MDU RESOURCES GROUP INC
For the period ended Dec 31, 2025. Filed Feb 20, 2026.
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FY2025 · Filed Feb 20, 2026
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Item 15. Exhibits, Financial Statement Schedules
(a) Financial Statements, Financial Statement Schedules and Exhibits
Index to Financial Statements and Financial Statement Schedules
| 1. Financial Statements | |
|---|---|
| The following consolidated financial statements required under this item areincluded under Item 8 - Financial Statements and Supplementary Data. | Page |
| Consolidated Statements of Income for each of the three years in the period ended December 31, 2025 | 67 |
| Consolidated Statements of Comprehensive Income for each of the three years in the period ended December 31, 2025 | 68 |
| Consolidated Balance Sheets at December 31, 2025 and 2024 | 69 |
| Consolidated Statements of Equity for each of the three years in the period ended December 31, 2025 | 70 |
| Consolidated Statements of Cash Flows for each of the three years in the period ended December 31, 2025 | 71 |
| Notes to Consolidated Financial Statements | 73 |
| 2. Financial Statement Schedules | |
|---|---|
| The following financial statement schedules are included in Part IV of this report. | Page |
| Schedule I - Condensed Financial Information of Registrant (Unconsolidated) | |
| Condensed Statements of Income and Comprehensive Income for each of the three years in the period ended December 31, 2025 | 118 |
| Condensed Balance Sheets at December 31, 2025 and 2024 | 119 |
| Condensed Statements of Cash Flows for each of the three years in the period ended December 31, 2025 | 120 |
| Notes to Condensed Financial Statements | 121 |
All other schedules have been omitted because they are not applicable or the required information is included elsewhere in the financial statements or related notes.
| 3. Exhibits | 122 |
|---|
MDU Resources Group, Inc. Form 10-K 117
Index
Part IV
Condensed Statements of Income and Comprehensive Income
| Years ended December 31, | 2025 | 2024 | 2023 |
|---|---|---|---|
| (In thousands) | |||
| Operating revenues | $— | $— | $— |
| Operating expenses | (137) | 4,416 | 9,668 |
| Operating income (loss) | 137 | (4,416) | (9,668) |
| Realized gain on tax-free exchange of the retained shares in Knife River | — | — | 186,556 |
| Interest expense | 761 | 642 | 7,109 |
| Income (loss) before income taxes | (624) | (5,058) | 169,779 |
| Income tax benefit | (282) | (2,324) | (4,220) |
| Equity in earnings of subsidiaries from continuing operations | 191,749 | 183,807 | 156,118 |
| Income from continuing operations | 191,407 | 181,073 | 330,117 |
| Equity in (loss)/earnings of subsidiaries from discontinued operations | (72) | 140,042 | 143,181 |
| Discontinued operations, net of tax | (940) | (40,007) | (58,591) |
| Net income | $190,395 | $281,108 | $414,707 |
| Comprehensive income | $190,478 | $282,694 | $414,600 |
118 MDU Resources Group, Inc. Form 10-K
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