MIDDLESEX WATER CO

For the period ended Jun 30, 2025. Filed Jul 31, 2025.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Jun 30, 2025 · Filed Jul 31, 2025

MSEX$58.77-1.2%Stored close · as of Nov 10, 2026

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Contents

Item 1. Condensed Consolidated Balance Sheets

June 30, · December 31,
ASSETS · 2025 · 2024
UTILITY PLANT:	Water Production		$323,691		$314,924
	Transmission and Distribution		890,445		855,497
	General		106,949		105,167
	Construction Work in Progress		43,615		34,209
	TOTAL		1,364,700		1,309,797
	Less Accumulated Depreciation		264,521		254,425
	UTILITY PLANT - NET		1,100,179		1,055,372
CURRENT ASSETS:	Cash and Cash Equivalents		2,560		4,226
	Accounts Receivable, net of allowance for credit losses of $2,101 and $2,695 in 2025 and 2024, respectively		20,888		18,842
	Unbilled Revenues		13,101		10,764
	Materials and Supplies (at average cost)		6,923		6,719
	Prepayments		6,038		2,422
	TOTAL CURRENT ASSETS		49,510		42,973
OTHER ASSETS:	Operating Lease Right of Use Asset		2,268		2,567
	Restricted Cash		1,675		—
	Regulatory Assets		105,448		101,783
	Non-utility Assets - Net		12,061		11,760
	Employee Benefit Plans		39,274		36,856
	Other		5,475		3,863
	TOTAL OTHER ASSETS		166,201		156,829
	TOTAL ASSETS		$1,315,890		$1,255,174
CAPITALIZATION AND LIABILITIES
CAPITALIZATION:	Common Stock, No Par Value, authorized 40,000, issued 18,016 and 17,887 in 2025 and 2024, respectively		$252,688		$248,202
	Retained Earnings		205,095		197,061
	TOTAL COMMON EQUITY		457,783		445,263
	Preferred Stock, No Par Value; authorized 120; issued 13		1,352		1,635
	Long-term Debt		351,084		352,822
	TOTAL CAPITALIZATION		810,219		799,720
CURRENT	Current Portion of Long-term Debt		7,633		7,711
LIABILITIES:	Notes Payable		55,200		23,000
	Accounts Payable		30,779		28,050
	Accrued Taxes		15,371		11,976
	Accrued Interest		3,070		2,916
	Unearned Revenues and Advanced Service Fees		1,841		1,476
	Other		7,588		7,759
	TOTAL CURRENT LIABILITIES		121,482		82,888
COMMITMENTS AND CONTINGENT LIABILITIES (Note 7)
OTHER LIABILITIES:	Advances for Construction		23,447		22,629
	Lease Obligations		2,116		2,432
	Accumulated Deferred Income Taxes		107,321		101,235
	Regulatory Liabilities		63,836		64,557
	Other		286		344
	TOTAL OTHER LIABILITIES		197,006		191,197
CONTRIBUTIONS IN AID OF CONSTRUCTION		187,183		181,369
	TOTAL CAPITALIZATION AND LIABILITIES		$1,315,890		$1,255,174

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