Company: MSEX
Filing Date: 2025-04-10
Form Type: DEF 14A
Source: 0001174947-25-000561
Chunk: 1

Company: MIDDLESEX WATER CO
Filing Date: 2025-04-10
Form: DEF 14A
Chunk 1
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 am proud of the meaningful progress made under Nadine’s leadership. Her team navigated a year of transition while strengthening operational resiliency, enhancing financial performance, and maintaining our commitment to delivering shareholder value. Notable accomplishments include: Financial Performance

| • | Reported net income of $44.4 million in 2024 compared to net income of $31.5 million in 2023. |

| • | Revenues for 2024 were $191.9 million, an increase of $25.6 million when compared to $166.3 million in 2023. |

| • | Achieved 52 consecutive years of dividend increases, with a 4.62% increase in 2024. |

| • | 2024 diluted earnings per share: $2.47, a 40% increase from $1.76 in 2023. |

| • | Added approximately 2,100 new regulated customers through organic growth. |

Strategic Investments in Infrastructure

| • | Invested $75 million in capital expenditures in 2024 to upgrade, replace and enhance the resiliency of our water and wastewater utility 
 infrastructure.                                                                                                                         |

| • | Utility infrastructure investment of $387 million planned from 2025 through 2027. |

| • | Constructed a one-million-gallon elevated storage tank in Sussex County, Delaware, and completed three accelerated major main replacement 
 projects in New Jersey.                                                                                                                   |

Operational Excellence and Resiliency

| • | Successfully transitioned to new leadership with Nadine Leslie as President & CEO, Mohammed G. Zerhouni as CFO, and Gregory Sorensen 
 as COO, bringing extensive industry expertise.                                                                                       |

| • | Launched “Project Synergy,” upgrading our Work & Asset Management software and transitioning it to the Cloud, improving 
 asset visualization, Geographic Information System integration, and data analytics.                                     |

| • | Implemented a Cross Connection Control Program in Delaware and hosted Safety Practical Days companywide to reinforce best practices for 
 operations personnel.                                                                                                                   |

| • | Completed the lead service line inventory for Tidewater Utilities, Inc. (Tidewater) and filed Tidewater’s first general rate case 
 since 2013, to support investments in water quality and infrastructure.                                                           |

| • | Tidewater won the “Best Tasting Water” award at the 2024 Delaware Rural Water Association Expo. |

Long-Term Vision

| • | Launched the “MWC 203