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 60%-70% 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 863 MW owned generation and 30,840 miles of transmission and distribution lines.

• Pipeline segment operates 3,800 miles of pipe with ~2.9 Bcf/day capacity and the largest storage field in North America.

• Combined regulated rate base of $5.0B across 14 jurisdictions and 8 states, with strong organic growth in both state and FERC jurisdictions.

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

Regulatory and rate case updates

• Multiple pending and finalized rate cases across electric and natural gas segments, with notable increases and some revenue reductions.

• FERC-regulated pipeline rate base at $1.0B, with a 10.48% authorized ROE for electric transmission.

• Supportive regulatory mechanisms in place, including fuel clause adjustments, infrastructure riders, and interim rate relief.