MDU FINANCIAL STATEMENTS

MDU Resources Group Inc — balance sheet, income statement and cash flow trends

MDUMDU Resources Group Inc

🇺🇸 USA · NYSE · Utilities · Utilities - Regulated Gas

Value it Duel

Income Statement

Quarterly progression — trailing-twelve-month values

RevenueNet Income

Profit Funnel

Q1 2026 · TTM

Percentages are relative to revenue.

Key Figures

YoY change

Revenue1.8 B $-2.1%

Gross Profit508.7 M $-14.1%

Operating Income293.2 M $+4.0%

EBITDA528.8 M $+2.1%

Net Income189.3 M $-27.8%

Peer Comparison· Utilities - Regulated Gas

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
MDU	-2.1%	28.2%	29.3%	10.5%
ENG	8.0%	39.8%	73.6%	26.9%
APA	0.1%	33.3%	65.8%	5.1%
AHGAZ	41.3%	31.4%	34.8%	8.4%
ENERY	38.2%	14.6%	25.1%	14.0%
AYGAZ	-11.9%	10.9%	4.1%	5.6%
Industry median	4.5%	35.7%	34.8%	11.8%

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
MDU	-2.1%	28.2%	29.3%	10.5%
SR	4.5%	39.2%	35.7%	14.1%
OGS	2.8%	68.0%	33.7%	11.8%
BIPC	-1.0%	63.5%	94.8%	-20.5%
BKH	3.6%	35.7%	36.3%	12.6%
NJR	8.5%	27.7%	34.5%	15.4%
Industry median	4.5%	35.7%	34.8%	11.8%

Balance Sheet

Quarterly period-end values

Total AssetsTotal LiabilitiesEquity

Capital Structure

Q1 2026

Equity2.9 B $38%
Current Liabilities718.3 M $9%
Long-term Liabilities4.1 B $53%

Key Figures

YoY change

Total Assets7.7 B $+10.4%

Total Liabilities4.8 B $+13.3%

Total Equity2.9 B $+5.9%

Cash & ST Investments53.3 M $-10.5%

Total Debt2.6 B $+18.3%

Net Debt2.5 B $+19.1%

Peer Comparison· Utilities - Regulated Gas

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
MDU	0.78	89.4%	4.81	37.8%
ENG	0.81	119.4%	2.93	33.2%
APA	0.99	478.5%	6.27	14.5%
AHGAZ	1.03	9.6%	-2.09	34.2%
ENERY	0.66	4.6%	-0.51	62.8%
AYGAZ	1.60	4.2%	-0.29	86.5%
Industry median	0.80	109.5%	4.23	34.2%

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
MDU	0.78	89.4%	4.81	37.8%
SR	0.55	232.8%	8.72	23.3%
OGS	0.57	95.9%	4.29	39.9%
BIPC	0.40	-920.7%	3.72	-6.0%
BKH	0.65	118.0%	5.57	36.5%
NJR	0.94	142.1%	4.77	33.3%
Industry median	0.80	109.5%	4.23	34.2%

Cash Flow Statement

Quarterly progression — trailing-twelve-month values

Operating Cash FlowCapital ExpendituresFree Cash Flow

Cash Flow Bridge

Q1 2026 · TTM

Key Figures

YoY change

Operating Cash Flow405.1 M $-27.0%

Capital Expenditures791.4 M $+58.6%

Free Cash Flow-386.3 M $-791.9%

Dividends Paid-110.3 M $-206.6%

Peer Comparison· Utilities - Regulated Gas

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
MDU	22.4%	-21.4%	43.8%	214.0%
ENG	-1.9%	-17.4%	3.2%	-7.2%
APA	37.7%	12.2%	25.5%	738.3%
AHGAZ	58.6%	50.8%	12.5%	697.7%
ENERY	21.4%	11.2%	11.5%	153.3%
AYGAZ	-0.8%	1.8%	0.9%	-14.4%
Industry median	22.4%	-7.3%	30.0%	174.7%

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
MDU	22.4%	-21.4%	43.8%	214.0%
SR	24.3%	-8.0%	32.3%	171.8%
OGS	20.6%	-9.4%	30.0%	174.7%
BIPC	42.6%	2.3%	40.4%	-207.6%
BKH	27.2%	-13.7%	40.9%	215.7%
NJR	29.1%	-7.3%	36.4%	188.6%
Industry median	22.4%	-7.3%	30.0%	174.7%

Amounts are in the company’s reporting currency. Peer comparison tables use ratio-based metrics so currency differences do not distort the picture.

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Data on this page refreshes once per day. Price data as of Jul 7, 26. This content is for informational purposes only and is not investment advice.