Chesapeake Utilities Corporation · NYSE:CPK
Chesapeake Utilities — Q1 2026 Earnings Presentation
25 slides from Chesapeake Utilities's earnings presentation, May 7, 2026
Slide 1: Q1 2026 Earnings Call Presentation
Thursday, May 7, 2026 Q1 2026 Earnings Call Presentation
Slide 2: Safe Harbor for Forward-Looking Statements
Safe Harbor for Forward-Looking Statements Safe Harbor Statement Some of the statements in this presentation are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and other applicable law. Such forward-looking statements may be identified by the
Slide 3: Q1 2026 Safety Moment: Electrical Safety Month
Q1 2026 Safety Moment: Electrical Safety Month 3
Slide 4: Today's Presenters
Titles Today'sShould Be Font Size 40 – 44 Presenters Jeff Householder Beth Cooper Jim Moriarty Jeff Sylvester Chair of the Board, Executive Vice President Executive Vice President, Senior Vice President and President & and Chief Financial Officer General Counsel, Chief Operating Officer Chief Execut
Slide 5: Growth Trajectory Continues in Q1 2026
Growth Trajectory Continues in Q1 2026 16% 11% Q1 Diluted EPS1 +11% $2.47 ADJ. NET INCOME ADJ. EPS GROWTH vs. Q1'25 GROWTH vs. Q1'25 $2.22 INCREMENTAL ADJUSTED MARGIN: $12.4M $10.6M TRANSMISSION & DISTRIBUTION INFRASTRUCTURE GROWTH & USAGE $122M $47M Q1'26 CAPITAL FCG RATE CASE 5 Q1 2025 Q1 2026 EXP
Slide 6: Growth Remains Core to Long-Term Strategy
Growth Remains Core to Long-Term Strategy Average Residential Customer Growth DELMARVA 3.3% Q1'26 vs. Q1'25 FPU 2.2% FCG 2.0% 6
Slide 7: Q1 2026 CapEx In Line with Full-Year Guidance
Q1 2026 CapEx In Line with Full-Year Guidance $ in millions 2026$500.0 Guidance 2026 Guidance Includes: Q1 2026 Spend • Ongoing distribution system expansion and reliability Distribution $110 - $120M projects across our Delmarva & Florida service areas $32M • Worcester Resiliency Upgrade • Miami Inn
Slide 8: Transmission Projects Advance to Meet Demand
Transmission Projects Advance to Meet Demand Adj. Gross Margin ($M) Total # Project Name Status 1 In-Service CapEx 2025A 2026E 2027E 1 Boynton Beach In-Service Q1 2025 ~$21M $3.0 $3.4 $3.4 2 Indian River RNG In-Service ~$18M Q1-Q2 3 Brevard RNG In-Service ~$6M $2.5 $5.4 $6.4 2025 4 Medley RNG In-Ser
Slide 9: Worcester Resiliency Upgrade (WRU) Project
Worcester Resiliency Upgrade (WRU) Project 500K-gal LNG Storage Facility in Bishopville, MD • FERC delays in Notice to Proceed permitting process in Fall 2025 • Severe winter weather impacted site access and work hours throughout January / February • Building in additional time for FERC commissionin
Slide 10: Significant Upside with Future Growth Projects
Significant Upside with Future Growth Projects • DELMARVA REGIONAL ENHANCEMENT (DRE) $75M, 20+ mile ESNG transmission expansion project to add firm capacity and improve system reliability; evaluating possibilities for further future expansion • ACCOMACK COUNTY EXPLORATION PROJECT Determining feasibi
Slide 11: Florida City Gas Rate Case Overview
Florida City Gas Rate Case Overview Date Milestone Key Highlights of the Filing February 18, 2026 Notice of Intent filed • Forward Test Year: Ending 12/31/2027 • Adjusted 2027 Rate Base: $780 million • Interim rate request: $16 million April 20, 2026 General rate case filed • Revenue Requirement Req
Slide 12: Transforming for Growth… Powered by People
Transforming for Growth… Powered by People TEAMMATES CUSTOMERS PARTNERS COMMUNITIES 12 Members of CPK Leadership team volunteer at the Barnabas Center in Fernandina Beach, Florida (April 2026)
Slide 13: Transforming for Growth: Building a Platform for Significant Scale
Transforming for Growth Building a Platform for Significant Scale Transformation Themes 2026 Initiatives CUSTOMER Multi-Year ERP Project Modernizing interactions EXPERIENCE through automation and • Named for "One Company" digital platforms approach to Centralize, OPERATIONAL Optimize, Reimagine & EX
Slide 14: Consistent Growth in Q1 2026
Consistent Growth in Q1 2026 $ millions except per share amounts Adjusted Gross Margin1 Adjusted Net Income1 Adjusted Earnings Per Share1 +11% $2.47 +13% $206.2 +16% $59.3 $182.4 $2.22 $51.1 14 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 1 See appendix for a reconciliation of non-GAAP metrics.
Slide 15: Q1 2026 Key Performance Drivers
Q1 2026 Key Performance Drivers Adjusted Earnings Per Share1 $0.03 $0.04 $0.06 $0.13 $0.14 $(0.20) $0.17 $(0.09) $(0.05) $(0.04) $(0.02) $2.47 $0.21 $(0.09) $(0.04) $2.22 Q1 2025 Natural Infra. Usage Regulatory Natural Aspire Off- Increased Increased Increased Credit, Interest Share Other Q1 2026 Ad
Slide 16: Strong Operational Gross Margin Growth
Strong Operational Gross Margin Growth $ millions except per share amounts Regulated Adjusted Gross Margin1 Unregulated Adjusted Gross Margin1 Q1 2026 $147.7 Q1 2026 $58.6 Q1 2025 $128.1 + 15% Q1 2025 $54.5 +8% • $19.6 million increase driven by: • $4.1 million increase driven by: ◦ Transmission sys
Slide 17: Executing on Our Financing Strategy
Executing on Our Financing Strategy Total Capitalization Equity Issuances & Shares Outstanding $ in millions $3,311 • 107 thousand shares issued throughout Q1 2026 $3,218 • 24,004,761 shares outstanding as of 5/4/2026 $1,599 $1,652 50% Debt & Liquidity Update Equity 50% • 74% of total liquidity avai
Slide 18: Dividend Policy Drives Increased Shareholder Value
Dividend Policy Drives Increased Shareholder Value Annualized Dividend Per Share $2.94 $2.74 R o f 9.2% $2.56 G vide nd CA $2.36 10-Y ear Di $2.14 $1.92 $1.76 $1.62 $1.48 $1.32 $1.22 $1.32 $1.22 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Annual Growth Rate 8% 12% 9% 9% 9% 11% 10% 8% 7% 7
Slide 19: Industry-Leading Adjusted EPS Growth
Industry-Leading Adjusted EPS Growth $8.00 Building on track record of 19 consecutive years of growth and 9.1% EPS CAGR $7.75 A G R $6.01 EPSC 9.1% h + $5.04 $5.31 $5.39 Gr owt $4.73 gs r nin v e Ea $4.21 t i s ecu $3.72 f C on $3.47 o Ye ars 19 $2.86 $2.89 $2.72 $2.47 $2.26 $1.99 $1.82 $1.91 $1.43
Slide 20: Transforming for Growth in 2026 & Beyond
Transforming for Growth in 2026 & Beyond Delivering on Our Promises Top-Quartile Focusing on the Three Pillars of Growth Growth & Total Maintaining Our Financial Discipline Shareholder Return Powered By All Stakeholders “As my chapter as CFO of this great organization comes to an end, CPK stands rea
Slide 21: Appendix: Additional Information
APPENDIX Additional Information Chesapeake Utilities Corporation Confidential 2025
Slide 22: Long-Term Debt Maturity Profile
Long-Term Debt Maturity Profile Amortizing Principal Payments Bullet Maturities $ in millions $212 First tranche of FCG $197 debt due in 2026; refinancing expected to generate interest $62 rate savings $37 $157 $159 $152 $135 $132 $57 $59 $62 $111 $35 $32 $160 $150 $58 $59 $52 $100 $100 $100 $100 $4
Slide 23: GAAP to Non-GAAP Reconciliation: Consolidated
GAAP to Non-GAAP Reconciliation: Consolidated $ in millions First Quarter Results Year-to-Date Results Consolidated Reconciliation Q1 2026 Q1 2025 $ % YTD 2026 YTD 2025 $ % GAAP Operating Revenues $ 353.1 $ 298.7 $ 54.4 18% $ 353.1 $ 298.7 $ 54.4 18% Cost of Sales Nat Gas, Propane, & Electric (146.9
Slide 24: GAAP to Non-GAAP Reconciliation: Segment Results
GAAP to Non-GAAP Reconciliation: Segment Results $ in millions First Quarter Results Year-to-Date Results Regulated Segment Q1 2026 Q1 2025 $ % YTD 2026 YTD 2025 $ % GAAP Operating Revenues $ 249.3 $ 199.6 $ 49.7 25% $ 249.3 $ 199.6 $ 49.7 25% Cost of Sales Nat Gas, Propane, & Electric (101.6) (71.5
Slide 25: GAAP to Non-GAAP Reconciliation: Adj. Net Income & EPS
GAAP to Non-GAAP Reconciliation: Adj. Net Income & EPS $ in millions except per-share amounts shares in thousands First Quarter Results Year-to-Date Results Non-GAAP Reconciliation: Net Income /EPS Q1 2026 Q1 2025 $ % YTD 2026 YTD 2025 $ % GAAP Net Income $ 59.3 $ 50.9 $ 8.4 17% $ 59.3 $ 50.9 $ 8.4