Slide 1: Q2 2025 Earnings Call Presentation
Friday, August 8, 2025 Q2 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: Q2 2025 Safety Moment: Call Before You Dig
Q2 2025 Safety Moment: Call Before You Dig • Reminder to always call "811" before digging for any construction or gardening August 11 is projects to prevent striking pipelines, cables or other utility infrastructure National • Damaging utility infrastructure can lead to dangerous and/or costly conse
Slide 4: Today's Presenters
Titles Today'sShould Be Font Size 40 – 44 Presenters Jeff Householder Beth Cooper Jim Moriarty Lucia 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
Delivering With Purpose 1 ADJ. EPS : $1.04, $50M HIGHER NEW OHIO 21% GROWTH CAPEX GUIDANCE PIPELINE PROJECT Compared with Q2 2024 2025 investment forecast to serve a fuel cell that will 1 Adj. EPS of $0.86 now $375M - $425M power a data center FINAL ORDERS ALL 5 WRU ADD'L WRU RECEIVED TANKS ON SITE
Slide 6: Growth Trajectory Continues in Q2 2025
Growth Trajectory Continues in Q2 2025 1 YTD Adjusted Diluted EPS Q2 2025 Financial Highlights +10% 2 $3.25 $3.26 1 • Adjusted Gross Margin : $142.8M, up 13% from Q2 2024 $2.96 1 • Adjusted Net Income : $24.3M, up 26% from Q2 2024 Q2 $1.04 1 $0.86 • Adjusted EPS : $1.04, up 21% from Q2 2024 YTD 2025
Slide 7: 2025 Guidance: Reaffirming EPS, Increasing CapEx
2025 Guidance: Reaffirming EPS, Increasing CapEx 1 2025 Adj. EPS Guidance 2025 Capital Expenditure Guidance 1 • Reaffirming 2025 Adj. EPS range of $6.15 - $6.35 • YTD 2025 CapEx of $213 million ◦ Assumes a successful outcome on the • New 2025 CapEx Guidance: $375 - $425 million FCG Depreciation Stud
Slide 8: Natural Gas Demand Growth Continues
Natural Gas Demand Growth Continues YTD Average Customer Growth: 2025 vs 2024, Generating $4M of Incremental Gross Margin DELMARVA DELMARVA Commercial & Industrial 4.2% 1.4% Residential FLORIDA FLORIDA 3.0% 1.7% 8 In Middletown, DE we have added 10+ multifamily buildings, representing over 350 units
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: Recent Capital Deployment Highlights
Recent Capital Deployment Highlights Capital projects are on track and on budget, with … plus new projects and incremental capital 6 major projects and 250+ small-scale projects investment driving a ~$50M increase in in-service in the first half of 2025... full-year 2025 capital expenditures. 1 YTD
Slide 11: Worcester Resiliency Upgrade (WRU) Project
Worcester Resiliency Upgrade (WRU) Project $100 million FERC-approved LNG storage facility in Bishopville, MD: 500K gallons of storage across five tanks to meet incremental natural gas demand in Southern Delaware, Maryland and beyond RECENT PROJECT UPDATES: • May 2025: Announced a $20 million increa
Slide 12: Transmission Projects Advance to Meet Demand
Transmission Projects Advance to Meet Demand 1 Total Adj. Gross Margin ($M) # Project Name Status In-Service CapEx 2025E 2026E 1 St. Cloud / Twin Lakes In-Service Q3 2023 ~$4M $0.6 $0.6 2 Newberry Expansion In-Service Q2 2024 ~$15M $2.6 $2.6 3 Warwick Extension In-Service Q4 2024 ~$9M $1.9 $1.9 4 Pl
Slide 13: Significant Growth & Infrastructure Investment
Significant Growth & Infrastructure Investment Margin growth driven by multiple streams of capital investment opportunities TRANSMISSION INFRASTRUCTURE: new investments to meet growth & demand Adjusted Gross Margin ($M) Project Type Capital Investment 2024A 2025E 2026E Q2'24 Q2'25 Approved Transmiss
Slide 14: Strong Progress on 5-Year CapEx Guidance
Strong Progress on 5-Year CapEx Guidance ~$1.4 billion of identified capital projects support our 5-year CapEx guidance of $1.5 - $1.8 billion Segment 5-Year Guidance Identified CapEx 5-Year Spend Natural Gas LDC Organic Growth $625M Regulated $600 - $645M Worcester Resiliency Upgrade $100M Distribu
Slide 15: Potential Projects on the Horizon
Potential Projects on the Horizon • Natural gas transmission expansions to support demand in Delaware and Cecil County, MD along I-95 expansions to serve growth in retail warehouse and distribution centers • Expansions in the southern end of the Delmarva system, including to Virginia’s Eastern Shore
Slide 16: Final Orders Reached on All Rate Cases
Final Orders Reached on All Rate Cases $ millions Active Filings 2025 2026 Status Margin Margin Maryland April 2025: Received Final Order Rate Case $2.0 $3.5 approving annual revenue Docket #9722 increase of $3.5M Delaware June 2025: Received Final Order Rate Case $4.0 $6.1 approving annual revenue
Slide 17: FCG Depreciation Study
FCG Depreciation Study Docket # 20250035 • February 2025: Requested a reduction in depreciation expense of ~$1M based on updated asset lives and a 2-year amortization of the remaining excess depreciation reserve of $27.3M ◦ Reflects a return to our standard way of recovering excess depreciation • Au
Slide 18: Business Transformation Supports Growth
Business Transformation Supports Growth June 2025 Technology Supports our "One Company" Approach Appointed Abhijit "Abhi" Bhatwadekar as VP, Chief Information Officer • Implementing the Technology Roadmap With industry / technology expertise, Abhi will align ◦ Operational programs, upgrades and cybe
Slide 19: Engaging with All Stakeholders
Engaging with All Stakeholders May 2025: Published 3rd Micro-Sustainability Report YTD Community Investment ~$350,000 of charitable donations & sponsorships >1,000 hours volunteered by over 360 team members July 2025: Received Corporate Governance Award volunteer event alongside a $5,000 donation as
Slide 20: Q2 2025 Demonstrates Continued Growth
Q2 2025 Demonstrates Continued Growth 1 Incremental growth in Adjusted Gross Margin, Adjusted Net Income & Adjusted Earnings Per Share $ millions except per share amounts 1 1 1 Adjusted Gross Margin Adjusted Net Income Adjusted Earnings Per Share +13% $142.8 +26% $24.3 +21% $1.04 $126.6 $19.3 $0.86
Slide 21: Q2 2025 Key Performance Drivers
Q2 2025 Key Performance Drivers Adjusted EPS for the second quarter benefited from rate increases, natural gas transmission, distribution and infrastructure growth and virtual transportation and RNG production 1 Adjusted Earnings Per Share 0.04 0.06 0.11 0.11 (0.14) 0.12 (0.14) $1.04 (0.03) 0.13 (0.
Slide 22: Regulated Operations Margin Growth Continues
Regulated Operations Margin Growth Continues Investments in transmission, distribution & infrastructure drive double-digit Regulated Operations growth 1 Adjusted Gross Margin Q2 2024 $103.3 + 14% Q2 2025 $117.7 Operating Income Q2 2024 $40.5 +28% Q2 2025 $51.8 22 Note: Dollars in millions. 1 See app
Slide 23: Unregulated Adj. Gross Margin Growth of 7%
Unregulated Adj. Gross Margin Growth of 7% $3.5M of Adj. Gross Margin Growth driven by Marlin Virtual Pipeline and Full Circle Dairy Operations 1 Adjusted Gross Margin Q2 2024 $23.4 +7% Q2 2025 $25.0 • $3.5 million of increased margin from: ◦ Continued growth in our Marlin Virtual Pipeline Services
Slide 24: Executing on Our Financing Strategy
Executing on Our Financing Strategy Exceeded $3B of total book capitalization for the first time Total Capitalization Equity Issuances & Shares Outstanding $ in millions $3,020 • Reached target equity-to-capital of 50% $2,874 • $66.2M equity issued YTD through 6/30/2025 • 124,356 shares issued in Ju
Slide 25: Dividend Policy Drives Increased Shareholder Value
Dividend Policy Drives Increased Shareholder Value Retained Earnings Annualized Dividend Per Share $2.74 enables CPK to reinvest 2025 Reflects 7% Annual Increase $2.56 to support growth plan o f 9% R $2.36 CAG nd iv ide $2.14 Growth Plan drives e ar D 10-Y $1.92 Earnings Growth $1.76 ~8.5% 10-Year C
Slide 26: Industry-Leading Adj. EPS Growth Drives Value
Industry-Leading Adj. EPS Growth Drives Value 1 Adjusted Earnings Per Share +8.4 – 8.7% $8.00 10-Year CAGR $7.75 +14% – 18% $6.35 $5.31 $5.39 $6.15 $5.04 $4.73 $4.21 $3.72 $3.47 $3.72 $3.47 2018 2019 2020 2021 2022 2023 2024 2025 2028 Guidance Earnings Growth Driven by Capital Investment... … Leadin
Slide 27: Reaching New Heights in 2025
Reaching New Heights in 2025 Delivering on Our Promises Focusing on the Three Pillars of Growth Top-Quartile Growth & Total Shareholder Maintaining Our Financial Discipline Return Achieving EPS & Capital Guidance 27
Slide 28: Appendix: Additional Information
APPENDIX Additional Information Chesapeake Utilities Corporation Confidential 2025
Slide 29: Quarterly Earnings Cadence
Quarterly Earnings Cadence There are several 2025 Actual EPS Cadence Shift in earnings cadence driven by: factors that shift the Quarterly Adj. EPS divided by low & high end of 2025 EPS guidance range cadence of our 36% • Timing of in-service dates for quarterly earnings major capital projects, whic
Slide 30: Q2 2025 Weather Warmer Than Normal
Q2 2025 Weather Warmer Than Normal Delmarva Ohio Florida COLDER 10% —% NORMAL (18)% (22)% (24)% MILDER (29)% Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 2024 Q2 2025 ACTUAL HDD 319 291 478 687 41 30 NORMAL HDD 387 373 631 624 41 42 30 VARIANCE (68) (82) (153) 63 — (12) Note: Normal reflects 10-Year Average H
Slide 31: Long-Term Debt Maturity Profile
Long-Term Debt Maturity Profile $ in millions August 2025 New Debt Commitment AUGUST 2025 DEBT COMMITMENT $212 • $200M Private Placement issuance of unsecured Senior Notes with an average rate of 5.04% $206 $197 ◦ $150M funded on August 1, 2025 $50 ◦ $50M to be funded on September 15, 2025 $60 $157
Slide 32: GAAP to Non-GAAP Reconciliation: Consolidated
GAAP to Non-GAAP Reconciliation: Consolidated Second Quarter Results Year-to-Date Results $ in millions Consolidated Reconciliation Q2 2025 Q2 2024 $ % YTD 2025 YTD 2024 $ % GAAP Operating Revenues $ 192.8 $ 166.3 $ 26.5 16% $ 491.5 $ 412.0 $ 79.5 19% Cost of Sales Nat Gas, Propane, & Electric (50.0
Slide 33: 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 2025 Q2 2024 $ % YTD 2025 YTD 2024 $ % GAAP Operating Revenues $ 151.8 $ 130.7 $ 21.1 16% $ 351.4 $ 299.1 $ 52.3 17% Cost of Sales Nat Gas, Propane, & Electric (34.1) (27.4
Slide 34: 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 2025 Q2 2024 $ % YTD 2025 YTD 2024 $ % GAAP Net Income $ 23.9 $ 18.2 $ 5.7 31% $ 74.8 $ 64.4 $ 10.