Chesapeake Utilities Corporation · NYSE:CPK
Chesapeake Utilities — 2026 AGA Financial Forum
35 slides from Chesapeake Utilities's conference presentation, May 2026
Slide 1: 2026 AGA Financial Forum
AGA Financial Forum: May 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: The Chesapeake Utilities Team
the Chesapeake Titles Utilities Should Be Team Font Size 40at–AGA 44 Jeff Householder Beth Cooper Jim Moriarty Jeff Sylvester Chair of the Board, President Executive Vice President Executive Vice President, General Counsel, Senior Vice President & & Chief Executive Officer & Chief Financial Officer
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: ~$3B ~1,300 Unregulated Other CPK market cap employees Unregulated Regulated Propane Transmission ~470k $4.0B 85% distribution total regulated
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: Capitalizing on FCG Growth Opportunities
Capitalizing on FCG Growth Opportunities Significant Net Income Growth in Florida Key Post - FCG Accomplishments $ in millions • Capital Investments of ~$250M related to FCG (50% of initial 5 -Year goal) • $12. 2 M of gross margin generated in 2024 and 2025 from capital investments under the SAFE Pr
Slide 10: 2026 CapEx Guidance of $450M - $500M
2026 CapEx Guidance of $450M - $500M Starting the year on track with Q1 2026 CapEx Spend of $122M $ in millions $450 - $500 2026 Guidance Includes: • Enterprise Resource Plan (ERP) Technology $90 - $100M • Additional technology, cybersecurity investments Unregulated $25 - $35M • Marlin Virtual Pipel
Slide 11: Transmission Projects Advance to Meet Demand
Transmission Projects Advance to Meet Demand Adj. Gross Margin ($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 12: Worcester Resiliency Upgrade (WRU) Project
Worcester Resiliency Upgrade (WRU) Project 500K - gal LNG Storage Facility in Bishopville, MD • FERC delays in Notice to Proceed permitting process in Fall 2025 • Severe winter weather impacted site access and work hours throughout January / February • Building in additional time for FERC commission
Slide 13: Growth Opportunities in Florida
Growth Opportunities in Florida Strong Demand Driving Project Development Across the State 3 1• CAPE CANAVERAL LNG OPPORTUNITIES I dentifying alternative LNG storage sites and pipeline development opportunities to serve cruise, space and port industries 1 2• SOUTH FLORIDA CAPACITY EXPANSION Assessin
Slide 14: 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 15: Strong Progress Toward 5-Year CapEx Guidance
Strong Progress Toward 5 -Year CapEx Guidance ~$1.6 B of invested & identified capital projects support 5 -year guidance of $1.5 B - $1.8B Upper End Additional of 5-Year 2024A CapEx 2025A CapEx 2026E CapEx Identified Guidance 5-Year $356 M $470 M $450 - $500M $274 M $200 M CapEx $826M ~1.3B ~1.6B ~1
Slide 16: 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 Florida PSC Docket #20260026 April 20, 2026 General rate case filed • Forward Test Year: Ending 12/31/2027 June 24, 2026 Interim rat e recommendation • Adjusted 2027 Rate Base: $7
Slide 17: Stakeholder Engagement Drives Success
Stakeholder Engagement Drives Success TEAMMATES CUSTOMERS PARTNERS COMMUNITIES 17 Members of CPK Leadership team volunteer at the Barnabas Center in Fernandina Beach, Florida (April 2026)
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 Equity as a Percent of Total Capitalization 53% 53% FCG Acquisition 52% 53% 52% 51% Impact 51% 50% 50% 50% 49% 49% 49% 50% Target Equity 48% 48% 48% 47% to Capitalization Equity Financing Updates Total Liquidity 1 Debt Financing Total available • Expect to issue •
Slide 21: 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 22: 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 22 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 23: 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 G eneral Rate Case REGULATORY • Secure regulatory approval for other
Slide 24: CPK's Value Proposition
CPK’s Value Proposition 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 “As my chapter as CFO of this great organization comes to an end, CPK stands ready to build on
Slide 25: Appendix
APPENDIX ADDITIONAL INFORMATION
Slide 26: 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 26
Slide 27: Growth Trajectory Continues in Q1 2026
Growth Trajectory Continues in Q1 2026 Q1 Diluted EPS 1 + 11% 16% 11% ADJ. NET INCOME ADJ. EPS GROWTH vs. Q1'25 GROWTH vs. Q1'25 INCREMENTAL ADJUSTED MARGIN: $12.4M $10.6M TRANSMISSION & DISTRIBUTION INFRASTRUCTURE GROWTH & USAGE $122M $47M Q1'26 CAPITAL FCG RATE CASE 27 EXPENDITURES REVENUE REQUEST
Slide 28: Q1 2026 Weather Colder Than Normal
Q1 2026 Weather Colder Than Normal Delmarva Ohio Florida COLDER NORMAL MILDER ACTUAL HDD 2,348 2,210 3,022 3,087 594 580 NORMAL HDD 2,085 2,146 2,751 2,801 471 483 28 VARIANCE 263 64 271 286 123 97 Note: Normal reflects 10 - Year Average Heating Degree Days (HDD). Percentages reflect actual HDD abov
Slide 29: Consistent Growth in Q1 2026
Consistent Growth in Q1 2026 $ millions except per share amounts Adjusted Gross Margin 1 Adjusted Net Income 1 1 Adjusted Earnings Per Share +11% + 13% +16% 29 1 See appendix for a reconciliation of non - GAAP metrics.
Slide 30: Q1 2026 Key Performance Drivers
Q1 2026 Key Performance Drivers Adjusted Earnings Per Share 1 30 1 See appendix for a reconciliation of non - GAAP metrics.
Slide 31: Strong Operational Gross Margin Growth
Strong Operational Gross Margin Growth $ millions except per share amounts Regulated Adjusted Gross Margin 1 Unregulated Adjusted Gross Margin 1 + 15% + 8% • $19.6 million increase driven by: • $4.1 million increase driven by: ◦ Transmission system expansions ◦ Increased propane customer consumption
Slide 32: GAAP to Non-GAAP Reconciliation: Consolidated
GAAP to Non - GAAP Reconciliation: Consolidated $ in millions First Quarter Results Consolidated Reconciliation Q1 2026 Q1 2025 $ % GAAP Operating Revenues $ 353.1 $ 298.7 $ 54.4 18% Cost of Sales Nat Gas, Propane, & (146.9) (116.3) (30.6) 26% Electric Operating Expense 1 (27.5) (22.7) (4.8) 21% D&A
Slide 33: GAAP to Non-GAAP Reconciliation: Segment Results
GAAP to Non - GAAP Reconciliation: Segment Results $ in millions First Quarter Results Regulated Segment Q1 2026 Q1 2025 $ % GAAP Operating Revenues $ 249.3 $ 199.6 $ 49.7 25% Cost of Sales Nat Gas, Propane, & Electric (101.6) (71.5) (30.1) 42% Operating Expense 1 (16.7) (13.3) (3.4) 26% D&A (16.1)
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 First Quarter Results Non - GAAP Reconciliation: Net Income /EPS Q1 2026 Q1 2025 $ % GAAP Net Income $ 59.3 $ 50.9 $ 8.4 17% FCG Transaction+Transition Expenses 1 $ — $ 0.2 $ (0.2) (
Slide 35: We'd love to hear from you!
We’d love to hear from you! Lucia Dempsey Head of Investor Relations https://www.chpk.com/investors/ C: (347) 804 - 9067 | LDEMPSEY@CHPK.COM New York, NY 35