MDU RESOURCES GROUP INC

For the period ended Sep 30, 2026. Filed Nov 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.

Sep 30, 2026 · Filed Nov 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 September 30, 2026	Electric	Natural gas distribution	Pipeline	Other	Consolidated
(In thousands)
Operating revenues:
External operating revenues	$142,279	$152,885	$52,582	$—	$347,746
Intersegment operating revenues	125	86	4,096	203	4,510
Purchased natural gas sold:
External purchased natural gas sold	—	58,577	—	—	58,577
Intersegment purchased natural gas sold	—	4,020	—	—	4,020
Electric fuel and purchased power	48,526	—	—	—	48,526
Operation and maintenance:
External operation and maintenance	29,991	63,387	22,208	89	115,675
Intersegment operation and maintenance	125	86	76	203	490
Depreciation and amortization	20,222	27,057	8,387	—	55,666
Taxes, other than income	4,780	13,083	3,862	—	21,725
Other income:
External other income	255	1,725	(829)	267	1,418
Intersegment other income	—	—	43	356	399
Interest expense:
External interest expense	11,453	16,634	3,865	661	32,613
Intersegment interest expense	—	—	399	—	399
Income tax expense (benefit)	1,035	(7,371)	3,997	4,635	2,296
Income (loss) from continuing operations	26,527	(20,777)	13,098	(4,762)	14,086
Discontinued operations, net of tax	—	—	—	—	—
Net income (loss)	$26,527	$(20,777)	$13,098	$(4,762)	$14,086

Index

Three Months Ended September 30, 2025	Electric	Natural gas distribution	Pipeline	Other	Consolidated
(In thousands)
Operating revenues:
External operating revenues	$117,662	$144,215	$53,159	$—	$315,036
Intersegment operating revenues	138	92	4,269	182	4,681
Purchased natural gas sold:
External purchased natural gas sold	—	58,514	—	—	58,514
Intersegment purchased natural gas sold	—	4,226	—	—	4,226
Electric fuel and purchased power	41,098	—	—	—	41,098
Operation and maintenance:
External operation and maintenance	25,957	56,531	21,016	(1,742)	101,762
Intersegment operation and maintenance	138	92	43	182	455
Depreciation and amortization	17,479	26,558	8,009	—	52,046
Taxes, other than income	4,713	13,375	3,688	—	21,776
Other income:
External other income	2,027	3,850	880	541	7,298
Intersegment other income	—	—	122	1,565	1,687
Interest expense:
External interest expense	7,639	14,686	2,447	1,645	26,417
Intersegment interest expense	—	—	1,687	—	1,687
Income tax expense (benefit)	1,339	(7,612)	4,782	3,862	2,371
Income (loss) from continuing operations	21,464	(18,213)	16,758	(1,659)	18,350
Discontinued operations, net of tax	—	—	—	(39)	(39)
Net income (loss)	$21,464	$(18,213)	$16,758	$(1,698)	$18,311

Index

Nine Months Ended September 30, 2026	Electric	Natural gas distribution	Pipeline	Other	Consolidated
(In thousands)
Operating revenues:
External operating revenues	$379,213	$827,879	$121,935	$(1)	$1,329,026
Intersegment operating revenues	416	261	48,607	604	49,888
Purchased natural gas sold:
External purchased natural gas sold	—	391,506	—	—	391,506
Intersegment purchased natural gas sold	—	48,340	—	—	48,340
Electric fuel and purchased power	133,267	—	—	—	133,267
Operation and maintenance:
External operation and maintenance	89,711	189,254	65,225	406	344,596
Intersegment operation and maintenance	416	261	267	604	1,548
Depreciation and amortization	60,136	80,029	24,863	—	165,028
Taxes, other than income	15,668	56,341	11,393	—	83,402
Other income:
External other income	2,548	7,860	(1,011)	853	10,250
Intersegment other income	—	—	235	1,486	1,721
Interest expense:
External interest expense	34,458	48,865	10,768	2,755	96,846
Intersegment interest expense	—	—	1,721	—	1,721
Income tax (benefit) expense	(7,220)	1,840	12,741	2,964	10,325
Income (loss) from continuing operations	55,741	19,564	42,788	(3,787)	114,306
Discontinued operations, net of tax	—	—	—	1,837	1,837
Net income (loss)	$55,741	$19,564	$42,788	$(1,950)	$116,143

Index

Nine Months Ended September 30, 2025	Electric	Natural gas distribution	Pipeline	Other	Consolidated
(In thousands)
Operating revenues:
External operating revenues	$327,808	$890,257	$122,990	$—	$1,341,055
Intersegment operating revenues	457	278	47,401	540	48,676
Purchased natural gas sold:
External purchased natural gas sold	—	471,728	—	—	471,728
Intersegment purchased natural gas sold	—	47,300	—	—	47,300
Electric fuel and purchased power	119,737	—	—	—	119,737
Operation and maintenance:
External operation and maintenance	84,186	180,471	62,608	(1,569)	325,696
Intersegment operation and maintenance	457	278	101	540	1,376
Depreciation and amortization	52,055	79,151	23,954	—	155,160
Taxes, other than income	14,176	60,938	10,585	—	85,699
Other income:
External other income	5,745	12,246	2,804	1,445	22,240
Intersegment other income	—	—	334	3,613	3,947
Interest expense:
External interest expense	23,140	43,307	8,703	3,534	78,684
Intersegment interest expense	—	—	3,947	—	3,947
Income tax (benefit) expense	(6,646)	519	14,246	3,478	11,597
Income (loss) from continuing operations	46,905	19,089	49,385	(385)	114,994
Discontinued operations, net of tax	—	—	—	(938)	(938)
Net income (loss)	$46,905	$19,089	$49,385	$(1,323)	$114,056

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

Three Months Ended · Nine Months Ended
	September 30,		September 30,
	2026	2025	2026	2025
(In thousands)
Operating revenues reconciliation:
Total reportable segment operating revenues	$352,053	$319,535	$1,378,311	$1,389,191
Other revenue	203	182	603	540
Elimination of intersegment operating revenues	(4,510)	(4,681)	(49,888)	(48,676)
Total consolidated operating revenues	$347,746	$315,036	$1,329,026	$1,341,055

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