Chesapeake Utilities Corporation · NYSE:CPK
Chesapeake Utilities — Q3 2026 Earnings Presentation
29 slides from Chesapeake Utilities's earnings presentation, Nov 6, 2026
Slide 1: Q3 2026 Earnings Call Presentation
Q3 2026 EARNINGS CALL PRESENTATION 2026 AGA Financial Forum FRIDAY, NOVEMBER 6, 2026
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: Q3 2026 Safety Moment: Winter Preparedness
Q3 2026 Safety Moment: Winter Preparedness 3
Slide 4: Today's Presenters
Titles Today'sShould Be Font Size 40 – 44 Presenters Jeff Householder Jeff Sylvester Jim Moriarty Lucia Dempsey Chair of the Board, Senior Vice President, Executive Vice President, Head of President & Chief Financial Officer General Counsel, Investor Relations Chief Executive Officer Corporate Secre
Slide 5: Growth Trajectory Continues in Q3 2026
Growth Trajectory Continues in Q3 2026 12% 8% YTD Adjusted Diluted EPS1 $4.40 ADJ. NET INCOME YTD'26 ADJ. EPS $4.06 GROWTH vs YTD'25 GROWTH vs YTD'25 $0.89 Q3 $0.82 Q3 2026 INCREMENTAL ADJUSTED MARGIN: $1.04 Q2 $1.05 $4.8M $2.8M TRANSMISSION INFRASTRUCTURE & DISTRIBUTION PROGRAMS Q1 $2.47 $2.22 $151
Slide 6: Growth Remains Core to Long-Term Strategy
Growth Remains Core to Long-Term Strategy Delmarva Growth Highlights • ~18 new residential projects signed in 2026DELMARVA YTD throughout Sussex, New Castle, and Kent County • Selected to serve Sussex Technical FPU High School, the largest school project in the state's history FCG • Delivering affor
Slide 7: On Track to Meet FY 2026 Capital Guidance
On Track to Meet FY 2026 Capital Guidance $ in millions 2026$500.0 Guidance 2026 Guidance Includes: YTD '26 • Ongoing distribution system expansion and reliability Distribution $135 - $145M projects across our Delmarva & Florida service areas $102M • Worcester Resiliency Upgrade • Miami Inner Loop T
Slide 8: Florida Energy Pathway
Florida Energy Pathway $1.2 billion, 97-mile, 24-inch intrastate transmission infrastructure project • Originates in Palm Beach County, ends in Miami Dade County ◦ Supply being sourced from FGT’s Phase IX expansion ◦ Majority of the route leverages existing right-of-ways • Established a Joint Ventur
Slide 9: Worcester Resiliency Upgrade (WRU) Project
Worcester Resiliency Upgrade (WRU) Project 500K-gal LNG Storage Facility in Bishopville, MD • Mechanical and electrical systems construction essentially complete; pre-commissioning work is underway • Preparing to file for the first of a series of commissioning-related Notice to Proceed permits • Ove
Slide 10: Transmission Projects Advance to Meet Demand
Transmission Projects Advance to Meet Demand Adj. Gross Margin ($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 11: Significant Upside Driving Increased Long-Term Capital
Significant Upside Driving Increased Long-Term Capital Investment Opportunities in Development Updated Guidance Expectations • DELMARVA REGIONAL ENHANCEMENT (DRE) $75M, 10+ mile ESNG transmission expansion project We expect capital investment to add firm capacity and improve system reliability; of ~
Slide 12: 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 April 20, 2026 General rate case filed • Adjusted 2027 Rate Base: ~$740 million June 24, 2026 Interim rate recommendation • Revenue Requirem
Slide 13: Transforming for Growth… Powered by People
Transforming for Growth… Powered by People COMMUNITIES CUSTOMERS TEAMMATES The CPK leadership decorated holiday wreaths for the The inaugural Spirit of Chesapeake Awards celebrated Amy Shea, Barnabas Center in Nassau County, FL. Billing Analyst, Ricky Shelby, Construction & Maintenance Tech., Juan R
Slide 14: Transformation, Standardization & Value Realization
Transformation, Standardization & Value Realization ONE TEAM. Simplified Processes, Scalable Growth, Sustainable Value ONE FUTURE. ONE CHESAPEAKE • Builds on our 1CX investment by aligning technology, processes and organization structure to enhance operating efficiency and support future growth. • M
Slide 15: Consistent Growth in Q3 2026
Consistent Growth in Q3 2026 $ millions except per share amounts Adjusted Gross Margin1 Adjusted Net Income1 Adjusted Earnings Per Share1 +9% $148.7 +11% $21.6 +9% $0.89 $137.2 $19.5 $0.82 15 Q3 2025 Q3 2026 Q3 2025 Q3 2026 Q3 2025 Q3 2026 1 See appendix for a reconciliation of non-GAAP metrics.
Slide 16: Q3 2026 Key Performance Drivers
Q3 2026 Key Performance Drivers Adjusted Earnings Per Share1 $0.02 $0.02 $0.03 $0.06 $0.08 $(0.12) $0.09 $(0.09) $0.09 $(0.06) $0.89 $(0.02) $(0.03) $0.82 Q3 2025 Natural Rate Case Infra. Natural Increased Consumption Increased Increased Increased Increased Interest Share Q3 2026 Adj. EPS Gas Trans.
Slide 17: Strong Gross Margin Growth & Cost Management
Strong Gross Margin Growth & Cost Management $ millions Regulated Segment Q3 2025 Q3 2026 Change Adjusted Gross Margin(1) $ 114.7 $ 126.3 10% Operating Income $ 48.9 $ 55.5 13% Unregulated Segment Q3 2025 Q3 2026 Change Adjusted Gross Margin(1) $ 22.4 $ 22.5 0.4% Continually Managing Operational Exp
Slide 18: Executing on Our Financing Strategy
Executing on Our Financing Strategy Total Capitalization Equity Update $ in millions $3,466 • $36.6 million of equity issued through YTD 2026 $3,218 • 24,448,944 shares outstanding as of 11/2/2026 • September 2026: Renewed the Company's Form S-3 $1,701 and launched an upsized $225 million ATM equity
Slide 19: Dividend Policy Drives Increased Shareholder Value
Dividend Policy Drives Increased Shareholder Value Annualized Dividend Per Share $2.94 $2.74 of 9.2% $2.56 A G R e nd C $2.36 r Divid 10-Yea $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 20: Industry-Leading Adjusted EPS Growth
Industry-Leading Adjusted EPS1 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 r owt $4.73 i n g sG r n v e Ea $4.21 t i se cu $3.72 C o n rs of $3.47 19 Yea $2.86 $2.89 $2.72 $2.47 $2.26 $1.99 $1.82 $1.91 $1
Slide 21: 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 21
Slide 22: Appendix Additional Information
APPENDIX Additional Information Chesapeake Utilities Corporation Confidential 2025
Slide 23: 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 $35 $62 $111 $32 $160 $150 $58 $59 $52 $100 $100 $100 $100 $4
Slide 24: YTD 2026 Weather Colder Than Normal
YTD 2026 Weather Colder Than Normal Delmarva Ohio Florida 22% COLDER 16% 12% 10% 7% NORMAL (1)% MILDER YTD Sept-25 YTD Sept-26 YTD Sept-25 YTD Sept-26 YTD Sept-25 YTD Sept-26 ACTUAL HDD 2,505 2,718 3,881 3,702 611 627 NORMAL HDD 2,538 2,463 3,480 3,449 526 514 24 VARIANCE (33) 255 401 253 85 113 Not
Slide 25: Q3 Distribution Utility Statistical Data
Q3 Distribution Utility Statistical Data For the Three Months Ended September 30, 2026 For the Three Months Ended September 30, 2025 Florida Natural Florida Natural Operating Revenues Delmarva NG Gas FPU Electric Delmarva NG Gas FPU Electric (in millions) Distribution Distribution Distribution Distr
Slide 26: YTD Distribution Utility Statistical Data
YTD Distribution Utility Statistical Data For the Nine Months Ended September 30, 2026 For the Nine Months Ended September 30, 2025 Florida Natural Florida Natural Operating Revenues Delmarva NG Gas FPU Electric Delmarva NG Gas FPU Electric (in millions) Distribution Distribution Distribution Distri
Slide 27: GAAP to Non-GAAP Reconciliation: Consolidated
GAAP to Non-GAAP Reconciliation: Consolidated $ in millions Third Quarter Results Year-to-Date Results Consolidated Reconciliation Q3 2026 Q3 2025 $ % YTD 2026 YTD 2025 $ % GAAP Operating Revenues $ 195.8 $ 179.6 $ 16.2 9% $ 750.8 $ 671.1 $ 79.7 12% Cost of Sales Nat Gas, Propane, & Electric (47.1)
Slide 28: GAAP to Non-GAAP Reconciliation: Segment Results
GAAP to Non-GAAP Reconciliation: Segment Results $ in millions Third Quarter Results Year-to-Date Results Regulated Segment Q3 2026 Q3 2025 $ % YTD 2026 YTD 2025 $ % GAAP Operating Revenues $ 165.0 $ 146.4 $ 18.6 13% $ 578.6 $ 497.8 $ 80.8 16% Cost of Sales Nat Gas, Propane, & Electric (38.7) (31.7)
Slide 29: 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 Third Quarter Results Year-to-Date Results Non-GAAP Reconciliation: Net Income /EPS Q3 2026 Q3 2025 $ % YTD 2026 YTD 2025 $ % GAAP Net Income $ 21.6 $ 19.4 $ 2.2 11% $ 106.3 $ 94.2 $ 12.