MIDDLESEX WATER Business Summary

Middlesex Water Company (MSEX) operates as a premier investor-owned water and wastewater utility, primarily generating revenue through regulated service rates and non-regulated contract fees. The company is organized into two primary segments: the Regulated segment, which provides water collection, treatment, and distribution alongside wastewater services to over half a million residents in New Jersey and Delaware; and the Non-Regulated segment, which offers specialized contract operations and maintenance services for municipal and private systems. As of early 2026, the firm continues to expand its footprint through strategic acquisitions, such as the 2025 purchase of Ocean View utility assets, and substantial infrastructure investments totaling nearly $400 million planned through 2027. Middlesex Water competes directly with major industry players including American Water Works (AWK), American States Water (AWR), and Artesian Resources (ARTNA). It maintains a distinct market position as a high-stability regional leader, distinguished by a 52-year track record of consecutive annual dividend increases and a focus on operational excellence in the Mid-Atlantic corridor. Originally established in 1897, the company is currently led by Chair, President, and CEO Nadine Leslie, an industry veteran with over 30 years of experience who previously served as CEO of SUEZ North America. The executive team was further strengthened in late 2024 with the appointment of Mohammed G. (Rally) Zerhouni as Senior Vice President, CFO, and Treasurer, bringing over two decades of utility finance expertise from SJW Group and Veolia North America. Other key leaders include Gregory Sorensen (COO) and Brian Hague (VP of Communications & Corporate Affairs). The Board of Directors features notable governance figures, including Lead Independent Director Amy Mansue, President and CEO of Inspira Health, and Robert Hoglund, the former CFO of Consolidated Edison, who joined the board in January 2026 to provide deep expertise in complex utility finance and capital markets.