MDU Resources Group (MDU) Investor presentation summary

Strategic focus and business model

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

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

• Management targets a 6%-8% long-term EPS growth rate and a 60%-70% annual dividend payout ratio.

• 88 years of uninterrupted dividend payments highlight stability.

Business mix and operational footprint

• As of March 2026, electric operations account for 19% of earnings and 31% of rate base, while natural gas distribution and pipeline contribute 44% and 37% of earnings, respectively.

• Serves over 1.2 million customers across eight states, with more than 1 million gas and 145,000 electric customers.

• Owns 863 MW of generation and operates 30,840 miles of transmission and distribution lines.

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

Financial performance and growth

• Combined regulated rate base reached $5.0B in Q1 2026, with balanced growth across state and FERC jurisdictions.

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

• Welcomed first data center customer in 2023, with significant load growth under contract.