Mdu Resources Group Inc 10-Q for FY2026 Q1

Mdu Resources Group Inc (MDU)

10-Q 2026-05-07 For: 2026-03-31

Added on May 07, 2026

About this 10-Q

Mdu Resources Group Inc filed this 10-Q on May 7, 2026, covering the quarter ended March 31, 2026 (FY2026 Q1).

Headline figures

Quarter ended March 31, 2026, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $605.98M; down 10.2% from $674.83M a year earlier
Net income: $80.82M; down 1.4% from net income of $81.97M a year earlier
Diluted EPS: $0.39; down 2.5% from $0.40 a year earlier

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Delaware						30-1133956
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)


Title of each class	Trading symbol(s)	Name of each exchange on which registered
Common Stock, par value $1.00 per share	MDU	New York Stock Exchange


Large Accelerated Filer	☒	Accelerated Filer	☐
Non-Accelerated Filer	☐	Smaller Reporting Company	☐
		Emerging Growth Company	☐


Index
			Page
Definitions			3
Introduction			5
Part I -- Financial Information
Item 1. Financial Statements			6
Consolidated Statements of Income -- Three Months Ended March 31, 2026 and 2025			6
Consolidated Statements of Comprehensive Income -- Three Months Ended March 31, 2026 and 2025			7
Consolidated Balance Sheets -- March 31, 2026 and 2025, and December 31, 2025			8
Consolidated Statements of Equity -- Three Months Ended March 31, 2026 and 2025			9
Consolidated Statements of Cash Flows -- Three Months Ended March 31, 2026 and 2025			10
Condensed Notes to Consolidated Financial Statements			11
1. Basis of presentation			11
2. New accounting standards			12
3. Discontinued operations			12
4. Seasonality of operations			13
5. Receivables and allowance for expected credit losses			13
6. Inventories and natural gas in storage			13
7. Earnings per share			14
8. Equity			14
9. Revenue from contracts with customers			15
10. Regulatory matters			16
11. Environmental allowances and obligations			19
12. Fair value measurements			19
13. Debt			21
14. Business segment data			23
15. Employee benefit plans			25
16. Commitments and contingencies			26

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations			28
Item 3. Quantitative and Qualitative Disclosures About Market Risk			43
Item 4. Controls and Procedures			43
Part II -- Other Information
Item 1. Legal Proceedings			44
Item 1A. Risk Factors			44
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			44
Item 4. Mine Safety Disclosures			44
Item 5. Other Information			44
Item 6. Exhibits			44
Exhibits Index			45
Signatures			46


Abbreviation or Acronym
2025 Annual Report			Company's Annual Report on Form 10-K for the year ended December 31, 2025
AFUDC			Allowance for funds used during construction
Applied Digital			Applied Digital Corporation
ASC			FASB Accounting Standards Codification
ASU			FASB Accounting Standards Update
ATM			At-the-Market
Badger Wind Farm			250 MW wind turbine farm near Wishek, North Dakota (49.0 percent ownership)
Big Stone Station			475-MW coal-fired electric generating facility near Big Stone City, South Dakota (22.7 percent ownership)
Binding Open Season			A formal bidding procedure used by pipelines to determine the level of interest of existing and potential shippers for new or additional firm transportation service
Cascade			Cascade Natural Gas Corporation, an indirect wholly-owned subsidiary of MDU Energy Capital
Centennial			CEHI, LLC, a direct wholly-owned subsidiary of the Company, formerly known as Centennial Energy Holdings, Inc., prior to the separation of Knife River from the Company. References to Centennial's historical business and operations refer to the business and operations of Centennial Energy Holdings, Inc.
Centennial Capital			Centennial Holdings Capital LLC, a direct wholly-owned subsidiary of Centennial
CODM			Chief Operating Decision Maker
Company			MDU Resources Group, Inc.
COVID-19			Coronavirus disease 2019
Coyote Creek			Coyote Creek Mining Company, LLC, a subsidiary of The North American Coal Corporation
Coyote Station			427-MW coal-fired electric generating facility near Beulah, North Dakota (25 percent ownership)
CPP			Climate Protection Program
CWIP			Construction work in progress, costs associated with the construction of new utility facilities recorded on the balance sheet until these facilities are placed in service
dk			Decatherm
EDA			Equity Distribution Agreement
Eighth Circuit			United States Court of Appeals for the Eighth Circuit
EPA			United States Environmental Protection Agency
Everus			Everus Construction Group, Inc., a wholly-owned subsidiary of the Company prior to the separation from the Company, that was established in conjunction with the separation of Everus Construction
Everus Construction			Everus Construction, Inc., a direct wholly-owned subsidiary of Centennial prior to the separation from the Company, formerly known as MDU Construction Services Group, Inc. prior to March 12, 2024
Exchange Act			Securities Exchange Act of 1934, as amended
FASB			Financial Accounting Standards Board
FERC			Federal Energy Regulatory Commission

FSA			Forward sale agreement
GAAP			Accounting principles generally accepted in the United States of America
GHG			Greenhouse gas
Holding Company Reorganization			The internal holding company reorganization completed on January 1, 2019, pursuant to the agreement and plan of merger, dated as of December 31, 2018, by and among Montana-Dakota, the Company and MDUR Newco Sub, which resulted in the Company becoming a holding company and owning all of the outstanding capital stock of Montana-Dakota
Intermountain			Intermountain Gas Company, an indirect wholly-owned subsidiary of MDU Energy Capital


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


IRA			Inflation Reduction Act of 2022

JETx			345-kV transmission line from Jamestown, North Dakota to Ellendale, North Dakota (50 percent ownership)
kWh			Kilowatt-hour
kV			Kilovolt

MDU Energy Capital			MDU Energy Capital, LLC, a direct wholly-owned subsidiary of the Company
MDUR Newco			MDUR Newco, Inc., a public holding company created by implementing the Holding Company Reorganization, now known as the Company
MDUR Newco Sub			MDUR Newco Sub, Inc., a direct, wholly-owned subsidiary of MDUR Newco, which was merged with and into Montana-Dakota in the Holding Company Reorganization
MISO			Midcontinent Independent System Operator, Inc., the organization that provides open-access transmission services and monitors the high-voltage transmission system in the Midwest United States and Manitoba, Canada and a southern United States region which includes much of Arkansas, Mississippi, and Louisiana
MMcf			Million cubic feet
MMdk			Million dk
Montana-Dakota			Montana-Dakota Utilities Co., a direct wholly-owned subsidiary of MDU Energy Capital
MTPSC			Montana Public Service Commission
MW			Megawatt
NDDEQ			North Dakota Department of Environmental Quality
NDPSC			North Dakota Public Service Commission
NERC			North American Electric Reliability Corporation
Ninth Circuit			United States Court of Appeals for the Ninth Circuit
NPA			Note Purchase Agreement
OBBBA			One Big Beautiful Bill Act
ODEQ			Oregon Department of Environmental Quality
OEQC			Oregon Environmental Quality Commission

PHMSA			Pipeline and Hazardous Materials Safety Administration
Precedent Agreement			An agreement between a pipeline company and a potential customer to enter into a firm transportation service agreement once specified events, known as conditions precedent, are met within a defined timeframe
RNG			Renewable natural gas
SBCC			State Building Code Council
SDPUC			South Dakota Public Utilities Commission
SOFR			Secured Overnight Financing Rate
SEC			United States Securities and Exchange Commission


TSA			In connection with the separation of Everus, the Company and Everus entered into a Transition Services Agreement whereby each party provided certain post-separation services on a transitional basis
VIE			Variable interest entity

WBI Energy			WBI Energy, Inc., an indirect wholly-owned subsidiary of Centennial
WBI Energy Transmission			WBI Energy Transmission, Inc., an indirect wholly-owned subsidiary of Centennial


MDU Resources Group, Inc.
Consolidated Statements of Income
(Unaudited)
	Three Months Ended
	March 31,
		2026		2025
		(In thousands, except per share amounts)
Operating revenues		$	605,977	$	674,833
Operating expenses:
Purchased natural gas sold		239,391		317,157
Electric fuel and purchased power		46,067		43,748
Operation and maintenance		114,905		111,047
Depreciation and amortization		54,179		51,261
Taxes, other than income		35,730		38,757
Total operating expenses		490,272		561,970
Operating income		115,705		112,863
Other income		2,605		4,997
Interest expense		32,685		26,822
Income before income taxes		85,625		91,038
Income taxes		4,678		8,571
Income from continuing operations		80,947		82,467
Discontinued operations, net of tax		(130)		(502)
Net income		$	80,817	$	81,965
Earnings per share - basic:
Income from continuing operations		$	.39	$	.40
Discontinued operations, net of tax		—		—
Earnings per share - basic		$	.39	$	.40
Earnings per share - diluted:
Income from continuing operations		$	.39	$	.40
Discontinued operations, net of tax		—		—
Earnings per share - diluted		$	.39	$	.40
Weighted average common shares outstanding - basic		205,438		204,142
Weighted average common shares outstanding - diluted		206,994		204,959


MDU Resources Group, Inc.
Consolidated Balance Sheets
(Unaudited)
	March 31, 2026		March 31, 2025		December 31, 2025
Assets	(In thousands, except shares and per share amounts)
Current assets:
Cash, cash equivalents and restricted cash	$	53,295	$	59,541	$	28,212
Receivables, net	222,967		269,246		258,631
Current regulatory assets	190,679		143,341		179,579
Inventories	19,485		18,457		39,052
Current environmental allowances	25,238		23,039		26,194
Prepayments and other current assets	47,886		27,927		40,768

Total current assets	559,550		541,551		572,436
Noncurrent assets:
Property, plant and equipment	8,325,077		7,617,007		8,264,972
Less accumulated depreciation and amortization	2,327,742		2,238,371		2,304,787
Net property, plant and equipment	5,997,335		5,378,636		5,960,185
Goodwill	345,736		345,736		345,736
Regulatory assets	293,973		312,008		297,218
Investments	117,920		117,599		121,177
Environmental allowances	148,896		86,130		112,376
Other	220,526		179,814		213,078


Total noncurrent assets	7,124,386		6,419,923		7,049,770
Total assets	$	7,683,936	$	6,961,474	$	7,622,206
Liabilities and Stockholders' Equity
Current liabilities:
Long-term debt due within one year	$	214,700	$	161,700	$	144,700
Accounts payable	124,377		109,133		148,970
Regulatory liabilities due within one year	148,409		140,165		148,584
Taxes payable	44,217		65,218		44,686
Dividends payable	28,659		26,563		28,614
Accrued compensation	20,097		18,175		34,666
Current environmental obligations	24,086		19,561		24,086
Other accrued liabilities	113,797		94,061		110,917


Total current liabilities	718,342		634,576		685,223
Noncurrent liabilities:
Long-term debt	2,381,296		2,031,976		2,532,155
Deferred income taxes	448,260		429,825		437,286
Regulatory liabilities	474,957		463,879		472,329
Asset retirement obligations	436,209		410,715		431,587
Environmental obligations	135,857		75,077		108,448
Other	185,377		172,290		182,261

Total noncurrent liabilities	4,061,956		3,583,762		4,164,066
Commitments and contingencies
Stockholders' equity:
Common stock Authorized - 500,000,000 shares, $1.00 par value Shares issued - 209,006,024 at March 31, 2026, 204,331,170 at March 31, 2025 and 204,382,821 at December 31, 2025	209,006		204,331		204,383
Other paid-in capital	1,550,364		1,470,512		1,476,355
Retained earnings	1,160,843		1,084,899		1,108,894
Accumulated other comprehensive loss	(16,575)		(16,606)		(16,715)

Total stockholders' equity	2,903,638		2,743,136		2,772,917
Total liabilities and stockholders' equity	$	7,683,936	$	6,961,474	$	7,622,206


MDU Resources Group, Inc.
Consolidated Statements of Equity
(Unaudited)
				Other Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss
	Common Stock
	Shares	Amount								Total
	(In thousands, except shares)
At December 31, 2025	204,382,821	$	204,383	$	1,476,355	$	1,108,894	$	(16,715)	$	2,772,917
Net income	—	—		—		80,817		—		80,817
Other comprehensive income	—	—		—		—		140		140
Dividends declared on common stock	—	—		—		(28,868)		—		(28,868)
Stock-based compensation	—	—		1,932		—		—		1,932
Issuance of common stock, net	4,300,000	4,300		76,859		—		—		81,159
Issuance of common stock upon vesting of stock-based compensation, net of shares used for tax withholdings	323,203	323		(4,782)		—		—		(4,459)
At March 31, 2026	209,006,024	$	209,006	$	1,550,364	$	1,160,843	$	(16,575)	$	2,903,638


MDU Resources Group, Inc.
Consolidated Statements of Cash Flows
(Unaudited)
	Three Months Ended
	March 31,
	2026		2025
	(In thousands)
Operating activities:
Net income	$	80,817	$	81,965
Loss from discontinued operations, net of tax	(130)		(502)
Income from continuing operations	80,947		82,467
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	54,179		51,261
Deferred income taxes	8,191		(13,687)
Provision for credit losses	2,622		3,152
Amortization of debt issuance costs	366		309
Employee stock-based compensation costs	1,932		1,646
Pension and postretirement benefit plan net periodic benefit cost (credit)	348		(267)
Unrealized losses on other mark-to-market investments	505		470

Changes in current assets and liabilities, net of acquisitions:
Receivables	33,042		15,128
Inventories	19,303		26,590
Other current assets	(14,344)		92,739
Accounts payable	(14,751)		(28,034)
Other current liabilities	(11,182)		(11,324)
Pension and postretirement benefit plan contributions	(220)		(385)
Other noncurrent changes	(11,600)		(2,091)
Net cash provided by continuing operations	149,338		217,974
Net cash used in discontinued operations	(130)		(502)
Net cash provided by operating activities	149,208		217,472
Investing activities:
Capital expenditures	(92,412)		(93,034)


(Cost of removal, net)/Salvage value, net	(738)		869
Purchase of investment securities	(2,048)		(2,574)
Proceeds from investment securities	4,000		—



Net cash used in investing activities	(91,198)		(94,739)
Financing activities:


Issuance of long-term debt	138,449		—
Repayment of long-term debt	(218,937)		(99,104)
Debt issuance costs	(525)		(5)
Issuance of common stock, net	81,159		—
Dividends paid	(28,614)		(26,511)

Tax withholding on stock-based compensation	(4,459)		(4,476)


Net cash used in financing activities	(32,927)		(130,096)
Increase (decrease) in cash, cash equivalents and restricted cash	25,083		(7,363)
Cash, cash equivalents and restricted cash - beginning of year	28,212		66,904
Cash, cash equivalents and restricted cash - end of period	$	53,295	$	59,541
Supplemental cash flow information:
Cash expenditures during the year for:
Interest, net*	$	23,508	$	19,929
Income taxes (refunded) paid, net	$	(1,676)	$	172
Noncash investing and financing transactions:
Property, plant and equipment additions in accounts payable	$	35,496	$	23,917
Right-of-use assets obtained in exchange for new operating lease liabilities	$	68	$	129
*AFUDC - borrowed was $2.0 million and $1.8 million for the three months ended March 31, 2026 and 2025, respectively.


Standard	Description	Effective date	Impact on financial statements/disclosures



Recently issued accounting standards not yet adopted
ASU 2024-03 Disaggregation of Income Statement Expenses	In November 2024, the FASB issued guidance to improve the disclosures about a public business entity's expenses and address requests from investors for more detailed information about the types of expenses (including purchases of inventory, employee compensation, depreciation, amortization, and depletion) in commonly presented expense captions (such as cost of sales, selling, general, and administrative; and research and development).	Effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027.	The Company is currently evaluating the impact the guidance will have on its disclosures for the year ended December 31, 2027.
ASU 2025-05 Measurement of Credit Losses for Accounts Receivable and Contract Assets	In July 2025, the FASB issued guidance on applying a practical expedient when estimating expected credit losses on current accounts receivable and/or current contract assets arising from transactions under ASC Topic 606 - Revenue from Contracts with Customers.	Effective for annual reporting periods beginning after December 15, 2025.	The Company is currently evaluating the impact the guidance will have on its results of operations, financial position, cash flows, and disclosures for the year ended December 31, 2026.
ASU 2025-06 Targeted Improvements to the Accounting of Internal-Use Software	In September 2025, the FASB issued guidance on accounting for capitalization of development costs for internal-use software under ASC Subtopic 350-40 and the transition approaches to use.	Effective for annual reporting periods beginning after December 15, 2027.	The Company is currently evaluating the impact the guidance will have on its results of operations, financial position, cash flows, and disclosures for the year ended December 31, 2028.
ASU 2025-10 Accounting for Government Grants Received By Business Entities	In December 2025, the FASB issued guidance on accounting for government grants received by business entities that are related to an asset (purchase, construction, or acquisition of a long-lived asset or inventory) or income (reimbursements to a business entity for operating expenses).	Effective for annual reporting periods beginning after December 15, 2028.	The Company is currently evaluating the impact the guidance will have on its results of operations, financial position, cash flows, and disclosures for the year ended December 31, 2029.


	Electric		Natural gas distribution		Pipeline		Total
	(In thousands)
At December 31, 2025	$	506	$	1,443	$	—	$	1,949
Current expected credit loss provision	952		1,670		—		2,622
Less write-offs charged against the allowance	1,066		1,098		—		2,164
Credit loss recoveries collected	188		272		—		460
At March 31, 2026	$	580	$	2,287	$	—	$	2,867


Three Months Ended March 31, 2026	Electric		Natural gas distribution		Pipeline		Other		Total
	(In thousands)
Residential utility sales	$	39,401	$	246,326	$	—	$	—	$	285,727
Commercial utility sales1	49,184		157,368		—		—		206,552
Industrial utility sales	10,010		12,412		—		—		22,422
Other utility sales	1,960		—		—		—		1,960
Natural gas transportation	—		17,506		49,077		—		66,583
Natural gas storage	—		—		5,467		—		5,467
Other	22,264		20,550		2,504		199		45,517
Intersegment eliminations	(167)		(89)		(34,460)		(199)		(34,915)
Revenues from contracts with customers	122,652		454,073		22,588		—		599,313
Other revenues	(1,634)		8,274		24		—		6,664
Total external operating revenues	$	121,018	$	462,347	$	22,612	$	—	$	605,977
1Commercial utility sales includes the impact from data centers at the electric segment.


12 months or less		Next 13-24 months		25 months or more		Total
(In millions)
$	85.4	$	78.4	$	346.4	$	510.2


	Estimated Recovery or Refund Period as of March 31, 2026	*	March 31, 2026		March 31, 2025		December 31, 2025
			(In thousands)
Regulatory assets:
Current:
Environmental compliance programs	Up to 1 year		$	92,143	$	56,441	$	78,784
Conservation programs	Up to 1 year		29,078		16,902		29,148
Natural gas costs recoverable through rate adjustments	Up to 1 year		23,899		51,321		22,897
Decoupling mechanisms	Up to 1 year		22,497		4,769		17,091
Cost recovery mechanisms	Up to 1 year		15,327		4,806		13,460
Electric fuel and purchased power deferral	Up to 1 year		3,163		7,109		6,902

Other	Up to 1 year		4,572		1,993		11,297
			190,679		143,341		179,579
Noncurrent:
Pension and postretirement benefits	**		135,222		142,065		135,222
Cost recovery mechanisms	Up to 23 years		61,151		72,764		63,328
Plant costs/asset retirement obligations	Over plant lives		48,002		46,920		48,352
Manufactured gas plant site remediation	-		28,466		27,443		28,411
Taxes recoverable from customers	Over plant lives		12,145		12,228		12,250
Covid-19 deferred costs	Up to 2 years		3,637		3,926		3,761
Long-term debt refinancing costs	Up to 37 years		1,657		1,865		1,799



Other	Up to 13 years		3,693		4,797		4,095
			293,973		312,008		297,218
Total regulatory assets			$	484,652	$	455,349	$	476,797


	Estimated Recovery or Refund Period as of March 31, 2026	*	March 31, 2026		March 31, 2025		December 31, 2025
			(In thousands)
Regulatory liabilities:
Current:
Environmental compliance programs	Up to 1 year		$	90,692	$	65,680	$	89,306
Natural gas costs refundable through rate adjustments	Up to 1 year		35,288		46,744		47,130
Demand Charges	Up to 1 year		9,684		10,000		—
Margin sharing	Up to 1 year		3,895		3,562		3,946
Taxes refundable to customers	Up to 1 year		2,228		2,087		2,301
Conservation programs	Up to 1 year		1,103		2,782		733
Provision for rate refund	Up to 1 year		1,062		3,833		1,780
Other	Up to 1 year		4,457		5,477		3,388
			148,409		140,165		148,584
Noncurrent:
Plant removal and decommissioning costs	Over plant lives		227,100		221,349		224,313
Taxes refundable to customers	Over plant lives		173,860		182,742		176,665
Cost recovery mechanisms	Up to 16 years		43,896		33,373		41,323
Accumulated deferred investment tax credit	Over plant lives		22,607		19,301		22,663
Pension and postretirement benefits	**		4,776		4,862		4,776
Other	Up to 12 years		2,718		2,252		2,589
			474,957		463,879		472,329
Total regulatory liabilities			$	623,366	$	604,044	$	620,913
Net regulatory position			$	(138,714)	$	(148,695)	$	(144,116)


March 31, 2026	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(In thousands)
Mortgage-backed securities	$	8,382	$	9	$	224	$	8,167
U.S. Treasury securities	3,679		32		3		3,708
Total	$	12,061	$	41	$	227	$	11,875


Three Months Ended March 31, 2025	Electric		Natural gas distribution		Pipeline		Other		Total
	(In thousands)
Residential utility sales	$	39,685	$	289,235	$	—	$	—	$	328,920
Commercial utility sales1	48,477		192,331		—		—		240,808
Industrial utility sales	9,164		15,462		—		—		24,626
Other utility sales	1,850		—		—		—		1,850
Natural gas transportation	—		17,710		49,253		—		66,963
Natural gas storage	—		—		6,030		—		6,030
Other	17,591		23,478		1,362		179		42,610
Intersegment eliminations	(178)		(94)		(33,337)		(178)		(33,787)
Revenues from contracts with customers	116,589		538,122		23,308		1		678,020
Other revenues	(4,328)		1,126		15		—		(3,187)
Total external operating revenues	$	112,261	$	539,248	$	23,323	$	1	$	674,833
1Commercial utility sales includes the impact from data centers at the electric segment.


	Fair Value Measurements at March 31, 2026, Using
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance at March 31, 2026
	(In thousands)
Assets:
Money market funds	$	—	$	9,104	$	—	$	9,104
Insurance contracts*	—		65,657		—		65,657
Available-for-sale securities:
Mortgage-backed securities	—		8,167		—		8,167
U.S. Treasury securities	—		3,708		—		3,708

Total assets measured at fair value	$	—	$	86,636	$	—	$	86,636


* The insurance contracts invest approximately 54 percent in fixed-income investments, 19 percent in common stock of large-cap companies, 10 percent in target date investments, 8 percent in common stock of mid-cap companies, 4 percent in common stock of small-cap companies, 3 percent in cash equivalents, 1 percent in international investments, and 1 percent in real estate.


	Fair Value Measurements at December 31, 2025, Using
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Balance at December 31, 2025
	(In thousands)
Assets:
Money market funds	$	—	$	9,839	$	—	$	9,839
Insurance contracts*	—		67,409		—		67,409
Available-for-sale securities:
Mortgage-backed securities	—		8,363		—		8,363
U.S. Treasury securities	—		4,025		—		4,025

Total assets measured at fair value	$	—	$	89,636	$	—	$	89,636


Company	Debt-to-Total Capitalization Ratio at March 31, 2026		Provisions for Increased Borrowings, up to a maximum of:		Facility Limit		Amount Outstanding at March 31, 2026		Amount Outstanding at March 31, 2025		Amount Outstanding at December 31, 2025		Letters of Credit at March 31, 2026		Expiration Date
					(In millions)
Montana-Dakota Utilities Co.	51	%	$	250.0	$	200.0	$	104.6	$	51.1	$	132.0	$	—	12/11/30
Cascade Natural Gas Corporation	50	%	$	225.0	$	175.0	$	124.3	$	21.4	$	96.5	$	2.2	12/11/30
Intermountain Gas Company	51	%	$	225.0	$	175.0	$	59.8	$	83.5	$	67.3	$	—	12/11/30
MDU Resources Group, Inc.	47	%	$	250.0	$	200.0	$	43.5	$	—	$	32.9	$	1.0	12/11/30


	Weighted Average Interest Rate at March 31, 2026		March 31, 2026		March 31, 2025		December 31, 2025
			(In thousands)
Senior Notes due on dates ranging from July 15, 2026 to June 15, 2062	4.83	%	$	2,110,000	$	1,947,000	$	2,010,000
Credit agreements due on December 11, 2030	5.47	%	227,600		104,900		196,700
Term Loan Agreements due on dates ranging from January 31, 2027 to April 1, 2039	4.04	%	126,900		61,600		310,900
Commercial paper supported by revolving credit agreement	4.16	%	104,617		51,100		132,000
Medium-Term Notes due on dates ranging from September 15, 2027 to March 16, 2029	7.32	%	35,000		35,000		35,000
Other notes due on November 30, 2038	6.00	%	324		342		329
Less unamortized debt issuance costs			8,445		6,266		8,074

Total long-term debt			2,595,996		2,193,676		2,676,855
Less current maturities			214,700		161,700		144,700
Net long-term debt			$	2,381,296	$	2,031,976	$	2,532,155


Three Months Ended March 31, 2026	Electric		Natural gas distribution		Pipeline		Other		Consolidated
	(In thousands)
Operating revenues:
External operating revenues	$	121,018	$	462,347	$	22,612	$	—	$	605,977
Intersegment operating revenues	167		89		34,460		199		34,915
Purchased natural gas sold:
External purchased natural gas sold	—		239,391		—		—		239,391
Intersegment purchased natural gas sold	—		34,420		—		—		34,420
Electric fuel and purchased power	46,067		—		—		—		46,067
Operation and maintenance:
External operation and maintenance	28,705		65,126		20,769		305		114,905
Intersegment operation and maintenance	167		89		40		199		495
Depreciation and amortization	19,627		26,333		8,219		—		54,179
Taxes, other than income	5,520		26,452		3,758		—		35,730
Other income:
External other income	451		2,270		(423)		307		2,605
Intersegment other income	—		—		115		805		920
Interest expense:
External interest expense	11,911		16,286		3,102		1,386		32,685
Intersegment interest expense	—		—		920		—		920
Income tax (benefit) expense	(4,912)		12,426		4,702		(7,538)		4,678
Income from continuing operations	14,551		44,183		15,254		6,959		80,947
Discontinued operations, net of tax	—		—		—		(130)		(130)
Net income	$	14,551	$	44,183	$	15,254	$	6,829	$	80,817


Operating statistics	Three Months Ended
	March 31,
	2026		2025
Revenues (millions)
Retail sales:
Residential	$	39.1	$	38.2
Commercial1	46.9		45.2
Industrial	9.9		8.8
Other	2.0		1.7
	97.9		93.9
Other	23.3		18.5
	$	121.2	$	112.4
Volumes (million kWh)
Retail sales:
Residential	332.0		370.7
Commercial1	741.9		723.9
Industrial	120.7		116.7
Other	19.2		20.2
	1,213.8		1,231.5
Average cost of electric fuel and purchased power per kWh	$	.028	$	.027
1Commercial includes the impact from data centers.


ISSUER PURCHASES OF EQUITY SECURITIES
Period	Total Number of Shares (or Units) Purchased (1)	Average Price Paid per Share (or Unit)		Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs (2)	Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs (2)
January 1 through January 31, 2026	—	$	—	—	—
February 1 through February 28, 2026	219,030	20.36		—	—
March 1 through March 31, 2026	1,491	20.61		—	—
Total	220,521	$	20.36	—	—


(1) Represents shares of common stock withheld by the Company to pay taxes in connection with the vesting of shares granted pursuant to the Company's stock based compensation program as well as shares of common stock purchased on the open market for the Company's non-employee directors who elected to receive additional shares of common stock in lieu of a portion of their cash retainer. (2) Not applicable. The Company does not currently have in place any publicly announced plans or programs to repurchase equity securities.


*Furnished Herewith
**Certain schedules and exhibits have been omitted pursuant to Item 601(a)(5) of Regulation S-K. The Company hereby undertakes to supplementally furnish copies of any omitted schedules and exhibits to the U.S. Securities and Exchange Commission upon request; provided that the Company may request confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended.


		MDU RESOURCES GROUP, INC.

DATE:	May 7, 2026	BY:	/s/ Jason L. Vollmer
			Jason L. Vollmer
			Chief Financial Officer


		BY:	/s/ Stephanie A. Sievert
			Stephanie A. Sievert
			Chief Accounting and Regulatory Affairs Officer