MDU Resources Group (MDU) Investor presentation summary

Strategic transformation and business focus

• Completed transition to a pure-play regulated energy delivery company, exiting non-core businesses and spinning off Knife River and Everus Construction Group.

• Emphasizes operational excellence, customer satisfaction, and community engagement as core values.

• Maintains a disciplined capital allocation strategy, prioritizing safety, reliability, and projects with strong returns.

• Optimized capital structure and financial policy tailored to the regulated energy business model.

• 100 years in operation and 75 years of continuous NYSE listing.

Financial performance and outlook

• Achieved solid third quarter 2024 results, with record earnings and transportation volumes in the pipeline segment.

• Increased and narrowed 2024 earnings guidance to $180–$185 million.

• Long-term EPS growth targeted at 6–8% and dividend payout ratio at 60–70%.

• Maintains a strong balance sheet with a 44.5% debt-to-total capitalization ratio and investment grade credit ratings.

• Customer base expected to grow 1–2% annually, supporting ongoing earnings and rate base growth.

Regulated utility and pipeline operations

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

• Owns 737 MW of generation and 30,400 miles of transmission and distribution lines.

• Pipeline segment operates 3,800 miles of pipe with over 2.8 Bcf/day capacity and the largest storage field in North America.

• Combined regulated rate base of $4.2 billion, with balanced growth in both state and FERC jurisdictions.

• Recent and ongoing expansion projects add significant natural gas transportation capacity.