Slides
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February 5, 2026 Year-End Earnings Call
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MDU | Year-End Earnings Call | Feb. 5, 2026 Legal Disclaimer Cautionary Note Regarding Forward- Looking Statements This presentation contains forward-looking statements within the meaning of the federal securities laws. Other than statements of historical facts, all statements which address activities, events, or developments that the company anticipates will or may occur in the future are based on underlying assumptions (many of which are based, in turn, upon further assumptions), including but not limited to, statements identified by the words “anticipates,” “estimates,” “expects,” “intends,” “plans,” and “predicts” in each case related to such things as growth estimates, stockholder value creation, the company's "CORE" strategy, capital expenditures, financial guidance, trends, objectives, goals, strategies, earnings per share growth targets, dividend payout ratio targets, customer rates, regulatory approvals, sustainability, and other such matters, each of which is a forward-looking statement. These forward-looking statements are based on many assumptions and factors, which are detailed in the company's filings with the U.S. Securities and Exchange Commission. While made in good faith, these forward-looking statements are based largely on the company's expectations and judgments and are subject to a number of risks and uncertainties, many of which are unforeseeable and beyond the company's control. For additional discussion regarding risks and uncertainties that may affect forward-looking statements, see "Risk Factors" disclosed in the company's most recent Annual Report on Form 10-K, and subsequent filings. Any changes in such assumptions or factors could produce significantly different results. Undue reliance should not be placed on forward-looking statements, which speak only as of the date they are made. Except as required by applicable law, the company undertakes no obligation to update the forward-looking statements, whether as a result of new information, future events, or otherwise. 2 Company Information MDU Resources Group, Inc. P. O. Box 5650 Bismarck, ND 58506-5650 www.mdu.c om NYSE: MDU Investor Contact Brent Miller,Treasurer 701-530-1730 brent.miller@mduresources.com or investor@mduresources.com
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Company Outlook
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VISION MISSION VALUES Energizing Lives for a Better Tomorrow With integrity, deliver value as a leading energy provider and employer of choice Integrity, Safety, Respect, Excellence, Stewardship 4 Our Foundation 4MDU | Year-End Earnings Call | Feb. 5, 2026
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Compelling Investment Opportunity 5 Pure-play regulated energy delivery business Focusing on our “CORE” Extensive operational diversification Supportive regulatory environment Experienced management team with proven track record 6%-8% long-term EPS growth rate 60%-70% annual dividend payout ratio target 5MDU | Year-End Earnings Call | Feb. 5, 2026
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$158 $309 $250 $184 $210 $342 $295 $240 $254 $223 $60 $70 $181 $282 $50 $560 $674 $671 $720 $483 $- $100 $200 $300 $400 $500 $600 $700 $800 2026 2027 2028 2029 2030 History of Growth Capital Investment (2026-2030)1 Dollars in Millions 6 Electric Natural Gas Pipeline 1 Excludes “Other” category 2 The company completed the final $264.6 million payment for a 49% ownership interest in Badger Wind Farm, which was acquired and placed in service on Dec. 31, 2025. This amount was previously included in 2026 estimates. 2 MDU | Year-End Earnings Call | Feb. 5, 2026 Capital Investment Plan $3.1 Billion In Planned Capital Investments 2
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Electric and Natural Gas Outlook Safely meet customer demand by upgrading and expanding infrastructure and facilities Customer base expected to continue growing by 1%-2% annually Focused on timely regulatory recovery 580 MW of data center load under signed electric service agreements 7MDU | Year-End Earnings Call | Feb. 5, 2026
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8 Regulatory Update Segment State Filing Date Annual Revenue Increase (%)* Annual Revenue Increase (in millions)* ROE Status General Rate Cases Pending Electric Wyoming June 30, 2025 18.6% $5.8M 9.7% Settlement agreement filed Jan. 23, 2026 Final rates requested to be effective Apr. 1, 2026 Electric Montana Sept. 30, 2025 20.2% $14.1M 10.8% Pending Natural Gas Distribution Oregon Nov. 25, 2025 15.8% $16.4M 10.4% Pending General Rate Cases Finalized Natural Gas Distribution Washington March 29, 2024 7.9% 2.6% $29.8M $10.8M 9.5% Approved Feb. 24, 2025 Final rates effective March 5, 2025 $3.7M revenue reduction effective June 1, 2025 Final rates effective March 1, 2026, subject to provisional plant review Natural Gas Distribution Idaho May 30, 2025 4.2% $13.0M 9.5% Approved Final rates effective Jan. 1, 2026 Natural Gas Distribution Montana July 15, 2024 8.6% $7.3M 9.6% Approved Final rates effective Nov. 1, 2025 Natural Gas Distribution Wyoming Oct. 31, 2024 11.7% $2.1M 9.65% Approved Final rates effective Aug. 1, 2025 MDU | Year-End Earnings Call | Feb. 5, 2026 Other Regulatory Activity Electric North Dakota Filed an updated Renewable Resource Cost Adjustment (RRCA) on Oct. 31, 2025, including recovery of Badger Wind Farm, and the North Dakota Public Service Commission approved the RRCA on Jan. 26, 2026. Electric South Dakota Filed an out-of-period update to the Infrastructure Rider on Oct. 31, 2025, reflecting inclusion of recovery for Badger Wind Far m. * Annual revenue increase and percent increase for general rate cases pending and general rate cases finalized, reflects the final approved amount or the amount reflected in the most recent settlement agreement, if applicable.
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• Minimal capital investment • ROE accretive • Beneficial to all parties • Data center purchasing energy from market • Reduces transmission charge to existing customers • Allows previously stranded power to reach market • 580 MW of data center load under signed electric service agreements • 180 MW online since May of 2023 • 100 MW currently ramping online • Additional 150 MW expected online later this year • Remaining 150 MW expected online in 2027 • Continue conversations on other potential data center projects 9 Approach on Data Centers MDU | Year-End Earnings Call | Feb. 5, 2026
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10 Badger Wind Farm 49% undivided ownership interest, acquired and placed in service on December 31, 2025 Ownership interest represents 122.5 MW of the project’s 250 MW total capacity (27.5 MW to remain under PPA) 39% 26% 35% MDU’s Nameplate Generation Mix: 29%31%40% Renewables Coal Gas Prior to Badger Wind 29% 31% 40% Current 10MDU | Year-End Earnings Call | Feb. 5, 2026
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Pipeline Outlook Line Section 32 Expansion Project: This project will provide natural gas transportation service to a new electric facility in northwest North Dakota, with a FERC filing anticipated in March 2026 and construction scheduled for completion by late 2028 Minot Industrial Project: This proposed project could consist of an approximately 90- mile pipeline from Tioga, North Dakota to Minot, North Dakota and ancillary facilities to support anticipated industrial demand in the area, with development support secured through the second quarter of 2026 Bakken East Pipeline Project: The FERC pre-filing request was submitted Dec. 23, 2025 for the proposed pipeline project from the Bakken region in western North Dakota to eastern North Dakota, with a binding open season that launched Feb. 2, 2026 and will close March 13, 2026 11MDU | Year-End Earnings Call | Feb. 5, 2026
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MDU | Year-End Earnings Call | Feb. 5, 2026 12 Bakken East - Next Steps Binding open season began Feb. 2, 2026 and will close March 13, 2026 Final investment decision Negotiate contracts with parties that request firm transportation capacity in the open season Finalize project design Determine committed interest File with FERC
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Initiating 2026 Guidance 13 Based on the following assumptions for the remainder of the year: Normal weather, economic and operating conditions Continued growth in utility customers at 1%-2% annually Successful execution of approved capital investment and rate recovery plans Earnings per share in the range of $0.93 to $1.00 MDU | Year-End Earnings Call | Feb. 5, 2026
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Financial Results
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$1.37 $0.88 $0.93 $0.93 EPS EPS (Cont. Ops.) EPS1 2024 2025 2025 Earnings MDU Resources Group, Inc. Earnings in millions $281.1 $181.1 $190.4 $191.4 Earnings Earnings (Cont. Ops.) Earnings1 2024 2025 1 On Oct. 31, 2024, MDU Resources successfully completed the spinoff of Everus, which became an independent, publicly-traded company. Prior period results have been restated to reflect the spinoff. Everus' historical results of operations and certain costs associated with the spinoff are reported as discontinued operations. 15MDU | Year-End Earnings Call | Feb. 5, 2026
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Electric Utility Earnings of $64.9 million Higher operation and maintenance expense Benefited from retail sales revenue and volumes, including contributions from data centers $74.8 $64.9 $- $20 $40 $60 $80 2024 2025 Earnings (in millions) 16 2025 Earnings Earnings declined due primarily to higher operation and maintenance expense MDU | Year-End Earnings Call | Feb. 5, 2026
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Natural Gas Utility Earnings of $56.1 million Rate relief in Washington, Montana, South Dakota and Wyoming Total retail customers grew 1.6% year-over-year Partially offset by higher operation and maintenance expense $46.9 $56.1 $- $20 $40 $60 2024 2025 Earnings (in millions) 17 2025 Earnings Earnings increased primarily due to rate relief MDU | Year-End Earnings Call | Feb. 5, 2026
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Record earnings of $68.2 million Higher transportation revenue, mainly from expansion projects and increased demand for short-term firm capacity contracts Higher operation and maintenance expense Absence of 2024 benefits from proceeds received in customer settlement and an adjustment due to effective state income tax change $68.0 $68.2 $- $20 $40 $60 $80 2024 2025 Earnings (in millions) 18 Pipeline 2025 Earnings Expansion projects continue to drive earnings, largely offset by higher operation and maintenance expense and the absence of one-time benefits in 2024 MDU | Year-End Earnings Call | Feb. 5, 2026
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Earnings of $1.2 million Absence of the income from discontinued operations in 2025 Partially offset by lower operation and maintenance expense 19 Other 2025 Earnings MDU | Year-End Earnings Call | Feb. 5, 2026 $91.4 $(8.6) $1.2 $2.2 $(20) $- $20 $40 $60 $80 $100 Earnings Earnings (Cont. Ops.) Earnings1 (in millions) 2024 2025 1 On Oct. 31, 2024, MDU Resources successfully completed the spinoff of Everus, which became an independent, publicly-traded company. Prior period results have been restated to reflect the spinoff. Everus' historical results of operations and certain costs associated with the spinoff are reported as discontinued operations. Other includes activity for Everus for ten months in 2024, as well as corporate overhead costs paid by Everus for the respective period which were allocated to the Company's remaining segments in 2025.
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Equity & Funding Plan 20MDU | Year-End Earnings Call | Feb. 5, 2026 • On December 5, 2025, the company completed a follow-on public offering of 10,152,284 shares of common stock at $19.70 per share • On December 23, 2025, underwriters exercised an option to buy 1,522,842 additional shares of common stock • Forward sale agreements entered into in connection with the offering allow discretion in settling the agreements on one or more settlement dates prior to December 6, 2027 • The company had previously stated that it expects to issue between $150 million to $175 million of equity in 2026, and between $100 million to $125 million in 2027, to support near- term capital expenditures for growth • The 11,675,126 shares of common stock in the forward sale agreements is expected to meet a substantial portion of these stated equity issuance needs. • The company will assess equity issuance needs beyond 2027 in future periods as its long-term investment plans are updated.