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INVESTOR DECK Q1 2026
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Forward-Looking Statement Except for historical information contained here, the statements in this presentation 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,” “position,” “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 2026 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 supply constraints, 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; 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 of major 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 at least 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 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 Living our Values Integrity, Safety, People, Performance, Community 4
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Balanced Income and Growth 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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Financial Performance Underpinned by Consistent, High-Performing Electric Utility $1.28 $1.29 $1.24 $1.36 $1.48 $1.63 $1.73 $1.91 $2.01 $2.16 $2.32 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 7% CAGR 6% CAGR Electric Diluted Earnings Per Share Electric utility is our foundational business Electric EPS growth rate is expected to approximate rate base CAGR over the long-term Long-term earnings mix target is 70% Electric 6
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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 7 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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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 87 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 1 2026-2030 plan Serving approximately 134,000 customers across 70,000 square miles 5-year capital spending plan: $1.9B1 Targeted rate base CAGR: 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
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Rate Base Summary Rate Base by Jurisdiction1 Jurisdiction Allowed ROE Minnesota 9.48% North Dakota 10.10% South Dakota 8.75% FERC 10.48% Weighted Average 9.75% 45% 37% 8% 10% Minnesota North Dakota South Dakota FERC 111 The percentages are approximations as the jurisdictions have differing methodologies for the calculation of rate base
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$1.4B $1.6B $1.6B $1.7B $1.9B $2.1B $2.4B $2.8B $3.1B $3.3B $3.4B 2020 2021 2022 2023 2024 2025 2026(F) 2027(F) 2028(F) 2029(F) 2030(F) 12 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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13 Renewable Generation and Storage Investments Tax credits Levers to support affordability as we transition: Reducing energy costs (i.e., no fuel) High wind net capacity area Solway Solar $80M capital investment Est completion date: 2026-2027 50 MW facility Expected to be eligible for production tax credits Abercrombie Solar $450M capital investment Est completion date: 2028 295 MW facility Expected to be eligible for production tax credits Hoot Lake Battery $120M capital investment Est completion date: 2028 75 MW of storage capacity Expected to be eligible for investment tax credits
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14 Regional Transmission Investment 1 Midcontinent Independent System Operator 2 Long Range Transmission Planning 3 Majority of the spend related to these two projects falls outside current 5-year planning period 4 Joint Targeted Interconnection Queue 5 Southwest Power Pool Projects intended to enhance grid reliability Expect projects to have very limited impact on Otter Tail Power customer bills as most of the cost will be allocated across the entire MISO system, of which our customers comprise a small share, generators or new interconnections JTIQ3,4 Est. $475M capital investment MISO1 LRTP2 Tranche 1 Est. completion date: 2030 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. $800M - $1B capital investment Est. $450M - $500M capital investment Two 345 kV projects Est. completion date: 2034 Est. completion date: 2034
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Balanced Energy Transition Focus on reliability and affordability while transitioning to cleaner energy 534 405 405 405 117 362 362 362 36 457 1,011 1,011 687 MW 1,224 MW 1,778 MW 1,778 MW 2005 2025 2030 (F) 2040 (F) 2050 (F) Coal Natural Gas/Oil Renewables 3.9 4.0 2.0 2.2 2.5 0.4 2005 2010 2015 2020 2025 2050 Target Carbon reduction trajectory to 2050 may not be linear due to: • Energy demand levels within MISO • Market energy price variability • Potential impact of regulation Energy Transition Generation Capacity CO2 Reduction Target: 90% Reduction in CO2 from Electric Generation by 2050 Combination of Renewables & Natural Gas 2040’s: Retirement of Coal Facilities Electric Generation Scope 1 CO2 Emissions In millions of metric tons 15
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Load Growth Opportunities 16 Well positioned to attract large loads • 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 • Spreads out fixed costs, benefitting existing customers • Capital investment and earnings opportunity Phases to Secure Large Load Existing Opportunity1 1 Letter of Intent 2 3 540 MW 430 MW 0 MW Term Sheet Electric Service Agreement Phase 1 and 2 large load additions not included in load growth or capex forecast
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Constructive Regulatory Environment 171 Per Regulatory Research Associates at S&P Global, ratings as of November 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 Power’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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Rate Case Activity Minnesota Docket 25-359 Filed in October 2025 • Last rate request filed in 2020 • Requested: • Net revenue increase of $44.8M (17.7% increase) • ROE of 10.65% • Equity layer of 53.5% • Interim rate revenue of $28.6 million went into effect January 1, 2026, subject to refund • Procedural schedule: • Intervenor testimony: May 2026 • Rebuttal testimony: June 2026 • ALJ report: November 2026 • Decision expected: February 2027 South Dakota Docket EL25-022 Filed in June 2025 • Last rate request filed in 2018 • Requested: • Net revenue increase of $5.7M (12.5% increase) • ROE of 10.8% • Equity layer of 53.54% • Interim rate revenue of $5.7 million went into effect December 1, 2025, subject to refund • Settlement in principle reached in January 2026 18
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Customer Rates and Affordability 19 Our Electric Rates Compared to Regional and National Averages1 Proven Track Record Looking Ahead -15% -12% -14% -16% -19% -23% -23% -29% -30% -34% 2021 2022 2023 2024 2025 Otter Tail Power’s 2025 rates: 19% below regional average 34% below national average 1 Source: Edison Electric Institute, Typical Bills and Average Rates Report, Summer Residential Rates 5-Year CAGR Rate Base Growth 10% Affordability enablers: MISO system-wide recovery 3 - 4% Renewable energy tax credits 2 - 3% Other (reduced energy costs, load growth, etc.) 0 - 1% Estimated Customer Bill Impact 3 - 4% Expected customer bill CAGR may vary by state and could be impacted by external factors, including market energy prices
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Driving Operational and Commercial Excellence in Electric 20 A strong foundation and levers to drive operational and commercial excellence: Safety Project executionReliability Efficiency 2025 total recordable incident rate 1.32 (2024 EEI1 peer average 1.40) 2025 SAIDI2 of 140 (target <155) Wind Repowering – upgraded wind towers to increase output of facilities. Tax credit eligible, making upgrades economical for customers Long history of completing projects on time and on budget, with most recent examples being Hoot Lake Solar and Wind Repowering 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 21 Electric platform to contribute 70% of consolidated earnings Achieved ROE to approximate allowed ROE Deliver attractive rate base growth; target 10% (5YR CAGR) Delivering customer affordability through balanced approach 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 near a 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 22 Electric Operations: Key takeaways
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Manufacturing Operations: 23 Consistently Accretive Returns
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Robust Manufacturing Platform 24 MANUFACTURING PLATFORM Manufacturing Segment Delivering 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 25 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’s consolidated return Organic growth opportunities Broad and diversified end-markets $268.4M $444.0M $737.3M 2005 2020* 2025 Sales $18.6M $38.6M $181.9M 2005 2020* 2025 Net Income Long-term ownership of Manufacturing Platform * Strong growth in sales and net income even prior to run-up in Plastics 5.2% CAGR 12% 22% 22% 20% 23% 58% 73% 61% 58% 50% 10% 11% 12% 12% 12% 19% 26% 22% 19% 16% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Manufacturing ROE Otter Tail Consolidated ROE 3.4% CAGR 12.1% CAGR 5.0% CAGR
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Manufacturing Segment Plastics Segment Underpinned By Competitive Advantages Across Manufacturing Platform 26 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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27 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 31% 20% 12% 15% 8% 8% 6% 2025 Other Horticulture Lawn & Garden Industrial Agriculture Construction Rec. Vehicle
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28 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 29 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 30 Strategic expansion projects Growth with existing customers Efficiency gains through continuous improvement
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31 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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32 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 nameplate 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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Historical and Estimated Long-Term Plastics Earnings Profile 33 Dynamic market conditions contributed to significant increase in PVC pipe prices beginning in 2021 Sales Price Decline Drives Earnings NormalizationHistorical Average Sales Price of PVC Pipe1 PVC pipe prices have steadily declined since late 2022 $24M $98M $195M $188M $201M $170M $110M $45M - $50M 2018 - 2020 Average 2021 2022 2023 2024 2025 2026 (F) * ! ^ 2028 (F)Continued product price declines Sales volume increase Inflationary increase in input costs 20192018 2020 2021 2022 2023 2024 2025 1 Internal sales pricing only
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Driving Operational and Commercial Excellence in Manufacturing 34 Excellence in Action Safety Project executionReliability Efficiency 2025 total recordable incident rate 1.80 (2024 peer average1 2.53) 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 BTD Georgia and Vinyltech Phase 1 expansion projects completed 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 35 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 36 Manufacturing Operations: Key takeaways 36
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Financial 37 Section
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Attractive Long-Term TSR Algorithm 38 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 87 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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2026 Outlook 39 Diluted EPS Actual 2026 Guidance 2024 2025 Low High Electric $2.16 $2.32 $2.61 $2.69 Manufacturing 0.33 0.27 0.26 0.32 Plastics 4.77 4.05 2.49 2.71 Corporate (0.09) (0.09) (0.14) (0.10) Total $7.17 $6.55 $5.22 $5.62 Return on equity 19.3% 15.6% 11.5% 12.3%
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40 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 MAINTAIN INVESTMENT GRADE CREDIT RATINGS
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Capital Expenditures 41 Disciplined capital deployment focused on: Capital Investments In millions 2026 2027 2028 2029 2030 Total Electric Renewable Generation and Storage $ 251 $ 295 $ 89 $ 4 $ 6 $ 645 Transmission 80 167 167 186 255 855 Distribution 55 49 53 54 57 268 Other 50 36 24 23 20 153 Electric Total $ 436 $ 547 $ 333 $ 267 $ 338 $ 1,921 Manufacturing & Plastics 31 27 29 23 19 129 Total $ 467 $ 574 $ 362 $ 290 $ 357 $ 2,050 $750M 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 • Accelerating transmission investment • Delivery investment relating to new large loads Customer-focused capital investment plan
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Dividend – A Key Part of Our TSR 42 Dividend Growth & Payout Ratio Dividend payout ratio impacted by exceptional Plastics segment financial results driving a lower ratio 8% CAGR 87 consecutive years of dividend payments Indicated dividend for 2026: $2.31 (10.0% increase) Targeted dividend growth rate: 6-8%78% 70% 65% 65% 63% 37% 24% 25% 26% 32% 43% $1.25 $1.28 $1.34 $1.40 $1.48 $1.56 $1.65 $1.75 $1.87 $2.10 $2.31 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Indicated Payout Ratio Dividend Amount
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Balance Sheet Capable of Supporting Long-Term Strategy 43 Strong balance sheet: 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 Positive Stable Stable Stable Disciplined capital deployment focused on: 2025 FFO/Debt Consolidated: ~ 55% Otter Tail Power: ~ 18% Parent company debt <10% of total debt ROE Cash Flow Total available liquidity of $706 million Consolidated Capital Structure and ROE 53.7% 59.4% 61.4% 62.2% 62.8% 46.3% 40.6% 38.6% 37.8% 37.2%19.2% 25.6% 22.1% 19.3% 15.6% 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% 2021 2022 2023 2024 2025 Equity Debt ROE
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Financing Plan Five-Year Financing Plan $ in millions 2026 2027-30 5 Year Total LONG-TERM DEBT Otter Tail Power Company Issuances $ 145 $ 620 $ 765 Retirements - (162) (162) Otter Tail Corporation Issuances - - - Retirements (80) - (80) Net Debt Increase $ 65 $ 458) $ 523) EQUITY $ (((- $ (((-) $ ((-)) Financing plan supports utility investments with no external equity needs over 5-year planning period No external equity needs through at least 2030 44
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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 45 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 46
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Investor Relations Contacts 47 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 48
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Financial Performance 49 $7.17 $0.16 $(0.06) $(0.72) $- $6.55 2024 Electric Manufacturing Plastics Corporate 2025 Annual Diluted EPS
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Otter Tail Power Regulatory Framework 50 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) No 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 51
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Plastics Segment Products 52
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Senior Management Team Chuck MacFarlane, President and CEO • Years in role: 11 • Years with the company: 24 Todd Wahlund, Vice President and CFO • Years in role: 2 • Years with the company: 33 Tim Rogelstad, Senior Vice President, Electric Platform • Years in role: 12 • Years with the company: 37 John Abbott, Senior Vice President, Manufacturing Platform • Years in role: 11 • Years with the company: 11 Jennifer Smestad, Senior Vice President, General Counsel and Corporate Secretary • Years in role: 8 • Years with the company: 25 Paul Knutson, Vice President of Human Resources • Years in role: 14 • Years with the company: 14Left to right: Paul Knutson, Jennifer Smestad, Todd Wahlund, Chuck MacFarlane, Tim Rogelstad and John Abbott 53
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Board of Directors 54 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 Charles MacFarlane President and CEO Steven Rasche Audit Committee; Compensation and Human Capital Management Committee Christopher Clark Audit Committee; Corporate Governance Committee