MDU Resources Group, Inc. Q1 FY2026 earnings call

• Mild winter weather reduced earnings by ~$0.03 per share, but rate relief and investments like Badger Wind Farm contributed. - Concluded binding open season for Bacanese pipeline project with ~1.4 Bcf/d interest, 40% signed under precedent agreements including 50 Mcf annual firm capacity from ND. - Data center load ramp: 580 MW under signed agreements, 180 MW online, 50 MW online, 150 MW expected later in 2026, etc. - Regulatory updates: Electric rate cases in various states, natural gas regulatory updates, pipeline segment updates like FERC Section 7 application for Line Section 32 expansion and extension of Minot Industrial Pipeline agreement.

Electric utility: Q1 earnings 14.5 million vs 15 million in 2025; first full quarter of Badger Wind Farm in service but lower retail sales volumes due to milder weather. Natural gas utility: Q1 earnings 44.2 million vs 44.7 million in 2025; warmer weather impacted volumes but rate relief offset. Pipeline: Q1 earnings 15.3 million vs 17.2 million in 2025; decreased due to lower interruptible natural gas storage withdrawals, higher O&M expense, etc., but partially offset by strong customer demand for short-term contracts and Minot Expansion Project.

• Affirming 2026 EPS guidance range of 93 cents to $1 per share. - Anticipating long-term EPS growth rate of 6% to 8% and targeting 60% to 70% annual dividend payout ratio.

• Q: Talk about 40% signed precedent agreements and timeline for Bacanese pipeline.

A: Encouraged by 40% signed, in active negotiations for remaining, next steps include finalizing design and working towards final investment decision with FERC filing schedule. - Q: Montana rate case and Bakken East impact.

A: Montana rate case has hearing scheduled, Bakken East is demand pull, not reliant on supplier push. - Q: Key variables in CapEx range for Bacanese pipeline.

A: Construction timeline, labor, steel prices, contractor lock-up. - Q: Data center opportunities and partnership for Bacanese pipeline.

A: Data center opportunities are demand pull, all options on table for financing including partnerships