Here are a couple of analogies for Otter Tail:

1. Think of Otter Tail as a regional electric utility, similar to a smaller Xcel Energy, that also operates a portfolio of industrial businesses manufacturing plastic pipes and specialized components.

2. Imagine a diversified industrial manufacturer, similar to certain business units within a company like 3M, that also owns and operates its own regional electric utility.

• Electric Utility Services: Provides generation, transmission, distribution, and sale of electric energy.
• Contract Machining: Offers custom machining services for various industrial components.
• Metal Parts Fabrication: Specializes in stamping, fabrication, and painting of metal components.
• Plastic Thermoformed Products: Manufactures horticultural containers, industrial packaging, material handling components, and specialized packaging like clamshells and blister packs.
• Extruded Raw Material Stock: Produces extruded plastic stock materials for recreational vehicle, agricultural, and industrial equipment industries.
• PVC Pipes: Manufactures polyvinyl chloride pipes for municipal, rural water, wastewater, and storm drainage systems.

Otter Tail Corporation (OTTR) serves a diverse customer base across its Electric Utility, Manufacturing, and Plastics segments. While its Electric segment serves individuals, its Manufacturing and Plastics segments primarily serve other businesses and governmental entities. Since specific major customer company names are not provided in the description, the customers are best described by category.

The company's major customer categories include:

1. Residential Customers: Individuals who purchase electric energy for their homes in Minnesota, North Dakota, and South Dakota through the Electric segment.
2. Commercial and Industrial Businesses: This broad category encompasses a wide range of business customers. For the Electric segment, it includes industrial and other commercial customers consuming electricity. For the Manufacturing segment, it includes companies in industries such as recreational vehicle, agricultural, construction, lawn and garden, industrial and energy equipment, horticulture, medical and life sciences, recreation, and electronics. For the Plastics segment, it includes wholesalers and distributors of polyvinyl chloride pipes.
3. Municipal and Rural Utilities/Entities: For the Plastics segment, this includes customers involved with municipal water, rural water, wastewater, storm drainage, and water reclamation systems, which utilize the company's polyvinyl chloride pipes.

Charles S. MacFarlane, President and Chief Executive Officer

Charles S. MacFarlane was named President and Chief Executive Officer of Otter Tail Corporation on April 13, 2015. Before this role, he served as the corporation's President and Chief Operating Officer for a year. From 2003 and 2007, respectively, he held the positions of President and Chief Executive Officer of Otter Tail Power Company, the electric utility subsidiary. He joined Otter Tail Power Company in 2001 as Director of Financial Analysis and Planning and previously worked for Xcel Energy.

Todd R. Wahlund, Chief Financial Officer and Vice President

Todd R. Wahlund assumed the role of Vice President and Chief Financial Officer of Otter Tail Corporation effective January 1, 2024. For five years prior, he served as the Chief Financial Officer and Vice President, Finance, at Otter Tail Power Company. His career at Otter Tail Corporation also includes roles as Vice President of Financial Planning and Treasurer (2017) and Vice President of Finance, Planning and Mergers and Acquisitions (2012). He began his career with Otter Tail Power Company in 1992 as a General Accountant and progressed through various leadership positions within the company, including Manager of Financial Analysis, Manager of Business Planning, Director of Risk Management and Business Planning, Vice President of Renewable Energy Development and Risk Management, and Vice President of Renewables and Power Services.

Timothy J. Rogelstad, Senior Vice President, Electric Platform; President, Otter Tail Power Company

Timothy J. Rogelstad is responsible for the operations of Otter Tail Power Company. He joined Otter Tail Power Company in 1989 as an Engineer in the System Engineering Department and has held positions such as Supervisor of Transmission Planning and Manager of Delivery Planning.

John S. Abbott, Senior Vice President, Manufacturing Platform; President, Varistar

John S. Abbott became President of Varistar, the entity supporting Otter Tail Corporation's manufacturing portfolio, in February 2015. Prior to joining Otter Tail Corporation, he served as an officer and president of a group of restaurant equipment companies at Standex International. He possesses more than 30 years of experience in sales, marketing, and operating, with over 15 years in president or group president roles within manufacturing-based companies, including acquisition and integration experience.

Jennifer O. Smestad, Senior Vice President, General Counsel, and Corporate Secretary

Jennifer O. Smestad serves as the Senior Vice President, General Counsel, and Corporate Secretary for Otter Tail Corporation.

1. Regulatory and Environmental Risks in the Electric Segment

2. Volatile Market Conditions and Raw Material Costs in the Plastics Segment

3. Large Capital Investments and Associated Operational Risks

Here are the addressable market sizes for Otter Tail Corporation's main products and services:

• Electric Utility Services: Otter Tail Corporation's Electric segment operates as a regulated utility, producing, transmitting, distributing, and selling electric energy in parts of Minnesota, North Dakota, and South Dakota. The addressable market for a regulated electric utility is generally defined by its service territory and customer base rather than a single overall market size in dollars. For context, North Dakota's total retail electricity sales were approximately $2.36 billion in 2024. In Minnesota, the average retail price of electricity was 12.04 cents per kilowatt-hour in 2025.
• Manufacturing Segment (Metal Fabrication): This segment engages in contract machining, metal parts stamping, fabrication, and painting. The addressable market for these services is the broader metal fabrication and forming industry. The U.S. metal fabrication market was valued at US$362.4 billion in 2020 and is projected to surpass US$473.7 billion by 2031. Separately, the U.S. metal forming industry generated approximately $340.0 billion in revenue in 2022. The market size for this product category is for the U.S. region.
• Manufacturing Segment (Plastic Thermoformed Products/Packaging): This includes plastic thermoformed horticultural containers, life science and industrial packaging, and material handling components. The North America thermoforming plastic market was valued at USD 15.21 billion and is anticipated to reach USD 23.05 billion by 2031. This market size is for the North America region.
• Plastics Segment (PVC Pipes): This segment manufactures polyvinyl chloride (PVC) pipes for various uses, including municipal water and wastewater systems. The market size for plastic pipe in the U.S. was $21 billion in 2023. This market size is for the U.S. region.

Otter Tail Corporation (OTTR) is expected to experience future revenue growth over the next 2-3 years, driven by several key factors across its diversified business segments.

One primary driver is the company's significant Electric Utility Rate Base Growth and Strategic Investments in Renewable Energy. Otter Tail Power Company has outlined a robust five-year capital spending plan, totaling approximately $1.9 billion, which is projected to achieve a 10% compounded annual growth rate in its electric utility rate base through 2030. These investments are focused on developing generation, storage, and transmission projects, including wind repowering, solar installations, and battery storage, which are expected to directly translate into electric segment revenue growth.

Another significant driver is the realization of Favorable Outcomes from Electric Utility Rate Cases. The company anticipates meaningful revenue increases from recent and pending rate cases in its service territories. For instance, an approved rate case in South Dakota is expected to add $5.7 million in annual revenue, while a pending case in Minnesota could contribute an additional $44.8 million, with interim increases already boosting 2026 revenue. These rate adjustments are crucial for the regulated utility segment to recover investments and operating costs, thereby increasing revenue.

The Increased Sales Volumes in the Plastics Segment due to Capacity Expansion is also poised to contribute to revenue growth. Despite expected declines in average PVC pipe prices, the company projects higher sales volumes driven by the phase two capacity expansion at its Vinyltech facility, which came online in early 2026. The Plastics segment saw an 8% increase in volumes in Q4 2025 due to expanded capacity in late 2024, indicating a positive trend for volume-driven revenue.

Finally, Volume Recovery and Improved Product Mix within the Manufacturing Segment are expected to drive revenue. Following a period of soft end-market demand, Otter Tail's Manufacturing segment experienced a pickup in customer order activity towards the end of 2025. For 2026, the company anticipates a 7% earnings growth in this segment, fueled by modest volume recovery and higher volumes in BTD and horticulture products, along with productivity improvements. This recovery in demand and a more favorable product mix will directly impact manufacturing revenue.

Share Repurchases

• There is no readily available information on significant share repurchases over the last 3-5 years; the last twelve months (LTM) up to December 2025 showed null activity for stock repurchases.

Share Issuance

• Shares outstanding increased slightly by 0.1% from Q3 2025 to Q4 2025, with 42 million shares outstanding in Q4 2025.

Capital Expenditures

• Otter Tail Corporation's five-year capital expenditure plan totals $2.05 billion from 2026 to 2030, with $1.92 billion allocated to the electric segment and $129 million to manufacturing and plastics.
• These capital expenditures primarily focus on investments in renewable energy and transmission projects, including wind repowering, solar installations, and battery storage, aimed at enhancing the safety and reliability of electric services and supporting rate base growth.
• In 2024, the company's capital expenditures amounted to $358.7 million, which also encompassed the completion of the first phase of the Vinyltech expansion project in the Plastics segment to boost large-diameter PVC pipe production capability.