2026 AGA
Financial Forum
EARNINGS CALL PRESENTATION
Q3 2026FRIDAY, NOVEMBER 6, 2026
Q3 2026 Safety Moment: Winter Preparedness
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Titles Should Be Font Size 40 - 44
Today's PresentersJeff Householder
Chair of the Board, President &
Chief Executive Officer
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Jeff Sylvester
Senior Vice President, Chief Financial Officer
Jim Moriarty
Executive Vice President, General Counsel, Corporate Secretary &
Chief Policy and Risk Officer
Lucia Dempsey
Head of Investor Relations
Growth Trajectory Continues in Q3 202612%
ADJ. NET INCOME GROWTH vs YTD'25
8%
YTD'26 ADJ. EPS GROWTH vs YTD'25
YTD Adjusted Diluted EPS1
$4.40
$4.06
Q3
Q2
Q1
$2.22
$2.47
$1.04
$1.05
$0.82
$0.89
Q3 2026 INCREMENTAL ADJUSTED MARGIN: | ||
$4.8M TRANSMISSION & DISTRIBUTION | $2.8M INFRASTRUCTURE PROGRAMS | |
$2.7M
FCG RATE CASE INTERIM AMOUNT
$151M
Q3'26 CAPITAL EXPENDITURES
5 YTD Sep-25 YTD Sep-26
1 See appendix for a reconciliation of non-GAAP metrics.
~18 new residential projects signed in 2026 YTD throughout Sussex, New Castle, and Kent County
Selected to serve Sussex Technical High School, the largest school project in the state's history
Delivering affordable, reliable natural gas to Delaware and Maryland through fuel conversions from propane and fuel oil, helping reduce long term energy costs and emissions
Significant pipeline of additional developments in Delmarva & Florida
Delmarva Growth Highlights
FCG
FPU
DELMARVA
YTD '26 vs. YTD '25
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1.7%
2.0%
2.7%
On Track to Meet FY 2026 Capital Guidance$ in millions
Distribution
2026 Guidance
$500.0
2026 Guidance Includes:
Ongoing distribution system expansion and reliability projects across our Delmarva & Florida service areas
YTD '26
Transmission
Infrastructure
Technology
Worcester Resiliency Upgrade
$90 - $100M
$115 - $125M
$185 - $195M
$135 - $145M
$102M
$148M
$71M
$64M
$28M
$413M
Miami Inner Loop
Duncan Plains Data Center Pipeline
RNG Transportation Projects
Initial FEP Capital Investment
FPU's GUARD & FCG's SAFE Programs
ESNG Capital Cost Surcharge Program
Electric Storm Protection Plan
Enterprise Resource Plan (ERP)
Additional technology, cybersecurity investments
2026 Guidance
$550 - $600M
Unregulated $25 - $35M • Marlin Virtual Pipeline, Propane, Aspire Energy
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Florida Energy Pathway$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 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 the overall project
Project will be built and operated by Peninsula Pipeline Company (PPC)
Three committed shippers contracting 250,000 dth/day
Capital investment anticipated to be ~$1.2 billion,
subject to finalization of design and engineering work
Development & Construction Timeline:
Engineering and design work continuing on track
Permitting preparation is underway; full process is 12-18 months
Expected to be a two-year construction period
8 ◦ Targeting in-service in 2030
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 approximately $125M
Received FERC approval for increased rates based on updated capital investment level
FERC facility commissioning completion expected in Q1 2027
500K-gal LNG Storage Facility in Bishopville, MD
$17.2M
FY 2027 MARGIN
Q1 2027
EXPECTED IN-SERVICE
~$19.7M
FY 2028 MARGIN
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# | Project Name | Status1 | In-Service | Total CapEx | Adj. Gross Margin ($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 | $6.4 |
3 | Brevard RNG | In-Service | ~$6M | ||||
4 | Medley RNG | In-Service | ~$22M | ||||
5 | New Smyrna Beach | In-Service | Q2 2025 | ~$15M | $1.6 | $2.6 | $2.6 |
6 | St. Cloud Expansion | In-Service | Q2 2025 | ~$20M | $2.9 | $3.8 | $3.8 |
7 | Wildlight Phase 1 & 2 | In-Service | 2023-2025 | ~$25M | $2.6 | $4.3 | $4.3 |
8 | Miami Inner Loop | In-Service | 2H 2025 | ~$40M | $2.8 | $7.6 | $7.6 |
9 | Lake Mattie, Plant City | In-Service | Q3 2025 | ~$18M | $2.6 | $4.3 | $4.3 |
10 | Worcester Resiliency Upgrade (WRU) | In-Progress | Q1 2027 | ~$125M | $0.3 | $1.5 | $17.2 |
11 | AEX Duncan Plains | In-Progress | 2027 | ~$10M | - | - | $1.1 |
Totals: | ~320M | $18.3 | $32.9 | $50.7 | |||
Transmission Projects Advance to Meet Demand
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1 May reflect interim in-service status using Marlin Virtual Pipeline Services while construction is being completed.
Significant Upside Driving Increased Long-Term CapitalInvestment Opportunities in Development |
Identifying alternative LNG storage sites and pipeline development opportunities to serve cruise, space and port industries |
Updated 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:
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Date | Milestone |
February 18, 2026 | Notice of Intent filed |
April 20, 2026 | General rate case filed |
June 24, 2026 | Interim rate recommendation |
July 20, 2026 | Intervenor testimony |
July 24, 2026 | Interim rate order |
August 13, 2026 | CPK rebuttal testimony |
August 31, 2026 | Prehearing statements |
September 14 2026 | Prehearing conference |
Sept 28 - 30, 2026 | Hearings |
October 22, 2026 | Briefs due |
November 18, 2026 | Staff recommendation |
December 1, 2026 | Commission Conference: Revenue Requirement |
December 15, 2026 | Commission Conference: Rates |
January 4, 2027 | Final Commission Order |
Key Highlights of the Filing |
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Transforming for Growth… Powered by PeopleCOMMUNITIES
TEAMMATES
The CPK leadership decorated holiday wreaths for the Barnabas Center in Nassau County, FL.
The inaugural Spirit of Chesapeake Awards celebrated Amy Shea, Billing Analyst, Ricky Shelby, Construction & Maintenance Tech., Juan Roman, Service Tech., Eddie McGowan, Operations Assistant
CUSTOMERS
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
~$1.2M of charitable donations, community partnerships & sponsorships
Cynthia Pagan, Haley Fennington, and Kayla Curto represented Chesapeake Utilities at the 2026 Stars of Delaware Celebration.
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Transformation, Standardization & Value Realization
Simplified Processes, Scalable Growth, Sustainable Value
ONE TEAM. ONE FUTURE.
ONE CHESAPEAKE
Builds on our 1CX investment by aligning technology, processes and organization structure to enhance operating efficiency and support future growth.
Making substantial progress; successfully transitioned into the Testing phase
last month and we remain on track for our planned Q2 2027 go-live.
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Consistent Growth in Q3 2026$ millions except per share amounts
Adjusted Gross Margin1
Adjusted Net Income1
Adjusted Earnings Per Share1
$137.2
$148.7
+9%
15
Q3 2025 Q3 2026
1 See appendix for a reconciliation of non-GAAP metrics.
+11%
$21.6
$19.5
Q3 2025 Q3 2026
+9%
$0.89
$0.82
Q3 2025 Q3 2026
Q3 2026 Key Performance DriversAdjusted Earnings Per Share1
$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
Natural
Rate Case
Infra.
Natural
Increased
Consumption Increased Increased
Increased
Increased
Interest
Share
Q3 2026
Adj. EPS Gas Trans.
Activity
Program
Gas Dist.
Propane
& Other Unregulated Payroll and
O&M
D&A &
Expense
Dilution
Adj. EPS
Expansions
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Growth
Growth
Margins & Fees
Performance Benefits
Expense
Property Tax
1 See appendix for a reconciliation of non-GAAP metrics.
Strong Gross Margin Growth & Cost ManagementRegulated 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(1) | $ 22.4 $ | 22.5 | 0.4% |
$ millions
We continue to prudently manage operational expense growth during a period of significant gross margin expansion
Executing a "One Company" approach across the organization standardizes operations, increasing efficiencies
Our extensive technology roadmap creates a platform to support future growth and drive continued efficiencies
Continually Managing Operational Expenses
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1See appendix for a reconciliation of non-GAAP metrics.
Executing on Our Financing Strategy$36.6 million of equity issued through YTD 2026
24,448,944 shares outstanding as of 11/2/2026
September 2026: Renewed the Company's Form S-3 and launched an upsized $225 million ATM equity program with forward sale capabilities to enhance capital-raising flexibility
Equity Update
Total Capitalization
9/30/2026
12/31/2025
38%
$1,307
41%
$1,327
Long-Term
Debt
13%
$458
9%
$293
Short-Term
Debt1
49%
50%
$1,598
Equity
$1,701
$3,218
$3,466
$ in millions
67% of total funding capacity as of 9/30/2026 out of total capacity of $1.0B2
August 2026: Amended, extended and upsized revolving credit facility to $650M, an increase of
$200M to support our capital program
Debt Issuance: Expect to issue approximately
$200 - $250M of long-term debt by YE 2026
Debt & Liquidity Update
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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.
Dividend Policy Drives Increased Shareholder Value
2026
2025
2024
2023
2022
2021
2020
2019
2018
2017
2016
$1.48
$1.32
$1.22
$1.76
$1.62
$1.92
$2.14
$2.36
$2.56
$2.74
$2.94
10-Year Dividend CAGR of 9.2%
Annualized Dividend Per Share
Performance Track Record of Strong Earnings Growth
9.1% CAGR since 2016
45 - 50% Target Payout Ratio:
9.2% Dividend Growth CAGR
50 - 55% Earnings Reinvestment
Supports robust capital program
Dividend and Earnings Growth Drive Industry-Leading
Annual Shareholder Return
~13%+ 10-Year CAGR1
8% | 12% | 9% | 9% | 9% | 11% | 10% | 8% | 7% | 7% |
Annual Growth Rate
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1 Calculated through 30-October-2026.
Industry-Leading Adjusted EPS1 Growth$7.75
Building on track record of 19 consecutive years of growth and 9.1% EPS CAGR
$8.00
$1.15 $1.29 $1.32 $1.43
$1.82 $1.91 $1.99
$2.26 $2.47
$2.72 $2.86 $2.89
$3.72
$3.47
$4.21
+
19 Years of Consecutive Earnings Growth
$4.73
$5.04
9.1% EPS CAGR
$5.31 $5.39
$6.01
2028E
2028 EPS
Guidance
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
12% | 2% | 8% | 27% | 5% | 4% | 14% | 9% | 10% | 5% | 1% | 20% | 7% | 13% | 12% | 7% | 5% | 2% | 12% |
20 Annual
Growth Rate
1 See appendix for a reconciliation of non-GAAP metrics.
Transforming for Growth in 2026 & BeyondDelivering on Our Promises
Focusing on the Three Pillars of Growth
Maintaining Our Financial Discipline
Powered By All Stakeholders
Top-Quartile Growth
& Total Shareholder Return
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Chesapeake Utilities Corporation Confidential 2025
APPENDIXAdditional Information
Bullet Maturities
Long-Term Debt Maturity Profile Amortizing Principal Payments
$ in millions
$212
First tranche of FCG debt due in 2026; refinancing expected to generate interest rate savings
$62
$150
$37
$160
$59
$100
$57
$100
$62
$90
$35
$100
$32
$100
$58
$132
$135
$159
$152
$157
$197
$111
$59
$52
$43
23 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037+
YTD 2026 Weather Colder Than NormalDelmarva
Ohio
Florida
COLDER
22%
10%
12%
NORMAL MILDER
ACTUAL HDD
NORMAL HDD
24 VARIANCE
7%
16%
(1)%
2,505 | 2,718 |
2,538 | 2,463 |
(33) | 255 |
3,881 | 3,702 |
3,480 | 3,449 |
401 | 253 |
611 | 627 |
526 | 514 |
85 | 113 |
YTD Sept-25 YTD Sept-26 YTD Sept-25 YTD Sept-26 YTD Sept-25 YTD Sept-26
Note: Normal reflects 10-Year Average Heating Degree Days (HDD). Percentages reflect actual HDD above / (below) Normal divided by Normal.
Q3 Distribution Utility Statistical DataFor 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 Distribution2 | FPU Electric Distribution | |
$ 11.4 | $ 28.8 | $ 17.2 | $ 9.3 | $ 23.2 | $ 15.4 | |
10.5 | 53.1 | 15.2 | 8.6 | 46.0 | 12.9 | |
0.6 | 12.7 | 1.3 | 1.6 | 13.9 | 2.4 | |
$ 22.5 | $ 94.6 | $ 33.7 | $ 19.5 | $ 83.1 | $ 30.7 |
Residential
Commercial and Industrial Other1
Total Operating Revenues
Volume (in Dts/MWHs)
Residential | 301,664 | 756,431 | 104,944 | 254,152 | 705,262 | 99,088 | |
Commercial and Industrial | 1,967,520 | 12,524,425 | 109,650 | 1,900,478 | 11,068,460 | 110,078 | |
Other | 54,492 | 108,065 | - | 70,386 | 1,772,152 | - | |
Total | 2,323,676 | 13,388,921 | 214,594 | 2,225,016 | 13,545,874 | 209,166 | |
Average customers | |||||||
Residential | 108,305 | 215,014 | 26,118 | 106,028 | 212,061 | 26,067 | |
Commercial and Industrial | 8,482 | 17,584 | 7,484 | 8,445 | 17,331 | 7,504 | |
Other | 24 | 2 | - | 27 | 131 | - | |
Total | 116,811 | 232,600 | 33,602 | 114,500 | 229,523 | 33,571 |
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1 Operating Revenues from "Other" sources include unbilled revenue, under (over) recoveries of fuel cost, conservation revenue, other miscellaneous charges, fees for billing services provided to third parties and adjustments for pass-through taxes.
2 Prior year numbers have been updated to align with current year presentation.
YTD Distribution Utility Statistical DataFor 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 Distribution2 | FPU Electric Distribution | |
$ 94.1 | $ 103.0 | $ 42.2 | $ 74.2 | $ 84.0 | $ 39.5 | |||||||
53.0 | 170.0 | 40.5 | 40.8 | 145.4 | 32.7 | |||||||
(10.2) | 38.0 | 5.2 | (1.7) | 34.7 | 7.9 | |||||||
$ | 136.9 | $ | 311.0 | $ | 87.9 | $ | 113.3 | $ | 264.1 | $ | 80.1 | |
Residential
Commercial and Industrial Other1
Total Operating Revenues
Volume (in Dts/MWHs)
Residential 4,467,608 3,220,466 253,545 4,142,289 3,158,849 253,347
Commercial and Industrial 8,985,833 37,891,372 298,044 7,906,328 35,529,998 281,913
Other 207,200 702,085 - 223,124 5,038,164 -
Total 13,660,641 41,813,923 551,589 12,271,741 43,727,011 535,260
Average customers
Residential 108,212 214,781 26,064 105,344 210,928 26,031
Commercial and Industrial 8,541 17,604 7,482 8,480 17,315 7,493
Other 25 2 - 26 129 -
26 Total 116,778 232,387 33,546 113,850 228,372 33,524
1 Operating Revenues from "Other" sources include unbilled revenue, under (over) recoveries of fuel cost, conservation revenue, other miscellaneous charges, fees for billing services provided to third parties and adjustments for pass-through taxes.
2 Prior year numbers have been updated to align with current year presentation.
GAAP to Non-GAAP Reconciliation: ConsolidatedYear-to-Date Results
Third Quarter Results
$ in millions
Q3 2026 | Q3 2025 | $ | % | YTD 2026 | YTD 2025 | $ | % |
Consolidated Reconciliation
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 Expense1 | (28.4) | (22.1) | (6.3) | 29% | (81.8) | (69.6) | (12.2) | 18% | |
D&A | (23.0) | (23.3) | 0.3 | (1)% | (67.4) | (67.7) | 0.3 | -% | |
GAAP Gross Margin | $ 97.3 | $ 91.8 | $ 5.5 | 6% | $ 355.9 | $ 325.1 | $ 30.8 | 9% | |
Add Back: Operating Expense1 | 28.4 | 22.1 | 6.3 | 29% | 81.8 | 69.6 | 12.2 | 18% | |
Add Back: D&A | 23.0 | 23.3 | (0.3) | (1)% | 67.4 | 67.7 | (0.3) | -% | |
Adjusted Gross Margin | $ 148.7 | $ 137.2 | $ 11.5 | 8% | $ 505.1 | $ 462.4 | $ 42.7 | 9% | |
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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 have been separately presented above in order to calculate Gross Margin as defined under US GAAP. See Chesapeake Utilities' Annual Report on Form 10-K for the year ended December 31, 2025 for additional details.
GAAP to Non-GAAP Reconciliation: Segment Results$ in millions | Third Quarter Results | Year-to-Date Results | |||||||
Regulated Segment | Q3 2026 | Q3 2025 | $ | % | YTD 2026 | YTD 2025 | $ | % | |
GAAP Operating Revenues | $ 165.0 | $ 146.4 | $ 18.6 | 13% | $ 578.6 | $ 497.8 | $ 80.8 | 16% | |
Cost of Sales | |||||||||
Nat Gas, Propane, & Electric | (38.7) | (31.7) | (7.0) | 22% | (179.9) | (137.3) | (42.6) | 31% | |
Operating Expense1 | (17.0) | (12.6) | (4.4) | 35% | (49.2) | (40.5) | (8.7) | 21% | |
D&A | (17.4) | (18.2) | 0.8 | (4)% | (50.8) | (52.6) | 1.8 | (3)% | |
GAAP Gross Margin | $ 91.9 | $ 83.9 | $ 8.0 | 10% | $ 298.7 | $ 267.4 | $ 31.3 | 12% | |
Add Back: Operating Expense1 | 17.0 | 12.6 | 4.4 | 35% | 49.2 | 40.5 | 8.7 | 21% | |
Add Back: D&A | 17.4 | 18.2 | (0.8) | (4)% | 50.8 | 52.6 | (1.8) | (3)% | |
Adjusted Gross Margin | $ 126.3 | $ 114.7 | $ 11.6 | 10% | $ 398.7 | $ 360.5 | $ 38.2 | 11% | |
Q3 2026 | Q3 2025 | $ | % |
YTD 2026 | YTD 2025 | $ | % |
Unregulated Segment
GAAP Operating Revenues $ 37.8 $ 40.7 $ (2.9) (7)% $ 196.7 $ 195.3 $ 1.4 1%
Nat Gas, Propane, & Electric | (15.3) | (18.3) | 3.0 | (16)% | (90.2) | (93.4) | 3.2 | (3)% | |
Operating Expense1 | (11.2) | (9.5) | (1.7) | 18% | (32.5) | (29.0) | (3.5) | 12% | |
D&A | (5.7) | (5.1) | (0.6) | 12% | (16.7) | (15.1) | (1.6) | 11% | |
GAAP Gross Margin | $ 5.6 | $ 7.8 | $ (2.2) | (28)% | $ 57.3 | $ 57.8 | $ (0.5) | (1)% | |
Add Back: Operating Expense1 | 11.2 | 9.5 | 1.7 | 18% | 32.5 | 29.0 | 3.5 | 12% | |
Add Back: D&A | 5.7 | 5.1 | 0.6 | 12% | 16.7 | 15.1 | 1.6 | 11% | |
Adjusted Gross Margin | $ 22.5 | $ 22.4 | $ 0.1 | -% | $ 106.5 | $ 101.9 | $ 4.6 | 5% |
Cost of Sales
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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 have been separately presented above in order to calculate Gross Margin as defined under US GAAP. See Chesapeake Utilities' Annual Report on Form 10-K for the year ended December 31, 2025 for additional details.
GAAP to Non-GAAP Reconciliation: Adj. Net Income & EPSYear-to-Date Results
Third Quarter Results
$ in millions except per-share amounts shares in thousands
Q3 2026 | Q3 2025 | $ | % |
YTD 2026 | YTD 2025 | $ | % |
Non-GAAP Reconciliation: Net Income /EPS
$ 21.6 | $ 19.4 | $ 2.2 | 11% | $ 106.3 | $ 94.2 | $ 12.1 | 13% | |
$ - | $ 0.1 | $ (0.1) | (100)% | $ - | $ 0.7 | $ (0.7) | (100)% | |
$ 21.6 | $ 19.5 | $ 2.1 | 11% | $ 106.3 | $ 94.9 | $ 11.4 | 12% |
GAAP Net Income
FCG Transaction+Transition Expenses1
Adjusted Net Income
Diluted Weighted Avg. Common Shares Outstanding
24,300 | 23,629 |
24,177 | 23,360 |
$0.89 | $0.82 | $ 0.07 | 9% | $4.40 | $4.03 | $ 0.37 | 9% | ||
- | - | - | NM | - | 0.03 | (0.03) | (100)% | ||
$0.89 | $0.82 | $ | 0.07 | 9% | $4.40 | $4.06 | $ 0.34 | 8% | |
GAAP Diluted EPS
FCG Transaction+Transition Expenses1
Adjusted Diluted EPS
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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.