MDU Resources Group Investor Presentation — February 2022

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2021 EARNINGS & 2022 GUIDANCE CALL FEB 10, 2022During this presentation, we will make certain “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.FORWARD -LOOKING STATEMENTS

Vice President & CFO

Vice President, CAO & Controller

President & CEOE. Jeff Thiede

MDU Construction Services GroupPresident & CEO

WBI Energy President & CEO

Utilities Group President & CEO

32021 FULL- YEAR HIGHLIGHTS

2021 earnings of $378.1 million or $1.87 per share

Establishing 2022 earnings per share guidance of $2.00 to $2.15

5-8% long -term compound annual growth rate target

Over $3 billion five -year capital program underway

Increased our dividend for the 31stconsecutive year

Strong balance sheet with investment -grade credit ratings

“We anticipate growing demand for energy, data and telecommunications

infrastructure, and for construction materials and services, as funding from the $1.2 trillion

Infrastructure Investment and Jobs Act begins to be distributed across the country. We

expect to continue to see some inflationary pressures, and our team will remain diligent in addressing these challenges as we continue building a strong America.”

~ Dave Goodin, President & CEO

4CONSTRUCTION MATERIALS

$0$20$40$60$80$100$120$140$160

Q4 Full YearmillionsEARNINGS

2020 2021•Contracting revenues and gross margin decreased

from less available paving work

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