米德尔赛克斯水务公司 2026年季度报告

MIDDLESEX WATER COMPANY (Exact name of registrant as specified in its charter) Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, everyInteractive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or Yes☑No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company or an emerging growth company. See the definitions of large accelerated filer, accelerated filer, non-accelerated If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ INDEX PART I.FINANCIAL INFORMATION Item 1.Financial Statements (Unaudited): 2026 and 2025 Condensed Consolidated Balance Sheets at March 31, 2026 and December 31, 2025 Condensed Consolidated Statements of Cash Flows for the three months in each ofthe periods ended March 31, 2026 and 20253 MIDDLESEX WATER COMPANYCONDENSED CONSOLIDATED BALANCE SHEETS MIDDLESEX WATER COMPANYNOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Note 1 – Basis of Presentation and Recent Developments Middlesex Water Company (Middlesex or the Company) is the parent company and sole shareholder of Tidewater Utilities, Inc.(Tidewater), Utility Service Affiliates, Inc. (USA), and Utility Service Affiliates (Perth Amboy) Inc. (USA-PA). Southern Shores WaterCompany, LLC (Southern Shores) and White Marsh Environmental Systems, Inc. (White Marsh) are wholly-owned subsidiaries ofTidewater. Pinelands Water Company (Pinelands Water) and Pinelands Wastewater Company (Pinelands Wastewater) (collectively,Pinelands), previously subsidiaries of Middlesex, were merged into Middlesex effective April 1, 2026 (for further information, seeNote 2,Rates and Regulatory Matters). The financial statements for Middlesex and its wholly-owned subsidiaries are reported on a The consolidated notes within the 2025 Annual Report on Form 10-K (the 2025 Form 10-K) are applicable to these financialstatements and, in the opinion of the Company, the accompanying unaudited condensed consolidated financial statements contain alladjustments necessary (including normal recurring accruals) to fairly state the Company’s financial position as of March31, 2026, andthe results of operations and cash flows for the three month periods ended March31, 2026 and 2025. Information included in the Recent Accounting Guidance The recently issued accounting standards that have not yet been adopted by the Company as of March 31, 2026 are as follows: Note 2 – Rates and Regulatory Matters MiddlesexRate Matters In February 2026, the New Jersey Board of Public Utilities (NJBPU) approved the settlement agreement in our general base rateapplication between Middlesex and Pinelands, NJBPU Staff and the New Jersey Division of Rate Counsel, with new rates effectiveFebruary 23, 2026. The NJBPU order approved an increase in our annual operating revenues by $14.5million based on an authorizedreturn on common equity of 9.6% and a common equity ratio of 54.25%. Included in the settlement agreement, Middlesex andPinelands customers received a one-time bill credit in the first quarter of 2026 totaling $3.3million for the overcollection of NewJersey Gross Receipts Taxes. In addition, beginning in late February 2026, Middlesex customers will receive a $3.3 million credit over In February 2026, the NJBPU approved the joint petition filed by Middlesex and Pinelands for a Resiliency and EnvironmentalSystem Improvement Charge (RESIC) Foundational Filing for the three-year period ending October 2028. The program allows for therecovery of certain costs of investments that further maintain, enhance, or improve the resiliency, health, safety, or environmentalprotection for Middlesex and Pinelands customers or broader public health. RESIC activities include compliance with requirements toaddress existing and emerging chemical elements and compounds, treatment media and related equipment, installation of new plant or In February 2026, the NJBPU approved the joint petition filed by Middlesex and Pinelands Water for a Distribution SystemImprovement Charge (DSIC) Foundational Filing, which allows for the recovery of investments in qualifying capital improvements totheir water distribution system for the three-year period ending October 2028. Under the DSIC program, Middlesex and PinelandsWater submit semi-annual surcha