MDU Resources Group (MDU) investor relations material

Strategic focus and business model

• Operates as a pure-play regulated energy delivery business with extensive operational diversification and supportive regulatory environments.

• Targets a 6%-8% long-term EPS growth rate and a 55%-65% annual dividend payout ratio, with 88 years of uninterrupted dividend payments.

• CORE strategy emphasizes customers, operational excellence, returns, and employee engagement.

Operational and financial highlights

• Serves over 1.2 million customers across electric and natural gas utilities, with 856 MW owned generation and 30,840 miles of transmission and distribution lines.

• Combined regulated rate base of $5.0B as of June 30, 2026, diversified across 14 jurisdictions in 8 states.

• Achieved a 10% CAGR in rate base and 7% CAGR in combined earnings from 2020 to 2025.

• Reaffirmed 2026 EPS guidance of $0.93-$1.00 and a $3.1B five-year capital investment plan.

Regulatory and rate case developments

• Multiple pending and finalized rate cases across states, with recent settlements and interim rates approved in MT, OR, WA, ND, and FERC jurisdictions.

• Authorized ROEs for electric and gas utilities generally range from 9.5% to 10.8%.

• Supportive regulatory mechanisms include fuel clause adjustments, property tax trackers, and interim rate relief.