MDU RESOURCES GROUP INC

For the period ended Jun 30, 2026. Filed Aug 6, 2026.

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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, 2026 · Filed Aug 6, 2026

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

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Contents

. Business segment data

Index

Note 14 -Business segment data

The Company'sreportable 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 the Company's former businesses which do not meet the criteria for discontinued operations.

Discontinued operations includes certain costs associated with legacy business activities 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 2025 Annual Report. Information on the Company's segments was as follows:

Three Months Ended June 30, 2026	Electric	Natural gas distribution	Pipeline	Other	Consolidated
(In thousands)
Operating revenues:
External operating revenues	$115,916	$212,647	$46,740	$—	$375,303
Intersegment operating revenues	124	86	10,052	201	10,463
Purchased natural gas sold:
External purchased natural gas sold	—	93,538	—	—	93,538
Intersegment purchased natural gas sold	—	9,900	—	—	9,900
Electric fuel and purchased power	38,674	—	—	—	38,674
Operation and maintenance:
External operation and maintenance	31,015	60,741	22,247	13	114,016
Intersegment operation and maintenance	124	86	152	201	563
Depreciation and amortization	20,287	26,639	8,257	—	55,183
Taxes, other than income	5,368	16,806	3,773	—	25,947
Other income:
External other income	1,842	3,865	242	278	6,227
Intersegment other income	—	—	76	326	402
Interest expense:
External interest expense	11,094	15,945	3,801	708	31,548
Intersegment interest expense	—	—	402	—	402
Income tax expense (benefit)	(3,343)	(3,215)	4,042	5,867	3,351
Income (loss) from continuing operations	14,663	(3,842)	14,436	(5,984)	19,273
Discontinued operations, net of tax	—	—	—	1,967	1,967
Net income (loss)	$14,663	$(3,842)	$14,436	$(4,017)	$21,240

Index

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

Six Months Ended June 30, 2026	Electric	Natural gas distribution	Pipeline	Other	Consolidated
(In thousands)
Operating revenues:
External operating revenues	$236,934	$674,994	$69,352	$—	$981,280
Intersegment operating revenues	291	175	44,512	400	45,378
Purchased natural gas sold:
External purchased natural gas sold	—	332,929	—	—	332,929
Intersegment purchased natural gas sold	—	44,320	—	—	44,320
Electric fuel and purchased power	84,741	—	—	—	84,741
Operation and maintenance:
External operation and maintenance	59,720	125,867	43,016	318	228,921
Intersegment operation and maintenance	291	175	192	400	1,058
Depreciation and amortization	39,914	52,972	16,476	—	109,362
Taxes, other than income	10,888	43,258	7,531	—	61,677
Other income:
External other income	2,293	6,135	(181)	585	8,832
Intersegment other income	—	—	191	1,131	1,322
Interest expense:
External interest expense	23,005	32,231	6,903	2,094	64,233
Intersegment interest expense	—	—	1,322	—	1,322
Income tax (benefit) expense	(8,255)	9,211	8,744	(1,671)	8,029
Income from continuing operations	29,214	40,341	29,690	975	100,220
Discontinued operations, net of tax	—	—	—	1,837	1,837
Net income	$29,214	$40,341	$29,690	$2,812	$102,057

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 (benefit) expense	(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

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

Three Months Ended · Six Months Ended
	June 30,		June 30,
	2026	2025	2026	2025
(In thousands)
Operating revenues reconciliation:
Total reportable segment operating revenues	$385,565	$361,215	$1,026,258	$1,069,656
Other revenue	201	179	400	358
Elimination of intersegment operating revenues	(10,463)	(10,208)	(45,378)	(43,995)
Total consolidated operating revenues	$375,303	$351,186	$981,280	$1,026,019

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