MDU Resources : Siebert Williams Shank & Co. Presentation

Siebert Williams Shank & Co. West Coast Utilities Conference

March 20-21, 2024

Forward-Looking Statement

This presentation includes "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934. Although the company believes that its expectations and beliefs are based on reasonable assumptions, actual results may differ materially.

For a discussion of factors that may cause actual results to differ, refer to Item 1A - Risk Factors in the company's most recent Form 10-K and Form 10-Q.

Company Information	Investor Contact
MDU Resources Group, Inc.	Brent Miller
P.O Box 5650	Assistant Treasurer and Director, Financial Projects & Investor Relations
Bismarck, ND 58506-5650	701-530-1730
www.mdu.com	[e-mail]
NYSE: MDU
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MDU Resources Group

Focusing on our CORE

Commitment to Shareholder Value

MDU Resources has a long history of evolving our company to create value

		2023
		Successful spinoff of Knife River and
		announced spinoff of Everus Construction
1924	1993	Group estimated for end of 2024
Began as a	Expanded to	Scaled both businesses to allow for efficient
Utility Company	Construction Materials	opportunities as standalone companies

1948	1997	Focusing on
our CORE
Began trading on the New	Expanded to
Continue operations as
York Stock Exchange under	Construction Services
a pure-play regulated
the ticker symbol MDU
	energy company

86 years of uninterrupted dividend payments.

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Why MDU?

• Strong regulated business mix
• Extensive operational diversification
• Supportive regulatory environment
• Balance sheet strength
• Experienced management team with proven track record
• Compelling long-term guidance with differentiated growth targets

• One of the largest electrical construction service providers in the U.S.
• Essential infrastructure service provider
• Competitive positioning and industry tailwinds support future growth
• Strong cash flow provides optionality
• Distinct investment opportunity as an independent, publicly traded company

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Path to Becoming Pure Play

Earnings	EBITDA		Capital Expenditures

Regulated Utility

Regulated Pipeline

Construction

Future state as a pure- play regulated energy delivery company

			6%
		32%	22%
45%		40%
		54%
		14%	72%
	15%

28%	21%	23%

72%	79%	77%

Note: Percentages are based on year-end 2023 results.

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Focusing on our "CORE"

MDU Resources becoming a pure-play regulated entity focuses the company on its original "CORE" energy delivery business

Customers and

Community

• Best-in-classcustomer satisfaction
• Competitive rates
• Community focused

Operational

Excellence

• Safety culture
• Responsible approach to operating costs and capital investment
• Environmental stewardship

	Returns		Employee
	Focused		Driven
•	Attractive earnings	•	Employee retention
	and rate base growth		and recruitment
•	ROE enhancement	•	Encourage employee
	engagement
•	Delivering strong	•	Succession planning
	total shareholder		and development
	return		programs

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Compelling Investment Thesis

Strong, regulated business mix

Extensive operational diversification

Supportive regulatory environment

Enhanced credit metrics profile and balance sheet strength

Experienced management team with a proven track record

1 From 2005 levels.

• ~100% regulated cash flow contribution
• Stable, predictable cash flow driven by 72% utility and 28% regulated pipeline earnings
• Utility operations in 8 states & 13 jurisdictions with 55% / 45% gas vs. electric rate base
• Pipeline operations in 5 states and transports >50% of the gas produced in the Bakken
• Timely cost recovery via dedicated trackers and normalization mechanisms
• ~25% total rate base is FERC-regulatedwith minimal lag and attractive ROEs
• Consolidated debt-to-capitalization ratio of 45% (as of December 31, 2023)
• No near-term equity needs
• Developed constructive regulatory relationships
• Over the last five years have grown rate base and earnings by 8% compounded annually

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Regulated Utility Snapshot

~1.2 million Total Customers

• Over 1 million Gas
• Over 145,000 Electric

648 MW Owned Generation

30,400

Miles of Electric and Gas Transmission

and Distribution Lines

1,520

Skilled Employees

WA

OR

ID

MT

WY

ND

SD

MN

233k

84k

419k

114k

38k

210k

74k

22k

Customers

Customers

Customers

Customers

Customers

Customers

Customers

Customers

As of December 31, 2023

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Regulated Pipeline Snapshot

3,800 Miles of Pipe

~2.6 Bcf/day

System Capacity

14 Interconnecting Points

~320 Skilled Employees

LARGEST

Storage Field in North America

~82% of Montana-Dakota's natural gas transported by the Pipeline

As of December 31, 2023

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