Financial Analysis

Commitments and Contingencies The Company is party to claims and lawsuits arising out of its business and that of its consolidated subsidiaries, which may include, but are not limited to, matters involving property damage, personal injury, and environmental, contractual, statutory and regulatory obligations. The Company accrues a liability for those contingencies when the incurrence of a loss is probable and the amount can be reasonably estimated. If a range of amounts can be reasonably estimated and no amount within the range is a better estimate than any other amount, then the minimum of the range is accrued. The Company does not accrue liabilities when the likelihood that the liability has been incurred is probable but the amount cannot be reasonably estimated or when the liability is believed to be only reasonably possible or remote. For contingencies where an unfavorable outcome is probable or reasonably possible and which are material, the Company discloses the nature of the contingency and, in some circumstances, an estimate of the possible loss. Accruals are based on the best information available, but in certain situations management is unable to estimate an amount or range of a reasonably possible loss including, but not limited to when: (1) the damages are unsubstantiated or indeterminate, (2) the proceedings are in the early stages, (3) numerous parties are involved, or (4) the matter involves novel or unsettled legal theories. At December 31, 2025 and 2024, the C …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

Debt Due to the Knife River separation, Centennial repaid all of its outstanding debt in the second quarter of 2023, which was funded by the Knife River repayment and the Company entering into various new debt instruments. Refer to Note 3 for additional information related to the repayment of debt associated with the Knife River separation. Certain debt instruments of the Company and its subsidiaries contain restrictive and financial covenants and cross-default provisions. In order to borrow under the respective debt agreements, the Company and its subsidiaries must be in compliance with the applicable covenants and certain other conditions. Intermountain was not in compliance with its minimum interest coverage ratio for the period ended September 30, 2025, which constituted an event of default under the terms of the Intermountain NPAs. In addition, the event of default under the terms of the Intermountain NPAs constituted a cross-default under the terms of certain NPAs of MDU Energy Capital and revolving credit agreements held by the Company and Intermountain. Subsequent to September 30, 2025, Intermountain and MDU Energy Capital obtained waivers for this non-compliance from the holders of a majority of their respective outstanding notes, and Intermountain and the Company obtained waivers from the lenders of the revolving credit agreements, which collectively cured the impact of any events of default. The Company and its subsidiaries were in compliance with applicable covena …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

Disaggregation In the following table, revenue is disaggregated by the type of customer or service provided. The Company believes this level of disaggregation best depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. The table also includes a reconciliation of the disaggregated revenue by reportable segments. For more information on the Company's business segments, see Note 14. Year ended December 31, 2025 Electric Natural gas distribution Pipeline Other Total (In thousands) Residential utility sales $ 137,673 $ 654,793 $ $ $ 792,466 Commercial utility sales 187,097 436,431 623,528 Industrial utility sales 38,066 44,183 82,249 Other utility sales 7,537 7,537 Natural gas transportation 66,978 191,542 258,520 Natural gas storage 23,270 23,270 Other 74,159 62,894 14,185 722 151,960 Intersegment eliminations (553) (345) (74,992) (722) (76,612) Revenues from contracts with customers 443,979 1,264,934 154,005 1,862,918 Other revenues (6,202) 18,196 154 12,148 Total external operating revenues $ 437,777 $ 1,283,130 $ 154,159 $ $ 1,875,066 Year ended December 31, 2024 Electric Natural gas distribution Pipeline Other Total (In thousands) Residential utility sales $ 140,054 $ 646,049 $ $ $ 786,103 Commercial utility sales 171,760 399,087 570,847 Industrial utility sales 42,883 42,588 85,471 Other utility sales 7,910 7,910 Natural gas transportation 60,645 174,623 235,268 Natural gas storage 23,690 23,690 Other 59,288 40,703 …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

Stock-Based Compensation The Company has stock-based compensation plans under which it is currently authorized to grant RSUs and other stock awards. As of December 31, 2025, there were 1.7 million remaining shares available to grant under these plans. The Company either purchases shares on the open market or issues new shares of common stock to satisfy the vesting of stock-based awards. Separations of Knife River and Everus In connection with the completed separations of Knife River and Everus through spinoffs, the provisions of the existing compensation plans required adjustments to the number and terms of outstanding employee time-vested RSUs and PSAs to preserve the intrinsic value of the awards immediately prior to each separation. The outstanding awards will continue to vest over the original vesting period, which is generally three years from the grant date. The outstanding PSAs in place at the time of the Knife River spinoff were modified to no longer be subject to performance-based vesting conditions. The number of PSAs were first adjusted for performance. The combined performance factors were determined based on the performance of the Company as of December 31, 2022. Outstanding awards at the time of the spinoffs were converted into awards of the holders employer following each separation. The Company incurred $1.7 million of incremental compensation expense related to the conversion of the RSUs associated with the Everus spinoff, of which $536,000 and $854,000 were …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. The fair value ASC establishes a hierarchy for grouping assets and liabilities, based on the significance of inputs. The estimated fair values of the Company's assets and liabilities measured on a recurring basis are determined using the market approach. The Company measures its investments in certain fixed-income and equity securities at fair value with changes in fair value recognized in income. The Company anticipates using these investments, which consist of insurance contracts, to satisfy its obligations under its unfunded, nonqualified defined benefit and defined contribution plans for executive officers and certain key management employees and invests in these fixed-income and equity securities for the purpose of earning investment returns and capital appreciation. These investments, which totaled $67.4 million and $59.3 million at December 31, 2025 and 2024, respectively, are classified as Investments on the Consolidated Balance Sheets. The net unrealized gain on these investments for the year ended December 31, 2025, 2024, and 2023 was $6.6 million, $5.9 million, and $7.4 million, respectively. The change in fair value, which is considered part of the cost of the plan, is classified in Other income on the Consolidated Statements of Income. In th …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Income Taxes The components of income before income taxes from continuing operations for each of the years ended December 31 were as follows: 2025 2024 2023 (In thousands) United States $ 210,977 $ 198,662 $ 340,330 Income before income taxes from continuing operations $ 210,977 $ 198,662 $ 340,330 Income tax expense (benefit) from continuing operations for the years ended December 31 was as follows: 2025 2024 2023 (In thousands) Current: Federal $ 25,971 $ 30,412 $ 8,271 State 2,522 3,255 3,251 28,493 33,667 11,522 Deferred: Income taxes: Federal (13,970) (17,321) (3,331) State 1,171 (1,805) (125) Investment tax credit - net 3,876 3,048 2,147 (8,923) (16,078) (1,309) Total income tax expense $ 19,570 $ 17,589 $ 10,213 Components of deferred tax assets and deferred tax liabilities at December 31 were as follows: 2025 2024 (In thousands) Deferred tax assets: Environmental compliance $ 49,750 $ 33,730 Pension and postretirement 23,443 25,508 Compensation-related 16,249 15,651 Customer advances 10,590 9,719 Cost recovery mechanisms 10,077 7,402 Legal and environmental contingencies 5,474 5,317 Other 17,989 20,386 Total deferred tax assets 133,572 117,713 Deferred tax liabilities: Basis differences on property, plant and equipment 451,595 426,493 Pension and postretirement 47,931 48,355 Cost recovery mechanisms 18,109 19,245 Environmental compliance 17,173 17,260 Legal and environmental contingencies 6,399 6,300 Purchased gas adjustment 5,137 20,441 Other 23,695 19,931 Total defe …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

New accounting standards The following table provides a brief description of the accounting pronouncements applicable to the Company and the potential impact on its financial statements and/or disclosures: Standard Description Effective date Impact on financial statements/disclosures Recently adopted accounting standards ASU 2023-09 Income Taxes - Improvements to Income Tax Disclosures an Amendment, December 2023 In December 2023, the FASB issued guidance to address investors requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information and effectiveness of income tax disclosures. December 31, 2025 The Company has adopted the guidance prospectively and disclosures have been updated to ensure compliance with the new guidance. See Note 13. ASU 2024-01 Compensation - Stock Compensation In March 2024, the FASB issued Improvements to GAAP through an example to demonstrate application of the scope of paragraph 718-10-15-3 to determine whether profits interest and similar awards should be accounted in Compensation - Stock Compensation. December 31, 2025 The Company has evaluated and did not have a material impact from the scope clarification in the new guidance. See Note 12 for additional information on Stock Compensation. Recently issued accounting standards not yet adopted ASU 2024-03 Disaggregation of Income Statement Expenses In November 2024, the FASB issu …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Employee Benefit Plans Pension and other postretirement benefit plans The Company has noncontributory qualified defined benefit pension plans and other postretirement benefit plans for certain eligible employees. The Company uses a measurement date of December 31 for all of its pension and postretirement benefit plans. Prior to 2013, defined benefit pension plan benefits and accruals for all nonunion and certain union plans were frozen and on June 30, 2015, the remaining union plan was frozen. These employees were eligible to receive additional defined contribution plan benefits. Effective January 1, 2010, eligibility to receive retiree medical benefits was modified at certain of the Company's businesses. Employees who had attained age 55 with 10 years of continuous service by December 31, 2010, were provided the option to choose between a pre-65 comprehensive medical plan coupled with a Medicare supplement or a specified company funded Retiree Reimbursement Account, regardless of when they retire. All other eligible employees must meet the new eligibility criteria of age 60 and 10 years of continuous service at the time they retire to be eligible for a specified company funded Retiree Reimbursement Account. Employees hired after December 31, 2009, will not be eligible for retiree medical benefits. In 2012, the Company modified health care coverage for certain retirees. Effective January 1, 2013, post-65 coverage was replaced by a fixed-dollar subsidy for retirees and spouses …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

Revenue from Contracts with Customers Revenue is recognized when a performance obligation is satisfied by transferring control over a product or service to a customer. Revenue is measured based on consideration specified in a contract with a customer and excludes any sales incentives and amounts collected on behalf of third parties. The Company is considered an agent for certain taxes collected from customers. As such, the Company presents revenues net of these taxes at the time of sale to be remitted to governmental authorities, including sales and use taxes. As part of the adoption of ASC 606 - Revenue from Contracts with Customers , the Company elected the practical expedient to recognize the incremental costs of obtaining a contract as an expense when incurred if the amortization period of the asset that the Company otherwise would have recognized is 12 months or less. Disaggregation In the following table, revenue is disaggregated by the type of customer or service provided. The Company believes this level of disaggregation best depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. The table also includes a reconciliation of the disaggregated revenue by reportable segments. For more information on the Company's business segments, see Note 14. Year ended December 31, 2025 Electric Natural gas distribution Pipeline Other Total (In thousands) Residential utility sales $ 137,673 $ 654,793 $ $ $ 792,466 Commercial u …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

Business Segment Data The Company's reportable segments are those that are based on the Company's method of internal reporting, which generally segregates the strategic business activities due to differences in products, services and regulation. The internal reporting of these operating segments is defined based on the reporting and review process used by the Company's CODM, the chief executive officer. The Company's operations are located within the United States. The Companys CODM regularly reviews discrete financial information of each reportable segment and uses net income to assess performance of each reportable segment. The CODM uses this information to assess performance and make decisions about resources to be allocated to each reportable segment, including capital and personnel. The information provided to the CODM is prepared at the reportable segment level in quarterly financial packages and on a more summarized basis monthly. Budget and forecast information is also provided to the CODM at the reportable segment level. The electric segment generates, transmits and distributes electricity in Montana, North Dakota, South Dakota and Wyoming. The natural gas distribution segment distributes natural gas in those states, as well as in Idaho, Minnesota, Oregon and Washington. These operations also supply related value-added services. The pipeline segment provides natural gas transportation and underground storage services through a FERC regulated pipeline system primarily …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

Significant Accounting Policies New accounting standards The following table provides a brief description of the accounting pronouncements applicable to the Company and the potential impact on its financial statements and/or disclosures: Standard Description Effective date Impact on financial statements/disclosures Recently adopted accounting standards ASU 2023-09 Income Taxes - Improvements to Income Tax Disclosures an Amendment, December 2023 In December 2023, the FASB issued guidance to address investors requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information and effectiveness of income tax disclosures. December 31, 2025 The Company has adopted the guidance prospectively and disclosures have been updated to ensure compliance with the new guidance. See Note 13. ASU 2024-01 Compensation - Stock Compensation In March 2024, the FASB issued Improvements to GAAP through an example to demonstrate application of the scope of paragraph 718-10-15-3 to determine whether profits interest and similar awards should be accounted in Compensation - Stock Compensation. December 31, 2025 The Company has evaluated and did not have a material impact from the scope clarification in the new guidance. See Note 12 for additional information on Stock Compensation. Recently issued accounting standards not yet adopted ASU 2024-03 Disaggregation of Income Statement Expenses …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

Equity The Company depends on earnings and dividends from its subsidiaries to pay dividends on common stock. The Company has paid quarterly dividends for 88 consecutive years. For the years ended December 31, 2025, 2024 and 2023, dividends declared on common stock were $.5400, $.5100 and $.6950 per common share, respectively. Dividends on common stock are paid quarterly to the stockholders as of the record date. For the years ended December 31, 2025, 2024 and 2023, the dividends declared to common stockholders were $110.3 million, $103.9 million and $141.5 million, respectively. The declaration and payment of dividends of the Company is at the sole discretion of the board of directors. In addition, the Company's subsidiaries are generally restricted to paying dividends out of capital accounts or net assets. The following discusses the most restrictive limitations. Certain credit agreements and regulatory limitations of the Company's subsidiaries also contain restrictions on dividend payments. The most restrictive limitation requires the Company's subsidiaries not to permit the ratio of funded debt to capitalization to be greater than 65 percent. Based on this limitation, approximately $1.5 billion of the net assets of the Company's subsidiaries, which represents common stockholders' equity including retained earnings, would be restricted from use for dividend payments at December 31, 2025. The Company may sell any combination of common stock and debt securities if warranted b …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

Subsequent Events

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Commitments and contingencies The Company is party to claims and lawsuits arising out of its business and that of its consolidated subsidiaries, which may include, but are not limited to, matters involving property damage, personal injury, and environmental, contractual, statutory and regulatory obligations. The Company accrues a liability for those contingencies when the incurrence of a loss is probable and the amount can be reasonably estimated. If a range of amounts can be reasonably estimated and no amount within the range is a better estimate than any other amount, then the minimum of the range is accrued. The Company does not accrue liabilities when the likelihood that the liability has been incurred is probable but the amount cannot be reasonably estimated or when the liability is believed to be only reasonably possible or remote. For contingencies where an unfavorable outcome is probable or reasonably possible and which are material, the Company discloses the nature of the contingency and, in some circumstances, an estimate of the possible loss. Accruals are based on the best information available, but in certain situations management is unable to estimate an amount or range of a reasonably possible loss including, but not limited to when: (1) the damages are unsubstantiated or indeterminate, (2) the proceedings are in the early stages, (3) numerous parties are involved, or (4) the matter involves novel or unsettled legal theories. At September 30, 2025 and 2024, and …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

Debt Certain debt instruments of the Company and its subsidiaries contain restrictive and financial covenants and cross-default provisions. In order to borrow under the respective debt agreements, the Company and its subsidiaries must be in compliance with the applicable covenants and certain other conditions. In the event the Company or its subsidiaries do not comply with the applicable covenants and other conditions, alternative sources of funding may need to be pursued. As of September 30, 2025, the Company and its subsidiaries were in compliance with all covenants and conditions, except as otherwise noted below. Long-term debt Intermountain On July 15, 2025, Intermountain entered into a NPA to issue a total of $50.0 million of senior notes, with a maturity date of July 15, 2055, at an interest rate of 6.39 percent. On July 15, 2025, Intermountain issued $25.0 million in senior notes under the NPA with the remaining $25.0 million expected to be issued on November 14, 2025. This NPA is one of three distinct Intermountain NPAs that contain certain customary covenants, including a minimum interest coverage ratio. Intermountain was not in compliance with this minimum interest coverage ratio for the period ended September 30, 2025, which constituted an event of default under the terms of the Intermountain NPAs. In addition, the event of default under the terms of the Intermountain NPAs constituted a cross-default under the terms of certain NPAs of MDU Energy Capital and revolvi …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

In the following tables, revenue is disaggregated by the type of customer or service provided. The Company believes this level of disaggregation best depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. The table also includes a reconciliation of the disaggregated revenue by reportable segments. For more information on the Company's business segments, see Note 15. Three Months Ended September 30, 2025 Electric Natural gas distribution Pipeline Other Total (In thousands) Residential utility sales $ 35,730 $ 64,225 $ $ $ 99,955 Commercial utility sales 52,492 45,581 98,073 Industrial utility sales 9,525 7,873 17,398 Other utility sales 1,949 1,949 Natural gas transportation 16,292 47,239 63,531 Natural gas storage 5,680 5,680 Other 19,118 7,983 4,439 182 31,722 Intersegment eliminations (138) (92) (4,269) (182) (4,681) Revenues from contracts with customers 118,676 141,862 53,089 313,627 Other revenues (1,014) 2,353 70 1,409 Total external operating revenues $ 117,662 $ 144,215 $ 53,159 $ $ 315,036 Three Months Ended September 30, 2024 Electric Natural gas distribution Pipeline Other Total (In thousands) Residential utility sales $ 37,076 $ 61,928 $ $ $ 99,004 Commercial utility sales 46,648 37,687 84,335 Industrial utility sales 9,702 6,869 16,571 Other utility sales 2,045 2,045 Natural gas transportation 15,279 41,936 57,215 Natural gas storage 6,053 6,053 Other 16,182 9,736 3,537 22 29,477 Intersegment elimination …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

Fair value measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. The fair value ASC establishes a hierarchy for grouping assets and liabilities, based on the significance of inputs. The estimated fair values of the Company's assets and liabilities measured on a recurring basis are determined using the market approach. The Company measures its investments in certain fixed-income and equity securities at fair value with changes in fair value recognized in income. The Company anticipates using these investments, which consist of insurance contracts, to satisfy its obligations under its unfunded, nonqualified defined benefit and defined contribution plans for executive officers and certain key management employees and invests in these fixed-income and equity securities for the purpose of earning investment returns and capital appreciation. These investments, which totaled $66.2 million, $59.2 million and $59.3 million, at September 30, 2025 and 2024, and December 31, 2024, respectively, are classified as Investments on the Consolidated Balance Sheets. The net unrealized gain on these investments was $2.2 million and $4.8 million for the three and nine months ended September 30, 2025, respectively. The net unrealized gain on these investments was $2.4 million and $5.3 million for the three and nine months ended September 3 …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

The following table provides a brief description of the accounting pronouncements applicable to the Company and the potential impact on its financial statements and/or disclosures: Standard Description Effective date Impact on financial statements/disclosures Recently issued accounting standards not yet adopted ASU 2023-09 Income Taxes - Improvements to Income Tax Disclosures an Amendment, December 2023 In December 2023, the FASB issued guidance to address investors requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information and effectiveness of income tax disclosures. Effective for annual reporting periods beginning after 2024 on a prospective basis. The Company has evaluated and does not expect a material impact on its disclosures for the year ended December 31, 2025. ASU 2024-01 Compensation - Stock Compensation In March 2024, the FASB issued improvements to GAAP through an example to demonstrate application of the scope of paragraph 718-10-15-3 to determine whether profits interest and similar awards should be accounted in Compensation - Stock Compensation. Effective for fiscal years beginning after December 15, 2024. The Company has evaluated and does not expect a material impact on its disclosures for the year ended December 31, 2025. ASU 2024-03 Disaggregation of Income Statement Expenses In November 2024, the FASB issued guidance to improve the …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Employee benefit plans Pension and other postretirement plans The Company has noncontributory qualified defined benefit pension plans and other postretirement benefit plans for certain eligible employees. Components of net periodic benefit cost for the Company's pension benefit plans were as follows: Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024 (In thousands) Components of net periodic benefit cost: Interest cost $ 3,303 $ 3,200 $ 9,909 $ 9,600 Expected return on assets (3,645) (4,028) (10,935) (12,084) Amortization of net actuarial loss 1,193 1,037 3,580 3,111 Net periodic benefit cost $ 851 $ 209 $ 2,554 $ 627 Components of net periodic benefit credit for the Company's other postretirement benefit plans were as follows: Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024 (In thousands) Components of net periodic benefit credit: Service cost $ 99 $ 126 $ 297 $ 378 Interest cost 462 459 1,386 1,377 Expected return on assets (1,292) (1,329) (3,876) (3,987) Amortization of prior service credit (290) (330) (869) (990) Amortization of net actuarial gain (80) (72) (240) (216) Net periodic benefit credit, including amount capitalized (1,101) (1,146) (3,302) (3,438) Less amount capitalized 18 25 54 72 Net periodic benefit credit $ (1,119) $ (1,171) $ (3,356) $ (3,510) The components of net periodic benefit cost (credit), other than the service cost component, are included in Other income on the Consolidated Sta …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

Revenue from contracts with customers Revenue is recognized when a performance obligation is satisfied by transferring control over a product or service to a customer. Revenue is measured based on consideration specified in a contract with a customer and excludes any sales incentives and amounts collected on behalf of third parties. The Company is considered an agent for certain taxes collected from customers. As such, the Company presents revenues net of these taxes at the time of sale to be remitted to governmental authorities, including sales and use taxes. Under ASC 606 - Revenue from Contracts with Customers , the Company elected the practical expedient to recognize the incremental costs of obtaining a contract as an expense when incurred if the amortization period of the asset that the Company otherwise would have recognized is 12 months or less. The Company recognizes revenue from the sale of emissions allowances allocated under the environmental programs in certain states. The Company has the right to payment when the allowances are sold at auction. Revenue is recognized on a point in time basis within the quarter that the auction is held. The revenues associated with the sale of these allowances are deferred as a component of the respective jurisdictions regulatory liability for environmental compliance. For more information on the Companys regulatory assets and liabilities, see Note 10. Disaggregation In the following tables, revenue is disaggregated by the type of …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

Business segment data The Company's reportable segments are those that are based on the Company's method of internal reporting, which generally segregates the strategic business units due to differences in products, services and regulation. The internal reporting of these operating segments is defined based on the reporting and review process used by the Company's CODM, the chief executive officer. The Company's operations are located within the United States. The Company's CODM regularly reviews discrete financial information of each reportable segment and uses net income to assess the performance of each reportable segment. The CODM uses this information to assess performance and make decisions about resources to be allocated to each reportable segment, including capital and personnel. The information provided to the CODM is prepared at the reportable segment level in quarterly financial packages and on a more summarized basis monthly. Budget and forecast information is also provided to the CODM at the reportable segment level. The electric segment generates, transmits and distributes electricity in Montana, North Dakota, South Dakota and Wyoming. The natural gas distribution segment distributes natural gas in those states, as well as in Idaho, Minnesota, Oregon and Washington. These operations also supply related value-added services. The pipeline segment provides natural gas transportation and underground storage services through a FERC regulated pipeline system primarily …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

Equity At-the-Market Offering Program On August 7, 2025, the Company entered into an EDA pursuant to which it may issue, offer, and sell, from time to time, up to an aggregate gross sales price of $400.0 million of shares of its common stock through an ATM offering program, which includes the ability to enter into FSAs. Since the establishment of the ATM offering program, the Company did not issue common stock pursuant to the EDA nor enter into any FSAs.

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Subsequent events On October 28, 2025, Montana-Dakota entered into a NPA to issue $250.0 million of senior notes, with maturity dates ranging from October 28, 2035 to February 2, 2056, at a weighted average interest rate of 5.96 percent. On October 28, 2025, Montana-Dakota issued $150.0 million in senior notes under the NPA with the remaining $100.0 million expected to be issued on February 2, 2026. The agreement contains customary covenants and provisions, including a covenant of Montana-Dakota not to permit, at any time, the ratio of debt to total capitalization to be greater than 65 percent. Other covenants include a minimum interest coverage ratio and restrictions on the sale of certain assets.

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