MDU Resources Group (MDU) Investor presentation summary

Strategic focus and business evolution

• Transitioned to a pure-play regulated energy company after successful spinoffs, focusing on core regulated utility and pipeline operations.

• Maintains extensive operational diversification across electric, natural gas, and pipeline segments.

• 87 years of uninterrupted dividend payments and a targeted annual payout ratio of 60%-70%.

• Experienced management team with a proven track record and supportive regulatory environment.

Financial performance and growth

• Achieved 8% CAGR in combined rate base growth and 9% CAGR in combined earnings since 2019.

• 2025 EPS guidance set at $0.88 to $0.95, assuming normal conditions and no equity issuances.

• Long-term guidance includes 6%-8% EPS growth, 7%-8% utility rate base growth, and $3.1 billion in regulated capital investment through 2029.

• Maintains a strong balance sheet with a 44.4% debt-to-total capitalization ratio and investment-grade credit ratings.

Operational highlights and projects

• Serves over 1.2 million customers across eight states, with a balanced mix of electric and natural gas services.

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

• 580 MW of data center load under signed agreements, with phased online targets through 2027.

• Major projects include the Badger Wind Farm (49% ownership, 122.5 MW) and the proposed Bakken East Pipeline (350 miles, $500 million capacity negotiations ongoing).