Slide 1: Pure Cycle Corporation Financial Results Q3-2026 Earnings Presentation
PURE CYCLE ATLL CORPORATION Laat og = FINANCIAL anes RESULTS Q3-2026 “eimon EARNINGS PRESENTATION 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 BRENT BROUILLARD DIRK LASHNITS President, CEO, and Director VP, CFO, Principal Accounting Officer, Principal Financial Officer Vice President, Engineering Vice President, Land Development Mark is an exceptional leader who has Marc brings over 20 years of
Slide 4: Board of Directors
BOARD OF DIRECTORS Mark W. Harding Jeffrey G. Sheets President and CEO Director Patrick J. Beirne Susan D. Heitmann Director and Chair of the Audit Chair of the Board Committee Wanda J. Abel Frederick A. Fendel III Director and Chair of the Nominating Director and Governance Committee PURE CYCLE COR
Slide 5: Investment Snapshot
INVESTMENT SNAPSHOT 28 Straight Profitable Recurring Revenue Base Quarters Pure Cycle has posted net income for seven Revenues from water and wastewater utilities, consecutive years, demonstrating a durable rental income, and service fees underwrite and resilient earnings model. financial predictabi
Slide 6: Consolidated Metrics: 3rd Quarter Results
CONSOLIDATED METRICS 3rd Quarter Results Q3 2026 results reflect higher revenue, driven primarily by an increase in water sales to oil and gas operators and continued land development of Phase 2D. Gross profit was affected by land development costs, which can fluctuate from quarter to quarter based
Slide 7: Consolidated Metrics: 3rd Quarter Results
CONSOLIDATED METRICS 3rd Quarter Results Q3 2026 net income increased approximately 31% year over year to $2.9 million, with EPS of $0.12, up from $0.09 in Q3 2025, reflecting higher profitability. QoQ Q3 Net Income QoQ Q3 EPS $0.14 $3,500 $0.12 $0.12 $2,825 $2,948 $0.12 $3,000 $2,500 $2,256 $0.10 $
Slide 8: Consolidated Metrics: Year to Date Results
CONSOLIDATED METRICS YEAR TO DATE RESULTS As of Q3 2026, approximately 77% of the full-year revenue guidance and 69% 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 an
Slide 9: Consolidated Metrics: Year to Date Results
CONSOLIDATED METRICS YEAR TO DATE RESULTS As of Q3 2026, approximately 71% of the full-year net income and 71% 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 10: Water Utilities
Water Utilities
Slide 11: 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 12: Consolidated Metrics: Water Revenue
CONSOLIDATED METRICS WATER REVENUE Recurring water and wastewater revenue increased approximately 21% from 9mo 2025 to 9mo 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 13: 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 14: Capacity and Production
CAPACITY AND PRODUCTION PORTFOLIO CAPACITY Yearly Acre Feet Production as of Q3-2026 At Buildout Current Remaining Capacity Sold To Date 2.8% 100% 80% 2577 95.5% 4.5% 60% 40% 1050 2.3% 20% 0% AF Used AF Available We estimate our portfolio can serve approximately 60,000 We continue to invest in our s
Slide 15: Land Development
Land Development
Slide 16: Land Development
LAND DEVELOPMENT Phase 2C: 228 Lots: 95% FY2026 continued Lot complete by Q3 2026; Production: Phase 2E – 159 $17.3M revenue payments lots grading nearly 60% with received. lot deliveries in FY’27. Phase 2D: 204 Lots: 84% Visibility into FY27: Land complete by Q3 2026; development continuing as $11.
Slide 17: Land Development Revenue
LAND DEVELOPMENT REVENUE Land development revenue increased significantly in the first 9 months of FY 2026, driven by higher finished lot deliveries. Revenue was primarily generated from Phase 2D, with some landscaping completion in Phase 2C, reflecting the continued progression of Phase 2 developme
Slide 18: Phase 2A & 2B — Complete
Phase 2A & 2B — Complete ✓ COMPLETE ✓ COMPLETE 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 PAGE 18
Slide 19: Phase 2C, 2D & 2E — In Progress
Phase 2C, 2D & 2E — In Progress IN PROGRESS IN PROGRESS IN PROGRESS PHASE 2C PHASE 2D PHASE 2E 228 Lots 204 Lots 159 Lots +$17.8M Lot Revenue +$20.7M Lot Revenue +$14.0M Lot Revenue +$8.6M Tap Fees +$8.1M Tap Fees +$4.3M Tap Fees +$870K/yr SFR Rents +$60K/yr SFR Rents No SFR Rents +$342K/yr W/WW Sal
Slide 20: 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 landscape work beginning in the second half of fiscal 2026; and Phase 2E is finishing up the grading phase, setting up
Slide 21: High School Opening This August
HIGH SCHOOL OPENING THIS AUGUST PURE CYCLE CORPORATION 2121 PAGE Pg.
Slide 22: Development Encroachment To Lowry Ranch
Development Encroachment To Lowry Ranch Lowry Ranch Service Area Lowry Ranch Service Area PURE CYCLE CORPORATION PAGE Pg. 2222
Slide 23: Single-Family Rentals
Single-Family Rentals
Slide 24: SFR Strategy Update: Measured Growth Approach
SFR Strategy Update: Measured Growth Approach What Changed • Reduced number of homes retained for SFRs in Sky Ranch • Increased selectivity on new SFR investments • Adjusted pacing of future SFR phases Going Forward • SFR remains a strategic component of the development mix • Ability to shift betwee
Slide 25: Segment Performance – Single-Family Rentals
Segment Performance – Single-Family Rentals • 39 Homes Completed - Rental units built at Sky Ranch, with 38 leased and one available for sale (95% leased prior to completion), generating stable recurring income. • 23 of 33 Additional Homes Under Contract - Next phase of single-family rentals progres
Slide 26: Single-Family Rentals
SINGLE-FAMILY RENTALS Single-family rental revenue increased approximately 43% from 9m 2024 to 9m 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 27: SFR Portfolio
72 Homes SFR Portfolio $2.2M Rent/Yr 66 Homes $2.0M Rent/Yr $25.6M Assets $23.5M Assets $37.8M FMV $34.7M FMV 6 Sky Ranch Phase 1 & 2 Added in Phase Prior Phases 35 31 Homes $930K Rent/Yr $11.3M Assets $16.3M FMV 66 14 Homes $420K Rent/Yr 17 $5.3M Assets 4 Homes $7.4M FMV 31 $120K Rent/Yr $1.4M Asse
Slide 28: Capital Allocation & Shareholder Value
Capital Allocation & Shareholder Value
Slide 29: Strong Balance Sheet
STRONG BALANCE SHEET $75.4M Total Assets $9.8M Total Assets $14.7M Total Assets $73.7M Cash & $11.8M in Wastewater Systems $5.7M of Land for Development $20M in Fair Market Value (39 Receivables $32.9M Water Rights Portfolio $4.1M developed land for sale units) $14.6M in Cash and Restricted $27.6M
Slide 30: Recurring Revenue Strength
Recurring Revenue Strength Utilities Revenue Stability: Recurring Rental Income from 38 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 Rental
Slide 31: 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 32: 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 33: Valuation Sensitivity Scenarios
Valuation Sensitivity Scenarios FY26 Gross Revenue: $28–32M Range: Scenario modeling based on timing of Phase 2D finished lot payment. FY26 EPS Sensitivity: $0.43–$0.52: EPS estimates vary with lot closings pace and rental unit lease-up timing. Upside in Timing Acceleration: Local commercial, improv
Slide 34: 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 35: 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 36: Sky Ranch Update
SKY RANCH UPDATE Q
Slide 37: Earnings Presentation Q&A
PURE CYCLE CORPORATION Earnings Presentation Q&A www.purecyclewater.com