Mdu Resources Group, Inc. · NYSE:MDU
Mdu Resources — Q4 2025 Earnings Presentation
20 slides from Mdu Resources's earnings presentation, Feb 5, 2026
Slide 1: Year-End Earnings Call
Year-End Earnings Call February 5, 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
Slide 3: Company Outlook
Company Outlook
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 | Year-End Earnings Call | Feb. 5, 2026 4 4
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 pay
Slide 6: Capital Investment Plan
History of Growth Capital Investment Plan $3.1 Billion In Planned Capital Investments Capital Investment (2026-2030)1 Dollars in Millions $800 $720 $700 $674 $671 $70 $600 $560 $181 $282 $60 $483 $500 $295 $50 $400 $240 $342 $254 $223 $300 $200 $309 $250 $100 $184 $210 $158 2 $- 2026 2 2027 2028 202
Slide 7: 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 MDU | Y
Slide 8: Regulatory Update
Regulatory Update Annual Revenue Increase Annual Revenue Increase Segment State Filing Date ROE Status (%)* (in millions)* General Rate Cases Pending Settlement agreement filed Jan. 23, 2026 Electric Wyoming June 30, 2025 18.6% $5.8M 9.7% Final rates requested to be effective Apr. 1, 2026 Electric M
Slide 9: Approach on Data Centers
Approach on Data Centers • Minimal capital investment • 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 electric serv
Slide 10: Badger Wind Farm
Badger Wind Farm MDU’s Nameplate Generation Mix: Prior to Badger Wind Current 29% 35% 40% 39% 31% 26% Renewables 31% Coal 40% 29% Gas 49% undivided ownership interest, acquired and placed in service on December 31, 2025 Ownership interest represents 122.5 MW of the project’s 250 MW total capacit
Slide 11: Pipeline Outlook
Pipeline Outlook Line Section 32 Expansion Project: This project will provide natural gas transportation service to a new electric facility in northwest North Dakota, with a FERC filing anticipated in March 2026 and construction scheduled for completion by late 2028 Minot Industrial Project: Thi
Slide 12: Bakken East - Next Steps
Bakken East - Next Steps Negotiate contracts with Binding open season parties that request firm began Feb. 2, 2026 and transportation capacity Final investment will close March 13, 2026 in the open season decision Determine committed Finalize project File with interest design FERC MDU | Year-End Ear
Slide 13: Initiating 2026 Guidance
Initiating 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 14: Financial Results
Financial Results
Slide 15: MDU Resources Group, Inc. 2025 Earnings
MDU Resources Group, Inc. 2025 Earnings Earnings in millions Earnings1 EPS1 $281.1 $1.37 $190.4 $191.4 $181.1 $0.93 $0.93 $0.88 Earnings Earnings (Cont. Ops.) EPS EPS (Cont. Ops.) 2024 2025 2024 2025 1 On Oct. 31, 2024, MDU Resources successfully completed the spinoff of Everus, which became an inde
Slide 16: Electric Utility
Electric Utility 2025 Earnings Earnings declined due primarily to higher operation and maintenance expense Earnings Earnings of $64.9 million $80 (in millions) $74.8 Higher operation and maintenance expense $64.9 Benefited from retail sales revenue and $60 volumes, including contributions from
Slide 17: Natural Gas Utility
Natural Gas Utility 2025 Earnings Earnings increased primarily due to rate relief Earnings Earnings of $56.1 million $60 (in millions) $56.1 Rate relief in Washington, Montana, South Dakota and Wyoming $46.9 Total retail customers grew 1.6% year-over-year $40 Partially offset by higher opera
Slide 18: Pipeline
Pipeline 2025 Earnings Expansion projects continue to drive earnings, largely offset by higher operation and maintenance expense and the absence of one-time benefits in 2024 Earnings Record earnings of $68.2 million $80 (in millions) Higher transportation revenue, mainly from $68.0 $68.2 expansi
Slide 19: Other
Other 2025 Earnings Earnings1 Earnings of $1.2 million $100 (in millions) $91.4 Absence of the income from discontinued $80 operations in 2025 $60 Partially offset by lower operation and maintenance expense $40 $20 $1.2 $2.2 $- $(8.6) $(20) Earnings Earnings (Cont. Ops.) 2024 2025 1 On Oct. 31
Slide 20: Equity & Funding Plan
Equity & Funding Plan • On December 5, 2025, the company completed a follow-on public offering of 10,152,284 shares of common stock at $19.70 per share • On December 23, 2025, underwriters exercised an option to buy 1,522,842 additional shares of common stock • Forward sale agreements entered into i