Chesapeake Utilities Corporation · NYSE:CPK
Chesapeake Utilities — 2026 AGA Financial Forum
35 slides from Chesapeake Utilities's conference presentation, September 2026
Slide 1: 2026 AGA Financial Forum
Investor Presentation: September 2026 2026 AGA Financial Forum
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
Slide 3: Leadership
Chesapeake Utilities Titles Should Be Presenting Font Size 40 – 44Leadership Jeff Jeff Lucia Householder Sylvester Dempsey Chair of the Board, President Senior Vice President & Head of Investor Relations & Chief Executive Officer Chief Financial Officer 3
Slide 4: Everything Starts with Our Purpose
Everything Starts with Our Purpose We deliver energy that makes MISSION life better for the people and communities we serve. We will be a leader in delivering cv VISION energy that contributes to a sustainable future. Care: We put people first. Integrity: We tell the truth. VALUES Excellence: We ach
Slide 5: Chesapeake Utilities at a Glance
Chesapeake Utilities at a Glance Both Regulated and Unregulated Energy Operations 2025 Operating Income by Business Type Unregulated Energy Operations NYSE: ~$ 3 .2 B ~1,300 Unregulated Other CPK market cap employees Unregulated Regulated Propane Transmission ~470k $4.0B 85% distribution total regul
Slide 6: Our Growth Strategy Drives Top-Quartile Performance
$4,500.0 Our Growth Strategy Drives Top - Quartile Performance $200.0 ▪ Grow earnings from a stable regulated energy delivery foundation $180.0 $4,000.0 ▪ Invest in related businesses and services that provide opportunities Total for returns greater than traditional utility returns Assets: 16.5X Tot
Slide 7: Our Strategic Plan Guides Our Work
Our Strategic Plan Guides Our Work Growing Executing on Our Disciplined Service Areas Growth Strategy Financing Plan • 50/50 target 3%+ capital structure • Investment grade credit ratings • Strategic use of equity, debt and dividends Consistent Performance, Industry - Leading Growth and Top - Quarti
Slide 8: Operating in High-Growth Service Areas
Operating in High - Growth Service Areas DELMARVA OHIO FLORIDA Variety of growth drivers: • Residential growth in several key counties • Potential to serve generation for data centers Top - Quartile Growth 1 Top - Quartile Growth 1 • Expanding Marlin Virtual Pipeline • 4.1% residential growth • 2.8%
Slide 9: Growth Trajectory Continues in Q2 2026
Growth Trajectory Continues in Q2 2026 YTD Adjusted Diluted EPS 1 12% 8% ADJ. NET INCOME YTD'26 ADJ. EPS GROWTH vs YTD'25 GROWTH vs YTD'25 Q2 Q2 2026 INCREMENTAL ADJUSTED MARGIN: $4.9M $3.2M TRANSMISSION INFRASTRUCTURE EXPANSIONS PROGRAMS Q1 $140M $16.2M 9 Q2'26 CAPITAL FCG RATE CASE EXPENDITURES IN
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 • Sti
Slide 11: Florida Energy Pathway (FEP) Project
Florida Energy Pathway (FEP) Project $1.2 billion, 97 - mile, 24 - inch intrastate transmission infrastructure project • Originates in Palm Beach County, ends in Miami Dade County • Supply being sourced from FGT’s already - announced Phase IX expansion ◦ The majority of the route leverages existing
Slide 12: Transmission Projects Advance to Meet Demand
Transmission Projects Advance to Meet Demand Adj. Gross Margin ($M) 1 Total # Project Name Status 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 ~$6M 3 Brevard RNG In - Service $2.5 $5.4 $6.4 2025 4 Medley R
Slide 13: Growth Projects in Delmarva & Ohio
Growth Projects in Delmarva & Ohio Evolving Opportunities Across our Northern Footprint Cecil 1 1• DELMARVA REGIONAL ENHANCEMENT (DRE) $75M, 10+ mile ESNG transmission expansion project to add firm capacity and improve system reliability; evaluating possibilities for further future expansion 2• ACCO
Slide 14: Increasing FY 2026 Capital Guidance by $100M
Increasing FY 2026 Capital Guidance by $100M $ in millions 2026 Guidance 2026 Guidance Includes: YTD '26 • Ongoing distribution system expansion and Distribution $135 - $145M reliability projects across our Delmarva & Florida $62M service areas • Worcester Resiliency Upgrade • Miami Inner Loop Trans
Slide 15: Significant Upside Driving Increased Long-Term Capital
Significant Upside Driving Increased Long -Term Capital Updating Guidance Expectations We expect capital investment of ~$1.4 billion through 2026 and expect to exceed investment of $2.2 billion through 2028 . On our FY 2026 earnings call in February 2027, we expect to provide: • 2027 Capital Guidanc
Slide 16: Overview of State Regulatory Environments
Overview of State Regulatory Environments Chesapeake Utilities maintains strong positive relationships with regulators in all jurisdictions. These constructive regulatory environments have approved ROEs that average 10%, with additional upside in some operations. State Delaware Maryland Florida Regu
Slide 17: 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 18: Building a Platform for Significant Scale
Building a Platform for Significant Scale Transformation Themes & Initiatives Multi -Year ERP Project CUSTOMER Modernize customer interactions to streamline service delivery, increase • Named for "One EXPERIENCE satisfaction and enable digital engagement Company" approach to C entralize, O ptimize,
Slide 19: Continually Reducing Operational Expenses
Continually Reducing Operational Expenses Gross Margin Growth Outpaces O&M Increases $ in millions Adjusted Gross Margin $700 56.0% • We have prudently Operating Expenses as a % of Adj. Gross Margin $639 managed operational 54.2% 54.0% expense growth during a $567 period of significant gross $600 ma
Slide 20: Executing on Our Financing Strategy
Executing on Our Financing Strategy Total Capitalization Shares Outstanding $ in millions • 24,106,455 shares outstanding as of 8/3/2026 Debt & Liquidity Update 50% • 70% of total liquidity available as of 6/30/2026 Equity 50% out of total capacity of $ $797.5M million 2 • August 2026 : Amended, ext
Slide 21: Long-Term Debt Maturity Profile
Long -Term Debt Maturity Profile Amortizing Principal Payments Bullet Maturities $ in millions First tranche of FCG debt due in 2026; refinancing expected to generate interest rate savings 21
Slide 22: Stakeholder Engagement Drives Success
Stakeholder Engagement Drives Success THROUGH JUNE 30, 2026: ~500+ team members have participated in at least one event ~$850K of charitable donations, community partnerships & sponsorships TEAMMATES March for Babies in West Palm Beach, FL CUSTOMERS PARTNERS COMMUNITIES 22 Lexus Corporate Run in Mia
Slide 23: Transforming for Growth, Powered by People
Transforming for Growth, Powered by People Key Deliverables for 2026 • Invest $ 5 0 0 - $ 5 5 0 million of capital CAPITAL • Bring current projects online DEPLOYMENT • Finalizing new projects under development • Successful outcome on FCG Rate Case REGULATORY • Secure regulatory approval for other AG
Slide 24: Dividend Policy Drives Increased Shareholder Value
Dividend Policy Drives Increased Shareholder Value Annualized Dividend Per Share Annual Growth Rate 8% 12% 9% 9% 9% 11% 10% 8% 7% 7% 45 - 50% Target Payout Ratio: Dividend and Earnings Performance Track 9.2% Dividend Growth CAGR Growth Drive Record of Strong Industry -Leading Earnings Growth Annual
Slide 25: Industry-Leading Adjusted EPS Growth
Industry - Leading Adjusted EPS Growth Building on track record of 19 consecutive years of growth and 9.1% EPS CAGR $7.75 2028 EPS 25 Annual 12% 2% 8% 27% 5% 4% 14% 9% 10% 5% 1% 20% 7% 13% 12% 7% 5% 2% 12% Guidance Growth Rate 1 See appendix for a reconciliation of non - GAAP metrics.
Slide 26: 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 26
Slide 27: Appendix
APPENDIX ADDITIONAL INFORMATION
Slide 28: Consistent Growth in Q2 2026
Consistent Growth in Q2 2026 $ millions except per share amounts 1 Adjusted Net Income 1 Adjusted Gross Margin Adjusted Earnings Per Share 1 +5% +5% +1% 28 1 See appendix for a reconciliation of non - GAAP metrics.
Slide 29: Q2 2026 Key Performance Drivers
Q2 2026 Key Performance Drivers Adjusted Earnings Per Share 1 29 1 See appendix for a reconciliation of non - GAAP metrics.
Slide 30: 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 Operating Revenues Delmarva NG Florida Natural FPU Electric Delmarva NG Gas FPU Electric (in thousands) Distribution Gas Distribution Distribution Distribution D
Slide 31: 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 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 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
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 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 (
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 Second Quarter Results Year -to -Date Results shares in thousands Non - GAAP Reconciliation: Net Income Q2 2026 Q2 2025 $ % YTD 2026 YTD 2025 $ % /EPS GAAP Net Income $ 25.4 $ 23.9 $ 1.5 6% $ 84.7 $ 74.
Slide 35: We'd love to hear from you!
We’d love to hear from you! LUCIA DEMPSEY | HEAD OF INVESTOR RELATIONS C : (347) 804 - 9067 | LDEMPSEY@CHPK. COM LEA PETRI | IR ANALYST C: (347) 804 - 9067 | L PETRI @CHPK.COM https://www.chpk.com/ investors investors@chpk.com 35