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Chesapeake Utilities (NYSE: CPK) lifts 2026 capex and details $1.2B pipeline

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Chesapeake Utilities Corporation reported second quarter 2026 net income of $25.4 million and diluted EPS of $1.05, up from $23.9 million and $1.02 a year earlier. Operating revenues were $201.9 million versus $192.8 million. For the first half of 2026, net income reached $84.7 million with diluted EPS of $3.51.

Adjusted results exclude Florida City Gas transaction and transition costs. Adjusted net income was $25.4 million for the quarter and $84.7 million year to date, and adjusted diluted EPS was $1.05 for Q2 and $3.51 year to date, reflecting an 8.0 percent year-to-date Adjusted EPS growth rate. Adjusted gross margin increased $7.4 million in Q2 and $31.2 million year to date, a 9.6 percent growth rate.

The company increased its 2026 capital expenditure guidance by $100 million to $550–$600 million and reported Q2 capital investment of $139.7 million, $261.6 million year to date. Management highlighted the $1.2 billion Florida Energy Pathway pipeline project, expects about $1.4 billion of capital investment through 2026 and more than $2.2 billion through 2028, and reaffirmed 2028 EPS guidance of $7.75–$8.00 per share.

Positive

  • Year-to-date results show strong growth, with Adjusted Net Income up 12%, an 8.0% Adjusted EPS growth rate to $3.51, and 2028 EPS guidance of $7.75–$8.00 per share reaffirmed alongside higher 2026 capital guidance.

Negative

  • None.

Filing Explained

0.6 million shares were already issued through DRIP/DSPP and ATM programs, while August financing updates expand borrowing capacity for the capital program.

This August 6, 2026 Form 8-K reports completed second-quarter and first-half results and records approximately $0.6 million shares issued through the dividend-reinvestment/direct-purchase and at-the-market programs; the higher share count reduces existing holders’ percentage ownership absent offsetting changes.

An at-the-market program permits gradual sales of new shares into the open market at prevailing prices, while this filing groups the reported issuance under both the DRIP/DSPP and ATM programs without assigning amounts to each.

At June 30, 2026, the company reported cash, short-term borrowing, and long-term debt; the presentation says the revolving facility was amended and upsized to $650 million.

The presentation describes $200 million–$250 million of long-term debt issuance in 2026 as an expectation rather than a completed issuance, and says the facility increase supports the capital program.

For the Florida Energy Pathway project, the presentation says Chesapeake expects to fund and own at least 51%, with third parties funding and owning up to 49%; that is a planned structure, not a completed ownership arrangement.

The company says it expects to provide updated capital guidance and an EPS growth rate at its full-year 2026 earnings call in February 2027.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01 Regulation FD Disclosure Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Net Income Q2 2026 $25.4 million Three months ended June 30, 2026; up from $23.9 million in Q2 2025
Diluted EPS Q2 2026 $1.05 per share Three months ended June 30, 2026; compared with $1.02 in Q2 2025
Operating Revenues Q2 2026 $201.9 million Versus $192.8 million in Q2 2025, a 5% increase
Adjusted Gross Margin YTD 2026 $356.4 million Six months ended June 30, 2026; up $31.2 million, a 9.6% growth rate
2026 Capital Expenditure Guidance $550–$600 million Increased by $100 million for 2026 capital spending
Florida Energy Pathway Project Size $1.2 billion Estimated capital investment for 97-mile intrastate pipeline in south Florida
Total Assets $4,173.8 million Consolidated assets as of June 30, 2026
Total Stockholders’ Equity $1,673.4 million Stockholders’ equity on June 30, 2026 balance sheet
Adjusted Gross Margin financial
"The Company calculates Adjusted Gross Margin by deducting the purchased cost of natural gas"
Adjusted gross margin is a measure of how much profit a company makes from its sales after accounting for certain expenses or one-time costs, but before deducting other operating expenses. It helps investors see the company's core profitability more clearly by removing factors that might distort the usual profit picture, similar to a runner measuring their speed without considering obstacles or weather. This metric provides a clearer view of the company's ongoing financial health.
non-GAAP financial measure financial
"A "non-GAAP financial measure" is generally defined as a numerical measure of a company's performance"
A non-GAAP financial measure is a way companies present their financial results that excludes certain expenses or income to show how they believe their core business is performing. It matters because it can give a clearer picture of how the company is really doing, but it can also be used to make results look better than they actually are.
interim rates regulatory
"Interim rates of $16.2 million on an annualized basis, effective in July 2026"
Electric Storm Protection Plan regulatory
"Electric Storm Protection Plan appears within the regulatory initiatives infrastructure programs"
revolving credit facility financial
"Increased capacity under the Company’s revolving credit facility to $650 million"
A revolving credit facility is a type of loan that a business can borrow from whenever it needs money, up to a set limit. It’s like having a credit card for companies—allowing them to borrow, pay back, and borrow again as needed, providing flexibility for managing cash flow or funding short-term expenses.
construction work in progress financial
"Plus: Construction work in progress $376.6 million on the balance sheet"
Offering Type earnings_snapshot

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FAQ

What were Chesapeake Utilities (CPK) Q2 2026 net income and EPS?
Chesapeake Utilities reported Q2 2026 net income of $25.4 million and diluted EPS of $1.05, compared with $23.9 million and $1.02 in Q2 2025. Results reflect higher operating revenues of $201.9 million versus $192.8 million a year earlier.

How did Chesapeake Utilities (CPK) year-to-date 2026 results compare with 2025?
For the first half of 2026, Chesapeake Utilities generated net income of $84.7 million and diluted EPS of $3.51, up from $74.8 million and $3.22 in 2025. Adjusted EPS posted an 8.0% year-to-date growth rate and Adjusted Net Income rose 12% versus the prior year.

What capital expenditure guidance did Chesapeake Utilities (CPK) provide for 2026?
Chesapeake Utilities increased its 2026 capital expenditure guidance by $100 million to a range of $550–$600 million. The company expects about $1.4 billion of capital investment through 2026 and total investment exceeding $2.2 billion for the five-year period ending 2028.

What is the Florida Energy Pathway project for Chesapeake Utilities (CPK)?
Florida Energy Pathway is a $1.2 billion, 97-mile, 24-inch intrastate natural gas pipeline in south Florida with about 250,000 Dts/d of committed capacity. Chesapeake Utilities expects to fund and own at least 51% of the project, targeting an in-service date in 2030.

What are the key details of the Florida City Gas rate case for Chesapeake Utilities (CPK)?
The Florida City Gas rate case uses a forward test year ending December 31, 2027, with an adjusted 2027 rate base of $780 million and a requested revenue requirement of $47 million and 11.25% ROE. Interim rates of $16.2 million annually became effective in July 2026.

How strong is Chesapeake Utilities (CPK) dividend and EPS growth track record?
Chesapeake Utilities reports a 10-year dividend CAGR of 9.2% and around 12%+ 10-year annual shareholder return. The company has delivered 19 consecutive years of earnings growth with a 9.1% EPS CAGR and has 2028 EPS guidance of $7.75–$8.00 per share.

How did Chesapeake Utilities’ (CPK) adjusted gross margin perform in Q2 and YTD 2026?
Adjusted Gross Margin reached $150.2 million in Q2 2026, up $7.4 million from Q2 2025. Year to date, it totaled $356.4 million, an increase of $31.2 million, representing a 9.6% growth rate for the six months ended June 30, 2026.
0000019745falseAugust 6, 2026falseNYSE00000197452026-08-062026-08-06

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): August 6, 2026
  
CHESAPEAKE UTILITIES CORPORATION
(Exact name of registrant as specified in its charter)
 
 
Delaware001-1159051-0064146
(State or other jurisdiction of(Commission(I.R.S. Employer
incorporation or organization)File Number)Identification No.)
500 Energy Lane, Dover, DE 19901
(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 classTrading Symbol(s)Name of each exchange on which registered
Common Stock - par value per share $0.4867CPKNew York Stock Exchange, Inc.

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 August 6, 2026, Chesapeake Utilities Corporation issued a press release announcing its financial results for the quarter and the six months ended June 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 August 6, 2026, Chesapeake Utilities Corporation posted a presentation that will be used during its conference call on August 7, 2026, to discuss the Company’s financial results for the quarter and the six months ended June 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.
Exhibit 99.1 - Press Release of Chesapeake Utilities Corporation, dated August 6, 2026.
Exhibit 99.2 - Second Quarter 2026 Earnings Call Presentation.

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: August 6, 2026




        chesapeakelogova18.jpg                

FOR IMMEDIATE RELEASE
August 6, 2026
NYSE Symbol: CPK

CHESAPEAKE UTILITIES CORPORATION REPORTS
SECOND QUARTER 2026 RESULTS

•Net income and earnings per share ("EPS")* were $25.4 million and $1.05, respectively, for the second quarter and $84.7 million and $3.51, respectively, year to date
•Year-to-date growth rate of 8.0 percent on Adjusted EPS**, which excludes the transaction and transition-related expenses attributable to the acquisition and integration of Florida City Gas ("FCG")
•Adjusted gross margin** growth of $7.4 million for the second quarter and $31.2 million year to date, representing a 9.6 percent growth rate for the six months ended June 30, 2026, driven largely by transmission expansion projects, regulatory initiatives and infrastructure programs, natural gas organic growth, and improved contributions from unregulated businesses.
•The Company is increasing its 2026 capital guidance range to $550 - $600 million in light of advances on various capital projects

Dover, Delaware — Chesapeake Utilities Corporation (NYSE: CPK) (“Chesapeake Utilities” or the “Company”) today announced financial results for the three and six months ended June 30, 2026.

Additional highlights include:

•Announced the Florida Energy Pathway ("FEP") project, a $1.2 billion natural gas pipeline project in south Florida with approximately 250,000 Dts/d of committed capacity; targeted in-service date in 2030
•Increased capacity under the Company’s revolving credit facility to $650 million to support capital investment growth
•Capital investment of $139.7 million during the second quarter of 2026, bringing the year-to-date total to $261.6 million
•Interim rates of $16.2 million on an annualized basis, effective in July 2026, were approved by the Florida Public Service Commission ("PSC") in connection with the Company's ongoing FCG rate case

“Our second quarter results demonstrate consistent operational and financial performance as we make substantial progress on transforming for the next phase of sustained enterprise growth,” said Jeff Householder, the Company’s Chair of the Board, President and Chief Executive Officer. “We are also excited to be moving forward with the Florida Energy Pathway infrastructure project. This represents a significant investment opportunity to bring capacity and reliability to south Florida and support long-term growth across the state.”

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2-2-2-2

Earnings and Capital Investment Guidance

The Company is increasing its 2026 capital expenditure guidance by $100 million to $550 - $600 million, driven primarily by increases in transmission (including initial investments in FEP), distribution and infrastructure investments.

The Company had previously issued long-term capital guidance for the 2024 - 2028 period of $1.5 - $1.8 billion. Given a robust capital investment program to date and the recently announced FEP project, the Company expects to achieve capital investment of approximately $1.4 billion through 2026 and total investment exceeding $2.2 billion for the five-year period ended 2028. The Company also continues to reaffirm its 2028 earnings guidance of $7.75 - $8.00 per share.

As the Company continues discussions with potential partners for the FEP project and makes additional progress on its long-term investment opportunities, 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.

*Unless otherwise noted, EPS and Adjusted EPS information are presented on a diluted basis.

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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 EndedSix Months Ended
June 30,June 30,
(dollars in millions, shares in thousands (except per share data))2026202520262025
Net Income (GAAP)$25.4 $23.9 $84.7 $74.8 
FCG transaction and transition-related expenses, net (1)
— 0.4 — 0.6 
Adjusted Net Income (Non-GAAP)$25.4 $24.3 $84.7 $75.4 
Weighted average common shares outstanding - diluted24,174 23,402 24,115 23,223 
Earnings Per Share - Diluted (GAAP)$1.05 $1.02 $3.51 $3.22 
FCG transaction and transition-related expenses, net (1)
— 0.02 — 0.03 
Adjusted Earnings Per Share - Diluted (Non-GAAP)$1.05 $1.04 $3.51 $3.25 
(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 second quarter of 2025 and 2026 included:
(in millions, except per share data)Pre-tax
Income		Net
Income		Earnings
Per Share
Three Months Ended June 30, 2025 Adjusted Results (1)
$33.3 $24.3 $1.04 
Change in Adjusted Gross Margins:
Natural gas transmission service expansions, including interim services (2)
4.9 3.6 0.15 
Contributions from regulated infrastructure programs (2)
3.2 2.4 0.10 
Natural gas growth including conversions (excluding service expansions)2.0 1.4 0.06 
Increased propane margins and service fees1.5 1.1 0.05 
Increased Aspire Energy performance - rate changes and gathering fees0.4 0.3 0.01 
Change in off-system natural gas capacity sales0.3 0.2 — 
Decreased CNG/RNG/LNG services(1.0)(1.0)(0.04)
Absence of recovered costs associated with Hurricane Michael (3)
(1.9)(1.4)(0.06)
Changes in customer consumption(2.7)(2.0)(0.08)
6.7 4.6 0.19 
Change in Operating Expenses (Excluding Natural Gas, Propane, and Electric Costs):
Depreciation, amortization and property taxes(3.5)(2.6)(0.11)
Credit, collections and customer service costs(1.3)(0.9)(0.04)
Payroll, benefits and other employee-related expenses(1.2)(0.8)(0.03)
Facilities expenses, maintenance costs and outside services(0.6)(0.5)(0.02)
Vehicle expenses(0.5)(0.3)(0.02)
Insurance-related costs(0.4)(0.2)(0.01)
Absence of amortization of costs associated with Hurricane Michael recovery (3)
1.9 1.3 0.06 
(5.6)(4.0)(0.17)
Interest charges(0.6)(0.4)(0.02)
Increase in shares outstanding due to 2025 and 2026 equity offerings (4)
— — (0.03)
Net other changes1.2 0.9 0.04 
0.6 0.5 (0.01)
Three Months Ended June 30, 2026 Adjusted Results (1)
$35.0 $25.4 $1.05 
(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 six months ended June 30, 2025 and June 30, 2026 included:

(in millions, except per share data)Pre-tax
Income		Net
Income		Earnings
Per Share
Six months ended June 30, 2025 Adjusted Results (1)
$103.0 $75.4 $3.25 
Change in Adjusted Gross Margins:
Natural gas transmission service expansions, including interim services (2)
11.8 8.7 0.36 
Contributions from regulated infrastructure programs (2)
8.7 6.4 0.27 
Natural gas growth including conversions (excluding service expansions)4.0 2.9 0.12 
Rate changes associated with recent rate case activities (2)
4.1 3.0 0.13 
Increased propane margins and service fees1.8 1.3 0.05 
Increased Aspire Energy performance - rate changes and gathering fees1.8 1.3 0.05 
Changes in customer consumption1.8 1.3 0.06 
Change in off-system natural gas capacity sales1.4 1.0 0.04 
Decreased CNG/RNG/LNG services(1.2)(0.9)(0.04)
Absence of recovered costs associated with Hurricane Michael (3)
(3.9)(2.8)(0.12)
30.3 22.2 0.92 
Change in Operating Expenses (Excluding Natural Gas, Propane, and Electric Costs):
Payroll, benefits and other employee-related expenses(7.8)(5.7)(0.24)
Depreciation, amortization and property taxes(5.0)(3.7)(0.15)
Facilities expenses, maintenance costs and outside services(3.7)(2.7)(0.11)
Credit, collections and customer service costs(2.7)(2.0)(0.08)
Insurance-related costs(0.6)(0.4)(0.02)
Vehicle expenses(0.6)(0.4)(0.02)
Absence of amortization of costs associated with Hurricane Michael recovery (3)
3.9 2.8 0.12 
(16.5)(12.1)(0.50)
Interest charges(1.2)(0.8)(0.04)
Increase in shares outstanding due to 2025 and 2026 equity offerings (4)
— — (0.12)
Net other changes0.1 — — 
(1.1)(0.8)(0.16)
Six months ended June 30, 2026 Adjusted Results (1)
$115.7 $84.7 $3.51 
(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 project and initiatives is presented below with a comprehensive discussion of each of the items presented in the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2026.

Adjusted Gross Margin
Three Months EndedSix Months EndedYear EndedEstimate for
June 30,June 30,December 31,Fiscal
(in millions)2026202520262025202520262027
Pipeline Expansions:
St. Cloud / Twin Lakes Expansion$1.0 $0.8 $2.0 $0.9 $2.9 $3.8 $3.8 
Wildlight1.1 0.5 2.2 1.0 2.6 4.3 4.3 
Worcester Resiliency Upgrade0.4 — 0.8 — 0.3 1.5 17.1 
Boynton Beach 0.9 0.9 1.8 1.4 3.0 3.4 3.4 
New Smyrna Beach 0.6 0.3 1.2 0.3 1.6 2.6 2.6 
Central Florida Reinforcement1.1 0.3 2.2 0.6 2.6 4.3 4.3 
Renewable Natural Gas Supply Projects1.2 0.5 2.5 0.5 2.5 5.4 6.4 
Miami Inner Loop1.9 — 3.8 — 2.8 7.6 7.6 
Duncan Plains— — — — — — 1.1 
Total Pipeline Expansions8.2 3.3 16.5 4.7 18.3 32.9 50.6 
Regulatory Initiatives:
Florida GUARD program2.6 1.7 5.0 3.2 7.1 10.9 13.0 
FCG SAFE Program2.9 2.2 5.7 3.9 8.4 12.7 16.4 
Capital Cost Surcharge Programs2.3 1.4 4.6 2.9 5.7 9.0 10.1 
Electric Storm Protection Plan1.8 1.5 5.1 2.6 6.4 9.7 10.4 
Florida Mandatory Relocates0.4 — 0.9 — — 1.5 1.5 
Infrastructure Subtotal10.0 6.8 21.3 12.6 27.6 43.8 51.4 
Rate Case
Maryland Rate Case (1)
0.7 0.6 2.0 0.6 1.5 3.5 3.5 
Delaware Rate Case (1)
1.3 1.4 3.4 2.2 4.7 6.1 6.1 
Electric Rate Case (1)
2.1 2.1 4.3 2.8 7.3 8.6 9.1 
FCG Rate Case— — — — — TBDTBD
     Rate Case Subtotal4.1 4.1 9.7 5.6 13.5 18.2 18.7 
Total Regulatory Initiatives14.1 10.9 31.0 18.2 41.1 62.0 70.1 
Total$22.3 $14.2 $47.5 $22.9 $59.4 $94.9 $120.7 
(1) Includes adjusted gross margin attributable to interim and permanent rates.
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Chesapeake Utilities Corporation and Subsidiaries
Condensed Consolidated Statements of Income (Unaudited)
Three Months EndedSix Months Ended
June 30,June 30,
2026202520262025
(in millions, except shares (thousands) and per share data)
Operating Revenues
   Regulated Energy$164.3 $151.8 $413.6 $351.4 
Unregulated Energy45.2 47.9 158.9 154.6 
Other Businesses and Eliminations (7.6)(6.9)(17.5)(14.5)
Total Operating Revenues201.9 192.8 555.0 491.5 
Operating Expenses
  Regulated natural gas and electricity costs39.6 34.1 141.2 105.6 
  Unregulated propane and natural gas costs12.1 15.9 57.4 60.7 
  Operations57.7 54.9 125.0 112.9 
  Maintenance7.0 6.0 15.0 11.4 
  Depreciation and amortization22.9 21.9 44.4 44.4 
  Other taxes9.7 9.2 19.7 18.6 
  FCG transaction and transition-related expenses— 0.5 — 0.8 
Total Operating Expenses149.0 142.5 402.7 354.4 
Operating Income52.9 50.3 152.3 137.1 
Other income, net0.5 0.4 0.5 1.0 
Interest charges18.4 17.8 37.1 35.9 
Income Before Income Taxes35.0 32.9 115.7 102.2 
Income taxes9.6 9.0 31.0 27.4 
Net Income$25.4 $23.9 $84.7 $74.8 
Weighted Average Common Shares Outstanding:
Basic24,056 23,307 23,997 23,133 
Diluted24,174 23,402 24,115 23,223 
Earnings Per Share of Common Stock:
Basic$1.06 $1.03 $3.53 $3.23 
Diluted$1.05 $1.02 $3.51 $3.22 
Adjusted Net Income and Adjusted Earnings Per Share
Net Income (GAAP)$25.4 $23.9 $84.7 $74.8 
FCG transaction and transition-related expenses, net (1)
— 0.4 — 0.6 
Adjusted Net Income (Non-GAAP)**$25.4 $24.3 $84.7 $75.4 
Earnings Per Share - Diluted (GAAP)$1.05 $1.02 $3.51 $3.22 
FCG transaction and transition-related expenses, net (1)
— 0.02 — 0.03 
Adjusted Earnings Per Share - Diluted (Non-GAAP)**$1.05 $1.04 $3.51 $3.25 
(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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Chesapeake Utilities Corporation and Subsidiaries
Condensed Consolidated Balance Sheets (Unaudited)
AssetsJune 30,
2026		December 31,
2025
(in millions, except shares and per share data)
Property, Plant and Equipment
Regulated Energy$3,076.1 $2,941.6 
Unregulated Energy514.3 492.4 
Other Businesses and Eliminations43.0 38.3 
Total property, plant and equipment3,633.4 3,472.3 
Less: Accumulated depreciation and amortization(657.5)(637.6)
Plus: Construction work in progress376.6 283.7 
Net property, plant and equipment3,352.5 3,118.4 
Current Assets
Cash and cash equivalents0.4 1.8 
Trade and other receivables 100.2 106.9 
Less: Allowance for credit losses(7.9)(5.4)
Trade and other receivables, net92.3 101.5 
Accrued revenue30.5 50.1 
Propane inventory, at average cost6.6 8.8 
Other inventory, at average cost17.1 17.9 
Regulatory assets19.6 29.7 
Storage gas prepayments2.9 4.5 
Prepaid expenses15.5 19.7 
Derivative assets, at fair value0.2 — 
Other current assets2.9 3.0 
Total current assets188.0 237.0 
Deferred Charges and Other Assets
Goodwill507.5 507.5 
Other intangible assets, net12.5 13.2 
Investments, at fair value18.7 17.2 
Derivative assets, at fair value0.1 — 
Operating lease right-of-use assets 8.9 9.9 
Regulatory assets72.9 74.3 
Receivables and other deferred charges12.7 17.3 
Total deferred charges and other assets633.3 639.4 
Total Assets$4,173.8 $3,994.8 



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Chesapeake Utilities Corporation and Subsidiaries
Condensed Consolidated Balance Sheets (Unaudited)
Capitalization and LiabilitiesJune 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 capital986.7 962.8 
Retained earnings676.7 626.8 
Accumulated other comprehensive loss(1.7)(2.7)
Deferred compensation obligation17.5 12.6 
Treasury stock(17.5)(12.6)
Total stockholders’ equity1,673.4 1,598.5 
Long-term debt, net of current maturities1,317.9 1,327.1 
Total capitalization2,991.3 2,925.6 
Current Liabilities
Current portion of long-term debt131.7 134.6 
Short-term borrowing238.1 158.0 
Accounts payable93.6 115.2 
Customer deposits and refunds50.2 45.1 
Accrued interest8.8 8.7 
Dividends payable17.7 16.4 
Accrued compensation13.0 21.6 
Regulatory liabilities16.3 14.5 
Derivative liabilities, at fair value0.3 0.8 
Other accrued liabilities25.0 15.0 
Total current liabilities594.7 529.9 
Deferred Credits and Other Liabilities
Deferred income taxes346.6 313.3 
Regulatory liabilities203.3 188.1 
Environmental liabilities3.2 2.9 
Other pension and benefit costs15.2 14.0 
Derivative liabilities, at fair value0.1 0.6 
Operating lease - liabilities 7.0 7.9 
Deferred investment tax credits and other liabilities12.4 12.5 
Total deferred credits and other liabilities587.8 539.3 
Environmental and other commitments and contingencies (1)
Total Capitalization and Liabilities$4,173.8 $3,994.8 
(1) Refer to Note 6 and 7 in the Company's Quarterly Report on Form 10-Q for further information.

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Adjusted Gross Margin

Three Months Ended June 30, 2026
(in millions)Regulated EnergyUnregulated EnergyOther Businesses and EliminationsTotal
Operating Revenues$164.3 $45.2 $(7.6)$201.9 
Cost of Sales:
Natural gas, propane and electric costs(39.6)(19.8)7.7 (51.7)
Depreciation & amortization(17.3)(5.6)— (22.9)
Operations & maintenance expenses (1)
(15.5)(10.4)— (25.9)
Gross Margin (GAAP)91.9 9.4 0.1 101.4 
Operations & maintenance expenses (1)
15.5 10.4 — 25.9 
Depreciation & amortization17.3 5.6 — 22.9 
Adjusted Gross Margin (Non-GAAP)$124.7 $25.4 $0.1 $150.2 


Three Months Ended June 30, 2025
(in millions)Regulated EnergyUnregulated EnergyOther Businesses and EliminationsTotal
Operating Revenues$151.8 $47.9 $(6.9)$192.8 
Cost of Sales:
Natural gas, propane and electric costs(34.1)(22.9)7.0 (50.0)
Depreciation & amortization(16.8)(5.1)— (21.9)
Operations & maintenance expenses (1)
(14.6)(9.8)0.4 (24.0)
Gross Margin (GAAP)86.3 10.1 0.5 96.9 
Operations & maintenance expenses (1)
14.6 9.8 (0.4)24.0 
Depreciation & amortization16.8 5.1 — 21.9 
Adjusted Gross Margin (Non-GAAP)$117.7 $25.0 $0.1 $142.8 







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Six Months Ended June 30, 2026
(in millions)Regulated EnergyUnregulated EnergyOther Businesses and EliminationsTotal
Operating Revenues$413.6 $158.9 $(17.5)$555.0 
Cost of Sales:
Natural gas, propane and electric costs(141.2)(74.9)17.5 (198.6)
Depreciation & amortization(33.4)(11.0)— (44.4)
Operations & maintenance expenses (1)
(32.2)(21.3)0.1 (53.4)
Gross Margin (GAAP)206.8 51.7 0.1 258.6 
Operations & maintenance expenses (1)
32.2 21.3 (0.1)53.4 
Depreciation & amortization33.4 11.0 — 44.4 
Adjusted Gross Margin (Non-GAAP)$272.4 $84.0 $— $356.4 


Six Months Ended June 30, 2025
(in millions)Regulated EnergyUnregulated EnergyOther Businesses and EliminationsTotal
Operating Revenues$351.4 $154.6 $(14.5)$491.5 
Cost of Sales:
Natural gas, propane and electric costs(105.6)(75.1)14.4 (166.3)
Depreciation & amortization(34.4)(10.0)— (44.4)
Operations & maintenance expenses (1)
(27.9)(19.5)0.7 (46.7)
Gross Margin (GAAP)183.5 50.0 0.6 234.1 
Operations & maintenance expenses (1)
27.9 19.5 (0.7)46.7 
Depreciation & amortization34.4 10.0 — 44.4 
Adjusted Gross Margin (Non-GAAP)$245.8 $79.5 $(0.1)$325.2 
(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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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 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, August 7, 2026, at 8:30 a.m. Eastern Time to discuss the Company’s financial results for the three and six months ended June 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: CPKQ226

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. 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 Q2 2026 FRIDAY, AUGUST 7, 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.

 

Q2 2026 Safety Moment: Wildfire Smoke Safety 3 Indoor Safety: • Filter the air: Set up a portable air cleaner, replace your HVAC filters with MERV 13 or higher ratings, and set your air conditioning system to "recirculate" mode. • Reduce indoor pollutants: Avoid burning candles, frying or broiling food, smoking, or vacuuming. • Choose location: A small, interior room without a lot of foot traffic where you can filter the air and shelter from the smoke

 

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

 

$16.2M FCG RATE CASE INTERIM AMOUNT 8% YTD'26 ADJ. EPS GROWTH vs YTD'25 Growth Trajectory Continues in Q2 2026 5 $2.22 $2.47 $1.04 $1.05 $3.25 $3.51 1H 2025 1H 2026 YTD Adjusted Diluted EPS1 1 See appendix for a reconciliation of non-GAAP metrics. $140M Q2'26 CAPITAL EXPENDITURES 12% ADJ. NET INCOME GROWTH vs YTD'25 $4.9M TRANSMISSION EXPANSIONS $3.2M INFRASTRUCTURE PROGRAMS Q2 2026 INCREMENTAL ADJUSTED MARGIN: Q2 Q1

 

Growth Remains Core to Long-Term Strategy Average Residential Customer Growth 6 3.0% 2.1% 1.8%YT D '2 6 v s. Y TD '2 5 DELMARVA FPU FCG For the five-year period ending April 2030, Florida's state population growth relative to the prior year is expected to average 297,200 new net residents per year. Delaware has maintained strong migration, consistently ranking top 10 in percentage population growth during recent U.S. Census Bureau studies. 1 Florida Office of Economic & Demographic Research (EDR), Demographic Estimating Conference, Florida Demographic Forecast (June 22, 2026). 2 Spotlight Delaware: "Delaware has considered 25K Homes since 2021" article.

 

Florida Energy Pathway • Originates in Palm Beach County, ends in Miami Dade County • Supply being sourced from FGT’s already-announced Phase IX expansion ◦ The majority of the route leverages existing right-of-ways • Project will be built and operated by Peninsula Pipeline Company (PPC) • Capital investment anticipated to be ~$1.2 billion, subject to finalization of design and engineering work • CPK expects to fund and own at least 51% of the project and partner with one or more third parties to fund and own up to 49% of the project • Development & Construction Timeline: ◦ Engineering and design work underway ◦ Permitting expected to begin later this year ◦ Expected to be a two-year construction period ◦ Targeting in-service in 2030 $1.2 billion, 97-mile, 24-inch intrastate transmission infrastructure project 7

 

Transmission Projects Advance to Meet Demand 8 # 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 ~$100M $0.3 $1.5 $17.1 11 AEX Duncan Plains In-Progress 2027 ~$10M — — $1.1 Totals: ~295M $18.3 $32.9 $50.6 1 May reflect interim in-service status using Marlin Virtual Pipeline Services while construction is being completed.

 

Increasing FY 2026 Capital Guidance by $100M $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 $62M Transmission $185 - $195M • Worcester Resiliency Upgrade • Miami Inner Loop • Duncan Plains Data Center Pipeline • RNG Transportation Projects • Initial FEP Capital Investment $94M Infrastructure $115 - $125M • FPU's GUARD & FCG's SAFE Programs • ESNG Capital Cost Surcharge Program • Electric Storm Protection Plan $48M Technology $90 - $100M • Enterprise Resource Plan (ERP) • Additional technology, cybersecurity investments $37M Unregulated $25 - $35M • Marlin Virtual Pipeline, Propane, Aspire Energy $21M $262M 9 YTD '26

 

10 Worcester Resiliency Upgrade (WRU) Project • Site and facility construction remains on schedule and progressing well • Commissioning planning and consultation activities continue to advance • FERC and PHMSA coordination continue with no delays • Still exploring opportunity to expand site capacity in the future to address significant demand and projected peaking needs • Earlier weather-related delays drive a $(0.10) impact to 2026 EPS 500K-gal LNG Storage Facility in Bishopville, MD $17.1M FY 2027 MARGIN Q1 2027 EXPECTED IN-SERVICE

 

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 Updating 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: $780 million • Revenue Requirement Request: $47 million • ROE Request: 11.25% 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 27, 2026 Interim rates order July 28, 2026 Staff testimony August 13, 2026 CPK rebuttal testimony August 31, 2026 Prehearing statements September 14 2026 Prehearing conference Sept 28 - Oct 2, 2026 Hearings October 2026 Briefs ~November 2026 Potential: Staff Recommendation Q4 2026/ Early 2027 Rates expected effective Key Highlights of the Filing • $16.2 million full-year interim rate increase approved Interim Rates Approved July 24, 2026

 

Transforming for Growth… Powered by People 13 Food Bank of Delaware in Milford, DELexus Corporate Run in Miami, FL March for Babies in West Palm Beach, FL YTD Community Investment ~500+ team members have participated in one or more event ~$850K of charitable donations, community partnerships & sponsorships TEAMMATES CUSTOMERS COMMUNITIES PARTNERS Spring Impact Days April 2026

 

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 Realize-Build phase last month and we remain on track for our planned 2027 go-live. ONE TEAM. ONE FUTURE. ONE CHESAPEAKE Transforming through Standardization & Value Realization Simplified processes, Scalable Growth, Sustainable Value

 

+1% $1.04 $1.05 Q2 2025 Q2 2026 $142.8 $150.2 Q2 2025 Q2 2026 $24.3 $25.4 Q2 2025 Q2 2026 1 See appendix for a reconciliation of non-GAAP metrics. Adjusted Gross Margin1 Adjusted Earnings Per Share1Adjusted Net Income1 15 Consistent Growth in Q2 2026 $ millions except per share amounts +5% +5%

 

$1.04 $0.15 $0.10 $0.06 $0.06 $(0.04) (0.04) $(0.11) $(0.05) $(0.04) $(0.03) $(0.02) $(0.03) $1.05 Q2 2025 Adj. EPS Natural Gas Trans. Expansions Infra. Program Growth Natural Gas Dist. Growth Improved Propane & Aspire Performance Consumption & Other Decreased CNG/RNG/LNG services Increased D&A & Property Tax Increased O&M Expense Credit, Collections, Customer Service Increased Payroll and Benefits Interest Expense Share Dilution Q2 2026 Adj. EPS 1 See appendix for a reconciliation of non-GAAP metrics. Adjusted Earnings Per Share1 16 Q2 2026 Key Performance Drivers

 

17 Strong Gross Margin Growth & Cost Management 1See appendix for a reconciliation of non-GAAP metrics. $ millions Regulated Segment Q2 2025 Q2 2026 Change Adjusted Gross Margin $ 117.7 $ 124.7 6% Operating Income $ 51.8 $ 55.2 7% Unregulated Segment Q2 2025 Q2 2026 Change Adjusted Gross Margin $ 25.0 $ 25.4 2% Gross Margin Growth Outpaces O&M Increases $329 $350 $383 $420 $454 $567 $639 $356 54.2% 51.3% 49.4% 49.6% 50.1% 47.5% 45.4% 44.8% Adjusted Gross Margin Operating Expenses as a % of Adj. Gross Margin 2019 2020 2021 2022 2023 2024 2025 1H 2026 Continually Reducing Operational Expenses • We have prudently managed 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 • The first 6 months of 2026 represented the lowest ratio of operating expense to gross margin $ in millions

 

Equity Short-Term Debt1 Long-Term Debt 50% 9% 41% 50% 11% 39% 1 Short-term debt for both periods includes short-term borrowing as well as the current portion of long-term debt. 2 Total liquidity includes the $450M Revolver and $348M of Private Placement Shelf Agreements. Shares Outstanding • 24,106,455 shares outstanding as of 8/3/2026$ in millions Executing on Our Financing Strategy $3,218 $3,361 $1,327 $1,318 $293 $370 $1,598 $1,673 12/31/2025 6/30/202618 • 70% of total liquidity available as of 6/30/2026 out of total capacity of $$797.5M million2 • August 2026: Amended, extended and upsized revolving credit facility to $650M, an increase of $200M, leading to updated total capacity of $1.0 billion to support our capital program Debt & Liquidity Update • DEBT: $200 - $250 million of long-term debt 2026 Financing Issuance Expectations 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 28-Jul-2026. 10-Year Dividend CAGR of 9.2% Dividend and Earnings Growth Drive Industry-Leading Annual Shareholder Return ~12%+ 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 EPS 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 (22)% (5)% 10% (5)% (29)% (26)% Q2 2025 Q2 2026 Q2 2025 Q2 2026 Q2 2025 Q2 2026 NORMAL Note: Normal reflects 10-Year Average Heating Degree Days (HDD). Percentages reflect actual HDD above / (below) Normal divided by Normal. MILDER 24 291 345 373 363 (82) (18) COLDER Q2 2026 Weather Milder Than Normal ACTUAL HDD NORMAL HDD VARIANCE 687 603 624 638 63 (35) 30 31 42 42 (12) (11)

 

Q2 Distribution Utility Statistical Data 25 For the Three Months Ended June 30, 2026 For the Three Months Ended June 30, 2025 Operating Revenues (in thousands) Delmarva NG Distribution Florida Natural Gas Distribution FPU Electric Distribution Delmarva NG Distribution Florida Natural Gas Distribution2 FPU Electric Distribution Residential $ 24,162 $ 33,326 $ 12,216 $ 18,110 $ 27,384 $ 11,880 Commercial and Industrial $ 14,278 $ 56,165 $ 13,647 $ 9,994 $ 49,448 $ 10,328 Other1 $ (6,618) $ 2,473 $ 656 $ (1,886) $ 9,266 $ 4,021 Total Operating Revenues $ 31,822 $ 91,964 $ 26,519 $ 26,218 $ 86,098 $ 26,229 Volume (in Dts/MWHs) Residential 965,779 986,512 71,342 788,353 945,763 73,256 Commercial and Industrial 2,309,091 12,350,048 98,677 2,049,542 12,860,231 87,551 Other 59,031 260,936 — 62,650 522,380 — Total 3,333,901 13,597,496 170,019 2,900,545 14,328,374 160,807 Average customers Residential 108,306 214,827 26,035 105,402 211,084 26,061 Commercial and Industrial 8,559 17,610 7,485 8,477 17,461 7,518 Other 25 2 — 24 — — Total 116,890 232,439 33,520 113,903 228,545 33,579 Note: Unaudited Utility statistical data. 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 Six Months Ended June 30, 2026 For the Six Months Ended June 30, 2025 Operating Revenues (in thousands) Delmarva NG Distribution Florida Natural Gas Distribution FPU Electric Distribution Delmarva NG Distribution Florida Natural Gas Distribution2 FPU Electric Distribution Residential $ 82,658 $ 74,198 $ 25,035 $ 64,926 $ 60,825 $ 24,075 Commercial and Industrial $ 42,525 $ 116,910 $ 25,338 $ 32,168 $ 101,903 $ 19,782 Other1 $ (10,778) $ 25,325 $ 3,891 $ (3,261) $ 18,308 $ 5,536 Total Operating Revenues $ 114,405 $ 216,433 $ 54,264 $ 93,833 $ 181,036 $ 49,393 Volume (in Dts/MWHs) Residential 4,165,944 2,464,035 148,601 3,888,137 2,422,018 154,259 Commercial and Industrial 7,018,313 25,366,947 188,394 6,005,850 26,834,886 171,835 Other 152,708 594,020 — 152,738 924,233 — Total 11,336,965 28,425,002 336,995 10,046,725 30,181,137 326,094 Average customers Residential 108,166 214,434 26,038 105,003 210,362 26,014 Commercial and Industrial 8,572 17,511 7,482 8,501 17,436 7,488 Other 26 71 — 26 — — Total 116,764 232,016 33,520 113,530 227,798 33,502 Note: Unaudited Utility statistical data. 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.

 

Second Quarter Results Year-to-Date Results Consolidated Reconciliation Q2 2026 Q2 2025 $ % YTD 2026 YTD 2025 $ % GAAP Operating Revenues $ 201.9 $ 192.8 $ 9.1 5% $ 555.0 $ 491.5 $ 63.5 13% Cost of Sales Nat Gas, Propane, & Electric (51.7) (50.0) (1.7) 3% (198.6) (166.3) (32.3) 19% Operating Expense1 (25.9) (24.0) (1.9) 8% (53.4) (46.7) (6.7) 14% D&A (22.9) (21.9) (1.0) 5% (44.4) (44.4) — —% GAAP Gross Margin $ 101.4 $ 96.9 $ 4.5 5% $ 258.6 $ 234.1 $ 24.5 10% Add Back: Operating Expense1 25.9 24.0 1.9 8% 53.4 46.7 6.7 14% Add Back: D&A 22.9 21.9 1.0 5% 44.4 44.4 — —% Adjusted Gross Margin $ 150.2 $ 142.8 $ 7.4 5% $ 356.4 $ 325.2 $ 31.2 10% $ in millions 27 GAAP to Non-GAAP Reconciliation: Consolidated Note: D&A refers to Depreciation and Amortization Expense. 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.

 

Note: D&A refers to Depreciation and Amortization Expense. 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. Second Quarter Results Year-to-Date Results Regulated Segment Q2 2026 Q2 2025 $ % YTD 2026 YTD 2025 $ % GAAP Operating Revenues $ 164.3 $ 151.8 $ 12.5 8% $ 413.6 $ 351.4 $ 62.2 18% Cost of Sales Nat Gas, Propane, & Electric (39.6) (34.1) (5.5) 16% (141.2) (105.6) (35.6) 34% Operating Expense1 (15.5) (14.6) (0.9) 6% (32.2) (27.9) (4.3) 15% D&A (17.3) (16.8) (0.5) 3% (33.4) (34.4) 1.0 (3)% GAAP Gross Margin $ 91.9 $ 86.3 $ 5.6 6% $ 206.8 $ 183.5 $ 23.3 13% Add Back: Operating Expense1 15.5 14.6 0.9 6% 32.2 27.9 4.3 15% Add Back: D&A 17.3 16.8 0.5 3% 33.4 34.4 (1.0) (3)% Adjusted Gross Margin $ 124.7 $ 117.7 $ 7.0 6% $ 272.4 $ 245.8 $ 26.6 11% Unregulated Segment Q2 2026 Q2 2025 $ % YTD 2026 YTD 2025 $ % GAAP Operating Revenues $ 45.2 $ 47.9 $ (2.7) (6)% $ 158.9 $ 154.6 $ 4.3 3% Cost of Sales Nat Gas, Propane, & Electric (19.8) (22.9) 3.1 (14)% (74.9) (75.1) 0.2 —% Operating Expense1 (10.4) (9.8) (0.6) 6% (21.3) (19.5) (1.8) 9% D&A (5.6) (5.1) (0.5) 10% (11.0) (10.0) (1.0) 10% GAAP Gross Margin $ 9.4 $ 10.1 $ (0.7) (7)% $ 51.7 $ 50.0 $ 1.7 3% Add Back: Operating Expense1 10.4 9.8 0.6 6% 21.3 19.5 1.8 9% Add Back: D&A 5.6 5.1 0.5 10% 11.0 10.0 1.0 10% Adjusted Gross Margin $ 25.4 $ 25.0 $ 0.4 2% $ 84.0 $ 79.5 $ 4.5 7%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. Second Quarter Results Year-to-Date Results Non-GAAP Reconciliation: Net Income /EPS Q2 2026 Q2 2025 $ % YTD 2026 YTD 2025 $ % GAAP Net Income $ 25.4 $ 23.9 $ 1.5 6% $ 84.7 $ 74.8 $ 9.9 13% FCG Transaction+Transition Expenses1 $ — $ 0.4 $ (0.4) (100)% $ — $ 0.6 $ (0.6) (100)% Adjusted Net Income $ 25.4 $ 24.3 $ 1.1 5% $ 84.7 $ 75.4 $ 9.3 12% Diluted Weighted Avg. Common Shares Outstanding 24,174 23,402 24,115 23,223 GAAP Diluted EPS $1.05 $1.02 $ 0.03 3% $3.51 $3.22 $ 0.29 9% FCG Transaction+Transition Expenses1 — 0.02 (0.02) (100)% — 0.03 (0.03) (100)% Adjusted Diluted EPS $1.05 $1.04 $ 0.01 1% $3.51 $3.25 $ 0.26 8% $ in millions except per-share amounts shares in thousands 29 GAAP to Non-GAAP Reconciliation: Adj. Net Income & EPS

 

Source: View Original Filing on SEC EDGAR

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