MDU Resources Group (MDU) investor relations material

Strategic focus and investment highlights

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

• Targets 6%-8% long-term EPS growth and a 60%-70% annual dividend payout ratio, with 88 years of uninterrupted dividend payments.

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

Business mix and operational footprint

• As of December 31, 2025, business mix includes electric (19% earnings), natural gas distribution (36%), and pipeline (44%).

• Serves over 1.2 million customers across eight states, with 863 MW owned generation and 30,840 miles of transmission and distribution lines.

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

Growth, rate base, and regulatory environment

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

• Year-end 2025 regulated rate base totals $4.9B, diversified across 14 jurisdictions and 8 states.

• FERC-regulated pipeline has a 60% authorized equity layer and 10.48% authorized ROE.

• Electric and gas jurisdictions feature supportive regulatory mechanisms, including fuel clause adjustments and decoupling.