MDU RESOURCES GROUP Business Summary

MDU Resources Group Inc. (MDU) operates as a pure-play regulated energy delivery company following the strategic spin-offs of its construction materials (Knife River) and construction services (Everus) businesses in 2023 and 2024. The company generates revenue through regulated utility rates and fee-based natural gas transportation and storage services across three primary segments: Electric, Natural Gas Distribution, and Pipeline. Serving over 1.2 million customers across eight states, MDU manages a 3,800-mile pipeline network and a growing generation portfolio that includes the 258-megawatt Badger Wind Farm. MDU competes directly with regional utilities such as NorthWestern Energy, Black Hills Corporation, and Avista. As a mid-cap utility, MDU occupies a specialized niche in the upper Midwest and Pacific Northwest, positioning itself as a high-yield, low-risk infrastructure play with a specific focus on meeting the rising energy demands of regional data centers. Founded in 1924 by Rolland Heskett as the Minnesota Northern Power Company, MDU is currently led by President and CEO Nicole A. Kivisto, who assumed the role in early 2024 after previously heading the company's utility group. The executive team includes Jason L. Vollmer as VP and Chief Financial Officer, and Peggy A. Link as VP and Chief Information Officer. The board of directors is chaired by Darrel T. Anderson, the former CEO of IDACORP, and features notable members such as former North Dakota Lieutenant Governor Tammy J. Miller and natural gas industry veteran Charles M. Kelley. The company maintains a strong institutional investor base, with approximately 84% of shares held by major financial entities, underscoring its status as a stable, dividend-paying staple within the regulated utility sector.