North American Utilities: 2Q26 Previews: MDU & NWE

Research evidence excerpt

North American Utilities: 2Q26 Previews: MDU & NWE

J P M O R G A N North America Equity Research

08 July 2026

North American Utilities

2Q26 Previews: MDU & NWE

Please find below our thoughts on MDU and NWE into the quarter. North American Utilities

Aidan C Kelly AC

• MDU: Bakken East execution in spotlight; ND GRC + ESA topical. After (1-212) 622-4912

catching up with the company, we model 2Q26 adj EPS of $0.07, a penny shy aidan.x.kelly@jpmchase.com

of the $0.08 Street median and flat YoY versus 2Q25A. We anticipate the bulk Jeremy Tonet, CFA

of call attention to center on MDU’s pending Bakken East project, where recent (1-212) 622-4915

management commentary at our 2026 Natural Resources Conference jeremy.b.tonet@jpmorgan.com

reiterated a focus on signing enough precedent agreements to FID as soon as Eli Jossen, CFA

possible. We sense the company remains on track for a FERC Section 7c filing (1-212) 622-4113

in 3Q26 and would not be surprised to see incremental disclosures on precedent eli.jossen@jpmchase.com

agreement status and other data points alongside 2Q26 results. We Diana Niles

acknowledge that financing details could emerge after FID as both strategic (1-212) 622-3328

and financial partnerships remain on the table for consideration, although we diana.niles@jpmorgan.com

J.P. Morgan Securities LLC

expect some external equity issuance under any scenario. Into the print, we

continue to view MDU as an execution-driven growth story where a Bakken

East success could drive a unique level of earnings upside in the 2029+ period.

While admittedly recent investor discussions have skewed positive on the

prospects here, we appreciate successful execution on the remaining 60% of

agreements may be required to drive incremental confidence. Other