Chesapeake Utilities Corporation · NYSE:CPK
Chesapeake Utilities — Q3 2026 Earnings Presentation
29 slides from Chesapeake Utilities's earnings presentation, Nov 5, 2026
Slide 1: Q3 2026 Earnings Call Presentation
2026 AGA Financial Forum EARNINGS CALL PRESENTATION Q3 2026 FRIDAY, NOVEMBER 6, 2026
Slide 2: Safe Harbor for Forward-Looking Statements
Safe Harbor for Forward-Looking Statements 2 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 th
Slide 3: Q3 2026 Safety Moment: Winter Preparedness
Q3 2026 Safety Moment: Winter Preparedness 3
Slide 4: Today's Presenters
Titles Should Be Font Size 40 – 44 4 Jeff Householder Chair of the Board, President & Chief Executive Officer Jeff Sylvester Senior Vice President, Chief Financial Officer Jim Moriarty Executive Vice President, General Counsel, Corporate Secretary & Chief Policy and Risk Officer oday's Presenters Lu
Slide 5: Growth Trajectory Continues in Q3 2026
$2.7M FCG RATE CASE INTERIM AMOUNT 8% YTD'26 ADJ. EPS GROWTH vs YTD'25 Growth Trajectory Continues in Q3 2026 5 $2.22 $2.47 $1.04 $1.05 $0.82 $0.89 $4.06 $4.40 YTD Sep-25 YTD Sep-26 YTD Adjusted Diluted EPS1 1 See appendix for a reconciliation of non-GAAP metrics. $151M Q3'26 CAPITAL EXPENDITURES 12
Slide 6: Growth Remains Core to Long-Term Strategy
Growth Remains Core to Long-Term Strategy 6 DELMARVA FPU FCG Delmarva Growth Highlights • ~18 new residential projects signed in 2026 YTD throughout Sussex, New Castle, and Kent County • Selected to serve Sussex Technical High School, the largest school project in the state's history • Delivering af
Slide 7: On Track to Meet FY 2026 Capital Guidance
On Track to Meet FY 2026 Capital Guidance $500.0 2026 Guidance 2026 Guidance 2026 Guidance Includes: $550 - $600M $ in millions Distribution $135 - $145M • Ongoing distribution system expansion and reliability projects across our Delmarva & Florida service areas $102M Transmission $185 - $195M • Wor
Slide 8: Florida Energy Pathway
Florida Energy Pathway • Originates in Palm Beach County, ends in Miami Dade County ◦ Supply being sourced from FGT’s Phase IX expansion ◦ Majority of the route leverages existing right-of-ways • Established a Joint Venture Agreement with NextEra Energy Resources ◦ NEER will finance and own 49% of t
Slide 9: Worcester Resiliency Upgrade (WRU) Project
9 Worcester Resiliency Upgrade (WRU) Project • Mechanical and electrical systems construction essentially complete; pre-commissioning work is underway • Preparing to file for the first of a series of commissioning-related Notice to Proceed permits • Overall capital investment expected to be approxim
Slide 10: Transmission Projects Advance to Meet Demand
Transmission Projects Advance to Meet Demand 10 # Project Name Status1 In-Service Total CapEx Adj. Gross Margin ($M) 2025A 2026E 2027E 1 Boynton Beach In-Service Q1 2025 ~$21M $3.0 $3.4 $3.4 2 Indian River RNG In-Service Q1-Q2 2025 ~$18M $2.5 $5.4 $6.43 Brevard RNG In-Service ~$6M 4 Medley RNG In-Se
Slide 11: Significant Upside Driving Increased Long-Term Capital Investment
Significant Upside Driving Increased Long-Term Capital 11 Investment Opportunities in Development 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 Capita
Slide 12: Florida City Gas Rate Case Overview
• Forward Test Year: Ending 12/31/2027 • Adjusted 2027 Rate Base: ~$740 million • Revenue Requirement Request: $47 million • ROE Request: 11.25% • $16.2 million full-year interim rate increase approved • $2.7 million recognized in Q3 2026 Florida City Gas Rate Case Overview 12 Date Milestone Februar
Slide 13: Transforming for Growth… Powered by People
Transforming for Growth… Powered by People Cheryl Martin, SVP Regulatory Affairs, was recognized as a Distinguished Woman in Florida at the 2026 Above & Beyond Awards. ~600+ team members have participated in one or more event ~$1.2M of charitable donations, community partnerships & sponsorships TEAM
Slide 14: One Chesapeake Transformation, Standardization & Value Realization
14 • Builds on our 1CX investment by aligning technology, processes and organization structure to enhance operating efficiency and support future growth. • Making substantial progress; successfully transitioned into the Testing phase last month and we remain on track for our planned Q2 2027 go-live.
Slide 15: Consistent Growth in Q3 2026
+9% $0.82 $0.89 Q3 2025 Q3 2026 $137.2 $148.7 Q3 2025 Q3 2026 $19.5 $21.6 Q3 2025 Q3 2026 1 See appendix for a reconciliation of non-GAAP metrics. Adjusted Gross Margin1 Adjusted Earnings Per Share1Adjusted Net Income1 15 Consistent Growth in Q3 2026 $ millions except per share amounts +9% +11%
Slide 16: Q3 2026 Key Performance Drivers
$0.82 $0.09 $0.09 $0.08 $0.06 $0.03 $0.02 $0.02 $(0.12) $(0.09) $(0.06) $(0.02) $(0.03) $0.89 Q3 2025 Adj. EPS Natural Gas Trans. Expansions Rate Case Activity Infra. Program Growth Natural Gas Dist. Growth Increased Propane Margins & Fees Consumption & Other Increased Unregulated Performance Increa
Slide 17: Strong Gross Margin Growth & Cost Management
17 Strong Gross Margin Growth & Cost Management 1See appendix for a reconciliation of non-GAAP metrics. $ millions Regulated Segment Q3 2025 Q3 2026 Change Adjusted Gross Margin(1) $ 114.7 $ 126.3 10% Operating Income $ 48.9 $ 55.5 13% Unregulated Segment Q3 2025 Q3 2026 Change Adjusted Gross Margin
Slide 18: Executing on Our Financing Strategy
Equity Short-Term Debt1 Long-Term Debt 50% 9% 41% 49% 13% 38% 1 Short-term debt for both periods includes short-term borrowing as well as the current portion of long-term debt. 2 Total funding capacity includes the $650M Revolver and $354M of Private Placement Shelf Agreements. Equity Update • $36.6
Slide 19: Dividend Policy Drives Increased Shareholder Value
$1.22 $1.32 $1.48 $1.62 $1.76 $1.92 $2.14 $2.36 $2.56 $2.74 $2.94 $1.22 $1.32 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 1 Calculated through 30-October-2026. 10-Year Dividend CAGR of 9.2% Dividend and Earnings Growth Drive Industry-Leading Annual Shareholder Return ~13%+ 10-Year CAGR1 P
Slide 20: Industry-Leading Adjusted EPS Growth
1 See appendix for a reconciliation of non-GAAP metrics. 20 Industry-Leading Adjusted EPS1 Growth Building on track record of 19 consecutive years of growth and 9.1% EPS CAGR $1.15 $1.29 $1.32 $1.43 $1.82 $1.91 $1.99 $2.26 $2.47 $2.72 $2.86 $2.89 $3.47 $3.72 $4.21 $4.73 $5.04 $5.31 $5.39 $6.01 $8.00
Slide 21: Transforming for Growth in 2026 & Beyond
Transforming for Growth in 2026 & Beyond 21 Top-Quartile Growth & Total Shareholder Return Maintaining Our Financial Discipline Delivering on Our Promises Focusing on the Three Pillars of Growth Powered By All Stakeholders
Slide 22: Appendix: Additional Information
Chesapeake Utilities Corporation Confidential 2025 Additional InformationAPPENDIX
Slide 23: Long-Term Debt Maturity Profile
$135 $132 $197 $157 $212 $152 $58 $159 $59 $52 $43 $111 $100 $100 $160 $100 $150 $90 $100 $35 $32 $37 $57 $62 $62 $59 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037+ $ in millions 23 Long-Term Debt Maturity Profile Amortizing Principal Payments Bullet Maturities First tranche of FCG deb
Slide 24: YTD 2026 Weather Colder Than Normal
OhioDelmarva Florida (1)% 10% 12% 7% 16% 22% YTD Sept-25 YTD Sept-26 YTD Sept-25 YTD Sept-26 YTD Sept-25 YTD Sept-26 NORMAL Note: Normal reflects 10-Year Average Heating Degree Days (HDD). Percentages reflect actual HDD above / (below) Normal divided by Normal. MILDER 24 2,505 2,718 2,538 2,463 (33)
Slide 25: Q3 Distribution Utility Statistical Data
Q3 Distribution Utility Statistical Data 25 For the Three Months Ended September 30, 2026 For the Three Months Ended September 30, 2025 Operating Revenues (in millions) Delmarva NG Distribution Florida Natural Gas Distribution FPU Electric Distribution Delmarva NG Distribution Florida Natural Gas Di
Slide 26: YTD Distribution Utility Statistical Data
YTD Distribution Utility Statistical Data 26 For the Nine Months Ended September 30, 2026 For the Nine Months Ended September 30, 2025 Operating Revenues (in millions) Delmarva NG Distribution Florida Natural Gas Distribution FPU Electric Distribution Delmarva NG Distribution Florida Natural Gas Dis
Slide 27: GAAP to Non-GAAP Reconciliation: Consolidated
Third Quarter Results Year-to-Date Results Consolidated Reconciliation Q3 2026 Q3 2025 $ % YTD 2026 YTD 2025 $ % GAAP Operating Revenues $ 195.8 $ 179.6 $ 16.2 9% $ 750.8 $ 671.1 $ 79.7 12% Cost of Sales Nat Gas, Propane, & Electric (47.1) (42.4) (4.7) 11% (245.7) (208.7) (37.0) 18% Operating Expens
Slide 28: GAAP to Non-GAAP Reconciliation: Regulated Segment
1 Operations & maintenance expenses within the Consolidated Statements of Income are presented in accordance with regulatory requirements and to provide comparability within the industry. Operations & maintenance expenses which are deemed to be directly attributable to revenue producing activities h
Slide 29: Non-GAAP Reconciliation: Net Income / EPS
1 Transaction and transition-related expenses represent costs incurred attributable to the acquisition and integration of FCG including, but not limited to, transition services, consulting, system integration, rebranding and legal fees. Third Quarter Results Year-to-Date Results Non-GAAP Reconciliat