Slide 1: Investor Presentation June 2026
PURE CYCLE CORPORATION Investor Presentation June 2026 Presented by: Mark Harding www.purecyclewater.com
Slide 2: PURE CYCLE CORPORATION PAGE 2
PURE CYCLE CORPORATION PAGE 2
Slide 3: Management Team
Management Team MARK W. HARDING MARC SPEZIALY RACHELLE BRENT BEAUDRY BROUILLARD DIRK LASHNITS President, CEO, and Director VP, CFO, Principal Accounting Vice President, Engineering Head of Marketing Vice President, Land Development Officer, Principal Financial Officer Mark is an exceptional leader w
Slide 4: Board of Directors
BOARD OF DIRECTORS Mark W. Harding Jeffrey G. Sheets Frederick A. Fendel III President and CEO Director Director Patrick J. Beirne Susan D. Heitmann Director and Chair of the Audit Chair of the Board Committee Wanda J. Abel Daniel R. Kozlowski Director and Chair of the Nominating Director and Chair
Slide 5: Business Segments
BUSINESS SEGMENTS $74.2M Total Assets $10.4M Total Assets $11.3M Total Assets $67.9M Cash & $9.0M in Wastewater Systems $4.9M of Land for Development $14M in Fair Market Value (19 Receivables $32.5M Water Rights Portfolio $5.5M developed land for sale units) $11.6M in Cash and Restricted $29.8M in
Slide 6: Water Utilities
Water Utilities
Slide 7: Water & Wastewater Performance
WATER & WASTEWATER DOMESTIC PERFORMANCE Base utility fees and service charges add steady income, smoothing quarterly earnings volatility INDUSTRIAL Industrial water sales to oil & gas operations generate incremental, high-margin income tied to drilling and fracking, further strengthening the return
Slide 8: Consolidated Metrics: Water Revenue
CONSOLIDATED METRICS WATER REVENUE 2% Own or control over 30,000 acre feet of water which can provide service to over 60,000 connections. Generate revenues from Tap Fee and monthly metered water deliveries. UTILITY CONNECTIONS 1,600 Connections 60,000 available capacity 82% ~$42.5K W/WW Tap/ea ~$1,5
Slide 9: Consolidated Metrics: Water Revenue
CONSOLIDATED METRICS WATER REVENUE Recurring water and wastewater revenue increased approximately 16% from 6mo 2024 to 6mo 2026, demonstrating consistent growth in the core utility business. Water segment revenues remain strong consisting of tap fee revenue from multiple phases of Sky Ranch being de
Slide 10: We Provide Raw Water to O&G Operators for Drilling
WE PROVIDE RAW WATER TO O&G OPERATORS FOR DRILLING Oil and gas water sales are driven by drilling activity and can vary meaningfully year to year. While volumes declined in FY 2025 and early FY 2026 due to reduced drilling, activity has resumed with a dedicated rig to Lowry through the remainder of
Slide 11: Capacity and Production
CAPACITY AND PRODUCTION PORTFOLIO CAPACITY Acre Feet Production Q2-2026 At Buildout Current Remaining Capacity Sold To Date 2.8% 100% 80% 2577 95.5% 4.5% 60% 40% 2.3% 20% 418 0% AF Used AF Available We estimate our portfolio can serve approximately 60,000 We continue to invest in our systems with a
Slide 12: Land Development
Land Development
Slide 13: Sky Ranch Master Planned Community along the I-70 corridor
Sky Ranch is a 930 acre Master Planned Community along the I-70 corridor • 3,400 residential units • 2 million square feet commercial uses
Slide 14: Land Development Timeline
LAND DEVELOPMENT TIMELINE Our land development continues to advance on schedule across Phases 2C through 2E. Phase 2C is now substantially complete, Phase 2D is well underway with wet utilities finished in the first half of fiscal 2026, and Phase 2E is entering the entitlement and grading phase, set
Slide 15: Phases 2A, 2B, 2C and 2D
PHASE 2A PHASE 2B 229 Lots 211 Lots +$18.4M Lot Revenue +$17.3M Lot Revenue +$6.3M Tap Fees +$7.3M Tap Fees +$300K/yr SFR Rents +$510K/yr SFR Rents +$343K/yr W/WW Sales +$316K/yr W/WW Sales 2A 2B 2C 2D PHASE 2C PHASE 2D 228 Lots 204 Lots +$18.3M Lot Revenue +$21.0M Lot Revenue +$8.6M Tap Fees +$8.1M
Slide 16: Phase 2E
PHASE 2E 159 Lots This phase will add an estimated • $14M Lot Revenue • $4.3M Tap Fees • $240K/yr W/WW Sales PURE CYCLE CORPORATION PAGE 16
Slide 17: Groundbreaking on High School
GROUNDBREAKING ON HIGH SCHOOL PURE CYCLE CORPORATION 1717 PAGE Pg.
Slide 18: Development Encroachment To Lowry Ranch
Development Encroachment To Lowry Ranch Lowry Ranch Service Area Lowry Ranch Service Area PURE CYCLE CORPORATION 1818 PAGE Pg.
Slide 19: Single-Family Rentals
Single-Family Rentals
Slide 20: Single-Family Rentals
Single-Family Rentals Maximizing Land Development Opportunities: By developing single-family homes for rent within our master planned community, the company can enhance the value of its landholdings and generate consistent income. Recurring Revenue: SFR properties provide a steady, recurring revenue
Slide 21: Single-Family Rentals
SINGLE-FAMILY RENTALS Single-family rental revenue increased approximately 20% from 6m 2024 to 6m 2026, driven by increasing units and rents. Asset values have also increased over the same period, with fair market value growing faster than net book assets, underscoring ongoing appreciation and long-
Slide 22: SFR Portfolio
62 Homes 60 Homes SFR Portfolio $1.9M Rent/Yr $1.8M Rent/Yr $22M Assets $21M Assets $32.6M FMV $31.5M FMV 2 Sky Ranch Phase 1 & 2 Added in Phase Prior Phases 29 31 Homes $930K Rent/Yr $11.3M Assets $16.3M FMV 60 14 Homes $420K Rent/Yr 17 $5.3M Assets $7.4M FMV 4 Homes 31 $120K Rent/Yr $1.4M Assets 1
Slide 23: Capital Allocation & Shareholder Value
Capital Allocation & Shareholder Value
Slide 24: Strong Balance Sheet
STRONG BALANCE SHEET $74.2M Total Assets $10.4M Total Assets $11.3M Total Assets $67.9M Cash & $9.0M in Wastewater Systems $4.9M of Land for Development $14M in Fair Market Value (19 Receivables $32.5M Water Rights Portfolio $5.5M developed land for sale units) $11.6M in Cash and Restricted $29.8M
Slide 25: Recurring Revenue Strength
Recurring Revenue Strength Utilities Revenue Stability: Recurring Rental Income from SFR Homes: Fully Diversified Earnings Mix: Blending utility SFR Synergy with Land Development: water and wastewater revenue offer leased homes generating monthly cash income with residential rent yields lowers Renta
Slide 26: Shareholder Value
Shareholder Value Pure Cycle has shown consistent growth in both recurring revenue (with contributions from water services and an increasing SFR component) and total assets over recent years, suggesting a strong financial position for continued expansion and growing returns on investments. Annual Re
Slide 27: Profitability Trends
PROFITABILITY TRENDS Water Taps & O&G Land Development Recurring Revenue $30,000 $3,000 $2,703 Water Taps/O&G/Land Development Revenue $2,554 $2,214 $25,000 $2,500 $20,000 $2,000 Recurring Revenue $17,599 $16,682 $1,383 $15,257 $15,000 $1,500 $10,000 $7,565 $1,000 $5,000 $8,934 $9,774 $500 $8,276 $5
Slide 28: Valuation Sensitivity Scenarios
Valuation Sensitivity Scenarios FY26 Gross Revenue: $26–30M Range: Scenario modeling based on timing of Phase 2D/2E milestone completions and builder uptake. FY26 EPS Sensitivity: $0.43–$0.52: EPS estimates vary with lot closings pace and rental unit lease-up timing. Upside in Timing Acceleration: I
Slide 29: Stock Repurchase Program Update
Stock Repurchase Program Update The Company continues to invest in itself Fiscal Period Total Number of Average Price Paid per Maximum Number of Shares that May Yet Be Purchased Under the through its approved stock repurchase Shares Purchased Share Plans or Programs program. We believe our shares re
Slide 30: Short-Term (3–5 Years)
Short-Term (3–5 Years) • Water Utilities: Customer base expected to grow to ~2,500 accounts with consistent tap sales across remaining Sky Ranch phases. Base utility fees and service charges continue to provide predictable, recurring revenue, with annual tap fee increases of ~3%. • Land Development:
Slide 31: Sky Ranch Update
SKY RANCH UPDATE
Slide 32: Investment Snapshot
INVESTMENT SNAPSHOT 27 Straight Profitable Recurring Revenue Base Quarters Pure Cycle has posted net income for six Revenues from water and wastewater utilities, consecutive years, demonstrating a durable rental income, and service fees underwrite and resilient earnings model. financial predictabili
Slide 33: Consolidated Metrics: 2nd Quarter Results
CONSOLIDATED METRICS 2nd Quarter Results Q2 2026 results reflect higher revenue and gross profit driven primarily by accelerated finished lot deliveries, with revenue recognition shifting into the quarter due to an unseasonably warm and dry winter. QoQ Q2 Revenue QoQ Q2 Gross Profit $6,000 $3,000 $2
Slide 34: Consolidated Metrics: 2nd Quarter Results
CONSOLIDATED METRICS 2nd Quarter Results Q2 2026 net income increased approximately 37% to $1.1 million, with EPS equal to $0.05, reflecting higher profitability period over period. QoQ Q2 Net Income QoQ Q2 EPS $0.06 $1,200 $1,105 $0.05 $1,000 $0.05 $809 $800 $0.04 $600 $0.03 $0.03 $400 $0.02 $200 $
Slide 35: Consolidated Metrics: Year to Date Results
CONSOLIDATED METRICS YEAR TO DATE RESULTS As of Q2 2026, approximately 49% of the full-year revenue guidance and 47% of the gross profit forecast have been achieved. This compares favorably to prior years, reflecting stronger early-year contribution driven by the timing of finished lot deliveries. R
Slide 36: Consolidated Metrics: Year to Date Results
CONSOLIDATED METRICS YEAR TO DATE RESULTS As of Q2 2026, approximately 46% of the full-year net income and 47% of the EPS guidance have been achieved, representing a stronger early-year contribution compared to FY 2025, when earnings were more back-half weighted. NET INCOME BASIC EPS Actual to Date
Slide 37: For Additional Information
PURE CYCLE CORPORATION For Additional Information www.purecyclewater.com