Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended June 30, 2023 or ☐ Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission File Number 0-53713 OTTER TAIL CORPORATION (Exact name of registrant as specified in its charter) Minnesota (State or other jurisdiction of incorporation or orga ...

Otter Tail Corporation (NASDAQ:OTTR) Q2 2023 Earnings Conference Call August 1, 2023 11:00 AM ET Company Participants Beth Osman - Manager of Investor Relations Chuck MacFarlane - President and Chief Executive Officer Kevin Moug - Senior Vice President and Chief Financial Officer Conference Call Participants Chris Ellinghaus - Siebert Williams Shank & Company, L.L.C. Sophie Karp - KeyBanc Brian Russo - Sidoti Operator Good morning, and welcome to Otter Tail Corporation's Second Quarter 2023 Earnings Confere ...

Q2 2023 Earnings Conference Call August 1, 2023 Forward-Looking Statement Except for historical information contained here, the statements in this release are forward-looking and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The words "anticipate," "believe," "could," "estimate," "expect," "future," "goal," "intend," "likely," "may," "outlook," "plan," "possible," "potential," "predict," "probable," "projected," "should," "target," "will," "would" and s ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Exact name of registrant as specified in its charter) Minnesota (State or other jurisdiction of incorporation or organization) 215 South Cascade Street, Box 496, Fergus Falls, Minnesota (Address of principal executive offices) (I.R.S. Employer Identification No.) 56538-0496 (Zip Code) (Mark One) ☒ Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission File Number 0 ...

Financial Data and Key Metrics Changes - The company reported earnings per share of $1.49 for Q1 2023, a decline compared to the record earnings of the previous year, primarily due to lower earnings from the Plastics segment [16][45] - The earnings guidance for 2023 has been increased to a range of $4.55 to $4.85 per share, reflecting a 20% increase from the previous guidance [17][49] Business Segment Data and Key Metrics Changes - The Electric segment net earnings increased by $4 million or approximately 21% compared to Q1 2022, driven by higher commercial and industrial sales volumes [35] - The Manufacturing segment earnings increased by $2.8 million or 68% over the same period, supported by a 19% increase in sales volumes at BTD [37] - The Plastics segment saw a decrease in net earnings of $17.2 million or 34% compared to 2022, with sales volumes declining by 46% [47] Market Data and Key Metrics Changes - Steel prices were 21% lower in Q1 2023 compared to the previous year, impacting revenues but not earnings due to pass-through pricing [46] - PVC pipe prices remained near historic highs, increasing approximately 7% from the first quarter of last year [38] Company Strategy and Development Direction - The company is targeting a 50% reduction in carbon emissions from its own generation resources by 2025 and 97% by 2050 [20] - A capital investment plan of $1.1 billion over the next five years has been established, with a focus on renewable energy projects [13][30] Management's Comments on Operating Environment and Future Outlook - Management expressed concerns about inflationary pressures and rising interest rates impacting earnings in 2023, particularly related to variable rate debt [41] - The company anticipates a decline in profitability in the latter half of 2023, with potential upside in Plastics segment earnings if market conditions improve [63] Other Important Information - The company has a consolidated equity layer of 59% as of March 31, 2023, which is expected to increase further [55] - The company is actively managing the impacts of inflation across all operating companies [41] Q&A Session Summary Question: What conditions could cause plastic pricing to be more resilient than expected? - Management indicated that if sales prices remain strong, there could be potential upside, but they have not reflected this in guidance [70] Question: What is the contract structure for BTD? - The backlog for BTD is approximately $289 million as of March 31, 2023, down from $339 million a year ago, influenced by steel price differences [76] Question: Is there visibility into distributor orders for PVC pipe? - Management noted that visibility into orders varies, with distributors managing inventory tightly and placing orders based on specific needs [80] Question: Have there been signs of new competition in the PVC market? - Management stated that there have not been any new competitors entering the market due to the significant cost of building a PVC pipe plant [81]

Q1 2023 Earnings Conference Call May 2, 2023 Company Overview ACCENT 5 140, 41, 32 Electric Platform Electric 65% 3 | --- | --- | --- | --- | --- | --- | --- | |-------|-------|-------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ACCENT 1 | | | | | | | | | | | | | | | | | | | | | | | | Default Color 0, 123, 195 | | | | | | | | | | | | | | | | | | | | | ACCENT 4 245, 122, 30 ACCENT 6 48, 138, 35 | --- | ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ Annual Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December 31, 2022 or ☐ Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission File Number 0-53713 OTTER TAIL CORPORATION (Exact name of registrant as specified in its charter) Minnesota 215 South Cascade Street, Box 496, Fergus Falls, Minnesot ...

Financial Data and Key Metrics Changes - Consolidated revenues increased approximately 22% to $1.46 billion, and consolidated earnings were $284 million, with diluted earnings per share of $6.78, a 60% increase from 2021 [10][15][40] - Return on equity in 2022 was 25.6%, compared to 19.2% in 2021 [40] - Corporate costs were impacted by increased employee healthcare costs and professional service expenses, but were partially offset by lower interest expenses [26][49] Business Segment Data and Key Metrics Changes - Electric segment earnings improved by 10%, driven by increased revenues from commercial and industrial customers [10][23] - Manufacturing segment net earnings increased by $3.8 million, with an 18% increase in revenues due to higher sales volumes [24] - Plastics segment net earnings increased by $97.6 million, with revenues up approximately 35% due to significant increases in sales price per pound of PVC pipe [25][39] Market Data and Key Metrics Changes - The recreational vehicle and lawn & garden markets are expected to soften in 2023, while agriculture, power generation, and horticulture markets are anticipated to remain strong [21] - The backlog for the Manufacturing segment as of December 31, 2022, was approximately $388 million, compared to $391 million a year ago [28] Company Strategy and Development Direction - The company is targeting to reduce carbon emissions from owned generation resources by approximately 50% from 2005 levels by 2025 and 97% by 2050 [17] - A capital investment plan of $1.1 billion over the next five years is expected to produce a 6.4% annual compounded growth rate in rate base [37] - The company expects to produce compound growth in earnings per share of 5% to 7% off a base of 2024 earnings [69] Management's Comments on Operating Environment and Future Outlook - Management anticipates a transitional year in 2023 as industry conditions within the PVC pipe industry normalize, with expected earnings per share in the range of $3.76 to $4.06 [44][80] - The company is actively managing the impacts of inflation across all operating companies and monitoring various economic indicators [29][50] Other Important Information - The company completed the purchase of the Ashtabula III wind farm, providing a lower-cost alternative than maintaining the purchase power agreement [19] - The Inflation Reduction Act has increased the investment tax credit on the Hoot Lake Solar project from 26% to 40% [6] Q&A Session Summary Question: How is the balance sheet affecting strategic plans for the utility? - Management noted that the strong balance sheet provides additional flexibility for future rate base projects, with an uplift in the capital plan driven by the Inflation Reduction Act [34][35] Question: Can you provide details on the Plastics expansion? - The total costs for the Plastics expansion, including a second line, are expected to be around $50 million, with the expansion timeline set for 2027 [36][73] Question: What is the outlook for the utility and rate cases? - Management does not anticipate any rate cases in 2023, with the possibility of one in North Dakota [63] Question: What are the expectations for earnings in 2023? - Earnings for the Manufacturing segment are expected to decline by 10% due to a slowing manufacturing sector, while earnings at T.O. Plastics are expected to be flat year-over-year [46][47] Question: How is the company managing inflationary pressures? - The company expects lower corporate costs in 2023, but inflationary increases in salary and benefit costs are anticipated [49]

2022 Earnings Conference Call February 14, 2023 Forward-Looking Statement Except for historical information contained here, the statements in this presentation are forward-looking and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The words "anticipate," "believe," "could," "estimate," "expect," "future," "goal," "intend," "likely," "may," "outlook," "plan," "possible," "potential," "predict," "probable," "projected," "should," "target," "will," "would" ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended September 30, 2022 or ☐ Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission File Number 0-53713 OTTER TAIL CORPORATION (Exact name of registrant as specified in its charter) Minnesota (State or other jurisdiction of incorporation or ...