Chesapeake Utilities (CPK) Investor presentation summary

Business overview and growth strategy

• Operates a diversified portfolio of regulated and unregulated energy delivery businesses across multiple states, serving approximately 440,000 customers with a $2.7B market cap and over 160 years of history.

• Focuses on organic growth, strategic acquisitions, and infrastructure investments, particularly in high-growth areas like Delmarva and Florida.

• Maintains a proactive regulatory approach and entrepreneurial culture, leveraging both regulated and unregulated business segments for innovation and sustainability.

Financial performance and capital investment

• Achieved over 10x asset and adjusted net income growth since 2003, with a 20-year adjusted EPS CAGR of 8%.

• YTD 2024 capital expenditures reached $160M, with full-year guidance of $300M–$360M and a 5-year CapEx plan of $1.5B–$1.8B.

• Adjusted gross margin grew 27% year-over-year in Q2 2024, driving a 19% increase in adjusted net income.

• Maintains a strong balance sheet with $491M in available liquidity and minimal near-term debt maturities.

Project pipeline and regulatory environment

• Identified ~$1.3B in capital projects, including major expansions and upgrades in natural gas, electric, and renewable energy infrastructure.

• Significant regulatory progress on Florida transmission and RNG projects, with several approvals and ongoing rate cases in key jurisdictions.

• Constructive regulatory environments in core states, supporting cost recovery and infrastructure investment.