American States Water Company · NYSE:AWR
American States Water — Investor Presentation (September 2025)
38 slides from American States Water's investor presentation, September 2025
Slide 1: Corporate Presentation
Corporate Presentation Robert J. Sprowls – President & CEO Eva G. Tang – SVP Finance & CFO NYSE: AWR September 2025
Slide 2: 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 3: Non-GAAP Financial Measures
Non-GAAP Financial Measures This presentation includes a discussion of certain financial 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 me
Slide 4: Corporate Profile
Corporate Profile AWR is a low volatility water utility with a secure and growing dividend, operating in a constructive regulatory environment in California, along with a growing unregulated contracted services business serving military bases under 50-year contracts(1) Listed on the NYSE: AWR AW
Slide 5: Company Organizational Structure
Company Organizational Structure 5
Slide 6: 2024 Earnings per Share by Subsidiary
2024 Earnings per Share by Subsidiary $0.21 BVES 6.6% GSWC(1) $0.55 ASUS 79.2% $2.51 17.4% Note: AWR consolidated fully diluted earnings per share as reported for 2024 were $3.17 per share. The pie chart above sets forth the recorded diluted earnings per share contribution by business subsidiary/seg
Slide 7: AWR Service Area Map
AWR Service Area Map Bay State Utility Services LLC Terrapin Utility Golden State Services, Inc. Utility Services LLC Water Company Patuxent River Bear Valley Electric Old Dominion Utility Service, Inc. Services, Inc. Old North American States Water Corporate Headquarters Ut
Slide 8: Regulated Utilities Service Area Map
Regulated Utilities Service Area Map Golden State Water Company Serves more than 80 communities in 11 counties Operates 40 water systems Robbins Bear Valley Electric Service, Inc. Operates one electric system that serves the City of Big Bear Lake and surrounding areas 8
Slide 9: Corporate Structure: Regulated Utilities
Corporate Structure: Regulated Utilities The Company’s regulated utilities (GSWC and BVES): • Represented 79% and 86% of AWR revenues and net income, respectively, in 2024 The regulated water utility under GSWC represented 70% and 79% of AWR consolidated revenues and net income, respectively, in
Slide 10: Corporate Structure: ASUS
Corporate Structure: ASUS ASUS, the company’s contracted services subsidiary was established in 1998 and provides the company with: • A relatively low risk, growth investment Allows AWR to capitalize on its competencies in operating water systems and in offering related services • Opportunities
Slide 11: Corporate Structure: ASUS
Corporate Structure: ASUS ASUS provides operations, maintenance and construction management services for water distribution and wastewater collection and treatment facilities at 12 military bases in nine states under 50-year privatization contracts and one military base under a 15-year contract wi
Slide 12: Corporate Structure: ASUS
Corporate Structure: ASUS Under each of the 50-year contracts with the U.S. government, ASUS has the following revenue streams: • O&M Revenues for operating and maintaining the systems A fixed amount each month included under the 50-year contracts, subject to annual economic price adjustments (E
Slide 13: Prime Investment Considerations
Prime Investment Considerations Growth potential in earnings • 2024 Recorded EPS of $3.17 per share with a 5-Year CAGR on Adjusted EPS from Continuing Operations of 7.2% through 2024 The 5-year CAGR is calculated starting with 2019 as the base year and running through 2024. 2019 was the start of
Slide 14: Prime Investment Considerations
Prime Investment Considerations Well-positioned for privatization and consolidation opportunities • Highly fragmented industry; few publicly-traded players; high barriers to entry Aggressive posture toward recovery of operating costs and CapEx Stable utility customer base Seasoned and commit
Slide 15: Adjusted Diluted EPS from Continuing Operations
Adjusted(1) Diluted EPS from Continuing Operations (per share) CAGR 7.2%(3) $3.17 $3.20 $2.90 $2.60 $2.24 $2.30 $2.00 2019 2020 2021 2022 2023 2024 (2) (1) In the chart above, 2019 excludes $0.04 per share for the retroactive impact of the electric GRC related to 2018; 2022 includes $0.38 per share
Slide 16: Quarterly Dividend Growth
Quarterly Dividend Growth 71 Consecutive Years of Quarterly Dividend Rate Increases (per share) CAGR 8.5% $0.5040 $0.55 $0.50 $0.45 $0.40 $0.3350 $0.35 $0.30 2020 2021 2022 2023 2024 2025 In July 2025, the Board of Directors approved an 8.3% increase in the quarterly dividend Targeting a dividend gr
Slide 17: GSWC Adopted Average Water Rate Base
GSWC Adopted Average Water Rate Base (in millions) CAGR 10.3% * $1,357.5 * $1,259.5 * $1,161.5* $980.4 $916.1 $851.8 $752.2 2018 2019 2020 2021 2022 2023 2024 Note: The recent CPUC-approved rate case decision authorizes GSWC to invest $573.1 million in capital infrastructure over a three-year capita
Slide 18: AWR Recent Accomplishments & Initiatives
AWR Recent Accomplishments & Initiatives July 2025: An 8.3% increase in the third quarter cash dividend, resulting in an increase in the annual dividend from $1.862 per share to $2.016 per share. The company has achieved a compound annual growth rate of 8.5% in its quarterly dividend rate over the
Slide 19: GSWC Recent Accomplishments & Initiatives
GSWC Recent Accomplishments & Initiatives May 2025: GSWC completes transaction with a developer to build out, own and operate the water and wastewater system assets serving a new planned community of 1,300 connections that will generate two revenue streams for delivering water and wastewater servi
Slide 20: GSWC Recent Accomplishments & Initiatives
GSWC Recent Accomplishments & Initiatives January 2025: GSWC received a final decision in its general rate case proceeding that determines new water rates for the years 2025 – 2027. Among other things, the final decision: • authorizes GSWC to invest $573.1 million in capital infrastructure over th
Slide 21: GSWC Recent Accomplishments & Initiatives
GSWC Recent Accomplishments & Initiatives June 2024: GSWC issued $65.0 million of 3-year unsecured private placement notes at 5.5%, and used the proceeds to pay down outstanding borrowings under its revolving credit facility and to fund operations and capital expenditures. June 2023: The CPUC ad
Slide 22: GSWC Recent Accomplishments & Initiatives
GSWC Recent Accomplishments & Initiatives June 2023: The CPUC issued a final decision in the cost of capital proceeding that, • adopted GSWC’s requested capital structure of 57% equity and 43% debt; • adopted a cost of debt of 5.1% for GSWC as compared to 6.6% previously authorized; • adopted a re
Slide 23: GSWC Recent Accomplishments & Initiatives
GSWC Recent Accomplishments & Initiatives June 2023: GSWC entered into its own separate credit agreement with a term of five years provided by a syndicate of banks and financial institutions, and that provides for a $200 million unsecured revolving credit facility to support its water operations a
Slide 24: BVES Recent Accomplishments & Initiatives
BVES Recent Accomplishments & Initiatives July 2025: BVES and the Public Advocates Office at the CPUC 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
Slide 25: BVES Recent Accomplishments & Initiatives
BVES Recent Accomplishments & Initiatives February 2025: BVES completed the issuance of $50.0 million in unsecured private placement notes at a coupon rate of 6.12% due February 12, 2030. BVES used the proceeds to pay down all outstanding amounts under its credit facility. December 2024: BVES ha
Slide 26: BVES Recent Accomplishments & Initiatives
BVES Recent Accomplishments & Initiatives August 2024: The CPUC issued a final decision in BVES’s financing application that, among other things, approved BVES’s request for the issuance and sale of additional long-term debt and equity securities of up to $120.0 million over the next several years
Slide 27: California Drought
California Drought As of July 29, 2025, the U.S. Drought Monitor reported that 6% of California was considered in “extreme drought” with 23% identified as “severe drought”, as compared to a year ago when 4% and 21% were deemed in “moderate drought” and "abnormally dry” conditions, respectively. Th
Slide 28: ASUS Recent Accomplishments & Initiatives
ASUS Recent Accomplishments & Initiatives September 2023: ASUS was awarded a new 15-year contract by the U.S. government that is different than its existing 50-year contracts to operate, maintain, and provide construction management services for the water distribution and wastewater collection and
Slide 29: ASUS Recent Accomplishments & Initiatives
ASUS Recent Accomplishments & Initiatives ASUS continues to pursue new construction work on the military bases it serves: • During 2024, ASUS was awarded approximately $56.5 million in new construction projects, which are expected to be completed beginning 2024 through 2027. • In 2023, including t
Slide 30: Regulated Utilities (GSWC & BVES) Strategy
Regulated Utilities (GSWC & BVES) Strategy Deliver outstanding customer service Focus on operational efficiency to minimize costs to customers and determine additional ways to generate efficiencies through new technology implementation and process improvement Make prudent capital additions tha
Slide 31: Regulated Utilities (GSWC & BVES) Strategy
Regulated Utilities (GSWC & BVES) Strategy Receive timely recovery of costs Maintain good working relationship with state regulatory commission Be proactive in managing resources and influencing policy Expand customer base through organic growth and acquisitions Employ management systems t
Slide 32: Contracted Services (ASUS) Strategy
Contracted Services (ASUS) Strategy Increase net income at the military bases currently served through: • Efficient operations • Requests for equitable adjustments • Economic price adjustments Increase the size and scope of our contracted services operations: • Further develop service opportunit
Slide 33: Water Supply Sources
Water Supply Sources GSWC meets its customers’ water demand on average with: • ~50% from GSWC’s own groundwater sources GSWC has a significant portfolio of adjudicated water rights • ~45% purchased principally from the The Metropolitan Water District (MWD) and its member agencies, imported from:
Slide 34: Environmental Strength
Environmental Strength Water usage per customer by Golden State Water Company customers was 39.1% lower in 2024 than in 2007. Capital improvement program at the regulated utilities has totaled nearly $845.0 million in the last five years (2020-2024), improving water and electric reliability and
Slide 35: Social Strength
Social Strength Providing safe, reliable water, electricity and wastewater services to over one million people every day including homes, commercial and industrial businesses, and military bases. Community service – giving back to our local communities and military programs through volunteering
Slide 36: Governance Strength
Governance Strength 8 of 9 board members are independent, including the Chair 4 of 8 (50%) independent board members are female, including the Chair 75% of the CEO’s long-term equity awards are performance-based The Company’s clawback policy for its performance-based executive compensation m
Slide 37: In Summary
In Summary We will continue to: Focus on growing the regulated utility businesses through necessary infrastructure replacement and water customer acquisition Improve efficiency of current operations at all business segments Pursue rate case and other regulatory filings timely Grow the contra
Slide 38: www.aswater.com
e e*e’e American States eee. Water Company http://www.aswater.com
American States Water Company — Investor Presentation (September 2025) on 6ix