American States Water Company · NYSE:AWR
American States Water — Q3 2025 Earnings Presentation
21 slides from American States Water's earnings presentation, Nov 6, 2025
Slide 1: Financial Results Call Presentation Third Quarter 2025
Financial Results Call Presentation Third Quarter 2025 November 6, 2025 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 Q3 2025 Highlights 6 Q3 Diluted EPS by Segment 7 Q3 Operating Revenues by Segment 8 Q3 Expenses (Excluding Income Taxes) 9 EPS Bridge Q3 2024 to Q3 2025 10 YTD Diluted EPS by Segment 11 Liquidity 12 Regulatory Activity 13 Contracted Services (ASUS) 18 Dividends 19 Non-GAAP Meas
Slide 6: Q3 2025 Highlights
Q3 2025 Highlights Recorded consolidated diluted earnings per share increased $0.11 per share, or 11.6% for the quarter and $0.21 per share YTD when compared to the same periods in 2024, respectively: Q3 2025 and Q3 2024: $1.06 and $0.95 per share, respectively YTD 2025 and YTD 2024: $2.63 and
Slide 7: Q3 Diluted EPS by Segment
Q3 Diluted EPS by Segment Q3 2025 Q3 2024 Variance Water $ 0.86 $ 0.84 $ 0.02 Electric 0.04 0.02 0.02 Contracted Services 0.19 0.11 0.08 AWR (Parent) (0.03) (0.02) (0.01) Consolidated Diluted EPS as recorded (GAAP) $ 1.06 $ 0.95 $ 0.11 7
Slide 8: Q3 Operating Revenues by Segment
Q3 Operating Revenues by Segment (amounts in millions) Q3 2025 Q3 2024 Variance Water $132.3 $124.0 $8.3 Electric 13.3 9.0 4.3 Contracted Services 37.1 28.7 8.4 Total Operating Revenues $182.7 $161.7 $21.0 8
Slide 9: Q3 Expenses (Excluding Income Taxes)
Q3 Expenses (Excluding income taxes) (amounts in millions) Q3 2025 Q3 2024 Variance Water and Electric Supply Costs $42.1 $38.1 $4.0 Other Operation 11.8 11.0 0.8 Administrative and General* 25.4 24.2 1.2 Depreciation and Amortization 11.9 10.8 1.1 Maintenance* 5.5 3.7 1.8 Property and Other Taxes 7
Slide 10: EPS Bridge Q3 2024 to Q3 2025
EPS Bridge Q3 2024 to Q3 2025 $1.25 $1.20 $1.15 $0.15 ($0.06) $1.10 $0.08 ($0.01) $1.06 $1.05 ($0.04) $0.01 ($0.02) $0.02 $1.00 ($0.02) $0.95 $0.95 $0.90 Electric Contracted AWR Water Utility Utility Services (Parent) $0.85 $0.80 $0.75 Increase in Higher supply Higher Combined Higher Dilutive Higher
Slide 11: YTD Diluted EPS by Segment
YTD Diluted EPS by Segment YTD 2025 YTD 2024 Variance Water $ 2.11 $ 1.99 $ 0.12 Electric 0.14 0.07 0.07 Contracted Services 0.45 0.44 0.01 AWR (Parent) (0.06) (0.07) 0.01 Consolidated Diluted EPS as recorded (GAAP) $ 2.63 $ 2.42 $ 0.21 Certain amounts in the table above may not foot or crossfoot du
Slide 12: Liquidity
Liquidity Operating cash flows were $202.0 million for YTD 2025 compared to $134.2 million for YTD 2024 largely from: Implementation of new rates at the regulated utilities from approved GRC proceedings, Implementation of various surcharges at both regulated utilities, Timing of income tax p
Slide 13: Regulatory Activity
Regulatory Activity 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 determines new water rates for the years 2025-2027 The final decision in GSWC’s general rate case: Authorizes the investment
Slide 14: Regulatory Activity (continued) - GSWC
Regulatory Activity (continued) - GSWC The final decision in GSWC’s general rate case also: i. rejected a full sales and revenue decoupling mechanism and a full supply cost balancing account, and instead orders the transition to a modified rate adjustment mechanism for sales and revenues and an in
Slide 15: GSWC Adopted Average Water Rate Base
Regulatory Activity (continued) – GSWC Adopted Average Water Rate Base (in millions) CAGR 10.4% * $1,455.8* $1,357.5** $1,259.5** $1,161.5** $980.4 2021 2022 2023 2024 2025 * The recent CPUC approved rate case decision covering 2025-2027 authorizes GSWC to invest $573.1 million in capital infrastruc
Slide 16: Regulatory Activity (continued) - BVES
Regulatory Activity (continued) - BVES On January 16, 2025, the CPUC adopted a final decision in BVES’s general rate case proceeding that set the new electric rates retroactive to January 1, 2023 and approves the settlement agreement reached between BVES, Cal Advocates and another intervenor in it
Slide 17: Regulatory Activity (continued) - BVES
Regulatory Activity (continued) - BVES On July 18, 2025, BVES and Cal Advocates filed a joint motion with the CPUC to adopt a settlement agreement related to the construction of solar energy generation and battery storage facilities for a total combined cost of approximately $28 million (plus AFUD
Slide 18: Contracted Services (ASUS)
Contracted Services (ASUS) Earnings for Q3 2025 were $0.19 per share compared to $0.11 per share for Q3 2024, an increase of $0.08 per share. The increase was largely resulting from an increase in (i) construction activities, from timing of when work is performed, (ii) management fee revenues resu
Slide 19: Dividends
Dividends The Board of Directors have approved a fourth quarter cash dividend of $0.5040 per share; quarterly dividend rate has grown at a compound annual growth rate of 8.5% over the last 5 years Dividend policy: CAGR of more than 7% over the long term continues to be met and exceeded Quarterly
Slide 20: Questions and Answers
e% American States ee eee Water Company Questions and Answers
Slide 21: 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 three and nine mo
American States Water Company — Q3 2025 Earnings Presentation on 6ix