MIDDLESEX WATER CO

For the period ended Sep 30, 2025. Filed Oct 31, 2025.

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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.

Sep 30, 2025 · Filed Oct 31, 2025

MSEX$59.50-0.6%Stored close · as of Nov 9, 2026

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Contents

Condensed Consolidated Balance Sheets

September 30,2025 · December 31,2024
ASSETS
UTILITY PLANT:	Water Production	$325,756		$314,924
	Transmission and Distribution	918,455		855,497
	General	108,142		105,167
	Construction Work in Progress	37,444		34,209
	TOTAL	1,389,797		1,309,797
	Less Accumulated Depreciation	270,445		254,425
	UTILITY PLANT - NET	1,119,352		1,055,372
CURRENT ASSETS:	Cash and Cash Equivalents	3,384		4,226
	Accounts Receivable, net of allowance for credit losses of $2,055 and $2,326 in 2025 and 2024, respectively	22,738		18,842
	Unbilled Revenues	10,987		10,764
	Materials and Supplies (at average cost)	7,309		6,719
	Prepayments	5,184		2,422
	TOTAL CURRENT ASSETS	49,602		42,973
OTHER ASSETS:	Operating Lease Right of Use Asset	2,117		2,567
	Restricted Cash	1,675		—
	Regulatory Assets	109,951		101,783
	Non-utility Assets - Net	12,195		11,760
	Employee Benefit Plans	40,468		36,856
	Other	6,599		3,863
	TOTAL OTHER ASSETS	173,005		156,829
	TOTAL ASSETS	$1,341,959		$1,255,174
CAPITALIZATION AND LIABILITIES
CAPITALIZATION:	Common Stock, No Par Value, authorized 40,000, issued 18,337 and 17,887 in 2025 and 2024, respectively	$269,636		$248,202
	Retained Earnings	212,910		197,061
	TOTAL COMMON EQUITY	482,546		445,263
	Preferred Stock, No Par Value; authorized 120; issued 13	1,352		1,635
	Long-term Debt	350,151		352,822
	TOTAL CAPITALIZATION	834,049		799,720
CURRENT	Current Portion of Long-term Debt	7,645		7,711
LIABILITIES:	Notes Payable	55,000		23,000
	Accounts Payable	28,143		28,050
	Accrued Taxes	15,540		11,976
	Accrued Interest	2,554		2,916
	Unearned Revenues and Advanced Service Fees	1,497		1,476
	Other	7,902		7,759
	TOTAL CURRENT LIABILITIES	118,281		82,888
COMMITMENTS AND CONTINGENT LIABILITIES (Note 7)
OTHER LIABILITIES:	Advances for Construction	24,116		22,629
	Lease Obligations	1,959		2,432
	Accumulated Deferred Income Taxes	110,627		101,235
	Regulatory Liabilities	63,063		64,557
	Other	261		344
	TOTAL OTHER LIABILITIES	200,026		191,197
CONTRIBUTIONS IN AID OF CONSTRUCTION	189,603		181,369
	TOTAL CAPITALIZATION AND LIABILITIES	$1,341,959		$1,255,174

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.