MSEX FINANCIAL STATEMENTS

Middlesex Water Company — balance sheet, income statement and cash flow trends

MSEXMiddlesex Water Company

🇺🇸 USA · NASDAQ · Utilities · Utilities - Regulated Water

Value it Duel

Income Statement

Quarterly progression — trailing-twelve-month values

RevenueNet Income

Profit Funnel

Q1 2026 · TTM

Percentages are relative to revenue.

Key Figures

YoY change

Revenue199.1 M $+1.8%

Gross Profit92 M $-10.3%

Operating Income55.9 M $+1.9%

EBITDA96.5 M $+4.2%

Net Income43.9 M $+1.8%

Peer Comparison· Utilities - Regulated Water

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
MSEX	1.8%	46.2%	48.4%	22.1%
UU	22.0%	48.6%	61.1%	22.4%
SVT	16.7%	30.4%	50.8%	13.1%
Industry median	5.7%	43.6%	48.4%	20.3%

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
MSEX	1.8%	46.2%	48.4%	22.1%
CWCO	0.3%	36.5%	19.4%	13.5%
YORW	-97.9%	-1,234.6%	2,091.8%	1,312.4%
CWT	4.2%	42.6%	32.6%	11.8%
ARTNA	5.1%	40.3%	47.0%	20.3%
CDZI	31.0%	31.3%	-146.3%	-221.3%
Industry median	5.7%	43.6%	48.4%	20.3%

Balance Sheet

Quarterly period-end values

Total AssetsTotal LiabilitiesEquity

Capital Structure

Q1 2026

Equity501 M $36%
Current Liabilities119.7 M $9%
Long-term Liabilities765.3 M $55%

Key Figures

YoY change

Total Assets1.4 B $+8.4%

Total Liabilities885 M $+6.6%

Total Equity501 M $+11.6%

Cash & ST Investments2 M $-23.2%

Total Debt428 M $+8.3%

Net Debt426 M $+8.5%

Peer Comparison· Utilities - Regulated Water

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
MSEX	0.39	85.4%	4.42	36.1%
UU	2.55	512.7%	6.06	12.4%
SVT	1.39	596.6%	7.08	10.5%
Industry median	1.01	98.0%	4.85	31.3%

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
MSEX	0.39	85.4%	4.42	36.1%
CWCO	6.04	1.2%	-4.96	85.9%
YORW	0.72	98.0%	7.01	35.1%
CWT	0.69	95.3%	4.85	30.9%
ARTNA	1.01	73.7%	3.37	29.2%
CDZI	1.88	753.0%	-4.61	10.7%
Industry median	1.01	98.0%	4.85	31.3%

Cash Flow Statement

Quarterly progression — trailing-twelve-month values

Operating Cash FlowCapital ExpendituresFree Cash Flow

Cash Flow Bridge

Q1 2026 · TTM

Key Figures

YoY change

Operating Cash Flow60.5 M $-8.1%

Capital Expenditures83.2 M $-4.5%

Free Cash Flow15.2 M $-58.0%

Dividends Paid-25.6 M $-207.2%

Peer Comparison· Utilities - Regulated Water

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
MSEX	30.4%	7.6%	41.8%	137.8%
UU	52.8%	-4.2%	57.0%	235.5%
SVT	32.6%	-34.3%	67.0%	249.1%
Industry median	32.6%	-19.9%	57.0%	184.5%

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
MSEX	30.4%	7.6%	41.8%	137.8%
CWCO	28.4%	21.7%	6.7%	210.7%
YORW	1,806.1%	-2,493.9%	4,300.1%	137.6%
CWT	31.0%	-22.0%	53.1%	263.7%
ARTNA	33.1%	-1.2%	80.0%	163.1%
CDZI	-138.7%	-182.3%	43.6%	62.7%
Industry median	32.6%	-19.9%	57.0%	184.5%

Amounts are in the company’s reporting currency. Peer comparison tables use ratio-based metrics so currency differences do not distort the picture.

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Data on this page refreshes once per day. Price data as of Jul 7, 26. This content is for informational purposes only and is not investment advice.