Employee Benefit Plans

12 Months Ended

Dec. 31, 2025

Nonqualified Deferred Compensation Plans

In 2012, MDU Resources established a nonqualified deferred compensation plan (“2012 MDU Resources DCP”) for certain key management employees, including certain employees of the Company. In 2020, the plan was frozen to new participants and no new Company contributions were made to the plan after December 31, 2020. Vesting for participants not fully vested was retained. To replace the 2012 MDU Resources DCP, a new nonqualified deferred compensation plan was adopted in 2020 by MDU Resources (“2020 MDU Resources DCP”), effective January 1, 2021.

In connection with the Separation, the Company adopted its own nonqualified deferred compensation plan (“Everus DCP”), effective October 31, 2024, in which eligible employees of the Company may participate. Previous Company employee liability balances related to the 2020 MDU Resources DCP were transferred to the Company. The original 2012 MDU Resources DCP associated liability balances were assumed by MDU Resources.

Net expenses incurred by the Company under these plans for the years ended December 31, 2025, 2024 and 2023 were $2.9 million, $1.3 million, and $1.6 million, respectively.

Defined Contribution Plans

Prior to the Separation, MDU Resources sponsored a defined contribution plan (“MDU Resources 401(k) plan”) in which the Company participated. As a result of the Separation, the Company now sponsors its own defined contribution plan (“Everus 401(k) plan”), effective September 1, 2024, in which its employees participate and previous Company employee liability balances were transferred from the MDU Resources 401(k) plan to the Company. The costs incurred by the Company under these plans for eligible employees were $8.4 million, $6.2 million and $4.5 million for the years ended December 31, 2025, 2024 and 2023, respectively.

Multiemployer Plans

The Company also contributes to a number of multiemployer pension plans under the terms of collective bargaining agreements that cover its union-represented employees. The risks of participating in these multiemployer plans are different from single-employer plans in the following aspects:

•Assets contributed to the multiemployer plans by one employer may be used to provide benefits to employees of other participating employers.

•If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers.

•If the Company chooses to stop participating in some of its multiemployer plans, the Company may be required to pay those plans an amount based on the underfunded status of the plan, referred to as a withdrawal liability.

Amounts contributed to defined contribution multiemployer plans were $90.9 million, $67.3 million, and $73.3 million for the years ended December 31, 2025, 2024 and 2023, respectively.

Amounts contributed to defined benefit multiemployer plans were $103.9 million, $82.8 million, and $95.4 million for the years ended December 31, 2025, 2024 and 2023, respectively.

The Company also contributes to a number of multiemployer other postretirement plans under the terms of collective bargaining agreements that cover its union-represented employees. These plans provide benefits such as health insurance, disability insurance and life insurance to retired union employees. Many of the multiemployer other postretirement plans are combined with active multiemployer health and welfare plans. The Company’s total contributions to its multiemployer other postretirement plans, which includes contributions to active multiemployer health and welfare plans, were $114.1 million, $91.5 million, and $86.6 million for the years ended December 31, 2025, 2024 and 2023, respectively.

As of December 31, 2025 and 2024, approximately 85% and 83% of the Company’s total workforce was covered by collective bargaining agreements, respectively. As of December 31, 2025, approximately 21% of the collective bargaining agreements are set to expire within one year.

The Company’s participation in the defined benefit multiemployer plans is outlined in the following table. Unless otherwise noted, the most recent Pension Protection Act zone status available in 2025 and 2024 is for the plan’s year-end as of

December 31, 2025 and 2024. The zone status is based on information that the Company received from the plan and is certified by the plan’s actuary.

Among other factors, plans in the red zone generally are less than 65 percent funded, plans in the yellow zone are between 65 percent and 80 percent funded, and plans in the green zone are at least 80 percent funded.


Pension Fund	EIN/ Pension Plan Number	Pension Protection Act Zone Status		FIP/RP Status Pending/ Implemented	Contributions						Surcharge Imposed	Expiration Date of Collective Bargaining Agreement
		2025	2024		2025		2024		2023
NEBF - National Electrical Benefit Fund	53-0181657-001	Green	Green	No	$	25,279	$	18,233	$	19,040	No	8/25/2024-1/31/2029
Edison Pension Plan	93-6061681-001	Green	Green	No	17,440		23,310		16,957		No	12/31/2026

IBEW Local 683 Pension Fund Pension Plan	34-1442087-001	Green	Green	No	12,387		6,650		3,986		No	5/30/2027
IBEW Local 357 Pension Plan A	88-6023284-001	Green	Green	No	8,919		4,376		18,936		No	5/31/2027
Pension and Retirement Plan of Plumbers and Pipefitters Local 525	88-6003864-001	Green as of 6/30/2024	Green as of 6/30/2022	No	5,561		3,788		8,020		No	9/30/2024
IBEW Local 640 & AZ Chapter NECA Defined Benefit Pension Plan	86-0323980-001	Green	Green	No	4,627		1,528		1,044		No	6/30/2027
IBEW Local 124 Pension Trust Fund	43-0817626-001	Green	Green	No	3,111		2,300		2,294		No	8/25/2024
IBEW Local 82 Pension Plan	31-6127268-001	Green as of 6/30/2024	Green as of 6/30/2023	No	2,919		2,518		2,149		No	12/6/2026

Eighth District Electrical Pension Fund	84-6100393-001	Green	Green	No	2,772		2,397		2,078		No	2/28/2015-12/31/2027
Electrical Workers Local No. 26 Pension Trust Fund	52-6117919-001	Green	Green	No	2,729		2,316		1,994		No	5/31/2027
Sheet Metal Workers Pension Plan of Southern CA, AZ, and NV	95-6052257-001	Green	Green	No	2,361		2,189		3,631		No	6/30/2028
Other Funds					15,809		13,181		15,229		No
Total Contributions					$	103,914	$	82,786	$	95,358

The Company was listed in the plans’ Forms 5500 as providing more than 5 percent of the total contributions for the following plans and plan years:


Pension Fund						Year Contributions to Plan Exceeded More Than 5 Percent of Total Contributions (as of December 31 of the Plan’s Year-End)
DB Pension Plan of AGC-IUOE Local 701 Pension Trust Fund						2024 and 2023
Edison Pension Plan						2024 and 2023

Electrical Workers Local No. 26 Pension Fund						2024 and 2023
IBEW Local 82 Pension Plan						2025 and 2024
IBEW Local 124 Pension Trust Fund						2024 and 2023
IBEW Local 212 Pension Trust Fund						2025 and 2024
IBEW Local 357 Pension Plan A						2024 and 2023
IBEW Local 648 Pension Plan						2024 and 2023
IBEW Local 683 Pension Fund Pension Plan						2024 and 2023
National Electrical Benefit Fund						2024 and 2023
Pension and Retirement Plan of Plumbers and Pipefitters Local 525						2025 and 2024
Sheet Metal Workers Pension Plan of Southern, CA AZ and NV						2024 and 2023
Western States Insulators and Allied Workers’ Pension Plan						2024 and 2023

Certain contributions from 2025 were excluded from the table above, since those plans’ Forms 5500 were not available for the fiscal year 2025 at the time of filing the 2025 Annual Report.