MDU RESOURCES GROUP INC

For the period ended Jun 30, 2025. Filed Aug 7, 2025.

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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Jun 30, 2025 · Filed Aug 7, 2025

MDU$19.25+3.3%Stored close · as of Nov 9, 2026

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Contents

. Business segment data

Note 14 -Business segment data

The Company's reportable segments are those that are based on the Company's method of internal reporting, which generally segregates the strategic business units due to differences in products, services and regulation. The internal reporting of these operating segments is defined based on the reporting and review process used by the Company's CODM, the chief executive officer. The Company's operations are located within the United States.

The Company's CODM regularly reviews discrete financial information of each reportable segment and uses net income to assess the performance of each reportable segment. The CODM uses this information to assess performance and make decisions about resources to be allocated to each reportable segment, including capital and personnel. The information provided to the CODM is prepared at the reportable segment level in quarterly financial packages and on a more summarized basis monthly. Budget and forecast information is also provided to the CODM at the reportable segment level.

The electric segment generates, transmits and distributes electricity in Montana, North Dakota, South Dakota and Wyoming. The natural gas distribution segment distributes natural gas in those states, as well as in Idaho, Minnesota, Oregon and Washington. These operations also supply related value-added services.

The pipeline segment provides natural gas transportation and underground storage services through a FERC regulated pipeline system primarily in the Rocky Mountain and northern Great Plains regions of the United States. This segment also provides non-regulated energy-related services, including cathodic protection.

The Other category includes the activities of Centennial Capital, which, through its subsidiary InterSource Insurance Company, insures various types of risks as a captive insurer for certain of the Company's subsidiaries. The function of the captive insurer is to fund the self-insured layers of the insured Company's general liability, automobile liability and other coverages. In addition, the Other category includes certain assets, liabilities and tax adjustments of the holding company primarily associated with corporate functions. Also included are certain general and administrative costs (reflected in operation and maintenance expense) and interest expense, which were previously allocated to Everus, Fidelity and the refining business which do not meet the criteria for income (loss) from discontinued operations.

Discontinued operations includes Everus' operations and certain associated separation costs. Discontinued operations also includes the supporting activities of Fidelity other than certain general and administrative costs and interest expense as described above.

Index

The information below follows the same accounting policies as described in Note 2 of the Notes to Consolidated Financial Statements in the 2024 Annual Report. Information on the Company's segments was as follows:

Three Months Ended June 30, 2025	Electric	Natural gas distribution	Pipeline	Other	Consolidated
(In thousands)
Operating revenues:
External operating revenues	$97,886	$206,794	$46,507	$(1)	$351,186
Intersegment operating revenues	140	92	9,796	180	10,208
Purchased natural gas sold:
External purchased natural gas sold	—	96,057	—	—	96,057
Intersegment purchased natural gas sold	—	9,751	—	—	9,751
Electric fuel and purchased power	34,891	—	—	—	34,891
Operation and maintenance:
External operation and maintenance	29,823	60,456	22,352	256	112,887
Intersegment operation and maintenance	140	92	45	180	457
Depreciation and amortization	17,393	26,471	7,989	—	51,853
Taxes, other than income	4,648	16,935	3,583	—	25,166
Other income:
External other income	2,726	5,095	1,616	508	9,945
Intersegment other income	—	—	90	1,061	1,151
Interest expense:
External interest expense	7,614	13,745	3,135	951	25,445
Intersegment interest expense	—	—	1,151	—	1,151
Income tax expense (benefit)	(4,254)	(4,170)	4,337	4,742	655
Income (loss) from continuing operations	10,497	(7,356)	15,417	(4,381)	14,177
Discontinued operations, net of tax	—	—	—	(397)	(397)
Net income (loss)	$10,497	$(7,356)	$15,417	$(4,778)	$13,780

Index

Three Months Ended June 30, 2024	Electric	Natural gas distribution	Pipeline	Other	Consolidated
(In thousands)
Operating revenues:
External operating revenues	$99,173	$201,445	$43,851	$2	$344,471
Intersegment operating revenues	48	35	9,035	20	9,138
Purchased natural gas sold:
External purchased natural gas sold	—	94,591	—	—	94,591
Intersegment purchased natural gas sold	—	8,825	—	—	8,825
Electric fuel and purchased power	36,692	—	—	—	36,692
Operation and maintenance:
External operation and maintenance	23,100	54,919	19,079	2,857	99,955
Intersegment operation and maintenance	48	35	210	20	313
Depreciation and amortization	16,220	25,548	7,318	604	49,690
Taxes, other than income	4,530	16,358	3,007	74	23,969
Other income:
External other income	2,065	5,350	2,729	219	10,363
Intersegment other income	—	—	332	4,071	4,403
Interest expense:
External interest expense	7,226	15,364	2,708	1,202	26,500
Intersegment interest expense	—	—	1,071	3,332	4,403
Income tax expense (benefit)	(2,057)	(3,803)	5,295	3,760	3,195
Income (loss) from continuing operations	15,527	(5,007)	17,259	(7,537)	20,242
Discontinued operations, net of tax	—	—	—	40,194	40,194
Net income (loss)	$15,527	$(5,007)	$17,259	$32,657	$60,436

Index

Six Months Ended June 30, 2025	Electric	Natural gas distribution	Pipeline	Other	Consolidated
(In thousands)
Operating revenues:
External operating revenues	$210,147	$746,041	$69,831	$—	$1,026,019
Intersegment operating revenues	318	187	43,132	358	43,995
Purchased natural gas sold:
External purchased natural gas sold	—	413,214	—	—	413,214
Intersegment purchased natural gas sold	—	43,074	—	—	43,074
Electric fuel and purchased power	78,639	—	—	—	78,639
Operation and maintenance:
External operation and maintenance	58,230	123,939	41,592	173	223,934
Intersegment operation and maintenance	318	187	58	358	921
Depreciation and amortization	34,576	52,593	15,945	—	103,114
Taxes, other than income	9,463	47,563	6,897	—	63,923
Other income:
External other income	3,718	8,396	1,923	905	14,942
Intersegment other income	—	—	213	2,047	2,260
Interest expense:
External interest expense	15,501	28,621	6,256	1,889	52,267
Intersegment interest expense	—	—	2,260	—	2,260
Income tax expense (benefit)	(7,985)	8,131	9,464	(384)	9,226
Income from continuing operations	25,441	37,302	32,627	1,274	96,644
Discontinued operations, net of tax	—	—	—	(899)	(899)
Net income	$25,441	$37,302	$32,627	$375	$95,745

Index

Six Months Ended June 30, 2024	Electric	Natural gas distribution	Pipeline	Other	Consolidated
(In thousands)
Operating revenues:
External operating revenues	$206,916	$660,930	$64,883	$17	$932,746
Intersegment operating revenues	60	76	39,325	42	39,503
Purchased natural gas sold:
External purchased natural gas sold	—	353,192	—	—	353,192
Intersegment purchased natural gas sold	—	39,071	—	—	39,071
Electric fuel and purchased power	76,415	—	—	—	76,415
Operation and maintenance:
External operation and maintenance	46,631	114,249	37,494	9,196	207,570
Intersegment operation and maintenance	59	76	254	43	432
Depreciation and amortization	32,836	51,026	14,436	1,158	99,456
Taxes, other than income	9,616	43,950	6,102	215	59,883
Other income:
External other income	4,047	13,521	3,498	1,207	22,273
Intersegment other income	—	—	455	8,459	8,914
Interest expense:
External interest expense	14,722	31,024	4,901	2,365	53,012
Intersegment interest expense	—	—	2,852	6,062	8,914
Income tax expense (benefit)	(2,652)	6,876	9,805	(3,515)	10,514
Income (loss) from continuing operations	33,396	35,063	32,317	(5,799)	94,977
Discontinued operations, net of tax	—	—	—	66,357	66,357
Net income	$33,396	$35,063	$32,317	$60,558	$161,334

A reconciliation of reportable segment operating revenues to consolidated operating revenues is as follows:

Three Months Ended · Six Months Ended
	June 30,		June 30,
	2025	2024	2025	2024
(In thousands)
Operating revenues reconciliation:
Total reportable segment operating revenues	$361,215	$353,587	$1,069,656	$972,190
Other revenue	179	22	358	59
Elimination of intersegment operating revenues	(10,208)	(9,138)	(43,995)	(39,503)
Total consolidated operating revenues	$351,186	$344,471	$1,026,019	$932,746

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