MDU Resources Group Inc

Latest Results (18.05.2026):

MDU Resources Group Inc — reporting on its full-year 2025 results and the fourth quarter of 2025 — posted net income of $190.4 million for 2025 and diluted earnings per share of $0.93. Income from continuing operations was $191.4 million, up $10.3 million year‑over‑year. The company deployed $792 million of capital in 2025 (including completion of a 49% ownership interest in Badger Wind Farm on Dec. 31, 2025), grew its utility rate base 16% year-over-year, and issued 11.675 million shares in a December 2025 equity offering. For 2026 MDU Resources expects EPS of $0.93–$1.00 and plans roughly $560 million of capital investment.

Key financials (FY 2025 & Q4 2025)

Full‑year 2025: net income $190.4M, diluted EPS $0.93, income from continuing operations $191.4M (+$10.3M YoY). Fourth quarter 2025: net income $76.3M and diluted EPS ~$0.37. Operating income for the year was $290.4M; operating cash flow was $473.4M while investing used $780.9M, leaving cash of $28.2M at year‑end.

Guidance

2026 guidance: diluted EPS $0.93–$1.00 and capital expenditures of approximately $560M. Long‑term targets remain unchanged: 6%–8% EPS compound annual growth and a 60%–70% dividend payout ratio. Guidance assumes normal weather and 1%–2% annual utility customer growth.

Segment performance

Electric: FY net income $64.9M (down ~$9.9M YoY) driven by higher O&M (payroll, outage and insurance) partially offset by higher retail sales and a data center contribution; Q4 electric net income $18.0M. Natural gas distribution: FY net income $56.1M (up ~$9.2M YoY) supported by rate relief across jurisdictions and ~1.6% customer growth; Q4 net income $37.0M. Pipeline: FY record net income $68.2M (essentially flat YoY) driven by expansion projects and short‑term capacity demand; Q4 pipeline net income $18.8M, modestly below prior year due to the absence of certain 2024 one‑time benefits and higher O&M.

Capital, projects and rate base

2025 capital deployed was $792M. Utility rate base rose 16% YoY, reflecting major investments including the 49% Badger Wind Farm acquisition (placed in service Dec. 31, 2025). Key pipeline milestones: Minot Expansion placed in service Nov. 1, 2025; progress on Line Section 32, Minot Industrial and Bakken East projects. Company expects $3.1B of capital 2026–2030.

Equity, funding and balance sheet

In Dec. 2025 MDU completed a follow‑on offering of 10,152,284 shares and the underwriters exercised 1,522,842 additional shares at $19.70/share (11,675,126 shares tied to forward sale agreements). The company plans $150–175M equity issuance in 2026 and $100–125M in 2027 (forward sales expected to cover much of this). At 12/31/2025 total assets were $7.622B, total debt $2.677B, total equity $2.773B (capitalization ~50.9% equity).

Regulatory and other strategic notes

Several rate cases and regulatory developments are underway (Montana, Wyoming, North Dakota, Washington, Oregon, Idaho and South Dakota) that are contributing to segment outcomes and future rate recovery. The company continues its CORE strategy emphasizing regulated energy delivery, customer growth and disciplined capital execution as it transitions post‑spinoff of Everus (Oct. 31, 2024).