Middlesex Water Company (MSEX) investor relations material

Executive summary

• Annual meeting scheduled for May 19, 2026, to be held virtually; record date is March 24, 2026.

• 2025 financial performance included $42.8 million net income, $194.7 million revenue, and 53 consecutive years of dividend increases.

• Strategic infrastructure investment of $96.4 million in 2025, with $506 million planned from 2026–2028, including $255 million for water treatment upgrades.

• Expanded regulated customer base by approximately 3,000 in 2025.

Voting matters and shareholder proposals

• Election of one Class II and three Class III directors for two- and three-year terms, respectively.

• Advisory (non-binding) vote on executive compensation (say-on-pay).

• Ratification of PricewaterhouseCoopers LLP as independent auditor for fiscal year 2026.

• No shareholder proposals were received for the 2026 meeting.

Board of directors and corporate governance

• Board consists of 10 directors, 90% independent, with a median age of 62.5 and 40% gender diversity.

• Chair and CEO roles are combined; independent Lead Director position in place.

• Board committees (Audit, Compensation, Governance & Nominating, Enterprise Risk, Pension) are fully independent.

• Directors must hold stock valued at least three times their annual retainer within five years.

• 99% attendance at board and committee meetings in 2025.