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Otter Tail Corp — Q3 2026 Earnings Presentation
Otter Tail Corp (OTTR) · 35 slides · Filed Nov 3, 2026
Every slide of this earnings presentation, with the text as published. Open the original deck ↗ · All OTTR deck slides
Slide 1 — ( D U Q L Q J V
( D U Q L Q J V & R Q I H U H Q F H & D O O 4
Slide 2 — 6 D I H + D U E R U D Q G 1 R Q * $ $ 3 ) L Q D Q F
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’ H Y L Q 0 D Q D J H U R I , Q Y H V W R U 5 H O D W L R Q V ’ L U H F W R U R I ) L Q D Q E H L N H Q # R W W H U W D L O F R P G V F R W W # R W W H U W D L
Slide 3 — & R P S D Q \ 2 Y H U Y L H Z
& R P S D Q \ 2 Y H U Y L H Z % H V W L Q F O D V V X W L O L W 6 W U R Q J ( 3 6 J U R Z W K D Q G F X V W R P H U U D W H V 6 W U D W H J L F G L Y H U V L I L F ( Q K D Q F H V F R Q V R O L G D W H D Q G F D V K I O R Z , Q W H U Q D O O \ I L Q D Q F H G J 1 R H [ W H U Q D O H T X L W \ Q H W K U R X J K D W O H D V W , Q Y H V W P H Q W 7 K H V L V ) R X Q G H G L Q 6 H U Y H D S S U R [ L P D W H O \ F X V W R P H U V L Q 0 1 1 ’ 6 ’ ’ L Y H U V H H Q G P D U N H W V + L J K X W L O L ] D W L R Q R I D V V H W E D V H ( / ( & 7 5 , & 0 $ 1 8 ) $ & 7 8 5 , 1 * 5 H J X O D W H G D Q G Y H U W L F D O O \ L Q W H J U D W H G H O H F W U L F X W L O L W \ 2 Z Q H G D Q G R S H U D W H G I R U R Y H U \ H D U V
Slide 4 — . H \ + L J K O L J K W V
) L Q D Q F L D O 5 H V X O W V ( 5 H S R U W H G T X D U W H U O \ G L O X W H G ( 3 6 R I ( $ G M X V W H G 5 2 ( R I W U D L O L Q J W Z H O Y H P R Q W K V R Q D Q H T X L W \ O D \ H U R I 3 R V L W L R Q H G I R U ) X W X U H * U R Z W K ( 0 L Q Q H V R W D U D W H F D V H S U R J U H V V H G G X U L Q J W K H S H U L R G ( $ G Y D Q F H G R Q J R L Q J U H Q H Z D E O H D Q G W U D Q V P L V V L R Q F D S L W D O L Q Y H V W P H Q W ( / H Y H U D J H G D G G H G P D Q X I D F W X U L Q J F D S D F L W \ L Q $ U L ] R Q D D Q G * H R U J L D 2 X W O R R N ( $ I I L U P L Q J P L G S R L Q W R I D G M X V W H G G L O X W H G ( 3 6 J X L G D Q F H U D Q J H R I . H \ + L J K O L J K W V $ G M X V W H G W R U H P R Y H W K H D I W H U W D [ L P S D F W R I W K H O H J D O V H W W O H P H Q W H [ S H Q V H U H F R J Q L ] H G G X U L Q J
Slide 5 — ) L Q D Q F L D O 6 X P P D U \
) L Q D Q F L D O 6 X P P D U \ 4 X D U W H U W R ’ D W H 1 H W , Q F R P H L Q P L O O L R Q V ’ L O X W H G ( 3 6 < H D U W R ’ D W H 1 H W , Q F R P H L Q P L O O L R Q V ’ L O X W H G ( 3 6 $ G M X V W H G W R U H P R Y H W K H D I W H U W D [ L P S D F W R I W K H O H J D O V H W W O H P H Q W H [ S H Q V H U H F R J Q L ] H G G X U L Q < 7 ’ I L Q D Q F L D O U H V X O W V U H P D L Q R Q W U D F N D I I L U P L Q J P L G S R L
Slide 6 — ( O H F W U L F 3
( O H F W U L F 3
Slide 7 — 0 L Q Q H V R W D 5 D W H & D V H
0 L Q Q H V R W D 5 D W H & D V H ( / D V W U D W H U H T X H V W I L O H G L Q ( , Q W H U L P U D W H U H Y H Q X H R I P L O O L R Q Z H Q W L Q W R H I I H F W - D Q X D U \ V X E M H F W W R U H I X Q G ( 5 H P D L Q L Q J S U R F H G X U D O V F K H G X O H ( $ / - U H S R U W - D Q X D U \ ( ’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’ R F N H W
Slide 8 — 0 L Q Q H V R W D , Q W H J U D W H G 5 H V R X U F
0 L Q Q H V R W D , Q W H J U D W H G 5 H V R X U F ( 2 X W O L Q H V S U H I H U U H G S O D Q I R U P H H W L Q J F X V W R P H U V D Q W L F L S D W H G F D S D F L W \ D Q G H Q H U J \ Q H H G V R Y H U \ H D U S H U L R G ( 5 H T X H V W V Q H Z U H V R X U F H D G G L W L R Q V D Q G U H I O H F W V S U R M H F W V L Q G H Y H O R S P H Q W R U X Q G H U F R Q V W U X F W L R Q I U R P S U H Y L R X V O \ D S S U R Y H G U H V R X U F H S O D Q ( 0 L Q Q H V R W D ’ H S D U W P H Q W R I & R P P H U F H U H F R P P H Q G H G D G G L W L R Q D O U H Q H Z D E O H V D Q G E D W W H U \ V W R U D J H L Q O L H X R I Q D W X U D O J D V ( $ Q W L F L S D W H D K H D U L Q J D Q G I L Q D O R U G H U L Q 4 1 D W X U D O * D V 0 : : L Q G 0 : : L Q G 0 : 5 H T X H V W ) L O H G Z L W K W K H 0 L 8 W L O L W L H V & R P P L V V L R 0 D \ ’ R F N H W ( 5 3
Slide 9 — 5 D W H % D V H , Q Y H V W P H Q W 3 O D Q
5 D W H % D V H , Q Y H V W P H Q W 3 O D Q 6 L J Q L I L F D Q W 5 D W H % D V H * U R Z W K L Q E L O O L R Q V & $ * 5 & R Q Y H U V L R Q R I U D W H E D V H L Q W R ( O H F W U L F ( 3 6 J U R Z W a R I R X U F D S L W D O L Q Y H V W P H [ S H F W H G W R E H U H F R Y H U W K U R X J K U L G H U V D Q G H [ L V
Slide 10 — * H Q H U D W L R Q D Q G 6 W R U D J H 3 U R M H
* H Q H U D W L R Q D Q G 6 W R U D J H 3 U R M H 6 R O Z D \ 6 R O D U ( V W L Q Y H V W P H Q W 0 ( V W F R P S O H W L R Q G D W H 5 H F R Y H U \ P H F K D Q L V P $ S S U R Y H G U L G H U V L Q 0 1 D Q G 6 ’ + R R W / D N H % D W W H U \ ( V W L Q Y H V W P H Q W 0 ( V W F R P S O H W L R Q G D W H 5 H F R Y H U \ P H F K D Q L V P $ S S U R Y H G U L G H U L Q 0 1 $ E H U F U R P E L H 6 R O D U ( V W L Q Y H V W P H Q W 0 ( V W F R P S O H W L R Q G D W H 5 H F R Y H U \ P H F K D Q L V P $ S S U R Y H G U L G H U V L Q 0 1 D Q G 6 ’ 0 : I D F L O L W \ 0 : R I V W R U D J H F D S D F L W \ 0 : I D F L O L W \
Slide 11 — 7 U D Q V P L V V L R Q 3 U R M H F W 8 S G D W H V
7 U D Q V P L V V L R Q 3 U R M H F W 8 S G D W H V 0 , 6 2 / 5 7 3 7 U D Q F K H 0 , 6 2 / 5 7 3 7 U D Q F K H - 7 , 4 ( V W L Q Y H V W P H Q W 0 % ( V W F R P S O H W L R Q G D W H ( V W L Q Y H V W P H Q W 0 ( V W F R P S O H W L R Q G D W H ( V W L Q Y H V W P H Q W 0 0 ( V W F R P S O H W L R Q G D W H 5 H F R Y H U \ P H F K D Q L V P 0 , 6 2 W D U L I I Z L W K J H Q H U D W R U S D \ P H Q W V / R Q J 5 D Q J H 7 U D Q V P L V V L R Q 3 O D Q - R L Q W 7 D U J H W H G , Q W H U F R Q Q H F W L R Q 4 X H X H 5 H F R Y H U \ P H F K D Q L V P 0 , 6 2 W D U L I I Z L W K V W D W H U L G H U V 5 H F R Y H U \ P H F K D Q L V P 0 , 6 2 W D U L I I Z L W K V W D W H U L G H U V
Slide 12 — / R D G * U R Z W K 2 S S R U W X Q L W L H V
/ R D G * U R Z W K 2 S S R U W X Q L W L H V : H O O S R V L W L R Q H G W R D W W U D F W O D U J H O R D G V ( $ W W U D F W L Y H V H U Y L F H W H U U L W R U \ O R Z P D U N H W H Q H U J \ S U L F H V D Q G K L J K U H Q H Z D E O H S U R G X F W L R Q ( / R F D W L R Q V L G H Q W L I L H G Z L W K P L Q L P D O G H O L Y H U \ F R V W V W R V L W H ( / D U J H O R D G W D U L I I I L O H G L Q D O O M X U L V G L F W L R Q V 0 1 1 ’ D Q G 6 ’ / R D G J U R Z W K R S S R U W X Q L W \ G U L Y H Q E \ ( 7 K H U P D O V W R U D J H I D F L O L W L H V ( ’ D W D F H Q W H U V ( & O H D Q I X H O ( $ J U L F X O W X U H S U R F H V V L Q J % H Q H I L W V R I D G G L Q J O D U J H O R D G V ( ’ L V W U L E X W H V I L [ H G F R V W V D F U R V V O D U J H U F X V W R P H U E D V H ( & D S L W D O L Q Y H V W P H Q W D Q G H D U Q L Q J V R S S R U W X Q L W \ 3 K D V H V W R 6 H F X U H / D U J ( [ L V W L Q J 2 S S R U W X Q L W \ / H W W H U R I , Q W H Q W 0 : ’ D W D & H Q W H U 2 W K H U 0 : 0 : 7 H U P 6 K H H W ( O H F W U L F 6 H U Y L F H $ J U H H P H Q W 3 K D V H D Q G O D U J H O R D G D G L Q F O X G H G L Q O R D G J U R Z W K R U
Slide 13 — & X V W R P H U 5 D W H V D Q G $ I I R U G D E L O
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
Slide 14 — 0 D Q X I D F W X
0 D Q X I D F W X 3 O D W I R U P
Slide 15 — , Q G X V W U \ & R Q G L W L R Q V 0 D Q X I D F W
, Q G X V W U \ & R Q G L W L R Q V 0 D Q X I D F W % 7 ’ 0 D Q X I D F W X U L Q J D Q G 7 2 3 O D V W L F V , Q G X V W U L H V 6 H U Y H G , Q G X V W U \ & R Q G L W L R Q V ’ H D O H U L Q Y H Q W R U \ O H Y H O V K D Y H Q R U P D O L ] H G $ J U L F X O W X U H L Q G X V W U \ F R Q G L W F K D O O H Q J H G Z L W K H D U O \ V L J Q V L P S U R Y H P H Q W / R Q J W H U P I X Q G D P H Q W D O V U H P D L
Slide 16 — 3 O D V W L F V 3 U L F L Q J D Q G 9 R O X P H 7 U
3 O D V W L F V 3 U L F L Q J D Q G 9 R O X P H 7 U 1 R U W K H U Q 3 L S H 3 U R G X F W V D Q G 9 L Q \ O W H F K & R U S R U D W L R Q + L V W R U L F D O $ Y H U D J H 6 D O H V 3 U L F H R I 3 9 & 3 L S H < H D U 2 Y H U < H D U 7 U H 4 < 7 ’ $ Y H U D J H 6 D O H V 3 U L F H V d d 6 D O H V 9 R O X P H Vd b 0 D W H U L D O , Q S X W & R V W V b d 3 9 & S L S H S U L F H V K D Y H W U H Q G H G G R Z Q Z D U G V L Q F H O D W H , Q W H U Q D O D Y H U D J H V D O H V S U L F H V Y R O X P H V D Q G P D W H U L D O F R V W V R Q O \
Slide 17 — ) L Q D Q F L D O
) L Q D Q F L D O
Slide 18 — 4 7 ’ ’ L O X W H G ( 3 6
4 7 ’ ’ L O X W H G ( 3 6
Slide 19 — 4 7 ’ ’ L O X W H G ( 3 6
4 7 ’ ’ L O X W H G ( 3 6 6 H J P H Q W / H Y H O ’ H W D L O ( O H F W U L F 0 D Q X I D F W X U L Q J 5 L G H U V $ ) 8 ’ &
Slide 20 — 4 7 ’ ’ L O X W H G ( 3 6
4 7 ’ ’ L O X W H G ( 3 6 6 H J P H Q W / H Y H O ’ H W D L O 3 O D V W L F V & R U S R U D W H
Slide 21 — % D O D Q F H 6 K H H W
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
Slide 22 — 2 X W O R R N
2 X W O R R N ’ L O X W H G ( 3 6 $ F W X D O $ G M X V W H G * X L G D Q F H $ X J X V W $ G M X V W H G * X L G D Q F H 1 R Y H P E H U / R Z + L J K / R Z + L J K ( O H F W U L F 0 D Q X I D F W X U L Q J 3 O D V W L F V & R U S R U D W H 7 R W D O 5 H W X U Q R Q ( T X L W \ $ G M X V W H G W R U H P R Y H W K H D I W H U W D [ L P S D F W R I W K H O H J D O V H W W O H P H Q W H [ S H Q V H U H F R J Q L ] H G G X U L Q
Slide 23 — & D S L W D O ( [ S H Q G L W X U H V
& D S L W D O ( [ S H Q G L W X U H V ’ L V F L S O L Q H G F D S L W D O G H S O R \ P H Q W I R F X V H G R Q
Slide 24 — ) L Q D Q F L Q J 3 O D Q
) L Q D Q F L Q J 3 O D Q ’ L V F L S O L Q H G F D S L W D O G H S O R \ P H Q W I R F X V H G R Q L Q P L O O L R Q V ) < 5 7 R W D O / R Q J 7 H U P ’ H E W 2 W W H U 7 D L O 3 R Z H U & R P S D Q \ , V V X D Q F H V 5 H W L U H P H Q W V 2 W W H U 7 D L O & R U S R U D W L R Q , V V X D Q F H V 5 H W L U H P H Q W V 1 H W ’ H E W , Q F U H D V H ( T X L W \ 1 R H [ W H U Q D O H T X L W \ Q H H G V W K U R X J K D W O H D V W ) L Q D Q F L Q J S O D Q V X S S R U W V X W L O L Q Y H V W P H Q W V Z L W K R X W H [ W H U Q D O H T X L W R Y H U \ H D U S H U L R G
Slide 25 — / R Q J 7 H U P 3 O D V W L F V ( D U Q L Q J V 3 U R
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Slide 27 — $ S S H Q G L [
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Slide 31 — ’ L Y L G H Q G D Q G 3 D \ R X W 5 D W L R
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Slide 32 — ’ H E W 0 D W X U L W \ 6 F K H G X O H
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Slide 34 — 1 R Q * $ $ 3 5 H F R Q F L O L D W L R Q V
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
Slide 35 — 1 R Q * $ $ 3 5 H F R Q F L O L D W L R Q V
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