MDU Resources Group Investor Presentation — May 2022

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EARNINGS CALLMay 5, 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

$- $10 $20 $30 $40 $50 $60

2021 2022millionsEARNINGS

$- $0.05 $0.10 $0.15 $0.20 $0.25 $0.30

4MDU RESOURCES GROUP, INC.

FIRST QUARTER EARNINGS ELECTRIC & NATURAL GAS UTILITY

Reported earnings of $47.6 million

–Electric retail sales volumes increased

2.5% and natural gas retail sales

volumes increased 9.0%

–Rate recovery in several jurisdictions

and higher electric transmission

revenues contributed to the increase

–Partially offsetting the increase was

higher operation and maintenance

expense and lower investment returns

on certain benefit plansFIRST QUARTER EARNINGS

$- $10 $20 $30 $40 $50 $60

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