Mdu Resources Group, Inc. · NYSE:MDU

Mdu Resources — Q3 2025 Earnings Presentation

16 slides from Mdu Resources's earnings presentation, Nov 6, 2025

1. Slide 1: Third Quarter Earnings Call

   Third Quarter Earnings Call November 6, 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 | Third Quarter Earnings Call | Nov. 6, 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  Recei

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 Natural Gas Pending Idaho May 30, 2025 8.6% $26.5M Distribution Settlement agreement filed (4.2%/$13.0M) Oct. 20, 2025 Electric Wyoming June 30, 2025

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 market  Reduces transmission charge to existing customers  Allows previously stranded power to reach market  580 MW of data center load under signed electric serv

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 31% Coal 40% 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)  Received ADP and

10. Slide 10: Pipeline Outlook

    Pipeline Outlook  Minot Expansion Project was placed in service in November 2025 and increases natural gas transportation capacity by 7 million cubic feet per day  Continue to make progress on required surveys for the Line Section 32 Expansion Project and anticipate filing FERC application in Q1 2

11. Slide 11: Narrowing 2025 Guidance

    Narrowing 2025 Guidance Earnings per share in the range of $0.90 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  Successful execution of approved capital investm

12. Slide 12: Financial Results

    Financial Results

13. Slide 13: Third Quarter Earnings

    MDU Resources Group, Inc. Third Quarter Earnings Earnings in millions Net Income Income from Continuing Operations1 $64.6 $18.4 $15.6 $18.4 $0.32 $0.08 $0.09 $0.09 Earnings EPS Earnings EPS 2024 2025 2024 2025 1 On October 31, 2024, MDU Resources successfully completed the spinoff of Everus its form

14. Slide 14: Electric Utility

    Electric Utility Third Quarter Earnings Earnings impacted by increased Operation and Maintenance Expense EARNINGS  Earnings of $21.5 million $30 (in millions)  Operation and maintenance expense $24.3 increased due to higher payroll-related costs $25 and electric generation station outages $21.5 $2

15. Slide 15: Natural Gas Utility

    Natural Gas Utility Third Quarter Earnings Rate Relief Offset by Increased Operation and Maintenance Expense EARNINGS  Seasonal loss of $18.2 million $- (in millions) 2024 2025  Increased operation and maintenance expense due to higher payroll-related costs $(5)  Rate relief in Washington, Montan

16. Slide 16: Pipeline

    Pipeline Third Quarter Earnings Expansion projects and transportation volumes drove record third quarter earnings EARNINGS  Earnings of $16.8 million $20 (in millions)  Increased transportation revenue $16.8 $15.1  Continued strong customer demand for $15 short-term firm transportation capacity c

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