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EX-99

2 a2026q1ex99.htm

MDU RESOURCES EARNINGS RELEASE

Document

MDU Resources Reports First Quarter 2026 Results; Progress on Proposed Bakken East Pipeline

•Strong open season interest for proposed Bakken East Pipeline Project

•Consolidated net income of $80.8 million and diluted earnings per share of $0.39

•Milder weather unfavorably impacted results by approximately $0.03 per share

•2026 guidance affirmed; earnings per share in the range of $0.93 to $1.00

BISMARCK, ND – May 7, 2026 – MDU Resources Group, Inc. (NYSE: MDU) today announced its financial results for the first quarter of 2026, highlighting continued execution across its segments, despite milder weather, as well as positive outcomes from recent capital investments and meaningful progress on its proposed Bakken East Pipeline Project.

During the quarter, a successful binding open season for the proposed Bakken East Pipeline Project concluded with approximately 1.4 billion cubic feet per day of submitted interest. Of that total, approximately 40% has been signed under precedent agreements with additional precedent agreements in active negotiation. Based on submitted interest, we are now projecting total capital investment for the potential project in the range of $2.7 billion to $3.2 billion, which would be incremental to our current $3.1 billion capital investment forecast. The company has not reached a final investment decision on this project and will continue to finalize precedent agreement negotiations before proceeding with a decision. As we look to finance a project of this size and scope, we will evaluate all options including using our balance sheet, pursuing potential partnerships and various other options. We will continue to provide updates on this potential project as details develop.

Recent investments, including Badger Wind Farm and the Minot Expansion Project, are delivering financial benefits and supporting customer demand, while emerging opportunities tied to data center growth across our service territory reinforces the long-term value of the company’s infrastructure portfolio.

“We delivered a strong first quarter when accounting for the impact of warmer weather across our service territory,” said Nicole A. Kivisto, president and CEO of MDU Resources. “Milder conditions reduced volumes, and normalization mechanisms in several of our states helped offset those impacts, demonstrating the strength of our regulated businesses. At the same time, rate relief as well as recent investments such as Badger Wind Farm and our pipeline expansions contributed positive results. Additionally, we continue to see encouraging demand trends, including continued interest from data center development and strong interest in our proposed Bakken East Pipeline Project.”

The following summarizes the company's first quarter results for the three months ended March 31:

2026

2025

Net income (in millions) $80.8 $82.0

Earnings per share, diluted$.39 $.40

1

“Our ability to deliver consistent results in a dynamic energy environment speaks to the strength and operational discipline of our teams,” Kivisto added. “Our employees remain focused on safety, reliability and cost-effectiveness, enabling us to deliver long-term value to our customers and stockholders.”

Electric Utility Segment

Benefits from Badger Wind Farm recovery, more than offset by impacts from milder weather

•Lower volumes due to 10% to 30% milder temperatures across our service territory

•Higher interest expense and depreciation largely related to Badger Wind Farm investment

•Higher retail revenue driven by renewable cost recovery and rate mechanisms associated with Badger Wind Farm

The electric segment earned $14.5 million in the first quarter of 2026, compared with $15.0 million in the first quarter of 2025. Badger Wind Farm was placed in service Dec. 31, 2025, and this marked the first full quarter of benefits from the investment, driving higher retail revenues and recovery. These benefits were more than offset by milder weather, which drove lower retail sales volumes of approximately $2 million.

Regulatory Update:

•Montana: Interim electric rates approved for an annual increase of $10.4 million; rates effective April 1, 2026, subject to refund; reflecting recovery of infrastructure investments, including Badger Wind Farm, and associated depreciation and operation and maintenance expense

•Wyoming: General rate case settlement approved for an annual increase of $5.8 million; rates effective April 1, 2026; reflecting recovery of infrastructure investments as well as associated operation and maintenance expense

•North Dakota: General rate case filing is anticipated later this year

Natural Gas Distribution Segment

Lower volumes largely offset by weather normalization mechanisms and rate relief

•Lower retail and transportation volumes due to warmer weather

•Continued customer growth of approximately 1.5% year-over-year

•Rate relief across multiple jurisdictions

The na

mdu-202602050000067716false00000677162026-02-052026-02-05

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 5, 2026

MDU Resources Group, Inc. (Exact name of registrant as specified in its charter)

Delaware1-0348030-1133956 (State or other jurisdiction of(Commission File Number)(IRS Employer incorporation) Identification No.)

1200 West Century Avenue P.O. Box 5650 Bismarck, North Dakota (Address of principal executive offices)

58506

(Zip Code)

Registrant’s telephone number, including area code: (701) 530-1000

N/A (Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:

Title of each classTrading Symbol(s)Name of each exchange on which registered Common Stock, par value $1.00 per shareMDUNew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934. Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On February 5, 2026, MDU Resources Group, Inc. (the “Company”) issued a news release (the “News Release”) announcing its financial results for the fourth quarter and full-year of 2025. A copy of the News Release is furnished as Exhibit 99 to this Current Report on Form 8-K, which, in its entirety, is incorporated herein by reference. The Company is webcasting a conference call on February 5, 2026 to discuss its fourth quarter and full-year 2025 financial results, during which the Company will provide an update on the business. The information contained in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as expressly set forth by specific reference in such filing.

Item 7.01. Regulation FD Disclosure.

In conjunction with the News Release, the Company also made available an investor presentation concerning its fourth quarter and full-year 2025 financial results, which is available under the “Investor Relations” section of the Company’s corporate website located at investor.mdu.com. Information on the Company’s corporate website is not, and will not be deemed to be, a part of this Current Report on Form 8-K or incorporated into any other filings the Company may make with the U.S. Securities and Exchange Commission. The information contained in Item 7.01 of this Current Report on Form 8-K, including Exhibit 99, shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, and shall not be deemed incorporated by reference into any filing under the Securities Act, or the Exchange Act, except as expressly set forth by specific reference in such filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No. Description

99News Release, dated February 5, 2026.

104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURE

Pursuant to the requirements of the Exchange Act, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: February 5, 2026

MDU Resources Group, Inc.

By:/s/ Jason L. Vollmer

Jason L. Vollmer Chief Financial Officer