Mdu Resources Group, Inc. · NYSE:MDU
Mdu Resources — Q2 2026 Earnings Presentation
23 slides from Mdu Resources's earnings presentation, Aug 6, 2026
Slide 1: Q2 2026 Earnings Call
Q2 2026 Earnings Call August 6, 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 $21.3 million vs $13.7 million in 2025 Quarterly EPS of $0.10 vs. $0.07 in 2025 Performance New rates and recent infrastructure and expansion investments drive earnings Participating parties under signed precedent agreements totaling 1.2 Bcf/day Potential Execu
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 MDU | Q2 2026 Earnings
Slide 5: Growth Plan of Capital Investment
History CapitalofInvestment Growth Plan $3.1 Billion In Planned Capital Investments Capital Investment (2026-2030)1 Dollars in Millions $800 $720 $700 $674 $671 $70 $600 $529 $181 $282 $483 $500 $60 $295 $50 $400 $240 $254 $223 $300 $340 $200 $309 $250 $100 $184 $210 2 $129 $- 2026 2027 2028 2029 20
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 Over 1 GW of data center load under signed electric service agreements Ap
Slide 7: Regulatory Update
Regulatory Update Annual Revenue Annual Revenue Segment State Filing Date Increase ROE1 Status Increase (%)1 (in millions)1 General Rate Cases Pending Pending Electric Montana Sept. 30, 2025 15.0% $10.0 9.65% All-party settlement agreement filed ($10.0M/9.65% ROE) June 5, 2026 Interim rates increase
Slide 8: Approach on Data Centers
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 240 MW online Additional volume increasing as new buildings are completed Center, ND – 430 MW* Expected online in 20
Slide 9: Pipeline Outlook
Pipeline Outlook Line Section 32 Minot Industrial 190 MMcf/day total expansion Approximately 90-mile with expected late 2028 in- pipeline from Tioga, ND to 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* Project continues to advance ~1.2 Bcf/day of executed precedent agreements Negotiated option in place that may increase contracted volumes to nearly all of the original interest from binding open season Current assumptions Project design of 1.4 Bcf/day ~$2.7
Slide 11: Reaffirmed 2026 Guidance
Reaffirmed 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 invest
Slide 12: Financial Results
Financial Results
Slide 13: MDU Resources Group, Inc. 2026 Q2 Earnings
MDU Resources Group, Inc. 2026 Q2 Earnings Earnings in millions Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 Net income (loss) by segment Electric $ 14.7 $ 10.4 $ 29.2 $ 25.4 Natural gas distribution (3.9) (7.4) 40.3 37.3 Pipeline 14.4 15.4 29.7 32.6 Other (3.9) (4.7) 2.
Slide 14: Electric Utility
Electric Utility 2026 Q2 Earnings Strong earnings growth driven by Badger Wind recovery, implementation of new and interim rates and increased volumes Earnings Earnings of $14.7 million (in millions) Badger Wind Farm contributed $3.3 million in earnings for the quarter $14.7 Montana interim ra
Slide 15: Natural Gas Utility
Natural Gas Utility 2026 Q2 Earnings New rates and higher retail sales volumes support year-over-year results, offset by interest expense increases Earnings Seasonal loss of $3.9 million (in millions) 2025 2026 Positive contributions from new rates in Idaho, Washington, Montana, and Wyoming Re
Slide 16: Pipeline
Pipeline 2026 Q2 Earnings Results were driven by lower other income and higher depreciation expense Earnings Earnings of $14.4 million (in millions) Lower other income $15.4 Higher depreciation expense $14.4 Partially offset by continued customer demand for short-term transportation contract
Slide 17: Strong Balance Sheet
Strong Balance Sheet 46.8% debt-to-total capitalization ratio as of June 30, 2026 60% equity layer for FERC-regulated pipeline Manageable debt Equity layer ~50% for utility jurisdictions maturities and new issuances through current forecast Target strong investment grade credit ratings profile to su
Slide 18: Appendix
Appendix
Slide 19: Supportive Utility Jurisdictions and Favorable Recovery Mechanisms
Supportive Utility Jurisdictions and Favorable Recovery Mechanisms Electric Jurisdictions Jurisdiction Montana North Dakota South Dakota Wyoming Rate Base ($mm)1 $343 $1,112 $86 $106 Allowed ROE 9.65% 9.75% 2 9.7% Rate Case Filing (year) 20253 20263 2023 2025 Regulatory Mechanisms Fuel Clause Adjust
Slide 20: Supportive Utility Jurisdictions and Favorable Recovery Mechanisms
Supportive Utility Jurisdictions and Favorable Recovery Mechanisms Gas Jurisdictions Jurisdiction Minnesota Montana North Dakota South Dakota Wyoming Idaho Washington Oregon Rate Base ($mm)1 $57 $148 $282 $96 $37 $601 $792 $221 Allowed ROE 9.53% 9.60% 9.90% 2 9.65% 9.50% 9.50% 9.40% Rate Case Filing
Slide 21: Customer Bill Credits
Customer Bill Credits *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 | Q2 2026 Earnings Call | August 6, 2026 21
Slide 22: Customer Savings by State
Customer Savings by State 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 | Q2 2026 Earnings Call | August 6, 2026 22
Slide 23: Affordability - MDU Electric Bill vs. Other Household Expenses
Affordability - MDU Electric Bill vs. Other Household Expenses MDU | Q2 2026 Earnings Call | August 6, 2026 23