Financial Data and Key Metrics Changes - In 2025, the company reported earnings of $190.4 million, or $0.93 per share, which was in the middle of the earnings per share guidance range [3] - Compared to 2024, earnings decreased from $281.1 million, or $1.37 per share [15] - Income from continuing operations was $191.4 million, or $0.93 per diluted share, compared to $181.1 million, or $0.88 per diluted share in 2024 [15] Business Line Data and Key Metrics Changes - The electric utility segment reported earnings of $64.9 million, down from $74.8 million in 2024, primarily due to higher operation and maintenance expenses [15][16] - The natural gas utility reported earnings of $56.1 million, a 19.6% increase from $46.9 million in 2024, driven by higher retail sales revenue [15][16] - The pipeline business achieved record earnings of $68.2 million, slightly up from $68 million in the previous year, supported by expansion projects and customer demand [15][17] Market Data and Key Metrics Changes - The utility experienced combined retail customer growth of 1.5% compared to 2024, aligning with the targeted annual growth rate of 1%-2% [3] - The company has 580 MW of data center load under signed electric service agreements, with various phases of load coming online through 2027 [9] Company Strategy and Development Direction - The company is focused on executing its capital investment plans, with a revised 2026 through 2030 capital investment plan totaling $3.1 billion [4] - The acquisition of Badger Wind Farm is a key strategic move, enhancing the company's diversified generation portfolio [4] - The company anticipates a long-term EPS growth rate of 6%-8% and targets a 60%-70% annual dividend payout ratio [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to execute long-term growth strategies and emphasized operational focus and financial discipline [13] - The company is initiating earnings per share guidance for 2026 in the range of $0.93-$1.00 per share, reflecting strong performance across segments [12] Other Important Information - The company completed a follow-on public offering of over 10.15 million shares at a price of $19.70 per share, which is expected to meet equity issuance needs for 2026 and a significant portion of 2027 [19] - The consolidated debt-to-capitalization ratio increased slightly to 49.1% due to the Badger Wind Farm acquisition [19] Q&A Session Summary Question: Can you elaborate on the 2026 guidance and year-over-year headwinds? - Management indicated that while 2025 showed strong growth, 2026 guidance reflects a range of 6%-8% EPS growth, with some headwinds expected from rate case activities and equity issuance [25][26] Question: What are the next steps for the Bakken East Pipeline project? - Management outlined that the binding open season is ongoing until mid-March, and discussions with customers are progressing, with plans to finalize project design and customer agreements before making a final investment decision [27][28]

Financial Data and Key Metrics Changes - In 2025, the company reported earnings of $190.4 million, or $0.93 per share, compared to $281.1 million, or $1.37 per share in 2024, reflecting a decrease in overall earnings [3][15] - Income from continuing operations was $191.4 million, or $0.93 per diluted share, compared to $181.1 million, or $0.88 per diluted share in 2024, indicating an increase in continuing operations [15] - The consolidated debt-to-capitalization ratio increased slightly to 49.1% due to the acquisition of Badger Wind Farm [19] Business Line Data and Key Metrics Changes - The electric utility segment reported earnings of $64.9 million in 2025, down from $74.8 million in 2024, primarily due to higher operation and maintenance expenses [15][16] - The natural gas utility segment saw earnings rise to $56.1 million, a 19.6% increase from $46.9 million in 2024, driven by higher retail sales revenue [15][16] - The pipeline business achieved record earnings of $68.2 million in 2025, slightly up from $68 million in 2024, supported by expansion projects and customer demand [15][17] Market Data and Key Metrics Changes - The utility experienced a combined retail customer growth of 1.5% compared to 2024, aligning with the targeted annual growth rate of 1%-2% [3] - The company has 580 MW of data center load under signed electric service agreements, with various phases of load ramping online through 2027 [9] Company Strategy and Development Direction - The company is focused on executing its capital investment plans, with a revised capital investment plan of $3.1 billion for 2026 through 2030 [4] - The acquisition of Badger Wind Farm is a strategic move to enhance the company's diversified generation portfolio [4] - The company anticipates a long-term EPS growth rate of 6%-8% and targets a 60%-70% annual dividend payout ratio [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to execute long-term growth strategies and emphasized the importance of operational focus and financial discipline [13] - The company initiated earnings per share guidance for 2026 in the range of $0.93-$1.00, reflecting strong performance across segments while accounting for equity financing [12] Other Important Information - The company completed a follow-on public offering of over 10.15 million shares at a price of $19.70 per share, which is expected to meet equity issuance needs for 2026 and a significant portion of 2027 [19] - The company filed for recovery of the Badger Wind Farm investment in North Dakota, which was approved by the North Dakota Public Service Commission [5] Q&A Session Summary Question: Can you elaborate on the 2026 guidance and year-over-year headwinds? - Management indicated that while 2025 showed strong growth, 2026 guidance reflects various rate case activities and the impact of equity issuance, with expectations for growth despite potential headwinds [25][26] Question: What are the next steps for the Bakken East Pipeline project? - Management outlined that the binding open season is currently ongoing, with discussions with customers and a timeline for final investment decision following customer agreements [27][28]

Financial Data and Key Metrics Changes - In 2025, the company reported earnings of $190.4 million, or $0.93 per share, compared to $281.1 million, or $1.37 per share in 2024, reflecting a decrease in overall earnings [15] - Income from continuing operations was $191.4 million, or $0.93 per share diluted, compared to $181.1 million, or $0.88 per diluted share in 2024, indicating an increase in continuing operations [16] - The consolidated debt-to-capitalization ratio increased slightly to 49.1% due to the acquisition of Badger Wind Farm [20] Business Line Data and Key Metrics Changes - The electric utility segment reported earnings of $64.9 million in 2025, down from $74.8 million in 2024, primarily due to higher operation and maintenance expenses [16] - The natural gas utility reported earnings of $56.1 million, a 19.6% increase from $46.9 million in 2024, driven by higher retail sales revenue and rate relief across multiple jurisdictions [17] - The pipeline business achieved record earnings of $68.2 million in 2025, slightly up from $68 million in 2024, supported by expansion projects and customer demand [18] Market Data and Key Metrics Changes - The utility experienced a combined retail customer growth of 1.5% compared to 2024, aligning with the targeted annual growth rate of 1%-2% [3] - The company has 580 MW of data center load under signed electric service agreements, with various phases of load coming online through 2027 [9] Company Strategy and Development Direction - The company is focused on executing its capital investment plans, with a revised capital investment plan of $3.1 billion for 2026 through 2030 [4] - The company is pursuing additional discussions with potential data center customers and evaluating other capital projects to meet existing customer demand and enhance grid resiliency [9] - The company anticipates a long-term EPS growth rate of 6%-8% and targets a 60%-70% annual dividend payout ratio [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to execute long-term growth strategies and emphasized the importance of operational focus and financial discipline [13] - The company initiated earnings per share guidance for 2026 in the range of $0.93-$1.00 per share, reflecting strong performance across segments while accounting for equity financing [12] Other Important Information - The company completed a follow-on public offering of over 10.15 million shares at a price of $19.70 per share, which is expected to meet a significant portion of the company's 2026 equity issuance needs [20] - The company filed for recovery of the Badger Wind Farm investment in North Dakota, which was approved by the North Dakota Public Service Commission [5] Q&A Session Summary Question: Can you elaborate on the 2026 guidance and year-over-year headwinds? - Management indicated that while they expect growth, the midpoint of the EPS range for 2026 may not meet the long-term growth rate of 6%-8% due to various factors including rate case activity and equity issuance [25][26] Question: What are the next steps for the Bakken East Pipeline project? - Management explained that they are currently in a binding open season until mid-March and are pleased with customer interest, with plans to finalize project design and execute customer agreements before making a final investment decision [27][28]

February 5, 2026 Year-End Earnings Call Legal Disclaimer Cautionary Note Regarding Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the federal securities laws. Other than statements of historical facts, all statements which address activities, events, or developments that the company anticipates will or may occur in the future are based on underlying assumptions (many of which are based, in turn, upon further assumptions), including but not limited to, ...

Key Takeaways MDU reported Q4 EPS of 37 cents, matching estimates, operating revenues slipped 0.3% year over year.MDU's Q4 operating income rose 13.7% year over year, as expenses declined.MDU ended 2025 with $28.2 million in cash, while operating cash flow slipped year over year.MDU Resources Group Inc. (MDU) reported fourth-quarter 2025 operating earnings per share (EPS) of 37 cents, which came in line with the Zacks Consensus Estimate. The bottom line increased 37% year over year.Operating earnings in 202 ...

MDU Resources (MDU) came out with quarterly earnings of $0.37 per share, in line with the Zacks Consensus Estimate . This compares to earnings of $0.34 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of +1.37%. A quarter ago, it was expected that this energy, mining, construction and utilities company would post earnings of $0.07 per share when it actually produced earnings of $0.09, delivering a surprise of +28.57%.Over the last ...

Financial Performance - Net income for 2025 was $190.4 million, with earnings per share of $0.93, down from $281.1 million and $1.37 in 2024 respectively [3]. - Income from continuing operations increased by $10.3 million year-over-year to $191.4 million [5]. - Net income for Q4 2025 was $76.3 million, up 38.2% from $55.2 million in Q4 2024, and for the full year, net income decreased to $190.4 million from $281.1 million in 2024, a decline of 32.3% [30]. - The electric business reported Q4 2025 net income of $18.0 million, a 5.3% increase from $17.1 million in Q4 2024, while full-year net income decreased to $64.9 million from $74.8 million, a decline of 13.2% [34][35]. - The natural gas distribution business reported a net income of $37.0 million in Q4 2025, up from $29.4 million in Q4 2024, primarily due to higher retail sales revenue and lower operation and maintenance expenses [38]. - For the full year 2025, the natural gas distribution business net income increased to $56.1 million from $46.9 million in 2024, driven by rate relief in multiple states, despite higher operation and maintenance expenses [39]. - The pipeline business reported a net income of $18.8 million in Q4 2025, down from $20.5 million in Q4 2024, mainly due to lower demand for customer storage services and higher depreciation expenses [41]. - For the full year 2025, the pipeline business net income slightly increased to $68.2 million from $68.0 million in 2024, supported by growth projects and higher demand for transportation contracts [42]. - Other reported a net income of $2.5 million in Q4 2025, compared to a net loss of $11.8 million in Q4 2024, primarily due to improved results from discontinued operations [45]. - For the full year 2025, Other reported a net income of $1.2 million, a significant decrease from $91.4 million in 2024, mainly due to the absence of income from discontinued operations [46]. Revenue and Expenses - Operating revenues for Q4 2025 were $534.0 million, a slight decrease of 0.3% from $535.5 million in Q4 2024, while total operating revenues for the year increased to $1,875.1 million from $1,758.0 million, representing a growth of 6.7% [30]. - Natural gas distribution operating revenues for Q4 2025 were $393.0 million, down 3.3% from $406.5 million in Q4 2024, but increased for the year to $1,283.5 million from $1,201.1 million, a growth of 6.9% [37]. - Operating income for the electric segment in Q4 2025 was $21.9 million, a 5.8% increase from $20.7 million in Q4 2024, while full-year operating income decreased to $79.6 million from $94.2 million, a decline of 15.5% [33][34]. - The total operating expenses for the pipeline business increased by 3.7% to $30.8 million in Q4 2025, and by 9.2% to $128.1 million for the full year 2025 [41]. Capital Investment and Future Outlook - For 2026, the company expects earnings per share to be in the range of $0.93 to $1.00, with a capital investment plan of approximately $560 million [4][18]. - The company plans a capital investment of approximately $3.1 billion for 2026-2030, targeting a 60%-70% annual dividend payout ratio [22]. - The Minot Expansion Project, placed in service on November 1, 2025, adds approximately seven million cubic feet per day of natural gas transportation capacity [17]. - MDU Resources anticipates customer growth of 1%-2% annually, with a long-term EPS growth rate of 6%-8% [22]. Asset and Equity Information - The company's total assets as of December 31, 2025, were $7,622 million, with total equity of $2,773 million and total debt of $2,677 million [49]. - The book value per common share was $13.57, with a market price per common share of $19.52, resulting in a market value as a percent of book value of 143.8% [49]. Operational Metrics - The utility rate base grew by 16.0% year-over-year, including the 49% ownership stake in Badger Wind Farm [5]. - Electric utility earnings decreased by $9.9 million year-over-year, totaling $64.9 million, primarily due to higher operation and maintenance expenses [10]. - Natural gas distribution earnings increased by $9.2 million year-over-year to $56.1 million, driven by rate relief across multiple jurisdictions [11]. - The pipeline segment achieved record earnings of $68.2 million, benefiting from increased transportation revenue and customer demand for short-term firm capacity contracts [16]. - Interest expense for the year was $107.7 million, slightly down from $108.3 million in 2024, indicating stable financing costs despite operational changes [30]. - The average cost of electric fuel and purchased power per kWh increased to $0.025 in Q4 2025 from $0.021 in Q4 2024, while the average cost of natural gas per dk decreased to $5.86 from $6.04 in the same period [33][37]. - The company completed a $264.6 million payment for a 49% ownership interest in Badger Wind Farm, which was placed in service on December 31, 2025 [32].

BISMARCK, N.D., Feb. 5, 2026 /PRNewswire/ -- MDU Resources Group, Inc. (NYSE: MDU) today announced its financial results for 2025, reflecting continued execution of the company's strategy as a pure-play regulated energy delivery business. During 2025, the company advanced significant infrastructure investments, achieved customer growth across its electric and natural gas utilities, and benefited from key pipeline expansion projects recently placed into service, despite higher operating costs and weather-rel ...

Everus Construction Group ( ECG ), which currently serves as a mid-cap proxy on construction services across the US, was formerly part of the energy delivery specialist MDU Resources Group, Inc. ( MDU ), andAnalyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from S ...

Investors interested in stocks from the Utility - Gas Distribution sector have probably already heard of ONE Gas (OGS) and MDU Resources (MDU) . But which of these two stocks offers value investors a better bang for their buck right now? We'll need to take a closer look.The best way to find great value stocks is to pair a strong Zacks Rank with an impressive grade in the Value category of our Style Scores system. The proven Zacks Rank puts an emphasis on earnings estimates and estimate revisions, while our ...