Middlesex Water Company (MSEX) investor relations material

Executive summary

• Operating revenues for Q1 2026 increased by $4.4 million year-over-year, reaching $48.7 million, driven by higher customer demand, consumption, and base rate increases in both New Jersey and Delaware systems.

• Net income rose to $10.6 million from $9.5 million in Q1 2025, reflecting improved operating results and rate relief.

• Diluted EPS increased to $0.57 from $0.53 year-over-year.

• The merger of Pinelands Water and Pinelands Wastewater into the main utility was completed April 1, 2026, expected to deliver operational efficiencies.

• $21 million invested in infrastructure upgrades during the quarter, representing 17% of planned 2026 annual investment.

Financial highlights

• Q1 2026 operating revenues: $48.7 million, up from $44.3 million in Q1 2025.

• Net income: $10.6 million, up from $9.5 million year-over-year.

• Basic and diluted EPS: $0.57, up from $0.53 in Q1 2025.

• Operating income: $13.1 million, up from $11.6 million year-over-year.

• Cash flows from operating activities: $11.7 million, down from $13.8 million in Q1 2025 due to higher vendor payments.

Outlook and guidance

• Projected $126 million in capital investments for 2026, focusing on PFAS treatment, plant upgrades, and system improvements.

• Three-year capital plan (2026-2028) totals $506 million, including major plant upgrades and water main replacements.

• Continued focus on tuck-in acquisitions and organic growth, especially in Delaware.

• Management remains focused on disciplined execution, strategic investment, and advancing long-term growth initiatives.

• Forward-looking statements caution that actual results may differ materially from current expectations.