XRP-spot ETF net outflows. These factors would weigh on XRP, pushing the token toward $1.0, reaffirming the bearish short-term outlook.

Technical Analysis: Levels to Watch XRP fell 2.14% on February 11, following the previous day’s 2.58% loss to close at $1.3698. The token tracked the broader crypto market cap, which declined by 2.30%.

Wednesday’s drop left XRP well below its 50-day and 200-day EMAs, signaling bearish momentum. However, several positive fundamentals continue to counter bearish technicals, supporting a bullish medium-term outlook.

Key technical levels to watch include:

Support levels: $1.0 and then $0.7773. 50-day EMA resistance: $1.7791. 200-day EMA resistance: $2.1713. Resistance levels: $1.50, $2.0, $2.5, and $3.0. On the daily chart, a breakout above $1.50 would bring the 50-day EMA into play. A sustained move through the 50-day EMA would signal a near-term bullish trend reversal. A bullish trend reversal would pave the way toward the 200-day EMA.

A sustained break above the EMAs would affirm a bullish trend reversal.

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Bitcoin has slipped below the key $70,000 level and is now attempting to stabilize above $65,000 as broader market conditions remain fragile. The recent decline reflects persistent selling pressure, cautious investor positioning, and ongoing uncertainty around macroeconomic trends that continue to influence liquidity across risk assets. While volatility is not unusual at this stage of the cycle, the inability to quickly reclaim lost ground has kept sentiment defensive.

A recent CryptoQuant report from XWIN Research Japan adds important macro context. US retail sales for December came in below expectations in both the core metric and the retail control group, pointing to a meaningful slowdown in consumer spending. Because consumption remains the primary engine of the US economy, this data is increasingly viewed not as temporary noise but as a potential inflection point in the broader business cycle.

Within this framework, the report characterizes Bitcoin as being in a corrective phase embedded within a broader bearish trend. Downside risks remain conditionally dominant, particularly if financial conditions tighten further or capital flows into risk assets continue to weaken. However, the outlook remains sensitive to shifts in liquidity, policy expectations, and institutional demand, factors that could still influence Bitcoin’s medium-term trajectory despite current pressure.

The report also highlights a deteriorating macro backdrop that continues to shape Bitcoin’s market behavior. Recent data point to simultaneous slowdowns in both consumer spending and wage growth. The downside surprise in US retail sales increases risks to corporate revenues and employment trends, while the Employment Cost Index (ECI) came in below expectations, signaling easing wage inflation.

This combination tends to shift the Federal Reserve’s focus toward growth risks, but it can also maintain pressure on risk assets as economic momentum cools.

Manufacturing employment adds another layer of concern. The sector has been in a gradual long-term decline, often interpreted as a cyclical recession signal. When combined with softer consumption data and moderating wages, the broader picture suggests a phase of disinflation occurring alongside slowing economic growth rather than a rapid recovery.

Within this environment, Bitcoin remains susceptible to short-term risk-off moves, often behaving similarly to equities when liquidity tightens. Although expectations of eventual monetary easing can trigger rallies, the sustainability of those rebounds remains uncertain. Notably, the Coinbase Premium Gap has stayed persistently negative since late 2025, indicating weak US spot demand and price action driven largely by derivatives.

Bitcoin Coinbase Premium Gap | Source: CryptoQuant A sustained shift toward positive premium levels, supported by ETF inflows, would likely be required to materially improve the outlook.

Bitcoin Tests Critical Support As Weekly Structure Weakens Bitcoin’s weekly chart shows clear deterioration in price structure after losing the $70,000 level, with BTC now attempting to stabilize around the mid-$60,000 range. The breakdown below this psychological threshold marks a shift from consolidation to a more defensive market posture, especially as price trades beneath shorter-term moving averages that previously acted as dynamic support.

BTC consolidates around critical level | Source: BTCUSDT chart on TradingView Momentum indicators inferred from price behavior suggest declining upside strength. Recent candles show persistent selling pressure, with lower highs forming since the late-2025 peak. Volume spikes accompanying the latest drop reinforce the idea of distribution or forced deleveraging rather than orderly profit-taking. Historically, such patterns tend to precede either extended consolidation phases or further corrective moves unless strong spot demand reappears quickly.

From a structural perspective, the next relevant support zone appears near the $60,000 region, roughly aligned with longer-term trend support and prior high-liquidity trading ranges. Holding above this level would preserve the broader bullish market structure despite the correction. Failure to do so, however, could open the door to deeper retracement scenarios.

Featured image from ChatGPT, chart from TradingView.com 

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Sebastian's journey into the world of crypto began four years ago, driven by a fascination with the potential of blockchain technology to revolutionize financial systems. His initial exploration focused on understanding the intricacies of various crypto projects, particularly those focused on building innovative financial solutions. Through countless hours of research and learning, Sebastian developed a deep understanding of the underlying technologies, market dynamics, and potential applications of cryptocurrencies. As his knowledge grew, Sebastian felt compelled to share his insights with others. He began actively contributing to online discussions on platforms like X and LinkedIn, focusing on fintech and crypto-related content. His goal was to expose valuable trends and insights to a wider audience, fostering a deeper understanding of the rapidly evolving crypto landscape. Sebastian's contributions quickly gained recognition, and he became a trusted voice in the online crypto community. To further enhance his expertise, Sebastian pursued a UC Berkeley Fintech: Frameworks, Applications, and Strategies certification. This rigorous program equipped him with valuable skills and knowledge regarding Financial Technology, bridging the gap between traditional finance (TradFi) and decentralized finance (DeFi). The certification deepened his understanding of the broader financial landscape and its intersection with blockchain technology. Sebastian's passion for finance and writing is evident in his work. He enjoys delving into financial research, analyzing market trends, and exploring the latest developments in the crypto space. In his spare time, Sebastian can often be found immersed in charts, studying 10-K forms, or engaging in thought-provoking discussions about the future of finance. Sebastian's journey as a crypto analyst and investor has been marked by a relentless pursuit of knowledge and a dedication to sharing his insights. His ability to navigate the complex world of crypto, combined with his passion for financial research and communication, makes him a valuable asset to the industry. As the crypto landscape continues to evolve, Sebastian remains at the forefront, providing valuable insights and contributing to the growth of this revolutionary technology.

Leading cryptocurrencies fell alongside stocks and precious metals on Wednesday, even as job growth accelerated strongly in January. Cryptocurrency 24-Hour Gains +/- Price (Recorded at 8:30 p.m.

Northern Star Resources Limited (NESRF) Q2 2026 Earnings Call February 11, 2026 5:00 PM EST

Company Participants

Stuart Tonkin - CEO, MD & Director
Ryan Gurner - Chief Financial Officer

Conference Call Participants

Daniel Morgan - Barrenjoey Markets Pty Limited, Research Division
Matthew Frydman - MST Financial Services Pty Limited, Research Division
Adam Baker - Macquarie Research
Alexander Barkley - RBC Capital Markets, Research Division
Hugo Nicolaci - Goldman Sachs Group, Inc., Research Division

Presentation

Operator

Thank you for standing by, and welcome to the Northern Star Fiscal Year '26 Half Year Financial Results. [Operator Instructions] I would now like to hand the conference over to Mr. Stuart Tonkin, Managing Director and CEO. Please go ahead.

Stuart Tonkin
CEO, MD & Director

Good morning, and thanks for joining us to discuss our first half FY '26 financial results. We will be referring to the presentation as published on the ASX this morning. With me on the call today is our Chief Financial Officer, Ryan Gurner. This first half result demonstrates the resilience and growing returns we are embedding in our business. Our balance sheet remains in a net cash position, notwithstanding the significant investments we are making to transform Northern Star into a lowest half-cost global gold producer.

Given our positive outlook for the company, the Board has declared a fully franked $0.25 per share interim dividend whilst recognizing a soft operating performance in the second quarter. The KCGM mill expansion remains on schedule for commissioning in early FY '27 with the actions of increasing labor being positive there. I want to assure our investors that Northern Star remains committed to improving our operating performance.

Notwithstanding recent challenges, we reaffirm our commitment to operational excellence. We continue to prioritize medium-term production growth while advancing initiatives to reduce unit costs. Our diversified portfolio provides a pipeline of

AMC Networks Inc. (AMCX) Q4 2025 Earnings Call February 11, 2026 4:30 PM EST

Company Participants

Nicholas Seibert - VP of Corporate Development & Investor Relations
Kristin Dolan - Chief Executive Officer
Patrick OConnell - Executive VP & CFO
Kimberly Kelleher - Chief Commercial Officer
Dan McDermott - Chief Content Officer & President of AMC Studios

Conference Call Participants

Steven Cahall - Wells Fargo Securities, LLC, Research Division
David Joyce - Seaport Research Partners
Thomas Yeh - Morgan Stanley, Research Division

Presentation

Operator

Good day, and thank you for standing by. Welcome to the AMC Networks Fourth Quarter 2025 Earnings Call. [Operator Instructions] Please be advised that today's conference is being recorded.

I would now like to hand it over to your first speaker, Nick Seibert, Senior Vice President, Corporate Development and Investor Relations. Please go ahead.

Nicholas Seibert
VP of Corporate Development & Investor Relations

Thank you. Good afternoon, and welcome to the AMC Networks Fourth Quarter and Full Year 2025 Earnings Conference Call. Joining us today are Kristin Dolan, Chief Executive Officer; Patrick O'Connell, Chief Financial Officer; Kim Kelleher, Chief Commercial Officer; and Dan McDermott, Chief Content Officer and President of AMC Studios. We'll begin with prepared remarks, and then we'll open the call for questions.

Today's call may include certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any such forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties that could cause actual results to differ. Please refer to AMC Networks' SEC filings for a discussion of risks and uncertainties. The company disclaims any obligation to update any forward-looking statements. On this call, we will discuss certain non-GAAP financial measures. The required definitions and reconciliations can be found in today's press release available on our website at amcnetworks.com.

And

February 11, 2026 19:52 ET  | Source: ARKO CORP.

RICHMOND, Va., Feb. 11, 2026 (GLOBE NEWSWIRE) -- ARKO Corp. (Nasdaq: ARKO) (“ARKO”) and ARKO Petroleum Corp., a subsidiary of ARKO (“APC”), today announced the pricing of APC’s initial public offering (the “IPO”) of 11,111,111 shares of its Class A common stock at a price to the public at $18.00 per share (the “IPO Price”). In addition, APC has granted the underwriters a 30-day option to purchase up to an additional 1,666,666 shares of APC’s Class A common stock to cover over-allotments, if any, at the IPO Price, less underwriting discounts and commissions. APC’s Class A common stock has been approved for listing on the Nasdaq Capital Market (“Nasdaq”) under the symbol “APC” and is expected to begin trading on February 12, 2026. The IPO is expected to close on February 13, 2026, subject to customary closing conditions.

Upon the completion of the IPO, ARKO is expected to own 35,000,000 shares of APC's Class B common stock, representing 75.9% of the economic interests in APC and 94.0% of the combined voting power of APC’s Class A common stock and Class B common stock (or 73.3% of the economic interests in APC and 93.2% of the combined voting power if the underwriters exercise their over-allotment).

UBS Investment Bank, Raymond James and Stifel are serving as lead book-running managers in the IPO. Mizuho and Capital One Securities are also acting as joint book-running managers in the IPO.

A registration statement on Form S-1 relating to these securities was declared effective by the U.S. Securities and Exchange Commission (the “Commission”) on February 11, 2026. Copies of the registration statement can be accessed through the Commission’s website at www.sec.gov. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

The IPO is being made only by means of a prospectus. A copy of the final prospectus related to the IPO may be obtained from UBS Securities LLC, Attention: Prospectus Department, 11 Madison Avenue, New York, New York 10010, by telephone at (888) 827-7275 or by email at [email protected]; Raymond James & Associates, Inc., Attention: Syndicate, 880 Carillon Parkway, St. Petersburg, Florida 33716, by telephone at (800) 248-8863 or by email at [email protected]; or Stifel, Nicolaus & Company, Incorporated, Attention: Syndicate Department, 1201 Wills Street, Suite 600 Baltimore, MD 21231, by telephone at (855) 300-7136 or by email at [email protected].

About ARKO Corp.

ARKO Corp. (Nasdaq: ARKO) is a Fortune 500 company that is one of the largest operators of convenience stores and wholesalers of fuel in the United States. Based in Richmond, VA, ARKO operates in four reportable segments: retail, which includes convenience stores selling merchandise and fuel products to retail customers through our highly recognizable Family of Community Brands that offers delicious, prepared foods, beer, snacks, candy, hot and cold beverages, and multiple popular quick serve restaurant brands; wholesale, which supplies fuel to independent dealers and consignment agents; fleet fueling, which includes the operation of proprietary and third-party cardlock locations, and issuance of proprietary fuel cards that provide customers access to a nationwide network of fueling sites; and GPM Petroleum, which sells and supplies fuel to our retail and wholesale sites and charges a fixed fee, primarily to our fleet fueling sites.

About ARKO Petroleum Corp.

ARKO Petroleum Corp. is a growth-oriented, fuel distribution company and one of the largest wholesale fuel distributors by gallons in North America, supplying customers in more than 30 states across the Mid-Atlantic, Midwestern, Northeastern, Southeastern, and Southwestern United States.

Forward-Looking Statements

This press release includes certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation statements regarding the expected closing of the IPO, whether the underwriters will exercise their over-allotment option and the expectations relating to the commencement of trading of APC’s Class A common stock on Nasdaq. These forward-looking statements are distinguished by use of words such as “accretive,” “anticipate,” “aim,” “believe,” “continue,” “could,” “estimate,” “expect,” “guidance,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “propose,” “should,” “will,” “would” and the negative of these terms, and similar references to future periods. There is no assurance that the IPO of APC will close and there are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements made herein, including without limitation, the satisfaction of customary closing conditions relating to the IPO, capital market risks and the impact of general economic, industry or financial conditions. Detailed information about these factors and additional important factors can be found in APC’s prospectus relating to the IPO and under the caption “Risk Factors” in the documents that ARKO files with the Commission, such as Form 10-K, Form 10-Q and Form 8-K. Forward-looking statements speak only as of the date the statements were made. Neither ARKO nor APC undertake any obligation to update forward-looking information, except to the extent required by applicable law.

Media Contact
Jordan Mann
ARKO Corp.
ARKO Petroleum Corp.
[email protected]

Investor Contact
Sean Mansouri, CFA
Elevate IR
(720) 330-2829
[email protected]

BUTTE, Mont. & SIOUX FALLS, S.D.--(BUSINESS WIRE)--NorthWestern Energy Group, Inc. d/b/a NorthWestern Energy (Nasdaq: NWE) reported financial results for the year ended December 31, 2025. Net income for the period was $181.1 million, or $2.94 per diluted share, as compared with net income of $224.1 million, or $3.65 per diluted share, for the same period in 2024. This decrease was primarily due to higher operating expenses, including a non-cash charge for the regulatory disallowance of certain Yellowstone County Generating Station (YCGS) capital costs, merger-related costs, and depreciation, interest expense, Montana property tax tracker collections, non-recoverable Montana electric supply costs, and higher income tax expense. These were partly offset by higher rates, electric transmission revenue, natural gas transportation revenues, and retail volumes.

NorthWestern's 2025 non-GAAP net income and earnings per share were $220.1 million and $3.58, respectively, compared to $208.9 million and $3.40 in 2024. See “Adjusted Non-GAAP Earnings” and “Non-GAAP Financial Measures” sections below for more information on these measures.

“We are pleased to report on what has been an exceptionally busy and transformational year for NorthWestern,” said Brian Bird, President and Chief Executive Officer. “Throughout 2025, we advanced several major initiatives to support safe, reliable, and affordable service for our customers across Montana, South Dakota, and Nebraska. In Montana, the passage of House Bill 490 was a critical achievement, providing clarity and limits around wildfire-related risks and offering greater certainty for our customers, communities, and investors. We also completed the Energy West acquisition, welcoming roughly 33,000 new natural gas customers to our system. In addition, we completed our Montana electric and natural gas rate review in December, receiving recovery of the significant investments we made to reliably serve our customers and incorporating the Yellowstone County Generating Station into rates – an asset that had already been delivering value to customers since the start of 2025.”

“The year also marked important steps forward in our long-term strategic vision. We announced our merger agreement with Black Hills Corporation in August, a combination that will create a stronger, more resilient utility better positioned for the future. Together, we have filed applications with regulators in Montana, South Dakota, Nebraska, and FERC, targeting a close in the back half of 2026. We also completed the acquisition of the Avista and Puget Colstrip interests on January 1, 2026 – a timely and strategic transaction that advances resource adequacy, protects our ability to serve our Montana customers reliably and affordably, and supports the potential integration of large-load customers, delivering long-term benefits for our customers, communities, and investors. Our progress this year reflects the dedication of our exceptional employees and the trust of the customers and communities we proudly serve, and as we move into another year of strong execution, we remain committed to providing safe, reliable, and affordable energy while advancing long-term value for our shareholders,” said Bird.

FOURTH QUARTER FINANCIAL RESULTS

Net income for the three months ending December 31, 2025 was $44.7 million, or $0.72 per diluted share, as compared with net income of $80.6 million, or $1.31 per diluted share, for the same period in 2024. This decrease was primarily due to higher operating expenses, including a non-cash charge for the regulatory disallowance of certain YCGS capital costs, and depreciation, interest expense, Montana property tax tracker collections, and merger-related costs. These were partly offset by higher rates and electric transmission revenue.

Adjusted diluted non-GAAP earnings per share for the quarter was $1.17 as compared to $1.13 for the same period in 2024. See “Adjusted Non-GAAP Earnings” and “Non-GAAP Financial Measures” sections below for more information on these measures.

TRANSACTION UPDATE

On August 18, 2025, we entered into a Merger Agreement with Black Hills Corporation and a wholly owned subsidiary of Black Hills. The Merger Agreement provides for an all-stock merger of equals between NorthWestern and Black Hills upon the terms and subject to the conditions set forth therein.

We have filed applications with the Montana Public Service Commission (MPSC), Nebraska Public Service Commission (NPSC), South Dakota Public Utilities Commission (SDPUC), and Federal Energy Regulatory Commission (FERC) for approval of the Merger. Hearings with the MPSC, NPSC, and SDPUC are scheduled in the second quarter of 2026.

In February 2026, the Form S-4, which contains joint proxy statement/prospectus for NorthWestern and Black Hills, was declared effective by the SEC. Meetings for NorthWestern and Black Hills shareholders to vote on the acquisition are scheduled for April 2, 2026. The new corporate name selected for the resulting parent company of the combined corporate group is Bright Horizon Energy.

We expect to file an application for clearance under the Hart-Scott-Rodino Antitrust Improvements Act in the first quarter of 2026. We anticipate the transaction closing in the second half of 2026, subject to the satisfaction or waiver of certain closing conditions.

During the twelve months ended December 31, 2025, we have incurred $9.3 million of merger-related costs, which are included in our Administrative and general expenses.

FINANCIAL OUTLOOK

Initiating 2026 Guidance, Affirming Long-Term Growth Rates, and Announcing Capital Plan

We are initiating 2026 non-GAAP earnings guidance of $3.68 to $3.83 per diluted share. This guidance is based upon, but not limited to, the following major assumptions:

Normal weather in our service territories; Excludes costs related to the pending merger with Black Hills Corp.; Approval of the Power Cost and Credit Adjustment Mechanism (PCCAM) waiver and power prices sufficient to recover operating expense from incremental Avista and Puget Colstrip interests; An effective income tax rate of approximately 14 percent to 18 percent; and Diluted average shares outstanding of approximately 61.7 million. We are affirming our long-term diluted earnings per share growth guidance of 4% to 6%, based on our 2024 adjusted diluted non-GAAP EPS baseline of $3.40.

Additionally, we are announcing our $3.2 billion capital investment plan for 2026-2030, which is expected to support rate base growth of 4% to 6% from our 2024 base year of approximately $5.4 billion. We anticipate funding capital expenditures through cash flows from operations, available credit sources, debt issuances, and future rate increases. In order to fund South Dakota generation investment, equity issuances are expected beginning in 2027.

Dividend Declared

NorthWestern Energy Group’s Board of Directors has declared a quarterly common stock dividend of $0.67 per share, representing a 1.5% increase over the previous quarter’s dividend. The dividend is payable on March 31, 2026, to shareholders of record as of March 13, 2026.

Looking ahead, we remain committed to maintaining a dividend payout ratio within our targeted range of 60-70% over the long term.

Additional information regarding this release can be found in the earnings presentation at https://www.northwesternenergy.com/investors/earnings.

COMPANY UPDATES

Montana Rate Review

In July 2024, we filed a Montana electric and natural gas rate review with the MPSC requesting an annual increase to electric and natural gas utility rates. In December 2025, the MPSC issued a final order approving the natural gas settlement agreement and partial electric settlement agreement. Among other things, the approved partial electric settlement agreement provides for the deferral and annual recovery of incremental operating costs related to wildfire mitigation and insurance expenses through the Wildfire Mitigation Balancing Account.

The details of this final order are set forth below:

Returns, Capital Structure, & Revenue Increase Resulting From Final Order ($ in millions)

Electric

Natural Gas

Return on Equity (ROE)

9.65

%

9.60

%

Equity Capital Structure

47.84

%

47.84

%

Base Rates

$

105.5

$

18.0

PCCAM(1)(2)

(94.5

)

n/a

Property Tax (tracker base adjustment)(1)

(1.8

)

0.1

Total Revenue Increase Through Final Order

$

9.2

$

18.1

(1) These items are flow-through costs. PCCAM reflects our fuel and purchased power costs.

(2) This PCCAM reduction of $94.5 million represents the reduction in revenue at the previously approved 2021 PCCAM base of $208.3 million using the 2023 Montana rate review test period loads.

The final order provides for an update to the PCCAM by adjusting the base costs from $208.3 million to $119.0 million. It also suspended the 90/10 cost sharing mechanism of the PCCAM on a temporary basis pending further review by the MPSC. Within this final order, the MPSC disallowed a portion of the capital costs related to the construction of YCGS. As a result, in the fourth quarter of 2025 we recorded a $30.9 million non-cash charge for the regulatory disallowance within Operating and maintenance on the Consolidated Statements of Income and a corresponding reduction to Property, plant, and equipment, net on the Consolidated Balance Sheets. As of December 31, 2025, we have deferred $7.7 million of base rate revenues collected that will be refunded to customers.

In January 2026, we filed a Motion for Reconsideration (Motion) as it relates to this final order. Among other things, our Motion requests that the MPSC reconsider their prudence conclusions regarding the capital costs associated with the construction of YCGS and clarification as to the effective date of the PCCAM sharing mechanism suspension, of which we have requested an effective date of July 1, 2025, to align with the PCCAM tracker year.

Montana Large-Load Tariff

The MPSC requested information on our plan to serve potential large-load customers and related resource adequacy issues. We responded in March 2025, outlining our policy and legal positions, emphasizing the importance of economic development for Montana and our commitment to serving our existing customers. We expect to submit a filing with the MPSC during the first half of 2026 to address data center development discussed below, incorporating rate design that prevents cost shifting of infrastructure upgrades needed to serve large-load customers to other retail customers.

Data Center Development

In July 2025, we entered into a nonbinding letter of intent with Quantica Infrastructure to evaluate the transmission infrastructure and generation resources needed to support their proposed need. We had previously disclosed, in December 2024, two separate nonbinding letters of intent with Sabey Data Centers (Sabey) and Atlas Power Holdings LLC (Atlas) to provide electric supply services for data centers being developed in Montana. The combined energy service requirement associated with these letters of intent is currently expected to be 175 megawatts beginning in late 2027, or earlier, with growth of up to 1,100 megawatts or more by 2030. We have signed development agreements with both Sabey and Atlas and are working with each of these parties to execute electric service agreements.

Resources and regulatory mechanisms to be utilized for serving these requests are pending further evaluation and regulatory considerations.

Colstrip Acquisitions and Requests for Cost Recovery

As previously disclosed, we entered into definitive agreements with Avista and Puget to acquire their respective interests in Colstrip Units 3 and 4 for $0 and completed these acquisitions on January 1, 2026. Accordingly, we are responsible for the associated operating costs beginning on January 1, 2026, which we will not collect through utility base rates until requested in a future Montana rate review. Puget and Avista will remain responsible for their respective pre-closing share of environmental and pension liabilities attributed to events or conditions existing prior to the closing of the transaction and for any future decommissioning and demolition costs associated with the existing facilities that comprise their interests.

Avista Interests – The 222 megawatts of generation capacity from Colstrip Units 3 and 4 acquired from Avista (Avista Interests) on January 1, 2026, was identified as a key element in our strategy to achieve resource adequacy for customers, as outlined in our 2023 Montana Integrated Resource Plan. Noting the costs associated with operating this resource are not currently reflected in utility customer rates, in August 2025, we filed a temporary PCCAM tariff waiver request with the MPSC that would provide a near-term cost-recovery mechanism expected to largely offset approximately $18.0 million in annual incremental operating and maintenance costs associated with the Avista Interests. This waiver requested that the MPSC allow us to keep 100 percent of the net revenue associated with certain designated power sales contracts up to the amount of the operating and maintenance expenses we incur associated with our Avista Interests. Furthermore, the waiver request indicated that any net revenues from the designated contracts exceeding the operating and maintenance expenses associated with our Avista Interests would continue to flow back to retail customers. In January 2026, the MPSC approved our PCCAM tariff waiver request on an interim basis with final approval or denial subject to the ongoing PCCAM docket process.

Puget Interests – The 370 megawatts of generation capacity from Colstrip Units 3 and 4 acquired from Puget (Puget Interests) on January 1, 2026, increases our ownership share of the facility to 55 percent and provides an increase in voting share in determining strategic direction and investment decisions at the facility. While we expect our future opportunity to serve growing customer demand, including large-load customers, may be supported by this resource, in October 2025, we signed a contract to sell the dispatchable capacity and associated energy from the Puget Interests beginning January 1, 2026, through late 2027. Revenues from this agreement are expected to largely offset the estimated $30.0 million of annual incremental operating and maintenance costs associated with the Puget Interests. In addition, in October 2025, we submitted a request to the FERC for approval of cost-based rates for our subsidiary that will own the Puget Interests. We expect this rate approval to be effective in the first quarter of 2026. If our request for rates effective January 1, 2026, is not approved, we could incur refund liability for contract revenues received during the unauthorized period.

Generation Capacity in South Dakota

The Southwest Power Pool (SPP) has recently updated its resource accreditation and Planning Reserve Margin (PRM) requirements in response to growing reliability concerns. As a result, SPP is requiring additional accredited capacity by 2030 to meet the updated PRM targets. In October 2025, we submitted a project with the SPP under their Expedited Resource Adequacy Study program for the construction of a 131 MW natural gas generating facility located in Aberdeen, South Dakota, to meet regional capacity needs by 2030. Anticipated costs for this project are approximately $300 million.

Regional Transmission Development Activities

In December 2024, we signed a nonbinding memorandum of understanding (MOU) with North Plains Connector LLC, a wholly owned subsidiary of Grid United, to own 10 percent (300 megawatts) of the North Plains Connector (NPC) Consortium project. The project is entering the permitting phase. Currently, construction is planned to commence in 2028, subject to receipt of regulatory approvals, with the project expected to be operational by 2032. Under the terms of the MOU, Grid United will continue to fund the development of the NPC and we will make our investment decision when the regulatory approvals and permits are in place. The project is a critical infrastructure investment that aligns with our commitment to providing reliable and affordable energy to our customers while also supporting broader grid resilience efforts in the region.

We have also entered into a nonbinding letter of intent with Grid United to continue transmission development to further enhance the grid through the southwest corridor of Montana. Development to expand the southwest corridor of Montana through grid build out would represent a significant step in enhancing connectivity between Montana and the broader Western energy market – bolstering grid reliability, allowing for critical import capability, and enabling customers to access and benefit from emerging energy markets in the West.

Montana Wildfire Risk Mitigation

The Montana Legislature approved House Bill 490 in April 2025. It precludes common law strict liability claims for damages related to wildfire and electric activities or wildfire mitigation activities; establishes a statutory standard of care, supplanting common law causes of action and other theories of recovery; and creates a rebuttable presumption that an electric facilities provider acted reasonably if it substantially followed an approved wildfire mitigation plan. The legislation also defines the availability of damages by allowing noneconomic personal injury damages only when there is bodily injury and punitive damages only when an injured party proves by clear and convincing evidence that an electric facilities provider's actions were grossly negligent or intentional. The MPSC approved our wildfire mitigation plan in November 2025. The wildfire mitigation plan for the Colstrip transmission system was submitted to the MPSC on November 7, 2025, and we anticipate a decision in the first quarter of 2026.

CONSOLIDATED STATEMENT OF INCOME

Year Ended December 31,

($ in millions, except per share amounts)

2025

2024

Revenues

Electric

$

1,270.0

$

1,200.7

Gas

340.6

313.2

Total Revenues

1,610.6

1,513.9

Operating Expenses

Fuel, purchased supply and direct transmission expense (exclusive of depreciation and depletion shown separately below)

409.8

433.8

Operating and maintenance

284.9

227.8

Administrative and general

158.2

137.4

Property and other taxes

182.3

163.9

Depreciation and depletion

249.5

227.6

Total Operating Expenses

1,284.7

1,190.6

Operating Income

325.8

323.3

Interest Expense, net

(150.4

)

(131.7

)

Other Income, net

12.1

23.0

Income Before Income Taxes

187.6

214.7

Income Tax (Expense) Benefit

(6.5

)

9.4

Net Income

$

181.1

$

224.1

Basic Shares Outstanding

61.4

61.3

Earnings per Share - Basic

$

2.95

$

3.66

Diluted Shares Outstanding

61.5

61.4

Earnings per Share - Diluted

$

2.94

$

3.65

Dividends Declared per Common Share

$

2.64

$

2.60

Note: Subtotal variances may exist due to rounding.

RECONCILIATION OF PRIMARY CHANGES

Year Ended December 31, 2025 vs. 2024

($ in millions, except per share amounts)

Pre-tax

Income

Inc. Tax

Benefit

(Expense)(3)

Net

Income

Diluted

Earnings

Per Share

December 31, 2024

$

214.7

$

9.4

$

224.1

$

3.65

Variance in revenue and fuel, purchased supply, and direct transmission expense(1) items impacting net income:

Base Rates

93.3

(23.6

)

69.7

1.13

Electric transmission revenue

14.0

(3.5

)

10.5

0.17

Production tax credits, offset within income tax benefit (expense)

6.6

(6.6

)

—

—

Montana natural gas transportation

4.8

(1.2

)

3.6

0.06

Electric retail volumes

4.3

(1.1

)

3.2

0.05

Natural gas retail volumes

2.0

(0.5

)

1.5

0.02

Montana property tax tracker collections

(14.2

)

3.6

(10.6

)

(0.17

)

Non-recoverable Montana electric supply costs

(7.3

)

1.8

(5.5

)

(0.09

)

Other

0.1

0.0

0.1

0.00

Variance in expense items(2) impacting net income:

Operating, maintenance, and administrative

(37.7

)

9.5

(28.2

)

(0.45

)

Non-cash regulatory disallowance of certain YCGS capital costs

(30.9

)

7.8

(23.1

)

(0.38

)

Depreciation

(21.9

)

5.5

(16.4

)

(0.27

)

Interest expense

(18.7

)

4.7

(14.0

)

(0.23

)

Merger-related costs

(9.3

)

—

(9.3

)

(0.15

)

Property and other taxes not recoverable within trackers

(2.1

)

0.5

(1.6

)

(0.03

)

Release of unrecognized tax benefits - current year

—

7.4

7.4

0.12

Release of unrecognized tax benefits - prior year

—

(16.9

)

(16.9

)

(0.27

)

Prior year Gas repairs safe harbor method change

—

(7.0

)

(7.0

)

(0.11

)

Other

(10.1

)

3.7

(6.4

)

(0.10

)

Dilution from higher share count

(0.01

)

December 31, 2025

$

187.6

$

(6.5

)

$

181.1

$

2.94

Change in Net Income

$

(43.0

)

$

(0.71

)

(1) Exclusive of depreciation and depletion shown separately below.

(2) Excluding fuel, purchased supply, and direct transmission expense.

(3) Income Tax Benefit (Expense) calculation on reconciling items assumes blended federal plus state effective tax rate of 25.3%.

Note: Subtotal variances may exist due to rounding.

EXPLANATION OF CONSOLIDATED RESULTS

Year Ended December 31, 2025 Compared with Year Ended December 31, 2024

Consolidated gross margin in 2025 was $484.3 million as compared with $460.8 million in 2024, an increase of $23.5 million or 5.1 percent. This increase was primarily due to higher rates, electric transmission revenue, natural gas transportation revenues, and retail volumes. These were partly offset by higher operating expenses, including a non-cash charge for the regulatory disallowance of certain YCGS capital costs resulting from the MPSC's final order on our rate review and depreciation, Montana property tax tracker collections, and non-recoverable Montana electric supply costs.

Year Ended December 31,

($ in millions)

2025

2024

Reconciliation of gross margin to utility margin:

Operating Revenues

$

1,610.6

$

1,513.9

Less: Fuel, purchased supply and direct transmission expense (exclusive of depreciation and depletion shown separately below)

409.8

433.8

Less: Operating and maintenance

284.9

227.8

Less: Property and other taxes

182.1

163.9

Less: Depreciation and depletion

249.5

227.6

Gross Margin

484.3

460.8

Operating and maintenance

284.9

227.8

Property and other taxes

182.1

163.9

Depreciation and depletion

249.5

227.6

Utility Margin(1)

$

1,200.8

$

1,080.1

(1) Non-GAAP financial measure. See “Non-GAAP Financial Measures” below.

Year Ended December 31,

($ in millions)

2025

2024

Change

% Change

Utility Margin

Electric

$

963.4

$

871.1

$

92.3

10.6

%

Natural Gas

237.4

209.0

28.4

13.6

Total Utility Margin(1)

$

1,200.8

$

1,080.1

$

120.7

11.2

%

(1) Non-GAAP financial measure. See “Non-GAAP Financial Measures” below.

Consolidated utility margin in 2025 was $1,200.8 million as compared with $1,080.1 million in 2024, an increase of $120.7 million, or 11.2 percent.

Primary components of the change in utility margin include the following:

($ in millions)

Utility Margin

2025 vs. 2024

Utility Margin Items Impacting Net Income

Base Rates

$

93.3

Electric transmission revenue due to market conditions and rates

14.0

Montana natural gas transportation

4.8

Electric retail volumes

4.3

Natural gas retail volumes ($4.2 million due to acquisition of Energy West Operations)

2.0

Montana property tax tracker collections

(14.2

)

Non-recoverable Montana electric supply costs

(7.3

)

Other

0.1

Change in Utility Margin Impacting Net Income

97.0

Utility Margin Items Offset Within Net Income

Property and other taxes recovered in revenue, offset in property and other taxes

16.3

Production tax credits, offset in income tax expense

6.6

Operating expenses recovered in revenue, offset in operating and maintenance expense

0.8

Change in Items Offset Within Net Income

23.7

Increase in Consolidated Utility Margin(1)

$

120.7

(1) Non-GAAP financial measure. See “Non-GAAP Financial Measures” below.

Electric retail volumes were driven by favorable weather in South Dakota impacting residential demand, higher Montana commercial demand, and customer growth in all jurisdictions, partly offset by unfavorable weather in Montana, lower commercial demand in South Dakota, and lower industrial demand. Natural gas retail volumes were driven by the acquisition of Energy West, favorable weather in South Dakota and Nebraska, higher commercial demand, and customer growth in all jurisdictions, partly offset by unfavorable weather in Montana.

Under the PCCAM, net supply costs higher or lower than the PCCAM base rate (PCCAM Base) (excluding qualifying facility costs) were allocated 90 percent to Montana customers and 10 percent to shareholders. For the twelve months ended December 31, 2025, we under-collected supply costs of $73.9 million resulting in an increase to our under collection of costs, and recorded a decrease in pre-tax earnings of $8.2 million (10 percent of the PCCAM Base cost variance). For the twelve months ended December 31, 2024, we under-collected supply costs of $8.0 million resulting in an increase to our under collection of costs, and recorded a decrease in pre-tax earnings of $0.9 million (10 percent of the PCCAM Base cost variance). As part of the MPSC's final order on our Montana electric rate review they suspended the 90/10 cost sharing mechanism of the PCCAM on a temporary basis pending further review by the MPSC.

($ in millions)

Year Ended December 31,

2025

2024

Change

% Change

Operating Expenses (excluding fuel, purchased supply and direct transmission expense)

Operating and maintenance

$

284.9

$

227.8

$

57.1

25.1

%

Administrative and general

158.2

137.4

20.8

15.1

Property and other taxes

182.3

163.9

18.4

11.2

Depreciation and depletion

249.5

227.6

21.9

9.6

Total Operating Expenses (excluding fuel, purchased supply and direct transmission expense)

$

874.9

$

756.7

$

118.2

15.6

%

Consolidated operating expenses, excluding fuel, purchased supply and direct transmission expense, were $874.9 million in 2025, as compared with $756.7 million in 2024. Primary components of the change include the following:

($ in millions)

Operating Expenses

2025 vs. 2024

Operating Expenses (excluding fuel, purchased supply and direct transmission expense) Impacting Net Income

Non-cash regulatory disallowance of certain YCGS capital costs

$

30.9

Depreciation expense due to plant additions and higher depreciation rates

21.9

Electric generation maintenance

9.9

Merger-related costs, primarily including consulting and legal fees

9.3

Wildfire mitigation expense, partly offset by higher base revenues

8.9

Insurance expense, primarily due to increased wildfire risk premiums

7.8

Labor and benefits(1)

7.6

Technology implementation and maintenance

3.5

Property and other taxes not recoverable within trackers

2.1

Uncollectible accounts

1.1

Litigation outcome (Pacific Northwest Solar)

(2.4

)

Non-cash impairment of alternative energy storage investment

(1.7

)

Other

3.0

Change in Items Impacting Net Income

101.9

Operating Expenses Offset Within Net Income

Property and other taxes recovered in trackers, offset in revenue

16.3

Deferred compensation, offset in other income

2.1

Operating and maintenance expenses recovered in trackers, offset in revenue

0.8

Pension and other postretirement benefits, offset in other income(1)

(2.9

)

Change in Items Offset Within Net Income

16.3

Increase in Operating Expenses (excluding fuel, purchased supply and direct transmission expense)

$

118.2

(1) In order to present the total change in labor and benefits, we have included the change in the non-service cost component of our pension and other postretirement benefits, which is recorded within other income on our Condensed Consolidated Statements of Income. This change is offset within this table as it does not affect our operating expenses.

Consolidated operating income in 2025 was $325.8 million as compared with $323.3 million in 2024. This increase was primarily due to new rates, electric transmission revenue, natural gas transportation revenues, and retail volumes. These were partly offset by higher operating, administrative, and general costs, including a non-cash charge for the regulatory disallowance of certain YCGS capital costs resulting from the MPSC's final order on our rate review and merger-related costs, depreciation, Montana property tax tracker collections, and non-recoverable Montana electric supply costs.

Consolidated interest expense in 2025 was $150.4 million, as compared with $131.7 million in 2024. This increase was due to higher borrowings and interest rates, partly offset by lower capitalization of Allowance for Funds Used During Construction (AFUDC).

Consolidated other income in 2025 was $12.1 million, as compared with $23.0 million in 2024. This decrease was primarily due to lower capitalization of AFUDC, a prior year reversal of $2.3 million from a previously disclosed Community Renewable Energy Project (CREP) penalty due to a favorable legal ruling, and a $1.3 million current year expense accrual related to an estimated penalty for the CREP informed by a recent MPSC ruling, partly offset by an increase of $2.5 million driven by a prior year non-cash impairment of an alternative energy storage equity investment.

Consolidated income tax expense in 2025 was $6.5 million, as compared to an income tax benefit of $9.4 million in 2024. Our effective tax rate for the twelve months ended December 31, 2025 was 3.5 percent as compared with (4.4) percent for the same period of 2024. Income tax expense for the twelve months ended December 31, 2025, includes a $10.4 million benefit related to a reduction in our unrecognized tax benefits, inclusive of $3.0 million of previously accrued interest ($7.4 million net of interest). Income tax benefit for the twelve months ended December 31, 2024, includes a $21.0 million benefit related to a reduction in our unrecognized tax benefits, inclusive of $4.1 million of previously accrued interest ($16.9 million net of interest). Additionally, during the twelve months ended December 31, 2024, we filed a tax accounting method change with the IRS consistent with the guidance for natural gas transmission and distribution property. This resulted in an income tax benefit of $7.0 million during 2024, related to repair costs that were previously capitalized for tax purposes in the 2022 and prior tax years.

We currently estimate our effective tax rate will range between 14.0 percent to 18.0 percent in 2026. Based on the significant Net Operating Loss income tax position we have, we anticipate paying minimal cash for income taxes into 2029.

The following table summarizes the differences between our effective tax rate and the federal statutory rate:

($ in millions)

Year Ended December 31,

2025

2024

Income before income taxes

$

187.6

$

214.7

Income tax calculated at federal statutory rate

39.4

21.0

%

45.1

21.0

%

State income tax, net of federal provision

(1.5

)

(0.8

)

0.4

0.2

Tax Credits

Production tax credits

(5.9

)

(3.2

)

(11.1

)

(5.2

)

Other

0.7

0.4

0.7

0.3

Impact of utility ratemaking on income taxes

Flow-through repairs deductions

(31.0

)

(16.5

)

(23.1

)

(10.8

)

Amortization of excess deferred income taxes

(3.2

)

(1.7

)

(2.9

)

(1.4

)

AFUDC, net

(1.3

)

(0.7

)

(2.6

)

(1.2

)

Plant and depreciation of flow through items

16.8

9.0

9.4

4.4

Gas repairs safe harbor method change

—

—

(7.0

)

(3.3

)

Changes in Unrecognized Tax Benefits

Release of unrecognized tax benefits

(7.4

)

(4.0

)

(16.9

)

(7.9

)

Interest and penalties

(3.0

)

(1.6

)

(1.5

)

(0.7

)

Nontaxable and nondeductible items

2.9

1.5

0.4

0.2

Other

0.0

0.1

(0.3

)

0.0

(32.9

)

(17.5

)%

(54.5

)

(25.4

)%

Income Tax Expense (Benefit) and Effective Tax Rate

$

6.5

3.5

%

$

(9.4

)

(4.4

)%

Our effective tax rate typically differs from the federal statutory tax rate primarily due to the regulatory impact of flowing through federal and state tax benefits of repairs deductions, state tax benefit of accelerated tax depreciation deductions (including bonus depreciation when applicable) and production tax credits.

LIQUIDITY AND OTHER CONSIDERATIONS

Liquidity and Capital Resources

As of December 31, 2025, our total consolidated net liquidity was approximately $229.8 million, including $8.8 million of cash and $221.0 million of revolving credit facility availability with no letters of credit outstanding. This compares to total net liquidity one year ago at December 31, 2024 of $191.3 million.

Earnings Per Share

Basic earnings per share are computed by dividing earnings applicable to common stock by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflect the potential dilution of common stock equivalent shares that could occur if unvested shares were to vest. Common stock equivalent shares are calculated using the treasury stock method, as applicable. The dilutive effect is computed by dividing earnings applicable to common stock by the weighted average number of common shares outstanding plus the effect of the outstanding unvested restricted stock and performance share awards. Average shares used in computing the basic and diluted earnings per share are as follows:

December 31,

2025

2024

Basic computation

61,381,328

61,293,052

Dilutive effect of

Performance and restricted share awards(1)

160,090

81,153

Diluted computation

61,541,418

61,374,205

(1) Performance share awards are included in diluted weighted average number of shares outstanding based upon what would be issued if the end of the most recent reporting period was the end of the term of the award.

As of December 31, 2025, there were no shares from performance and restricted share awards which were antidilutive and excluded from the earnings per share calculations.

Adjusted Non-GAAP Earnings

We reported GAAP earnings of $2.94 per diluted share for the year ended December 31, 2025, and $3.65 per diluted share for the same period in 2024. Adjusted Non-GAAP earnings per diluted share for the same periods are $3.58 and $3.40, respectively. A reconciliation of items factored into our Adjusted Non-GAAP diluted earnings are summarized below. The amount below represents a non-GAAP measure that may provide users of this data with additional meaningful information regarding the impact of certain items on our expected earnings. More information on this measure can be found in the “Non-GAAP Financial Measures” section below.

($ in millions, except EPS)

Nine Months Ended September 30, 2025

Q4 2025

Full-Year 2025

Pre-tax

Income

Net(1)

Income

Diluted

EPS

Pre-tax

Income

Net(1)

Income

Diluted

EPS

Pre-tax

Income

Net(1)

Income

Diluted

EPS(2)

2025 Reported GAAP

$

163.8

$

136.4

$

2.22

$

23.8

$

44.7

$

0.72

$

187.6

$

181.1

$

2.94

Non-GAAP Adjustments:

Add Back Unfavorable Weather

3.8

2.9

0.05

10.6

7.9

0.13

14.4

10.8

0.18

Community Renewable Energy Project Penalty (not tax deductible)

1.0

1.0

0.02

0.3

0.3

—

1.3

1.3

0.02

Merger-Related Costs (not tax deductible)

7.6

7.6

0.12

1.7

1.7

0.03

9.3

9.3

0.15

Release of Unrecognized Tax Benefit

—

—

—

—

(7.4

)

(0.12

)

—

(7.4

)

(0.12

)

Regulatory Disallowance of Certain YCGS Capital Costs

31.2

23.3

0.38

31.2

23.3

0.38

Remove Q4 PCCAM Expense Following MPSC Suspension of 90/10 Sharing

—

—

—

2.3

1.7

0.03

2.3

1.7

0.03

2025 Non-GAAP

$

176.2

$

147.9

$

2.41

$

69.9

$

72.2

$

1.17

$

246.1

$

220.1

$

3.58

Nine Months Ended September 30, 2024

Q4 2024

Full-Year 2024

Pre-tax

Income

Net(1)

Income

Diluted

EPS

Pre-tax

Income

Net(1)

Income

Diluted

EPS

Pre-tax

Income

Net(1)

Income

Diluted

EPS(2)

2024 Reported GAAP

$

155.0

$

143.6

$

2.34

$

59.7

$

80.6

$

1.31

$

214.7

$

224.1

$

3.65

Non-GAAP Adjustments:

Add Back Unfavorable Weather

2.3

1.7

0.03

8.3

6.2

0.10

10.6

7.9

0.13

Impairment of Alternative Energy Storage Investment

4.2

3.1

0.05

—

—

—

4.2

3.1

0.05

Community Renewable Energy Project Penalty (non-tax deductible)

(2.3

)

(2.3

)

(0.04

)

—

—

—

(2.3

)

(2.3

)

(0.04

)

Natural Gas Repairs Safe Harbor Method Change

—

(7.0

)

(0.11

)

—

—

—

—

(7.0

)

(0.11

)

Release of Unrecognized Tax Benefit

—

—

—

—

(16.9

)

(0.28

)

—

(16.9

)

(0.28

)

2024 Non-GAAP

$

159.2

$

139.1

$

2.27

$

68.0

$

69.9

$

1.13

$

227.2

$

208.9

$

3.40

(1) Income tax rate on reconciling items assumes blended federal plus state effective tax rate of 25.3%.

(2) Due to changes in the quarterly diluted share count, full year EPS may be +/- $0.01 different than the sum of the quarters.

Note: Subtotal variances may exist due to rounding.

Company Hosting Earnings Webinar

NorthWestern will host an investor earnings webinar on Thursday, February 12, 2026, at 3:30 p.m. Eastern time to review its financial results for the year ending December 31, 2025. To register for the webinar, please visit www.northwesternenergy.com/earnings-registration. Please go to the site at least 15 minutes in advance of the webinar to register. An archived webinar will be available shortly after the event and remain active for one year.

NorthWestern Energy – Delivering a Bright Future

NorthWestern Energy Group, doing business as NorthWestern Energy, provides essential energy infrastructure and valuable services that enrich lives and empower communities while serving as long-term partners to our customers and communities. We work to deliver safe, reliable, and innovative energy solutions that create value for customers, communities, employees, and investors. We do this by providing low-cost and reliable service performed by highly-adaptable and skilled employees. We provide electricity and / or natural gas to approximately 850,300 customers in Montana, South Dakota, Nebraska, and Yellowstone National Park. Upon the completion of the holding company reorganization in 2023, NW Corp became a subsidiary of NorthWestern Energy Group. Our operations in Montana and Yellowstone National Park are conducted through our subsidiary, NW Corp, and our operations in South Dakota and Nebraska are conducted through our subsidiary, NWE Public Service. We have provided service in South Dakota and Nebraska since 1923 and in Montana since 2002.

Non-GAAP Financial Measures

This press release includes financial information prepared in accordance with GAAP, as well as other financial measures, such as Utility Margin, Adjusted Non-GAAP pretax income, Adjusted Non-GAAP net income and Adjusted Non-GAAP Diluted EPS that are considered “non-GAAP financial measures.” Generally, a non-GAAP financial measure is a numerical measure of a company’s financial performance, financial position, or cash flows that excludes (or includes) amounts that are included in (or excluded from) the most directly comparable measure calculated and presented in accordance with GAAP.

We define Utility Margin as Operating Revenues less fuel, purchased supply, and direct transmission expense (exclusive of depreciation and depletion) as presented in our Condensed Consolidated Statements of Income. This measure differs from the GAAP definition of Gross Margin due to the exclusion of Operating and maintenance, Property and other taxes, and Depreciation and depletion expenses, which are presented separately in our Condensed Consolidated Statements of Income. A reconciliation of Utility Margin to Gross Margin, the most directly comparable GAAP measure, is included in the press release above.

Management believes that Utility Margin provides a useful measure for investors and other financial statement users to analyze our financial performance in that it excludes the effect on total revenues caused by volatility in energy costs and associated regulatory mechanisms. This information is intended to enhance an investor's overall understanding of results. Under our various state regulatory mechanisms, as detailed below, our supply costs are generally collected from customers. In addition, Utility Margin is used by us to determine whether we are collecting the appropriate amount of energy costs from customers to allow for recovery of operating costs, as well as to analyze how changes in loads (due to weather, economic, or other conditions), rates, and other factors impact our results of operations. Our Utility Margin measure may not be comparable to that of other companies' presentations or more useful than the GAAP information provided elsewhere in this report.

Management also believes the presentation of Adjusted Non-GAAP pre-tax income, Adjusted Non-GAAP net income, and Adjusted Non-GAAP Diluted EPS is more representative of normal earnings than GAAP pre-tax income, net income, and EPS due to the exclusion (or inclusion) of certain impacts that are not reflective of ongoing earnings. The presentation of these non-GAAP measures is intended to supplement investors' understanding of our financial performance and not to replace other GAAP measures as an indicator of actual operating performance. Our measures may not be comparable to other companies' similarly titled measures.

Special Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including, without limitation, the information under “Adjusted Non-GAAP Earnings.” Forward-looking statements involve risks and uncertainties, which could cause actual results or outcomes to differ materially from those expressed. We caution that while we make such statements in good faith and believe such statements are based on reasonable assumptions, including without limitation, management's examination of historical operating trends, data contained in records, and other data available from third parties, we cannot assure you that we will achieve our projections. Factors that may cause such differences include, but are not limited to:

risks relating to the pending merger transaction pursuant to that certain Agreement and Plan of Merger dated August 18, 2025 (Merger Agreement) between NorthWestern, Black Hills, and River Merger Sub Inc., a Delaware corporation and direct wholly owned subsidiary of Black Hills (Merger Sub), including, among others, (1) the risk of delays in consummating the pending merger transaction, including as a result of required regulatory and shareholder approvals, which may not be obtained on the expected timeline, or at all, (2) the risk of any event, change or other circumstance that could give rise to the termination of the Merger Agreement, (3) the risk that required regulatory approvals are subject to conditions not anticipated by NorthWestern and Black Hills, (4) the possibility that any of the anticipated benefits and projected synergies of the pending merger transaction will not be realized or will not be realized within the expected time period, (5) disruption to the parties’ businesses as a result of the announcement and pendency of the merger transaction, including potential distraction of management from current plans and operations of NorthWestern or Black Hills and the ability of NorthWestern or Black Hills to retain and hire key personnel, (6) reputational risk and the reaction of each company’s customers, suppliers, employees or other business partners to the pending merger transaction, (7) the possibility that the pending merger transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events, (8) the outcome of any legal or regulatory proceedings that may be instituted against NorthWestern or Black Hills related to the Merger Agreement or the pending merger transaction, (9) the risks associated with third party contracts containing consent and/or other provisions that may be triggered by the pending merger transaction, (10) legislative, regulatory, political, market, economic and other conditions, developments and uncertainties affecting NorthWestern's or Black Hills' businesses; (11) the evolving legal, regulatory and tax regimes under which NorthWestern and Black Hills operate; (12) restrictions during the pendency of the merger transaction that may impact NorthWestern's or Black Hills' ability to pursue certain business opportunities or strategic transactions; and (13) unpredictability and severity of catastrophic events, including, but not limited to, extreme weather, natural disasters, acts of terrorism or outbreak of war or hostilities, as well as NorthWestern's and Black Hills' response to any of the aforementioned factors; adverse determinations by regulators, such as adverse outcomes from the denial of interim rates or final rates not consistent with a reasonable ability to earn our allowed returns, adverse rulings on our ability to serve large-load customers, as well as potential adverse federal, state, or local legislation or regulation, including costs of compliance with existing and future environmental requirements, and wildfire damages in excess of liability insurance coverage, could have a material effect on our liquidity, results of operations and financial condition; the impact of extraordinary external events and natural disasters, such as a wide-spread or global pandemic, geopolitical events, earthquake, flood, drought, lightning, weather, wind, and fire, could have a material effect on our liquidity, results of operations and financial condition; acts of terrorism, cybersecurity attacks, data security breaches, or other malicious acts that cause damage to our generation, transmission, or distribution facilities, information technology systems, or result in the release of confidential customer, employee, or Company information; supply chain constraints, tariffs on certain imported products, recent high levels of inflation for products, services and labor costs, and their impact on capital expenditures, operating activities, and/or our ability to safely and reliably serve our customers; changes in availability of trade credit, creditworthiness of counterparties, usage, commodity prices, fuel supply costs or availability due to higher demand, shortages, weather conditions, transportation problems or other developments, may reduce revenues or may increase operating costs, each of which could adversely affect our liquidity and results of operations; unscheduled generation outages or forced reductions in output, maintenance or repairs, which may reduce revenues and increase operating costs or may require additional capital expenditures or other increased operating costs; and adverse changes in general economic and competitive conditions in the U.S. financial markets and in our service territories. Additional factors which could affect future results of NorthWestern and Black Hills can be found in NorthWestern Energy’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K, and Black Hills’ Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K, in each case filed with the SEC and available on the SEC’s website at http://www.sec.gov. NorthWestern and Black Hills disclaim any obligation and do not intend to update or revise any forward-looking statements contained in this communication, which speak only as of the date hereof, whether as a result of new information, future events or otherwise, except as required by federal securities laws.

No Offer or Solicitation

This document is for informational purposes only and is not intended to and shall not constitute an offer to buy or sell or the solicitation of an offer to buy or sell any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made, except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended.

Important Information and Where to Find It

Black Hills filed a registration statement on Form S-4 (No. 333-293105) with the SEC on January 30, 2026, to register the shares of Black Hill’s capital stock that will be issued to NorthWestern stockholders in connection with the proposed transaction. The registration statement was declared effective on February 6, 2026, at which time Black Hills filed a final prospectus and NorthWestern filed a definitive proxy statement. Black Hills and NorthWestern commenced mailing of the joint proxy statement/prospectus to their respective stockholders on or about February 10, 2026. Investors and security holders are urged to read the registration statement and joint proxy statement/prospectus (and any other documents filed with the SEC in connection with the transaction or incorporated by reference into the joint proxy statement/prospectus) because such documents contain important information regarding the proposed transaction and related matters. Investors and security holders may obtain free copies of these documents and other documents filed with the SEC by NorthWestern or Black Hills through the website maintained by the SEC at http://www.sec.gov or by contacting the investor relations department of NorthWestern or Black Hills at [email protected] or [email protected], respectively.

Before making any voting or investment decision, investors and security holders of NorthWestern and Black Hills are urged to read carefully the entire registration statement and joint proxy statement/prospectus, including any amendments thereto when they become available (and any other documents filed with the SEC in connection with the transaction), because they contain or will contain important information about the proposed transaction. Free copies of these documents may be obtained as described above.

Participants in Solicitation

NorthWestern, Black Hills, and certain of their directors and executive officers may be deemed participants in the solicitation of proxies from the stockholders of each of NorthWestern and Black Hills in connection with the proposed transaction. Information regarding the directors and executive officers of NorthWestern and Black Hills and other persons who may be deemed participants in the solicitation of the stockholders of NorthWestern or of Black Hills in connection with the proposed transaction is included in the joint proxy statement/prospectus related to the proposed transaction, which was filed with the SEC on February 6, 2026. Information about the directors and executive officers of NorthWestern and their ownership of NorthWestern common stock can also be found in NorthWestern’s filings with the SEC, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2025, which was filed on February 12, 2026, under the header “Information About Our Executive Officers” and its Proxy Statement on Schedule 14A, which was filed on March 12, 2025, under the headers “Election of Directors” and “Who Owns our Stock.” Information about the directors and executive officers of Black Hills and their ownership of Black Hills common stock can also be found in Black Hills’ filings with the SEC, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2025, which was filed on February 11, 2026, under the header “Information About Our Executive Officers,” and its Proxy Statement on Schedule 14A, which was filed on March 14, 2025, under the headers “Election of Directors” and “Security Ownership of Management and Principal Shareholders,” and other documents subsequently filed by Black Hills with the SEC. To the extent any such person's ownership of NorthWestern’s or Black Hills’ securities, respectively, has changed since the filing of such proxy statement, such changes have been or will be reflected on Forms 3, 4 or 5 filed with the SEC. Additional information regarding the interests of such participants are included in the joint proxy statement/prospectus and other relevant documents regarding the proposed transaction filed with the SEC.

More News From NorthWestern Energy Group, Inc.

Resources Investor Relations Journalists Agencies Client Login Send a Release News Products Contact , /PRNewswire/ - Ballard Power Systems (NASDAQ: BLDP) (TSX: BLDP) will hold a conference call on Thursday, March 12th, 2026 at 8:00 a.m. Pacific Time (11:00 a.m. Eastern Time) to review fourth quarter and full year 2025 operating results.

The live call can be accessed by dialing +1-833-821-2814 (Canada/US toll free). Alternatively, a live webcast can be accessed through a link on Ballard's homepage (www.ballard.com). Following the call, a link to the webcast will be available in the 'Investor Hub' area of the 'Investors' section of Ballard's website (www.ballard.com/investors).

About Ballard Power Systems

Ballard Power Systems' (NASDAQ: BLDP; TSX: BLDP) vision is to deliver fuel cell power for a sustainable planet. Ballard zero-emission PEM fuel cells are enabling electrification of mobility, including buses, commercial trucks, trains, marine vessels, and stationary power. To learn more about Ballard, please visit www.ballard.com.

Further Information
Sumit Kundu –Investor Relations +1.604.453.3517 or [email protected]

SOURCE Ballard Power Systems Inc.

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NEW YORK, Feb. 11, 2026 (GLOBE NEWSWIRE) -- The law firm of Kirby McInerney LLP reminds investors its investigation on behalf of Hub Group, Inc. (“Hub Group” or the “Company”) (NASDAQ:HUBG) investors concerning the Company’s and/or members of its senior management’s possible violation of the federal securities laws or other unlawful business practices.

[LEARN MORE ABOUT THE INVESTIGATION]

What Happened?

On January 5, 2026, Hub Group disclosed it had “identified an error that resulted in the understatement of purchased transportation costs and accounts payable in the first nine months of 2025.” The Company determined that, as a result, financial statements for those periods should no longer be relied upon.

On February 5, 2026, after market close, Hub Group announced that it would delay the full release of its fourth quarter and full year 2025 financial results and will restate its financial statements for the first three quarters of 2025 due to an error that understated purchased transportation costs and accounts payable. Hub Group did not estimate what the financial impact would be nor did it provide a date for when it would restate its financial statements. On this news, the price of Hub Group shares declined by $9.37 per share, or approximately 18.3%, from $51.33 per share on February 5, 2026 to close at $41.96 on February 6, 2026.

What Should I Do?

At this stage, no lawsuit has been filed. The investigation is ongoing to determine whether claims may be brought under federal securities laws.

If you purchased or otherwise acquired Hub Group securities, have information, or would like to learn more about this investigation, please contact Lauren Molinaro of Kirby McInerney LLP by email at [email protected], or fill out the contact form below, to discuss your rights or interests with respect to these matters at no cost.

[LEARN MORE ABOUT SECURITES CLASS ACTIONS]

Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Contacts
Kirby McInerney LLP
Lauren Molinaro, Esq.
212-699-1171
https://www.kmllp.com
https://securitiesleadplaintiff.com/
[email protected]