Middlesex Water Company (MSEX) Investor presentation summary

Corporate structure and customer base

• 94% of revenues are from regulated utilities, with 131,000 water and wastewater customers as of end 2025.

• Market capitalization stands at $947 million as of April 30, 2026.

• Recent merger of Pinelands Water and Wastewater into the main company effective April 2026.

• Infrastructure includes 92 water treatment plants, 196 wells, and 1,765 miles of main.

Strategic vision and growth pillars

• Focus on employee engagement, operational excellence, customer experience, selective growth, and stakeholder management.

• Emphasis on infrastructure investment, tuck-in acquisitions, and a constructive regulatory environment.

• Commitment to safety, compliance, and enhanced digital customer experience.

Infrastructure investment and system resiliency

• Rate base grew at a 12% CAGR from $427 million in 2019 to $842 million in 2025.

• Annual capital expenditures from 2021-2025 averaged over three times 2015 levels.

• $74 million invested from 2021-2025 to enhance water treatment, including $56 million for PFAS compliance.

• Planned capital spend of $506 million from 2026 to 2028, with $255 million for PFAS treatment upgrades.