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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), Pinelands Water Company (Pinelands Water) and Pinelands Wastewater Company (Pinelands Wastewater) (collectively, Pinelands), Utility Service Affiliates, Inc. (USA), and Utility Service Affiliates (Perth Amboy) Inc. (USA-PA). Southern Shores Water Company, LLC (Southern Shores) and White Marsh Environmental Systems, Inc. (White Marsh) are wholly-owned subsidiaries of Tidewater. The financial statements for Middlesex and its wholly-owned subsidiaries are reported on a consolidated basis. All significant intercompany accounts and transactions have been eliminated. The consolidated notes within the 2024 Annual Report on Form 10-K (the 2024 Form 10-K) are applicable to these financial statements and, in the opinion of the Company, the accompanying unaudited condensed consolidated financial statements contain all adjustments necessary (including normal recurring accruals) to fairly state the Company’s financial position as of March 31, 2025 and the results of operations and cash flows for the three month periods ended March 31, 2025 and 2024. Information included in the Condensed Consolidated Balance Sheet as of December 31, 2024, has been derived from the Company’s December 31, 2024 audited financial statements included in the 2024 Form 10-K. Recent Developments Tidewater Acquisition of the Water Utility Assets of the Town of Ocean View, Delaware - In April 2025, Tidewater completed the acquisition of the water utility assets of the Town of Ocean View, Delaware (Ocean View) for approximately $4.6 million. Ocean View serves approximately 900 customers in Sussex County, Delaware, who have been receiving water supply from Tidewater since the system was constructed in 2008. The purchase price allocation consisted primarily of property and plant. The pro forma effect of this acquisition is not material to the Company’s results of operations. United States Environmental Protection Agency (USEPA) Issues Final Perfluoroalkyl Substances (PFAS) Regulations - In April 2024, the USEPA finalized drinking water regulations for PFAS, establishing maximum contaminant levels (MCLs) for three PFAS compounds (Regulated PFAS) that are lower than the current New Jersey Department of Environmental Protection MCLs adhered to by the Company. Under the new USEPA regulations effective April 2024, water systems must monitor for Regulated PFAS and have three years to complete initial monitoring (by April 2027), followed by ongoing compliance monitoring. Water systems must also provide the public with information on the levels of Regulated PFAS in their drinking water beginning in 2027. Water systems have five years (by April 2029) to implement solutions that reduce Regulated PFAS if monitoring shows that drinking water levels exceed these MCLs. Beginning in April 2029, water systems that have Regulated PFAS in drinking water which exceeds one or more of these MCLs must take action to reduce levels of these PFAS compounds in their drinking water and must provide notification to the public of the violation. In anticipation of these new USEPA standards, in 2023, the Company began implementing its strategy to meet these lower MCLs for Regulated PFAS and is currently performing preliminary engineering studies to ensure that effective PFAS treatment approaches are implemented.Recent Accounting Guidance The recently issued accounting standards that have not yet been adopted by the Company as of March 31, 2025 are as follows: <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr> <td style="vertical-align: bottom; width: 17%; padding-right: 1.9pt; padding-left: 0.9pt; text-align: center">Standard</td> <td style="vertical-align: top; width: 1%"> </td> <td style="vertical-align: bottom; width: 26%; padding-right: 1.9pt; padding-left: 0.9pt; text-align: center">Description</td> <td style="vertical-align: top; width: 1%"> </td> <td style="vertical-align: bottom; width: 16%; padding-right: 1.9pt; padding-left: 0.9pt; text-align: center">Date of Adoption</td> <td style="vertical-align: top; width: 1%"> </td> <td style="vertical-align: bottom; width: 15%; padding-right: 1.9pt; padding-left: 0.9pt; text-align: center">Application</td> <td style="vertical-align: top; width: 1%"> </td> <td style="vertical-align: bottom; width: 22%; padding-right: 1.9pt; padding-left: 0.9pt; text-align: center">Effect on the Condensed Consolidated Financial Statements</td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="border-top: black 1pt solid; padding-right: 1.9pt; padding-left: 0.9pt">Accounting Standards Update (“ASU”) ASU 2024-03 “Disaggregation of Income Statement Expenses”</td> <td> </td> <td style="border-top: black 1pt solid; padding-right: 1.9pt; padding-left: 0.9pt">The ASU enhances disclosures related to income statement expenses to further disaggregate expenses in the footnotes to the financial statements. The standard requires disaggregation of any relevant expense caption presented on the face of the income statement that contains the following expense categories: purchases of inventory, employee compensation, depreciation, intangible asset amortization, and depletion. Further, the standard requires disclosure of the total amount and the entity’s definition of selling expenses. </td> <td> </td> <td style="border-top: black 1pt solid; padding-right: 1.9pt; padding-left: 0.9pt">The ASU is effective for the Company beginning with its annual financial statements for the year ended December 31, 2027. </td> <td> </td> <td style="border-top: black 1pt solid; padding-right: 1.9pt; padding-left: 0.9pt">Prospective, with retrospective application also permitted.</td> <td> </td> <td style="border-top: black 1pt solid; padding-right: 1.9pt; padding-left: 0.9pt">The Company is currently evaluating the requirements of ASU 2024-03.</td></tr> <tr style="vertical-align: top; "> <td style="padding-right: 1.9pt; padding-left: 0.9pt">ASU 2023-09 “Improvements to Income Tax Disclosures”</td> <td> </td> <td style="padding-right: 1.9pt; padding-left: 0.9pt">The ASU amends certain income tax disclosure requirements, including adding requirements to present the reconciliation of income tax expense computed at the statutory rate to actual income tax expense using both percentages and amounts and providing a disaggregation of income taxes paid. Further, certain disclosures are eliminated, including the current requirement to disclose information on changes in unrecognized tax benefits in the next 12 months.</td> <td> </td> <td style="padding-right: 1.9pt; padding-left: 0.9pt">The ASU is effective for the Company beginning with its annual financial statements for the year ending December 31, 2025. Early adoption is permitted.</td> <td> </td> <td style="padding-right: 1.9pt; padding-left: 0.9pt">Prospective, with retrospective application also permitted.</td> <td> </td> <td style="padding-right: 1.9pt; padding-left: 0.9pt">The Company is currently evaluating the requirements of ASU 2023-09.</td></tr> </table>

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The recently issued accounting standards that have not yet been adopted by the Company as of March 31, 2025 are as follows: <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr> <td style="vertical-align: bottom; width: 17%; padding-right: 1.9pt; padding-left: 0.9pt; text-align: center">Standard</td> <td style="vertical-align: top; width: 1%"> </td> <td style="vertical-align: bottom; width: 26%; padding-right: 1.9pt; padding-left: 0.9pt; text-align: center">Description</td> <td style="vertical-align: top; width: 1%"> </td> <td style="vertical-align: bottom; width: 16%; padding-right: 1.9pt; padding-left: 0.9pt; text-align: center">Date of Adoption</td> <td style="vertical-align: top; width: 1%"> </td> <td style="vertical-align: bottom; width: 15%; padding-right: 1.9pt; padding-left: 0.9pt; text-align: center">Application</td> <td style="vertical-align: top; width: 1%"> </td> <td style="vertical-align: bottom; width: 22%; padding-right: 1.9pt; padding-left: 0.9pt; text-align: center">Effect on the Condensed Consolidated Financial Statements</td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="border-top: black 1pt solid; padding-right: 1.9pt; padding-left: 0.9pt">Accounting Standards Update (“ASU”) ASU 2024-03 “Disaggregation of Income Statement Expenses”</td> <td> </td> <td style="border-top: black 1pt solid; padding-right: 1.9pt; padding-left: 0.9pt">The ASU enhances disclosures related to income statement expenses to further disaggregate expenses in the footnotes to the financial statements. The standard requires disaggregation of any relevant expense caption presented on the face of the income statement that contains the following expense categories: purchases of inventory, employee compensation, depreciation, intangible asset amortization, and depletion. Further, the standard requires disclosure of the total amount and the entity’s definition of selling expenses. </td> <td> </td> <td style="border-top: black 1pt solid; padding-right: 1.9pt; padding-left: 0.9pt">The ASU is effective for the Company beginning with its annual financial statements for the year ended December 31, 2027. </td> <td> </td> <td style="border-top: black 1pt solid; padding-right: 1.9pt; padding-left: 0.9pt">Prospective, with retrospective application also permitted.</td> <td> </td> <td style="border-top: black 1pt solid; padding-right: 1.9pt; padding-left: 0.9pt">The Company is currently evaluating the requirements of ASU 2024-03.</td></tr> <tr style="vertical-align: top; "> <td style="padding-right: 1.9pt; padding-left: 0.9pt">ASU 2023-09 “Improvements to Income Tax Disclosures”</td> <td> </td> <td style="padding-right: 1.9pt; padding-left: 0.9pt">The ASU amends certain income tax disclosure requirements, including adding requirements to present the reconciliation of income tax expense computed at the statutory rate to actual income tax expense using both percentages and amounts and providing a disaggregation of income taxes paid. Further, certain disclosures are eliminated, including the current requirement to disclose information on changes in unrecognized tax benefits in the next 12 months.</td> <td> </td> <td style="padding-right: 1.9pt; padding-left: 0.9pt">The ASU is effective for the Company beginning with its annual financial statements for the year ending December 31, 2025. Early adoption is permitted.</td> <td> </td> <td style="padding-right: 1.9pt; padding-left: 0.9pt">Prospective, with retrospective application also permitted.</td> <td> </td> <td style="padding-right: 1.9pt; padding-left: 0.9pt">The Company is currently evaluating the requirements of ASU 2023-09.</td></tr> </table>

The ASU enhances disclosures related to income statement expenses to further disaggregate expenses in the footnotes to the financial statements. The standard requires disaggregation of any relevant expense caption presented on the face of the income statement that contains the following expense categories: purchases of inventory, employee compensation, depreciation, intangible asset amortization, and depletion. Further, the standard requires disclosure of the total amount and the entity’s definition of selling expenses.

2027-12-31

Prospective, with retrospective application also permitted.

The Company is currently evaluating the requirements of ASU 2024-03.

ASU 2023-09 “Improvements to Income Tax Disclosures” The ASU amends certain income tax disclosure requirements, including adding requirements to present the reconciliation of income tax expense computed at the statutory rate to actual income tax expense using both percentages and amounts and providing a disaggregation of income taxes paid. Further, certain disclosures are eliminated, including the current requirement to disclose information on changes in unrecognized tax benefits in the next 12 months.

2025-12-31

Prospective, with retrospective application also permitted.

The Company is currently evaluating the requirements of ASU 2023-09.

Note 2 – Rate and Regulatory Matters Middlesex – In October 2023, the New Jersey Board of Public Utilities (NJBPU) approved Middlesex’s petition for a Distribution System Improvement Charge (DSIC) Foundation Filing, which is a prerequisite to implementing a DSIC rate that allows water utilities to recover investments in, and generate a return on, qualifying capital improvements to their water distribution system made between rate proceedings. Middlesex is authorized to recover DSIC revenues up to five percent (5%) of total revenues established in Middlesex’s 2021 base rate proceeding, or approximately $5.5 million. Semi-annually, beginning in April 2024, the Company must file for a change in its DSIC rate seeking recovery for DSIC-eligible investments made during the period. DSIC rates remain in effect until Middlesex’s next base rate case increase. Under the terms of the Foundational Filing, the Company is required to file a base rate petition before November 2026.In April 2025, Middlesex filed a third DSIC rate application that is expected to result in $1.9 million of annual revenues starting June 2025, in addition to the existing $1.1 million of annual revenues from the first and second DSIC filings. In February 2025, the NJBPU approved Middlesex’s petition to reset its Purchased Water Adjustment Clause (PWAC) tariff rate to recover additional annual costs of $0.5 million, primarily for the purchase of treated water from a non-affiliated water utility regulated by the NJBPU. A PWAC is a rate mechanism that allows for the recovery of increased purchased water costs between base rate case filings. The PWAC is reset to zero once those increased costs are included in base rates. The new PWAC rate became effective March 1, 2025. The NJBPU-approved Middlesex Lead Service Line Replacement (LSLR) Plan continues and Middlesex is currently recovering costs of $0.6 million for replacing customer-owned lead service lines incurred between July 2024 through December 2024, which will be recovered from March 2025 through August 2025. The LSLR surcharge is required to be reset every six months over the life of the LSLR Plan. Cost recovery for replacing Company-owned lead service lines are recoverable through traditional rate making in connection with general rate case filings. Tidewater – In September 2024, the Delaware Public Service Commission (DEPSC) approved Tidewater’s petition to recover up to $2.1 million of costs associated with Tidewater’s obligation to identify and inventory lead service lines throughout Tidewater’s service area, as required by federal law and Delaware regulations. Recovery of these costs began February 1, 2025 and is expected to continue through January 2028. Through March 31, 2025, Tidewater has spent $1.8 million, which is included in Regulatory Assets. In August 2024, Tidewater filed an application with the DEPSC to increase its general rates for water service. In the application, Tidewater seeks an overall increase in annual operating revenue of $10.3 million or 25.66% over current revenue. The request for rate increases will allow Tidewater to recover prudently incurred investments made in the last ten years to support continued regulatory compliance, enhance water quality, service reliability, security and resiliency of the water utility infrastructure assets. Effective October 30, 2024, Tidewater received approval of the DEPSC to suspend its DSIC rate and implement an interim rate increase, which is expected to result in approximately $2.5 million of annual revenues, subject to refund pending the outcome of the rate case application. Southern Shores – Southern Shores provides water service to a 2,200 unit condominium community in Sussex County, Delaware under a DEPSC-approved agreement expiring December 31, 2029. Under the agreement, rates are increased when there are unanticipated capital expenditures or regulatory related changes in operating expenses exceed certain thresholds. In 2024, capital expenditures did exceed the established threshold. In addition, rates are increased annually by the lesser of the regional Consumer Price Index or 3%. Effective January 1, 2025, Southern Shores rates were increased $0.1 million or 6.51%.

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0.0651

Note 3 – Capitalization Common Stock – During the three months ended March 31, 2025 and 2024, there were 4,228 common shares (approximately $0.2 million) and 4,775 common shares (approximately $0.3 million) respectively, issued under the Middlesex Water Company Investment Plan. Middlesex has received approval from the NJBPU to issue and sell up to 1.0 million shares of its common stock, without par value, through December 31, 2025. Sales of additional shares of common stock are part of the Company’s comprehensive financing plan to fund its multi-year utility plant infrastructure investment program. Long-term Debt – Subject to regulatory approval, the Company periodically issues long-term debt to fund its investments in utility plant. To the extent possible and fiscally prudent, the Company finances qualifying capital projects under State Revolving Fund (SRF) loan programs in New Jersey and Delaware. These government programs provide financing at interest rates typically below rates available in the broader financial markets. A portion of the borrowings under the New Jersey SRF is interest-free.Middlesex has received approval from the NJBPU to borrow up to $300.0 million from the New Jersey SRF Program, the New Jersey Economic Development Authority, private placement and other financial institutions as needed through December 31, 2025. The Company expects to issue debt securities in a series of one or more transaction offerings over a multi-year period to help fund Middlesex’s multi-year capital construction program. In September 2024, Tidewater closed on a $2.2 million Delaware SRF loan with a 0.0% interest rate with maturity dates in 2044. This loan is for costs associated with Tidewater’s obligation, as required by federal law and Delaware regulations, to identify and inventory lead service lines throughout Tidewater’s service area. Tidewater has drawn down $1.7 million as of March 31, 2025 and expects that the requisitions will continue through the fourth quarter of 2025. In May 2024, Tidewater closed on four Delaware SRF loans totaling $5.6 million, all at interest rates of 2.0% with maturity dates in 2044. These loans are for the construction, relocation, improvement, and/or interconnection of transmission mains and construction of a water treatment facility. Tidewater has drawn down less than $0.1 million on these loans as of March 31, 2025. Each project has its own construction timetable with the last spending set to occur in 2027. Separately, Tidewater has two active construction projects funded by prior year Delaware SRF loans totaling $8.3 million with remaining availability of funds for borrowing. These loans are for the construction of a one million gallon elevated storage tank and construction, relocation, improvement, and interconnection of transmission mains. Tidewater has drawn a total of $4.9 million through March 31, 2025 and expects that the requisitions will continue through the fourth quarter of 2025. Fair Value of Financial Instruments – The following methods and assumptions were used by the Company in estimating its fair value disclosure for financial instruments for which it is practicable to estimate that value. The carrying amounts reflected in the condensed consolidated balance sheets for cash and cash equivalents, accounts receivable, accounts payable and notes payable approximate their respective fair values due to the short-term maturities of these instruments. The fair value of First Mortgage Bonds (FMBs) and SRF Bonds (collectively, the Bonds) issued by Middlesex is based on quoted market prices for similar issues. Under the fair value hierarchy, the fair value of cash and cash equivalents is classified as a Level 1 measurement and the fair value of notes payable and the FMBs in the table below are classified as Level 2 measurements. The carrying amount and fair value of the FMBs were as follows: <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: center"> </td> <td> </td> <td colspan="15" style="white-space: nowrap; text-align: center">(Thousands of Dollars)</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: center"> </td> <td style="border-bottom: black 1pt solid"> </td> <td colspan="7" style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center">March 31, 2025</td> <td style="border-bottom: black 1pt solid"> </td> <td colspan="7" style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center">December 31, 2024</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: center"> </td> <td> </td> <td colspan="3" style="white-space: nowrap; text-align: center">Carrying</td> <td> </td> <td colspan="3" style="white-space: nowrap; text-align: center">Fair</td> <td> </td> <td colspan="3" style="white-space: nowrap; text-align: center">Carrying</td> <td> </td> <td colspan="3" style="white-space: nowrap; text-align: center">Fair</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"> </td> <td style="border-bottom: black 1pt solid"> </td> <td colspan="3" style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center">Amount</td> <td style="border-bottom: black 1pt solid"> </td> <td colspan="3" style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center">Value</td> <td style="border-bottom: black 1pt solid"> </td> <td colspan="3" style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center">Amount</td> <td style="border-bottom: black 1pt solid"> </td> <td colspan="3" style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center">Value</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%">FMBs</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: center">128,857</td> <td style="white-space: nowrap; width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="text-align: right; width: 10%; vertical-align: bottom">124,031</td> <td style="white-space: nowrap; width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">129,602</td> <td style="white-space: nowrap; width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">125,067</td> <td style="white-space: nowrap; width: 1%"> </td></tr> </table> It was not practicable to estimate the fair value on our outstanding long-term debt for which there is no quoted market price and there is not an active trading market. For details, including carrying value, interest rates and due dates on these series of long-term debt, please refer to those series noted as “Amortizing Secured Notes” and “State Revolving Trust Notes” on the Condensed Consolidated Statements of Capital Stock and Long-Term Debt. The carrying amount of these instruments was $229.0 million and $229.8 million at March 31, 2025 and December 31, 2024, respectively. Advances for construction have carrying amounts of $22.7 million and $22.6 million at March 31, 2025 and December 31, 2024, respectively. Their relative fair values cannot be accurately estimated since future refund payments depend on several variables, including new customer connections, customer consumption levels and future rate increases. Substantially all of the utility plant of the Company is subject to the lien of its mortgage, which includes debt service and capital ratio covenants. The Company is in compliance with all of its mortgage covenants and restrictions.

4228

200000

4775

300000

1000000

300000000

2200000

1700000

5600000

0.02

100000

8300000

4900000

The carrying amount and fair value of the FMBs were as follows:<table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: center"> </td> <td> </td> <td colspan="15" style="white-space: nowrap; text-align: center">(Thousands of Dollars)</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: center"> </td> <td style="border-bottom: black 1pt solid"> </td> <td colspan="7" style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center">March 31, 2025</td> <td style="border-bottom: black 1pt solid"> </td> <td colspan="7" style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center">December 31, 2024</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: center"> </td> <td> </td> <td colspan="3" style="white-space: nowrap; text-align: center">Carrying</td> <td> </td> <td colspan="3" style="white-space: nowrap; text-align: center">Fair</td> <td> </td> <td colspan="3" style="white-space: nowrap; text-align: center">Carrying</td> <td> </td> <td colspan="3" style="white-space: nowrap; text-align: center">Fair</td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"> </td> <td style="border-bottom: black 1pt solid"> </td> <td colspan="3" style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center">Amount</td> <td style="border-bottom: black 1pt solid"> </td> <td colspan="3" style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center">Value</td> <td style="border-bottom: black 1pt solid"> </td> <td colspan="3" style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center">Amount</td> <td style="border-bottom: black 1pt solid"> </td> <td colspan="3" style="white-space: nowrap; border-bottom: black 1pt solid; text-align: center">Value</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%">FMBs</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: center">128,857</td> <td style="white-space: nowrap; width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="text-align: right; width: 10%; vertical-align: bottom">124,031</td> <td style="white-space: nowrap; width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">129,602</td> <td style="white-space: nowrap; width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 10%; text-align: right">125,067</td> <td style="white-space: nowrap; width: 1%"> </td></tr> </table>

128857000

124031000

129602000

125067000

229000000

229800000

22700000 22600000

Note 4 – Earnings Per Share Basic earnings per share (EPS) are computed on the basis of the weighted average number of shares outstanding during the period presented. Diluted EPS assumes the conversion of the Convertible Preferred Stock $7.00 Series. <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td> </td> <td colspan="14" style="white-space: nowrap; text-align: center">(In Thousands Except per Share Amounts)</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td> </td> <td colspan="14" style="white-space: nowrap; text-align: center">Three Months Ended March 31,</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td> </td> <td colspan="6" style="white-space: nowrap; text-align: center">2025</td><td> </td><td> </td> <td colspan="6" style="white-space: nowrap; text-align: center">2024</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-weight: 400; font-style: normal; text-align: justify; border-bottom: Black 1pt solid">Basic: </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">Income</td><td style="border-bottom: Black 1pt solid"> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">Shares</td><td style="border-bottom: Black 1pt solid"> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">Income</td><td style="border-bottom: Black 1pt solid"> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">Shares</td><td style="border-bottom: Black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; text-align: left">Net Income</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">9,479</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">17,890</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">10,682</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">17,819</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Preferred Dividend</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(22</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(30</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Earnings Applicable to Common Stock</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">9,457</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,890</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">10,652</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,819</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left; padding-left: 54px"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Basic EPS</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.53</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.60</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; border-bottom: Black 1pt solid">Diluted:</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Earnings Applicable to Common Stock</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">9,457</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,890</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">10,652</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,819</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">$7.00 Series Preferred Dividend</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">10</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">61</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">17</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">115</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Adjusted Earnings Applicable to Common Stock</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">9,467</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,951</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">10,669</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,934</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left">Diluted EPS</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.53</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.59</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> </table>

Basic earnings per share (EPS) are computed on the basis of the weighted average number of shares outstanding during the period presented. Diluted EPS assumes the conversion of the Convertible Preferred Stock $7.00 Series. <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td> </td> <td colspan="14" style="white-space: nowrap; text-align: center">(In Thousands Except per Share Amounts)</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td> </td> <td colspan="14" style="white-space: nowrap; text-align: center">Three Months Ended March 31,</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td> </td> <td colspan="6" style="white-space: nowrap; text-align: center">2025</td><td> </td><td> </td> <td colspan="6" style="white-space: nowrap; text-align: center">2024</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-weight: 400; font-style: normal; text-align: justify; border-bottom: Black 1pt solid">Basic: </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">Income</td><td style="border-bottom: Black 1pt solid"> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">Shares</td><td style="border-bottom: Black 1pt solid"> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">Income</td><td style="border-bottom: Black 1pt solid"> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">Shares</td><td style="border-bottom: Black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; text-align: left">Net Income</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">9,479</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">17,890</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">10,682</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">17,819</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Preferred Dividend</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(22</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(30</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Earnings Applicable to Common Stock</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">9,457</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,890</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">10,652</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,819</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left; padding-left: 54px"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Basic EPS</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.53</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.60</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; border-bottom: Black 1pt solid">Diluted:</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Earnings Applicable to Common Stock</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">9,457</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,890</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">10,652</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,819</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">$7.00 Series Preferred Dividend</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">10</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">61</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">17</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">115</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Adjusted Earnings Applicable to Common Stock</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">9,467</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,951</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">10,669</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,934</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left">Diluted EPS</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.53</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.59</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> </table>

9479000

17890000

10682000

17819000

22000

30000

9457000

17890000

10652000

17819000

0.53

0.6

9457000

17890000

10652000

17819000

10000

61000

17000

115000

9467000

17951000

10669000

17934000

0.53

0.59

Note 5 – Business Segment Data The Company’s Chief Operating Decision Maker (CODM) consists of the Company’s Chief Executive Officer, Chief Financial Officer, and Chief Operating Officer. The CODM evaluates segment performance and profitability using net income. This metric provides a clear, consistent basis for analyzing the financial results of each segment and supports decision-making regarding the allocation of resources. Resource allocation to the Company’s regulated and non-regulated segments begins with the annual budgeting process, which establishes initial funding and resource levels for each segment. The budget incorporates key financial and operational inputs, including anticipated revenues, expenses, capital and financing requirements, aligning with the Company’s strategic objectives and regulatory obligations. The CODM reviews budget-to-actual variances on a monthly, quarterly and year to-date basis and makes interim decisions to reallocate resources among segments as needed, ensuring a timely and effective response to changing conditions. For the regulated segment, the CODM uses this assessment to determine whether the segment is achieving its regulatory authorized rate of return. The segments follow the same accounting policies as described in Note 1 – Organization, Summary of Significant Accounting Policies and Recent Developments of the 2024 Form 10-K. Segment profit or loss is based on Net Income. Expenses used to determine operating income before taxes are charged directly to each segment or are allocated based on the applicable cost allocation factors. Assets allocated to each segment are based upon specific identification of such assets provided by Company records. The effects of all intra-segment and/or intercompany transactions are eliminated in the consolidated financial statements. The Company has identified two reportable segments. One is the regulated business of collecting, treating and distributing water on a retail and wholesale basis to residential, commercial, industrial and fire protection customers in parts of New Jersey and Delaware and includes Middlesex, Tidewater, Pinelands Water and Southern Shores. This segment also includes a regulated wastewater system in New Jersey, Pinelands Wastewater. The Company is subject to regulations as to its rates, services and other matters by the states of New Jersey and Delaware with respect to utility service within these states. The other segment is primarily comprised of non-regulated contract services for the operation and maintenance of municipal and private water and wastewater systems in New Jersey and Delaware and includes USA, USA-PA, and White Marsh.<table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: center"> </td><td> </td> <td colspan="6" style="white-space: nowrap; text-align: center">(In Thousands)</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: center"> </td><td> </td> <td colspan="6" style="white-space: nowrap; text-align: center">Three Months Ended</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; border-bottom: Black 1pt solid"> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="6" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">March 31,</td><td style="border-bottom: Black 1pt solid"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-weight: bold">Operation by Segments</td><td style="font-weight: bold"> </td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center">2025</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center">2024</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Revenues:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 10pt; width: 70%">Regulated</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">41,496</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">37,465</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Non – Regulated</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,952</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,204</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; border-bottom: Black 1pt solid">Inter-segment Elimination</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(147</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(145</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; border-bottom: Black 1pt solid; padding-left: 18px">Consolidated Revenues</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">44,301</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">40,524</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Operating Expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Purchased Water:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt">Regulated</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,907</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,789</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 10pt">Non-Regulated</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-18">—</div></td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-19">—</div></td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; border-bottom: Black 1pt solid">Inter-segment Elimination</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(28</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(30</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; border-bottom: Black 1pt solid; padding-left: 18px">Consolidated Purchased Water</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">1,879</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">1,759</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Other Operations and Maintenance Expenses:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt">Regulated</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">17,493</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">16,720</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 10pt; text-align: left">Non – Regulated</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,856</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,101</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; border-bottom: Black 1pt solid">Inter-segment Elimination</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(119</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(116</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; border-bottom: Black 1pt solid; padding-left: 18px">Consolidated Other Operations and Maintenance Expenses</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">19,230</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">18,706</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Other Taxes:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt">Regulated</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">5,050</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">4,744</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 10pt; text-align: left; border-bottom: Black 1pt solid">Non – Regulated</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">58</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">54</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; border-bottom: Black 1pt solid; padding-left: 18px">Consolidated Other Taxes</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">5,108</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">4,798</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Depreciation:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 10pt">Regulated</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">6,464</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">5,329</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; border-bottom: Black 1pt solid">Non – Regulated</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">63</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">67</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; border-bottom: Black 1pt solid; padding-left: 18px">Consolidated Depreciation</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">6,527</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">5,396</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Operating Income:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt">Regulated</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">10,701</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">8,999</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 10pt; text-align: left; border-bottom: Black 1pt solid">Non – Regulated</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">856</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">866</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; border-bottom: Black 1pt solid; padding-left: 18px">Consolidated Operating Income</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">11,557</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">9,865</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Other Income:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 10pt">Regulated</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,901</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">5,355</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Non – Regulated</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">55</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">59</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; border-bottom: Black 1pt solid">Inter-segment Elimination</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(159</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(50</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; border-bottom: Black 1pt solid; padding-left: 18px">Consolidated Other Income, Net</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">1,797</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">5,365</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr> </table><table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: center"> </td><td> </td> <td colspan="6" style="white-space: nowrap; text-align: center">(In Thousands)</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: center"> </td><td> </td> <td colspan="6" style="white-space: nowrap; text-align: center">Three Months Ended</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; border-bottom: Black 1pt solid"> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="6" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">March 31,</td><td style="border-bottom: Black 1pt solid"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-weight: bold">Operation by Segments (continued)</td><td style="font-weight: bold"> </td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center">2025</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center">2024</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Interest Charges:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 10pt; width: 70%">Regulated</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">2,872</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">3,319</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Non – Regulated</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-20">—</div></td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-21">—</div></td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; border-bottom: Black 1pt solid">Inter-segment Elimination</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(159</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(50</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; border-bottom: Black 1pt solid; padding-left: 18px">Consolidated Interest Charges</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">2,713</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">3,269</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Income Taxes:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 10pt">Regulated</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">872</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">987</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; border-bottom: Black 1pt solid">Non – Regulated</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">290</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">292</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; border-bottom: Black 1pt solid; padding-left: 18px">Consolidated Income Taxes</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">1,162</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">1,279</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Net Income:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt">Regulated</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">8,858</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">10,049</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 10pt; text-align: left; border-bottom: Black 1pt solid">Non – Regulated</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">621</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">633</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; border-bottom: Black 1pt solid; padding-left: 18px">Consolidated Net Income</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">9,479</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">10,682</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Capital Expenditures:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 10pt">Regulated</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">18,853</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">14,376</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; border-bottom: Black 1pt solid">Non – Regulated</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">58</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">13</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; border-bottom: Black 1pt solid; padding-left: 18px">Total Capital Expenditures</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">18,911</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">14,389</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr> </table> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="font-weight: bold"> </td> <td colspan="6" style="white-space: nowrap; font-weight: bold; text-align: center">(Thousands of Dollars)</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center">As of</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center">As of</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; border-bottom: Black 1pt solid"> </td><td style="font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="white-space: nowrap; font-weight: bold; border-bottom: Black 1pt solid">March 31, 2025</td><td style="border-bottom: Black 1pt solid; font-weight: bold"> </td><td style="font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="text-align: center; white-space: nowrap; font-weight: bold; border-bottom: Black 1pt solid; vertical-align: bottom">December 31, 2024</td><td style="border-bottom: Black 1pt solid; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap">Assets:</td><td> </td> <td colspan="2" style="white-space: nowrap; text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="white-space: nowrap; text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; width: 70%">Regulated</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">1,293,783</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">1,264,472</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 10pt; text-align: left">Non – Regulated</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,047</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,671</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; border-bottom: Black 1pt solid">Inter-segment Elimination</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(22,869</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(16,969</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; border-bottom: Black 1pt solid; padding-left: 18px">Consolidated Assets</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">1,278,961</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">1,255,174</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr> </table>

<table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: center"> </td><td> </td> <td colspan="6" style="white-space: nowrap; text-align: center">(In Thousands)</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: center"> </td><td> </td> <td colspan="6" style="white-space: nowrap; text-align: center">Three Months Ended</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; border-bottom: Black 1pt solid"> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="6" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">March 31,</td><td style="border-bottom: Black 1pt solid"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-weight: bold">Operation by Segments</td><td style="font-weight: bold"> </td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center">2025</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center">2024</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Revenues:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 10pt; width: 70%">Regulated</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">41,496</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">37,465</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Non – Regulated</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,952</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,204</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; border-bottom: Black 1pt solid">Inter-segment Elimination</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(147</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(145</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; border-bottom: Black 1pt solid; padding-left: 18px">Consolidated Revenues</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">44,301</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">40,524</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Operating Expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Purchased Water:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt">Regulated</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,907</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,789</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 10pt">Non-Regulated</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-18">—</div></td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-19">—</div></td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; border-bottom: Black 1pt solid">Inter-segment Elimination</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(28</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(30</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; border-bottom: Black 1pt solid; padding-left: 18px">Consolidated Purchased Water</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">1,879</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">1,759</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Other Operations and Maintenance Expenses:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt">Regulated</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">17,493</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">16,720</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 10pt; text-align: left">Non – Regulated</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,856</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,101</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; border-bottom: Black 1pt solid">Inter-segment Elimination</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(119</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(116</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; border-bottom: Black 1pt solid; padding-left: 18px">Consolidated Other Operations and Maintenance Expenses</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">19,230</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">18,706</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Other Taxes:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt">Regulated</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">5,050</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">4,744</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 10pt; text-align: left; border-bottom: Black 1pt solid">Non – Regulated</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">58</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">54</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; border-bottom: Black 1pt solid; padding-left: 18px">Consolidated Other Taxes</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">5,108</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">4,798</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Depreciation:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 10pt">Regulated</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">6,464</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">5,329</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; border-bottom: Black 1pt solid">Non – Regulated</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">63</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">67</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; border-bottom: Black 1pt solid; padding-left: 18px">Consolidated Depreciation</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">6,527</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">5,396</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Operating Income:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt">Regulated</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">10,701</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">8,999</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 10pt; text-align: left; border-bottom: Black 1pt solid">Non – Regulated</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">856</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">866</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; border-bottom: Black 1pt solid; padding-left: 18px">Consolidated Operating Income</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">11,557</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">9,865</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Other Income:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 10pt">Regulated</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,901</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">5,355</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Non – Regulated</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">55</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">59</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; border-bottom: Black 1pt solid">Inter-segment Elimination</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(159</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(50</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; border-bottom: Black 1pt solid; padding-left: 18px">Consolidated Other Income, Net</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">1,797</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">5,365</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr> </table><table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: center"> </td><td> </td> <td colspan="6" style="white-space: nowrap; text-align: center">(In Thousands)</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: center"> </td><td> </td> <td colspan="6" style="white-space: nowrap; text-align: center">Three Months Ended</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; border-bottom: Black 1pt solid"> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="6" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">March 31,</td><td style="border-bottom: Black 1pt solid"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-weight: bold">Operation by Segments (continued)</td><td style="font-weight: bold"> </td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center">2025</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center">2024</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Interest Charges:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 10pt; width: 70%">Regulated</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">2,872</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">3,319</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Non – Regulated</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-20">—</div></td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-21">—</div></td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; border-bottom: Black 1pt solid">Inter-segment Elimination</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(159</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(50</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; border-bottom: Black 1pt solid; padding-left: 18px">Consolidated Interest Charges</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">2,713</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">3,269</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Income Taxes:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 10pt">Regulated</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">872</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">987</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; border-bottom: Black 1pt solid">Non – Regulated</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">290</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">292</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; border-bottom: Black 1pt solid; padding-left: 18px">Consolidated Income Taxes</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">1,162</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">1,279</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Net Income:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt">Regulated</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">8,858</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">10,049</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 10pt; text-align: left; border-bottom: Black 1pt solid">Non – Regulated</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">621</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">633</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; border-bottom: Black 1pt solid; padding-left: 18px">Consolidated Net Income</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">9,479</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">10,682</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Capital Expenditures:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 10pt">Regulated</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">18,853</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">14,376</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; border-bottom: Black 1pt solid">Non – Regulated</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">58</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">13</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; border-bottom: Black 1pt solid; padding-left: 18px">Total Capital Expenditures</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">18,911</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">14,389</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr> </table> <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="font-weight: bold"> </td> <td colspan="6" style="white-space: nowrap; font-weight: bold; text-align: center">(Thousands of Dollars)</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center">As of</td><td style="font-weight: bold"> </td><td style="font-weight: bold"> </td> <td colspan="2" style="white-space: nowrap; font-weight: bold; text-align: center">As of</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; border-bottom: Black 1pt solid"> </td><td style="font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="white-space: nowrap; font-weight: bold; border-bottom: Black 1pt solid">March 31, 2025</td><td style="border-bottom: Black 1pt solid; font-weight: bold"> </td><td style="font-weight: bold; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="text-align: center; white-space: nowrap; font-weight: bold; border-bottom: Black 1pt solid; vertical-align: bottom">December 31, 2024</td><td style="border-bottom: Black 1pt solid; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap">Assets:</td><td> </td> <td colspan="2" style="white-space: nowrap; text-align: right"> </td><td> </td><td> </td> <td colspan="2" style="white-space: nowrap; text-align: right"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; width: 70%">Regulated</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">1,293,783</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">1,264,472</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-left: 10pt; text-align: left">Non – Regulated</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,047</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,671</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; border-bottom: Black 1pt solid">Inter-segment Elimination</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(22,869</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(16,969</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; border-bottom: Black 1pt solid; padding-left: 18px">Consolidated Assets</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">1,278,961</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">1,255,174</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr> </table>

41496000

37465000

2952000

3204000

-147000

-145000

44301000

40524000

1907000

1789000

-28000

-30000

1879000

1759000

17493000

16720000

1856000

2101000

-119000

-116000

19230000

18706000

5050000

4744000

58000

54000

5108000

4798000

6464000

5329000

63000

67000

6527000

5396000

10701000

8999000

856000

866000

11557000

9865000

1901000

5355000

55000

59000

-159000

-50000

1797000

5365000

2872000

3319000

-159000

-50000

2713000

3269000

872000

987000

290000

292000

1162000

1279000

8858000

10049000

621000

633000

9479000

10682000

18853000

14376000

58000

13000

18911000

14389000

1293783000

1264472000

8047000

7671000

-22869000

-16969000

1278961000

1255174000

Note 6 – Short-term Borrowings The Company maintains lines of credit aggregating $140.0 million. <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-weight: bold"> </td><td style="white-space: nowrap"> </td> <td colspan="6" style="white-space: nowrap; text-align: center">(Millions)</td><td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td colspan="2" style="white-space: nowrap; text-align: center"> </td><td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-weight: bold"> </td><td style="white-space: nowrap"> </td> <td colspan="6" style="white-space: nowrap; text-align: center">As of March 31, 2025</td><td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td colspan="2" style="white-space: nowrap; text-align: center"> </td><td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center">Outstanding</td><td style="white-space: nowrap; border-bottom: Black 1pt solid"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center">Available</td><td style="white-space: nowrap; border-bottom: Black 1pt solid"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center">Maximum</td><td style="white-space: nowrap; border-bottom: Black 1pt solid"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center">Credit Type</td><td style="white-space: nowrap; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center">Renewal Date</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; width: 26%; text-align: left">Bank of America</td><td style="white-space: nowrap; width: 1%"> </td> <td style="white-space: nowrap; width: 1%; text-align: left">$</td><td style="white-space: nowrap; width: 12%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-22">—</div></td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="white-space: nowrap; width: 1%"> </td> <td style="white-space: nowrap; width: 1%; text-align: left">$</td><td style="white-space: nowrap; width: 12%; text-align: right">60.0</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="white-space: nowrap; width: 1%"> </td> <td style="white-space: nowrap; width: 1%; text-align: left">$</td><td style="white-space: nowrap; width: 12%; text-align: right">60.0</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="white-space: nowrap; width: 1%"> </td> <td style="white-space: nowrap; width: 12%; text-align: center"> Uncommitted</td><td style="white-space: nowrap; width: 1%"> </td> <td style="white-space: nowrap; width: 15%; text-align: center">January 23, 2026</td></tr> <tr style="vertical-align: bottom; "> <td style="white-space: nowrap; text-align: left">PNC Bank</td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">34.0</td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left">$</td><td style="white-space: nowrap; text-align: right">34.0</td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">68.0</td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center">Committed</td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center">January 31, 2027</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; text-align: left; padding-bottom: 1pt">CoBank, ACB</td><td style="white-space: nowrap; border-bottom: Black 1pt solid"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-23">—</div></td><td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">12.0</td><td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">12.0</td><td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center; padding-bottom: 1pt">Committed</td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center; padding-bottom: 1pt">May 20, 2026</td></tr> <tr style="vertical-align: bottom; "> <td style="white-space: nowrap; padding-bottom: 2.5pt"> </td><td style="white-space: nowrap; border-bottom: Black 2.5pt double"> </td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: left">$</td><td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: right">34.0</td><td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 2.5pt double"> </td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: left">$</td><td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: right">106.0</td><td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 2.5pt double"> </td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: left">$</td><td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: right">140.0</td><td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; padding-bottom: 2.5pt"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: right; padding-bottom: 2.5pt"> </td></tr> </table> The maturity dates for the Notes Payable as of March 31, 2025 are extendable at the discretion of the Company. The interest rates are set for borrowings under the Bank of America and PNC Bank lines of credit using the Secured Overnight Financing Rate (SOFR) and then adding a specific financial institution credit spread. The interest rate for borrowings under the CoBank, ACB (CoBank) line of credit are set weekly using CoBank’s internal cost of funds index that is similar to the SOFR and adding a credit spread. There is no requirement for a compensating balance under any of the established lines of credit.The weighted average interest rate on the outstanding borrowings at March 31, 2025 under these credit lines is 5.45%. The weighted average daily amounts of borrowings outstanding under these credit lines and the weighted average interest rates on those amounts were as follows: <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%; margin-left: auto; margin-right: auto; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: center"> </td><td style="white-space: nowrap"> </td> <td colspan="6" style="white-space: nowrap; text-align: center">(In Thousands)</td><td style="white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td colspan="6" style="white-space: nowrap; text-align: center">Three Months Ended </td><td style="white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td colspan="6" style="white-space: nowrap; text-align: center">March 31</td><td style="white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center">2025</td><td style="white-space: nowrap; border-bottom: Black 1pt solid"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center">2024</td><td style="white-space: nowrap; border-bottom: Black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; width: 70%; text-align: left">Average Daily Amounts Outstanding</td><td style="white-space: nowrap; width: 1%"> </td> <td style="white-space: nowrap; width: 1%; text-align: left">$</td><td style="white-space: nowrap; width: 12%; text-align: right">29,067</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="white-space: nowrap; width: 1%"> </td> <td style="white-space: nowrap; width: 1%; text-align: left">$</td><td style="white-space: nowrap; width: 12%; text-align: right">49,992</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="white-space: nowrap">Weighted Average Interest Rates</td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">5.43%</td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">6.42%</td><td style="white-space: nowrap; text-align: left"> </td></tr> </table>

The Company maintains lines of credit aggregating $140.0 million. <table cellpadding="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-weight: bold"> </td><td style="white-space: nowrap"> </td> <td colspan="6" style="white-space: nowrap; text-align: center">(Millions)</td><td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td colspan="2" style="white-space: nowrap; text-align: center"> </td><td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-weight: bold"> </td><td style="white-space: nowrap"> </td> <td colspan="6" style="white-space: nowrap; text-align: center">As of March 31, 2025</td><td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td colspan="2" style="white-space: nowrap; text-align: center"> </td><td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center">Outstanding</td><td style="white-space: nowrap; border-bottom: Black 1pt solid"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center">Available</td><td style="white-space: nowrap; border-bottom: Black 1pt solid"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center">Maximum</td><td style="white-space: nowrap; border-bottom: Black 1pt solid"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center">Credit Type</td><td style="white-space: nowrap; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center">Renewal Date</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; width: 26%; text-align: left">Bank of America</td><td style="white-space: nowrap; width: 1%"> </td> <td style="white-space: nowrap; width: 1%; text-align: left">$</td><td style="white-space: nowrap; width: 12%; text-align: right"><div style="-sec-ix-hidden: hidden-fact-22">—</div></td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="white-space: nowrap; width: 1%"> </td> <td style="white-space: nowrap; width: 1%; text-align: left">$</td><td style="white-space: nowrap; width: 12%; text-align: right">60.0</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="white-space: nowrap; width: 1%"> </td> <td style="white-space: nowrap; width: 1%; text-align: left">$</td><td style="white-space: nowrap; width: 12%; text-align: right">60.0</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="white-space: nowrap; width: 1%"> </td> <td style="white-space: nowrap; width: 12%; text-align: center"> Uncommitted</td><td style="white-space: nowrap; width: 1%"> </td> <td style="white-space: nowrap; width: 15%; text-align: center">January 23, 2026</td></tr> <tr style="vertical-align: bottom; "> <td style="white-space: nowrap; text-align: left">PNC Bank</td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">34.0</td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left">$</td><td style="white-space: nowrap; text-align: right">34.0</td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">68.0</td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center">Committed</td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center">January 31, 2027</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; text-align: left; padding-bottom: 1pt">CoBank, ACB</td><td style="white-space: nowrap; border-bottom: Black 1pt solid"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right"><div style="-sec-ix-hidden: hidden-fact-23">—</div></td><td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">12.0</td><td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">12.0</td><td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center; padding-bottom: 1pt">Committed</td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: center; padding-bottom: 1pt">May 20, 2026</td></tr> <tr style="vertical-align: bottom; "> <td style="white-space: nowrap; padding-bottom: 2.5pt"> </td><td style="white-space: nowrap; border-bottom: Black 2.5pt double"> </td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: left">$</td><td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: right">34.0</td><td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 2.5pt double"> </td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: left">$</td><td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: right">106.0</td><td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 2.5pt double"> </td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: left">$</td><td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: right">140.0</td><td style="border-bottom: Black 2.5pt double; white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; padding-bottom: 2.5pt"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: right; padding-bottom: 2.5pt"> </td></tr> </table>

140000000

60000000

Uncommitted

2026-01-23

34000000

68000000

Committed

2027-01-31

12000000

Committed

2026-05-20

34000000

106000000

140000000

0.0545

The weighted average daily amounts of borrowings outstanding under these credit lines and the weighted average interest rates on those amounts were as follows: <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 70%; margin-left: auto; margin-right: auto; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: center"> </td><td style="white-space: nowrap"> </td> <td colspan="6" style="white-space: nowrap; text-align: center">(In Thousands)</td><td style="white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td colspan="6" style="white-space: nowrap; text-align: center">Three Months Ended </td><td style="white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td colspan="6" style="white-space: nowrap; text-align: center">March 31</td><td style="white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center">2025</td><td style="white-space: nowrap; border-bottom: Black 1pt solid"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center">2024</td><td style="white-space: nowrap; border-bottom: Black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; width: 70%; text-align: left">Average Daily Amounts Outstanding</td><td style="white-space: nowrap; width: 1%"> </td> <td style="white-space: nowrap; width: 1%; text-align: left">$</td><td style="white-space: nowrap; width: 12%; text-align: right">29,067</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="white-space: nowrap; width: 1%"> </td> <td style="white-space: nowrap; width: 1%; text-align: left">$</td><td style="white-space: nowrap; width: 12%; text-align: right">49,992</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="white-space: nowrap">Weighted Average Interest Rates</td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">5.43%</td><td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">6.42%</td><td style="white-space: nowrap; text-align: left"> </td></tr> </table>

29067000

49992000

0.0543

0.0642

Note 7 – Commitments and Contingent Liabilities Water Supply – Middlesex has an agreement with the New Jersey Water Supply Authority (NJWSA) for the purchase of untreated water through November 30, 2048. This agreement with the NJWSA provides for an average purchase of 27 million gallons a day (mgd) with a peak up to 47.0 mgd. Pricing is set annually by the NJWSA through a public rate making process. The agreement has provisions for additional pricing in the event Middlesex overdrafts or exceeds certain monthly and annual thresholds. Middlesex also has an agreement with a non-affiliated NJBPU-regulated water utility for the purchase of treated water. This agreement, which expires February 27, 2026, provides for the minimum purchase of 3.0 mgd of treated water with provisions for additional purchases if needed. Tidewater contracts with the City of Dover in Delaware to purchase treated water of up to 75.0 million gallons annually. Purchased water costs are shown below: <table cellpadding="0" style="border-collapse: collapse; width: 50%; font: 10pt Times New Roman, Times, Serif; margin-left: auto; margin-right: auto; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td> </td> <td colspan="6" style="white-space: nowrap; text-align: center">(In Thousands)</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td> </td> <td colspan="6" style="white-space: nowrap; text-align: center">Three Months Ended</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: center"> </td><td> </td> <td colspan="6" style="white-space: nowrap; text-align: center">March 31,</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="border-bottom: Black 1pt solid"> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="border-bottom: Black 1pt solid"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: left"> </td><td> </td> <td colspan="2" style="white-space: nowrap; text-align: justify"> </td><td> </td><td> </td> <td colspan="2" style="white-space: nowrap; text-align: justify"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; text-align: left">Treated</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">887</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">909</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1pt">Untreated</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">992</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">850</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Total Costs</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">1,879</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">1,759</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr> </table> Leases – The Company determines if an arrangement is a lease at inception. Generally, a lease agreement exists if the Company determines that the arrangement gives the Company control over the use of an identified asset and obtains substantially all of the benefits from the identified asset. The Company has entered into an operating lease of office space for administrative purposes, expiring in January 2030. The Company has not entered into any finance leases. The exercise of a lease renewal option for the Company’s administrative offices is solely at the discretion of the Company. The right-of-use (ROU) asset recorded represents the Company’s right to use an underlying asset for the lease term and lease liability represents the Company’s obligation to make lease payments arising from the lease. Lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. The Company’s operating lease does not provide an implicit discount rate and as such the Company used an estimated incremental borrowing rate (4.03%) based on the information available at the commencement date in determining the present value of lease payments.Given the impacts of accounting for regulated operations, and the resulting recognition of expense at the amounts recovered in customer rates, expenditures for operating leases are consistent with lease expense and were $0.2 million for each of the three months ended March 31, 2025 and 2024, respectively. Information related to operating lease ROU assets and lease liabilities is as follows: <table cellpadding="0" style="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif; margin-left: auto; margin-right: auto; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td colspan="6" style="white-space: nowrap; text-align: center">(In Millions)</td><td style="white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td colspan="6" style="white-space: nowrap; text-align: center">As of</td><td style="white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td colspan="2" style="white-space: nowrap; text-align: center">March 31, 2025</td><td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td colspan="2" style="white-space: nowrap; text-align: center">December 31, 2024</td><td style="white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; width: 70%; text-align: left">ROU Asset at Lease Inception</td><td style="white-space: nowrap; width: 1%"> </td> <td style="white-space: nowrap; width: 1%; text-align: left">$</td><td style="white-space: nowrap; width: 12%; text-align: right">7.3</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="white-space: nowrap; width: 1%"> </td> <td style="white-space: nowrap; width: 1%; text-align: left">$</td><td style="white-space: nowrap; width: 12%; text-align: right">7.3</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="white-space: nowrap; text-align: left; padding-bottom: 1pt">Accumulated Amortization</td><td style="white-space: nowrap; border-bottom: Black 1pt solid"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">(4.9</td><td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td><td style="white-space: nowrap; border-bottom: Black 1pt solid"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">(4.7</td><td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; text-align: left; padding-bottom: 1pt">ROU Asset</td><td style="white-space: nowrap; border-bottom: Black 1pt solid"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">$</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">2.4</td><td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">$</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">2.6</td><td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td></tr> </table> The Company’s future minimum operating lease commitments as of March 31, 2025 are as follows: <table cellpadding="0" style="border-collapse: collapse; width: 60%; font: 10pt Times New Roman, Times, Serif; margin-left: auto; margin-right: auto; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td colspan="2" style="white-space: nowrap; text-align: center">(In Millions)</td><td style="white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; width: 80%; text-align: right">2025</td><td style="white-space: nowrap; width: 1%"> </td> <td style="white-space: nowrap; width: 2%; text-align: left">$</td><td style="white-space: nowrap; width: 16%; text-align: right">0.5</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="white-space: nowrap; text-align: right">2026</td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">0.9</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; text-align: right">2027</td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">0.9</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="white-space: nowrap; text-align: right">2028</td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">0.9</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; text-align: right; padding-bottom: 1pt">2029</td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">0.9</td><td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="white-space: nowrap; text-align: right">Total Lease Payments</td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left">$</td><td style="white-space: nowrap; text-align: right">4.1</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; text-align: right; padding-bottom: 1pt">Imputed Interest</td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">(1.3</td><td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="white-space: nowrap; text-align: right">Present Value of Lease Payments</td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">2.8</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; text-align: right; padding-bottom: 1pt">Less Current Portion*</td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">(0.5</td><td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="white-space: nowrap; text-align: right; padding-bottom: 1pt">Non-Current Lease Liability</td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">$</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">2.3</td><td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: right; white-space: nowrap; vertical-align: bottom">*Included in Other Current Liabilities</td> <td colspan="4" style="text-align: right; white-space: nowrap; vertical-align: bottom"> </td></tr> </table> Construction – In connection with the Company’s planned capital expenditures, the Company has entered into several contractual construction agreements that total obligate it to expend an estimated $20.0 million in the future. The actual amount and timing of capital expenditures is dependent on the need for replacement of existing infrastructure, customer growth, residential new home construction and sales, project scheduling, supply chain issues and continued refinement of project scope and costs. Contingencies – Based on our operations in the heavily-regulated water and wastewater industries, the Company is routinely involved in disputes, claims, lawsuits and other regulatory and legal matters, including responsibility for fines and penalties relative to regulatory compliance. At this time, Management does not believe the final resolution of any such matters, whether asserted or unasserted, will have a material adverse effect on the Company’s financial position, results of operations or cash flows. In addition, the Company maintains business insurance coverage that may mitigate the effect of any current or future loss contingencies. Change in Control Agreements – The Company has Change in Control Agreements with its executive officers that provide compensation and benefits in the event of termination of employment under certain conditions in connection with a change in control of the Company.

2048-11-30 27000000 47 2026-02-27 3 75000000

Purchased water costs are shown below: <table cellpadding="0" style="border-collapse: collapse; width: 50%; font: 10pt Times New Roman, Times, Serif; margin-left: auto; margin-right: auto; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td> </td> <td colspan="6" style="white-space: nowrap; text-align: center">(In Thousands)</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td> </td> <td colspan="6" style="white-space: nowrap; text-align: center">Three Months Ended</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: center"> </td><td> </td> <td colspan="6" style="white-space: nowrap; text-align: center">March 31,</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="border-bottom: Black 1pt solid"> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="border-bottom: Black 1pt solid"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: left"> </td><td> </td> <td colspan="2" style="white-space: nowrap; text-align: justify"> </td><td> </td><td> </td> <td colspan="2" style="white-space: nowrap; text-align: justify"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; text-align: left">Treated</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">887</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">909</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1pt">Untreated</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">992</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">850</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Total Costs</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">1,879</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">1,759</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr> </table>

887000 909000 992000 850000

1879000

1759000

0.0403

200000

Information related to operating lease ROU assets and lease liabilities is as follows: <table cellpadding="0" style="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif; margin-left: auto; margin-right: auto; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td colspan="6" style="white-space: nowrap; text-align: center">(In Millions)</td><td style="white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td colspan="6" style="white-space: nowrap; text-align: center">As of</td><td style="white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td colspan="2" style="white-space: nowrap; text-align: center">March 31, 2025</td><td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td colspan="2" style="white-space: nowrap; text-align: center">December 31, 2024</td><td style="white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; width: 70%; text-align: left">ROU Asset at Lease Inception</td><td style="white-space: nowrap; width: 1%"> </td> <td style="white-space: nowrap; width: 1%; text-align: left">$</td><td style="white-space: nowrap; width: 12%; text-align: right">7.3</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="white-space: nowrap; width: 1%"> </td> <td style="white-space: nowrap; width: 1%; text-align: left">$</td><td style="white-space: nowrap; width: 12%; text-align: right">7.3</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="white-space: nowrap; text-align: left; padding-bottom: 1pt">Accumulated Amortization</td><td style="white-space: nowrap; border-bottom: Black 1pt solid"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">(4.9</td><td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td><td style="white-space: nowrap; border-bottom: Black 1pt solid"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">(4.7</td><td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; text-align: left; padding-bottom: 1pt">ROU Asset</td><td style="white-space: nowrap; border-bottom: Black 1pt solid"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">$</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">2.4</td><td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">$</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">2.6</td><td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td></tr> </table>

7300000 7300000 4900000 4700000

2400000

2600000

The Company’s future minimum operating lease commitments as of March 31, 2025 are as follows: <table cellpadding="0" style="border-collapse: collapse; width: 60%; font: 10pt Times New Roman, Times, Serif; margin-left: auto; margin-right: auto; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td colspan="2" style="white-space: nowrap; text-align: center">(In Millions)</td><td style="white-space: nowrap"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; width: 80%; text-align: right">2025</td><td style="white-space: nowrap; width: 1%"> </td> <td style="white-space: nowrap; width: 2%; text-align: left">$</td><td style="white-space: nowrap; width: 16%; text-align: right">0.5</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="white-space: nowrap; text-align: right">2026</td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">0.9</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; text-align: right">2027</td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">0.9</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="white-space: nowrap; text-align: right">2028</td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">0.9</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; text-align: right; padding-bottom: 1pt">2029</td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">0.9</td><td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="white-space: nowrap; text-align: right">Total Lease Payments</td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left">$</td><td style="white-space: nowrap; text-align: right">4.1</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; text-align: right; padding-bottom: 1pt">Imputed Interest</td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">(1.3</td><td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="white-space: nowrap; text-align: right">Present Value of Lease Payments</td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right">2.8</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap; text-align: right; padding-bottom: 1pt">Less Current Portion*</td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">(0.5</td><td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="white-space: nowrap; text-align: right; padding-bottom: 1pt">Non-Current Lease Liability</td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">$</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: right">2.3</td><td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="white-space: nowrap"> </td><td style="white-space: nowrap"> </td> <td style="white-space: nowrap; text-align: left"> </td><td style="white-space: nowrap; text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: right; white-space: nowrap; vertical-align: bottom">*Included in Other Current Liabilities</td> <td colspan="4" style="text-align: right; white-space: nowrap; vertical-align: bottom"> </td></tr> </table>

500000

900000

4100000

1300000

2800000

500000

2300000

20000000

Note 8 – Employee Benefit Plans Pension Benefits – The Company’s Pension Plan covers all active employees hired prior to April 1, 2007. Employees hired after March 31, 2007 are not eligible to participate in this plan, but can participate in a defined contribution profit sharing plan that provides an annual contribution at the discretion of the Company, based upon a percentage of the participants’ annual paid compensation. For each of the three-month periods ended March 31, 2025 and 2024, the Company did not make cash contributions to the Pension Plan. The Company expects to make cash contributions of approximately $0.9 million over the remainder of the current year.Other Benefits – The Company’s Other Benefits Plan covers substantially all of its current retired employees. Employees hired after March 31, 2007 are not eligible to participate in this plan. Coverage includes healthcare and life insurance. For each of the three-month periods ended March 31, 2025 and 2024, the Company did not make cash contributions to its Other Benefits Plan. The Company expects to make additional Other Benefits Plan cash contributions of $1.0 million over the remainder of the current year. The following tables set forth information relating to the Company’s periodic costs (benefit) for its employee retirement benefit plans: <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-left: auto; margin-right: auto; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td> </td> <td colspan="14" style="white-space: nowrap; text-align: center">(In Thousands)</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; white-space: nowrap"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center">Pension Benefits</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center">Other Benefits</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td> </td> <td colspan="14" style="white-space: nowrap; text-align: center">Three Months Ended March 31,</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="border-bottom: Black 1pt solid"> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="border-bottom: Black 1pt solid"> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="border-bottom: Black 1pt solid"> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="border-bottom: Black 1pt solid"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td> </td> <td colspan="2" style="white-space: nowrap"> </td><td> </td><td> </td> <td colspan="2" style="white-space: nowrap"> </td><td> </td><td> </td> <td colspan="2" style="white-space: nowrap"> </td><td> </td><td> </td> <td colspan="2" style="white-space: nowrap"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap">Service Cost</td><td> </td> <td colspan="2" style="white-space: nowrap; text-align: right">$242</td><td> </td><td> </td> <td colspan="2" style="white-space: nowrap; text-align: right">$318</td><td> </td><td> </td> <td colspan="2" style="white-space: nowrap; text-align: right">$85</td><td> </td><td> </td> <td colspan="2" style="white-space: nowrap; text-align: right">$80</td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; text-align: left">Interest Cost</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">1,159</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">1,070</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">430</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">328</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Expected Return on Assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,687</td><td style="white-space: nowrap; text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,580</td><td style="white-space: nowrap; text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(928</td><td style="white-space: nowrap; text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(846</td><td style="white-space: nowrap; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Amortization of Unrecognized Losses</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">12</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">38</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(153</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(275</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1pt">Net Periodic (Benefit) Cost*</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">(274</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">(154</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">(566</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">(713</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td></tr> </table> *Service cost is included Operations and Maintenance expense on the consolidated statements of income; all other amounts are included in Other Income (Expense), net.

900000

1000000

The following tables set forth information relating to the Company’s periodic costs (benefit) for its employee retirement benefit plans: <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-left: auto; margin-right: auto; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td> </td> <td colspan="14" style="white-space: nowrap; text-align: center">(In Thousands)</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; white-space: nowrap"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center">Pension Benefits</td><td style="padding-bottom: 1pt"> </td><td style="padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: center">Other Benefits</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td> </td> <td colspan="14" style="white-space: nowrap; text-align: center">Three Months Ended March 31,</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="border-bottom: Black 1pt solid"> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="border-bottom: Black 1pt solid"> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="border-bottom: Black 1pt solid"> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="border-bottom: Black 1pt solid"> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td> </td> <td colspan="2" style="white-space: nowrap"> </td><td> </td><td> </td> <td colspan="2" style="white-space: nowrap"> </td><td> </td><td> </td> <td colspan="2" style="white-space: nowrap"> </td><td> </td><td> </td> <td colspan="2" style="white-space: nowrap"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap">Service Cost</td><td> </td> <td colspan="2" style="white-space: nowrap; text-align: right">$242</td><td> </td><td> </td> <td colspan="2" style="white-space: nowrap; text-align: right">$318</td><td> </td><td> </td> <td colspan="2" style="white-space: nowrap; text-align: right">$85</td><td> </td><td> </td> <td colspan="2" style="white-space: nowrap; text-align: right">$80</td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; text-align: left">Interest Cost</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">1,159</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">1,070</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">430</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">328</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Expected Return on Assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,687</td><td style="white-space: nowrap; text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,580</td><td style="white-space: nowrap; text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(928</td><td style="white-space: nowrap; text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(846</td><td style="white-space: nowrap; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Amortization of Unrecognized Losses</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">12</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">38</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(153</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(275</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1pt">Net Periodic (Benefit) Cost*</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">(274</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">(154</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">(566</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">(713</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td></tr> </table> *Service cost is included Operations and Maintenance expense on the consolidated statements of income; all other amounts are included in Other Income (Expense), net.

242000

318000

85000

80000

1159000

1070000

430000

328000

1687000

1580000

928000

846000

-12000

-38000

153000

275000

-274000

-154000

-566000

-713000

Note 9 – Revenue Recognition from Contracts with Customers The Company’s revenues are primarily generated from regulated tariff-based water and wastewater utility services and non-regulated operation and maintenance contracts for services on water and wastewater systems owned by others. Revenue from contracts with customers is recognized when control of a promised good or service is transferred to customers at an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods and services. The Company’s regulated revenue results from tariff-based water and wastewater services to residential, industrial, commercial, fire-protection and wholesale customers. Residential customers are billed quarterly while most industrial, commercial, fire-protection and wholesale customers are billed monthly. Payments by customers are due between 15 and 30 days after the invoice date. Revenue is recognized as the water and wastewater services are delivered to customers which includes an accrual of unbilled revenues estimated from the last meter reading date to the end of the accounting period utilizing factors such as historical customer data and regional weather indicators. Unearned Revenues and Advance Service Fees include fixed service charge billings in advance to Tidewater customers recognized as service is provided to the customer. Non-regulated service contract revenues consist of base service fees, as well as fees for additional billable services provided to customers. Fees are billed monthly and are due within 30 days after the invoice date. The Company considers the amounts billed to represent the value of these services provided to customers. These contracts expire at various times through June 2032 and contain remaining performance obligations for which the Company expects to recognize revenue in the future. These contracts also contain termination provisions. Substantially all of the amounts included in operating revenues and accounts receivable are from contracts with customers. The Company’s contracts do not contain any significant financing components.The Company’s operating revenues are comprised of the following: <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-left: auto; margin-right: auto; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td> </td> <td colspan="6" style="white-space: nowrap; text-align: center">(In Thousands)</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td> </td> <td colspan="6" style="white-space: nowrap; text-align: center">Three Months Ended March 31,</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="border-bottom: Black 1pt solid"> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="border-bottom: Black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Regulated Tariff Sales</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="width: 74%; text-align: left; padding-left: 9px">Residential</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">23,114</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">20,331</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 9px">Commercial</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,585</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,976</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 9px">Industrial</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,999</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,133</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 9px">Fire Protection</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,722</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,292</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 9px">Wholesale</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,014</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,673</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Non-Regulated Contract Operations</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,833</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,088</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left">Total Revenue from Contracts with Customers</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">44,267</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">40,493</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Other Regulated Revenues</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">62</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">60</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Other Non-Regulated Revenues</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">119</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">116</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Inter-segment Elimination</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(147</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(145</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Total Revenue</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">44,301</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">40,524</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr> </table>

The Company’s operating revenues are comprised of the following: <table cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%; margin-left: auto; margin-right: auto; border-spacing: 0px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td> </td> <td colspan="6" style="white-space: nowrap; text-align: center">(In Thousands)</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td> </td> <td colspan="6" style="white-space: nowrap; text-align: center">Three Months Ended March 31,</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2025</td><td style="border-bottom: Black 1pt solid"> </td><td style="border-bottom: Black 1pt solid"> </td> <td colspan="2" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2024</td><td style="border-bottom: Black 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Regulated Tariff Sales</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="width: 74%; text-align: left; padding-left: 9px">Residential</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">23,114</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">20,331</td><td style="white-space: nowrap; width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 9px">Commercial</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,585</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,976</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 9px">Industrial</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,999</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,133</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 9px">Fire Protection</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,722</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,292</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 9px">Wholesale</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,014</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,673</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Non-Regulated Contract Operations</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,833</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">3,088</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left">Total Revenue from Contracts with Customers</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">44,267</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">40,493</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Other Regulated Revenues</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">62</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">60</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Other Non-Regulated Revenues</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">119</td><td style="white-space: nowrap; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">116</td><td style="white-space: nowrap; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Inter-segment Elimination</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(147</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(145</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="font-weight: bold; text-align: left; padding-bottom: 1pt">Total Revenue</td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">44,301</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">40,524</td><td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left"> </td></tr> </table>

23114000

20331000

6585000

5976000

2999000

3133000

3722000

3292000

5014000

4673000

2833000

3088000

44267000

40493000

62000

60000

119000 116000 -147000 -145000

44301000

40524000

false false false false

0000066004 false Q1 --12-31 Included in Other Current Liabilities Service cost is included Operations and Maintenance expense on the consolidated statements of income; all other amounts are included in Other Income (Expense), net.