Chesapeake Utilities Corporation · NYSE:CPK
Chesapeake Utilities — Q2 2026 Earnings Presentation
29 slides from Chesapeake Utilities's earnings presentation, Aug 7, 2026
Slide 1: Q2 2026 Earnings Call Presentation - 2026 AGA Financial Forum
Q2 2026 EARNINGS CALL PRESENTATION 2026 AGA Financial Forum FRIDAY, AUGUST 7, 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: Q2 2026 Safety Moment: Wildfire Smoke Safety
Q2 2026 Safety Moment: Wildfire Smoke Safety Indoor Safety: • Filter the air: Set up a portable air cleaner, replace your HVAC filters with MERV 13 or higher ratings, and set your air conditioning system to "recirculate" mode. • Reduce indoor pollutants: Avoid burning candles, frying or broiling foo
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 Q2 2026
Growth Trajectory Continues in Q2 2026 12% 8% YTD Adjusted Diluted EPS1 $3.51 ADJ. NET INCOME YTD'26 ADJ. EPS $3.25 GROWTH vs YTD'25 GROWTH vs YTD'25 $1.05 Q2 $1.04 Q2 2026 INCREMENTAL ADJUSTED MARGIN: $4.9M $3.2M TRANSMISSION INFRASTRUCTURE EXPANSIONS PROGRAMS Q1 $2.47 $2.22 $140M $16.2M 5 Q2'26 CA
Slide 6: Growth Remains Core to Long-Term Strategy
Growth Remains Core to Long-Term Strategy YTD '26 vs. YTD '25 Average Residential Customer Growth DELMARVA 3.0% FPU 2.1% FCG 1.8% For the five-year period ending April Delaware has maintained 2030, Florida's state population strong migration, consistently ranking growth relative to the prior year is
Slide 7: Florida Energy Pathway
Florida Energy Pathway $1.2 billion, 97-mile, 24-inch intrastate transmission infrastructure project • Originates in Palm Beach County, ends in Miami Dade County • Supply being sourced from FGT’s already-announced Phase IX expansion ◦ The majority of the route leverages existing right-of-ways • Proj
Slide 8: Transmission Projects Advance to Meet Demand
Transmission Projects Advance to Meet Demand Adj. Gross Margin ($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: Increasing FY 2026 Capital Guidance by $100M
Increasing FY 2026 Capital Guidance by $100M $ 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 $62M • Worcester Resiliency Upgrade • Miami Inner Loop
Slide 10: Worcester Resiliency Upgrade (WRU) Project
Worcester Resiliency Upgrade (WRU) Project 500K-gal LNG Storage Facility in Bishopville, MD • Site and facility construction remains on schedule and progressing well • Commissioning planning and consultation activities continue to advance • FERC and PHMSA coordination continue with no delays • Still
Slide 11: Significant Upside Driving Increased Long-Term Capital
Significant Upside Driving Increased Long-Term Capital Investment Opportunities in Development Updating 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: $780 million June 24, 2026 Interim rate recommendation • Revenue Requireme
Slide 13: Transforming for Growth… Powered by People
Transforming for Growth… Powered by People YTD Community Investment Spring Impact ~500+ team members have Days April participated in one or more event ~$850K of charitable donations, 2026 community partnerships & sponsorships TEAMMATES March for Babies in West Palm Beach, FL CUSTOMERS PARTNERS 13 CO
Slide 14: Transforming through Standardization & Value Realization
Transforming through 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
Slide 15: Consistent Growth in Q2 2026
Consistent Growth in Q2 2026 $ millions except per share amounts Adjusted Gross Margin1 Adjusted Net Income1 Adjusted Earnings Per Share1 +5% $150.2 +5% $25.4 +1% $1.05 $1.04 $142.8 $24.3 15 Q2 2025 Q2 2026 Q2 2025 Q2 2026 Q2 2025 Q2 2026 1 See appendix for a reconciliation of non-GAAP metrics.
Slide 16: Q2 2026 Key Performance Drivers
Q2 2026 Key Performance Drivers Adjusted Earnings Per Share1 $0.06 $0.06 $(0.04) $0.10 (0.04) $0.15 $(0.11) $(0.05) $(0.04) $1.05 $1.04 $(0.03) $(0.02) $(0.03) Q2 2025 Natural Infra. Natural Improved Consumption Decreased Increased Increased Credit, Increased Interest Share Q2 2026 Adj. EPS Gas Tran
Slide 17: Strong Gross Margin Growth & Cost Management
Strong Gross Margin Growth & Cost Management $ millions Regulated Segment Q2 2025 Q2 2026 Change Adjusted Gross Margin $ 117.7 $ 124.7 6% Operating Income $ 51.8 $ 55.2 7% Unregulated Segment Q2 2025 Q2 2026 Change Adjusted Gross Margin $ 25.0 $ 25.4 2% Continually Reducing Operational Expenses Gros
Slide 18: Executing on Our Financing Strategy
Executing on Our Financing Strategy Total Capitalization Shares Outstanding $ in millions $3,361 • 24,106,455 shares outstanding as of 8/3/2026 $3,218 Debt & Liquidity Update $1,673 50% • 70% of total liquidity available as of 6/30/2026 Equity $1,598 50% out of total capacity of $$797.5M million2 •
Slide 19: 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 20: 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 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: Q2 2026 Weather Milder Than Normal
Q2 2026 Weather Milder Than Normal Delmarva Ohio Florida COLDER 10% NORMAL (5)% (5)% (22)% (26)% (29)% MILDER Q2 2025 Q2 2026 Q2 2025 Q2 2026 Q2 2025 Q2 2026 ACTUAL HDD 291 345 687 603 30 31 NORMAL HDD 373 363 624 638 42 42 24 VARIANCE (82) (18) 63 (35) (12) (11) Note: Normal reflects 10-Year Averag
Slide 25: Q2 Distribution Utility Statistical Data
Q2 Distribution Utility Statistical Data For the Three Months Ended June 30, 2026 For the Three Months Ended June 30, 2025 Florida Natural Florida Natural Operating Revenues Delmarva NG Gas FPU Electric Delmarva NG Gas FPU Electric (in thousands) Distribution Distribution Distribution Distribution D
Slide 26: YTD Distribution Utility Statistical Data
YTD Distribution Utility Statistical Data For the Six Months Ended June 30, 2026 For the Six Months Ended June 30, 2025 Florida Natural Florida Natural Operating Revenues Delmarva NG Gas FPU Electric Delmarva NG Gas FPU Electric (in thousands) Distribution Distribution Distribution Distribution Dist
Slide 27: GAAP to Non-GAAP Reconciliation: Consolidated
GAAP to Non-GAAP Reconciliation: Consolidated $ in millions Second Quarter Results Year-to-Date Results Consolidated Reconciliation Q2 2026 Q2 2025 $ % YTD 2026 YTD 2025 $ % GAAP Operating Revenues $ 201.9 $ 192.8 $ 9.1 5% $ 555.0 $ 491.5 $ 63.5 13% Cost of Sales Nat Gas, Propane, & Electric (51.7)
Slide 28: GAAP to Non-GAAP Reconciliation: Segment Results
GAAP to Non-GAAP Reconciliation: Segment Results $ in millions Second Quarter Results Year-to-Date Results Regulated Segment Q2 2026 Q2 2025 $ % YTD 2026 YTD 2025 $ % GAAP Operating Revenues $ 164.3 $ 151.8 $ 12.5 8% $ 413.6 $ 351.4 $ 62.2 18% Cost of Sales Nat Gas, Propane, & Electric (39.6) (34.1)
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 Second Quarter Results Year-to-Date Results Non-GAAP Reconciliation: Net Income /EPS Q2 2026 Q2 2025 $ % YTD 2026 YTD 2025 $ % GAAP Net Income $ 25.4 $ 23.9 $ 1.5 6% $ 84.7 $ 74.8 $ 9.9