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November 5, 2026 Q3 2026 Earnings Call
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MDU | Q3 2026 Earnings Call | November 5, 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. Non-GAAP Financial Measures The company, in addition to presenting its earnings in conformity with GAAP, has provided non-GAAP financial measures of adjusted net income and adjusted earnings per share. The company defines adjusted net income as income to the company before any impacts from the decision to discontinue development of the Knott Landfill renewable natural gas project and Bakken East Pipeline advisory costs that did not qualify for capitalization and adjusted earnings per share as earnings per share before any impacts from the decision to discontinue development of the Knott Landfill renewable natural gas project and Bakken East Pipeline advisory costs that did not qualify for capitalization. The company believes these non-GAAP financial measures provide meaningful information to investors about the costs associated with the company's decision to discontinue development of the Knott Landfill renewable natural gas project and Bakken East Pipeline advisory costs that did not qualify for capitalization. The company's management uses the non- GAAP financial measures in conjunction with GAAP results when evaluating the company's operating results. Non-GAAP financial measures are not standardized; therefore, it may not be possible to compare such financial measures with other companies’ non-GAAP financial measures having the same or similar names. The presentation of this additional information is not meant to be considered a substitution for financial measures prepared in accordance with GAAP. The company strongly encourages investors to review the consolidated financial statements in their entirety and to not rely on any single financial measure. 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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3 Quarterly Performance Net income of $14.0 million vs $18.4 million in 2025 EPS of $0.07 vs $0.09 in 2025 Adjusted net income and adjusted EPS of $16.6 million and $0.08, respectively Bakken East Project Positive Final Investment Decision reached on Sept. 30, 2026 Designed with an initial capacity of 1.4 Bcf/day, with flexibility for future growth Pipeline design to include segments of 42-inch, 36-inch, and 30-inch pipe Narrowed projected total capital investment to ~$2.8 billion - $3.1 billion Actively evaluating financing structures, including potential partnerships Regulatory North Dakota electric interim rates effective Sept. 1, 2026, subject to refund Minnesota rate case filed Oct. 30, 2026 Oregon rate case settlement approved, new rates effective Oct. 31, 2026 New FERC rates at pipeline effective Dec. 1, 2026, subject to refund Outlook Reaffirmed 2026 EPS guidance range of $0.93-$1.00 Long-term EPS growth rate target of 6%-8% Note: All estimates are based on current assumptions and subject to change. Key Highlights 3MDU | Q3 2026 Earnings Call | November 5, 2026
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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 4 Compelling Investment Opportunity MDU | Q3 2026 Earnings Call | November 5, 2026
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6 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 MDU | Q3 2026 Earnings Call | November 5, 2026
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6 Regulatory – Pending Rate Cases 1 Reflects the final approved amount or the amount reflected in the most recent settlement agreement, if applicable.; 2 Settlement - subject to commission approval MDU | Q3 2026 Earnings Call | November 5, 2026 Jurisdiction Filing Date Annual Revenue Increase (%)1 Annual Revenue Increase (in millions)1 ROE1 Status MT Electric Sept. 30, 2025 15.0% $10.0 9.65%2 All-party settlement agreement filed Jun. 5, 2026 Interim rates increase of $10.4M or 16.2% effective Apr. 1, 2026 WA Natural Gas 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 FERC Pipeline May 29, 2026 13.5% $31.0 14.59% Approximately 30% of the requested revenue increase is due to proposed new depreciation and amortization rates ND Electric Jun. 30, 2026 14.5% $34.5 10.80% Interim rates of approximately $26.3M have been approved beginning Sept. 1, 2026 MN Natural Gas. Oct. 30, 2026 12.7% $4.5 10.80% Interim rate increase of approximately $3.9M has been filed, requesting rates to be implemented Jan. 1, 2027.
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7 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 280 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 *Subject to commission approval. MDU | Q3 2026 Earnings Call | November 5, 2026
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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 December 2026 to provide cost recovery protections during development phase Pipeline Outlook 8MDU | Q3 2026 Earnings Call | November 5, 2026
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Bakken East Pipeline 9 Note: All estimates are based on current assumptions and subject to change. MDU | Q3 2026 Earnings Call | November 5, 2026 • Positive Final Investment Decision reached • Design of 1.4 Bcf/day with flexibility for growth • Segments of 42-inch, 36-inch, and 30-inch pipe • 4 new compressor stations • Upgrades at 2 existing compressor stations • ~ $2.8 billion – $3.1 billion total capital investment 1 February ’26 Binding open season launched FERC accepts WBI’s pre-filing request 2 March ’26 Binding open season concludes with ~1.4 Bcf/d of total interest submitted 3 August ’26 1.2 Bcf/d is signed under precedent agreements, with options to reach nearly 100% of original interest 4 September ’26 Positive Final Investment Decision reached 7 Late 2029 Anticipated Phase 1 in-service 6 2028 Anticipated construction start 5 Q4 ’26 Anticipated formal FERC Section 7(c) application filing 8 Late 2030 Anticipated Phase 2 in-service
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6 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 Earnings per share in the range of $0.93 to $1.00 MDU | Q3 2026 Earnings Call | November 5, 2026
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Financial Results
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2026 Q3 Earnings MDU Resources Group, Inc. Earnings in millions MDU | Q3 2026 Earnings Call | November 5, 2026 Three Months Ended Nine Months Ended September 30, September 30, 2026 2025 2026 2025 Net income (loss) by segment Electric $ 26.5 $ 21.5 $ 55.7 $ 46.9 Natural gas distribution (20.7) (18.2) 19.6 19.1 Pipeline 13.1 16.8 42.8 49.4 Other (4.9) (1.7) (2.0) (1.3) Consolidated Net Income $ 14.0 $ 18.4 $ 116.1 $ 114.1 Average diluted shares outstanding 212.7 205.3 210.5 205.2 Earnings per share $ .07 $ .09 $ .55 $ .56 12 Adjusted Net Income1,2 $ 16.6 $ 18.4 $ 119.4 $ 114.1 Adjusted EPS1,2 $ .08 $ .09 $ .57 $ .56 1 Adjustment includes a loss on the company’s decision to discontinue development of the Knott Landfill renewable natural gas project of $2.7 million, net of tax of $0.6 million 2 Adjustment includes non-capitalized advisory costs associated with the Bakken East Pipeline Project. Costs were $0.7 million, net of tax of $0.2 million and $1.6 million, net of tax of $0.4 million for the three nine months ended September 30, 2026, respectively.
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Electric Utility Earnings of $26.5 million New rates approved in ND, MT and WY contributed $7.1 million in revenue Badger Wind Farm contributed $3.2 million in earnings for the quarter Retail sales volumes increased 9.3% $26.5 $21.5 2026 2025 GAAP Earnings (in millions) 2026 Q3 Earnings Implementation of new and interim rates, Badger Wind Farm recovery and increased volumes drove earnings increase 13MDU | Q3 2026 Earnings Call | November 5, 2026
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Natural Gas Utility Seasonal net loss of $20.7 million New rates contributed $6.5 million in additional revenue Retail sales volumes increased 7.1% Increased operating and maintenance expense After-tax loss of $2.1 million related to Knott Landfill Customer growth of 1.5% year over year 2026 Q3 Earnings New rates and higher retail sales volumes more than offset by higher operation and maintenance 14 -$20.7 -$18.2 2026 2025 GAAP Earnings (in millions) MDU | Q3 2026 Earnings Call | November 5, 2026
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Earnings of $13.1 million Higher demand for short-term contracts Increased demand revenue associated with the Minot Expansion and Line Section 32 Expansion More than offset by higher O&M, Bakken East advisory costs, and lower storage-related activity $13.1 $16.8 2026 2025 GAAP Earnings (in millions) Pipeline 2026 Q3 Earnings Higher operating and development-related costs impact third-quarter earnings 15MDU | Q3 2026 Earnings Call | November 5, 2026
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46.6% debt-to-total capitalization ratio as of September 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 expected 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. 16MDU | Q3 2026 Earnings Call | November 5, 2026
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Appendix
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2026 Q3 Reconciliation of GAAP to Non-GAAP MDU Resources Group, Inc. Three Months Ended Nine Months Ended September 30, September 30, 2026 2025 2026 2025 (In millions, except per share amounts) Net income $ 14.0 $ 18.4 $ 116.1 $ 114.1 Adjustments: Loss on Knott Landfill project, net of tax1 2.1 -- 2.1 -- Bakken East Pipeline advisory costs, net of tax2 0.5 -- 1.2 -- Adjusted Net Income $ 16.6 $ 18.4 $ 119.4 $ 114.1 Earnings per share reconciliation – diluted Earnings per share $ .07 $ .09 $ .55 $ .56 Adjustments: Loss per share on Knott Landfill project 1 .01 -- .01 -- Bakken East Pipeline advisory costs 2 -- -- .01 -- Adjusted earnings per share $ .08 $ .09 $ .57 $ .56 18MDU | Q3 2026 Earnings Call | November 5, 2026 1 Adjustment includes a loss on the company’s decision to discontinue development of the Knott Landfill renewable natural gas project of $2.7 million, net of tax of $0.6 million 2 Adjustment includes non-capitalized advisory costs associated with the Bakken East Pipeline Project. Costs were $0.7 million, net of tax of $0.2 million and $1.6 million, net of tax of $0.4 million for the three nine months ended September 30, 2026, respectively.
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19 Electric Jurisdictions Supportive Utility Jurisdictions and Favorable Recovery Mechanisms Jurisdiction Montana North Dakota South Dakota Wyoming Rate Base ($mm)1,2 $343 $1,105 $87 $105 Authorized ROE 9.65%3 9.75% 5 9.70% Rate Case Filing (year) 20254 20264 2023 2025 Regulatory Mechanisms Fuel Clause Adjustment Transmission Rider Infrastructure/Renewable Rider Generation Rider Property Tax Tracker Interim Rate Relief 6 Forward Year / Forecasted Test Period Earnings Sharing 19 1As of September 30, 2026; 2 Includes CWIP; 3 Settlement – subject to commission approval; 4 Pending rate case; 5 Global Settlement - no publicly stated ROE; 6 If rate case isn’t completed in 6 months full rate request goes into effect on an interim basis MDU | Q3 2026 Earnings Call | November 5, 2026
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Gas Jurisdictions Jurisdiction Minnesota Montana North Dakota South Dakota Wyoming Idaho Washington Oregon Rate Base ($mm)1,2 $57 $161 $294 $100 $39 $617 $785 $242 Authorized ROE 9.53% 9.60% 9.90% 3 9.65% 9.50% 9.50% 9.50% Rate Case Filing (year) 20264 2024 2023 2023 2024 2025 20264 2025 Regulatory Mechanisms Purchased Gas Adjustment Full Decoupling Weather Normalization Pipeline Replacement / Integrity Tracker Property Tax Tracker Earnings Sharing Interim Rate Relief 5 Multi-Year Rate Plan Forward Year / Forecasted Test Period Supportive Utility Jurisdictions and Favorable Recovery Mechanisms 20 1As of September 30, 2026; 2 Includes CWIP; 3 Global Settlement - no publicly stated ROE; 4 Pending rate case; 5 If rate case isn’t completed in 6 months full rate request goes into effect on an interim basis MDU | Q3 2026 Earnings Call | November 5, 2026
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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 | Q3 2026 Earnings Call | November 5, 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 | Q3 2026 Earnings Call | November 5, 2026
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Affordability - MDU Electric Bill vs. Other Household Expenses 23 MDU | Q3 2026 Earnings Call | November 5, 2026