Earnings Conference Call Q1 2025 Safe Harbor 1 Strategic diversification for growth over long- term cycles 2 Internally financed investment: Growth without equity needs 3 Long-term EPS growth rate: 6-8% 4 Uninterrupted dividend for 86 years, part of 9-11% TSR target 5 Utility industry leading ROE and TSR track record 6 Targeted earnings mix: 65% Electric / 35% Manufacturing Investment Thesis Founded in 1907 Serve approximately 134,000 customers in MN, ND, SD Diverse end-markets High utilization of asset bas ...