Mdu Resources Group, Inc. · NYSE:MDU

Mdu Resources — Q1 2025 Earnings Presentation

17 slides from Mdu Resources's earnings presentation, May 8, 2025

1. Slide 1: First Quarter Earnings Call

   First Quarter Earnings Call May 8, 2025

2. Slide 2: Legal Disclaimer

   Legal Disclaimer Cautionary Note Regarding Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the federal securities laws. Other than statements of historical facts, all statements which address activities, events, or developments that the company

3. Slide 3: Company Outlook

   Company Outlook

4. Slide 4: Our Foundation

   Our Foundation VISION MISSION VALUES Energizing Lives for a With integrity, deliver Integrity, Safety, Better Tomorrow value as a leading Respect, Excellence, energy provider and Stewardship employer of choice MDU | First Quarter Earnings Call | May 8, 2025 4 4

5. Slide 5: Compelling Investment Opportunity

   Compelling Investment Opportunity  Pure-play regulated energy delivery business  Focusing on our “CORE”  Extensive operational diversification  Supportive regulatory environment  Experienced management team with proven track record  6-8% long-term EPS growth rate  60-70% annual dividend payou

6. Slide 6: Electric and Natural Gas Outlook

   Electric and Natural Gas Outlook  Safely meet customer demand by upgrading and expanding infrastructure and facilities  Customer base expected to continue growing by 1-2% annually  Focused on timely regulatory recovery  580 MW of data center load under signed electric service agreements  Filed

7. Slide 7: Regulatory Update

   Regulatory Update Annual Revenue Annual Revenue Increase Business State Filing Date Status Increase (%) (in millions) Filed cases with requested rates Pending Natural Gas Montana July 15, 2024 11.1% $9.4M Settlement agreement filed (8.6%/$7.3M ) April 3, 2025 Distribution Interim rates (10.25%/$7.7M

8. Slide 8: Approach on Data Centers

   Approach on Data Centers  Minimal capital investment  ROE accretive  Beneficial to all parties  Data center purchasing energy from MISO  Reduces transmission charge to existing customers  Allows previously stranded power to reach market  580 MW of data center load under signed electric servic

9. Slide 9: Badger Wind Farm

   Badger Wind Farm MDU’s Nameplate Generation Mix: Current With Badger Wind 29% 35% 40% 39% 31% 26% Renewables 31% Coal 40% 29% Gas  Estimated cost of $294 million  49% undivided ownership interest  Represents 122.5 MW of the total capacity of 250 MW (27.5 MW to remain under PPA)  Subject to regul

10. Slide 10: Pipeline Outlook

    Pipeline Outlook  Held non-binding open season for potential Bakken East Pipeline project, which could consist of 375 miles of pipeline construction from the Bakken region to the eastern part of North Dakota  Announced binding open season for the Baker Storage Field Enhancement and associated tran

11. Slide 11: Affirmed 2025 Guidance

    Affirmed 2025 Guidance Earnings per share in the range of $0.88 to $0.98 Based on the following assumptions for the remainder of the year:  Normal weather, economic and operating conditions  Continued availability of necessary equipment and materials  Electric and natural gas customer growth cont

12. Slide 12: Strong Long-Term Financial Guidance

    Strong Long-Term Financial Guidance $3.1 Billion Regulated Capital 7-8% 1-2% Utility Rate Base Growth Customer Growth Investment 6-8% 60-70% No planned EPS Growth Rate Annual Dividend Payout Ratio Target equity in 2025 MDU | First Quarter Earnings Call | May 8, 2025 12

13. Slide 13: Financial Results

    Financial Results

14. Slide 14: First Quarter Earnings

    MDU Resources Group, Inc. First Quarter Earnings Earnings in millions Net Income Income from Continuing Operations1 $82.5 $100.9 $74.7 $82.0 $0.49 $0.40 $0.37 $0.40 Earnings EPS Earnings EPS 2024 2025 2024 2025 1 On October 31, 2024, MDU Resources successfully completed the spinoff of Everus its for

15. Slide 15: Electric Utility

    Electric Utility First Quarter Earnings Growing Demand Offset by Higher Operation and Maintenance Expense  Earnings of $15.0 million EARNINGS $20 (in millions)  Increased sales volumes $17.9  Higher operation and maintenance expense $15.0 $15  Higher contract services related to electric generat

16. Slide 16: Natural Gas Utility

    Natural Gas Utility First Quarter Earnings Regulatory Progress and Colder Weather Drive Results  Earnings of $44.7 million EARNINGS $50 (in millions)  Rate relief primarily in Washington and $44.7 South Dakota, and interim rates in Montana $40.1 $40  Higher retail sales volumes $30  Natural gas

17. Slide 17: Pipeline

    Pipeline First Quarter Earnings Expansion Projects and Storage Demand Fuel Growth  Record first quarter earnings of $17.2 EARNINGS (in millions) million $20 $17.2  Increased transportation revenue $15.1 $15  Strong interruptible storage utilization  New peak day delivery record of nearly 1.9 bil

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