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INVESTOR DECK Q4 2025
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Forward-Looking Statement Except for historical information contained here, the statements in this release are forward-looking and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The words “anticipate,” “believe,” “can,” “confident,” “could,” “estimate,” “expect,” “future,” “goal,” “intend,” “likely,” “may,” “optimistic,” “opportunity,” “outlook,” “plan,” “possible,” “potential,” “predict,” “probable,” “projected,” “should,” “target,” “will,” “would” and similar words and expressions are intended to identify forward-looking statements. Such statements are based upon the current beliefs and expectations of management. Forward- looking statements made herein, which may include statements regarding 2025 earnings and earnings per share, long-term earnings, earnings per share growth and earnings mix, anticipated levels of energy generation from renewable resources, anticipated reductions in carbon dioxide emissions, future investments and capital expenditures, rate base levels and rate base growth, future raw materials costs, future raw materials availability and supplyconstraints, future operating revenues and operating results, and expectations regarding regulatory proceedings, as well as other assumptions and statements, involve known and unknown risks and uncertainties that may cause our actual results in current or future periods to differ materially from the forecasted assumptions and expected results. The Company’s risks and uncertainties include, among other things, uncertainty of future investments and capital expenditures; rate base levels and rate base growth; risks associated with energy markets; the availability and pricing of resource materials; inflationary cost pressures; attracting and maintaining a qualified and stable workforce; changing macroeconomic and industry conditions that impact the demand for our products, pricing and margin; long-term investment risk; seasonal weather patterns and extreme weather events; future business volumes with key customers; reductions in our credit ratings; our ability to access capital markets on favorable terms; assumptions and costs relating to funding our employee benefit plans; our subsidiaries’ ability to make dividend payments; cybersecurity threats or data breaches; the impact of government executive orders, legislation and regulation including foreign trade policy and environmental; health and safety laws and regulations; changes in tax laws and regulations; the impact of climate change including compliance with legislative and regulatory changes to address climate change; expectations regarding regulatory proceedings, assigned service areas, the construction ofmajor facilities, capital structure, and allowed customer rates; actual and threatened claims or litigation; and operational and economic risks associated with our electric generating and manufacturing facilities. These and other risks are more fully described in our filings with the Securities and Exchange Commission, including our most recently filed Annual Report on Form 10-K, as updated in subsequently filed Quarterly Reports on Form 10-Q, as applicable. Forward-looking statements speak only as of the date they are made, and we expressly disclaim any obligation to update any forward-looking information.
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3 Diversified, growing and delivering value Otter Tail Corporation 01 Best in class utility: EPS growth rate of 10% 02 Strategic diversification: Enhances consolidated ROE and cash flow 03 Internally financed growth: No external equity needs through 2030 Investment Thesis Founded in 1907 Serve approximately 134,000 customers in MN, ND, SD Diverse end-markets High utilization of asset base ELECTRIC MANUFACTURING Regulated and vertically integrated electric utility Owned and operated for over 20 years
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Vision & Mission 4 Executing Our Vision Mission Living our Values Integrity, Safety, People, Performance, Community Build top performing companies in a diversified organization with an electric utility as the foundation Deliver value by building strong electric utility and manufacturing platforms 1 2 3 For our shareholders we deliver above average returns through commercial and operational excellence and growing our businesses For our customers we commit to quality and value in everything we do For our employees we provide an environment of opportunity with accountability where all people are valued and empowered to do their best work
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Balanced Growth and Income Model 5 Strategic Diversification Electric platform has significant rate base growth plan, and our manufacturing platform generates incremental cash to help fund the plan To navigate long-term cycles and consistently achieve targeted 10-12% TSR Delivers more predictable earnings stream through consistent rate base growth ELECTRIC Lowers overall risk to our portfolio Improves credit quality Preserves our ability to fund the dividend Consistently accretive returns with limited capital needs enabling utility rate base growth without equity issuance MANUFACTURING Opportunities to deploy capital with attractive rates of return historically and going forward Growth opportunities with existing customers
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Since 1994, Otter Tail’s strategic diversification and capital efficiency has resulted in an ROE of 12.1%, greater than the broader Utility sector’s ROE of 9.8%2 Our complementary platforms have underpinned consistent earnings growth over long-term cycles During the period 2009-2013 we completed a realignment of our manufacturing portfolio following the global financial crisis, focusing on the well positioned businesses we have today 6 Our diversification has enabled us to produce a higher ROE than our utility peers over the long-term Balanced Growth Driving Returns over Long-Term Cycles 1 Source: S&P Capital IQ; Edison Electric Institute (EEI) comprised of existing investor-owned electric utilities. Average ROEs shown exclude impact of outliers (ROEs +/- 30%) 2 Data represents ROE from 1994 through 2024 10.9% 10.6% 10.0% 9.5% 9.0% 8.7% 9.3% 13.1% 14.2% 9.6% 6.1% 10.4% 18.0% 19.3% 1994 - 1998 1999 - 2003 2004 - 2008 2009 - 2013 2014 - 2018 2019 - 2023 2024 EEI Otter Tail 1
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7 Attractive ROE with defensive balance sheet Track Record of Consistent Results Attractive earnings growth with and without Plastics Consolidated Capital Structure and ROE $1.67 $1.89 $2.12 $2.53 $2.40 $2.51 $2.34 $4.23 $6.78 $7.00 $7.17 $6.47 2020 2021 2022 2023 2024 2025 Guidance Midpoint 22.6% Consolidated EPS (5YR CAGR) 8.5% Consolidated EPS w/o Plastics1 (5YR CAGR) 1 Consolidated EPS w/o Plastics is a non-GAAP financial measure management uses to assess the financial results of the business exclusive of the impact of the earnings generated by our Plastics segment EPS Growth Significant ROE expansion since 2020 50.7% 53.7% 59.4% 61.4% 62.2% 63.7% 49.3% 46.3% 40.6% 38.6% 37.8% 36.3% 11.6% 19.2% 25.6% 22.1% 19.3% 16.2% 0.0% 20.0% 40.0% 60.0% 80.0% 100.0% 120.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 2020 2021 2022 2023 2024 9/30/2025 Equity Debt ROE
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Attractive Long-Term TSR Algorithm 8 ELECTRIC Rate base growth Load growth Efficiency MANUFACTURING Growth with existing customers Efficiency Earnings drivers in Electric and Manufacturing Sales growth Operational, commercial and talent excellence Incremental cash flow to fund growth without the need for raising equity 7-9% long-term EPS growth1 86 years of uninterrupted dividends Target 50-60% long-term payout ratio Dividend yield ~3% 10-12% TSR Limited capital needs 1 2028 base year
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Otter Tail Power Company: Delivering Consistent Earnings Growth 9
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10 Regulated and vertically integrated electric utility Otter Tail Power Company CANADA WindNatural GasCoal Headquarters Oil peakers Solar Hydroelectric MN ND SD Big Stone Plant Astoria Station Lake Preston Combustion Turbine Jamestown Combustion Turbine Coyote Station Blue Jay Solar Blue Heron Solar Hoot Lake Solar Fergus Falls Solway Combustion Turbine Langdon Wind Energy Center Luverne Wind Farm Ashtabula Wind Energy Center Ashtabula III Merricourt Wind Energy Center 1 2026-2030 plan Serving approximately 134,000 customers across 70,000 square miles 5-year capital spending plan: $1.9B1 Rate base CAGR Target: 10%1 Constructive regulatory jurisdictions Low-cost generation resources Providing some of the lowest rates in the nation Our “All of the Above” Energy Mix Fergus Falls Hydroelectric Plants
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$1.2B $1.4B $1.6B $1.6B $1.7B $1.9B $2.1B $2.4B $2.7B $3.0B $3.2B $3.4B 2019 2020 2021 2022 2023 2024 2025(F) 2026(F) 2027(F) 2028(F) 2029(F) 2030(F) 11 Rate Base Growth Long history of delivering… Otter Tail Power has proven track record of converting rate base growth into earnings growth near a 1:1 ratio Planned CAGR 2025-2030 Attractive rate base growth through investments in: 1 Regional Transmission 2 Renewable Generation 3 Grid reliability 10% Rate base and earnings growth driven by delivering on prudent projects with strong execution … and a clear path forward
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12 Investing in Renewable Generation & Storage to Support a Clean Energy Future Tax credits Wind Repowering Integrated Resource Plan Investments Up to 500 MW of new renewable generation Levers to support affordability as we transition: Reducing energy costs (i.e., no fuel) High wind net capacity area $230M capital investment Est. completion date: 2024 and 2025 Upgrade equipment at four owned wind facilities Expected to lower customer bills through increased output and tax credits Up to 75 MW of battery storage Designated MN portion of Coyote Station as an emergency-only resource Approved by the MN Commission in May 2024 1 Solar development projects comprise a portion of the 500 MW of new renewable generation approved in Minnesota Integrated Reso urce Plan Solar Development1 Est. $530M capital investment Generating capacity: Solway Solar 50 MW Abercrombie Solar 295 MW Est. completion dates: 2026-2027 and 2028
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We are driving a balanced energy transition focused on maintaining reliability and affordability, while shifting our energy mix to more renewables Changing Energy Mix Supports Reliability, Affordability and Significantly Lower Emissions 13 As a result of our changing energy mix, we are targeting reduced emissions Otter Tail Power Energy Resource Mix Otter Tail Power Scope 1 CO2 Emissions (in million metric tons) 3.9 4.0 2.0 2.2 2.3 1.9 0.1 2005 2010 2015 2020 2024 2030 Target 2050 Target By 2030, We are Targeting Of owned and contracted energy generation is renewable (Excluding MISO market purchases) 55% 50% Reduction in carbon emissions from owned generation resources by 2030 from 2005 levels Carbon emissions targeted to be 97% below 2005 levels by 2050 on our owned generation68% 26% 31% 9% 23% 62% 90% 23% 43% 3% 2%8% 4% 8% 2005 2024 2030 Target 2050 Target Coal Renewables Purchased Natural Gas
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14 Transmission Investment Priorities 1 Midcontinent Independent System Operator 2 Long Range Transmission Planning 3 Majority of the spend related to these two projects falls outside updated 5-year planning period 4 Joint Targeted Interconnection Queue 5 Southwest Power Pool Projects intended to help support grid reliability Expect projects to have very limited impact on Otter Tail Power customer rates as cost is allocated to new generation or across the entire MISO footprint, of which our customers comprise only a small portion JTIQ3,4 Est. $475M capital investment MISO1 LRTP2 Tranche 1 Est. completion date: 2032 MISO1 LRTP2 Tranche 2.13 Two 345 kV projects One 765 kV projectTwo 345 kV projects Focused on reducing interconnection backlog along the MISO-SPP5 seam Part of $23B MISO plan Part of $10B MISO plan Est. $700M capital investment Est. $450M capital investment Two 345 kV projects Est. completion date: 2034 Est. completion date: 2034
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Load Growth Opportunities 15 Well positioned to attract large loads • Approved tariffs in place • Locations identified with minimal delivery costs to site • Attractive service territory – low market energy prices and high renewable production Load growth opportunity driven by • Data centers • Crypto mining • Clean fuel • Agriculture processing Benefits of adding large loads • Supports rate affordability for existing customers • Capital investment and earnings opportunity Phases to Secure Large Load Existing Opportunity 1 Letter of Intent 2 3 540 MW 430 MW 155 MW Term Sheet Electric Service Agreement Phase 1 and 2 large load additions not included in load growth forecast
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Constructive Regulatory Environment 161 Per Regulatory Research Associates at S&P Global, ratings as of January 2025 We anticipate to recover ~ 90% of our 5-year capital expenditures through existing riders, rates, MISO tariffs and direct billings to non-OTP customers Otter Tail’s jurisdictions are rated as Constructive or Neutral 1 MN Average/2 ND Average/1 SD Average/2 Track record of timely recovery Favorable cost recovery mechanisms Constructive regulatory jurisdictions Investment to support safe & reliable electric service
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Focus on Affordability During Growth 17 Rate base growth Some of the lowest rates in the nation + Investing to ensure: Increasingly clean electric service Safe; Reliable; Efficient; and Ensuring affordability: Through • Renewable tax credits • MISO system wide recovery • Reduced energy costs • Technology enabled savings Least cost investment focus Leveraging existing low-cost asset base A balanced approach: Investing to ensure reliability and efficiency while achieving affordability for customers through various mechanisms
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13.1 13.6 14.6 15.7 16.5 11.7 12.4 12.7 13.1 13.8 10.2 10.5 11.3 11.2 11.6 8 10 12 14 16 18 20 2020 2021 2022 2023 2024 Delivering Affordability for Customers 18 Average Summer Residential Rate in Cents per kWh1 United States Regional 16% below regional average Otter Tail Power’s 2024 rates 30% below national average 1 Source: Edison Electric Institute, Typical Bills and Average Rates Report
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Driving Operational and Commercial Excellence in Electric 19 A strong foundation and levers to drive operational and commercial excellence: Safety Project executionReliability Efficiency 2024 total recordable incident rate 1.34 (2023 EEI1 peer average 1.37) 2024 SAIDI2 of 141 (target <155) 2024 SAIFI3 of 1.19 (target <1.43) Advanced metering infrastructure (AMI) – automated meter reading to reduce cost and improve communication In-serviced Merricourt Wind Energy Center, Astoria Station and Hoot Lake Solar on time and on-budget Levers for Excellence: Actions across the organization • Preparedness to file rate cases when needed for timely recovery, • Optimize recovery mechanisms, • Focus on continuous improvement, • Provide solutions in partnership with customers to develop load growth opportunities Strong Foundation: Vertical integration of generation, transmission and distribution: • enables efficiency, • cost control, • compelling customer offering Excellence in Action 1 Edison Electric Institute 2 System Average Interruption Duration Index: average length of time (in minutes) a customer was without power for the entire y ear 3 System Average Interruption Frequency Index: number of service interruptions lasting more than 5 minutes that the average cus tomer experienced during the year
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Financial and Operational Targets 20 Electric platform to contribute 70% of consolidated earnings Achieved ROE to approximate allowed ROE Deliver attractive rate base growth; target 10% CAGR to 2030 Delivering customer affordability through balanced investment and multiple mechanisms Convert rate base growth to earnings growth near a 1:1 ratio
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Otter Tail Power Company positioned to deliver value to customers AND investors through long-term cycles Proven track record of strong rate base growth (converting to earnings at 1:1 ratio) and clear path to significant future rate base expansion 3 Strategically positioned in constructive regulatory environment 2 Customer focused with emphasis on safety, reliability and affordability 1 21 Electric Operations: Key takeaways
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Manufacturing Operations: 22 Consistently Accretive Returns
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Robust Manufacturing Platform 23 MANUFACTURING PLATFORM Manufacturing Segment Delivering custom thermoformed plastic products and packaging Providing metal fabrication for custom machine parts and metal components Plastics Segment Manufactures PVC pipe for municipal water, rural water, wastewater, storm drainage systems and other uses Delivering Value Through : High quality products Strong customer relationships and breadth of service offering Innovative and cost- effective manufacturing techniques + +
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Delivering Consistently Accretive Returns 24 Core competence is production / engineering – leveraged to ensure high quality products and service Significant growth in sales and net income within the Manufacturing Platform since 2005 Manufacturing Platform ROE has been consistently accretive to the Otter Tail group’s returns Organic growth opportunities Broad and diversified end-markets $268.4M $444.0M $806.0M 2005 2020* 2024 Sales $18.6M $38.6M $214.4M 2005 2020* 2024 Net Income Long-term ownership of Manufacturing Platform * Strong growth in sales and net income even prior to run-up in Plastics CAGR 6.0% 3.4% CAGR 5.0% CAGR CAGR 13.7% 13% 12% 22% 22% 20% 23% 58% 73% 61% 58% 10% 10% 11% 12% 12% 12% 19% 26% 22% 19% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Manufacturing ROE Otter Tail Consolidated ROE
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Manufacturing Segment Plastics Segment Underpinned By Competitive Advantages Across Manufacturing Platform 25 High-quality customer service in highly-regulated industry Responsive and reliable, with inventory management enabling consistent delivery of broad range of products Serving diversified end markets With high value, custom products and solutions Providing a one-stop shop for customers Manufacturing and engineering excellence Agile operations Focus on continuous improvement Strong customer relationships through breadth of services
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26 Manufacturing Segment Serving Diversified Markets: Defensive positions growing with well established world- class customers Located where our customers are Expanding in Southeast US to support growing markets Servicing wide array of customers 32% 19% 15% 13% 10% 7% 4% 2024 Other Horticulture Lawn & Garden Industrial Agriculture Construction Rec. Vehicle
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27 Plastics Segment Serving Diversified Markets: End markets served1: 90% Municipal 5% Residential / Commercial 5% Rural Water With over +200 distribution customers including 1 Reflects approximated long-term averages
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Serving end markets with long-term stability and attractive growth opportunities while managing near-term cyclicality Positive Long-Term Trajectory for Serviced Markets 28 Reshoring of manufacturing Outsourcing trends by OEMs Housing shortage Power demand growth Housing shortage Infrastructure upgrade and replacement Water availability and transport Manufacturing Segment Plastics Segment
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Driving Organic Growth in Manufacturing 29 Expansion projects in AZ and GA Growth with existing customers Efficiency gains through continuous improvement
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30 Delivering Growth at BTD Georgia FOCUSED ON: Facility expansion + implementing automation Facility expansion completed in Q1 2025: Attractive opportunity within Southeast region unlocking up to $35M incremental sales opportunity and supporting long-term growth outlook Expansion of BTD’s facility in Georgia creates new opportunities for BTD to capture sales • Increasing capacity to grow with customers as their businesses are expanding in the Southeast • Delivering customer satisfaction and efficiency gains through improved operations ON BUDGET ON TIME
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31 Multi-phased expansion project at Vinyltech in Phoenix, AZ Driving Growth in Plastics Large-diameter is defined as 20” and larger Expanded facility Added large-diameter pipe production capabilities PHASE 2PHASE 1 • Increasing plastics segment production capacity by +15% (phase 1 and 2) • Increased resin and pipe storage • Freed up large-diameter capacity at Northern Pipe Products in Fargo, ND • Large-diameter production capability improves service to Southwest customers Delivering ON BUDGET ON TIME Adding additional line Est. completion date: early 2026 PHASE 2
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Understanding the Normalization of Plastic Profits 32 Dynamic market conditions contributed to significant increase in PVC pipe prices beginning in 2021 Sales Price Decline Drives Earnings NormalizationHistorical Sales Price of PVC Pipe PVC pipe prices have steadily declined since late 2022 $24M $98M $195M $188M $201M $167M $45M - $50M 2018 - 2020 Average 2021 2022 2023 2024 2025 (F) * ! ^ 2028 (F)Continued product price declines; generally on trend with historical Sales volume increase from added capacity Inflationary increase in input costs 20192018 2020 2021 2022 2023 2024 2025
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Driving Operational and Commercial Excellence in Manufacturing 33 Excellence in Action Safety Project executionReliability Efficiency 2024 total recordable incident rate 1.83 (2023 peer average1 2.79) Heavy focus placed on on-time delivery Efficiency and safety gains stemming from the use of robotics at BTD, and 24/7 operations across the platform Expansion projects are progressing on time and on budget Agile operations Engineering & production competency Continuous improvement 1 Peer average determined based on amounts reported by the Bureau of Labor Statistics for comparable North American Industry Cl assification System (NAICS) industries
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Drive organic growth with existing customers Manufacturing Financial and Operational Targets 34 Maintain historical track record of growth and accretive returns Manufacturing platform to contribute 30% of consolidated earnings Free cash flow positive Consistently achieve accretive returns Ongoing efficiency gains and production reliability
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Manufacturing set to continue driving ongoing accretive returns and incremental cash flow Attractive growth opportunities across all business areas of Manufacturing3 Defensive market positions – growing with well-established customers2 Core competency in engineering / production drives efficiency and continuous improvement1 35 Manufacturing Operations: Key takeaways
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Financial 36 Section
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Attractive Long-Term TSR Algorithm 37 ELECTRIC Rate base growth Load growth Efficiency MANUFACTURING Growth with existing customers Efficiency Earnings drivers in Electric and Manufacturing Sales growth Operational, commercial and talent excellence Incremental cash flow to fund growth without the need for raising equity 86 years of uninterrupted dividends Target 50-60% long-term payout ratio Dividend yield ~3% Limited capital needs 7-9% long-term EPS growth1 10-12% TSR 1 2028 base year
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2025 Outlook 38 Diluted EPS Actual 2025 Guidance November 3, 2025 2023 2024 Low High Electric $2.01 $2.16 $2.31 $2.35 Manufacturing 0.51 0.33 0.22 0.26 Plastics 4.47 4.77 3.86 4.05 Corporate 0.01 (0.09) (0.07) (0.04) Total $7.00 $7.17 $6.32 $6.62 Return on equity 22.1% 19.3% 15.1% 15.7%
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39 Capital Allocation Priorities Focused on driving organic growth and consistent shareholder returns 01 Investment in the business 02 Cash returns to shareholders 03 Opportunistic M&A 04 Opportunistic returns to shareholders $2.0B capex planned for 2026-2030 (with ~ 94% directed to Electric Platform ) Target 50-60% long- term payout ratio Electric: focused on strategic expansion opportunities Manufacturing: focused on opportunistic fill in Via share repurchase program or increased dividend M A I N TA I N I N V E S T M E N T G R A D E C R E D I T R AT I N G S
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Capital Expenditures 40 Disciplined capital deployment focused on: Capital Investments In millions 2026 (F) 2027 (F) 2028 (F) 2029 (F) 2030 (F) Total 2026 -2030 (F) Electric Renewable Generation $ 169 $ 177 $ 154 $ 4 $ 6 $ 510 Transmission 88 183 208 206 309 994 Distribution 50 49 53 54 57 263 Other 47 37 24 23 20 151 Electric Total $ 354 $ 446 $ 439 $ 287 $ 392 $ 1,918 Manufacturing & Plastics 31 27 29 23 19 129 Total $ 385 $ 473 $ 468 $ 310 $ 411 $ 2,047 $350M Incremental investment opportunity for Electric Every $100M of incremental capital investment increases our rate base CAGR by ~ 65 basis points Driven by: • Up to 200 MW of wind generation • Up to 75 MW of battery storage • Delivery investment relating to new large loads Customer-focused capital investment plan
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Dividend – A Key Part of Our TSR 41 Dividend Growth & Payout Ratio Dividend payout ratio impacted by exceptional Plastics segment financial results driving a lower ratio 7% CAGR 86 consecutive years of dividend payments Indicated dividend for 2025: $2.10 (12.3% increase) Targeted dividend growth rate (2025 base year): 6-8% 78% 70% 65% 65% 63% 37% 24% 25% 26% 32% $1.25 $1.28 $1.34 $1.40 $1.48 $1.56 $1.65 $1.75 $1.87 $2.10 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Indicated Payout Ratio Dividend Amount
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Strong Balance Sheet Supports Long-Term Strategy 42 Strong balance sheet: Five-Year Financing Plan $ in millions 2026 (F) 2027-30 (F) 5 Year Total LONG-TERM DEBT Otter Tail Power Company Issuances $ 120 $ 620 $ 740 Retirements - (162) (162) Otter Tail Corporation Issuances - - - Retirements (80) - (80) Net Debt Increase $ 40) $ 458) $ 498) EQUITY $ -) $ -) $ -) Credit Ratings Otter Tail Corporation Otter Tail Power Company Moody's Fitch S&P Moody's Fitch S&P Corporate Credit / Long-Term Issuer Default Baa2 BBB BBB Baa1 BBB+ BBB+ Senior Unsecured Debt N.A. BBB N.A. N.A. A- N.A. Outlook Stable Stable Stable Stable Stable Stable Disciplined capital deployment focused on: Equity ratio 64% ~ $325 million of cash and cash equivalents Parent company debt <10% of total debt ROE Cash Flow
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$80M $42M $70M $50M $40M $60M $50M $50M $26M $10M $90M $100M $64M $15M $100M $90M $60M $50M 2026 2027 2029 2030 2031 2034 2035 2037 2039 2040 2044 2048 2049 2050 2051 2052 2054 2055 Otter Tail Corporation Otter Tail Power Well Balanced Debt Maturity Schedule 43 Weighted average interest rate: 4.53%
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Investment Targets Key underlying assumptions • Electric segment long-term EPS growth rate approximates rate base CAGR • Plastics segment earnings of $45M-$50M in 2028 • Long-term earnings mix target reached in 2028 Total Shareholder Return: 10-12% Long-term EPS growth rate: 7-9% (2028 base year) Dividend yield: ~ 3% Dividend Growth Rate: 6-8% Targeted payout ratio: 50-60% Long-Term Earnings Mix: 70% Electric / 30% Manufacturing 1 Once Plastics segment earnings have normalized
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Investor Relations Contacts 45 Beth Eiken Manager of Investor Relations beiken@ottertail.com Tyler Nelson Vice President of Finance and Treasurer tnelson@ottertail.com
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Appendix 46
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Financial Performance 47 $5.87 $0.04 $(0.13) $(0.52) $0.06 $5.32 2024 Electric Manufacturing Plastics Corporate 2025 YTD Diluted EPS
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Otter Tail Power Regulatory Framework 48 Jurisdiction Minnesota North Dakota South Dakota Utility Commissioners Appointed Elected Elected Rate Case Test Year Future Future Historical1 Allowed Return on Equity 9.48% 10.10% 8.75% Earnings Sharing Mechanism No Yes2 Yes3 Rider Recovery for: Renewable Generation Yes Yes Yes Non-Renewable Generation No Yes Yes Transmission Yes Yes Yes Customer and Distribution Technology Yes Yes Yes Cost of Energy Recovery Adjustment Annually Monthly Monthly Decoupled Rates (residential and commercial) Yes No No 1 Historical test year with known and measurable adjustments 2 Earnings above a 10.20% return on equity will be shared with 70% refunded to North Dakota customers 3 Earnings above an 8.75% ROE up to a maximum of a 9.50% ROE due to weather-normalized revenue will be shared with 50% refunded to South Dakota customers. Earnings in excess of a 9.50% ROE will 100% be refunded to South Dakota customers
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Manufacturing Segment Products
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Plastics Segment Products
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Senior Management Team 51 Todd Wahlund Vice President and CFO Years in Role: 1 Years with Company: 32 Chuck MacFarlane President and CEO Years in Role: 10 Years with Company: 23 Tim Rogelstad Senior Vice President, Electric Platform Years in Role: 11 Years with Company: 36 John Abbott Senior Vice President, Manufacturing Platform Years in Role: 10 Years with Company: 10 Jennifer Smestad Senior Vice President, General Counsel and Corporate Secretary Years in Role: 7 Years with Company: 24
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Board of Directors 52 Jeanne Crain Audit Committee; Compensation and Human Capital Management Committee John Erickson Steven Fritze Chair of Audit Committee; Corporate Governance Committee Dr. Kathryn Johnson Compensation and Human Capital Management Committee; Corporate Governance Committee Dr. Michael LeBeau Compensation and Human Capital Management Committee; Chair of Corporate Governance Committee Mary Ludford Audit Committee; Corporate Governance Committee Nathan Partain Chairman of the Board Thomas Webb Audit Committee; Chair of Compensation and Human Capital Management Committee Chuck Macfarlane President and CEO