PR Newswire·Feb 5, 2026, 8:30 AM ET

MDU Resources Reports 2025 Year-End Results; Initiates 2026 Guidance

MDU

MDU Resources reported 2025 net income of $190.4 million ($0.93 per share) with income from continuing operations of $191.4 million, up $10.3 million year-over-year.
The company's utility rate base grew 16.0% year-over-year, driven by a 49% ownership stake in the Badger Wind Farm.
2026 earnings guidance is set at $0.93 to $1.00 per share, supported by a planned capital investment of $560 million.
Electric utility segment earnings declined 13.2% to $64.9 million due to higher operation and maintenance expenses, partially offset by increased retail sales volumes including data center demand.
Natural gas distribution segment earnings rose 19.6% to $56.1 million, driven by rate relief in Washington, Montana, South Dakota, & Wyoming.
Pipeline segment achieved record earnings of $68.2 million, up 0.3% year-over-year, fueled by new projects like the Minot Expansion & short-term capacity demand.
The company completed the spinoff of Everus on Oct. 31, 2024, with its historical results reported as discontinued operations.
Regulatory updates include approved rate cases in Wyoming, North Dakota, Idaho, & Montana, while Montana's interim rate request was denied.
Strategic pipeline projects include the Minot Industrial Project & the Bakken East Project, which launched a binding open season on Feb. 2, 2026.
On Dec. 5, 2025, the company completed a follow-on equity offering of 11,675,126 shares to support near-term capital expenditures.
Long-term strategy targets 6%–8% annual earnings growth & a 60%–70% dividend payout ratio with an estimated $3.1 billion capital investment planned for 2026–2030.
Badger Wind Farm was acquired & placed into service on Dec. 31, 2025, with the final $264.6 million payment completed in 2025.