Mdu Resources Group, Inc. · NYSE:MDU
Mdu Resources — Q1 2026 Earnings Presentation
22 slides from Mdu Resources's earnings presentation, May 7, 2026
Slide 1: Q1 2026 Earnings Call
Q1 2026 Earnings Call May 7, 2026
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 a
Slide 3: Key Highlights
Key Highlights Net income of $80.8 million vs $82.0 million in 2025 Quarterly EPS of $0.39 vs. $0.40 in 2025 Performance Weather unfavorably impacted results by approximately $0.03/share Successful binding open season with 1.4 Bcf/day of submitted interest Potential Bakken Approximately 40
Slide 4: 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 target 60%-70% annual divid
Slide 5: Growth Plan of Capital Investment
History CapitalofInvestment Growth Plan $3.1 Billion In Planned Capital Investments Capital Investment (2026-2030)1,2 Dollars in Millions $800 $720 $700 $674 $671 $70 $600 $565 $181 $282 $60 $483 $500 $295 $50 $400 $240 $361 $254 $223 $300 $200 $309 $250 $100 $184 $210 $144 2 $- 2026 2027 2028 2029
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 $2.5
Slide 7: Regulatory Update
Regulatory Update Annual Revenue Increase Annual Revenue Increase Segment State Filing Date ROE Status (%)1 (in millions)1 General Rate Cases Pending Pending Electric Montana Sept. 30, 2025 20.2% $14.1M 10.8% Interim rates increase of $10.4M or 16.2% effective Apr. 1, 2026 Natural Gas Oregon Nov. 25
Slide 8: Approach on Data Centers
Approach on Data Centers • Minimal capital investment to date • ROE accretive • Beneficial to all parties • Data center purchasing energy from market • Reduces transmission charge to existing customers • Allows previously stranded power to reach market • 580 MW of data center load under signed elect
Slide 9: Pipeline Outlook
Pipeline Outlook Line Section 32 Minot Industrial ~190 MMcf/day total Approximately 90-mile expansion with expected late pipeline from Tioga, ND to 2028 in-service date Minot, ND to support FERC section 7(c) application anticipated industrial demand filed March 2026 Agreement in place throug
Slide 10: Pipeline Outlook – Bakken East
Pipeline Outlook – Bakken East Successful binding open season ~1.4 Bcf/day of interest received ~40% signed under precedent agreements Current assumptions ~$2.7 billion - $3.2 billion total capital investment 353 miles of 42”, 36”, and 30” mainline pipeline 21 miles of 30”, 24”, and 20”
Slide 11: Bakken East - Next Steps
Bakken East - Next Steps Negotiate remaining Final investment Determine precedent agreements decision financing* Finalize project File with design FERC* *Dependent on final investment decision MDU | Q1 2026 Earnings Call | May 7, 2026 11
Slide 12: Affirmed 2026 Guidance
Affirmed 2026 Guidance Earnings per share in the range of $0.93 to $1.00 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 investme
Slide 13: Financial Results
Financial Results
Slide 14: MDU Resources Group, Inc. 2026 Q1 Earnings
MDU Resources Group, Inc. 2026 Q1 Earnings Earnings in millions Three months ended March 31 2026 2025 Variance Net Income (by segment) Electric $ 14.5 $ 15.0 $ (0.5) Natural gas distribution 44.2 44.7 (0.5) Pipeline 15.3 17.2 (1.9) Other 6.8 5.1 1.7 Consolidated Net Income $ 80.8 $ 82.0 $ (1.2) Aver
Slide 15: Electric Utility
Electric Utility 2026 Q1 Earnings Milder weather, partially offset by Badger Wind recovery Earnings Earnings of $14.5 million (in millions) Lower retail sales volumes due to 10%-30% milder temperatures across our service $15.0 territory - approximately $2 million impact to $14.5 earnings Benef
Slide 16: Natural Gas Utility
Natural Gas Utility 2026 Q1 Earnings Warmer weather, largely offset by rate relief Earnings Earnings of $44.2 million (in millions) Rate relief in Washington, Idaho, Montana, and Wyoming $44.7 $44.2 Total retail customers grew 1.5% year-over-year Temperatures 10%-30% warmer across service te
Slide 17: Pipeline
Pipeline 2026 Q1 Earnings Decreased interruptible storage withdrawals impacted earnings Earnings Earnings of $15.3 million (in millions) Lower interruptible storage withdrawals $17.2 $15.3 Higher operation and maintenance expense Partially offset by continued demand for short- term transport
Slide 18: Equity & Funding Plan
Equity & Funding Plan • In March 2026, the company settled a portion of the forward sale agreements related to its December 2025 public offering, resulting in the issuance of 4.3 million shares of common stock for proceeds of $81.3 million • The company had previously stated that it expects to issue
Slide 19: Strong Balance Sheet
Strong Balance Sheet 47.2% debt-to-total capitalization ratio as of March 31, 2026 60% equity layer for FERC-regulated pipeline Manageable debt Equity layer ~50% for utility jurisdictions maturities and new issuances through current forecast Target strong investment grade credit ratings profile to s
Slide 20: Appendix
Appendix
Slide 21: Supportive Utility Jurisdictions and Favorable Recovery Mechanisms
Supportive Utility Jurisdictions and Favorable Recovery Mechanisms Electric Jurisdictions Jurisdiction Montana North Dakota South Dakota Wyoming Rate Base ($mm)1 $342 $1,117 $86 $103 Allowed ROE 9.65% 9.75% 3 9.7% Rate Case Filing (year) 20252 2022 2023 2025 Regulatory Mechanisms Fuel Clause Adjustm
Slide 22: Supportive Utility Jurisdictions and Favorable Recovery Mechanisms
Supportive Utility Jurisdictions and Favorable Recovery Mechanisms Gas Jurisdictions Jurisdiction Minnesota Montana North Dakota South Dakota Wyoming Idaho Washington Oregon Rate Base ($mm)1 $53 $141 $275 $93 $36 $588 $783 $216 Allowed ROE 9.53% 9.60% 9.90% 2 9.65% 9.50% 9.50% 9.40% Rate Case Filing