American States Water Company · NYSE:AWR
American States Water — Q1 2026 Earnings Presentation
20 slides from American States Water's earnings presentation, May 7, 2026
Slide 1: Financial Results Call Presentation First Quarter 2026
Financial Results Call Presentation First Quarter 2026 May 7, 2026 NYSE: AWR
Slide 2: Today's Presenters
Today’s Presenters Robert J. Sprowls President & CEO Eva G. Tang SVP – Finance & CFO 2
Slide 3: Forward-Looking Statement
Forward-Looking Statement This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can often be identified by words such as “anticipate,” “estimate,” “expect,” “intend,” “may,” “should” and similar ph
Slide 4: Non-GAAP Financial Measures
Non-GAAP Financial Measures This conference call includes a discussion of certain measures that are not prepared in accordance with Generally Accepted Accounting Principles (“GAAP”) in the United States and constitute “non- GAAP financial measures” under SEC rules. These non-GAAP financial measures
Slide 5: Presentation Overview
Presentation Overview Q1 2026 Highlights 6 Q1 Diluted EPS by Segment 7 Q1 Operating Revenues by Segment 8 Q1 Expenses (Excluding Income Taxes) 9 EPS Bridge Q1 2025 to Q1 2026 10 Liquidity 11 Regulatory Activity 12 Contracted Services (ASUS) 17 Dividends 18 Non-GAAP Measures 20 5
Slide 6: Q1 2026 Highlights
Q1 2026 Highlights Recorded consolidated diluted earnings per share increased $0.06 per share, or 8.6% for the quarter when compared to the first quarter of 2025: Q1 2026: $0.76 per share Q1 2025: $0.70 per share Continued to deliver high quality water, wastewater and electric service to cus
Slide 7: Q1 Diluted EPS by Segment
Q1 Diluted EPS by Segment Q1 2026 Q1 2025 Variance Water $ 0.55 $ 0.52 $ 0.03 Electric 0.08 0.07 0.01 Contracted Services 0.15 0.13 0.02 AWR (Parent) (0.02) (0.02) - Consolidated Diluted EPS as recorded (GAAP) $ 0.76 $ 0.70 $ 0.06 7
Slide 8: Q1 Operating Revenues by Segment
Q1 Operating Revenues by Segment (amounts in millions) Q1 2026 Q1 2025 Variance Water $113.1 $102.0 $11.1 Electric 18.7 15.0 3.7 Contracted Services 37.4 31.0 6.4 Total Operating Revenues $169.2 $148.0 $21.2 8
Slide 9: Q1 Expenses (Excluding Income Taxes)
Q1 Expenses (Excluding income taxes) (amounts in millions) Q1 2026 Q1 2025 Variance Water and Electric Supply Costs $34.6 $29.5 $5.1 Other Operation 11.3 10.5 0.8 Administrative and General 28.2 26.9 1.3 Depreciation and Amortization 12.7 11.6 1.1 Maintenance 5.7 4.1 1.6 Property and Other Taxes 8.0
Slide 10: EPS Bridge Q1 2025 to Q1 2026
EPS Bridge Q1 2025 to Q1 2026 $0.95 $0.20 ($0.09) $0.90 $0.85 ($0.04) $0.80 ($0.02) $0.02 $0.76 ($0.01) ($0.01) $0.01 $0.75 $0.70 $0.70 $0.65 Contracted Water Utility Electric Utility Services $0.60 $0.55 Increase in Higher supply Higher Combined A higher Dilutive impact Higher electric Higher Q1 20
Slide 11: Liquidity
Liquidity Operating cash flows were $71.6 million for Q1 2026 compared to $45.1 million for Q1 2025 largely from: Implementation of authorized new rates at the regulated utilities Implementation of various surcharges at both regulated utilities, and Timing of cash receipts and disbursements
Slide 12: Regulatory Activity
Regulatory Activity The next water rate case for the years 2028-2030 is expected to be filed by July 1 General Rate Case for years 2025-2027 – On January 30, 2025, the CPUC issued a final decision in GSWC’s general rate case application for all its water regions and the general office, which det
Slide 13: Regulatory Activity (continued) - GSWC
Regulatory Activity (continued) - GSWC In December 2025, GSWC received approval from the CPUC to implement its full second-year rate increases, effective January 1, 2026, that will result in higher adopted operating revenues less water supply cost for 2026 of $32.0 million compared to 2025’s adopt
Slide 14: Regulatory Activity (continued) - GSWC Adopted Average Water Rate Base
Regulatory Activity (continued) – GSWC Adopted Average Water Rate Base (in millions) CAGR 11.3% * $1,673.2* $1,456.2* $1,357.5** $1,259.5** $1,161.5** $980.4 2021 2022 2023 2024 2025 2026 * The CPUC rate case decision covering rates for 2025-2027 authorizes GSWC to invest $573.1 million in capital i
Slide 15: Regulatory Activity (continued) - BVES
Regulatory Activity (continued) - BVES General Rate Case for Years 2023-2026 – In January 2025, the CPUC adopted a final decision in BVES’s GRC proceeding that set the new electric rates retroactive to January 1, 2023 and approves the settlement agreement reached between BVES, Cal Advocates and an
Slide 16: Regulatory Activity (continued) - BVES
Regulatory Activity (continued) - BVES General Rate Case for Years 2027–2030 – On January 30, 2026, BVES filed a general rate case application that will determine new electric rates for the years 2027 through 2030. Among other things, BVES requested: i. capital budgets of approximately $133 millio
Slide 17: Contracted Services (ASUS)
Contracted Services (ASUS) Earnings for Q1 2026 were $0.15 per share compared to $0.13 per share for Q1 2025. The increase was largely resulting from (i) an increase in construction activities, (ii) an increase in management fee revenues resulting from the resolution of various economic price adju
Slide 18: Dividends
Dividends Dividend policy: CAGR of more than 7% over the long term continues to be met and exceeded Dividends paid every year since 1931 Quarterly Dividend Growth* Increased dividend every CAGR 8.5% $0.5040 (Per share) calendar year for 71 consecutive years $0.55 $0.50 $0.45 $0.3350 $0.40 $0.3
Slide 19: Questions and Answers
e% American States ee eee Water Company Questions and Answers
Slide 20: Computations and Reconciliations of Non-GAAP Financial Measures
Computations and Reconciliations of Non-GAAP Financial Measures Below are the computations and reconciliations of diluted earnings per share from the measure of net income (loss) by business segment and for the parent company to AWR’s consolidated diluted earnings per share for the quarter ended Mar
American States Water Company — Q1 2026 Earnings Presentation on 6ix