Global Water Resources, Inc. · NASDAQ:GWRS
Global Water Resources — Q4 2025 Earnings Presentation
25 slides from Global Water Resources's earnings presentation, Mar 5, 2026
Slide 1: Pure-Play Regulated Water & Wastewater Utility Company
NASDAQ: GWRS Pure-Play Regulated Water & Wastewater Utility Company Corporate Presentation March 2026
Slide 2: Forward-Looking Statements
Forward-Looking Statements NASDAQ:GWRS Certain statements in this presentation include certain forward-looking statements which reflect the company's expectations regarding future events. These forward-looking statements include, but are not limited to, statements about our strategies; expectations
Slide 3: Global Water Resources Key Stats
Global Water Resources Key Stats (NASDAQ: GWRS) NASDAQ:GWRS Stock Price 3/09/26 $7.79 Total Revenue ttm $55.8M Total Active Connections Growth 52 Week Low-High $7.66-$11.78 Net Income ttm $3.0M Dividend Yield @ 3/09/26 3.9% Net Income Margin ttm 5.3% 68,577 Beta (5Y Monthly) 0.98 Adjusted EBITDA ttm
Slide 4: Fed Rate Cuts Anticipated to Positively Affect Water Utility Sector Performance
Fed Rate Cuts Anticipated to Positively Affect Water Utility Sector Performance NASDAQ:GWRS • The Water Utility sector’s stock price & valuations have Water Utility Industry Stock Price & Valuations significantly declined since the Federal Reserve started Water Utility Industry Stock Price Before an
Slide 5: Global Water Resources — Who We Are
Global Water Resources — Who We Are NASDAQ:GWRS Fast-Growing Provider Service Area Primarily in of Water Resource the Growth Corridors of Management Metropolitan Phoenix & Tucson, Arizona Own & Operate 39 Systems Active M&A Strategy in Highly Fragmented State Providing Water, Wastewater & Recycled 2
Slide 6: We Establish Large Contiguous Investor-Owned Water Utility Service Areas
We Establish Large Contiguous Investor-Owned Water Utility Service Areas, Strategically Located in Growth Corridors NASDAQ:GWRS Global Water – Northern Located in Two Fast-Growing Counties1 West Valley Region Scottsdale Water Company Global Water – Turner Ranches Irrigation Pinal County Maricopa Cou
Slide 7: Reliable Source of Fresh Water Supply
Reliable Source of Fresh Water Supply NASDAQ:GWRS • Underground aquifers are our primary source of fresh Maricopa-Stanfield Sub-basin Aquifer water supply. • We do not rely on the Colorado River for water. • We have an existing assured water supply from the Maricopa-Stanfield Sub-basin aquifer. • We
Slide 8: Strong Active Connection Growth
Organic Connection Growth Strong Active Connection Growth NASDAQ:GWRS Total Active Connection Growth (in thousands) Acquired (Cumulative) Organic 68.6 64.5 61.8 9.5 56.3 7.5 53.9 7.5 48.9 4.1 4.2 54.3 57.0 59.0 Organic Growth Additional Growth Continues Opportunities 2.9 52.1 49.8 46.0 5.1% CAGR (or
Slide 9: Maricopa/Pinal County Business Boom
Organic Connection Growth Maricopa/Pinal County Business Boom NASDAQ:GWRS Aerospace & Defense Data Centers Semiconductor Automated & EVs Sources: Google Maps and company websites. 9
Slide 10: Arizona's Booming Economy
Organic Connection Growth Arizona’s Booming Economy NASDAQ:GWRS • $122.3B of capital investment commitments in Arizona for fiscal years ended June 30, 2023 through June 30, 2025 ($31.6B in FY2025, $50B in FY2024, and $40.7B in FY2023), up 139% vs. preceding three years.1 Capital Investment Commitmen
Slide 11: City of Maricopa's Favorable Median Home Prices
New Service Areas City of Maricopa’s Favorable Median Home Prices NASDAQ:GWRS Median Home Prices by City Median Home Prices January 20261 $415K $450K $430K $453K $550K $400K $550K Buckeye $487K $450K $453K $455K $415K $430K $487K $400K $346K $346K Maricopa’s median home price of $346K is at a 24% di
Slide 12: State Route 347 Improvements
Organic Connection Growth State Route 347 Improvements NASDAQ:GWRS SR 347 Projects • Arizona Department of Transportation adopted $11.6B 2026–2030 Five-Year Transportation Facilities Construction Program, including $249M+ for several planned improvement projects on the State Route 347 (SR 347) corri
Slide 13: Ag-to-Urban Program
Organic Connection Growth Ag-to-Urban Program NASDAQ:GWRS Sept 2025: Arizona’s Assured Water Supply “Ag-to-Urban” Program went into effect. A transformative development for water sustainability, housing, and economic growth across the state. Allows landowners who cease agricultural operations to con
Slide 14: Global Water Expands Footprint in Arizona
Acquisitions Global Water Expands Footprint in Arizona NASDAQ:GWRS Acquired 23 Systems Since 2017 • Eagletail Water • Lyn-Lee Water • Turner Ranches • Twin Hawks • Red Rock Water • Rincon • Red Rock Wastewater • Las Quintas Serenas • Mirabell Water • Farmers Water • Francesca Water • Seven Water Sys
Slide 15: City of Tucson Water Systems Acquisition
Acquisitions City of Tucson Water Systems Acquisition NASDAQ:GWRS Catalina • July 8 9, 2025: Acquired seven public water systems Marana from the City of Tucson at a value equivalent to approx. 1.05 times the current rate base. Casa Adobes • Acquisition added: Tanque Verde • ~2,200 active water servi
Slide 16: 2025 Rate Case – GW-Santa Cruz and GW-Palo Verde
Proposed Utility Rate Increases 2025 Rate Case – GW-Santa Cruz and GW-Palo Verde NASDAQ:GWRS An approximate 7% Requested net increase in total annual revenue median monthly increase of aggregate bill for the approximately two utilities’ $4.3 million1 customers Represents 68,577 active service connec
Slide 17: Operational & Financial Highlights
Operational & Financial Highlights NASDAQ:GWRS Active Connections Revenues Adjusted EBITDA1 Estimated Rate Stock Price Baseable Assets2 Year End Higher Rate $55.8M Baseable Assets 68.6K $26.5M expected to drive higher future earnings $189.5M 57% 50% 63% 62% 45.8K $35.5M $16.3M $117.0M $13.15 $8.45 -
Slide 18: We Compare Favorably to Our Peers Across Key Metrics
We Compare Favorably to Our Peers Across Key Metrics NASDAQ:GWRS EBITDA Growth 1,2, 3 Dividend Yield 3 Active Connection Growth TTM vs FY 2016 TTM 5-Year Average 3 @12/31/2025 186% 7.0% 105% 3.9% 3.6% 3.3% 78% 2.9% 2.7% 2.8% 73% 71% 2.6% 2.4% 2.6% 2.6% 66% 65% 66% 2.3% 45% 36% 1.6% 1.4% 1.4% 1.0% 0.
Slide 19: Contact Us
Contact Us NASDAQ:GWRS Global Water Resources, Inc. Ron Fleming President & CEO T: 480.999.5290 ron.fleming@gwresources.com Mike Liebman SVP & CFO T: 480.999.5104 mike.liebman@gwresources.com Chris Krygier Chief Operating Officer T: 623.377.2603 christopher.krygier@gwresources.com Investor Relations
Slide 20: Appendix
Appendix 20
Slide 21: Leadership Team
Leadership Team NASDAQ:GWRS Mike Liebman Chris Krygier Ron L. Fleming CFO & SVP COO Robert J. Kuta President, CEO & Director EVP of Engineering & Environmental Resources 20+ years of related management and utility 23+ years of finance and management 15+ years’ experience in operational Joined Global
Slide 22: Consolidated Balance Sheets
Consolidated Balance Sheets NASDAQ:GWRS Financial information in this and the following slides are presented in thousands (except share and per share amounts). (in thousands, except share and per share amounts) December 31, 2025 December 31, 2024 (in thousands, except share and per share amounts) De
Slide 23: Consolidated Statements of Operations
Consolidated Statements of Operations NASDAQ:GWRS Years Ended December 31, (in thousands, except share and per share amounts) 2025 2024 Revenue Water service $ 28,609 $ 26,064 Wastewater and recycled water service 27,149 26,628 Unregulated revenue — — Total revenue 55,758 52,692 Operating Expenses O
Slide 24: Reconciliation of GAAP to Non-GAAP Financial Measures
Reconciliation of GAAP to Non-GAAP Financial Measures NASDAQ:GWRS Years Ended December 31, Cautionary Statement Regarding (in thousands) 2025 2024 Non-GAAP Measures Net Income Net Income Margin $ 2,957 $ 5.3 % 5,789 11.0 % Income tax expense 1,026 2,073 This presentation contains certain financial m
Slide 25: Mission, Vision & Commitment
Mission, Vision & Commitment NASDAQ:GWRS Our Commitment MISSION Aggregate water & wastewater utilities so that we and our customers can realize the benefits of consolidation, regionalization and environmental stewardship in the face of today’s water scarcity. Deliver high-quality Leverage advanced s
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