MDU Resources Group, Inc. · NYSE:MDU
MDU Resources — Q3 2026 Earnings Presentation
23 slides from MDU Resources's earnings presentation, Nov 5, 2026
Slide 1: Q3 2026 Earnings Call
Q3 2026 Earnings Call November 5, 2026
Slide 2: Legal Disclaimer
Legal Disclaimer Cautionary Note Regarding Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the federal securities laws. Other than statements of historical facts, all statements which address activities, events or developments that the company a
Slide 3: Key Highlights
Key Highlights Net income of $14.0 million vs $18.4 million in 2025 Quarterly EPS of $0.07 vs $0.09 in 2025 Performance Adjusted net income and adjusted EPS of $16.6 million and $0.08, respectively Positive Final Investment Decision reached on Sept. 30, 2026 Designed with an initial capaci
Slide 4: Compelling Investment Opportunity
Compelling Investment Opportunity Pure-play regulated energy delivery business Focusing on our “CORE” Extensive operational diversification Supportive regulatory environment Experienced management team with proven track record 6%-8% long-term EPS growth rate target MDU | Q3 2026 Earnings
Slide 5: Electric and Natural Gas Outlook
Electric and Natural Gas Outlook Safely meet customer demand by upgrading and expanding infrastructure and facilities Customer base expected to continue growing by 1%-2% annually Focused on timely regulatory recovery Over 1 GW of data center load under signed electric service agreements MDU
Slide 6: Regulatory – Pending Rate Cases
Regulatory – Pending Rate Cases Annual Revenue Filing Annual Revenue Jurisdiction Increase ROE1 Status Date Increase (%)1 (in millions)1 MT Sept. 30, 2025 15.0% $10.0 9.65%2 All-party settlement agreement filed Jun. 5, 2026 Interim rates increase of $10.4M or 16.2% effective Apr. 1, Electric 2026 Ra
Slide 7: Approach on Data Centers
Approach on Data Centers Minimal capital investment to date ROE accretive Over 1 GW of data center load under signed electric service agreements Ellendale, ND – 530 MW 280 MW online Additional volume increasing as new buildings are completed Center, ND – 430 MW* Expected online in 20
Slide 8: Pipeline Outlook
Pipeline Outlook Line Section 32 Minot Industrial 190 MMcf/day total expansion Approximately 90-mile with expected late 2028 in- pipeline from Tioga, ND to service date Minot, ND to support FERC section 7(c) application anticipated industrial demand filed March 2026 Agreement in place throug
Slide 9: Bakken East Pipeline
Bakken East Pipeline • Positive Final Investment Decision reached • Design of 1.4 Bcf/day with flexibility for growth • Segments of 42-inch, 36-inch, and 30-inch pipe • 4 new compressor stations • Upgrades at 2 existing compressor stations • ~ $2.8 billion – $3.1 billion total capital investment 1 F
Slide 10: Reaffirmed 2026 Guidance
Reaffirmed 2026 Guidance Earnings per share in the range of $0.93 to $1.00 Based on the following assumptions for the remainder of the year: Normal weather, economic and operating conditions Continued growth in utility customers at 1%-2% annually Successful execution of approved capital invest
Slide 11: Financial Results
Financial Results
Slide 12: MDU Resources Group, Inc. 2026 Q3 Earnings
MDU Resources Group, Inc. 2026 Q3 Earnings Earnings in millions Three Months Ended Nine Months Ended September 30, September 30, 2026 2025 2026 2025 Net income (loss) by segment Electric $ 26.5 $ 21.5 $ 55.7 $ 46.9 Natural gas distribution (20.7) (18.2) 19.6 19.1 Pipeline 13.1 16.8 42.8 49.4 Other (
Slide 13: Electric Utility
Electric Utility 2026 Q3 Earnings Implementation of new and interim rates, Badger Wind Farm recovery and increased volumes drove earnings increase GAAP Earnings Earnings of $26.5 million (in millions) New rates approved in ND, MT and WY contributed $7.1 million in revenue $26.5 Badger Wind Far
Slide 14: Natural Gas Utility
Natural Gas Utility 2026 Q3 Earnings New rates and higher retail sales volumes more than offset by higher operation and maintenance GAAP Earnings Seasonal net loss of $20.7 million 2026 (in millions) 2025 New rates contributed $6.5 million in additional revenue Retail sales volumes increased 7
Slide 15: Pipeline
Pipeline 2026 Q3 Earnings Higher operating and development-related costs impact third-quarter earnings GAAP Earnings Earnings of $13.1 million (in millions) Higher demand for short-term contracts $16.8 Increased demand revenue associated with $13.1 the Minot Expansion and Line Section 32 Expan
Slide 16: Strong Balance Sheet
Strong Balance Sheet 46.6% debt-to-total capitalization ratio as of September 30, 2026 60% equity layer for FERC-regulated pipeline Manageable debt Equity layer ~50% for utility jurisdictions maturities and expected new issuances through Target strong investment grade credit ratings profile to suppo
Slide 17: Appendix
Appendix
Slide 18: 2026 Q3 Reconciliation of GAAP to Non-GAAP
MDU Resources Group, Inc. 2026 Q3 Reconciliation of GAAP to Non-GAAP Three Months Ended Nine Months Ended September 30, September 30, 2026 2025 2026 2025 (In millions, except per share amounts) Net income $ 14.0 $ 18.4 $ 116.1 $ 114.1 Adjustments: Loss on Knott Landfill project, net of tax1 2.1 -- 2
Slide 19: Supportive Utility Jurisdictions and Favorable Recovery Mechanisms
Supportive Utility Jurisdictions and Favorable Recovery Mechanisms Electric Jurisdictions Jurisdiction Montana North Dakota South Dakota Wyoming Rate Base ($mm)1,2 $343 $1,105 $87 $105 Authorized ROE 9.65%3 9.75% 5 9.70% Rate Case Filing (year) 20254 20264 2023 2025 Regulatory Mechanisms Fuel Clause
Slide 20: Supportive Utility Jurisdictions and Favorable Recovery Mechanisms
Supportive Utility Jurisdictions and Favorable Recovery Mechanisms Gas Jurisdictions Jurisdiction Minnesota Montana North Dakota South Dakota Wyoming Idaho Washington Oregon Rate Base ($mm)1,2 $57 $161 $294 $100 $39 $617 $785 $242 Authorized ROE 9.53% 9.60% 9.90% 3 9.65% 9.50% 9.50% 9.50% Rate Case
Slide 21: Customer Bill Credits
Customer Bill Credits *Fuel, power and transmission costs include the cost of resources to produce electricity, the cost to produce electricity and the cost to move electricity across the grid. MDU | Q3 2026 Earnings Call | November 5, 2026 21
Slide 22: Customer Savings by State
Customer Savings by State Savings vary by year based on usage, rates and regulatory mechanisms in each state. Unless otherwise noted, all figures reflect regulator-approved rate structures. Examples shown are averages; individual bills may vary. MDU | Q3 2026 Earnings Call | November 5, 2026 22
Slide 23: Affordability - MDU Electric Bill vs. Other Household Expenses
Affordability - MDU Electric Bill vs. Other Household Expenses MDU | Q3 2026 Earnings Call | November 5, 2026 23