MDU Resources Group (MDU) Investor presentation summary

Strategic transformation and business focus

• Completed transition to a pure-play regulated energy delivery company after successful spinoffs of Knife River and Everus Construction Group as of October 31, 2024.

• Focused on operational excellence, customer growth, and a returns-driven, employee-centric culture.

• Maintains a diversified business mix across electric, natural gas distribution, and pipeline segments.

Financial performance and growth

• Achieved 8% CAGR in combined rate base growth and 9% CAGR in combined earnings from 2019 to 2024.

• 2024 saw record pipeline earnings (up 45% YoY) and strong utility performance driven by rate relief and 1.4% customer growth.

• 2024 adjusted EPS was $0.90, up from $0.74 in 2023.

• 2025 EPS guidance is $0.88 to $0.98, assuming 1-2% annual customer growth and no equity issuances.

Capital allocation and investment

• $3.1 billion capital investment planned for 2025-2029, prioritizing safety, reliability, and customer growth.

• Dividend payout ratio targeted at 60-70% of regulated earnings.

• Strong balance sheet with a 46% debt-to-total capitalization ratio and no near-term equity needs.