MDU RESOURCES GROUP INC
For the period ended Dec 31, 2025. Filed Feb 20, 2026.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 20, 2026
MDU$19.25+3.3%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
3. Exhibits
Index
Part IV
Exhibits
| Incorporated by Reference | |||||||
|---|---|---|---|---|---|---|---|
| Exhibit Number | Exhibit Description | Filed Herewith | Form | Period Ended | Exhibit | Filing Date | File Number |
| *2(a) | Separation and Distribution Agreement, dated as of May 30, 2023, by and between Knife River Corporation and MDU Resources Group, Inc. | 8-K | 2.1 | 6/1/23 | 1-03480 | ||
| *2(b) | Separation and Distribution Agreement, dated as of October 31, 2024, by and between MDU Resources Group, Inc. and Everus Construction Group, Inc. | 8-K | 2.1 | 11/1/24 | 1-03480 | ||
| 3(a) | Amended and Restated Certificate of Incorporation of MDU Resources Group, Inc. | 8-K | 3.2 | 5/8/19 | 1-03480 | ||
| 3(b) | Bylaws of MDU Resources Group, Inc. | 8-K | 3.1 | 2/14/25 | 1-03480 | ||
| 4(a) | MDU Resources Group, Inc. Description of Securities | 10-K | 12/31/19 | 4(g) | 2/21/20 | 1-03480 | |
| 4(b) | Indenture, dated as of December 15, 2003, between MDU Resources Group, Inc. and The Bank of New York, as trustee | S-8 | 4(f) | 1/21/04 | 333-112035 | ||
| 4(c) | First Supplemental Indenture, dated as of November 17, 2009, between MDU Resources Group, Inc. and the Bank of New York Mellon, as trustee | 10-K | 12/31/09 | 4(c) | 2/17/10 | 1-03480 | |
| **4(d) | Montana-Dakota Utilities Co. Amended and Restated Credit Agreement, dated December 11, 2025, among Montana-Dakota Utilities Co., various lenders, and Wells Fargo Bank, National Association, as Administrative Agent | X | |||||
| 4(e) | Montana-Dakota Utilities Co. Note Purchase Agreement, dated July 24, 2019, among Montana-Dakota Utilities Co. and various purchasers of the notes | 10-Q | 9/30/19 | 4(a) | 11/1/19 | 1-03480 | |
| **4(f) | Montana-Dakota Utilities Co. Note Purchase Agreement, dated July 11, 2024 | 10-Q | 6/30/24 | 4(a) | 8/8/24 | 1-03480 | |
| **4(g) | Intermountain Gas Company Note Purchase Agreement, dated July 15, 2025 | 10-Q | 9/30/25 | 4(a) | 11/10/25 | 1-03480 | |
| 4(h) | WBI Energy Transmission, Inc. Term Loan Agreement, dated April 1, 2024, among WBI Energy Transmission, Inc., Various Lenders, and U.S. Bank National Association, as Administrative Agent | 10-Q | 3/31/24 | 4(a) | 5/2/24 | 1-03480 | |
| 10(a) | Distribution Agreement, dated August 7, 2025 | 8-K | 1.1 | 8/7/25 | 1-03480 | ||
| 10(b) | Form of Master Forward Sale Confirmation | 8-K | 1.2 | 8/7/25 | 1-03480 | ||
| **10(c) | Amended and Restated Credit Agreement, dated as of December 11, 2025, by and among MDU Resources Group, Inc., U.S. Bank National Association, as administrative agent, and the several lenders party thereto, as lenders | X | |||||
| **10(d) | 364-Day Revolving Credit Agreement, dated as of May 31, 2023, by and among MDU Resources Group, Inc., the financial institutions from time to time party thereto and U.S. Bank National Association | 8-K | 10.6 | 6/1/23 | 1-03480 | ||
| **10(e) | Term Loan Agreement, dated as of May 31, 2023, by and among MDU Resources Group, Inc., the lenders from time to time party thereto and U.S. Bank National Association. | 8-K | 10.7 | 6/1/23 | 1-03480 | ||
| +10(f) | MDU Resources Group, Inc. Supplemental Income Security Plan, as amended and restated May 10, 2017 | 10-Q | 6/30/17 | 10(d) | 8/4/17 | 1-03480 | |
| +10(g) | MDU Resources Group, Inc. Director Compensation Policy, as amended February 19, 2026 | X | |||||
| +10(h) | Deferred Compensation Plan for Directors, as amended May 15, 2008 | 10-Q | 6/30/08 | 10(a) | 8/7/08 | 1-03480 | |
122 MDU Resources Group, Inc. Form 10-K
Index
Part IV
| Incorporated by Reference | |||||||
|---|---|---|---|---|---|---|---|
| Exhibit Number | Exhibit Description | Filed Herewith | Form | Period Ended | Exhibit | Filing Date | File Number |
| +10(i) | MDU Resources Group, Inc. Long-Term Performance-Based Incentive Plan, as amended and restated May 14, 2025 | 8-K | 10.1 | 5/15/25 | 1-03480 | ||
| +10(j) | MDU Resources Group, Inc. Executive Incentive Compensation Plan, as amended February 13, 2025 | 10-K | 12/31/24 | 10(n) | 2/20/25 | 1-03480 | |
| +10(k) | Form of Performance Share Award Agreement (Absolute) under the Long-Term Performance-Based Incentive Plan, as amended | X | |||||
| +10(l) | Form of Performance Share Award Agreement (rTSR) under the Long-Term Performance-Based Incentive Plan, as amended | X | |||||
| +10(m) | Form of Restricted Stock Unit Award Agreement under the Long-Term Performance-Based Incentive Plan, as amended | X | |||||
| +10(n) | Form of Restricted Stock Unit Award Agreement under the Long-Term Performance-Based Incentive Plan, as amended February 16, 2023 | 10-K | 12/31/22 | 10(m) | 2/24/23 | 1-03480 | |
| +10(o) | Form of MDU Resources Group, Inc. Indemnification Agreement for Section 16 Officers and Directors, dated May 15, 2014 | 8-K | 10.1 | 5/15/14 | 1-03480 | ||
| +10(p) | Form of Amendment No. 1 to Indemnification Agreement, dated May 15, 2014 | 8-K | 10.2 | 5/15/14 | 1-03480 | ||
| +10(q) | MDU Resources Group, Inc. Nonqualified Defined Contribution Plan, as amended and restated November 12, 2020 | 10-K | 12/31/20 | 10(r) | 2/19/21 | 1-03480 | |
| +10(r) | MDU Resources Group, Inc. Deferred Compensation Plan Adoption Agreement, as amended July 16, 2024 | X | |||||
| +10(s) | MDU Resources Group, Inc. Deferred Compensation Plan Document, dated November 12, 2020 | 8-K | 10.2 | 11/12/20 | 1-03480 | ||
| +10(t) | MDU Resources Group, Inc. Change in Control Severance Plan | 8-K | 10.1 | 2/21/24 | 1-03480 | ||
| **10(u) | Second Amended and Restated Note Purchase and Private Shelf Agreement, dated as of December 22, 2022, by and among WBI Energy Transmission, Inc., PGIM, Inc., and the other purchasers named therein | 8-K | 10.1 | 1/16/26 | 1-03480 | ||
| **10(v) | Amendment No. 1, dated as of January 16, 2026, to Second Amended and Restated Note Purchase and Private Shelf Agreement, dated as of December 22, 2022, by and among WBI Energy Transmission, Inc., PGIM, Inc., and the other purchasers named therein | 8-K | 10.2 | 1/16/26 | 1-03480 | ||
| 10(w) | Forward Sale Agreement between MDU Resources Group, Inc. and Wells Fargo Bank, National Association, dated December 3, 2025 | 8-K | 10.1 | 12/5/25 | 1-03480 | ||
| 10(x) | Forward Sale Agreement between MDU Resources Group, Inc. and Bank of America, N.A., dated December 3, 2025 | 8-K | 10.2 | 12/5/25 | 1-03480 | ||
| 10(y) | Forward Sale Agreement between MDU Resources Group, Inc. and JPMorgan Chase Bank, National Association, New York Branch, dated December 3, 2025 | 8-K | 10.3 | 12/5/25 | 1-03480 | ||
| 10(z) | Forward Sale Agreement between MDU Resources Group, Inc. and Wells Fargo Bank, National Association, dated December 23, 2025 | 8-K | 10.1 | 12/29/25 | 1-03480 | ||
| 10(aa) | Forward Sale Agreement between MDU Resources Group, Inc. and Bank of America, N.A., dated December 23, 2025 | 8-K | 10.2 | 12/29/25 | 1-03480 | ||
MDU Resources Group, Inc. Form 10-K 123
Index
Part IV
| Incorporated by Reference | |||||||
|---|---|---|---|---|---|---|---|
| Exhibit Number | Exhibit Description | Filed Herewith | Form | Period Ended | Exhibit | Filing Date | File Number |
| 10(bb) | Forward Sale Agreement between MDU Resources Group, Inc. and JPMorgan Chase Bank, National Association, New York Branch, dated December 23, 2025 | 8-K | 10.3 | 12/29/25 | 1-03480 | ||
| **10(cc) | Amended and Restated Credit Agreement, dated as of December 11, 2025, by and among MDU Resources Group, Inc., U.S. Bank National Association, as administrative agent, and the several lenders party thereto, as lenders. | 8-K | 10.1 | 12/12/25 | 1-03480 | ||
| **10(dd) | Badger Wind Purchase and Sale Agreement between Badger Wind, LLC, and Montana-Dakota Utilities Co., dated February 13, 2025. | 8-K | 10.1 | 2/14/25 | 1-03480 | ||
| 19 | Insider Trading Policy | X | |||||
| 21 | Subsidiaries of MDU Resources Group, Inc. | X | |||||
| 23 | Consent of Independent Registered Public Accounting Firm | X | |||||
| 31(a) | Certification of Chief Executive Officer filed pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | X | |||||
| 31(b) | Certification of Chief Financial Officer filed pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | X | |||||
| ***32 | Certification of Chief Executive Officer and Chief Financial Officer furnished pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | X | |||||
| +97 | Incentive Compensation Recovery Policy | 10-K | 12/31/23 | 97 | 2/22/24 | 1-03480 | |
| 101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | ||||||
| 101.SCH | XBRL Taxonomy Extension Schema Document | ||||||
| 101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | ||||||
| 101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | ||||||
| 101.LAB | XBRL Taxonomy Extension Label Linkbase Document | ||||||
| 101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | ||||||
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) | ||||||
* Certain exhibits and schedules have been omitted pursuant to Item 601(b)(2) of Regulation S-K. The Company agrees to furnish supplementally to the SEC a copy of any omitted exhibits or schedules upon request; provided that the Company may request confidential treatment pursuant to Rule 24b-2 of the Exchange Act.
** Schedules and exhibits to this agreement have been omitted pursuant to Item 601(a)(5) of Regulation S-K. A copy of any omitted schedule and/or exhibit will be furnished as a supplement to the SEC upon request.
*** Furnished herewith.
+ Management contract, compensatory plan, or arrangement.
MDU Resources Group, Inc. agrees to furnish to the SEC upon request any instrument with respect to long-term debt that MDU Resources Group, Inc. has not filed as an exhibit pursuant to the exemption provided by Item 601(b)(4)(iii)(A) of Regulation S-K.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.