MDU Resources Group, Inc. (MDU) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Ladies and gentlemen, thank you for joining us, and welcome to the MDU Resources Group, Inc. year-end 2025 earnings call. After today's prepared remarks, we will host a question-and-answer session. If you would like to ask a question, please raise your hand. If you have dialed in to today's call, please press star 9 to raise your hand and star 6 to unmute. I will now hand the conference over to Brent Miller, Treasurer. Brent, please go ahead. Thank you, Kevin, and welcome everyone to the MDU Resources Group year-end 2025 earnings conference call. You can find our earnings release and supplemental materials for this call on our website at mdu.com under the Investors heading. Leading today's call are Nicole Cavisto, President and Chief Executive Officer, and Jason Vollmer, Chief Financial Officer of MDU Resources Group. During today's call, we will make certain forward-looking statements within the meaning of the federal securities laws. For more information about the risks and uncertainties that could cause our actual results to vary from any forward-looking statements, please refer to our most recent SEC filings. I will now turn the call over to Nicole for her remarks. Nicole? Thank you, Brent, and thank you, everyone, for joining us today and for your continued interest in MD resources. 2025 was our first full year as a pure play regulated energy delivery business, and I am extremely proud of our team's performance. This morning, we reported 2025 earnings of $190.4 million, or 93 cents per share, which was in the middle of our earnings per share guidance range. In 2025, we deployed $792 million of capital, advancing key projects, we made meaningful progress on the regulatory front, and delivered record results at our pipeline business. In addition, our utility exper...