MDU Resources (NYSE: MDU) Q2 2026 profit jumps 55% as utilities grow

Rhea-AI Filing Summary

MDU Resources Group reported stronger results for the quarter ended June 30, 2026, with consolidated net income of $21.3 million, up 55.5% from $13.7 million a year earlier, and diluted EPS of $0.10, up 42.9%. Operating revenues rose to $375.2 million from $351.2 million. For the first six months, net income was $102.1 million and diluted EPS $0.49. The electric utility segment’s quarterly net income increased to $14.7 million from $10.4 million, driven by Badger Wind Farm recovery, new rates in Montana and Wyoming, and higher retail volumes, including data center demand. The natural gas distribution segment reduced its seasonal loss to $3.9 million from $7.4 million, benefiting from new rates and volume growth.

The pipeline segment earned $14.4 million, down from $15.4 million, as higher depreciation and lower other income offset stronger transportation demand. MDU continues to advance the proposed Bakken East Pipeline Project, designed for 1.4 billion cubic feet per day of capacity, with precedent agreements totaling nearly 1.2 billion cubic feet per day and an expected project cost of $2.7–$3.2 billion. A FERC Section 7(c) application is anticipated in the fourth quarter of 2026, with targeted in‑service dates in late 2029 and late 2030. Across its jurisdictions, the company is pursuing multiple electric and natural gas rate cases. Management reaffirmed 2026 earnings guidance of $0.93 to $1.00 per share and a long‑term EPS growth objective of 6% to 8%.

Positive

• Net income and EPS rose sharply year-over-year, with Q2 2026 net income up 55.5% to $21.3 million and diluted EPS up 42.9% to $0.10, while full‑year EPS guidance of $0.93–$1.00 was reaffirmed.

Negative

• None.

Filing Explained

Bakken East has customer commitments but remains pre-investment-decision, with financing and federal authorization still ahead.

On August 6, 2026, MDU Resources furnished this Form 8-K to report second-quarter results and related investor disclosures; Form 8-Ks report specified material events. The material structural update is that the proposed Bakken East Pipeline remains in development: project design is being finalized, a final investment decision is expected before the anticipated fourth-quarter 2026 FERC application, and financing options remain under evaluation.

The attached release and investor information are furnished under Items 2.02 and 7.01, so the filing states they are not deemed filed for Section 18 purposes or incorporated by reference except through specific reference.

MDU says it has executed precedent agreements for nearly 1.2 billion cubic feet per day of firm transportation capacity, against a project design of 1.4 billion cubic feet per day, with a negotiated option that may increase contracted volumes. Those commitments establish customer contracting, not an operating pipeline or completed financing.

The next named resolution points are the final investment decision, the anticipated fourth-quarter 2026 FERC application, and pending regulatory approval of the Applied Digital electric service agreement.

8-K Event Classification

3 items: 2.02, 7.01, 9.01

3 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 7.01 Regulation FD Disclosure Disclosure

Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Q2 2026 Net Income: $21.3 million Q2 2026 Diluted EPS: $0.10 Six-Month 2026 Net Income: $102.1 million +5 more

8 metrics

Q2 2026 Net Income $21.3 million Three months ended June 30, 2026; up from $13.7 million in 2025

Q2 2026 Diluted EPS $0.10 Three months ended June 30, 2026; up from $0.07 in 2025

Six-Month 2026 Net Income $102.1 million Six months ended June 30, 2026; compared with $95.7 million in 2025

Q2 2026 Operating Revenues $375.2 million Consolidated operating revenues for the quarter ended June 30, 2026

Six-Month 2026 Operating Cash Flow $265.3 million Net cash provided by operating activities for six months ended June 30, 2026

2026 EPS Guidance $0.93 to $1.00 Reaffirmed earnings per share guidance range for full-year 2026

Bakken East Design Capacity 1.4 billion cubic feet per day Planned natural gas transportation capacity of proposed Bakken East Pipeline Project

Bakken East Estimated Cost $2.7 billion to $3.2 billion Projected capital cost range for proposed Bakken East Pipeline Project

Key Terms

precedent agreements, binding open season, FERC Section 7(c) application, interim rates, +2 more

6 terms

precedent agreements regulatory

"We have executed precedent agreements totaling nearly 1.2 billion cubic feet per day"

Precedent agreements are past, finalized contracts or deal documents used as reference points when negotiating or valuing a new transaction. Think of them like recent sales contracts for similar homes that help set expectations: they show what terms, prices and protections others accepted. Investors use them to judge whether a proposed deal is fair, to estimate likely costs or risks, and to spot common legal or commercial features that could affect future returns.

binding open season regulatory

"nearly all of the original interest from our binding open season"

A binding open season is a set period when a project owner offers future capacity or service and potential customers sign legally enforceable contracts committing to pay for that capacity, whether they actually use it or not. For investors it matters because those firm commitments function like pre-sold revenue: they demonstrate demand, make project cash flows more predictable, and help secure financing and reduce the risk that the asset will be idle — like selling season tickets in advance to justify building a stadium.

FERC Section 7(c) application regulatory

"a FERC Section 7(c) application is now anticipated to be filed"

An application filed with the Federal Energy Regulatory Commission under Section 7(c) of the Natural Gas Act requests permission to build and operate interstate natural gas pipelines and related facilities. For investors, this approval is a critical checkpoint: a grant gives legal authority, route and operational rights and a path to revenue, while delays or denial can stop construction, increase costs and change expected returns—like needing a building permit before a major construction project.

interim rates financial

"Interim rates of approximately $26.3 million have been requested"

discontinued operations financial

"Discontinued operations, net of tax, contributed $2.0 million"

Discontinued operations are parts of a company that it has decided to sell or shut down, and no longer plans to run in the future. This matters to investors because it helps them understand which parts of the business are ongoing and which are being phased out, providing a clearer picture of the company’s current performance and future prospects. Think of it like a store closing a department—it no longer contributes to sales or profits.

capital expenditures financial

"Total capital expenditures 2026-2030 are estimated at $3,077 million"

Capital expenditures are the money a company spends to buy or improve big assets like buildings, equipment, or machines that will last a long time. These investments matter because they help the company grow and operate more efficiently, similar to how upgrading a home’s appliances or adding a new room can make it better and more valuable.

Earnings Snapshot

Q2 2026 net income: $21.3 million · Guidance included

Three and six months ended June 30, 2026

Q2 2026 net income $21.3 million +55.5% vs Q2 2025

Q2 2026 diluted EPS $0.10 +42.9% vs Q2 2025

Six-month 2026 net income $102.1 million from $95.7 million in 2025

Q2 2026 operating revenues $375.2 million from $351.2 million in 2025

Guidance

Earnings per share guidance for 2026 reaffirmed at $0.93 to $1.00.

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FAQ

How did MDU (MDU) perform financially in the second quarter of 2026?

MDU reported Q2 2026 net income of $21.3 million, up from $13.7 million a year earlier, and diluted EPS of $0.10, compared with $0.07 in Q2 2025, on operating revenues of $375.2 million.

What 2026 earnings guidance did MDU (MDU) provide?

MDU reaffirmed 2026 earnings per share guidance of $0.93 to $1.00. This outlook assumes normal weather and operating conditions, continued customer growth, execution of its capital plans, and constructive regulatory outcomes across its utility and pipeline businesses.

What is the status of MDU (MDU)’s proposed Bakken East Pipeline Project?

MDU is advancing the Bakken East Pipeline Project, designed for 1.4 billion cubic feet per day. It has precedent agreements for nearly 1.2 billion cubic feet per day and estimates project costs of $2.7–$3.2 billion, with a FERC Section 7(c) filing expected in Q4 2026.

How did MDU (MDU)’s electric and natural gas segments perform in Q2 2026?

The electric segment earned $14.7 million, up from $10.4 million, supported by Badger Wind Farm recovery, new rates and higher volumes. The natural gas distribution segment posted a seasonal loss of $3.9 million, improved from a $7.4 million loss due to rate increases and customer growth.

How did MDU (MDU)’s pipeline segment perform and what are its growth projects?

The pipeline segment reported Q2 2026 net income of $14.4 million, slightly below $15.4 million last year, as higher depreciation and lower other income offset strong transportation demand. Key projects include the Bakken East Pipeline, the Line Section 32 Expansion, and the Minot Industrial Project.

What are MDU (MDU)’s key capital expenditure plans through 2030?

For 2026–2030, MDU plans total capital expenditures of $3,077 million, including $1,082 million for electric, $1,352 million for natural gas distribution, and $643 million for pipeline projects, focused on infrastructure, reliability improvements and supporting customer and load growth.

0000067716false00000677162026-08-062026-08-06

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 6, 2026

MDU Resources Group, Inc.

(Exact name of registrant as specified in its charter)

Delaware			1-03480			30-1133956
(State or other jurisdiction of			(Commission File Number)			(IRS Employer
incorporation)						Identification No.)

1200 West Century Avenue

P.O. Box 5650

Bismarck, North Dakota

(Address of principal executive offices)

58506

(Zip Code)

Registrant’s telephone number, including area code: (701) 530-1000

N/A

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934::

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $1.00 per share

MDU

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On August 6, 2026, MDU Resources Group, Inc. (the “Company”) issued a news release (the “News Release”) announcing its financial results for the second quarter of 2026. A copy of the News Release is furnished as Exhibit 99 to this Current Report on Form 8-K, which, in its entirety, is incorporated herein by reference.

The Company is webcasting a conference call on August 6, 2026, to discuss its second quarter 2026 financial results, during which the Company will provide an update on the business.

The information contained in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as expressly set forth by specific reference in such filing.

Item 7.01. Regulation FD Disclosure.

In conjunction with the News Release, the Company also made available an investor presentation concerning its second quarter 2026 financial results, which is available under the “Investor Relations” section of the Company’s corporate website, located at investor.mdu.com. Information on the Company’s corporate website is not, and will not be deemed to be, a part of this Current Report on Form 8-K or incorporated into any other filings the Company may make with the U.S. Securities and Exchange Commission.

The information contained in Item 7.01 of this Current Report on Form 8-K shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, and shall not be deemed incorporated by reference into any filing under the Securities Act, or the Exchange Act, except as expressly set forth by specific reference in such filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.						Description
99						News Release, dated August 6, 2026.
104						Cover Page Interactive Data File (embedded within the Inline XBRL document).

2

SIGNATURE

Pursuant to the requirements of the Exchange Act, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

MDU Resources Group, Inc.

Date: August 6, 2026			By:			/s/ Jason L. Vollmer
						Jason L. Vollmer
						Chief Financial Officer

3

MDU Resources Reports Second Quarter 2026 Results; Advances Infrastructure
Growth Opportunities

•Consolidated net income of $21.3 million, up 55.5% from the same quarter last year

•Earnings per share of $0.10, up 42.9% year-over-year

•Continued progress on proposed Bakken East Pipeline Project

•2026 guidance reaffirmed; earnings per share in the range of $0.93 to $1.00

BISMARCK, N.D.—Aug. 6, 2026—MDU Resources Group, Inc. (NYSE: MDU) today announced its financial results for the second quarter of 2026, highlighting continued execution across its regulated utility and pipeline businesses, progress on key growth initiatives and increasing infrastructure opportunities driven by customer growth and emerging demand trends.

"We delivered solid second quarter results while continuing to position the company for long-term growth," said Nicole A. Kivisto, president and CEO of MDU Resources. "Our utility businesses benefited from new rates, customer growth and investments such as Badger Wind Farm, while our pipeline business continued advancing strategic projects that have the potential to create meaningful value over time. We are especially encouraged by the continued advancement of our proposed Bakken East Pipeline Project. We believe our progress with customer commitments demonstrates the project's strategic value. We also remain encouraged by development activity across our service territory, including data center opportunities and growing infrastructure demand."

The following summarizes the company's results for the three and six months ended June 30:

			Three Months Ended June 30:						Six Months Ended June 30:
			2026			2025			2026			2025
			(In millions, except per share amounts)
Net income			$	21.3		$	13.7		$	102.1		$	95.7
Earnings per share, diluted			$	.10		$	.07		$	.49		$	.47

"Our employees continue to demonstrate a commitment to safety, reliability, operational excellence and customer service," Kivisto added. "Their efforts are helping us navigate a dynamic operating environment while advancing important infrastructure investments that support customers and communities.

Proposed Bakken East Pipeline Project Update

The proposed Bakken East Pipeline Project continues to advance through engineering, environmental review and pre-filing activities. With recently signed precedent agreements, we now have executed agreements with all customers that submitted binding open season interest totaling nearly 1.2 billion cubic feet per day of firm natural gas transportation capacity, with a negotiated option in place that may increase the contracted volumes to nearly all of the original interest from our binding open season. The company continues to design the project for 1.4 billion cubic feet per day of transportation capacity. Overall project design is being finalized based on confirmed customer volumes and delivery locations before a final investment decision is made, which is expected ahead of a FERC Section 7(c) application.

This application is now anticipated to be filed in the fourth quarter of 2026. The proposed in-service dates of Phase One in late 2029 and Phase Two in late 2030, remain. As development progresses, the company continues to evaluate all financing options to support the projected $2.7 billion to $3.2 billion project.

Electric Utility Segment

Strong earnings growth driven by Badger Wind recovery, implementation of new and interim rates and increased volumes

•Badger Wind Farm contributed $3.3 million in earnings for the quarter

•Montana interim rates and new Wyoming electric rates contributed positively to results

•Retail sales volumes increased 8.2%

The electric segment earned $14.7 million in the second quarter of 2026, compared with $10.4 million in the second quarter of 2025. In addition to Badger Wind Farm, results benefited from implemented rate increases and higher retail sales volumes. Data center demand continued to contribute to electric retail sales volume growth.

Approach to Data Centers

Our approach to serving data center customers, is grounded in protecting existing customers and ensuring that growth creates value for the communities we serve. Data center customers are responsible for paying the costs associated with connecting to and being served by the electric system, including infrastructure and energy-related expenses. Through careful planning, regulatory oversight and cost-allocation mechanisms, we ensure that existing customers are not subsidizing the costs of serving these new customers. At the same time, the additional revenue generated from serving data center customers can help support the electric system and contribute to reducing certain fixed costs by allocating them across a broader customer base. This current approach creates benefits for all customers.

Regulatory Update:

•North Dakota:

◦Filed an electric general rate case on June 30, 2026, requesting an annual revenue

increase of approximately $34.5 million. Interim rates of approximately $26.3 million have been requested beginning Sept. 1, 2026. The filing reflects investments in electric infrastructure, normal depreciation of those assets, reliability improvements, system safety and higher operation and maintenance expense.

◦Entered into an electric service agreement (ESA) in June with Applied Digital Corp. to serve Polaris Forge 3, an AI Factory near Center, North Dakota. At full capacity, the campus would require 430 megawatts of electricity. Approval of the ESA and other regulatory filings by the North Dakota Public Service Commission is pending.

◦In June, the North Dakota Public Service Commission approved the route permit for the Jamestown-to-Ellendale Transmission Project (JETx). The project is expected to enhance reliability, improve resiliency, reduce transmission congestion and support access to lower-cost energy across the region.

•Montana: Interim electric rates reflecting an annual increase of approximately $10.4 million remain in effect, subject to refund. A settlement agreement of $10.0 million has been filed and is pending approval by the Montana Public Service Commission.

•Wyoming: General rate case settlement was approved for an annual increase of $5.8 million with rates effective April 1, 2026; reflecting recovery of infrastructure investments as well as associated operation and maintenance expense.

Natural Gas Distribution Segment

New rates and higher retail sales volumes support improved year-over-year results, offset by interest expense increases

2

•Positive contributions from new rates in Idaho, Washington, Montana and Wyoming

•Retail sales volumes increased 6.7%

•Continued customer growth of 1.6% year-over-year

•Increased interest expense due to higher long-term debt balances

The natural gas distribution segment reported a seasonal second quarter loss of $3.9 million, compared with a seasonal loss of $7.4 million in the prior-year period. Results benefited from new rates across multiple jurisdictions, increased retail sales volumes and continued customer growth. The higher interest expense partially offset the gains.

Regulatory Update:

•Washington: Filed a multiyear natural gas rate case with the Washington Utilities and Transportation Commission requesting an annual revenue increase of $25.1 million in year one, and $18.1 million in year two. The filing reflects investments in natural gas infrastructure, reliability improvements, system safety and normal depreciation of those assets. The request is pending a decision by the commission.

•Oregon: A multi-party settlement agreement of $12.2 million has been filed and is pending approval by the Oregon Public Utility Commission.

•Minnesota: General rate case filing is anticipated later this year.

Pipeline Segment

Strategic growth initiatives continue to advance

•Continued development of the proposed Bakken East Pipeline Project

•Progress on additional growth projects

•Strong transportation demand across the system

The pipeline segment earned approximately $14.4 million in the second quarter of 2026, compared with $15.4 million in the second quarter of 2025. Results were driven by lower other income and higher depreciation expense. These impacts were partially offset by increased transportation revenue, primarily due to customer demand for short-term natural gas transportation contracts.

Strategic Project Updates:

•Proposed Bakken East Pipeline Project: Development activities continued during the quarter as the company advanced customer agreements, engineering work and regulatory activities. We have executed precedent agreements totaling nearly 1.2 billion cubic feet per day, with a negotiated option in place for nearly all of the original interest from our binding open season. The company continues engineering, environmental, cultural resource and stakeholder engagement activities while evaluating financing and partnership opportunities. Development activities remain focused on creating long-term value while advancing a strategically significant infrastructure project for North Dakota and the broader region.

•Line Section 32 Expansion Project: The project remains on schedule following the filing of a FERC 7(c) application in March 2026. The filing represents an important regulatory milestone as the project advances toward its targeted late-2028 in-service date, subject to regulatory approvals.

•Minot Industrial Project: Development activities for this potential project continue under agreements currently extended through late 2026. The proposed project could consist of an approximately 90-mile pipeline from Tioga, North Dakota to Minot, North Dakota and ancillary facilities to support anticipated industrial demand in the area.

Regulatory Update:

•FERC rate case filed on May 29, 2026, requesting updated transportation and storage services rates. The filing seeks a $31 million annual revenue increase. Approximately 30% of the requested revenue increase is due to proposed new depreciation and amortization rates. FERC

3

accepted and suspended the proposed rates on June 30, 2026, with rates to become effective Dec. 1, 2026, subject to refund and the outcome of hearing procedures if a settlement with our customers and FERC is not reached.

Guidance

MDU Resources is reaffirming guidance and expects earnings per share to be in the range of $0.93 to $1.00.

The expected 2026 results are based on several assumptions, including normal weather, economic and operating conditions for the remainder of the year, continued customer growth, successful execution of approved capital investment programs and constructive regulatory outcomes.

The company's long-term earnings-per-share growth objective remains 6% to 8%.

Conference Call

MDU Resources will webcast its second quarter 2026 earnings conference call today at 2 p.m. ET. The webcast can be accessed through the Investors section of the company's website. A replay will be available following the call.

About MDU Resources Group, Inc.

MDU Resources Group, Inc., a member of the S&P SmallCap 600 index, strives to deliver safe, reliable, cost-effective and environmentally responsible electric utility and natural gas distribution services to more than 1.2 million customers across the Pacific Northwest and Midwest. In addition to its utility operations, the company’s pipeline business operates a more than 3,800-mile natural gas pipeline network and storage system, ensuring reliable energy delivery across the Northern Plains. With a legacy spanning over a century, MDU Resources remains focused on energizing lives for a better tomorrow. For more information about MDU Resources, visit www.mdu.com or contact the investor relations department at investor@mduresources.com.

Investor Contact: Brent Miller, treasurer, 701-530-1730

Media Contact: Byron Pfordte, director of integrated communications, 208-377-6050

Cautionary Note Regarding Forward-Looking Statements

This news release 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 forward-looking statements based on underlying assumptions (many of which are based, in turn, upon further assumptions), including but not limited to, statements identified by the words "anticipates," "estimates," "expects," "intends," "plans," and "predicts," in each case related to such things as growth estimates, stockholder value creation, the company's "CORE" strategy, capital expenditures, financial guidance, trends, objectives, goals, dividend payout ratio targets, earnings per share growth targets, customer rates, regulatory approvals, sustainability, strategies and other such matters. These forward-looking statements are based on many assumptions and factors, which are detailed in the company's filings with the U.S. Securities and Exchange Commission.

While made in good faith, these forward-looking statements are based largely on the company's

expectations and judgments and are subject to a number of risks and uncertainties, many of which are

unforeseeable and beyond the company's control. For additional discussion regarding risks and

uncertainties that may affect forward-looking statements, see "Risk Factors" disclosed in the company's

most recent Annual Report on Form 10-K, and subsequent filings. Any changes in such assumptions or

factors could produce significantly different results. Undue reliance should not be placed on forward-looking statements, which speak only as of the date they are made. Except as required by applicable law, the company undertakes no obligation to update the forward-looking statements, whether as a result of new information, future events or otherwise.

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Consolidated Statements of Income
			Three Months Ended									Six Months Ended
			June 30,									June 30,
			2026			2025						2026			2025
			(In millions, except per share amounts)
			(Unaudited)
Operating revenues			$	375.2		$	351.2					$	981.2		$	1,026.0
Operating expenses:
Purchased natural gas sold			93.5			96.0						332.9			413.2
Electric fuel and purchased power			38.6			34.9						84.7			78.6
Operation and maintenance			114.1			112.8						228.9			223.9
Depreciation and amortization			55.2			51.8						109.4			103.1
Taxes, other than income			25.9			25.3						61.7			64.0
Total operating expenses			327.3			320.8						817.6			882.8
Operating income			47.9			30.4						163.6			143.2
Other income			6.2			9.9						8.8			14.9
Interest expense			31.5			25.4						64.2			52.2
Income before income taxes			22.6			14.9						108.2			105.9
Income tax expense			3.3			.8						8.0			9.3
Income from continuing operations			19.3			14.1						100.2			96.6
Discontinued operations, net of tax			2.0			(.4)						1.9			(.9)
Net income			$	21.3		$	13.7					$	102.1		$	95.7
Earnings per share – basic:
Income from continuing operations			$	.09		$	.07					$	.48		$	.47
Discontinued operations, net of tax			.01			—						.01			—
Earnings per share – basic			$	.10		$	.07					$	.49		$	.47
Earnings per share – diluted:
Income from continuing operations			$	.09		$	.07					$	.48		$	.47
Discontinued operations, net of tax			.01			—						.01			—
Earnings per share – diluted			$	.10		$	.07					$	.49		$	.47
Weighted average common shares outstanding – basic			209.6			204.3						207.5			204.2
Weighted average common shares outstanding – diluted			211.7			205.2						209.3			205.1

5

Selected Cash Flows Information
			Six Months Ended
			June 30,
			2026			2025
			(In millions)
Net cash provided by operating activities			$	265.3		$	334.9
Net cash used in investing activities			(196.1)			(174.4)
Net cash used in financing activities			(51.1)			(168.6)
Increase (decrease) in cash, cash equivalents and restricted cash			18.1			(8.1)
Cash, cash equivalents and restricted cash - beginning of year			28.2			66.9
Cash, cash equivalents and restricted cash - end of period			$	46.3		$	58.8

Capital Expenditures
Business Line			2026 Estimated			2027 Estimated			2028 Estimated			2029 Estimated			2030 Estimated			2026-2030 Total Estimated
			(In millions)
Electric			$	129		$	309		$	250		$	184		$	210		$	1,082
Natural gas distribution			340			295			240			254			223			1,352
Pipeline			60			70			181			282			50			643
Total capital expenditures1			$	529		$	674		$	671		$	720		$	483		$	3,077
1 Excludes Other category
Note: Total capital expenditures is presented on a net basis

The capital program is subject to continued review and modification by the company. Actual expenditures may vary from estimates. Investment in the potential Bakken East Pipeline project would be incremental to the outlined capital program.

6

Electric			Three Months Ended									Six Months Ended
			June 30,									June 30,
			2026			2025									2026			2025
			(In millions)
Operating revenues1,2			$	116.1		$	98.1								$	237.3		$	210.5
Operating expenses:
Electric fuel and purchased power1			38.6			34.9									84.7			78.6
Operation and maintenance			31.2			29.9									60.1			58.5
Depreciation and amortization			20.3			17.4									39.9			34.6
Taxes, other than income			5.4			4.7									10.9			9.5
Total operating expenses			95.5			86.9									195.6			181.2
Operating income			20.6			11.2									41.7			29.3
Other income			1.9			2.7									2.3			3.7
Interest expense			11.2			7.6									23.1			15.5
Income before income taxes			11.3			6.3									20.9			17.5
Income tax benefit2			(3.4)			(4.1)									(8.3)			(7.9)
Net income			$	14.7		$	10.4								$	29.2		$	25.4

Operating Statistics			Three Months Ended									Six Months Ended
			June 30,									June 30,
			2026			2025						2026			2025
Revenues (millions)1,2
Retail sales:
Residential			$	35.3		$	28.3					$	74.4		$	66.5
Commercial3			48.8			41.2						95.7			86.4
Industrial			11.0			9.1						20.9			17.9
Other			2.0			1.8						4.0			3.5
			97.1			80.4						195.0			174.3
Other			19.0			17.7						42.3			36.2
			$	116.1		$	98.1					$	237.3		$	210.5
Volumes (million kWh)
Retail sales:
Residential			253.4			235.8						585.4			606.5
Commercial3			732.1			672.7						1,474.0			1,396.6
Industrial			128.7			120.0						249.4			236.7
Other			20.1			20.1						39.3			40.3
			1,134.3			1,048.6						2,348.1			2,280.1
Average cost of electric fuel and purchased power per kWh			$	.026		$	.024					$	.027		$	.025
The previous tables reflect items that are passed through to customers resulting in minimal impact to earnings. These items include: 1 Electric fuel and purchased power costs, which impact both operating revenues and electric fuel and purchased power expense. 2 Production tax credits, which impact income tax benefit and operating revenues. 3 Commercial includes the impact from data centers.

The electric business reported net income of $14.7 million in the second quarter of 2026, compared to $10.4 million for the same period in 2025. This increase was largely the result of higher retail sales revenue, primarily from recovery mechanisms associated with renewable investments including Badger Wind Farm. Interim rates in Montana and new rates in Wyoming, along with higher retail sales volumes across all major customer classes, further drove the increase. The increase was partially offset by higher interest expense associated with debt issuances for recent capital investments, including Badger Wind Farm, as well as higher depreciation expense and operation and maintenance expense, primarily related to Badger Wind Farm.

7

Natural Gas Distribution			Three Months Ended									Six Months Ended
			June 30,									June 30,
			2026			2025									2026			2025
			(In millions)
Operating revenues1,2,3			$	212.6		$	206.9								$	675.1		$	746.2
Operating expenses:
Purchased natural gas sold1			103.4			105.8									377.2			456.3
Operation and maintenance2			60.8			60.5									126.0			124.1
Depreciation and amortization			26.6			26.5									53.0			52.6
Taxes, other than income3			16.8			17.0									43.3			47.6
Total operating expenses			207.6			209.8									599.5			680.6
Operating income (loss)			5.0			(2.9)									75.6			65.6
Other income			3.8			5.1									6.1			8.4
Interest expense			15.9			13.8									32.2			28.6
Income (loss) before income taxes			(7.1)			(11.6)									49.5			45.4
Income tax (benefit) expense			(3.2)			(4.2)									9.2			8.1
Net income (loss)			$	(3.9)		$	(7.4)								$	40.3		$	37.3

Operating Statistics			Three Months Ended									Six Months Ended
			June 30,									June 30,
			2026			2025						2026			2025
Revenues (millions)1,2,3
Retail Sales:
Residential			$	111.1		$	106.1					$	370.6		$	397.7
Commercial			63.5			63.4						213.7			253.0
Industrial			8.7			9.4						22.1			25.1
			183.3			178.9						606.4			675.8
Transportation and other			29.3			28.0						68.7			70.4
			$	212.6		$	206.9					$	675.1		$	746.2
Volumes (MMdk)
Retail sales:
Residential			9.1			8.5						35.6			40.3
Commercial			7.4			7.0						26.0			28.9
Industrial			1.1			1.0						2.6			2.7
			17.6			16.5						64.2			71.9
Transportation sales:
Commercial			.3			.3						.9			1.1
Industrial			32.4			38.1						71.3			86.5
			32.7			38.4						72.2			87.6
Total throughput			50.3			54.9						136.4			159.5
Average cost of natural gas per dk			$	5.88		$	6.42					$	5.88		$	6.35
The previous tables reflect items that are passed through to customers resulting in minimal impact to earnings. These items include: 1 Natural gas costs, which impact operating revenues and purchased natural gas sold. 2 Conservation, which impacts operating revenues and operation and maintenance expense. 3 Revenue-based taxes that impact both operating revenues and taxes, other than income.

The natural gas distribution business reported a seasonal loss of $3.9 million in the second quarter of 2026, compared to a seasonal loss of $7.4 million for the same period in 2025. The lower seasonal loss was primarily driven by new rates in Idaho, Washington, Montana and Wyoming, as well as higher retail sales volumes across all customer classes. These impacts were partially offset by higher interest expense resulting from higher long-term debt balances.

8

Pipeline			Three Months Ended									Six Months Ended
			June 30,									June 30,
			2026			2025									2026			2025
			(In millions)
Operating revenues			$	56.7		$	56.3								$	113.8		$	113.0
Operating expenses:
Operation and maintenance			22.4			22.4									43.2			41.7
Depreciation and amortization			8.3			7.9									16.5			15.9
Taxes, other than income			3.7			3.6									7.5			6.9
Total operating expenses			34.4			33.9									67.2			64.5
Operating income			22.3			22.4									46.6			48.5
Other income			.3			1.7									—			2.1
Interest expense			4.2			4.3									8.2			8.5
Income before income taxes			18.4			19.8									38.4			42.1
Income tax expense			4.0			4.4									8.7			9.5
Net income			$	14.4		$	15.4								$	29.7		$	32.6

Operating Statistics			Three Months Ended									Six Months Ended
			June 30,									June 30,
			2026			2025						2026			2025
Transportation volumes (MMdk)			150.4			151.4						293.6			294.9
Customer natural gas storage balance (MMdk):
Beginning of period			27.3			22.1						37.6			44.1
Net injection (withdrawal)			14.2			12.5						3.9			(9.5)
End of period			41.5			34.6						41.5			34.6

The pipeline business reported net income of $14.4 million in the second quarter of 2026, compared to $15.4 million for the same period in 2025. The decrease was driven by lower other income and higher depreciation and amortization expense from a growth project placed in service. These impacts were partially offset by continued customer demand for short-term natural gas transportation contracts and interruptible storage services, as well as contributions from previously constructed growth projects, including a contracted volume increase.

9

Other
			Three Months Ended									Six Months Ended
			June 30,									June 30,
			2026			2025									2026			2025
			(In millions)
Operating revenues			$	.2		$	.1								$	.4		$	.3
Operating expenses:
Operation and maintenance			.2			.4									.7			.5
Total operating expenses			.2			.4									.7			.5
Operating loss			—			(.3)									(.3)			(.2)
Other income			.6			1.6									1.7			3.0
Interest expense			.6			.9									2.0			1.9
Income (loss) before income taxes			—			.4									(.6)			.9
Income tax (benefit) expense			5.9			4.7									(1.6)			(0.4)
Income (loss) from continuing operations			(5.9)			(4.3)									1.0			1.3
Discontinued operations, net of tax			2.0			(.4)									1.9			(.9)
Net income (loss)			$	(3.9)		$	(4.7)								$	2.9		$	.4

For the second quarter of 2026 Other reported a net loss of $3.9 million compared to a net loss of $4.7 million for the same period in 2025. The increase was primarily due to income from discontinued operations associated with a $1.5 million tax benefit related to an election to change the tax method for certain strategic initiative costs. Other also reflects income tax adjustments related to the company's annualized estimated tax rate.

Other includes the activities of the captive insurer which insures various types of risks of the company's subsidiaries. Also included in Other is general and administrative costs and interest expense previously allocated to the company's former businesses that did not meet the criteria for discontinued operations. Discontinued operations includes certain costs associated with legacy business activities.

Other Financial Data
			June 30,
			2026			2025
			(In millions, except per share amounts)
			(Unaudited)
Book value per common share			$	13.91		$	13.37
Market price per common share			$	21.21		$	16.67
Market value as a percent of book value			152.5		%	124.7		%
Total assets			$	7,712		$	6,946
Total equity			$	2,927		$	2,732
Total debt			$	2,577		$	2,182
Capitalization ratios:
Total equity			53.2		%	55.6		%
Total debt			46.8		%	44.4		%
			100.0		%	100.0		%

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