Chesapeake Utilities Corp 8-K, filed Nov 5, 2026
Chesapeake Utilities Corp (CPK)
8-K
2026-11-05
For: 2026-11-05
View Original
Added on
November 05, 2026
About this 8-K
Chesapeake Utilities Corp filed this 8-K on November 5, 2026.
Items reported
- Item 2.02: Financial results
- Item 7.01: Regulation FD disclosure
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 5, 2026
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of | (Commission | (I.R.S. Employer | ||||||||||||
| incorporation or organization) | File Number) | Identification No.) | ||||||||||||
(Address of principal executive offices, including Zip Code)
(302 ) 734-6799
(Registrant's Telephone Number, including Area Code)
(Former name, former address and former fiscal year, if changed since last report.)
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
| New York Stock Exchange | ||||||||
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
☐
Item 2.02. Results of Operations and Financial Condition.
On November 5, 2026, Chesapeake Utilities Corporation issued a press release announcing its financial results for the quarter and the nine months ended September 30, 2026. A copy of the press release is attached as Exhibit 99.1 hereto and is incorporated by reference herein.
Item 7.01 Regulation FD Disclosure.
On November 5, 2026, Chesapeake Utilities Corporation posted a presentation that will be used during its conference call on November 6, 2026, to discuss the Company’s financial results for the quarter and the nine months ended September 30, 2026, on its website (www.chpk.com) under the “Investors” section. This presentation is being furnished as Exhibit 99.2 to this Current Report on Form 8-K.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.
CHESAPEAKE UTILITIES CORPORATION | ||
| /s/ Jeffrey S. Sylvester | ||
| Jeffrey S. Sylvester | ||
| Senior Vice President and Chief Financial Officer | ||
| Date: November 5, 2026 | ||
FOR IMMEDIATE RELEASE
November 5, 2026
NYSE Symbol: CPK
CHESAPEAKE UTILITIES CORPORATION REPORTS
THIRD QUARTER 2026 RESULTS
•Net income and earnings per share ("EPS")* were $21.6 million and $0.89, respectively, for the third quarter of 2026 and $106.3 million and $4.40, respectively, for the nine months ended September 30, 2026 with a year-to-date growth rate of 8.4 percent on Adjusted EPS**
•Adjusted gross margin** growth of $11.5 million for the third quarter of 2026 and $42.7 million year to date, representing a 9.2 percent growth rate for the nine months ended September 30, 2026, driven largely by regulatory initiatives and infrastructure programs, transmission expansion projects, natural gas organic growth, improved contributions from our unregulated businesses, and increased customer consumption.
•Announced a joint venture agreement with NextEra Energy Resources to finance and own 49 percent of the Florida Energy Pathway ("FEP") project, a $1.2 billion, 97-mile intrastate natural gas transmission infrastructure project that supports energy reliability in South Florida.
Dover, Delaware — Chesapeake Utilities Corporation (NYSE: CPK) (“Chesapeake Utilities” or the “Company”) today announced financial results for the three and nine months ended September 30, 2026.
Additional highlights include:
•Invested $151.2 million of capital during the third quarter of 2026, bringing the year-to-date total to $412.8 million and on track to meet 2026 capital expenditure guidance of $550 - $600 million.
•Florida City Gas ("FCG") interim rate increase of $16.2 million on an annualized basis became effective in July 2026 following approval by the Florida Public Service Commission. The Company participated in rate case hearings in late September and expects a final decision on the FCG rate case in December 2026.
•Established a new at-the-market equity offering program that provides the option to issue and sell up to $225 million of common stock to support the Company’s strategic growth initiatives in the coming years. This program includes forward sale agreements which provide additional financing optionality regarding pricing and timing of equity issuances.
“In the third quarter, we demonstrated continued earnings growth and made progress on the transformation of our business as we prepare for our next phase of growth and drive value for our customers and communities,” said Jeff Householder, the Company’s Chair of the Board, President and Chief Executive Officer. “We are also excited to move forward with the FEP project through a strategic partnership with NextEra Energy Resources, which supports our disciplined approach to capital deployment and infrastructure investment. We believe we are well positioned to expand natural gas transportation capacity to meet growing customer demands in one of the nation’s fastest-growing regions.
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Earnings and Capital Investment Guidance
The Company affirms its 2026 capital expenditure guidance of $550 - $600 million, driven primarily by increases in its regulated transmission (including initial investments in FEP), distribution and infrastructure investments.
For the five-year period ended 2028, the Company expects total capital investment to exceed $2.2 billion. The Company also continues to reaffirm its 2028 earnings guidance of $7.75 - $8.00 per share.
As previously communicated, the Company expects to provide a long-term guidance update during its Full-Year 2026 earnings call in February 2027. At that time, the Company expects to provide a capital guidance range and EPS growth rate for the 2027 - 2031 period as well as 2027 capital expenditure guidance.
*Unless otherwise noted, EPS and Adjusted EPS information are presented on a diluted basis.
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3-3-3-3
Non-GAAP Financial Measures
**This press release including the tables herein, include references to both Generally Accepted Accounting Principles ("GAAP") and non-GAAP financial measures, including Adjusted Gross Margin, Adjusted Net Income and Adjusted EPS. A "non-GAAP financial measure" is generally defined as a numerical measure of a company's historical or future performance that includes or excludes amounts, or that is subject to adjustments, so as to be different from the most directly comparable measure calculated or presented in accordance with GAAP. The Company's management believes certain non-GAAP financial measures, when considered together with GAAP financial measures, provide information that is useful to investors in understanding period-over-period operating results separate and apart from items that may, or could, have a disproportionately positive or negative impact on results in any particular period.
The Company calculates Adjusted Gross Margin by deducting the purchased cost of natural gas, propane and electricity and the cost of labor spent on direct revenue-producing activities from operating revenues. The costs included in Adjusted Gross Margin exclude depreciation and amortization and certain costs presented in operations and maintenance expenses in accordance with regulatory requirements. The Company calculates Adjusted Net Income and Adjusted EPS by deducting costs and expenses associated with significant acquisitions that may affect the comparison of period-over-period results. These non-GAAP financial measures are not in accordance with, or an alternative to, GAAP and should be considered in addition to, and not as a substitute for, the comparable GAAP measures. The Company believes that these non-GAAP measures are useful and meaningful to investors as a basis for making investment decisions and provide investors with information that demonstrates the profitability achieved by the Company under allowed rates for regulated energy operations and under the Company's competitive pricing structures for unregulated energy operations. The Company's management uses these non-GAAP financial measures in assessing a business unit and Company performance. Other companies may calculate these non-GAAP financial measures in a different manner.
The following tables reconcile Gross Margin, Net Income, and EPS, all as defined under GAAP, to the Company's non-GAAP measures of Adjusted Gross Margin, Adjusted Net Income and Adjusted EPS for each of the periods presented.
Adjusted Net Income and Adjusted EPS
| Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
| September 30, | September 30, | |||||||||||||||||||||||||
| (dollars in millions, shares in thousands (except per share data)) | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||
| Net Income (GAAP) | $ | 21.6 | $ | 19.4 | $ | 106.3 | $ | 94.2 | ||||||||||||||||||
FCG transaction and transition-related expenses, net (1) | — | 0.1 | — | 0.7 | ||||||||||||||||||||||
| Adjusted Net Income (Non-GAAP) | $ | 21.6 | $ | 19.5 | $ | 106.3 | $ | 94.9 | ||||||||||||||||||
| Weighted average common shares outstanding - diluted | 24,300 | 23,629 | 24,177 | 23,360 | ||||||||||||||||||||||
| Earnings Per Share - Diluted (GAAP) | $ | 0.89 | $ | 0.82 | $ | 4.40 | $ | 4.03 | ||||||||||||||||||
FCG transaction and transition-related expenses, net (1) | — | — | — | 0.03 | ||||||||||||||||||||||
| Adjusted Earnings Per Share - Diluted (Non-GAAP) | $ | 0.89 | $ | 0.82 | $ | 4.40 | $ | 4.06 | ||||||||||||||||||
(1) Transaction and transition-related expenses represent non-recurring costs incurred attributable to the acquisition and integration of FCG including, but not limited to, transition services, consulting, system integration, rebranding, and legal fees.
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4-4-4-4
Financial Summary Highlights
Key variances between the third quarter of 2025 and 2026 included:
| (in millions, except per share data) | Pre-tax Income | Net Income | Earnings Per Share | |||||||||||||||||
Three Months Ended September 30, 2025 Adjusted Results (1) | $ | 27.1 | $ | 19.5 | $ | 0.82 | ||||||||||||||
| Change in Adjusted Gross Margins: | ||||||||||||||||||||
Rate changes associated with recent rate case activities (2) | 3.1 | 2.2 | 0.09 | |||||||||||||||||
Natural gas transmission service expansions, including interim services (2) | 2.9 | 2.1 | 0.09 | |||||||||||||||||
Contributions from regulated infrastructure programs (2) | 2.8 | 2.0 | 0.08 | |||||||||||||||||
| Natural gas growth including conversions (excluding service expansions) | 1.9 | 1.4 | 0.06 | |||||||||||||||||
| Increased propane margins and service fees | 1.0 | 0.7 | 0.03 | |||||||||||||||||
| Changes in customer consumption | 0.8 | 0.6 | 0.02 | |||||||||||||||||
| Change in off-system natural gas capacity sales | 0.6 | 0.5 | 0.02 | |||||||||||||||||
| Increased Aspire Energy performance - rate changes and gathering fees | 0.3 | 0.2 | 0.01 | |||||||||||||||||
| Decreased CNG/RNG/LNG services | (0.4) | (0.3) | (0.01) | |||||||||||||||||
Absence of recovered costs associated with Hurricane Michael (3) | (1.8) | (1.4) | (0.06) | |||||||||||||||||
| 11.2 | 8.0 | 0.33 | ||||||||||||||||||
| Change in Operating Expenses (Excluding Natural Gas, Propane, and Electric Costs): | ||||||||||||||||||||
| Payroll, benefits and other employee-related expenses | (3.9) | (2.8) | (0.12) | |||||||||||||||||
| Facilities expenses, maintenance costs and outside services | (3.1) | (2.3) | (0.09) | |||||||||||||||||
| Depreciation, amortization and property taxes | (2.2) | (1.6) | (0.06) | |||||||||||||||||
| Vehicle expenses | (1.0) | (0.8) | (0.03) | |||||||||||||||||
| Insurance-related costs | (0.4) | (0.3) | (0.01) | |||||||||||||||||
| Credit, collections and customer service costs | 1.0 | 0.8 | 0.03 | |||||||||||||||||
Absence of amortization of costs associated with Hurricane Michael recovery (3) | 1.8 | 1.4 | 0.06 | |||||||||||||||||
| (7.8) | (5.6) | (0.22) | ||||||||||||||||||
| Interest charges | (0.8) | (0.7) | (0.02) | |||||||||||||||||
Increase in shares outstanding due to 2025 and 2026 equity offerings (4) | — | — | (0.03) | |||||||||||||||||
| Net other changes | 0.3 | 0.4 | 0.01 | |||||||||||||||||
| (0.5) | (0.3) | (0.04) | ||||||||||||||||||
Three Months Ended September 30, 2026 Adjusted Results (1) | $ | 30.0 | $ | 21.6 | $ | 0.89 | ||||||||||||||
(1) Transaction and transition-related expenses attributable to the acquisition and integration of FCG have been excluded from the Company’s
non-GAAP measures of adjusted net income and adjusted EPS. See reconciliations above for a detailed comparison to the related GAAP measures.
(2) Refer to the Major Projects and Initiatives table below for additional information.
(3) The current period includes offsetting reductions in both adjusted gross margin and depreciation and amortization expense related to the absence of
recovered costs associated with Hurricane Michael.
(4) Reflects the impact of approximately 0.6 million common shares issued under the dividend reinvestment and direct stock purchase plan ("DRIP/DSPP") and at the market ("ATM") program.
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5-5-5-5
Key variances between the nine months ended September 30, 2025 and September 30, 2026 included:
| (in millions, except per share data) | Pre-tax Income | Net Income | Earnings Per Share | |||||||||||||||||
Nine months ended September 30, 2025 Adjusted Results (1) | $ | 130.1 | $ | 94.9 | $ | 4.06 | ||||||||||||||
| Change in Adjusted Gross Margins: | ||||||||||||||||||||
Natural gas transmission service expansions, including interim services (2) | 14.7 | 10.8 | 0.45 | |||||||||||||||||
Contributions from regulated infrastructure programs (2) | 11.5 | 8.4 | 0.35 | |||||||||||||||||
Rate changes associated with recent rate case activities (2) | 7.2 | 5.2 | 0.21 | |||||||||||||||||
| Natural gas growth including conversions (excluding service expansions) | 5.9 | 4.3 | 0.18 | |||||||||||||||||
| Increased propane margins and service fees | 2.8 | 2.0 | 0.08 | |||||||||||||||||
| Changes in customer consumption | 2.6 | 1.9 | 0.08 | |||||||||||||||||
| Increased Aspire Energy performance - rate changes and gathering fees | 2.1 | 1.5 | 0.06 | |||||||||||||||||
| Change in off-system natural gas capacity sales | 2.0 | 1.5 | 0.06 | |||||||||||||||||
| Decreased CNG/RNG/LNG services | (1.6) | (1.2) | (0.05) | |||||||||||||||||
Absence of recovered costs associated with Hurricane Michael (3) | (5.7) | (4.2) | (0.17) | |||||||||||||||||
| 41.5 | 30.2 | 1.25 | ||||||||||||||||||
| Change in Operating Expenses (Excluding Natural Gas, Propane, and Electric Costs): | ||||||||||||||||||||
| Payroll, benefits and other employee-related expenses | (11.7) | (8.5) | (0.35) | |||||||||||||||||
| Depreciation, amortization and property taxes | (7.2) | (5.3) | (0.22) | |||||||||||||||||
| Facilities expenses, maintenance costs and outside services | (6.8) | (5.0) | (0.21) | |||||||||||||||||
| Credit, collections and customer service costs | (1.7) | (1.2) | (0.05) | |||||||||||||||||
| Vehicle expenses | (1.6) | (1.2) | (0.05) | |||||||||||||||||
| Insurance-related costs | (1.0) | (0.7) | (0.03) | |||||||||||||||||
Absence of amortization of costs associated with Hurricane Michael recovery (3) | 5.7 | 4.2 | 0.17 | |||||||||||||||||
| (24.3) | (17.7) | (0.74) | ||||||||||||||||||
| Interest charges | (2.0) | (1.5) | (0.06) | |||||||||||||||||
Increase in shares outstanding due to 2025 and 2026 equity offerings (4) | — | — | (0.15) | |||||||||||||||||
| Net other changes | 0.4 | 0.4 | 0.04 | |||||||||||||||||
| (1.6) | (1.1) | (0.17) | ||||||||||||||||||
Nine months ended September 30, 2026 Adjusted Results (1) | $ | 145.7 | $ | 106.3 | $ | 4.40 | ||||||||||||||
(1) Transaction and transition-related expenses attributable to the acquisition and integration of FCG have been excluded from Company’s non-GAAP measures of adjusted net income and adjusted EPS. See reconciliations above for a detailed comparison to the related GAAP measures.
(2) Refer to the Major Projects and Initiatives table below for additional information.
(3) The current period includes offsetting reductions in both adjusted gross margin and depreciation and amortization expense related to the absence of recovered costs associated with Hurricane Michael.
(4) Reflects the impact of approximately 0.6 million common shares issued under the Company's DRIP/DSPP and ATM program.
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6-6-6-6
Major Projects and Initiatives (ongoing and recently completed)
The Company continues to execute on its strategic plan driving significant investment in its service territories. A summary table of major projects and initiatives is presented below (except for the FEP project) with a comprehensive discussion of each of the items (including the FEP project) presented in the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2026.
| Adjusted Gross Margin | |||||||||||||||||||||||||||||||||||||||||
| Three Months Ended | Nine Months Ended | Year Ended | Estimate for | ||||||||||||||||||||||||||||||||||||||
| September 30, | September 30, | December 31, | Fiscal | ||||||||||||||||||||||||||||||||||||||
| (in millions) | 2026 | 2025 | 2026 | 2025 | 2025 | 2026 | 2027 | ||||||||||||||||||||||||||||||||||
| Pipeline Expansions: | |||||||||||||||||||||||||||||||||||||||||
| St. Cloud / Twin Lakes Expansion | $ | 1.0 | $ | 1.0 | $ | 3.0 | $ | 1.9 | $ | 2.9 | $ | 3.8 | $ | 3.8 | |||||||||||||||||||||||||||
| Wildlight | 1.1 | 0.5 | 3.3 | 1.5 | 2.6 | 4.3 | 4.3 | ||||||||||||||||||||||||||||||||||
| Worcester Resiliency Upgrade | 0.4 | — | 1.2 | — | 0.3 | 1.5 | 17.2 | ||||||||||||||||||||||||||||||||||
| Boynton Beach | 0.9 | 0.9 | 2.7 | 2.3 | 3.0 | 3.4 | 3.4 | ||||||||||||||||||||||||||||||||||
| New Smyrna Beach | 0.6 | 0.6 | 1.8 | 0.9 | 1.6 | 2.6 | 2.6 | ||||||||||||||||||||||||||||||||||
| Central Florida Reinforcement | 1.1 | 0.9 | 3.3 | 1.5 | 2.6 | 4.3 | 4.3 | ||||||||||||||||||||||||||||||||||
| Renewable Natural Gas Supply Projects | 1.7 | 1.0 | 4.2 | 1.5 | 2.5 | 5.4 | 6.4 | ||||||||||||||||||||||||||||||||||
| Miami Inner Loop | 1.9 | 0.9 | 5.7 | 0.9 | 2.8 | 7.6 | 7.6 | ||||||||||||||||||||||||||||||||||
| Duncan Plains | — | — | — | — | — | — | 1.1 | ||||||||||||||||||||||||||||||||||
| Total Pipeline Expansions | 8.7 | 5.8 | 25.2 | 10.5 | 18.3 | 32.9 | 50.7 | ||||||||||||||||||||||||||||||||||
| Regulatory Initiatives: | |||||||||||||||||||||||||||||||||||||||||
| Florida GUARD program | 2.9 | 1.9 | 7.9 | 5.1 | 7.1 | 10.9 | 13.0 | ||||||||||||||||||||||||||||||||||
| FCG SAFE Program | 3.3 | 2.3 | 9.0 | 6.2 | 8.4 | 12.7 | 16.4 | ||||||||||||||||||||||||||||||||||
| Capital Cost Surcharge Programs | 2.2 | 1.4 | 6.8 | 4.3 | 5.7 | 9.0 | 10.1 | ||||||||||||||||||||||||||||||||||
| Electric Storm Protection Plan | 2.2 | 1.8 | 7.3 | 4.4 | 6.4 | 9.7 | 10.4 | ||||||||||||||||||||||||||||||||||
| Florida Mandatory Relocates | (0.4) | — | 0.5 | — | — | 0.6 | 0.6 | ||||||||||||||||||||||||||||||||||
| Total Infrastructure | 10.2 | 7.4 | 31.5 | 20.0 | 27.6 | 42.9 | 50.5 | ||||||||||||||||||||||||||||||||||
| Rate Case | |||||||||||||||||||||||||||||||||||||||||
| Maryland Rate Case | 0.6 | 0.5 | 2.6 | 1.1 | 1.5 | 3.5 | 3.5 | ||||||||||||||||||||||||||||||||||
| Delaware Rate Case | 1.0 | 0.7 | 4.4 | 2.9 | 4.7 | 6.1 | 6.1 | ||||||||||||||||||||||||||||||||||
| Electric Rate Case | 2.4 | 2.4 | 6.7 | 5.2 | 7.3 | 8.6 | 9.1 | ||||||||||||||||||||||||||||||||||
| FCG Rate Case | 2.7 | — | 2.7 | — | — | TBD | TBD | ||||||||||||||||||||||||||||||||||
Total Rate Case (1) | 6.7 | 3.6 | 16.4 | 9.2 | 13.5 | 18.2 | 18.7 | ||||||||||||||||||||||||||||||||||
| Total Regulatory Initiatives | 16.9 | 11.0 | 47.9 | 29.2 | 41.1 | 61.1 | 69.2 | ||||||||||||||||||||||||||||||||||
| Total | $ | 25.6 | $ | 16.8 | $ | 73.1 | $ | 39.7 | $ | 59.4 | $ | 94.0 | $ | 119.9 | |||||||||||||||||||||||||||
(1) Includes adjusted gross margin attributable to interim and permanent rates.
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7-7-7-7
Chesapeake Utilities Corporation and Subsidiaries
Condensed Consolidated Statements of Income (Unaudited)
| Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||
| September 30, | September 30, | |||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||||||||||||||
| (in millions, except shares (thousands) and per share data) | ||||||||||||||||||||||||||||||||||||||
| Operating Revenues | ||||||||||||||||||||||||||||||||||||||
| Regulated Energy | $ | 165.0 | $ | 146.4 | $ | 578.6 | $ | 497.8 | ||||||||||||||||||||||||||||||
| Unregulated Energy | 37.8 | 40.7 | 196.7 | 195.3 | ||||||||||||||||||||||||||||||||||
| Other Businesses and Eliminations | (7.0) | (7.5) | (24.5) | (22.0) | ||||||||||||||||||||||||||||||||||
| Total Operating Revenues | 195.8 | 179.6 | 750.8 | 671.1 | ||||||||||||||||||||||||||||||||||
| Operating Expenses | ||||||||||||||||||||||||||||||||||||||
| Regulated natural gas and electricity costs | 38.7 | 31.7 | 179.9 | 137.3 | ||||||||||||||||||||||||||||||||||
| Unregulated propane and natural gas costs | 8.4 | 10.7 | 65.8 | 71.4 | ||||||||||||||||||||||||||||||||||
| Operations | 60.1 | 53.6 | 185.1 | 166.5 | ||||||||||||||||||||||||||||||||||
| Maintenance | 7.6 | 6.1 | 22.6 | 17.5 | ||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 23.0 | 23.3 | 67.4 | 67.7 | ||||||||||||||||||||||||||||||||||
| Other taxes | 9.4 | 9.0 | 29.1 | 27.6 | ||||||||||||||||||||||||||||||||||
| FCG transaction and transition-related expenses | — | 0.2 | — | 1.0 | ||||||||||||||||||||||||||||||||||
| Total Operating Expenses | 147.2 | 134.6 | 549.9 | 489.0 | ||||||||||||||||||||||||||||||||||
| Operating Income | 48.6 | 45.0 | 200.9 | 182.1 | ||||||||||||||||||||||||||||||||||
| Other income, net | 0.4 | 0.2 | 0.9 | 1.2 | ||||||||||||||||||||||||||||||||||
| Interest charges | 19.0 | 18.2 | 56.1 | 54.1 | ||||||||||||||||||||||||||||||||||
| Income Before Income Taxes | 30.0 | 27.0 | 145.7 | 129.2 | ||||||||||||||||||||||||||||||||||
| Income taxes | 8.4 | 7.6 | 39.4 | 35.0 | ||||||||||||||||||||||||||||||||||
| Net Income | $ | 21.6 | $ | 19.4 | $ | 106.3 | $ | 94.2 | ||||||||||||||||||||||||||||||
| Weighted Average Common Shares Outstanding: | ||||||||||||||||||||||||||||||||||||||
| Basic | 24,175 | 23,526 | 24,057 | 23,265 | ||||||||||||||||||||||||||||||||||
| Diluted | 24,300 | 23,629 | 24,177 | 23,360 | ||||||||||||||||||||||||||||||||||
| Earnings Per Share of Common Stock: | ||||||||||||||||||||||||||||||||||||||
| Basic | $ | 0.89 | $ | 0.82 | $ | 4.42 | $ | 4.05 | ||||||||||||||||||||||||||||||
| Diluted | $ | 0.89 | $ | 0.82 | $ | 4.40 | $ | 4.03 | ||||||||||||||||||||||||||||||
| Adjusted Net Income and Adjusted Earnings Per Share | ||||||||||||||||||||||||||||||||||||||
| Net Income (GAAP) | $ | 21.6 | $ | 19.4 | $ | 106.3 | $ | 94.2 | ||||||||||||||||||||||||||||||
FCG transaction and transition-related expenses, net (1) | — | 0.1 | — | 0.7 | ||||||||||||||||||||||||||||||||||
| Adjusted Net Income (Non-GAAP)** | $ | 21.6 | $ | 19.5 | $ | 106.3 | $ | 94.9 | ||||||||||||||||||||||||||||||
| Earnings Per Share - Diluted (GAAP) | $ | 0.89 | $ | 0.82 | $ | 4.40 | $ | 4.03 | ||||||||||||||||||||||||||||||
FCG transaction and transition-related expenses, net (1) | — | — | — | 0.03 | ||||||||||||||||||||||||||||||||||
| Adjusted Earnings Per Share - Diluted (Non-GAAP)** | $ | 0.89 | $ | 0.82 | $ | 4.40 | $ | 4.06 | ||||||||||||||||||||||||||||||
(1) Transaction and transition-related expenses represent costs incurred attributable to the acquisition and integration of FCG including, but not limited to, transition services, consulting, system integration, rebranding and legal fees.
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8-8-8-8
Chesapeake Utilities Corporation and Subsidiaries
Condensed Consolidated Balance Sheets (Unaudited)
| Assets | September 30, 2026 | December 31, 2025 | ||||||||||||
| (in millions, except shares and per share data) | ||||||||||||||
| Property, Plant and Equipment | ||||||||||||||
| Regulated Energy | $ | 3,147.6 | $ | 2,941.6 | ||||||||||
| Unregulated Energy | 515.6 | 492.4 | ||||||||||||
| Other Businesses and Eliminations | 43.3 | 38.3 | ||||||||||||
| Total property, plant and equipment | 3,706.5 | 3,472.3 | ||||||||||||
| Less: Accumulated depreciation and amortization | (675.1) | (637.6) | ||||||||||||
| Plus: Construction work in progress | 441.4 | 283.7 | ||||||||||||
| Net property, plant and equipment | 3,472.8 | 3,118.4 | ||||||||||||
| Current Assets | ||||||||||||||
| Cash and cash equivalents | 8.6 | 1.8 | ||||||||||||
| Trade and other receivables | 89.5 | 106.9 | ||||||||||||
| Less: Allowance for credit losses | (4.1) | (5.4) | ||||||||||||
| Trade and other receivables, net | 85.4 | 101.5 | ||||||||||||
| Accrued revenue | 28.7 | 50.1 | ||||||||||||
| Propane inventory, at average cost | 6.1 | 8.8 | ||||||||||||
| Other inventory, at average cost | 17.1 | 17.9 | ||||||||||||
| Regulatory assets | 24.9 | 29.7 | ||||||||||||
| Storage gas prepayments | 5.1 | 4.5 | ||||||||||||
| Prepaid expenses | 23.5 | 19.7 | ||||||||||||
| Derivative assets, at fair value | 1.4 | — | ||||||||||||
| Other current assets | 2.6 | 3.0 | ||||||||||||
| Total current assets | 203.4 | 237.0 | ||||||||||||
| Deferred Charges and Other Assets | ||||||||||||||
| Goodwill | 507.5 | 507.5 | ||||||||||||
| Other intangible assets, net | 12.1 | 13.2 | ||||||||||||
| Investments in unconsolidated affiliate (FEP) | 7.2 | — | ||||||||||||
| Investments, at fair value | 18.7 | 17.2 | ||||||||||||
| Derivative assets, at fair value | 1.0 | — | ||||||||||||
| Operating lease right-of-use assets | 8.5 | 9.9 | ||||||||||||
| Regulatory assets | 73.5 | 74.3 | ||||||||||||
| Receivables and other deferred charges | 12.7 | 17.3 | ||||||||||||
| Total deferred charges and other assets | 641.2 | 639.4 | ||||||||||||
| Total Assets | $ | 4,317.4 | $ | 3,994.8 | ||||||||||
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9-9-9-9
Chesapeake Utilities Corporation and Subsidiaries
Condensed Consolidated Balance Sheets (Unaudited)
| Capitalization and Liabilities | September 30, 2026 | December 31, 2025 | ||||||||||||
| (in millions, except shares and per share data) | ||||||||||||||
| Capitalization | ||||||||||||||
| Stockholders’ equity | ||||||||||||||
| Preferred stock, par value $0.01 per share (authorized 2,000,000 shares), no shares issued and outstanding | $ | — | $ | — | ||||||||||
| Common stock, par value $0.4867 per share (authorized 75,000,000 shares) | 11.7 | 11.6 | ||||||||||||
| Additional paid-in capital | 1,009.1 | 962.8 | ||||||||||||
| Retained earnings | 680.4 | 626.8 | ||||||||||||
| Accumulated other comprehensive loss | — | (2.7) | ||||||||||||
| Deferred compensation obligation | 17.8 | 12.6 | ||||||||||||
| Treasury stock | (17.8) | (12.6) | ||||||||||||
| Total stockholders’ equity | 1,701.2 | 1,598.5 | ||||||||||||
| Long-term debt, net of current maturities | 1,307.1 | 1,327.1 | ||||||||||||
| Total capitalization | 3,008.3 | 2,925.6 | ||||||||||||
| Current Liabilities | ||||||||||||||
| Current portion of long-term debt | 131.7 | 134.6 | ||||||||||||
| Short-term borrowing | 325.9 | 158.0 | ||||||||||||
| Accounts payable | 106.7 | 115.2 | ||||||||||||
| Customer deposits and refunds | 48.5 | 45.1 | ||||||||||||
| Accrued interest | 17.9 | 8.7 | ||||||||||||
| Dividends payable | 17.8 | 16.4 | ||||||||||||
| Accrued compensation | 12.8 | 21.6 | ||||||||||||
| Regulatory liabilities | 21.8 | 14.5 | ||||||||||||
| Derivative liabilities, at fair value | 0.2 | 0.8 | ||||||||||||
| Other accrued liabilities | 30.5 | 15.0 | ||||||||||||
| Total current liabilities | 713.8 | 529.9 | ||||||||||||
| Deferred Credits and Other Liabilities | ||||||||||||||
| Deferred income taxes | 353.7 | 313.3 | ||||||||||||
| Regulatory liabilities | 204.1 | 188.1 | ||||||||||||
| Environmental liabilities | 3.3 | 2.9 | ||||||||||||
| Other pension and benefit costs | 15.1 | 14.0 | ||||||||||||
| Derivative liabilities, at fair value | 0.1 | 0.6 | ||||||||||||
| Operating lease - liabilities | 6.6 | 7.9 | ||||||||||||
| Deferred investment tax credits and other liabilities | 12.4 | 12.5 | ||||||||||||
| Total deferred credits and other liabilities | 595.3 | 539.3 | ||||||||||||
Environmental and other commitments and contingencies (1) | ||||||||||||||
| Total Capitalization and Liabilities | $ | 4,317.4 | $ | 3,994.8 | ||||||||||
(1) Refer to Note 7 and 8 in the Company's Quarterly Report on Form 10-Q for further information.
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10-10-10-10
Adjusted Gross Margin
| Three Months Ended September 30, 2026 | ||||||||||||||||||||||||||
| (in millions) | Regulated Energy | Unregulated Energy | Other Businesses and Eliminations | Total | ||||||||||||||||||||||
| Operating Revenues | $ | 165.0 | $ | 37.8 | $ | (7.0) | $ | 195.8 | ||||||||||||||||||
| Cost of Sales: | ||||||||||||||||||||||||||
| Natural gas, propane and electric costs | (38.7) | (15.3) | 6.9 | (47.1) | ||||||||||||||||||||||
| Depreciation & amortization | (17.4) | (5.7) | 0.1 | (23.0) | ||||||||||||||||||||||
Operations & maintenance expenses (1) | (17.0) | (11.2) | (0.2) | (28.4) | ||||||||||||||||||||||
| Gross Margin (GAAP) | 91.9 | 5.6 | (0.2) | 97.3 | ||||||||||||||||||||||
Operations & maintenance expenses (1) | 17.0 | 11.2 | 0.2 | 28.4 | ||||||||||||||||||||||
| Depreciation & amortization | 17.4 | 5.7 | (0.1) | 23.0 | ||||||||||||||||||||||
| Adjusted Gross Margin (Non-GAAP) | $ | 126.3 | $ | 22.5 | $ | (0.1) | $ | 148.7 | ||||||||||||||||||
| Three Months Ended September 30, 2025 | ||||||||||||||||||||||||||||||||
| (in millions) | Regulated Energy | Unregulated Energy | Other Businesses and Eliminations | Total | ||||||||||||||||||||||||||||
| Operating Revenues | $ | 146.4 | $ | 40.7 | $ | (7.5) | $ | 179.6 | ||||||||||||||||||||||||
| Cost of Sales: | ||||||||||||||||||||||||||||||||
| Natural gas, propane and electric costs | (31.7) | (18.3) | 7.6 | (42.4) | ||||||||||||||||||||||||||||
| Depreciation & amortization | (18.2) | (5.1) | — | (23.3) | ||||||||||||||||||||||||||||
Operations & maintenance expenses (1) | (12.6) | (9.5) | — | (22.1) | ||||||||||||||||||||||||||||
| Gross Margin (GAAP) | 83.9 | 7.8 | 0.1 | 91.8 | ||||||||||||||||||||||||||||
Operations & maintenance expenses (1) | 12.6 | 9.5 | — | 22.1 | ||||||||||||||||||||||||||||
| Depreciation & amortization | 18.2 | 5.1 | — | 23.3 | ||||||||||||||||||||||||||||
| Adjusted Gross Margin (Non-GAAP) | $ | 114.7 | $ | 22.4 | $ | 0.1 | $ | 137.2 | ||||||||||||||||||||||||
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11-11-11-11
| Nine Months Ended September 30, 2026 | ||||||||||||||||||||||||||
| (in millions) | Regulated Energy | Unregulated Energy | Other Businesses and Eliminations | Total | ||||||||||||||||||||||
| Operating Revenues | $ | 578.6 | $ | 196.7 | $ | (24.5) | $ | 750.8 | ||||||||||||||||||
| Cost of Sales: | ||||||||||||||||||||||||||
| Natural gas, propane and electric costs | (179.9) | (90.2) | 24.4 | (245.7) | ||||||||||||||||||||||
| Depreciation & amortization | (50.8) | (16.7) | 0.1 | (67.4) | ||||||||||||||||||||||
Operations & maintenance expenses (1) | (49.2) | (32.5) | (0.1) | (81.8) | ||||||||||||||||||||||
| Gross Margin (GAAP) | 298.7 | 57.3 | (0.1) | 355.9 | ||||||||||||||||||||||
Operations & maintenance expenses (1) | 49.2 | 32.5 | 0.1 | 81.8 | ||||||||||||||||||||||
| Depreciation & amortization | 50.8 | 16.7 | (0.1) | 67.4 | ||||||||||||||||||||||
| Adjusted Gross Margin (Non-GAAP) | $ | 398.7 | $ | 106.5 | $ | (0.1) | $ | 505.1 | ||||||||||||||||||
| Nine Months Ended September 30, 2025 | ||||||||||||||||||||||||||
| (in millions) | Regulated Energy | Unregulated Energy | Other Businesses and Eliminations | Total | ||||||||||||||||||||||
| Operating Revenues | $ | 497.8 | $ | 195.3 | $ | (22.0) | $ | 671.1 | ||||||||||||||||||
| Cost of Sales: | ||||||||||||||||||||||||||
| Natural gas, propane and electric costs | (137.3) | (93.4) | 22.0 | (208.7) | ||||||||||||||||||||||
| Depreciation & amortization | (52.6) | (15.1) | — | (67.7) | ||||||||||||||||||||||
Operations & maintenance expenses (1) | (40.5) | (29.0) | (0.1) | (69.6) | ||||||||||||||||||||||
| Gross Margin (GAAP) | 267.4 | 57.8 | (0.1) | 325.1 | ||||||||||||||||||||||
Operations & maintenance expenses (1) | 40.5 | 29.0 | 0.1 | 69.6 | ||||||||||||||||||||||
| Depreciation & amortization | 52.6 | 15.1 | — | 67.7 | ||||||||||||||||||||||
| Adjusted Gross Margin (Non-GAAP) | $ | 360.5 | $ | 101.9 | $ | — | $ | 462.4 | ||||||||||||||||||
(1) Operations & maintenance expenses within the condensed consolidated statements of income are presented in accordance with regulatory requirements and to provide comparability within the industry. Operations & maintenance expenses which are deemed to be directly attributable to revenue producing activities have been separately presented above in order to calculate Gross Margin as defined under GAAP.
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12-12-12-12
Forward-Looking Statements
Matters included in this release may include forward-looking statements that involve risks and uncertainties. Actual results may differ materially from those in the forward-looking statements. Please refer to the Safe Harbor for Forward-Looking Statements in the Company’s 2025 Annual Report on Form 10-K and as may be identified in subsequent Quarterly Reports on Form 10-Q for further information on the risks and uncertainties related to the Company’s forward-looking statements.
Conference Call
Chesapeake Utilities (NYSE: CPK) will host a conference call on Friday, November 6, 2026, at 8:30 a.m. Eastern Time to discuss the Company’s financial results for the three and nine months ended September 30, 2026. To listen to the Company’s conference call via live webcast, please visit the Events & Presentations section of the Investors page on www.chpk.com. For investors and analysts that wish to participate by phone for the question and answer portion of the call, please use the following dial-in information:
Toll-free: 800.245.3047
International: 203.518.9765
Conference ID: CPKQ326
A replay of the presentation will be made available on the previously noted website following the conclusion of the call.
About Chesapeake Utilities Corporation
Chesapeake Utilities Corporation is a diversified energy delivery company, listed on the New York Stock Exchange (NYSE: CPK). Chesapeake Utilities Corporation offers sustainable energy solutions through its natural gas transmission and distribution, electricity generation and distribution, propane gas distribution, mobile compressed natural gas utility services and solutions, and other businesses.
For more information, contact:
Lucia M. Dempsey
Head of Investor Relations
347.804.9067
2026 AGA Financial Forum EARNINGS CALL PRESENTATION Q3 2026 FRIDAY, NOVEMBER 6, 2026
Safe Harbor for Forward-Looking Statements 2 Safe Harbor Statement Some of the statements in this presentation are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and other applicable law. Such forward-looking statements may be identified by the use of words, such as “project,” “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” “continue,” “potential,” “forecast” or other similar words, or future or conditional verbs such as “may,” “will,” “should,” “would” or “could.” These statements represent our intentions, plans, expectations, assumptions and beliefs about our future financial performance, business strategy, projected plans and objectives. These statements are subject to many risks and uncertainties and actual results may materially differ from those expressed in these forward-looking statements. Please refer to Chesapeake Utilities' Annual Report on Form 10-K for the year ended December 31, 2025 and subsequent quarterly reports on Form 10-Q filed with the SEC and other SEC filings concerning factors that could cause those results to be different than contemplated in this presentation. Non-GAAP Financial Information This presentation includes non-GAAP financial measures including Adjusted Gross Margin, Adjusted Net Income and Adjusted Earnings Per Share (“EPS*”). A "non-GAAP financial measure" is generally defined as a numerical measure of a company's historical or future performance that includes or excludes amounts, or that is subject to adjustments, so as to be different from the most directly comparable measure calculated or presented in accordance with GAAP. Our management believes certain non- GAAP financial measures, when considered together with GAAP financial measures, provide information that is useful to investors in understanding period-over-period operating results separate and apart from items that may, or could, have a disproportionately positive or negative impact on results in any particular period. The Company calculates Adjusted Gross Margin by deducting the purchased cost of natural gas, propane and electricity and the cost of labor spent on direct revenue- producing activities from operating revenues. The costs included in Adjusted Gross Margin exclude depreciation and amortization and certain costs presented in operations and maintenance expenses in accordance with regulatory requirements. The Company calculates Adjusted Net Income and Adjusted EPS by deducting costs and expenses associated with significant acquisitions that may affect the comparison of period-over-period results. These non-GAAP financial measures are not in accordance with, or an alternative to, GAAP and should be considered in addition to, and not as a substitute for, the comparable GAAP measures. The Company believes that these non-GAAP measures are useful and meaningful to investors as a basis for making investment decisions and provide investors with information that demonstrates the profitability achieved by the Company under allowed rates for regulated energy operations and under the Company's competitive pricing structures for unregulated energy operations. The Company's management uses these non-GAAP financial measures in assessing a business unit and Company performance. Other companies may calculate these non-GAAP financial measures in a different manner. See Appendix for a reconciliation of Gross Margin, Net Income and EPS, all as defined under GAAP, to our non-GAAP measures of Adjusted Gross Margin, Adjusted Net Income, and Adjusted EPS for each of the periods presented. *Unless otherwise noted, EPS and Adjusted EPS information is presented on a diluted basis.
Q3 2026 Safety Moment: Winter Preparedness 3
Titles Should Be Font Size 40 – 44 4 Jeff Householder Chair of the Board, President & Chief Executive Officer Jeff Sylvester Senior Vice President, Chief Financial Officer Jim Moriarty Executive Vice President, General Counsel, Corporate Secretary & Chief Policy and Risk Officer oday's Presenters Lucia Dempsey Head of Investor Relations
$2.7M FCG RATE CASE INTERIM AMOUNT 8% YTD'26 ADJ. EPS GROWTH vs YTD'25 Growth Trajectory Continues in Q3 2026 5 $2.22 $2.47 $1.04 $1.05 $0.82 $0.89 $4.06 $4.40 YTD Sep-25 YTD Sep-26 YTD Adjusted Diluted EPS1 1 See appendix for a reconciliation of non-GAAP metrics. $151M Q3'26 CAPITAL EXPENDITURES 12% ADJ. NET INCOME GROWTH vs YTD'25 $4.8M TRANSMISSION & DISTRIBUTION $2.8M INFRASTRUCTURE PROGRAMS Q3 2026 INCREMENTAL ADJUSTED MARGIN: Q2 Q1 Q3
Growth Remains Core to Long-Term Strategy 6 DELMARVA FPU FCG Delmarva Growth Highlights • ~18 new residential projects signed in 2026 YTD throughout Sussex, New Castle, and Kent County • Selected to serve Sussex Technical High School, the largest school project in the state's history • Delivering affordable, reliable natural gas to Delaware and Maryland through fuel conversions from propane and fuel oil, helping reduce long term energy costs and emissions • Significant pipeline of additional developments in Delmarva & Florida 2.7% 2.0% 1.7% YT D '2 6 v s. Y TD '2 5 DELMARVA FPU FCG
On Track to Meet FY 2026 Capital Guidance $500.0 2026 Guidance 2026 Guidance 2026 Guidance Includes: $550 - $600M $ in millions Distribution $135 - $145M • Ongoing distribution system expansion and reliability projects across our Delmarva & Florida service areas $102M Transmission $185 - $195M • Worcester Resiliency Upgrade • Miami Inner Loop • Duncan Plains Data Center Pipeline • RNG Transportation Projects • Initial FEP Capital Investment $148M Infrastructure $115 - $125M • FPU's GUARD & FCG's SAFE Programs • ESNG Capital Cost Surcharge Program • Electric Storm Protection Plan $71M Technology $90 - $100M • Enterprise Resource Plan (ERP) • Additional technology, cybersecurity investments $64M Unregulated $25 - $35M • Marlin Virtual Pipeline, Propane, Aspire Energy $28M $413M 7 YTD '26
Florida Energy Pathway • Originates in Palm Beach County, ends in Miami Dade County ◦ Supply being sourced from FGT’s Phase IX expansion ◦ Majority of the route leverages existing right-of-ways • Established a Joint Venture Agreement with NextEra Energy Resources ◦ NEER will finance and own 49% of the overall project ◦ Project will be built and operated by Peninsula Pipeline Company (PPC) • Three committed shippers contracting 250,000 dth/day • Capital investment anticipated to be ~$1.2 billion, subject to finalization of design and engineering work • Development & Construction Timeline: ◦ Engineering and design work continuing on track ◦ Permitting preparation is underway; full process is 12-18 months ◦ Expected to be a two-year construction period ◦ Targeting in-service in 2030 $1.2 billion, 97-mile, 24-inch intrastate transmission infrastructure project 8
9 Worcester Resiliency Upgrade (WRU) Project • Mechanical and electrical systems construction essentially complete; pre-commissioning work is underway • Preparing to file for the first of a series of commissioning-related Notice to Proceed permits • Overall capital investment expected to be approximately $125M • Expect to receive FERC approval this quarter for increased rates based on updated capital investment level • FERC facility commissioning completion expected in Q1 2027 500K-gal LNG Storage Facility in Bishopville, MD $17.2M FY 2027 MARGIN Q1 2027 EXPECTED IN-SERVICE ~$19.7M FY 2028 MARGIN
Transmission Projects Advance to Meet Demand 10 # Project Name Status1 In-Service Total CapEx Adj. Gross Margin ($M) 2025A 2026E 2027E 1 Boynton Beach In-Service Q1 2025 ~$21M $3.0 $3.4 $3.4 2 Indian River RNG In-Service Q1-Q2 2025 ~$18M $2.5 $5.4 $6.43 Brevard RNG In-Service ~$6M 4 Medley RNG In-Service ~$22M 5 New Smyrna Beach In-Service Q2 2025 ~$15M $1.6 $2.6 $2.6 6 St. Cloud Expansion In-Service Q2 2025 ~$20M $2.9 $3.8 $3.8 7 Wildlight Phase 1 & 2 In-Service 2023-2025 ~$25M $2.6 $4.3 $4.3 8 Miami Inner Loop In-Service 2H 2025 ~$40M $2.8 $7.6 $7.6 9 Lake Mattie, Plant City In-Service Q3 2025 ~$18M $2.6 $4.3 $4.3 10 Worcester Resiliency Upgrade (WRU) In-Progress Q1 2027 ~$125M $0.3 $1.5 $17.2 11 AEX Duncan Plains In-Progress 2027 ~$10M — — $1.1 Totals: ~320M $18.3 $32.9 $50.7 1 May reflect interim in-service status using Marlin Virtual Pipeline Services while construction is being completed.
Significant Upside Driving Increased Long-Term Capital 11 Investment Opportunities in Development We expect capital investment of ~$1.4 billion through 2026 and expect to exceed investment of $2.2 billion through 2028 On our FY 2026 earnings call in February 2027, we expect to provide: • 2027 Capital Guidance • 2027 - 2031 Capital Guidance • 2027 - 2031 EPS Growth Rate Updated Guidance Expectations • DELMARVA REGIONAL ENHANCEMENT (DRE) $75M, 10+ mile ESNG transmission expansion project to add firm capacity and improve system reliability; evaluating possibilities 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 • CAPE CANAVERAL LNG OPPORTUNITIES Identifying alternative LNG storage sites and pipeline development opportunities to serve cruise, space and port industries
• Forward Test Year: Ending 12/31/2027 • Adjusted 2027 Rate Base: ~$740 million • Revenue Requirement Request: $47 million • ROE Request: 11.25% • $16.2 million full-year interim rate increase approved • $2.7 million recognized in Q3 2026 Florida City Gas Rate Case Overview 12 Date Milestone February 18, 2026 Notice of Intent filed April 20, 2026 General rate case filed June 24, 2026 Interim rate recommendation July 20, 2026 Intervenor testimony July 24, 2026 Interim rate order August 13, 2026 CPK rebuttal testimony August 31, 2026 Prehearing statements September 14 2026 Prehearing conference Sept 28 - 30, 2026 Hearings October 22, 2026 Briefs due November 18, 2026 Staff recommendation December 1, 2026 Commission Conference: Revenue Requirement December 15, 2026 Commission Conference: Rates January 4, 2027 Final Commission Order Key Highlights of the Filing
Transforming for Growth… Powered by People Cheryl Martin, SVP Regulatory Affairs, was recognized as a Distinguished Woman in Florida at the 2026 Above & Beyond Awards. ~600+ team members have participated in one or more event ~$1.2M of charitable donations, community partnerships & sponsorships TEAMMATESCUSTOMERSCOMMUNITIES The CPK leadership decorated holiday wreaths for the Barnabas Center in Nassau County, FL. The inaugural Spirit of Chesapeake Awards celebrated Amy Shea, Billing Analyst, Ricky Shelby, Construction & Maintenance Tech., Juan Roman, Service Tech., Eddie McGowan, Operations Assistant Cynthia Pagan, Haley Fennington, and Kayla Curto represented Chesapeake Utilities at the 2026 Stars of Delaware Celebration. 13
14 • Builds on our 1CX investment by aligning technology, processes and organization structure to enhance operating efficiency and support future growth. • Making substantial progress; successfully transitioned into the Testing phase last month and we remain on track for our planned Q2 2027 go-live. ONE TEAM. ONE FUTURE. ONE CHESAPEAKE Transformation, Standardization & Value Realization Simplified Processes, Scalable Growth, Sustainable Value
+9% $0.82 $0.89 Q3 2025 Q3 2026 $137.2 $148.7 Q3 2025 Q3 2026 $19.5 $21.6 Q3 2025 Q3 2026 1 See appendix for a reconciliation of non-GAAP metrics. Adjusted Gross Margin1 Adjusted Earnings Per Share1Adjusted Net Income1 15 Consistent Growth in Q3 2026 $ millions except per share amounts +9% +11%
$0.82 $0.09 $0.09 $0.08 $0.06 $0.03 $0.02 $0.02 $(0.12) $(0.09) $(0.06) $(0.02) $(0.03) $0.89 Q3 2025 Adj. EPS Natural Gas Trans. Expansions Rate Case Activity Infra. Program Growth Natural Gas Dist. Growth Increased Propane Margins & Fees Consumption & Other Increased Unregulated Performance Increased Payroll and Benefits Increased O&M Expense Increased D&A & Property Tax Interest Expense Share Dilution Q3 2026 Adj. EPS 1 See appendix for a reconciliation of non-GAAP metrics. Adjusted Earnings Per Share1 16 Q3 2026 Key Performance Drivers
17 Strong Gross Margin Growth & Cost Management 1See appendix for a reconciliation of non-GAAP metrics. $ millions Regulated Segment Q3 2025 Q3 2026 Change Adjusted Gross Margin(1) $ 114.7 $ 126.3 10% Operating Income $ 48.9 $ 55.5 13% Unregulated Segment Q3 2025 Q3 2026 Change Adjusted Gross Margin(1) $ 22.4 $ 22.5 0.4% Continually Managing Operational Expenses • We continue to prudently manage operational expense growth during a period of significant gross margin expansion • Executing a "One Company" approach across the organization standardizes operations, increasing efficiencies • Our extensive technology roadmap creates a platform to support future growth and drive continued efficiencies
Equity Short-Term Debt1 Long-Term Debt 50% 9% 41% 49% 13% 38% 1 Short-term debt for both periods includes short-term borrowing as well as the current portion of long-term debt. 2 Total funding capacity includes the $650M Revolver and $354M of Private Placement Shelf Agreements. Equity Update • $36.6 million of equity issued through YTD 2026 • 24,448,944 shares outstanding as of 11/2/2026 • September 2026: Renewed the Company's Form S-3 and launched an upsized $225 million ATM equity program with forward sale capabilities to enhance capital-raising flexibility $ in millions Executing on Our Financing Strategy $3,218 $3,466 $1,327 $1,307 $293 $458 $1,598 $1,701 12/31/2025 9/30/202618 • 67% of total funding capacity as of 9/30/2026 out of total capacity of $1.0B2 • August 2026: Amended, extended and upsized revolving credit facility to $650M, an increase of $200M to support our capital program • Debt Issuance: Expect to issue approximately $200 - $250M of long-term debt by YE 2026 Debt & Liquidity Update Total Capitalization
$1.22 $1.32 $1.48 $1.62 $1.76 $1.92 $2.14 $2.36 $2.56 $2.74 $2.94 $1.22 $1.32 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 1 Calculated through 30-October-2026. 10-Year Dividend CAGR of 9.2% Dividend and Earnings Growth Drive Industry-Leading Annual Shareholder Return ~13%+ 10-Year CAGR1 Performance Track Record of Strong Earnings Growth 9.1% CAGR since 201619 Dividend Policy Drives Increased Shareholder Value Annualized Dividend Per Share 50 - 55% Earnings Reinvestment Supports robust capital program 45 - 50% Target Payout Ratio: 9.2% Dividend Growth CAGR 8% 12% 9% 9% 9% 11% 10% 8% 7% 7%Annual Growth Rate
1 See appendix for a reconciliation of non-GAAP metrics. 20 Industry-Leading Adjusted EPS1 Growth Building on track record of 19 consecutive years of growth and 9.1% EPS CAGR $1.15 $1.29 $1.32 $1.43 $1.82 $1.91 $1.99 $2.26 $2.47 $2.72 $2.86 $2.89 $3.47 $3.72 $4.21 $4.73 $5.04 $5.31 $5.39 $6.01 $8.00 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2028E 12% 2% 8% 27% 5% 4% 14% 9% 10% 5% 1% 20% 7% 13% 12% 7% 5% 2% 12%Annual Growth Rate 19 Years of Consecutive Earnings Growth 9.1% EPS CAGR + $7.75 2028 EPS Guidance
Transforming for Growth in 2026 & Beyond 21 Top-Quartile Growth & Total Shareholder Return Maintaining Our Financial Discipline Delivering on Our Promises Focusing on the Three Pillars of Growth Powered By All Stakeholders
Chesapeake Utilities Corporation Confidential 2025 Additional InformationAPPENDIX
$135 $132 $197 $157 $212 $152 $58 $159 $59 $52 $43 $111 $100 $100 $160 $100 $150 $90 $100 $35 $32 $37 $57 $62 $62 $59 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037+ $ in millions 23 Long-Term Debt Maturity Profile Amortizing Principal Payments Bullet Maturities First tranche of FCG debt due in 2026; refinancing expected to generate interest rate savings
OhioDelmarva Florida (1)% 10% 12% 7% 16% 22% YTD Sept-25 YTD Sept-26 YTD Sept-25 YTD Sept-26 YTD Sept-25 YTD Sept-26 NORMAL Note: Normal reflects 10-Year Average Heating Degree Days (HDD). Percentages reflect actual HDD above / (below) Normal divided by Normal. MILDER 24 2,505 2,718 2,538 2,463 (33) 255 COLDER YTD 2026 Weather Colder Than Normal ACTUAL HDD NORMAL HDD VARIANCE 3,881 3,702 3,480 3,449 401 253 611 627 526 514 85 113
Q3 Distribution Utility Statistical Data 25 For the Three Months Ended September 30, 2026 For the Three Months Ended September 30, 2025 Operating Revenues (in millions) Delmarva NG Distribution Florida Natural Gas Distribution FPU Electric Distribution Delmarva NG Distribution Florida Natural Gas Distribution2 FPU Electric Distribution Residential $ 11.4 $ 28.8 $ 17.2 $ 9.3 $ 23.2 $ 15.4 Commercial and Industrial 10.5 53.1 15.2 8.6 46.0 12.9 Other1 0.6 12.7 1.3 1.6 13.9 2.4 Total Operating Revenues $ 22.5 $ 94.6 $ 33.7 $ 19.5 $ 83.1 $ 30.7 Volume (in Dts/MWHs) Residential 301,664 756,431 104,944 254,152 705,262 99,088 Commercial and Industrial 1,967,520 12,524,425 109,650 1,900,478 11,068,460 110,078 Other 54,492 108,065 — 70,386 1,772,152 — Total 2,323,676 13,388,921 214,594 2,225,016 13,545,874 209,166 Average customers Residential 108,305 215,014 26,118 106,028 212,061 26,067 Commercial and Industrial 8,482 17,584 7,484 8,445 17,331 7,504 Other 24 2 — 27 131 — Total 116,811 232,600 33,602 114,500 229,523 33,571 1 Operating Revenues from "Other" sources include unbilled revenue, under (over) recoveries of fuel cost, conservation revenue, other miscellaneous charges, fees for billing services provided to third parties and adjustments for pass-through taxes. 2 Prior year numbers have been updated to align with current year presentation.
YTD Distribution Utility Statistical Data 26 For the Nine Months Ended September 30, 2026 For the Nine Months Ended September 30, 2025 Operating Revenues (in millions) Delmarva NG Distribution Florida Natural Gas Distribution FPU Electric Distribution Delmarva NG Distribution Florida Natural Gas Distribution2 FPU Electric Distribution Residential $ 94.1 $ 103.0 $ 42.2 $ 74.2 $ 84.0 $ 39.5 Commercial and Industrial 53.0 170.0 40.5 40.8 145.4 32.7 Other1 (10.2) 38.0 5.2 (1.7) 34.7 7.9 Total Operating Revenues $ 136.9 $ 311.0 $ 87.9 $ 113.3 $ 264.1 $ 80.1 Volume (in Dts/MWHs) Residential 4,467,608 3,220,466 253,545 4,142,289 3,158,849 253,347 Commercial and Industrial 8,985,833 37,891,372 298,044 7,906,328 35,529,998 281,913 Other 207,200 702,085 — 223,124 5,038,164 — Total 13,660,641 41,813,923 551,589 12,271,741 43,727,011 535,260 Average customers Residential 108,212 214,781 26,064 105,344 210,928 26,031 Commercial and Industrial 8,541 17,604 7,482 8,480 17,315 7,493 Other 25 2 — 26 129 — Total 116,778 232,387 33,546 113,850 228,372 33,524 1 Operating Revenues from "Other" sources include unbilled revenue, under (over) recoveries of fuel cost, conservation revenue, other miscellaneous charges, fees for billing services provided to third parties and adjustments for pass-through taxes. 2 Prior year numbers have been updated to align with current year presentation.
Third Quarter Results Year-to-Date Results Consolidated Reconciliation Q3 2026 Q3 2025 $ % YTD 2026 YTD 2025 $ % GAAP Operating Revenues $ 195.8 $ 179.6 $ 16.2 9% $ 750.8 $ 671.1 $ 79.7 12% Cost of Sales Nat Gas, Propane, & Electric (47.1) (42.4) (4.7) 11% (245.7) (208.7) (37.0) 18% Operating Expense1 (28.4) (22.1) (6.3) 29% (81.8) (69.6) (12.2) 18% D&A (23.0) (23.3) 0.3 (1)% (67.4) (67.7) 0.3 —% GAAP Gross Margin $ 97.3 $ 91.8 $ 5.5 6% $ 355.9 $ 325.1 $ 30.8 9% Add Back: Operating Expense1 28.4 22.1 6.3 29% 81.8 69.6 12.2 18% Add Back: D&A 23.0 23.3 (0.3) (1)% 67.4 67.7 (0.3) —% Adjusted Gross Margin $ 148.7 $ 137.2 $ 11.5 8% $ 505.1 $ 462.4 $ 42.7 9% $ in millions 27 GAAP to Non-GAAP Reconciliation: Consolidated 1 Operations & maintenance expenses within the Consolidated Statements of Income are presented in accordance with regulatory requirements and to provide comparability within the industry. Operations & maintenance expenses which are deemed to be directly attributable to revenue producing activities have been separately presented above in order to calculate Gross Margin as defined under US GAAP. See Chesapeake Utilities’ Annual Report on Form 10-K for the year ended December 31, 2025 for additional details.
1 Operations & maintenance expenses within the Consolidated Statements of Income are presented in accordance with regulatory requirements and to provide comparability within the industry. Operations & maintenance expenses which are deemed to be directly attributable to revenue producing activities have been separately presented above in order to calculate Gross Margin as defined under US GAAP. See Chesapeake Utilities’ Annual Report on Form 10-K for the year ended December 31, 2025 for additional details. Third Quarter Results Year-to-Date Results Regulated Segment Q3 2026 Q3 2025 $ % YTD 2026 YTD 2025 $ % GAAP Operating Revenues $ 165.0 $ 146.4 $ 18.6 13% $ 578.6 $ 497.8 $ 80.8 16% Cost of Sales Nat Gas, Propane, & Electric (38.7) (31.7) (7.0) 22% (179.9) (137.3) (42.6) 31% Operating Expense1 (17.0) (12.6) (4.4) 35% (49.2) (40.5) (8.7) 21% D&A (17.4) (18.2) 0.8 (4)% (50.8) (52.6) 1.8 (3)% GAAP Gross Margin $ 91.9 $ 83.9 $ 8.0 10% $ 298.7 $ 267.4 $ 31.3 12% Add Back: Operating Expense1 17.0 12.6 4.4 35% 49.2 40.5 8.7 21% Add Back: D&A 17.4 18.2 (0.8) (4)% 50.8 52.6 (1.8) (3)% Adjusted Gross Margin $ 126.3 $ 114.7 $ 11.6 10% $ 398.7 $ 360.5 $ 38.2 11% Unregulated Segment Q3 2026 Q3 2025 $ % YTD 2026 YTD 2025 $ % GAAP Operating Revenues $ 37.8 $ 40.7 $ (2.9) (7)% $ 196.7 $ 195.3 $ 1.4 1% Cost of Sales Nat Gas, Propane, & Electric (15.3) (18.3) 3.0 (16)% (90.2) (93.4) 3.2 (3)% Operating Expense1 (11.2) (9.5) (1.7) 18% (32.5) (29.0) (3.5) 12% D&A (5.7) (5.1) (0.6) 12% (16.7) (15.1) (1.6) 11% GAAP Gross Margin $ 5.6 $ 7.8 $ (2.2) (28)% $ 57.3 $ 57.8 $ (0.5) (1)% Add Back: Operating Expense1 11.2 9.5 1.7 18% 32.5 29.0 3.5 12% Add Back: D&A 5.7 5.1 0.6 12% 16.7 15.1 1.6 11% Adjusted Gross Margin $ 22.5 $ 22.4 $ 0.1 —% $ 106.5 $ 101.9 $ 4.6 5%28 GAAP to Non-GAAP Reconciliation: Segment Results $ in millions
1 Transaction and transition-related expenses represent costs incurred attributable to the acquisition and integration of FCG including, but not limited to, transition services, consulting, system integration, rebranding and legal fees. Third Quarter Results Year-to-Date Results Non-GAAP Reconciliation: Net Income /EPS Q3 2026 Q3 2025 $ % YTD 2026 YTD 2025 $ % GAAP Net Income $ 21.6 $ 19.4 $ 2.2 11% $ 106.3 $ 94.2 $ 12.1 13% FCG Transaction+Transition Expenses1 $ — $ 0.1 $ (0.1) (100)% $ — $ 0.7 $ (0.7) (100)% Adjusted Net Income $ 21.6 $ 19.5 $ 2.1 11% $ 106.3 $ 94.9 $ 11.4 12% Diluted Weighted Avg. Common Shares Outstanding 24,300 23,629 24,177 23,360 GAAP Diluted EPS $0.89 $0.82 $ 0.07 9% $4.40 $4.03 $ 0.37 9% FCG Transaction+Transition Expenses1 — — — NM — 0.03 (0.03) (100)% Adjusted Diluted EPS $0.89 $0.82 $ 0.07 9% $4.40 $4.06 $ 0.34 8% $ in millions except per-share amounts shares in thousands 29 GAAP to Non-GAAP Reconciliation: Adj. Net Income & EPS