Middlesex Water Company · NASDAQ:MSEX
Middlesex Water — Investor Presentation (August 2026)
18 slides from Middlesex Water's investor presentation, August 2026
Slide 1: Investor Presentation
Investor Presentation August 2026
Slide 2: Forward Looking Statement
FORWARD LOOKING STATEMENT In addition to historical information this presentation also contains forward-looking statements within the meaning of U.S. federal securities laws. Forward looking statements are not statements of historical or current facts and reflect the Company’s current views based on
Slide 3: Middlesex Water Company Overview
Middlesex Water Company Overview 1 3 CORPORATE STRUCTURE 2025 REVENUES INFRASTRUCTURE 2 Percentages by Company Middlesex Water Company Market Cap: $1.1 billion 92 water treatment plants Tidewater 196 wells Utilities Utility Service Affiliates 1,765 miles of main Southern Shores Utility Service White
Slide 4: MWC 2030 Vision: Our Strategic Pillars
MWC 2030 Vision: Our Strategic Pillars ▪ Employee ▪ Safety & ▪ Customer ▪ Infrastructure ▪ Investors satisfaction compliance satisfaction investment ▪ Regulatory ▪ Learning & ▪ Deliver ▪ Timely and ▪ Tuck -in agencies development unparalleled responsive service acquisitions service quality delivery
Slide 5: Prudent Infrastructure Investment
Prudent Infrastructure Investment 1 Delivering strong rate base growth ($ millions) 11.7% CAGR 5 (1) Does not include Construction Work in Progress
Slide 6: Infrastructure Investment Drives System Resiliency
Infrastructure Investment Drives System Resiliency Annual infrastructure investment ($ millions) Invested 2021-2025 Average $53 million Capital Expenditures YTD Jun 2026 >3x 2015 levels1 2 (1) 2015 capital investment of $26 million (2) From 2021 to 2025 Middlesex Water invested approximately $74 mil
Slide 7: Investing in our Water Utility Infrastructure
Investing in our Water Utility Infrastructure Planned capital spend of $506 million from 2026 to 2028 ($ millions) $255 million to install PFAS treatment at the Carl J. Olson surface water treatment plant $34 million on the RENEW Program, the ongoing water main replacement initiative in New Jersey $
Slide 8: Selective and Sustainable Growth
Selective and Sustainable Growth Constructive regulatory outcomes in New Jersey 1 Strategic Regulatory Highlights General Rate Case Interim Surcharges 2026 -2028 ▪ Consolidation: All three NJ water $14.5 million $7.1 million utilities under one consolidated rate Revenue Requirement DSIC 1 base and t
Slide 9: Selective and Sustainable Growth
Selective and Sustainable Growth More than 1,100 new customer connections in 2026 year -to-date CAGR 4.6% 9
Slide 10: 53 Consecutive Years of Dividend Increases
53 Consecutive Years of Dividend Increases Middlesex Water has paid dividends each year since 1912 5.8% CAGR Middlesex Water is one of select Dividend King companies that have a minimum of 50 consecutive years of annual dividend incre ase s 10
Slide 11: Second Quarter 2026 Financial Results
Second Quarter 2026 Financial Results Three months ended, Variance June 30 ($ millions, except per share data) 2026 2025 ($) (%) Operating Revenues $56.4 $49.4 $7.0 14.2% Net Income 1 $14.8 $10.8 $4.0 37.0% Diluted Earnings Per Share $0.79 $0.60 $0.19 31.7% (1) The increase in net income is attribut
Slide 12: Year-to-Date June 30, 2026 Financial Results
Year -to-Date June 30, 2026 Financial Results Six months ended, Variance June 30 ($ millions, except per share data) 2026 2025 ($) (%) Operating Revenues $105.1 $93.7 $11.4 12.2% Net Income 1 $25.4 $20.3 $5.1 25.1% Diluted Earnings Per Share $1.36 $1.13 $0.23 20.4% (1) The increase in net income is
Slide 13: Strong Balance Sheet and Credit Quality
Strong Balance Sheet and Credit Quality Capital Structure Long -term Debt Maturities 1 ($ millions) At June 30, 2026 ($ millions) (%) Debt $437.3 45.6% Preferred Stock $1.3 0.1% Common Equity $521.1 54.3% Total Capitalization $959.7 100.0% Debt includes Long-term Debt, Current Portion of Long-term D
Slide 14: Affordable Water Service for Our Customers
Affordable Water Service for Our Customers Customer bills are less than 1% of household income 1 2 (1) Average Annual Water Bill: 2025 average residential consumption and rates in effect as of December 31, 2025 (2) Median Household Income: 2024 American Community Survey 5 -Year Estimates weighted by
Slide 15: Meet Our Senior Management Team
Our Company: Leadership Team MEET OUR SENIOR MANAGEMENT TEAM Nadine Mohammed Gregory Robert Lorrie Leslie (Rally) Zerhouni Sorensen Fullagar Ginegaw Chair, President and Senior Vice President, Chief Vice President and President, Vice President, Chief Executive Officer Financial Officer and Treasurer
Slide 16: Meet Our Board of Directors
OurMEET Company: Board of Directors OUR BOARD OF DIRECTORS Nadine Amy Joshua James Kim Leslie Mansue Bershad Cosgrove Hanemann Chair, President and Lead Director Director Director Director Chief Executive Officer Robert Steven Vaughn Ann Hoglund Klein McKoy Noble Director Director Director Director
Slide 17: Contact Us
Contact Us 485 Route 1 South Iselin, NJ 08830 https://investors.middlesexwater.com/ InvestorRelations@middlesexwater.com Jennifer Ketschke Director, Investor Relations and Treasury (732) 638 -7523 17
Slide 18: Middlesex Water Company
WWW.MIDDLESEXWATER.COM IDDLESEX ATER COMPANY Sustaining Life with Every Drop
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