Mdu Resources Group, Inc. · NYSE:MDU
Mdu Resources — Q2 2025 Earnings Presentation
17 slides from Mdu Resources's earnings presentation, Aug 7, 2025
Slide 1: Second Quarter Earnings Call
Second Quarter Earnings Call August 7, 2025
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 | Second Quarter Earnings Call | Aug. 7, 2025 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: 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
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
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
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
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
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
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
Slide 13: Financial Results
Financial Results
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
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
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
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