Otter Tail Corporation combines a regulated electric utility, delivering stable and predictable revenues through state-approved cost recovery, with manufacturing and plastics operations that face greater market exposure and regulatory risks. The company experienced modest revenue and operating income declines in FY2025 driven by softer manufacturing demand, partially offset by electric segment growth. Capital investments remain focused on utility infrastructure to sustain long-term rate base growth, supported by strong liquidity and investment-grade credit ratings. Key near-term uncertainties include ongoing PVC pipe antitrust litigation, tariff impacts on input costs, and regulatory rate case outcomes in multiple jurisdictions.