MDU Resources Group, Inc. (MDU): Business Model Canvas [Apr-2026 Updated]

You're digging into MDU Resources Group, Inc. (MDU) now that they've sharpened their focus, and honestly, understanding their new structure is key to valuing that stable utility play. After shedding non-core assets, their Business Model Canvas reveals a classic, regulated play: driving growth through a massive $3.1 billion capital investment plan through 2029, all aimed at expanding a rate base that's targeted to grow 7%-8% annually. This model hinges on securing approval from State Public Service Commissions to deliver safe, reliable energy to over 1.2 million customers, which translates directly into the predictable, regulated returns you and other investors look for. Let's break down exactly how MDU Resources Group, Inc. (MDU) is set up to execute this infrastructure-led strategy.

MDU Resources Group, Inc. (MDU) - Canvas Business Model: Key Partnerships

You're looking at the core relationships MDU Resources Group, Inc. (MDU) relies on to keep the regulated utility and pipeline businesses running smoothly and growing. These aren't just vendors; they are essential entities for rate recovery, capital access, and securing future energy demand.

State Public Service Commissions (PSCs) for Rate Approval and Recovery

State Public Service Commissions are critical partners, as they determine the allowed rates MDU Resources Group, Inc. can charge customers, directly impacting revenue recovery for capital investments and operating expenses. Regulatory updates in late 2025 show active engagement across multiple jurisdictions.

For the Natural Gas Distribution Segment, MDU Resources Group, Inc. had several active or recently settled cases:

• Idaho: Filed a General Rate Case requesting $26.5 million annually, with a requested effective date of January 1, 2026. A settlement for $13.0 million annually was filed on October 20, 2025.
• Montana: The Montana Public Service Commission approved a settlement for $7.3 million annually, with interim rates in effect since February 1, 2025, and final rates effective November 1, 2025.
• Washington: A rate revision effective June 1, 2025, reduced revenue by $3.7 million related to projects not placed in service.
• Wyoming: A settlement was approved for $2.1 million annually, effective August 1, 2025.

The Electric Utility Segment also relies heavily on PSC approvals for cost recovery, especially for new generation assets like the Badger Wind Farm:

The company also filed for cost recovery of its Badger Wind Farm investment through annual updates in North Dakota and South Dakota.

Financial Institutions for Equity Financing

While MDU Resources Group, Inc. stated it had no immediate equity needs for 2025 based on the current capital plan, the $3.1 billion capital investment program over five years necessitates access to equity capital markets. To support future needs, the company reestablished an ATM program.

As of December 2025, MDU Resources Group, Inc. executed specific financing agreements with major financial institutions:

On December 3, 2025, MDU Resources Group, Inc. commenced an underwritten public offering of $200 million of common stock with a forward component, entering into separate forward sale agreements with:

• Wells Fargo Bank, National Association
• Bank of America, N.A.
• JPMorgan Chase Bank, National Association, New York Branch

These institutions acted as Forward Purchasers/Underwriters in the offering. Looking further out, MDU Resources Group, Inc. anticipates future equity issuance:

• 2026: Expected equity issuance in the range of $150 million to $175 million.
• 2027: Expected equity issuance in the range of $100 million to $125 million.

Independent Power Producers for Power Purchase Agreements (e.g., Badger Wind Farm)

Partnerships with Independent Power Producers, such as the one for the Badger Wind Farm, are key to MDU Resources Group, Inc.'s strategy to enhance energy capacity. MDU's subsidiary, Montana-Dakota Utilities Co. (MDU), entered a definitive Purchase and Sale Agreement in February 2025 to acquire a 49% ownership interest in the Badger Wind Farm, located in North Dakota.

The financial and capacity details of this partnership are concrete:

This investment was identified as the least-cost option in MDU's 2024 Integrated Resource Plan.

Industrial Customers for Large-Scale Energy Demand Projects

Securing large industrial load is a primary driver for MDU Resources Group, Inc.'s pipeline expansion projects. The company has successfully signed agreements to lock in significant future demand.

For the Electric Utility Segment, data center load represents a major partnership area:

• MDU Resources Group, Inc. currently has 580 megawatts of data center load under signed electric service agreements.
• Of that total, 180 MW was already online as of early 2025, with the balance starting to come online in 2025 and continuing through the next few years.

For the Pipeline Segment, the Bakken East pipeline project, which targets industrial and power generation customers, secured significant commitment:

• In August 2025, the North Dakota Industrial Commission selected the project for firm capacity commitments of up to $50 million annually for 10 years.

Also, WBI Energy signed an agreement to serve a new electric generation facility in northwest North Dakota, with a targeted in-service date of late 2028. Finance: draft 13-week cash view by Friday.

MDU Resources Group, Inc. (MDU) - Canvas Business Model: Key Activities

You're looking at the core actions MDU Resources Group, Inc. takes to deliver energy and grow its regulated asset base. It's all about infrastructure upkeep and smart expansion, which you see reflected in their capital plans and regulatory filings.

Regulated Electric Power Generation, Transmission, and Distribution

MDU Resources Group, Inc. focuses heavily on maintaining and growing its regulated electric utility assets. This activity supports a growing customer base, which saw retail electric volumes rise by 25.1% in the first quarter of 2025. A major focus area is serving data center load; MDU Resources has 580 megawatts of data center load under signed electric service agreements. Of this, 180 megawatts was online as of early 2025, with another 100 megawatts expected online late in 2025. The electric utility segment reported net income of $21.5 million in the third quarter of 2025.

The core electric utility activities involve managing generation, transmission, and distribution, as shown by the capital allocation:

Natural Gas Distribution and Pipeline Transportation/Storage Operations

This involves the distribution of natural gas to customers and the transportation/storage services provided by WBI Energy. The Natural Gas Distribution Segment earned $44.7 million in the first quarter of 2025, an 11.5% increase year-over-year, supported by a customer count growth of 1.5% year-over-year. The pipeline segment delivered strong results, with third quarter 2025 net income reaching $16.8 million.

The planned capital investment for the Natural Gas Distribution segment over 2025-2029 is $1,410 million, while the Pipeline segment is allocated $473 million for the same period.

Executing $3.1 Billion in Capital Investments (2025-2029)

MDU Resources Group, Inc. announced a planned capital investment totaling $3.1 billion spanning 2025 through 2029. This represents a 15% increase over the previous five-year forecast (2024-2028). This activity is foundational to achieving the long-term goal of 6%-8% annual Earnings Per Share growth.

Here's the quick math on the planned 2025-2029 regulated capital expenditures:

• Total Planned Investment (2025-2029): $3.1 billion (or $3,061 million excluding 'Other').
• Natural Gas Distribution Allocation: $1,410 million.
• Electric Allocation: $1,178 million.
• Pipeline Allocation: $473 million.

Advancing Rate Case Proceedings for Cost Recovery and Rate Base Growth

Advancing rate cases is a critical activity to ensure cost recovery and support rate base growth, which MDU Resources expects to be in the 7%-8% range annually across regulated operations under its 2026-2030 plan. The company is actively managing proceedings across multiple states:

• Washington Natural Gas: Implemented a multi-year plan with a Year 1 annual increase of $29.8 million effective March 5, 2025.
• Montana Natural Gas: Settlement approved for a $7.3 million annual increase, effective Nov. 1, 2025.
• Wyoming Natural Gas: Settlement approved for $2.1 million annually, effective Aug. 1, 2025.
• Idaho Natural Gas: Settlement filed for an annual increase of $13.0 million, rates expected Jan. 1, 2026.
• Wyoming Electric: General Rate Case filed seeking $7.5 million annually, anticipated effective May 1, 2026.

For electric transmission cost recovery in North Dakota, a filing on Oct. 31, 2025, proposed a residential rate change that would increase the bill by $3.13 per month (or $37.56 annually) for an 800 kWh customer.

Developing New Infrastructure like the Minot Expansion Project

MDU Resources Group, Inc. develops new infrastructure driven by customer demand, which is a key focus of the capital plan. While the specific Minot Expansion Project details aren't clearly quantified with 2025 figures, pipeline expansion is an ongoing activity. For example, WBI Energy planned the Wahpeton Expansion Project, a 60-mile, 12-inch natural gas pipeline expansion with a capacity of 20 million cubic feet of natural gas per day, estimated to cost approximately $75 million. This type of project execution supports the pipeline segment's capital allocation of $473 million for 2025-2029.

Finance: draft 13-week cash view by Friday.

MDU Resources Group, Inc. (MDU) - Canvas Business Model: Key Resources

You're looking at the core assets that make MDU Resources Group, Inc. run, the things they own and control that create value. These aren't just line items on a balance sheet; they are the physical and intellectual foundations of their regulated utility and pipeline businesses.

The regulated utility side hinges on its physical infrastructure, which is growing steadily. MDU Resources Group, Inc. anticipates a 7%-8% long-term compound annual growth on utility rate base. This growth is supported by a customer base that is expanding, with utility customer growth continuing at a rate of 1%-2% annually. As of Q3 2025, the utility customer growth rate was reported at 1.5%. The utility group serves more than 1.2 million customers across eight states.

The physical assets underpinning the electric utility are substantial:

• Electric transmission lines: 3,400 miles
• Electric distribution lines: 4,800 miles
• Total T&D lines: 8,200 miles (3,400 + 4,800)
• Substations: 82 transmission and 298 distribution

The pipeline business, operated by WBI Energy, maintains a significant network. This resource is a more than 3,800-mile natural gas pipeline network and storage system. This system is strategically positioned near five natural gas-producing basins.

Long-term capacity commitments lock in future revenue streams, which is a critical resource for stability. A prime example is the proposed Bakken East Pipeline project, which is roughly a $1 billion project. This project secured firm capacity commitments selected by the North Dakota Industrial Commission in August 2025 for up to $50 million annually for ten years.

The human capital-the highly skilled workforce-is essential for operating and growing these complex assets. While a direct employee count isn't specified here, the operational scale is evident in the customer base and the company's long history of reliability. MDU Resources has a legacy spanning over a century, including 87 years of uninterrupted dividend payments.

Here is a summary of the key infrastructure and commitment metrics:

The company's focus on disciplined execution supports these physical resources. For instance, capital expenditure for 2025 is projected to be $531 million.

MDU Resources Group, Inc. (MDU) - Canvas Business Model: Value Propositions

Safe, reliable, and essential energy delivery to homes and businesses.

• Utility customer growth targeted at 1%-2% annually.
• Combined retail customer growth in the first quarter of 2025 was 1.4% year-over-year.
• Utility customer growth rate in the third quarter of 2025 was 1.5% year-over-year.

Stable, regulated returns for investors via rate base investments.

MDU Resources Group, Inc. is executing a $3.1 billion capital investment plan from 2025 through 2029.

Capacity expansion to serve high-growth areas like data centers.

• Secured 580 MW of data center load under signed electric service agreements.
• Of the secured load, 180 MW is currently online.
• An additional 100 MW is expected online late in 2025.
• The remaining 300 MW is expected to be phased in over the next three years.
• The 180 MW online plus 100 MW expected in 2025 plus 300 MW phased in equals the 580 MW total secured load.

Commitment to environmental responsibility (e.g., Badger Wind Farm acquisition).

• Acquisition of a 49% ownership interest in the 250 MW Badger Wind Farm.
• The acquired interest represents 122.5 MW of the project\'s total capacity.
• The estimated cost for MDU Resources Group, Inc. to purchase the stake is $294 million.
• This investment increases renewable energy capacity from 29% to 39% of the company\'s nameplate generation mix.
• Following the deal, coal is projected to account for 26% and gas for 35% of the mix.

MDU Resources Group, Inc. (MDU) - Canvas Business Model: Customer Relationships

You're managing a business where a significant portion of your revenue comes from regulated monopolies; that means your customer relationships are fundamentally about trust, reliability, and regulatory compliance, not just salesmanship. MDU Resources Group, Inc. operates exactly in that space with its utility segments.

Regulated service agreements ensuring long-term, stable relationships.

The core of MDU Resources Group, Inc.'s utility relationship is built on long-term, regulated service agreements. These agreements, approved by state commissions, provide a predictable framework for service delivery and cost recovery. For instance, the company is actively managing rate cases that directly impact customer bills and service investment. In Washington, a multi-year natural gas rate plan was implemented, providing a year one annual increase of $29.8 million, effective March 5, 2025, with a year two increase of $10.8 million set for March 1, 2026. Similarly, a general rate case settlement in Wyoming was approved for an annual increase of $2.1 million, effective August 1, 2025. This process of seeking and gaining regulatory approval for rate adjustments is a continuous, structured interaction with the customer base via their state representatives.

MDU Resources Group, Inc. anticipates continued organic growth in its utility customer base, projecting an annual rate of 1%-2%. The actual growth rate for the utility customer base in the third quarter of 2025 was 1.5%. This stability is underpinned by a planned capital investment of $3.1 billion across its electric, natural gas distribution, and pipeline segments from 2025 through 2029, much of which is driven by customer demand and infrastructure enhancement.

Here's a look at the scale of the customer base MDU Resources Group, Inc. serves:

Dedicated customer service for utility billing and outage management.

For the residential and commercial customers, the relationship is managed through dedicated service channels focused on the essentials: paying bills and restoring power or gas. Customers in these regulated areas place a high value on safety and reliability. MDU Resources Group, Inc.'s utility group has historically achieved high satisfaction rankings in industry studies, reflecting the focus on these core service factors. While specific 2025 outage duration metrics aren't public, the company's capital plan, including the Jamestown to Ellendale Transmission (JETx) Project, is designed to enhance reliability and reduce congestion, directly supporting better outage management for customers.

You can expect service interactions to focus on:

• Safety and reliability of energy supply.
• Clear and consistent billing and payment processes.
• Responsive communication during service interruptions.
• Local corporate citizenship efforts.

Direct negotiation and contracts for large industrial and data center loads.

The relationship with large industrial users and power generators is handled through direct negotiation, often involving long-term capacity commitments. This is particularly evident in the electric utility segment's work with data centers. MDU Resources Group, Inc. has 580 MW of data center load under signed electric service agreements. Of that, 180 MW was already online as of early 2025, with the remaining capacity scheduled to come online through 2025 and the following years. Furthermore, the pipeline segment secures relationships through transportation contracts; for example, the pipeline segment saw growth in Q1 2025 due to customer demand for short-term firm transportation contracts. The company is also supporting early-stage development for a potential 90-mile industrial pipeline project near Minot, North Dakota, indicating direct engagement with future large industrial energy needs.

Community engagement and local presence across the service territory.

MDU Resources Group, Inc. maintains a strong local presence, which is a key part of its CORE strategy: Customers & Communities. This manifests through tangible local support, such as the activities of the MDU Resources Foundation, which makes donations to build strong local relationships across the communities it serves. The utility subsidiaries serve customers across hundreds of communities; for example, Montana-Dakota Utilities Co. serves approximately 431,000 customers across 271 communities. These local touchpoints are vital for maintaining the social license to operate within the regulated environment.

MDU Resources Group, Inc. (MDU) - Canvas Business Model: Channels

You're looking at how MDU Resources Group, Inc. gets its energy and services to the people and businesses that need them. This is all about the physical and digital pathways they use.

The primary channel for MDU Resources Group, Inc. is the direct delivery of essential services through extensive, regulated infrastructure. The utility division serves a massive base, reaching over 1.2 million residential, commercial, and industrial customers across its service territories in the Pacific Northwest and Midwest. This direct connection is fundamental to their business stability.

The scale of their physical delivery network is substantial, especially within the electric utility operations, which are primarily managed through Montana-Dakota Utilities Company. You can see the breakdown of this infrastructure below:

The pipeline and midstream operations, conducted through WBI Energy, utilize a vast network for natural gas transportation and storage. This segment operates more than 3,800 miles of regulated natural gas pipeline and storage systems across the Rocky Mountain and northern Great Plains regions. WBI Energy is actively developing capacity to meet future demand, with the proposed Bakken East pipeline designed to potentially transport up to 1.0 Bcf/d. For context on current throughput, WBI Energy achieved a new peak day delivery record of nearly 1.9 billion cubic feet in the first quarter of 2025. The pipeline segment's Q3 2025 net income was $16.8 million.

MDU Resources Group, Inc. also relies on digital channels to interact with customers and stakeholders, which is a growing area, especially given their focus on large industrial users like data centers. The company uses online platforms for information dissemination and account management. For instance, the company webcast its Q3 2025 earnings call via www.mdu.com. The utility segment is actively managing significant digital load growth, having secured 580 MW of data center load under signed electric service agreements. As of Q1 2025, 180 MW of that load was online, with an additional 100 MW expected to come online late in 2025.

The utility customer base is showing consistent, albeit modest, growth through these channels:

• Utility customer growth rate was reported at 1.5% year-over-year in Q3 2025.
• The company projects utility customer growth to continue at 1%-2% annually for 2025.
• Combined retail customer growth in Q1 2025 was 1.4% year-over-year.

Finance: draft 13-week cash view by Friday.

MDU Resources Group, Inc. (MDU) - Canvas Business Model: Customer Segments

You're looking at the core of MDU Resources Group, Inc.'s business, which is fundamentally about delivering essential energy services across a multi-state footprint. The customer segments are clearly delineated between the regulated utility side and the midstream pipeline operations. Honestly, the stability comes from the sheer volume of people and businesses relying on them daily.

Residential and commercial electric and natural gas utility customers.

MDU Resources Group, Inc.'s utility divisions serve a very broad base, which is the bedrock of their regulated earnings. As of late 2025, the company's utility companies collectively serve more than 1.2 million customers across eight states in the Pacific Northwest and Midwest. You can expect this base to see steady, organic growth, with the company anticipating an annual customer increase rate of 1% to 2%. For instance, in the third quarter of 2025, the utility customer growth rate was reported at 1.5%, and the natural gas customer count specifically saw a 1.6% year-over-year increase for the same period. This segment is B2C and B2B, focusing on reliability and affordability for homes and businesses.

Here's a quick look at the most granular customer breakdown we have, which reflects the end of 2023 figures, showing the mix within the electric utility:

The natural gas distribution segment saw its earnings increase by 11.5% in the first quarter of 2025, partly due to higher retail sales volumes driven by colder weather.

Large industrial users and municipal entities.

These larger entities fall under both the utility and pipeline customer umbrellas. Within the regulated electric segment, industrial and municipal customers are key consumers. The electric segment serves these customers across North Dakota, South Dakota, Montana, and Wyoming. For the natural gas distribution segment, industrial customers are served across Idaho, Minnesota, Montana, North Dakota, Oregon, South Dakota, Washington, and Wyoming. These customers often have more complex service needs, which MDU Resources Group addresses through regulatory filings for rate relief, such as the multi-year natural gas rate case for Cascade Natural Gas in Washington, which included a Year 1 annual increase of $29.8 million effective March 5, 2025.

High-demand data center operators in the service territory.

This is a significant near-term growth driver for MDU Resources Group, Inc.'s electric utility. The demand from these facilities is translating directly into higher sales volumes. In the first quarter of 2025, retail electric volumes rose by 25.1%, with data center customers being a notable contributor. To be fair, this growth is supported by substantial planned infrastructure investment; as of early 2025, MDU Resources Group had 580 MW of data center load under signed electric service agreements, with 180 MW already online.

The company is actively planning capacity expansions to meet this need, including an agreement to serve a new electric generation facility in northwest North Dakota, targeted for late 2028 service.

Natural gas producers and marketers requiring transportation and storage.

This group forms the core of the Pipeline segment's business-to-business (B2B) customer base. These clients include other energy firms, power generation facilities, and large industrial users who need reliable midstream services. MDU Resources Group, Inc.'s regulated pipeline system has the capacity to transport 2.6 billion cubic feet of natural gas per day across the Rocky Mountain and northern Great Plains regions. The segment's success is clearly visible in its financial performance; for the third quarter of 2025, pipeline segment net income was $16.8 million, up 11.3% year-over-year, driven by customer demand for short-term firm transportation contracts and growth projects.

Key customer-driven projects supporting this segment include:

• The Wahpeton Expansion Project, which added approximately 20 million cubic feet of natural gas transportation capacity per day.
• The potential Bakken East Pipeline Project, which secured firm capacity commitments of up to $50 million annually for ten years from the North Dakota Industrial Commission in August 2025.
• The Baker Storage Field Enhancement project, which could add 72 million cubic feet per day of new firm natural gas storage deliverability and transportation service.

Finance: draft 13-week cash view by Friday.

MDU Resources Group, Inc. (MDU) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive MDU Resources Group, Inc.'s operations as a regulated energy delivery company. These costs are heavily influenced by infrastructure needs, regulatory environments, and commodity markets.

Capital expenditures for infrastructure modernization and expansion (capex).

MDU Resources Group, Inc. has significant planned capital investment to maintain and grow its regulated assets. The company had a total capital investment planned of $533 million for 2025, based on Q3 2025 reports. This spending is spread across the utility and pipeline segments to support customer growth and system reliability.

Here's a look at the planned 2025 capital expenditures by segment, as detailed in the company's forward-looking statements:

The company also announced a larger five-year plan totaling $3.4 billion for 2026 through 2030, reflecting continued commitment to infrastructure.

High fixed costs related to utility and pipeline operation and maintenance (O&M).

Operation and maintenance expense represents a substantial, largely fixed component of the cost structure. For instance, in the third quarter of 2025, MDU Resources noted that increased O&M expense, mainly from higher payroll-related expenses, partially offset earnings in both the pipeline and natural gas distribution segments. Similarly, the natural gas distribution segment reported higher O&M and depreciation expenses in Q3 2025 compared to the prior year.

Regulatory compliance and legal costs for rate case filings.

Costs associated with regulatory compliance and legal proceedings, such as rate case filings, are a recurring expense, though the company often seeks recovery through customer rates. You can see the scale of these proceedings by looking at recent filings:

• Idaho Natural Gas General Rate Case settlement filed for an annual increase of $13.0 million (Q3 2025).
• Montana Electric General Rate Case filed requesting an annual increase of $14.1 million (Q3 2025).
• Wyoming Electric General Rate Case filed seeking an annual increase of $7.5 million (Q3 2025).
• Montana Natural Gas General Rate Case settlement approved for an annual increase of $7.3 million (Q3 2025).

Also, a prior period compliance cost recovery for Cascade was approved for $20.6 million over a ten-month period ending March 31, 2025.

Interest expense on total debt of $2,353 million (Q3 2025).

Financing costs are a direct result of the capital-intensive nature of the utility business. As of the third quarter of 2025, MDU Resources Group, Inc.'s total debt stood at $2,353 million. This debt level results in a material interest expense, which was noted as higher in early 2025 reports, partially impacting earnings.

Fuel and purchased power costs for electric generation.

For the electric utility segment, the cost of fuel and purchased power fluctuates and directly impacts both operating revenues and expense, often managed through tracking adjustments. These costs are subject to market volatility, which MDU Resources manages through various mechanisms, such as monthly Fuel & Purchased Power Adjustments in North Dakota and South Dakota, which allow for the recovery of deferred costs.

Finance: draft 13-week cash view by Friday.

MDU Resources Group, Inc. (MDU) - Canvas Business Model: Revenue Streams

You're looking at the core ways MDU Resources Group, Inc. brings in cash, which is heavily weighted toward regulated revenue streams as of late 2025. Honestly, the utility side is the engine for stable cash flow, supported by the pipeline segment's fee-based business.

The regulated utility tariffs and rates for electric and gas distribution are the foundation. Customer growth in the utility segments is a key driver for increasing this revenue base. As of the third quarter of 2025, MDU Resources Group reported a utility customer growth rate of 1.5% compared to the prior year, which is within their targeted annual growth range of 1% to 2%.

Revenue from rate recovery mechanisms approved by state commissions directly impacts the utility earnings. These filings allow MDU Resources Group to earn a return on its capital investments. For example, in Washington, a multi-year rate plan implemented in March 2025 included a year one annual revenue increase of $29.8 million, with a year two increase of $10.8 million scheduled for March 2026. Furthermore, a general rate case settlement in Wyoming was approved for an annual increase of $2.1 million, effective August 1, 2025. The electric utility segment reported net income of $21.5 million for the third quarter of 2025.

The natural gas transportation and storage fees from the pipeline segment provide another critical revenue component. This segment benefits from customer demand for firm transportation contracts and growth projects. The Pipeline segment posted record third quarter 2025 earnings of $16.8 million. One major project, the Bakken East project, secured firm capacity commitments of up to $50 million annually for 10 years. MDU Resources Group operates a natural gas pipeline network exceeding 3,800 miles in the Northern Plains.

Here's a quick look at the segment performance that feeds these revenue streams as of the third quarter ended September 30, 2025:

The overall financial expectation for the year reflects the success of these revenue-generating activities. MDU Resources Group has narrowed its targeted 2025 earnings per share to a range of $0.90 to $0.95.

You can see the direct impact of regulatory activity on potential revenue increases through the various filings:

• Natural Gas Distribution Segment: Idaho settlement filed for an annual increase of $13.0 million.
• Electric Utility Segment: Montana filing requested an annual increase of $14.1 million.
• Washington Utility: Year two rate increase of $10.8 million scheduled for March 2026.
• Total Utility Customers: Over 1.2 million served across the Pacific Northwest and Midwest.

The total revenue for the last twelve months ending September 30, 2025, was reported at $1.88B.