MDU Resources Group, Inc.

MDU Resources Group, Inc. is a pure-play regulated energy delivery business incorporated in Delaware in 2018. The company generates, transmits, and distributes electricity, and provides natural gas distribution, transportation, and storage services. These operations are regulated by state public service commissions and/or the FERC. As of December 31, 2025, the company was organized into three reportable business segments: electric, natural gas distribution, and pipeline. These segments are defined by differences in products and services and are used for internal reporting and review by the chief executive officer. Through its wholly-owned subsidiary, MDU Energy Capital, the company owns Montana-Dakota, Cascade, and Intermountain. The company's principal executive offices are located at 1200 West Century Avenue, P.O. Box 5650, Bismarck, North Dakota 58506-5650. Montana-Dakota was incorporated in Delaware in 1924 and became a subsidiary of the company upon the completion of the Holding Company Reorganization. The company has executed strategic separations to enhance stockholder value. On May 31, 2023, Knife River, the construction materials and contracting business, separated from the company to become an independent, publicly-traded company. On October 31, 2024, Everus, the construction services business, also separated from the company to become an independent, publicly-traded company.