Middlesex Water Company · NASDAQ:MSEX
Middlesex Water — Janney Montgomery Scott Virtual Water Utilities Conference 2024
14 slides from Middlesex Water's conference presentation, Sep 19, 2024
Slide 1: Janney Montgomery Scott Virtual Water Utilities Conference
Janney Montgomery Scott Virtual Water Utilities Conference September 19, 2024 NASDAQ:MSEX
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: Our Speakers
Our Speakers Nadine Leslie Rally Zerhouni President & Chief Executive Officer SVP, Chief Financial Officer & Treasurer (25+ years experience in the water utility industry) (15+ years experience in the regulated utility industry) 3
Slide 4: Middlesex Water Company
Middlesex Water Company 1 Overview Key Financials ▪ Established in 1897 ▪ Market Cap: $1.12 billion ▪ ~126,000 regulated customers ▪ Enterprise Value: $1.5 billion in Delaware and New Jersey ▪ 1,690 miles of main ▪ Dividend Yield: 2.06% ▪ 208 wells ▪ Total Shareholder Return: 32% ▪ 94 water treatmen
Slide 5: Why Invest in Our Company?
Why Invest in Our Company? ▪ Deliver shareholder value through investment in the regulated business infrastructure and non-regulated contract operations (“Operate-To-Own”) ▪ Upgrade and replace utility infrastructure to build system resiliency and meet compliance requirements ▪ Receive timely and ad
Slide 6: Regulatory Summary Update
Regulatory Summary Update General Rate Cases Authorized Effective Revenue Authorized State Company Filing Date Return on Date Requirement Equity Ratio Equity Middlesex Water Mar-24 May-23 $15.4 M 9.60% 53.60% New Jersey Pinelands Water / Apr-23 Sep-22 $0.9 M 9.60% 53.00% Pinelands Wastewater * * * *
Slide 7: Strong Rate Base Growth
Strong Rate Base Growth ($ millions) CAGR ~15% Note: 2021-2023 rate base includes the impact from amounts received by the Company from the settlement of the PFOA lawsuit 7
Slide 8: Consistent Dividend Growth
Consistent Dividend Growth CAGR ~5.8% ▪ Over a century of continuous dividend payment to the shareholders ▪ 51 years of consecutive annual dividend increases Annualized Note: Dividends are subject to Board of Directors approval. 8
Slide 9: Infrastructure Upgrades: Compliance and Resiliency
Infrastructure Upgrades: Compliance and Resiliency ▪ Treatment upgrades including chemical feed ▪ Construction of elevated tanks improvements, residual removal equipment, pumps, surge mitigation at the Park Avenue ▪ Installation of emergency Plant to remediate certain poly- and generators at several
Slide 10: Our Digital Transformation Journey
Our Digital Transformation Journey ▪ Enterprise Resource Planning System upgrade Leverage technology to efficiently manage field and transition to the Cloud operations activities and administrative tasks through: ▪ Estimated go live Q2 2025 ▪ Optimized data management ▪ Data insights incorporated in
Slide 11: Preparedness and Resiliency
Preparedness and Resiliency Emergency Preparedness Protecting Critical Networks and Operations ▪ Company wide tabletop exercises to test plans and A cybersecurity program relying on people, process and emergency response technology to safeguard our operational environment, which includes: ▪ In-perso
Slide 12: 2024 Financial Results
2024 Financial Results ($ millions Six Months Ended June 30 Three Months Ended June 30 except EPS) 2024 2023 2024 2023 Operating $89.7 $81.0 $49.1 $42.8 Revenues Operating $64.5 $62.8 $33.8 $32.1 Expenses Net Income $21.2 $15.8 $10.5 $9.9 Earnings Per $1.19 $0.89 $0.59 $0.56 Share 12
Slide 13: Our Board of Directors
Our Board of Directors POE WALTER G. REINHARD Lead Direct Independent DENNIS W. DOLL the Board JOSHUA BERSHAD, Independent Director Since 2020 JAMES F. COSGROVE, JR. KIM C. HANEMANN ' STEVEN M. KLEIN Independent Director Since 2010 Independent Director Since 2016 ‘> Independent Audit Ad Hoc Pricing
Slide 14: Thank You
THANK YOU Contact Us info@middlesexwater.com MiddlesexWater.com
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