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Here are 1-3 brief analogies for Middlesex Water:

• The Con Edison of water utilities.

• A regional utility company, similar to a local electric or gas provider like PG&E, but focused solely on water and wastewater services.

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Here are the major services provided by Middlesex Water (MSEX):

• Potable Water Distribution: The company supplies treated drinking water to residential, commercial, and industrial customers.
• Contract Water System Operations: Middlesex Water provides management, operations, and maintenance services for water systems owned by other municipalities and private entities.
• Contract Wastewater System Operations: The company offers operations and maintenance services for wastewater collection and treatment systems for municipal and private clients.

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Middlesex Water (MSEX) - Major Customers

Middlesex Water (MSEX) is a regulated public utility that provides water and wastewater services. As such, it sells primarily directly to end-users within its service territory, rather than to other companies for resale.

The company serves the following primary categories of customers:

• Residential Customers: This category includes individual households, families, and tenants in single-family homes, multi-family dwellings, and apartments that use water for domestic purposes.
• Commercial Customers: This segment comprises various businesses such as restaurants, retail stores, office buildings, small businesses, and other non-industrial establishments that use water for operational and sanitary needs.
• Industrial Customers: This category includes larger manufacturing plants, industrial facilities, and other businesses with significant water demands for production processes, cooling, and other industrial uses.

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Nadine Leslie, Chair, President and Chief Executive Officer

Nadine Leslie was appointed President and CEO of Middlesex Water Company effective March 1, 2024, and was named Chair of the Board in May 2025. She brings over 25 years of domestic and international experience in the water industry. Prior to joining Middlesex Water, she served as Chief Executive Officer of SUEZ North America from 2019 to 2022, where she was responsible for overseeing an environmental company with revenues exceeding $1.1 billion, providing water and recycling and recovery services to millions in the U.S. and Canada. Before that, she held the position of Executive Vice President - Health & Safety for the Paris-based SUEZ Group. Her career at SUEZ North America began in 2000, where she held various leadership roles of increasing responsibility.

Mohammed G. (Rally) Zerhouni, Senior Vice President, Chief Financial Officer & Treasurer

Mohammed G. (Rally) Zerhouni was appointed Senior Vice President, Chief Financial Officer & Treasurer of Middlesex Water Company effective June 24, 2024. He is an accomplished finance leader with over 20 years of experience, primarily in the regulated utility sector. Most recently, he served as Senior Vice President of Finance and Principal Accounting Officer of SJW Group. Before his time at SJW Group, Mr. Zerhouni was the Chief Financial Officer for Veolia North America's regulated utility business, where he led the development and execution of their finance transformation roadmap. He also led audit engagement teams at PwC, with a focus on large investor-owned utilities.

Gregory Sorensen, Vice President and Chief Operating Officer

Gregory Sorensen assumed the role of Vice President and Chief Operating Officer of Middlesex Water Company on December 16, 2024. He possesses extensive experience in the utility sector and is responsible for overseeing the company's operational performance, including direct oversight of Engineering and Operations, environmental compliance, safety, water and wastewater operations, capital program planning and delivery, safety and security, sustainability, and growth initiatives.

Jay L. Kooper, Vice President, General Counsel & Secretary

Jay L. Kooper joined Middlesex Water in March 2014 as Vice President, General Counsel and Secretary. He brings more than 20 years of experience as a public utilities attorney, having represented clients across various public utility sectors, including water, wastewater, electric, gas, telephone, and cable.

Robert J. Capko, Principal Accounting Officer

Robert J. Capko, a Certified Public Accountant, joined Middlesex Water Company in 2009 as Corporate Controller and was appointed Principal Accounting Officer on March 28, 2023. Prior to joining Middlesex, he was an Audit Senior Manager with Deloitte & Touche LLP, specializing in publicly traded regulated utilities.

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1. Regulatory Risks: The company's profitability is heavily reliant on timely and favorable outcomes from rate case decisions by regulatory bodies, particularly in New Jersey. Delays or unfavorable decisions on rate increase requests can impede the company's ability to recover increased operating costs and finance necessary infrastructure investments, affecting revenue and earnings stability. Additionally, evolving environmental regulations, such as new USEPA PFAS standards, pose a threat by necessitating significant investments in compliance measures, which must then be offset by further rate increases.
2. Infrastructure Costs and Capital Expenditures: Middlesex Water is undergoing a significant infrastructure investment phase, with substantial capital plans aimed at upgrading and maintaining its water and wastewater systems. The combination of these increased servicing and infrastructure costs, alongside the potential for lower returns, could pressure earnings per share (EPS) growth and overall profitability. Furthermore, high interest rates can escalate borrowing costs for these essential capital projects, adding financial strain.
3. Operational Cost Management and External Factors: The company faces challenges in effectively managing its operational costs. Factors contributing to this include weather-related water quality issues, increased labor costs, and the timely availability of materials and supplies for both routine operations and critical infrastructure projects. Unpredictable consumption patterns due to weather volatility also present a risk to revenue stability.

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Middlesex Water Company (MSEX) is expected to drive future revenue growth over the next 2-3 years through a combination of strategic initiatives inherent to the utility sector.

1. Rate Increases and Adjustments: The company consistently seeks and obtains approvals for rate adjustments and increases. This includes Distribution System Improvement Charge (DSIC) applications in New Jersey, with a third such application expected to generate $1.9 million in annual revenues starting June 2025. Additionally, a recent petition to the New Jersey Board of Public Utilities (NJBPU) for new water rates aims to increase annual revenue by $24.9 million. The Tidewater system in Delaware also saw a temporary rate increase authorized, contributing $2.5 million annually.
2. Infrastructure Investments and Capital Programs: Middlesex Water is making substantial capital investments in its water and wastewater infrastructure to enhance service quality, improve system resiliency, and meet evolving regulatory compliance. The company invested $72 million in infrastructure during the first nine months of 2025 and plans for $93 million for the full year 2025. A larger capital program of $387 million is planned from 2025 through 2027. These investments bolster the company's rate base, forming the foundation for future rate recovery and revenue growth.
3. Customer Growth through Acquisitions and Organic Expansion: Middlesex Water is expanding its customer base through both organic growth and strategic acquisitions. The company completed the acquisition of Ocean View's water utility assets in Delaware, serving 900 customers, and has an agreement to acquire Pinewoods Acres water utility assets, also in Delaware. Furthermore, the Tidewater system in Delaware has experienced organic residential customer growth, reporting a 3.5% increase in 2024.
4. Growth in Non-Regulated Contract Services: While the regulated segment constitutes the majority of its business, the non-regulated sector also presents growth opportunities. This includes existing long-term agreements, such as the 50-year contract for the Dover Air Force Base, and new agreements, like the 10-year contract to manage water and sewer utility operations with the Borough of Avalon, New Jersey. These contract services contribute to overall revenue streams.

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Share Repurchases

• No significant dollar amount of share repurchases was reported for the three months ended June 2025 or the trailing twelve months ended June 2025, with a value of $0.0 million.

Outbound Investments

• Middlesex Water acquired Ocean View's water utility assets in Delaware for $4.6 million in Q1 2025, serving 900 customers.
• The company announced an asset purchase agreement in October 2025 to acquire the water utility asset of Pinewoods Acres in Delaware.

Capital Expenditures

• Middlesex Water invested $72 million in water and wastewater infrastructure through September 30, 2025, which represents approximately 77% of its $93 million capital plan for 2025.
• The company undertook its largest capital program, investing over $295 million through 2022 in water infrastructure projects.
• Capital expenditures are primarily focused on upgrading aging infrastructure, improving resiliency, reliability, and service quality, and are supported by approved rate increases.