Otter Tail Business Summary

Otter Tail Corporation (OTTR) operates a diversified business model that balances regulated utility stability with cyclical manufacturing and plastics growth. The company generates revenue through three primary segments: Electric, Manufacturing, and Plastics. The Electric segment, its foundational core, provides regulated electricity to approximately 134,000 customers across Minnesota, North Dakota, and South Dakota, deriving income from rate-based infrastructure investments and retail sales. The Manufacturing segment produces custom metal fabrications and thermoformed plastic products for the agricultural and recreational vehicle markets, while the Plastics segment manufactures PVC pipe for municipal water and electrical conduit applications. Positioned as a mid-cap diversified utility, Otter Tail competes with regional energy providers such as Xcel Energy and ALLETE (Minnesota Power), as well as national utility peers like Pinnacle West Capital and IDACORP, distinguishing itself through its unique exposure to industrial manufacturing and high-margin PVC markets. Founded in 1907 in Fergus Falls, Minnesota, the company is currently led by President and CEO Charles S. MacFarlane, who has served in the role since 2015 and brings extensive utility experience from his previous tenure at Xcel Energy and a background in electrical engineering. The executive team includes Todd R. Wahlund, who was appointed Chief Financial Officer in 2024 after more than three decades with the firm, and Timothy J. Rogelstad, who oversees the Electric Platform. The Board of Directors, chaired by Nathan Partain, was recently strengthened in January 2026 with the appointments of Chris Clark, former President of Xcel Energy’s regional operations, and Steve Rasche, former CFO of Spire Inc. Notable institutional oversight is provided by the board’s diverse expertise in utility finance and regulatory strategy, ensuring disciplined capital allocation toward the company’s multi-billion dollar renewable energy and grid modernization roadmap.