Chesapeake Utilities : 2026 AGA Financial Forum Presentation
CPK
Published on 05/17/2026 at 01:13 pm EDT
Chair of the Board, President Executive Vice President & Chief Executive Officer & Chief Financial Officer
Executive Vice President, General Counsel, Senior Vice President & Corporate Secretary & Chief Operating Officer;
Chief Policy and Risk Officer incoming Chief Financial Officer
Senior Vice President & Chief Transformation Officer
Assistant Vice President & Treasurer
Head of Investor Relations
N
CPK
-$3 B
market cap
-1,300
employees
-47Ok
$4.OB
85%
distribution
total
regulated
customers
assets
assets
Chesapeake Utilities at a Glance
Both Regulated and
2025 Operating Income
Unregulated Energy Operations
Unregulated Enerpy Operations
YSE:
B S
' '"
fJeSS T e
"
Unregulated
Propane
Regulated Distribution
Regulated Transmission
Natural Gas Distribution Electric Distribution
DE, MD, FL
FL
2025 Operating Income
Regulated Energy Segment States We Serve
by State
Natural Gas Transmission DE, FL, MD, PA, OH
Unregulated Energy Segment States We Serve
Delmarva
Florida
Propane Distribution Unregulated Businesses
OH, PA, DE,
MD, VA, NC, SC, GA, FL
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Our Growth Strategy Drives Top-OuartiIe Performance
Grow earnings from a stab/e regUfated energy defivery foundation
/nvest in refuted businesses and services that provide opportunities for returns greater than traditionaf utifity returns
/dentify and devefop opportunities across the energy vafue chain
Total
Assets:
$4.OB
Adj. Net
Income:
$141.IM
A0%
dj. EPS:
$6.01
ROE
9.4%
Annualized
DPS:
$2.74
ACQUISITION OF
2OO5 2OO6 2OO7 2OO8 2OO9 2O1O 2O11 2O12 2O13 2O14 2O15 2O16 2O17 2O18 2O19 2O2O 2O21 2O22 2O23 2O24 2O25
140+ Years of Operations
ACQUISITION OF Significant Organic Growth
Bolt-on Acquisitions
Regulatory Success
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Our Strategic Plan Guides Our Work
Disciplined Financing Plan
50/50 target capital structure
Investment grade credit ratings
Strategic use of equity, debt and dividends
Consistent Performance, Industry-Leading Growth and Top-Quartile Total Shareholder Return
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2026 CapEx Guidance of $450M - $500M
Starting the year on track with Q1 2026 CapEx Spend of $122M
S470.4
t i
2025 Actuals
Technology
Transmission
Distribution
$450 - $500
2026 Guidance
Enterprise Resource Plan (ERP)
Additional technology, cybersecurity investments
Worcester Resiliency Upgrade
Niami Inner Loop
Duncan Plains Data Center Pipeline
RNG Transportation Projects
Other Transmission Expansion Projects
Ongoing distribution system expansion projects across our Delmarva & Florida service areas
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Boynton Beach
In-Service
Q1 2O25
-$21M
$3.4
$3.4
Transmission Projects Advance to Meet Demand
DELAWARE
PIARYLAND
CHESAPEAKE BAY
FLORIDA
ea
Pipeline Expansion Projects RNG Projects
NG Projects
New Smyrna Beach
In-Service
Q2 2025
-$15M
$1.6
$2.6
$2.6
Wildlight Phase 1 & 2
In-Service
2O23-2O25
$25M
$2.6
$4.3
$4.3
Lake Mattie, Plant City
AEX Duncan Plains
In-Service
In-Progress
Q3 2025
2027
-$18M
-$1OM
$2.6
$4.3
$4.3
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Worcester Resiliency Upgrade (WRU) Project
5OOK-gal LNG Storage Facility in Bishopville, MD
FERC delays in Notice to Proceed permitting process in Fall 2025
Severe winter weather impacted site access and work hours throughout January / February
Building in additional time for FERC commissioning
Winter season reinforced need for LNG storage
FY 2026
O4 2026
EXPECTED COMPLETION
O1 2027
EXPECTED IN-SERVICE
$17.IM
FY 2027 MARGIN
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Strons Demand Drivins i•roject Development Across the State
FLORIDA
CAPE CANAVERAL LNG OPPORTUNITI
Identifying alternative LNG storage sites and pipeline development opportunities to serve cruise, space and port industries
SOUTH FLORIDA CAPACITY EXPANSION
Assessing opportunities to increase natural gas transmission capacity in south Florida to serve the significant demand growth
Tampa
VIRTUAL PIPELINE TRANSPORTATION •'• '
Interim RNG and virtual pipeline transportation across the state
Indicates CPK's natural gas distribution service area in Florida.
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Growth Projects in Delmarva & Ohio
Evolving Opportunities Across our Northern Footprint
Cecil
DELMARVA REGIONAL ENHANCEMENT (DRE)
$75M, 1O+ mile ESNG transmission expansion project to add firm capacity and improve system relia evaluating possi ties for further future expansion
ACCOMACK COUNTY EXPLORATION PROJECT
Determining feasibility, design and engineering to develop a potential new natural gas system on Virginia's Eastern Shore supported by a $6.5 million county grant
NARYLAND
DELAWARE
WRU
Natural gas transmission expansions to serve potential data centers and an increasing population
Delivering natural gas for a growing manufacturing sector
Operating a Marlin Virtual Pipeline Services office to serve growing demand
CHESAPEAKBEAY VIRGINIA
ATLANTIC OCEAN
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2024A CapEx
2025A CapEx
2026E CapEx
Additional of 5-Year Identified Guidance
$826M
~1.3B
~1.6B
~1.8B
Upper End
5-Year
CapEx
Florida PSC Ooc€er #20260026
Forward Test Year: Ending 12/31/2027
Adjusted 2027 Rate Base: $780 million
Interim rate request: $16 million
Revenue Requirement Request: $47 million
ROE Request: 11.25%
Overall ROR Request: 8.3%
Key Recovery Request Items:
Investments in reliability & efficiency
Inflationary O&M
Insurance, D&A, Property Taxes
Improved return on equity
Florida City Gas Rate Case Overview
February 18, 2026 Notice of Intent filed April 2O, 2026 General rate case filed
June 24, 2026 Interim rate recommendation
July 2O, 2026
July 27, 2026
July 28, 2026
August 13, 2026
August 31, 2026
Intervenor testimony Interim rates order Staff testimony
CPK rebuttal testimony Prehearing statements
September 14, 2026 Prehearing conference
Sept. 28 - Oct. 2, 2026 Hearing
October 21, 2026 Briefs
Q4 2026 / Early 2027 Rates expected effective
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Stakeholder Engagement Drives Success
Memt›ers of CPK I.eodership team volunteer ct the Bornot›os Center in Hernondino Beach, Fforido (April 2026)
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Executing on our Financing Strategy
Equity as a Percent of Total Capitalization
52% 52%
s1%
51%
FCG Acquisition
Impact
50%
48o
48%)
48%
,ggg
Equity Financing Updates Total Liquidity' Debt Financing
107 thousand shares issued throughout Q1 2026
24,004,761 shares outstanding as of 5/4/2026
Expect to issue -$6OM through existing ATM and waiver programs in 2026
Total available
liquidity of 740/o:
âS87M
out of $793M
Total Capacity
Expect to issue
$200 - $25OM in 2026
First tranche of FCG debt due in 2026; expect to refinance at lower rates
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Disclaimer
Chesapeake Utilities Corporation published this content on May 17, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 17, 2026 at 17:12 UTC.