MDU Resources Group (MDU) Investor Day 2024 summary

Strategic direction and business positioning

• Spin-off effective October 31 will create two focused, independent public companies, enabling sharper strategic focus and tailored capital allocation for each.

• Everus will operate as a top 10 specialty construction services provider with a national platform of 20 market-leading local brands and over 9,000 employees at peak.

• The company is positioned to benefit from secular growth trends such as data centers, grid modernization, high-tech reshoring, and the energy transition.

• The Forever/4EVER Strategy focuses on operational excellence, disciplined growth, and long-term value creation.

• Mission centers on safety, integrity, respect, and teamwork, aiming to build America's future as an industry leader.

Leadership and governance

• Board comprises seven highly qualified members, ensuring both continuity and fresh perspectives, with a mix of experienced leaders from MDU Resources and new members.

• CEO Jeff Thiede and COO Tom Nosbusch have over 20 years of leadership at Everus; CFO Max Marcy brings extensive public company experience.

• Executive team averages 28 years of tenure, supporting disciplined growth and execution.

• Board and executive team have significant experience in construction, finance, and operations, supporting the 4EVER strategy.

• Strong people-first culture with a focus on safety, integrity, and workforce development.

Business segments and growth drivers

• Operates in two segments: Electrical & Mechanical (E&M) and Transmission & Distribution (T&D), serving diverse end markets including commercial, industrial, institutional, utility, renewable, and transportation.

• E&M segment has seen 9% CAGR since 2019, driven by infrastructure, data centers, and manufacturing reshoring.

• T&D segment benefits from grid modernization and increased utility CapEx, with strong relationships with utilities and municipalities.

• Growth levers include expanding with existing customers, satellite projects, strategic M&A, and gaining market share in high-growth end markets.

• Recent M&A, such as the PerLectric acquisition, has expanded the footprint and delivered strong financial returns.