Company: MSEX
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001174947-25-000251
Chunk: 853

Company: MIDDLESEX WATER CO
Filing Date: 2025-02-28
Form: 10-K
Item: Item 5
Chunk 853
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 to convert one convertible preferred share
for twelve shares of the Company's common stock. In 2024, 4,275 shares of the Company’s no par $7.00 Series Cumulative and Convertible
Preferred Stock were converted into 51,300 shares (approximately $0.4 million) of the Company’s common stock.

Set forth below is a graph comparing the yearly
change in the cumulative total return (which includes reinvestment of dividends) of a $100 investment for the Company’s common stock,
a peer group of investor-owned water utilities, and the S&P 500 Stock Index for the period of five years commencing December 31, 2019.
The S&P 500 Stock Index measures the stock performance of 500 large companies listed on stock exchanges in the United States.

22 

COMPARISON OF 5 YEAR CUMULATIVE TOTAL RETURN

Among Middlesex Water Company, the S&P 500
Stock Index and a Peer Group*

* Peer group includes American States
Water Company, Artesian Resources Corp., California Water Service Group, Global Water Resources Inc, SJW Corp., York Water Company and
Middlesex.

    2019 
    2020 
    2021 
    2022 
    2023 
    2024
  
    Middlesex Water Company 
     100.00  
     115.79  
     194.55  
     128.86  
     109.30  
     89.61 
  
    S&P 500 Stock Index 
     100.00  
     118.40  
     152.39  
     124.79  
     157.59  
     197.02 
  
    Peer Group 
     100.00  
     101.73  
     132.98  
     120.09  
     103.25  
     91.21 

ITEM 6.[RESERVED]

23 

ITEM 7.MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

The following discussion should be read in conjunction
with the consolidated financial statements and related notes.

Operations

Middlesex Water Company (Middlesex or the Company)
has operated as a water utility in New Jersey since 1897 and in Delaware through our wholly-owned subsidiary, Tidewater Utilities, Inc.
(Tidewater), since 199