MDU Q2 2026 Earnings Presentation

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MDU RESOURCES GROUP , INC . Q2 2026 Earnings Call August 6 , 2026 MDU LISTED NYSE

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MDU | Q2 2026 Earnings Call | August 6, 2026 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 forward-looking statements 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, dividend payout ratio targets, earnings per share growth targets, customer rates, regulatory approvals, sustainability, strategies and other such matters. 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 Legal Disclaimer

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3MDU | Q2 2026 Earnings Call | August 6, 2026 Quarterly Performance  Net income of $21.3 million vs $13.7 million in 2025  EPS of $0.10 vs. $0.07 in 2025  New rates and recent infrastructure and expansion investments drive earnings Potential Bakken East Project*  Participating parties under signed precedent agreements totaling 1.2 Bcf/day  Executed agreements with all customers that submitted binding open season interest, with a negotiated option in place that may increase the contracted volumes to nearly all of the original interest from our binding open season  Projected total capital investment of ~$2.7 billion - $3.2 billion Regulatory  North Dakota electric rate case filed, with interim rates requested beginning Sept. 1, 2026  Washington multi-year natural gas rate case filed  Oregon multi-party settlement agreement filed Jul. 31, 2026  FERC rate case filed at the pipeline, with rates in effect Dec. 1, 2026 Outlook  Reaffirmed 2026 EPS guidance range of $0.93-$1.00  Long-term EPS growth rate target of 6%-8%  $3.1 billion 5-year capital investment plan *The company has not reached a final investment decision on the potential Bakken East Pipeline Project; All estimates are bas ed on current assumptions and subject to change. Key Highlights 3

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4  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 target 4MDU | Q2 2026 Earnings Call | August 6, 2026 Compelling Investment Opportunity

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$129 $309 $250 $184 $210 $340 $295 $240 $254 $223 $60 $70 $181 $282 $50 $529 $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 Electric Natural Gas Pipeline 1 Presented on a net basis 2 $3.1 Billion In Planned Capital Investments MDU | Q2 2026 Earnings Call | August 6, 2026 Capital Investment Plan 5

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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  Over 1 GW of data center load under signed electric service agreements  Approximately $2.4 Billion of capital investment through 2030 6MDU | Q2 2026 Earnings Call | August 6, 2026

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Segment State Filing Date Annual Revenue Increase (%)1 Annual Revenue Increase (in millions)1 ROE1 Status General Rate Cases Pending Electric Montana Sept. 30, 2025 15.0% $10.0 9.65% Pending All-party settlement agreement filed ($10.0M/9.65% ROE) June 5, 2026 Interim rates increase of $10.4M or 16.2% effective April 1, 2026 Natural Gas Distribution Oregon Nov. 25, 2025 11.8% $12.2 9.50% Multi-party settlement agreement filed July 31, 2026 Requested rates to be effective October 31, 2026 Natural Gas Distribution Washington May 29, 2026 Rate Year 1 4.9% Rate Year 2 3.4% Rate Year 1 $25.1 Rate Year 2 $18.1 10.50% Pending Pipeline FERC May 29, 2026 13.5% $31.0 14.59% Pending Approximately 30% of the requested revenue increase is due to proposed new depreciation and amortization rates Electric North Dakota June 30, 2026 14.5% $34.5 10.80% Pending Interim rates of approximately $26.3M have been requested beginning September 1, 2026 General Rate Cases Finalized Natural Gas Distribution Washington March 29, 2024 Rate Year 1 7.9% Rate Year 2 2.6% Rate Year 1 $29.8 Rate Year 2 $10.8 9.50% Approved February 24, 2025 Final rates effective March 5, 2025 $3.7M revenue reduction effective June 1, 2025 2 Final rates effective March 1, 2026 Filed $2.1M revenue reduction effective June 1, 2026 2 Electric Wyoming June 30, 2025 18.6% $5.8 9.70% Approved Final rates effective April 1, 2026 Planned 2026 Rate Cases - Natural Gas Distribution – Minnesota 7 Regulatory Update 1Annual revenue increase, percent increase, and ROE 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. 2Reflects a reduction to revenues resulting from a provisional plant review. The adjustment applies retrospectively to the original rate effective date. As a result, the Company is required to refund customers for amounts over collected during the retroactive period. MDU | Q2 2026 Earnings Call | August 6, 2026

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8 Approach on Data Centers  Minimal capital investment to date  ROE accretive  Over 1 GW of data center load under signed electric service agreements  Ellendale, ND – 530 MW  240 MW online  Additional volume increasing as new buildings are completed  Center, ND – 430 MW*  Expected online in 2027  Leola, SD – 50 MW*  Expected online in 2028  Continue conversations on other potential data center projects MDU | Q2 2026 Earnings Call | August 6, 2026 *Subject to commission approval.

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Line Section 32  190 MMcf/day total expansion with expected late 2028 in- service date  FERC section 7(c) application filed March 2026  ~$70 million projected capital investment Minot Industrial  Approximately 90-mile pipeline from Tioga, ND to Minot, ND to support anticipated industrial demand  Agreement in place through late 2026 to provide cost recovery protections during development phase MDU | Q2 2026 Earnings Call | August 6, 2026 Pipeline Outlook 9

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Project continues to advance  ~1.2 Bcf/day of executed precedent agreements  Negotiated option in place that may increase contracted volumes to nearly all of the original interest from binding open season  Current assumptions  Project design of 1.4 Bcf/day  ~$2.7 billion - $3.2 billion total capital investment  3 new compression stations and additional compression at 3 existing compressor stations  Next Steps  Final Investment Decision  Expected ahead of 7(c) filing in Q4 2026  Evaluate financing options MDU | Q2 2026 Earnings Call | August 6, 2026 Pipeline Outlook – Bakken East* 10 *The company has not reached a final investment decision on the potential Bakken East Pipeline Project; All estimates are bas ed on current assumptions and subject to change.

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Reaffirmed 2026 Guidance 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  Continued execution of debt and equity financing plans Earnings per share in the range of $0.93 to $1.00 MDU | Q2 2026 Earnings Call | August 6, 2026 11

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Financial Results

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2026 Q2 Earnings MDU Resources Group, Inc. Earnings in millions MDU | Q2 2026 Earnings Call | August 6, 2026 Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 Net income (loss) by segment Electric $ 14.7 $ 10.4 $ 29.2 $ 25.4 Natural gas distribution (3.9) (7.4) 40.3 37.3 Pipeline 14.4 15.4 29.7 32.6 Other (3.9) (4.7) 2.9 .4 Consolidated Net Income $ 21.3 $ 13.7 $ 102.1 $ 95.7 Average diluted shares outstanding 211.7 205.2 209.3 205.1 Earnings per share $ .10 $ .07 $ .49 $ .47 13

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Electric Utility  Earnings of $14.7 million  Badger Wind Farm contributed $3.3 million in earnings for the quarter  Montana interim rates and Wyoming electric rates contributed positively to results  Retail sales volumes increased 8.2% $10.4 $14.7 2025 2026 Earnings (in millions) 2026 Q2 Earnings Strong earnings growth driven by Badger Wind recovery, implementation of new and interim rates and increased volumes MDU | Q2 2026 Earnings Call | August 6, 2026 14

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Natural Gas Utility  Seasonal loss of $3.9 million  Positive contributions from new rates in Idaho, Washington, Montana, and Wyoming  Retail sales volumes increased 6.7%  Continued customer growth of 1.6% year-over- year  Increased interest expense due to higher long- term debt balances 2026 Q2 Earnings New rates and higher retail sales volumes support year-over-year results, offset by interest expense increases MDU | Q2 2026 Earnings Call | August 6, 2026 15 -$7.4 -$3.9 2025 2026 Earnings (in millions)

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 Earnings of $14.4 million  Lower other income  Higher depreciation expense  Partially offset by continued customer demand for short-term transportation contracts and contributions from previously constructed growth projects $15.4 $14.4 2025 2026 Earnings (in millions) Pipeline 2026 Q2 Earnings Results were driven by lower other income and higher depreciation expense MDU | Q2 2026 Earnings Call | August 6, 2026 16

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46.8% debt-to-total capitalization ratio as of June 30, 2026 60% equity layer for FERC-regulated pipeline Equity layer ~50% for utility jurisdictions Target strong investment grade credit ratings profile to support growth1 Manageable debt maturities and new issuances through current forecast Current Credit Ratings1 MDU Resources Montana- Dakota Utilities Cascade Natural Gas CEHI, LLC WBI Transmission S&P BBB BBB+ BBB BBB Not Rated Fitch Ratings BBB+ BBB+ BBB BBB+ Not Rated Moody’s Baa2 Baa1 Baa2 Not Rated Baa2 Strong Balance Sheet 1 A securities rating is not a recommendation to buy, sell or hold securities, and it may be revised or withdrawn at any time by the applicable rating agency. MDU | Q2 2026 Earnings Call | August 6, 2026 17

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Appendix

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19 Electric Jurisdictions Supportive Utility Jurisdictions and Favorable Recovery Mechanisms Jurisdiction Montana North Dakota South Dakota Wyoming Rate Base ($mm)1 $343 $1,112 $86 $106 Allowed ROE 9.65% 9.75% 2 9.7% Rate Case Filing (year) 20253 20263 2023 2025 Regulatory Mechanisms Fuel Clause Adjustment     Transmission Rider   Infrastructure/Renewable Rider   Generation Rider  Property Tax Tracker  Interim Rate Relief   4 Forward Year / Forecasted Test Period     Earnings Sharing  1As of June 30, 2026, including CWIP; 2 Global Settlement - no publicly stated ROE; 3 Pending rate case; 4 If rate case isn’t completed in 6 months full rate request goes into effect on an interim basis MDU | Q2 2026 Earnings Call | August 6, 2026 19

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Gas Jurisdictions Jurisdiction Minnesota Montana North Dakota South Dakota Wyoming Idaho Washington Oregon Rate Base ($mm)1 $57 $148 $282 $96 $37 $601 $792 $221 Allowed ROE 9.53% 9.60% 9.90% 2 9.65% 9.50% 9.50% 9.40% Rate Case Filing (year) 2019 2024 2023 2023 2024 2025 20263 20253 Regulatory Mechanisms Purchased Gas Adjustment         Full Decoupling   Weather Normalization     Pipeline Replacement / Integrity Tracker  Property Tax Tracker  Earnings Sharing   Interim Rate Relief    4 Multi-Year Rate Plan  Forward Year / Forecasted Test Period         Supportive Utility Jurisdictions and Favorable Recovery Mechanisms 1As of June 30, 2026, including CWIP; 2Global Settlement - no publicly stated ROE; 3Pending Rate case; 4If rate case isn’t completed in 6 months full rate request goes into effect on an interim basis MDU | Q2 2026 Earnings Call | August 6, 2026 20

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Customer Bill Credits 21 *Fuel, power and transmission costs include the cost of resources to produce electricity, the cost to produce electricity and the cost to move electricity across the grid. MDU | Q2 2026 Earnings Call | August 6, 2026

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Customer Savings by State 22 Savings vary by year based on usage, rates and regulatory mechanisms in each state. Unless otherwise noted, all figures reflect regulator-approved rate structures. Examples shown are averages; individual bills may vary. MDU | Q2 2026 Earnings Call | August 6, 2026

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Affordability - MDU Electric Bill vs. Other Household Expenses 23 MDU | Q2 2026 Earnings Call | August 6, 2026

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