Otter Tail Corp

Several class action complaints had previously been filed against Northern Pipe Products, Vinyltech Corporation, Otter Tail Corporation, and over twenty other parties. The complaints allege, among other things, that our companies and the other defendants and alleged co-conspirators conspired to fix, raise, maintain, and stabilize the price of PVC municipal water, PVC plumbing pipe, PVC pipe fixtures, and PVC conduit pipe in violation of United States federal and state antitrust laws, Canadian competition laws, and consumer protection and competition laws. During the second quarter of 2026, the Company entered into settlement agreements with each of the three putative classes in the U.S. PVC pipe antitrust class action lawsuit.

All settlement agreements have received final court approval and following approval were subject to a 30-day appeal period. As of the date of this filing, the appeal periods for all settlement agreements have expired and no appeals were filed. Upon the expiration of the applicable appeal periods, the previously deposited settlement funds were no longer subject to restriction and the related settlement obligations were satisfied.

See Note 10, Commitments and Contingencies, to the consolidated financial statements, which are incorporated herein by reference, for further discussion of this matter and other related matters.