Middlesex Water Company (MSEX) Investor presentation summary

Corporate structure and operations

• 2025 revenues were $1.1 billion in market cap, with 94% from regulated utilities and 6% from non-regulated subsidiaries.

• Serves 131,000 utility water and wastewater customers across New Jersey and Delaware.

• Operates 92 water treatment plants, 196 wells, 1,765 miles of main, and 55 storage tanks.

Strategic vision and growth

• Focuses on employee engagement, operational excellence, customer experience, selective and sustainable growth, and stakeholder management as part of its 2030 vision.

• Growth strategy includes infrastructure investment, tuck-in acquisitions, and a constructive regulatory environment.

• Achieved more than 1,100 new customer connections year-to-date in 2026, with a 4.6% CAGR in customer growth since 2019.

Infrastructure investment and system resiliency

• Rate base grew at an 11.7% CAGR from $427 million in 2019 to $874 million by June 2026.

• Average annual capital expenditures from 2021-2025 were over three times 2015 levels, with $74 million invested in water treatment enhancements.

• Plans $506 million in capital spend from 2026 to 2028, including $255 million for PFAS treatment and $34 million for water main replacements.