AI Earnings Predictions for MDU Resources Group Inc. (Holding Company) (MDU)

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MDU RESOURCES EX 99 EARNINGS RELEASE

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MDU Resources Reports Third Quarter 2026 Results; Reaffirms Guidance

•Consolidated net income of $14.0 million, compared with $18.4 million in the same quarter last year

•Earnings per share of $0.07, compared with $0.09 in the third quarter of 2025

•Adjusted earnings per share of $0.08, compared with $0.09 in the third quarter of 2025

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

•Positive final investment decision reached on Bakken East Pipeline

BISMARCK, N.D.—Nov. 5, 2026—MDU Resources Group, Inc. (NYSE: MDU) today announced its financial results for the third quarter of 2026, highlighting stronger electric utility earnings and advancement of significant strategic growth initiatives designed to serve growing energy demand and create long-term value.

“We continued to execute our CORE strategy during the third quarter, with strong performance from our electric utility while advancing significant investments that are designed to support growing energy needs and long-term value creation,” said Nicole A. Kivisto, president and CEO of MDU Resources. “Electric utility earnings increased, benefiting from new rates, Badger Wind Farm and higher retail sales volumes. Results at our natural gas distribution and pipeline businesses were affected by several items during the quarter, including the decision to discontinue development of the Knott Landfill renewable natural gas project and advisory costs associated with Bakken East. At the same time, we reached a significant milestone with our positive final investment decision on Bakken East, moving forward a project that we believe positions us well for long-term growth.”

The following summarizes the company’s results for the three and nine months ended Sept. 30:

Three Months Ended Sept. 30:Nine Months Ended Sept. 30:

2026202520262025

(In millions, except per share amounts)

Net income$14.0 $18.4 $116.1 $114.1

Earnings per share, diluted$.07 $.09 $.55 $.56

Adjusted net income1 $16.6 $18.4 $119.4 $114.1

Adjusted earnings per share1 $.08 $.09 $.57 $.56

1 Excludes costs associated with the discontinued development of the Knott Landfill renewable natural gas project as well as advisory costs associated with Bakken East. Adjusted net income and adjusted earnings per share are non-GAAP financial measures. Additional explanation is provided in the "Non-GAAP Financial Measures" section of this news release.

“Our employees are the foundation of our ability to safely and reliably serve customers while advancing these growth opportunities,” Nicole A. Kivisto added. “They operate and maintain the systems that serve our customers while working to meet the evolving energy needs of our communities. That focus on providing safe, reliable, energy while responsibly managing costs remains central to how we continue to grow.”

Bakken East Pipeline Update

MDU Resources reached an important milestone Sept. 30, 2026, when the company’s board of directors made a positive final investment decision to proceed with WBI Energy’s Bakken East Pipeline. The company has since narrowed the project’s estimated capital investment range to $2.8 billion to $3.1 billion from the previous estimate of $2.7 billion to $3.2 billion.

The approximately 350-mile pipeline will extend from the Bakken region in western North Dakota to a location near Fargo in eastern North Dakota, creating a new pathway for Bakken natural gas to serve customers in central and eastern North Dakota. The company has finalized the pipeline design to include segments of 42-inch, 36-inch and 30-inch-diameter pipe, moving from west to east. The project is subject to regulatory approval and is being designed with an initial capacity of 1.4 billion cubic feet of natural gas per day with flexibility to accommodate anticipated future growth. The company is actively evaluating financing structures to fund the project, including potential participation of financial or strategic investors, while maintaining its expectation that WBI Energy will retain majority ownership and operational control.

For North Dakota, Bakken East represents a multibillion-dollar investment in infrastructure intended to support the state’s continued economic development. By creating additional transportation capacity between western North Dakota’s abundant natural gas supply and growing demand across the state, the project is designed to strengthen energy infrastructure that can support a range of industries, communities and economic activity well into the future. Project development continues to advance, including progress on materials procurement, human capital deployment and discussions with prospective construction contractors.

Construction is expected to occur during the 2028-2030 construction seasons, with the facilities placed in service in two phases. The first phase, from the Bakken to central North Dakota, is expected to be completed in late

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MDU RESOURCES EARNINGS RELEASE

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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