On this page of StockholderLetter.com we present the latest annual shareholder letter from MIDDLESEX WATER CO — ticker symbol MSEX. Reading current and past MSEX letters to shareholders can bring important insights into the investment thesis.
2025 Annual Report
Annual Meeting The Annual Meeting of Shareholders of Middlesex Water Company will be held on Tuesday, May 19, 2026 at 11:00 a.m. EDT. You may attend the meeting online, including submitting questions, at www.VirtualShareholderMeeting.com/MSEX2026. Shareholders of record as of March 24, 2026 will be eligible to receive notice of, and to vote at, the 2026 Annual Meeting. Mission To sustain life by delivering trusted, reliable, and affordable water and wastewater services to the communities we serve. Values Vision To be the best-in-class water and wastewater utility, protecting life and the environment while creating value and driving sustainable growth. At our core, our ability to provide safe, reliable water and wastewater services is built on a foundation of shared principles. These values Respect, Invest, Growth, Honesty, and Teamwork are the driving force behind everything we do.
Dear Shareholders, Amidst a shifting regulatory landscape and evolving stakeholder expectations, Middlesex Water Company continues to deliver robust operational and financial results. Our commitment remains firm: driving resilient performance that builds sustainable, long-term value. In 2025, we advanced our MWC2030 strategy with purpose and discipline, delivering meaningful progress across each of our five strategic pillars: employee engagement, operational excellence, customer experience, stakeholder management and selective and sustainable growth. We continued to grow our regulated businesses through disciplined execution of our infrastructure investment program, strategic tuck-in acquisitions and a proactive rate case strategy focused on optimizing costs for the benefit of our customers and keeping affordability as part of our decision-making processes. Our disciplined financial management allowed the Board of Directors to increase the quarterly dividend once again, marking our 53rd year of consecutive annual increases. These outcomes underscore our values and the focused execution of our talented team. Looking forward, the demand for infrastructure upgrade and environmental stewardship has never been greater. Middlesex Water Company is uniquely positioned to meet these challenges. With a clear strategy and a talented team, we are ready to capture new opportunities and continue to deliver long-term value for our shareholders. On behalf of the Board of Directors and the leadership team, I thank our employees for their dedication, our customers and communities for their trust, and our shareholders for their continued support and confidence in our company. Sincerely, Nadine Leslie Chair, President & Chief Executive Officer Middlesex Water Company 2025 Annual Report 3
Operational Excellence 2025 By the Numbers: Investing in Infrastructure. Delivering Reliability. 28,000 feet In 2025, we continued strengthening our distribution and treatment systems through critical capital improvements. Our RENEW program celebrated its 30th anniversary and delivered one of the most productive construction years in the Company history, replacing 28,000 feet of aging water main and improving system resiliency, fire flow capacity, and service reliability. We invested a total of $96.4M, a record year in the execution despite various challenges in the construction phase. Through daily and weekly sampling across critical surface-water locations and more than 5,000 annual analyses, exceeding regulatory requirements, we continue to maintain zero primary drinking water standard violations. Progress continued on advancing PFAS treatment design and system enhancements in both New Jersey and Delaware. Water main replaced 5,000+ Water quality analyses performed 0 Severe injuries 0 Primary drinking water violations <15% Non-revenue water 4 Middlesex Water Company
Customer Experience Employee Engagement In 2025, we significantly advanced our meter modernization program, replacing approximately 16,000 units and increasing our radio-read capability by 25%. These infrastructure upgrades have reduced estimated readings to historical lows and reached a new benchmark for billing accuracy. Building a Culture of Performance and Safety. Building on this technical foundation, we successfully transitioned our Delaware jurisdiction from quarterly to monthly billing. This shift provides our customers with more frequent data to better manage their water consumption, aligns water utility costs with their other monthly household expenses, and allows for the earlier detection of household leaks, ultimately enhancing both the customer experience and our conservation efforts. Customer Service Team Performance 2025: ~ 11,000 Average Monthly Customer Calls ~61,000 Customer conversions to monthly billing ~10% Call abandonment rate 1%< Estimated meter reads In 2025, 86% of employees participated in our Employee Engagement Survey. We expanded leadership development and deepened operator skills capabilities, delivering more than 6,000 hours of operator skills training across our facilities. Through our Lead MWC program, we continued strengthening frontline leadership. We continue to achieve zero severe employee injuries. Comprehensive cybersecurity training and technology enhancements supported a 99.9% report-or-ignore success rate in phishing simulations. People & Safety Highlights: 16 graduates Lead MWC Program 768 hours Leadership development training 450+ hours Online cyber training delivered across the enterprise 99.9% Employee phishing awareness success rate 2025 Annual Report 5
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MSEX Shareholder/Stockholder Letter Transcript:

2025 Annual Report

Annual Meeting
The Annual Meeting of Shareholders of Middlesex
Water Company will be held on Tuesday, May 19,
2026 at 11:00 a.m. EDT. You may attend the
meeting online, including submitting questions, at
www.VirtualShareholderMeeting.com/MSEX2026.
Shareholders of record as of March 24, 2026 will
be eligible to receive notice of, and to vote at, the
2026 Annual Meeting.
Mission
To sustain life by delivering trusted,
reliable, and affordable water and
wastewater services to the communities
we serve.
Values
Vision
To be the best-in-class water and
wastewater utility, protecting life and
the environment while creating value
and driving sustainable growth.
At our core, our ability to provide safe, reliable water and wastewater services is
built on a foundation of shared principles. These values     Respect, Invest, Growth,
Honesty, and Teamwork     are the driving force behind everything we do.

Dear Shareholders,
Amidst a shifting regulatory landscape and evolving
stakeholder expectations, Middlesex Water Company
continues to deliver robust operational and financial
results. Our commitment remains firm: driving resilient
performance that builds sustainable, long-term value.
In 2025, we advanced our MWC2030 strategy with
purpose and discipline, delivering meaningful progress
across each of our five strategic pillars: employee
engagement, operational excellence, customer
experience, stakeholder management and selective
and sustainable growth. We continued to grow our
regulated businesses through disciplined execution of
our infrastructure investment program, strategic tuck-in
acquisitions and a proactive rate case strategy
focused on optimizing costs for the benefit of our
customers and keeping affordability as part of our
decision-making processes.
Our disciplined financial management allowed the
Board of Directors to increase the quarterly dividend
once again, marking our 53rd year of consecutive
annual increases. These outcomes underscore our
values and the focused execution of our talented team.
Looking forward, the demand for infrastructure
upgrade and environmental stewardship has never
been greater. Middlesex Water Company is uniquely
positioned to meet these challenges. With a clear
strategy and a talented team, we are ready to capture
new opportunities and continue to deliver long-term
value for our shareholders.
On behalf of the Board of Directors and the leadership
team, I thank our employees for their dedication,
our customers and communities for their trust, and
our shareholders for their continued support and
confidence in our company.
Sincerely,
Nadine Leslie
Chair, President & Chief Executive Officer
Middlesex Water Company
2025 Annual Report
3

Operational Excellence
2025 By the Numbers:
Investing in Infrastructure.
Delivering Reliability.
28,000 feet
In 2025, we continued strengthening our distribution and treatment
systems through critical capital improvements. Our RENEW
program celebrated its 30th anniversary and delivered one of
the most productive construction years in the Company history,
replacing 28,000 feet of aging water main and improving system
resiliency, fire flow capacity, and service reliability.
We invested a total of $96.4M, a record year in the execution
despite various challenges in the construction phase.
Through daily and weekly sampling across critical surface-water
locations and more than 5,000 annual analyses, exceeding
regulatory requirements, we continue to maintain zero primary
drinking water standard violations. Progress continued on
advancing PFAS treatment design and system enhancements in
both New Jersey and Delaware.
Water main replaced
5,000+
Water quality analyses performed
0
Severe injuries
0
Primary drinking water violations
<15%
Non-revenue water
4
Middlesex Water Company

Customer Experience
Employee Engagement
In 2025, we significantly advanced our meter
modernization program, replacing approximately
16,000 units and increasing our radio-read capability
by 25%. These infrastructure upgrades have reduced
estimated readings to historical lows and reached a
new benchmark for billing accuracy.
Building a Culture of Performance
and Safety.
Building on this technical foundation, we successfully
transitioned our Delaware jurisdiction from quarterly
to monthly billing. This shift provides our customers
with more frequent data to better manage their water
consumption, aligns water utility costs with their
other monthly household expenses, and allows for
the earlier detection of household leaks, ultimately
enhancing both the customer experience and our
conservation efforts.
Customer Service Team
Performance     2025:
~ 11,000
Average Monthly
Customer Calls
~61,000
Customer conversions
to monthly billing
~10%
Call abandonment rate
1%<
Estimated
meter reads
In 2025, 86% of employees participated in our
Employee Engagement Survey. We expanded
leadership development and deepened operator
skills capabilities, delivering more than 6,000 hours of
operator skills training across our facilities. Through
our Lead MWC program, we continued strengthening
frontline leadership.
We continue to achieve zero severe employee injuries.
Comprehensive cybersecurity training and technology
enhancements supported a 99.9% report-or-ignore
success rate in phishing simulations.
People & Safety Highlights:
16 graduates
Lead MWC Program
768 hours
Leadership development training
450+ hours
Online cyber training delivered across the enterprise
99.9%
Employee phishing awareness success rate
2025 Annual Report
5


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