MDU Resources Group Investor Presentation — March 2022

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INVESTOR PRESENTATIONMARCH 2022This presentation includes forward -looking comments subject to important risks and uncertainties. It may

also contain financial measures that are not in conformance with accounting principles generally

accepted in the United States (GAAP).

Refer to MDU Resources’ reports filed on Forms 8- K (current), 10- Q(quarterly), and 10 -K (annual) for

information on factors that could cause actual results to differ materially from information on this

presentation and for information reconciling financial results to GAAP. Past performance may not be representative of future results.

Nothing in this presentation should be construed as reaffirming or disaffirming the guidance set forth in

MDU Resources’ most recent earnings release and earnings call. This presentation is not an offer to sell or a solicitation of offers to buy and of MDU Resources’ securities.SAFE HARBOR STATEMENT & DISCLOSURES

4Infrastructure is our business, and we are Building a Strong America®.

Powering and connecting homes, factories, offices and stores. Building roads, highways, data infrastructure and airports. MDU

Resources keeps our economy moving.

High Quality Portfolio of Businesses Diversified Earnings Contribution

2021 Earnings Revenue

Natural Gas$1,321.5 $321.0 $103.5 8.4% --

Pipeline $142.6 $78.0 $40.9 11.8% --

Construction Services$2,051.6 $168.6 $109.4 26.4% $75.6

Construction Materials$2,228.9 $293.4 $129.8 4.8% $515.9

2 $5,744.6 $861.0 $383.6 10.8% $591.52021 EBITDA

1.Note: EBITDA is considered a non -GAAP financial measure.

2.Total figures exclude “Other” and “intersegment eliminations”Construction

Services 28.5%Construction

Services 19.6%Construction

Utility37.3%1924 1948 1992 2022

The company is incorporated and

begins acquiring small electric

utilities in eastern MontanaCompany BeginsCommon stock began trading

Sept. 20, 1948, on the NYSEOn the NYSE

MDU uses coal -mining experience to

venture into aggregates, completing the

acquisition of KRC Holdings in April 1992Rock On!

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