ADDED
State the aggregate market value of the voting common stock held by non-affiliates of the registrant as of June 30, 2025: $ 3,394,621,007 .
Exhibits 122 Item 16 Form 10-K Summary 124 Signatures 125 MDU Resources Group, Inc.
Circuit dk Decatherm EBITDA Earnings before interest, taxes, depreciation and amortization EIN Employer Identification Number EDA Equity Distribution Agreement EPA U.S.
a direct wholly-owned subsidiary of MDU Energy Capital MPPAA Multiemployer Pension Plan Amendments Act of 1980 MTPSC Montana Public Service Commission MW Megawatt NDDEQ North Dakota Department of Environmental Quality MDU Resources Group, Inc.
Business General The Company is a pure-play regulated energy delivery business.
Montana-Dakota was incorporated under the state laws of Delaware in 1924.
Form 10-K 7 Index Part I As of December 31, 2025, the Company was organized into three reportable business segments.
The Company, through its wholly-owned subsidiary, MDU Energy Capital, owns Montana-Dakota, Cascade and Intermountain.
Human Capital Management An employee driven culture is part of the Company's "CORE" strategy, which means striving to be an employer of choice.
It begins with employee feedback on continuous improvement and fosters an inclusive and respectful culture.
REMOVED
State the aggregate market value of the voting common stock held by non-affiliates of the registrant as of June 28, 2024: $ 5,095,923,531 , which does not reflect MDU Resources Group, Inc.'s market value after the separation and distribution of Everus Construction Group, Inc.
Accumulated Other Comprehensive Loss 87 2 MDU Resources Group, Inc.
Exhibits 114 Item 16 Form 10-K Summary 116 Signatures 117 MDU Resources Group, Inc.
Army Corps of Engineers ASC FASB Accounting Standards Codification ASU FASB Accounting Standards Update Bcf Billion cubic feet Big Stone Station 475-MW coal-fired electric generating facility near Big Stone City, South Dakota (22.7 percent ownership) BSSE 345-kV transmission line from Ellendale, North Dakota, to Big Stone City, South Dakota (50 percent ownership) Cascade Cascade Natural Gas Corporation, an indirect wholly-owned subsidiary of MDU Energy Capital Centennial CEHI, LLC, a direct wholly-owned subsidiary of the Company, formerly known as Centennial Energy Holdings, Inc.
Circuit dk Decatherm EBITDA Earnings before interest, taxes, depreciation and amortization EIN Employer Identification Number EPA U.S.
Form 10-K Definitions Holding Company Reorganization The internal holding company reorganization completed on January 1, 2019, pursuant to the agreement and plan of merger, dated as of December 31, 2018, by and among Montana-Dakota, the Company and MDUR Newco Sub, which resulted in the Company becoming a holding company and owning all of the outstanding capital stock of Montana-Dakota.
Form 10-K 5 Definitions RSUs Restricted stock units SBCC State Building Code Council SDPUC South Dakota Public Utilities Commission SEC U.S.
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, including, but not limited to, such things as estimates for growth, stockholder value creation, the Company's "CORE" strategy, capital expenditures, financial guidance and other such matters, are forward-looking statements.
Business and Properties General The Company is a pure-play regulated energy delivery business upon the completed separations of both its construction materials and contracting and construction services businesses, as further discussed below.
Montana-Dakota was incorporated under the state laws of Delaware in 1924, marking its 100th year in business on March 14, 2024.