Mdu Resources Group, Inc. · NYSE:MDU

Mdu Resources — Q2 2025 Earnings Presentation

17 slides from Mdu Resources's earnings presentation, Aug 7, 2025

  1. Slide 1: Second Quarter Earnings Call

    Second Quarter Earnings Call August 7, 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 | Second Quarter Earnings Call | Aug. 7, 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 pay

  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 Increase Annual Revenue Increase Business State Filing Date Status (%) (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 40% Coal 31% 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 ▪ Continue negotiations with interested parties on potential Bakken East Pipeline Project, which could consist of 350 miles of pipeline construction from the Bakken region to the eastern part of North Dakota, plus additional pipeline laterals. The focus is on project timing and volu

  11. Slide 11: Narrowing 2025 Guidance

    Narrowing 2025 Guidance Earnings per share in the range of $0.88 to $0.95 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 ▪ No equity issuances in 2025 ▪ Successful executi

  12. Slide 12: Strong Long-Term Financial Guidance

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

  13. Slide 13: Financial Results

    Financial Results

  14. Slide 14: MDU Resources Group, Inc. Second Quarter Earnings

    MDU Resources Group, Inc. Second Quarter Earnings Earnings in millions Net Income Income from Continuing Operations1 $60.4 $20.2 $14.1 $13.7 $0.30 $0.10 $0.07 $0.07 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 Second Quarter Earnings Rate Relief and Higher Retail Sales Volumes Offset By Increased Operation and Maintenance Expense EARNINGS ▪ Earnings of $10.4 million $20 (in millions) ▪ Retail sales volumes increased 12.0%, driven by data center demand $15.5 $15 ▪ Continued customer growth

  16. Slide 16: Natural Gas Utility

    Natural Gas Utility Second Quarter Earnings Regulatory Gains Offset by Increased Operation and Maintenance Expense and Unfavorable Weather EARNINGS ▪ Seasonal loss of $7.4 million $- (in millions) 2024 2025 ▪ Increased operation and maintenance expense due to higher payroll-related costs $(3) ▪ Volu

  17. Slide 17: Pipeline

    Pipeline Second Quarter Earnings Growth Projects Offset by Increased Operation and Maintenance Expense and Absence of a Customer Settlement EARNINGS ▪ Earnings of $15.4 million $20 (in millions) $17.3 ▪ Increased transportation revenue $15.4 ▪ Continued strong customer demand for $15 short-term firm

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