Slides
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60 th EEI Financial Conference NOVEMBER 2025
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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 the Chesapeake Utilities Annual Report on Form 10 - K for the year ended December 31 , 2024 a s well as other filings made with the Securities and Exchange Commission 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 . Safe Harbor for Forward - Looking Statements
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3 cv Everything Starts with O ur Purpose MISSION VISION VALUES We deliver energy that makes life better for the people and communities we serve. We will be a leader in delivering energy that contributes to a sustainable future. Care: We put people first. Integrity: We tell the truth. Excellence: We achieve great things together.
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4 Chesapeake Utilities at a Glance Note: Statistics as of year - end 2024 ; market capitalization as of November 2025 . 1 Multi - State includes Ohio, North Carolina, South Carolina, and Georgia. Unregulated Energy Operations Both Regulated and Unregulated Energy Operations 2024 Operating Income by Business Type 2024 Operating Income by State NYSE: CPK ~$ 3.1 B market cap ~1,230 employees 450k+ distribution customers $3.6B total assets 85% regulated assets Regulated Energy Segment States We Serve Natural Gas Distribution DE, MD, FL Electric Distribution FL Natural Gas Transmission DE, FL, MD, PA, OH Unregulated Energy Segment States We Serve Propane Distribution Unregulated Businesses OH, PA, DE, MD, VA, NC, SC, GA, FL FloridaDelmarva Peninsula Multi-State3 Ohio Florida Delmarva Multi - State 1 Regulated Transmission Regulated Distribution Unregulated Propane Unregulated Other Regulated Transmission Unregulated Other Unregulated Propane Regulated Distribution
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5 $- $20.0 $40.0 $60.0 $80.0 $100.0 $120.0 $140.0 $160.0 $180.0 $200.0 $- $500.0 $1,000.0 $1,500.0 $2,000.0 $2,500.0 $3,000.0 $3,500.0 $4,000.0 Our Growth Strategy Drives Top - Quartile Performance -10.00% -5.00% 0.00% 5.00% 10.00% $0.00 $1.00 $2.00 $3.00 $4.00 $5.00 $6.00 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 15X Total Asset Growth 13X Adjusted Net Income Growth Adjusted EPS 20 - Yr CAGR: 8% 20 Years of Consistently Top - Quartile ROEs Dividend per Share 20 - Yr CAGR: 6% Regulatory Success Bolt - on Acquisitions Significant Organic Growth 140+ Years of Operations Total Assets: $3.6B Adj. Net Income: $121.5M Adj. EPS: $5.39 Annualized DPS: $2.56 ROE 9.1% ACQUISITION OF ACQUISITION OF ▪ Grow earnings from a stable regulated energy delivery foundation ▪ Invest in related businesses and services that provide opportunities for returns greater than traditional utility returns ▪ Identify and develop opportunities across the energy value chain ▪ Emphasis on regulated midstream and downstream investments that are accretive to earnings per share and create opportunities to continue our record of top tier returns
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6 Three Pillars of Our Fundamental Growth Strategy Earnings & Dividend Growth Drive Increased Shareholder Value Foundation of operational excellence across the organization Prudently deploy investment capital Proactively manage regulatory agenda Continually transform business operations
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7 Delivering with Purpose, Reaching New Heights Attractive Service Areas investing in unparalleled growth Focus on Our Three Pillars supporting our growth strategy Top - Quartile Performance maintaining our track record Highly - Engaged Team with the right focus Disciplined Financing Strategy supporting growth and stability 1 2 3 4 5
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8 Operating in High - Growth Service Areas Top - Quartile Growth 1 • 4. 3 % residential growth • 1.5% commercial growth • ~4,000 new customers • Attracting new residents • Expanded gas service driving commercial and industrial growth Top - Quartile Growth 1 • 2.8 % residential growth • 1. 6 % commercial growth • ~6,700 new customers • #1 for state in - migration 2 • New communities being developed across the state • Space & Port present potential growth DELMARVA FLORIDA Variety of growth drivers: • Expand propane distribution • Leverage community gas expertise into this market as well as AutoGas capabilities Variety of growth drivers: • Residential growth in several key counties • Potential to serve generation for data centers • Initiating Marlin Virtual Pipeline operations NORTH CAROLINA OHIO 1 Percentages reflect growth in Q 3 ’25 versus Q 3 ’24 ; new customers reflects full - year 2024 growth relative to 2023. 2 State Population Totals Report produced by the United States Census Bureau in December 2024.
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9 Continued Strong Customer Growth Significant Potential New Home Construction Driving Growth3 ~40 - 60 New Housing Projects ~70 - 90 New Housing Projects ~40 - 60 New Housing Projects ~80+ New Housing Projects YTD Residential Customer Growth: 2025 vs 2024 Potential New Home Construction Drives Residential & Commercial Growth “Florida’s population is forecasted to reach 24 million and Florida will remain #1 in the country for net income migration… Florida’s Real GDP is projected to grow by 2.5% - 3.0%, surpassing national trends and reflecting the state’s robust economic foundation.” “Delaware is growing. The First State has 6th biggest per capita population bump in US.” “The top state for retirement is Delaware… due to strong scores on residents’ well - being and weather, while still offering reasonable affordability.” DELMARVA FPU FCG
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10 10 ~$1.4 billion of identified capital projects support our 5 - year CapEx guidance of $1.5 - $1.8 billion >70% capital spend with existing regulatory approvals or recovery mechanisms Identified CapEx 5 - Year Spend Natural Gas LDC Organic Growth $625M Worcester Resiliency Upgrade $100M Newberry, Wildlight Phase 2 $28M Boynton Beach, New Smyrna $36M Lake Mattie, St. Cloud, Plant City $42M Miami Inner Loop Projects $40M Other Approved Pipeline Projects $49M GUARD / SAFE Programs $230M Eastern Shore Capital Surcharge $75M Florida Electric Storm Protection Plan $50M Unregulated Businesses $20M Technology Transformation $90M Total Identified & Ongoing Capital ~$1.4B Segment 5 - Year Guidance Regulated Distribution $600 - $645M Regulated Transmission $435 - $590M Regulated Infrastructure $325 - $375M Unregulated Businesses $100 - $140M Technology $70 - $90M Total $1.5 - $1.8B Investment Significant Progress on 5 - Year CapEx Spend
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11 11 RELIABILITY INFRASTRUCTURE: system upgrades and replacements Margin growth driven by multiple streams of capital investment opportunities Adjusted Gross Margin ($M) Jurisdiction Program Capital Investment 2024A 2025E 2026E Q 3 '24 Q 3 '25 FPU GUARD $205M 1 $3.6 $6.9 $9.9 $0.9 $1.9 FCG SAFE $255M 1 $3.8 $8.5 $12.0 $1.1 $2.3 ESNG Capital Cost Surcharge $50 - 75M 2 $3.2 $5.7 $7.1 $0.8 $1.4 FPU Electric Storm Protection Plan $50 - 75M 2 $3.2 $5.9 $8.8 $0.7 $1.8 Reliability Infrastructure Adj. Gross Margin Total $13.8 $27.0 $37.8 $3.5 $7.4 TRANSMISSION INFRASTRUCTURE: new investments to meet growth & demand 1 Reflects PSC-approved 10-year capital investment. 2 Reflects 5-year capital investment range. Adjusted Gross Margin ($M) Project Type Capital Investment 2024A 2025E 2026E Q 3 '24 Q 3 '25 Approved Transmission Expansions ~$ 3 2 7M $4.0 $22.8 $46.1 $1.3 $6.9 Investment Multi - Faceted Growth Capital
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12 12 Investment Transmission Projects Drive Significant Margin Growth # Project Name Status 1 In - Service Total CapEx Adj. Gross Margin ($M) 2025E 2026E 1 St. Cloud / Twin Lakes In - Service Q3 2023 ~$4M $0.6 $0.6 2 Newberry Expansion In - Service Q2 2024 ~$15M $2.6 $2.6 3 Warwick Extension In - Service Q4 2024 ~$9M $1.9 $1.9 4 Plant City In - Service Q4 2024 ~$4M $1.2 $1.2 5 Boynton Beach In - Service Q1 2025 ~$21M $3.0 $3.4 6 Indian River RNG In - Service Q1 - Q2 2025 ~$18M $2.5 $5.4 7 Brevard RNG In - Service ~$6M 8 Medley RNG In - Service ~$22M 9 New Smyrna Beach In - Service Q2 2025 ~$15M $1.6 $2.6 10 St. Cloud Expansion In - Service Q2 2025 ~$20M $2.2 $3.2 11 Wildlight Phase 1 & 2 In - Progress 2023 - 2025 ~$25M $3.0 $4.3 12 Miami Inner Loop In - Progress 2H 2025 ~$40M $2.8 $7.6 13 Lake Mattie In - Progress Q4 2025 ~$18M $1.4 $3.1 14 Worcester Resiliency Upgrade (WRU) In - Progress Q2 2026 ~$100M — $10.2 15 AEX Duncan Plains In - Progress 2027 $10M — — Totals: $327M $22.8 $46.1 1 May reflect interim in - service status using Marlin Virtual Pipeline Services while construction is being completed.
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13 • $100 million LNG storage facility consisting of five low - profile horizontal tanks with 500K gallons of storage • Critical project to support affordable energy prices, protect against weather - related disruptions , support peak loads and prepare for incremental demand and growth in southern Delaware and Maryland Key Growth Projects Across Jurisdictions Investment Worcester Resiliency Upgrade (WRU) • Series of projects representing $40 million of incremental capital investment for infrastructure in Miami • Transportation infrastructure expansion will support FCG’s existing system and future growth in addition to improving access to gas supply from multiple points Miami Inner Loop Projects IN SERVICE: Mid - 2026 1 2026E Margin: $ 10.2 M IN SERVICE: 2H 2025 2025E Margin: $ 2.8 M 2026E Margin: $ 7.6 M 1 Subject to commissioning and final FERC approval.
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14 Identifying New Growth Projects Potential Opportunities in Delaware, Maryland & Virginia • Natural gas transmission expansions to support demand in Delaware and Cecil County, MD along the primary highway that links Maine to Miami • Area is a central point between major residential and business hubs of Philadelphia, PA, Baltimore, MD and Washington D.C. • Significant recent growth in warehouses and retail distribution centers along with shopping centers and residential communities • Incremental expansions driven by Eastern Shore Open Season processes • Expansions in the southern end of CPK’s transmission system, including service to Virginia’s space and agricultural industries • State of Virginia recently awarded Accomack County a $6 million grant to explore expansion of natural gas to the area • Accomack County is home to Wallops Island Flight Facility, including NASA’s Lyndon B. Johnson Space Center Investment 1 Cecil Indicates CPK’s natural gas distribution service area. 2 1 2
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15 • Natural gas transmission expansions to serve potential data centers and a growing population • Delivering natural gas for a growing manufacturing sector • Recently opened a Marlin Virtual Pipeline Services office to serve growing demand Identifying New Growth Projects (cont’d) Potential Industrial, Commercial & Residential Opportunities in Florida • Natural gas expansion for Florida’s Space Coast to serve cruise, space and port industries • Natural gas expansion in South Florida to add capacity and resiliency in the greater Miami area • Additional RNG and virtual pipeline transportation opportunities across the state Investment 1 2 3 1 2 3 New Growth in Ohio Indicates CPK’s natural gas distribution service area in Florida and pipeline infrastructure in Ohio.
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16 Overview of State Regulatory Environments State Delaware Maryland Florida Regulatory Agency Delaware Public Service Commission Maryland Public Service Commission Florida Public Service Commission Commissioners 5, appointed by Governor 5, appointed by Governor 5, appointed by Governor Term 5 - Year, Part - Time 5 - Year, Full - Time 4 - Year, Full - Time RRA Rating 1 Average / 2 Below Average / 3 Above Average / 2 1 Per August 2024 Report by Regulatory Research Associates, part of S&P Global Commodity Insights. Rankings range from Above Average / 1-3, Average / 1-3, and Below Average / 1-3. 2 Chesapeake Utilities of Maryland Incorporated reflects the recent consolidation of subsidiaries Sandpiper and Elkton Gas, per the rate case concluded in April 2025. Company Type: Natural Gas Electric CPK Business Units CU Delaware Chesapeake Utilities of Maryland 2 FCG Gas FPU Gas FPU Electric Last Rate Case Order June 2 025 April 2025 June 2023 March 2023 July 2025 Allowed ROE 9. 60 % not disclosed 9.5 0 % 10.25% 10.2 0 % Regulated Equity % 52% not disclosed 53% 45% 5 0 % Infrastructure Mechanism ✓ ✓ STRIDE ✓ SAFE ✓ GUARD ✓ SPP Margin Stability ✓ ✓ Chesapeake Utilities maintains strong positive relationships with regulators in all jurisdictions. These constructive regulatory environments have approved ROEs that average 10%, with additional upside in some operations. Regulatory
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17 17 Regulatory Constructive Regulatory Progress Rate Cases 2024 2025 2026 Status Maryland Docket #9722 -- $ 1.5 $3.5 April 2025: Received Final Order approving annual revenue increase of $3.5M Delaware Docket #24 - 0906 $ 0.6 $ 4. 5 $6.1 • June 2025: Received Final Order approving annual revenue increase of $6.1M • October 2025: Reached final approved settlement on issues related to rate design and tariffs FPU Electric Docket #20240099 $ 0.3 $7.1 $8.6 J une 2025: Received Final Order approving annual revenue increase of $8.6M Total $0.9 $13.8 $18.2 32% growth in 2026 over FY 2025 Margin in millions Other Filings Status FCG Depreciation Study Docket #20 250035 • February 2025: Requested a 2 - year amortization of the excess depreciation reserve and a $1M reduction in depreciation expense in the form of revised annual depreciation rates • Sept - Oct 2025: Transitioned from PAA to Hearing, updated request to $19.2 million of excess depreciation • By February 202 6 : Final order expected (retroactive to Jan. 1, 2025)
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18 18 Implementing the Technology Roadmap • Operational programs, upgrades and cyber security SAP System Implementation Complete • “1CX” for One Customer Experience • New regulated customer billing system • Full company now integrated through two successful roll - outs • Standardizing service and operations Transform • Expanding the Safety Data Management System (SDMS) capabilities o Damage Prevention module o Strengthening our emergency and incident response functionality Business Transformation Supports Growth • Initiating a multi - year, company - wide Enterprise Resource Plan • Builds upon the SAP foundation established with the 1CX implementation; establishes a foundation for future growth • Enhanced processes that drive efficiencies into regulatory strategy and compliance processes • Technology platform driving consistent processes • Improved access to data reporting and analytics to drive timely business decisions • Improves ability to hire and retain high - quality talent Technology Supporting “One Company” Approach Enhancing Safety & Security
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19 19 Strategic Themes for Transformation CUSTOMER EXPERIENCE: Improve billing, streamline service requests, modernize customer interactions through automation and digital platforms. OPERATIONAL EXCELLENCE: Enhance operations , asset management and field service efficiency using SAP, GIS and AI - enabled tools. DIGITAL AGILITY: Strengthen cybersecurity, modernize IT infrastructure and automate workflows with AI to boost productivity and resilience. EMPLOYEE EXPERIENCE: Elevate engagement, talent planning and training while improving internal service delivery and change management. FINANCIAL MODERNIZATION: Automate key processes , optimize supply chain operations and modernize analytics Transform
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20 • 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 • 2024 represented the lowest ratio of operating expense to gross margin Managing Operational Expenses Gross Margin Growth Outpaces O&M Increases Transform $ in millions $328.7 $350.3 $383.0 $420.2 $454.1 $567.4 54.2% 51.3% 49.4% 49.6% 50.1% 47.5% 42.0% 44.0% 46.0% 48.0% 50.0% 52.0% 54.0% 56.0% 58.0% 60.0% $0 $100 $200 $300 $400 $500 $600 2019 2020 2021 2022 2023 2024 Adjusted Gross Margin Operating Expenses as a % of Adj. Gross Margin $325.1 54.8%
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21 Depth and breadth of leadership drives business transformation Significant industry knowledge, experience and expertise Culture of financial discipline and operational health and safety Focus on leadership training & long - term succession planning Preparing workforce for significant transformation and growth Recent survey results demonstrates highly - engaged workforce Engaged Team with the Right Focus CPK’s FOUR FOCUS AREAS OF GIVING Community Investment Transformation & Growth 12,060 hours volunteered by our team members $1.25 million of charitable donations & sponsorships Note: Community Investment statistics reflect 2023 & 2024 combined.
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22 Financing Strategy Supports Growth and Stability Growth Capital Regulatory Agenda Business Transformation Operational Drivers Financial Parameters Target Capital Structure: 50% Debt / 50% Equity Maintain Investment Grade Credit Rating Long - Term Financing Plan EQUITY DEBT DIVIDEND POLICY
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23 Equity as a Percent of Total Capitalization Commitment to Balance Sheet Strength 2025 Financing Updates Total Liquidity 1 Total available liquidity of 87%: $ 65 6 M out of Total Capacity of $ 7 5 5M • $ 83.1 M equity issued through 9 /3 0 /2025 • 104,871 shares issued in October 2025 • 23,650,684 shares outstanding as of 11/3/2025 • $200M long - term notes issued Aug - Sept 2025 Florida City Gas Acquisition Impact 50% Target Equity to Capitalization 1 Total liquidity includes the upsized $450M Revolver and $ 30 5 M of Private Placement Shelf Agreements. Inaugural Credit Rating March 2024 : CPK secured its first public credit rating from Fitch Ratings Investment Grade Rating: Long - Term Issuer Default Rating of BBB+ with a stable outlook and an A - instrument rating 50% 52% 52% 51% 51% 53% 53% 53% 47% 48% 48% 49% 48% 49% 50% 49%
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24 24 1 Calculated through 12/31/2024. Dividend Increases in 30 of the last 32 Years – Since 1994 65 Consecutive Years of Dividend Payments – Since 1961 22 Consecutive Years of Dividend Increases – Since 2004 2025 Reflects 7% Annual Increase Dividend Policy Drives Shareholder Value Annualized Dividend Per Share Industry - Leading Annual Total Shareholder Return ~ 12%+ 10 - Year CAGR 1 Retained Earnings enables CPK to reinvest to support growth plan Growth Plan drives Earnings Growth ~8.5% 10 - Year CAGR 45 - 50% Target Payout Ratio Dividend Growth aligned with EPS Growth
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25 25 Guidance • YT D 2025 Adj. EPS of $ 4.06 • 2025 Adj. EPS Guidance of $6.15 to $6.35 • 2028 Adj. EPS Guidance of $7.75 to $8.00 • Annual shareholder return of 14% or greater for the past 1 - , 10 - , 15 - & 20 - year periods • > 3 00 % increase in stock price over the past 15 y ea rs 1 Adjusted EPS excludes transaction and transition - related expenses incurred attributable to the acquisition of FCG. Earnings Growth Driven by Capital Investment... … Leading to Best - in - Class Shareholder Return $6.15 $7.75 +8.4 – 8.7% 10 - Year CAGR +14% – 18% 2025 EPS Guidance Indicates 14 - 18% Growth Adjusted Earnings per Share 1
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26 2021 2022 2023 2024 2025E 2026E 2027E 2028E Commitment to Long - Term Targets to sustain our long - term growth trajectory $6.15 - $6.35 $7.75 - $8.00 $750M - $1.0B $1.5B - $1.8B $6.05 - $6.25 Updated CapEx and EPS guidance due to additional organic growth investment opportunities 2028 Adj. EPS Guidance 2025 Adj. EPS Guidance 2024 – 2028 CapEx Guidance 2021 – 2025 CapEx Guidance Investment Regulatory Transform $900M - $1.1B acquisition Long - Term Success driven by Delivering on Three Pillars of Growth Strategy 1.5% Adj. EPS Growth
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27 What Drives Success in 2024, 2025 & Beyond? Investment Regulatory Transform 2024 2025+ Reliability projects driving significant gross margin “One Company” approach to upgrade technology Returning to target capital structure of 50% equity Fully integrating FCG operationally & culturally Constructive rate case outcomes in DE, MD & FL Timely recovery of full FCG Excess Depreciation Bringing 14+ new growth projects online on time A Closer Look: 2024 - 2025 Growth Deploying $700M+ in organic capital investments 2023 2024 2025E Maintaining strong local, state, federal relationships
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28 8% CPK Strategic Plan Delivers Peer - Leading Growth • Adj. Gross Margin up 1 2 % • Adj. Net Income up 13 % • Adj. EPS up 8 % to $ 4.06 • CapEx up 31 % to $ 336 million 2025 EPS GUIDANCE 2 $6.15 - $6.35 2028 EPS GUIDANCE $7.75 - $8.80 Peer Companies … to Drive Peer - Leading LT EPS Growth 2025 CAPEX GUIDANCE $ 425 M - $ 450 M 5 - Year CAPEX GUIDANCE $1.5B - $1.8B Strong YT D 2025 Results 1 … …Supporting 2025 & 2028 CapEx & Adj. EPS Guidance Ranges… 1. Growth relative to YT D 2024 . 2. Assumes a successful outcome on the FCG Depreciation Study achieved for 2025.
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29 29 Top - Quartile Growth & Total Shareholder Return Reaching New Heights in 2025 Maintaining Our Financial Discipline Delivering on Our Promises Focusing on the Three Pillars of Growth Achieving EPS & Capital Guidance
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APPENDIX ADDITIONAL INFORMATION
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31 31 Year Q1 Q2 Q3 Q4 2024 39% 16% 15% 30% 2023 38% 17% 13% 31% 2022 41% 19% 11% 29% 2021 41% 16% 15% 27% 2020 42% 15% 13% 29% 5 - Year Average 41 % 1 6 % 1 3 % 29 % 1 Adjusted EPS starting in Q3 2023, which excludes transaction and transition - related expenses incurred attributable to the acquisition of FCG. See appendix for a reconciliation of non - GAAP metrics. Quarterly Earnings Cadence Historical Actual EPS Quarterly Distribution There are several factors that shift the cadence of our quarterly earnings profile in 2025. 1 2025 Actual EPS Cadence 1 Quarterly Adj. EPS divided by low & high end of 2025 EPS guidance range Shift in earnings cadence driven by: • Timing of in - service dates for major capital projects, which is more heavily weighted in Q4 2025 • Timing of RSAM Adjustments versus timing and outcome of FCG Depreciation Study
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32 32 +3% +8% 1 See p. 43 - 45 for a reconciliation of non - GAAP metrics. Incremental growth in Adjusted Gross Margin, Adjusted Net Income & Adjusted Earnings Per Share 1 Adjusted Gross Margin 1 Adjusted Earnings Per Share 1 Adjusted Net Income 1 + 12% Consistent Growth in Q3 2025 $ millions except per share amounts
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33 33 1 See p. 43 - 45 for a reconciliation of non - GAAP metrics. Adjusted EPS for the third quarter benefited from natural gas transmission, distribution and infrastructure growth, approved rate cases and virtual pipeline transportation Adjusted Earnings Per Share 1 Q3 2025 Key Performance Drivers
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34 34 Total Capitalization Equity Short - Term Debt 1 Long - Term Debt 48% 8% 44% 49% 4% 47% 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 upsized $450M Revolver and $305M of Private Placement Shelf Agreements. Equity Issuances & Shares Outstanding • 125, 5 90 shares issued throughout Q3 2025 • $83.1M equity issued YTD through 9/30/2025 • 104,871 shares issued in October 2025 • 23,650,684 shares outstanding as of 11/3/2025 $ in millions Executing on Our Financing Strategy • $200M of new long - term debt issued in Q3 2025 ◦ $60.0M at 4.88% due August 2028 ◦ $50.0M at 5.02% due September 2030 ◦ $90.0M at 5.16% due August 2031 • 87% of total liquidity available as of 9/30/2025 ◦ Out of total capacity of $755 million 2 Debt & Liquidity Update
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35 35 Q3 2025 LONG - TERM DEBT ISSUANCE • $200M Private Placement issuance of unsecured Senior Notes with an average rate of 5.04% ◦ $150M funded on August 1, 2025 ◦ $50M funded on September 15, 2025 $ in millions Long - Term Debt Maturity Profile 1 Reflects long - term debt balance as of September 30, 2025. 1 August 2025 New Debt Issuance
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36 As part of our vision of being a leader in delivering energy that contributes to a sustainable future, Chesapeake Utilities is poised to execute on opportunities that leverage our existing transportation services and construction expertise to provide pathways for RNG Brevard, Indian River & Miami - Dade Counties, FL RNG Transportation Madison County, Northwest Florida Full Circle Dairy Somerset County, Maryland Planet Found • CPK - owned $29 million RNG production facility, commissioned in October 2024 • Produces an average of 100,000 dekatherms of RNG annually, which is then is transported and injected into the CPK system in Yulee, FL • Project leverages CPK capabilities across the energy delivery chain, including virtual and traditional pipeline transportation • Acquired in October 2022, Planet Found Energy Development is developing poultry litter energy technologies and performing ongoing R&D of waste - to RNG facilities • In July 2024, the Florida PSC approved CPK to construct infrastructure in three Florida counties to transport RNG from third - party production facilities into the CPK system • In totality, the three projects represent ~27 miles of transportation along with associated facilities at a total capital cost of approximately $46M Shiloh, Ohio Noble Road Yulee, Florida Radio Road • 33 - mile pipeline transporting RNG from the third - party Noble Road Landfill to Aspire Energy’s gathering system • CPK’s first gate system in Florida to allow alternative fuels to be injected into the local distribution system; can accept RNG, CNG & LNG Renewable Natural Gas (RNG) Initiatives
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37 Micro - Sustainability Reports Measuring Progress Report Includes: • Our Sustainability Commitments • Being a Good Neighbor • Reducing Environmental Impact • Greenhouse Gas Profile • Impact of our Communities • Continuous Improvement Goals Report Includes: • Overview of our Safety Culture • Safety Programs & Initiatives • Impact of Training Facilities • Employee Safety Engagement • Progress on Safety Targets • Reliability & Resiliency Initiatives Report Includes: • Our Engagement Commitments • Organizational Culture • Employee Engagement • Community Investments • Customer Investments • Recognitions and Awards
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38 • Distribution of natural gas to ~28 counties across Florida through two brands: • Florida Public Utilities (FPU) • Florida City Gas (FCG) acquired in 2023 Natural Gas: FPU & FCG • Transmission and distribution of electricity to 4 counties in Northern Florida • Acquired through the Florida Public Utilities transaction in 2009 FPU Electric $94.6M FY 2024 Operating Income 223k Customers ~7,200 Miles of Distribution Mains 1985 First Year of Operating in Florida 3.9% 1 Q4 2024 Residential Customer Growth 61.8 Million Dth of Natural Gas delivered through Q4’24 33k customers 708K MWh’s Delivered through Q4’24 $ 9.6 M FY 2024 Op. Inc. 924 miles Electric Transmission & Distribution Lines Lucia FPU Gas Service Territories Regulated Distribution: Florida 44% of FY 2024 Operating Income $1,912M Assets atYE’24 (53% of total) 1 Excludes growth from FCG as comparable year (2023) did not include FCG operations.
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39 Regulated Distribution: Delmarva • Distribution of natural gas to 9 counties on the Delmarva Peninsula • Operates as two divisions – Delaware and Maryland – under the Chesapeake Utilities brand • Sandpiper Energy (acquired in 2013) and Elkton Gas (acquired in 2020) were consolidated into “Chesapeake Utilities of Maryland” in 2025 Chesapeake Utilities: DE & MD $24.5M FY 2024 Operating Income 110k Customers ~2,100 Miles of Distribution Mains ~10.25% 1 Average Allowed ROE in DE / MD 4.0% YTD Q4 2024 Residential Customer Growth 15.3 Million Dth of Natural Gas delivered through Q4’24 1859 First Year of Operating in DE 1948 First Year of Operating in MD 11,000+ Homes Converted from Propane to Natural Gas 10.7% of FY 2024 Operating Income $450M Assets atYE’24 (13% of total) 1 Allowed ROEs varies by division within Delmarva.
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40 OH FL PSC Regulator 1 Intrastate Pipeline System $22.7M YTD Q4 2024 Operating Income 187 miles System Size 7 Counties Served by PPC 12 Projects Approved by the Florida PSC in 2024 FERC Regulator Interstate Pipeline System $43.6M YTD Q4 2024 Operating Income 521 miles System Size Across PA, DE, & MD 1955 Year of ESNG Incorporation 21,495 Total System Horsepower of Compression Eastern Shore Natural Gas (ESNG) Peninsula Pipeline Company (PPC) Aspire Energy Express (AEX) PUCO Regulator 2 Intrastate Pipeline System $1.2M YTD Q4 2024 Operating Income 300k Dekatherms of System Capacity 2020 Year Approved as a Pipeline Company 1,875 MW Size of Generation Customer 1 Safety regulated, but no cost of service regulation. 2 While operations are regulated by PUCO, rates are negotiated through contract. Regulated Transmission Businesses 30% of FY 2024 Operating Income $681M Assets atYE’24 (19% of total)
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41 • Operations largely concentrated in areas not yet served by natural gas; provides opportunity to transition customers to natural gas distribution service in the future • Sells and distributes propane gas to residential, commercial, industrial, wholesale and AutoGas customers • Markets Community Gas Systems (CGS), propane distribution systems that serve communities from a central propane storage facility Sharp Energy Propane Distribution $16.5M FY 2024 Operating Income 86k Customers 277 Employees 59 Propane Fueling Stations 1,600+ Vehicles Fueled with Propane Autogas 7.6 Metric Tons of C0 2 Avoided by Autogas 7 States Served: PA, MD, DE, VA, NC, SC, FL 152 Miles of Underground Propane Gas Mains ~8.5M Gallons of Bulk Propane Storage Florida Unregulated Propane Distribution 7.2% of FY 2024 Operating Income $188M Assets atYE’24 (5% of total)
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42 RNG • Combined heat and power (CHP) plant on Amelia Island, Florida • Generates electricity, steam and water while meeting an 80% efficiency target and producing fewer air pollutants; electricity sold to FPU • Successful low - blend hydrogen testing Marlin Operations • Supplies natural gas to large LDCs – Consumers Gas Cooperative and Columbia Gas of Ohio • 16 operational gathering systems in the Marcellus and Utica shale production areas • 2,800 miles of gathering and intrastate pipelines • Serves 305 producers across Central and Eastern Ohio, including serving areas around the growing Columbus region Aspire Energy Produces ~100k Dth / yr of pipeline quality RNG from dairy manure at Full Circle Dairy Farm; RNG is injected into Chesapeake Utilities’ system in Florida Full Circle Dairy First poultry waste - to - RNG production site in the U.S. expected to produce 3.6k Dth / yr of pipeline quality natural gas, and be injected into Eastern Shore via Marlin Planet Found Eight Flags CHP • Premier provider of virtual pipeline solutions, with nationwide mobile gas delivery of compressed natural gas (CNG), liquefied natural gas (LNG), renewable natural gas (RNG), and hydrogen • Operates a fleet of 84 trailers to provide energy solutions for various applications nationwide; total delivery capacity of >26k Dth • Positioned to be a transporter of choice for RNG Unregulated Businesses Support the Regulated Value Chain Other Unregulated Businesses 7.1% of FY 2024 Operating Income $298M Assets atYE’24 (8% of total)
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43 43 Third Quarter Results Year - to - Date Results Consolidated Reconciliation Q3 2025 Q3 2024 $ % YTD 2025 YTD 2024 $ % GAAP Operating Revenues $ 179.6 $ 160.2 $ 19.4 12% $ 671.1 $ 572.2 $ 98.9 17% Cost of Sales Nat Gas, Propane, & Electric (42.4) (38.2) (4.2) 11% (208.7) (159.1) (49.6) 31% Operating Expense 1 (22.1) (18.8) (3.3) 18% (69.6) (60.1) (9.5) 16% D&A (23.3) (16.8) (6.5) 39% (67.7) (51.7) (16.0) 31% GAAP Gross Margin $ 91.8 $ 86.4 $ 5.4 6% $ 325.1 $ 301.3 $ 23.8 8% Add Back: Operating Expense 1 22.1 18.8 3.3 18% 69.6 60.1 9.5 16% Add Back: D&A 23.3 16.8 6.5 39% 67.7 51.7 16.0 31% Adjusted Gross Margin $ 137.2 $ 122.0 $ 15.2 12% $ 462.4 $ 413.1 $ 49.3 12% $ in millions 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 re qu irements 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, 2024 for additional details.
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44 44 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 re qu irements 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, 2024 for additional details. Third Quarter Results Year - to - Date Results Regulated Segment Q3 2025 Q3 2024 $ % YTD 2025 YTD 2024 $ % GAAP Operating Revenues $ 146.4 $ 130.6 $ 15.8 12% $ 497.8 $ 429.7 $ 68.1 16% Cost of Sales Nat Gas, Propane, & Electric (31.7) ( 28.4) (3.3) 12% (137.3) (105.7) (31.6) 30% Operating Expense 1 (12.6) (10.7) (1.9) 18% ( 40.5) (35.7) ( 4.8) 13% D&A (18.2) (12.3) (5.9) 48% ( 52.6) ( 39.5) (13.1) 33% GAAP Gross Margin $ 83.9 $ 79.2 $ 4.7 6% $ 267.4 $ 248.8 $ 18.6 7% Add Back: Operating Expense 1 12.6 10.7 1.9 18% 40.5 35.7 4.8 13% Add Back: D&A 18.2 12.3 5.9 48% 52.6 39.5 13.1 33% Adjusted Gross Margin $ 114.7 $ 102.2 $ 12.5 12% $ 360.5 $ 324.0 $ 36.5 11% Unregulated Segment Q3 2025 Q3 2024 $ % YTD 2025 YTD 2024 $ % GAAP Operating Revenues $ 40.7 $ 35.6 $ 5.1 14% $ 195.3 $ 160.1 $ 35.2 22% Cost of Sales Nat Gas, Propane, & Electric (18.3) (15.8) (2.5) 16% ( 93.4) ( 70.9) ( 22.5) 32% Operating Expense 1 (9.5) (8.1) (1.4) 17% ( 29.0) ( 24.4) ( 4.6) 19% D&A (5.1) ( 4.5) ( 0.6) 13% (15.1) (12.2) ( 2.9) 24% GAAP Gross Margin $ 7.8 $ 7.2 $ 0.6 8% $ 57.8 $ 52.6 $ 5.2 10% Add Back: Operating Expense 1 9.5 8.1 1.4 17% 29.0 24.4 4.6 19% Add Back: D&A 5.1 4.5 0.6 13% 15.1 12.2 2.9 24% Adjusted Gross Margin $ 22.4 $ 19.8 $ 2.6 13% $ 101.9 $ 89.2 $ 12.7 14% GAAP to Non - GAAP Reconciliation: Segment Results $ in millions
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45 45 1 Transaction and transition - related expenses represent costs incurred attributable to the acquisition and integration of FCG inc luding, 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 2025 Q3 2024 $ % YTD 2025 YTD 2024 $ % GAAP Net Income $ 19.4 $ 17.5 $ 1.9 11% $ 94.2 $ 81.9 $ 12.3 15% FCG Transaction+Transition Expenses 1 $ 0.1 $ 0.6 $( 0.5) (83)% $ 0.7 $ 2.3 $ (1.6) (70)% Adjusted Net Income $ 19.5 $ 18.1 $ 1.4 8% $ 94.9 $ 84.2 $ 10.7 13% Diluted Weighted Avg. Common Shares Outstanding 23,629 22,564 23,360 22,402 GAAP Diluted EPS $0.82 $0.78 $0.04 5% $4.03 $3.66 $ 0.37 10% FCG Transaction + Transition Expenses 1 — 0.02 ( 0.02) (100)% 0.03 0.10 ( 0.07) (70)% Adjusted Diluted EPS $0.82 $0.80 $ 0.02 3% $4.06 $3.76 $ 0.30 8% $ in millions except per - share amounts shares in thousands GAAP to Non - GAAP Reconciliation: Adj. Net Income & EPS
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46 46 We’d love to hear from you! Lucia Dempsey Chesapeake Utilities Corporation Head of Investor Relations C: (347) 804 - 9067 LDEMPSEY@CHPK.COM New York, NY