American States Water Company · NYSE:AWR

American States Water — Q4 2025 Earnings Presentation

23 slides from American States Water's earnings presentation, Feb 19, 2026

  1. Slide 1: Financial Results Call Presentation

    Financial Results Call Presentation Fourth Quarter and Full Year 2025 February 19, 2026 NYSE: AWR

  2. Slide 2: Today’s Presenters

    Today’s Presenters Robert J. Sprowls President & CEO Eva G. Tang SVP – Finance & CFO 2

  3. 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

  4. 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

  5. Slide 5: Presentation Overview

    Presentation Overview 2025 Highlights 6 Q4 Diluted EPS by Segment 8 Q4 Operating Revenues by Segment 9 Q4 Expenses (Excluding Income Taxes) 10 EPS Bridge Q4 2024 to Q4 2025 11 Diluted EPS by Segment for the Year 12 Liquidity 13 Regulatory Activity 14 Contracted Services (ASUS) 20 Dividends 21 Non-GA

  6. Slide 6: 2025 Highlights

    2025 Highlights  Two final decisions were adopted by the CPUC  GSWC’s general rate case application that authorizes  New water rates for 2025-2027 and  The investment in capital infrastructure of $573.1 million over a three-year capital cycle including advice letter projects  BVES’s general rat

  7. Slide 7: 2025 Highlights (continued)

    2025 Highlights (continued)  Expansion of regulated water operations:  Completed a transaction with a developer to build out, own and operate the water and wastewater system assets serving a newly planned community which is expected to have 1,300 customer connections generating two revenue streams

  8. Slide 8: Q4 Diluted EPS by Segment

    Q4 Diluted EPS by Segment Q4 2025 Q4 2024 Variance Water $ 0.50 $ 0.52 ($ 0.02) Electric 0.11 0.13 (0.02) Contracted Services 0.16 0.11 0.05 AWR (Parent) (0.03) (0.02) (0.01) Consolidated Diluted EPS as recorded (GAAP) $ 0.74 $ 0.75 ($ 0.01) Adjustments to GAAP measure: Impact of one-time tax benefi

  9. Slide 9: Q4 Operating Revenues by Segment

    Q4 Operating Revenues by Segment (amounts in millions) Q4 2025 Q4 2024 Variance Water $110.1 $92.7 $17.4 Electric* 16.0 21.7 (5.7) Contracted Services 38.2 28.7 9.5 Total Operating Revenues $164.3 $143.1 $21.2 * Electric revenues in Q4 2024 include electric revenues of $9.2 million that reflect the

  10. Slide 10: Q4 Expenses (Excluding income taxes)

    Q4 Expenses (Excluding income taxes) (amounts in millions) Q4 2025 Q4 2024 Variance Water and Electric Supply Costs $38.4 $27.7 $10.7 Other Operation 12.5 9.9 2.6 Administrative and General* 25.3 27.9 (2.6) Depreciation and Amortization 12.6 11.3 1.3 Maintenance* 5.9 9.8 (3.9) Property and Other Tax

  11. Slide 11: EPS Bridge Q4 2024 to Q4 2025

    EPS Bridge Q4 2024 to Q4 2025 $1.10 $0.32 ($0.19) $1.05 $1.00 $0.95 $0.90 ($0.05) $0.02 $0.85 ($0.11) $0.80 $0.75 $0.05 ($0.01) $0.74 $0.75 ($0.01) ($0.02) $0.70 Contracted AWR Water Utility Electric Utility Services (Parent) $0.65 $0.60 Increase in Higher supply Higher Combined Higher Dilutive Lowe

  12. Slide 12: Diluted EPS by Segment for the Year

    Diluted EPS by Segment for the Year 2025 2024 Variance Water $ 2.61 $ 2.51 $ 0.10 Electric 0.25 0.21 0.04 Contracted Services 0.61 0.55 0.06 AWR (Parent) (0.09) (0.10) 0.01 Consolidated Diluted EPS as recorded (GAAP) $ 3.37 $ 3.17 $ 0.20 Adjustment to GAAP measure: Impact of one-time tax benefit rec

  13. Slide 13: Liquidity

    Liquidity  Operating cash flows were $229.7 million for 2025 compared to $198.7 million for 2024 largely from:  Implementation of new rates at the regulated utilities from approved GRC proceedings,  Implementation of various surcharges at both regulated utilities,  PFAS contamination litigation

  14. Slide 14: Regulatory Activity

    Regulatory Activity  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 determines new water rates for the years 2025-2027  The final decision in GSWC’s genera

  15. Slide 15: Regulatory Activity (continued) - GSWC

    Regulatory Activity (continued) - GSWC  The final decision in GSWC’s general rate case also 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 increm

  16. Slide 16: Regulatory Activity (continued) - GSWC

    Regulatory Activity (continued) - GSWC  Expansion of Water Operations  GSWC completed a transaction with a developer to build out, own and operate the water and wastewater system assets serving a new planned community of 1,300 customer connections  In December 2024, the CPUC approved a final deci

  17. Slide 17: 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

  18. Slide 18: 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 general rate case proceeding that set the new electric rates retroactive to January 1, 2023 and approves the settlement agreement reached between BVES, Cal Ad

  19. Slide 19: 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

  20. Slide 20: Contracted Services (ASUS)

    Contracted Services (ASUS)  Earnings for full year of 2025 were $0.61 per share compared to $0.55 per share for 2024, an increase of $0.06 per share. The increase was largely resulting from (i) an increase in management fee revenues due to the commencement of operations of the new bases in April 20

  21. Slide 21: Dividends

    Dividends  Dividend raised by 8.3% in the third quarter. The quarterly dividend rate has grown at a compound annual growth rate of 8.5% over the last 5 years since the first quarter of 2021  Dividend policy: CAGR of more than 7% over the long term continues to be met and exceeded Quarterly Dividen

  22. Slide 22: Questions and Answers

    e% American States ee eee Water Company Questions and Answers

  23. Slide 23: 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 twelve

American States Water Company — Q4 2025 Earnings Presentation on 6ix