Essential Utilities, Inc. · NYSE:WTRG
Essential Utilities — Merger or Acquisition (October 2025)
16 slides from Essential Utilities's merger presentation, Oct 27, 2025
Slide 1: American Water & Essential Utilities Merger
Exhibit 99.2 American Water & Essential Utilities Merger Uniting Two of the Nation’s Premier Water Utilities to Deliver Improved Scale and Long-Term Value OCTOBER 27, 2025
Slide 2: Forward Looking Statements Disclosure
Forward Looking Statements Disclosure Cautionary Statement Regarding Forward-Looking Statements Certain statements included in this communication are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of
Slide 3: Today's Participants
Today’s Participants John Griffith David Bowler Cheryl Norton Christopher Franklin Daniel Schuller President & Chief Executive Vice Executive Vice Chairman & Chief Executive Vice President President & Chief Executive Officer President & Chief Executive Officer & Chief Financial Officer Financial Off
Slide 4: Agenda
Agenda Transaction Overview Strategic Rationale Combined Business Profile Growth Outlook Credit Profile Regulatory Approvals & Timeline Key Takeaways 4
Slide 5: Uniting the Two Leading U.S. Water and Wastewater Utilities
Uniting the Two Leading U.S. Water and Wastewater Utilities Tax-Free, All-Stock Merger John Griffith, President & Chief Executive Officer Deal Leadership Structure David Bowler, Executive Vice President & Chief 1 $40B Market Cap Financial Officer 1 Cheryl Norton, Executive Vice President & Chief $63
Slide 6: Shared Mission of Safely Delivering Reliable and Affordable Utility Services
Shared Mission of Safely Delivering Reliable AMERICAN WATER SERVING CUSTOMERS ACROSS and Affordable Utility Services 14 RE GULATED STATES 2 U.S. CONNECTIONS 3.5M 1.9M IA PA NJ OH IL IN MD WV CA MO VA KY 1 3 NC 2024A RATE BASE TN $22.1B $11.5B GA TX HI WATER & WAS TEWATER 790 227 TREATMENT PLANTS ESS
Slide 7: Combining Two Complementary Platforms to Expand Market Reach and Unlock Efficiencies
Combining Two Complementary Platforms to Expand Market Reach and Unlock Efficiencies, Best Practices Together, the businesses will continue to set the best-in-class standards for water quality, customer experience, and infrastructure replacement and renewal Best-in-Class Water Premier Partner-of-Cho
Slide 8: Compelling Long-Term Growth Outlook in Premier Asset Class
Compelling Long-Term Growth Outlook in Premier Asset Class AMERICAN WATER + ESSENTIAL Other Long-Term Targets and 7% - 9% AMERICAN WATER Drivers of Sustainable Long-Term EPS CAGR Target Shareholder Returns 7% - 9% RATE BASE GROWTH Long-Term EPS CAGR Target 1 100% Regulated and Regulated-Like Earning
Slide 9: Highly Attractive Footprint with Scale and Scope for Growth
Highly Attractive Footprint with Scale and Scope for Growth Top 12 States by Combined 2024A Water & Wastewater Rate Base AMERICAN WATER + ESSENTIAL CA PA MO IL IN 1 2 NJ $34B $41B 2024A Rate Base 2026E Rate Base $10.4B $5.3B $3.2B $3.0B $1.8B $1.2B 3 $40B Market Capitalization NC TX KY OH VA WV 4 17
Slide 10: Diversified Regulated Portfolio Across States
Diversified Regulated Portfolio Across 17 States 1 2 Footprint by State COMBINED RATE BASE Water & Wastewater Total 4 3 Other Other NC, 1% NC 1% 2% 2% VA, 2% VA 2% PA WA OH, 2% OH 2% PA 35% TX, 2% KY, 2% 43% KY, 2% TX, 2% WV, 3% WV, 3% 5 CA, 4% 6 NY $29.3B $33.6B CA, 4% IN, 5% IN 6% IL IA PA NJ NJ I
Slide 11: Delivers Expansive Benefits to Key Stakeholders
Delivers Expansive Benefits to Key Stakeholders Continuing superior customer Increased career growth service at affordable rates opportunity for employees • Combined infrastructure and • Strengthens position as a top employer operational efficiencies of choice; Recognized on the Forbes America’s Bes
Slide 12: Capital Investments to Drive Rate Base Growth
Capital Investments to Drive Rate Base Growth COMBINED RATE BASE 5-YEAR COMBINED CAPITAL INVESTMENT PLAN American Water American Water Essential Utilities Essential Utilities • The combined company’s 2024 – 2029E CAGR: 8% - 9% enhanced scale will support 31% $53 continued investment in critical infr
Slide 13: Delivering Top Quartile Total Shareholder Return
Delivering Top Quartile Total Shareholder Return Pro Forma EPS and Dividend Outlook Highly Durable, Low Risk Capital Investment Plan • Transaction EPS accretive in first year after transaction close • Decades of pipe replacement needed in aging water systems • March 2025 ASCE Infrastructure Report C
Slide 14: Continuing Commitment to a Strong Balance Sheet & Credit Ratings
Continuing Commitment to a Strong Balance Sheet & Credit Ratings The combination creates a stronger, more resilient utility with improved credit quality, balanced capital structure, and stable cash flow to support long-term growth and reliable service Credit Strength and Benefits S&P / MOODY’S RATIN
Slide 15: Path to Close: Approvals and Timeline
Path to Close Approvals and Timeline Q4 2025 – Q1 2026 Q1 2026 Q3 2026 – Q1 2027 Q1 2027 File Regulatory Special Shareholder Transaction Close Obtain Regulatory Approvals Transaction expected to close by end of Approvals from state regulators include PA, Applications Meetings Q1 2027 NJ, TX and VA,
Slide 16: Key Takeaways
Key Takeaways Merger Unlocks Compelling Growth and Value Potential for Both Companies Results in a Leading U.S. Presents Inorganic & Organic Water & Wastewater Utility Growth Opportunities Solidifies position as a premier public water & Retains American Water’s 7% - 9% long- Unites two wastewater ut
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