Chesapeake Utilities Corporation · NYSE:CPK
Chesapeake Utilities — Q4 2025 Earnings Presentation
31 slides from Chesapeake Utilities's earnings presentation, Feb 26, 2026
Slide 1: Q4 & Full-Year 2025 Earnings Call Presentation
Thursday, February 26, 2026 Q4 & Full-Year 2025 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: Q4 2025 Safety Moment: Women's Heart Health
Q4 2025 Safety Moment: Women's Heart Health Cardiovascular disease is the #1 killer of women • • Nearly 45% of women aged 20+ are living with some form of cardiovascular disease • <50% of women in the U.S. entering pregnancy have optimal cardiovascular health • Women face unique risks for high blood
Slide 4: Today's Presenters
Titles Today'sShould Be Font Size 40 – 44 Presenters JEFF BETH JIM LUCIA HOUSEHOLDER COOPER MORIARTY DEMPSEY Chair of the Board, Executive Vice President, Executive Vice President, Head of President & Chief Financial Officer, Treasurer General Counsel, Investor Relations Chief Executive Officer & As
Slide 5: Delivering With Purpose, Reaching New Heights
Delivering With Purpose, Reaching New Heights 12% $470M 3.1% ADJ. EPS1 2025 FY CAPITAL GAS CUSTOMER GROWTH vs. FY '24 EXPENDITURES GROWTH vs. FY '24 $19M $14M $13M TRANSMISSION INFRASTRUCTURE RATE CASE ADJ. GROSS MARGIN1 ADJ. GROSS MARGIN11 ADJ. GROSS MARGIN1 16% 50% 78% ADJ. NET INCOME1 EQUITY TO T
Slide 6: Record Earnings for Full-Year 2025
Record Earnings for Full-Year 2025 FY Adjusted Diluted EPS1 Full-Year 2025 Financial Highlights vs. FY 2024 +12% $6.022 $6.01 • Adjusted Gross Margin1: $638.5M, up 13% $5.39 $1.94 • Adjusted Net Income1: $141.1M, up 16% Q4 $1.63 • Adjusted EPS1: $6.01, up 12% $0.82 $0.80 Q3 Q4 2025 Financial Highlig
Slide 7: Above-Average Customer Growth
Above-Average Customer Growth Average Residential Customer Growth: 2025 vs 2024 Significant Adj.Gross Margin Growth Incremental Adj. Gross Margin from $4.6M Residential Customer Growth Full-Year Growth DELMARVA 4.1% Incremental Adj. Gross Margin from $2.8M C&I Customer Growth FPU 3.6% $7.4M Adj. Gro
Slide 8: Significant Net Income Growth in Florida
Building on A History of Growth Significant Net Income Growth in Florida Key Post-FCG Accomplishments $ in millions Substantial progress on goals identified $72.9 upon acquiring FCG in Q4 2023 $59.7 • Capital Investments of ~$250M related 7.3% to FCG (50% of initial 5-Year $500M goal) 2 GR CA • $12.
Slide 9: Executing on our Long-Term Growth Plan
Executing on our Long-Term Growth Plan Earnings growth to support increased shareholder value Prudently Proactively Continually deploy manage execute on investment regulatory business capital agenda transformation 9 Foundation of operational excellence across the organization
Slide 10: Transforming for Growth, Powered by People
Transforming for Growth, Powered by People Key Deliverables for 2026 • Invest $450 - $500 million of capital CAPITAL • Bring current projects online DEPLOYMENT • Finalizing new projects under development • Successful outcome on FCG GRC REGULATORY • Secure regulatory approval for other AGENDA current
Slide 11: 2025 CapEx Exceeds Full-Year Guidance Range
2025 CapEx Exceeds Full-Year Guidance Range Initiating 2026 CapEx Guidance of $450M - $500M $ in millions $500.0 $450 - $500 2026 Guidance Includes: $470.4 • Enterprise Resource Plan (ERP) $34.9 Technology $90 - $100M • Additional technology, cybersecurity investments $49.9 Unregulated $25 - $35M •
Slide 12: Transmission Projects Advance to Meet Demand
Transmission Projects Advance to Meet Demand Total Adj. Gross Margin ($M) # Project Name Status 1 In-Service CapEx 2025A 2026E 2027E 1 Newberry Expansion In-Service Q2 2024 ~$15M $2.6 $2.6 $2.6 2 Warwick Extension In-Service Q4 2024 ~$9M $1.9 $1.9 $1.9 3 Boynton Beach In-Service Q1 2025 ~$21M $3.0 $
Slide 13: New ESNG Projects to Serve Growing Demand
New ESNG Projects to Serve Growing Demand Delmarva Regional Enhancement (DRE) Accomack County Exploration Project ESNG transmission expansion project to add firm capacity and improve system reliability in response • CPK awarded a bid to determine feasibility, design to shipper demand identified thro
Slide 14: Strong Progress Toward 5-Year CapEx Guidance
Strong Progress Toward 5-Year CapEx Guidance ~$1.6 billion of identified capital projects support our 5-year CapEx guidance of $1.5 - $1.8 billion Identified CapEx 5-Year Spend Natural Gas LDC Organic Growth $625M Worcester Resiliency Upgrade $100M Additional Transmission Projects $227M GUARD / SAFE
Slide 15: Proactive Regulatory Strategy Continues
Proactive Regulatory Strategy Continues margin in millions FILINGS 2025 2026 STATUS MD, DE, & FL Electric $13.5 $18.2 • All three cases successfully completed in 2025 Rate Cases • February 17, 2026: Final Order approving $6.8M of excess depreciation amortized over the life of the assets Florida City
Slide 16: 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 • Official 1CORE project kick-off held in January 2026 digital platforms OPERATIONAL • Named for "One
Slide 17: Powered by People
… Powered by People Everything we do is driven by dedicated teammates serving our customers & communities TEAMMATES CUSTOMERS PARTNERS COMMUNITIES Development ~440,000+ Building ~$902,500 succession planning and natural gas, electric and relationships of charitable donations & training opportunities
Slide 18: Record Performance & Growth in 2025
Record Performance & Growth in 2025 Industry-leading growth in Adjusted Gross Margin, Adjusted Net Income & Adjusted Earnings Per Share1 $ millions except per share amounts Adjusted Gross Margin1 Adjusted Net Income1 Adjusted Earnings Per Share1 +13% $638.5 +16% $141.1 +12% $6.01 $5.39 $567.4 $121.5
Slide 19: Full-Year 2025 Key Performance Drivers
Full-Year 2025 Key Performance Drivers 2025 Adjusted EPS growth was driven by incremental margin from natural gas transmission, distribution and infrastructure growth, approved rate cases and virtual pipeline transportation Adjusted Earnings Per Share1 +$2.41 $0.17 +$(1.79) $0.23 $0.28 $0.33 $(0.51)
Slide 20: Strong Regulated Operations Margin Growth
Strong Regulated Operations Margin Growth Investments in transmission, distribution & infrastructure drive double-digit Regulated Operations growth Adjusted Gross Margin1 FY 2024 $439.2 + 12% FY 2025 $494.0 Operating Income FY 2024 $196.2 +13% FY 2025 $222.0 20 Note: Dollars in millions. 1 See appen
Slide 21: Unregulated Adj. Gross Margin Growth of 13%
Unregulated Adj. Gross Margin Growth of 13% Double-Digit Growth in Unregulated Adj. Gross Margin driven by Marlin, Propane & Aspire Energy Adjusted Gross Margin1 FY 2024 $128.2 +13% FY 2025 $144.6 $16.4 million of increased margin from: • Continued growth in our Marlin Virtual Pipeline Services • In
Slide 22: Executing on Our Financing Strategy
Executing on Our Financing Strategy Total Capitalization Equity Issuances & Shares Outstanding $ in millions 3,218 • $132.3M equity issued in FY 2025 2,874 • 996,848 shares throughout the year 50% • 23,936,406 shares outstanding as of 2/23/2026 1,598 Equity 1,390 48% Debt & Liquidity Highlights • Fe
Slide 23: Dividend Policy Drives Increased Shareholder Value
Dividend Policy Drives Increased Shareholder Value Growth Plan drives Annualized Dividend Per Share $2.74 Earnings Growth 2025 Reflects 7% Annual Increase $2.56 ~8.5% 10-Year CAGR % 45-50% Target Payout Ratio R of 9 $2.36 CAG d end iv i $2.14 a r D e 10-Y $1.92 Dividend Growth $1.76 aligned with EPS
Slide 24: Industry-Leading 12% Adjusted EPS Growth
Industry-Leading 12% 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
Slide 25: Transforming for Growth in 2026
Transforming for Growth in 2026 Delivering on Our Promises Focusing on the Three Pillars of Growth Top-Quartile Growth & Total Shareholder Maintaining Our Financial Discipline Return Powered By All Stakeholders 25
Slide 26: Appendix Additional Information
APPENDIX Additional Information Chesapeake Utilities Corporation Confidential 2025
Slide 27: 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 28: Full-Year 2025 Weather Colder Than Normal
Full-Year 2025 Weather Colder Than Normal Delmarva Ohio Florida 22% COLDER 14% 5% —% NORMAL MILDER (10)% (10)% FY 2024 FY 2025 FY 2024 FY 2025 FY 2024 FY 2025 ACTUAL HDD 3,634 4,107 5,014 6,120 796 951 NORMAL HDD 4,039 3,919 5,594 5,357 794 781 28 VARIANCE (405) 188 (580) 763 2 170 Note: Normal refl
Slide 29: GAAP to Non-GAAP Reconciliation: Consolidated
GAAP to Non-GAAP Reconciliation: Consolidated $ in millions Fourth Quarter Results Year-to-Date Results Consolidated Reconciliation Q4 2025 Q4 2024 $ % FY 2025 FY 2024 $ % GAAP Operating Revenues $ 258.9 $ 215.0 $ 43.9 20% $ 930.0 $ 787.2 $ 142.8 18% Cost of Sales Nat Gas, Propane, & Electric (82.8)
Slide 30: GAAP to Non-GAAP Reconciliation: Segment Results
GAAP to Non-GAAP Reconciliation: Segment Results $ in millions Fourth Quarter Results Year-to-Date Results Regulated Segment Q4 2025 Q4 2024 $ % FY 2025 FY 2024 $ % GAAP Operating Revenues $ 190.0 $ 153.7 $ 36.3 24% $ 687.8 $ 583.4 $ 104.4 18% Cost of Sales Nat Gas, Propane, & Electric (56.5) (38.6)
Slide 31: 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 Fourth Quarter Results Year-to-Date Results Non-GAAP Reconciliation: Net Income /EPS Q4 2025 Q4 2024 $ % FY 2025 FY 2024 $ % GAAP Net Income $ 46.1 $ 36.7 $ 9.4 26% $ 140.3 $ 118.6 $ 21.