American States Water Company · NYSE:AWR
American States Water — Q2 2026 Earnings Presentation
21 slides from American States Water's earnings presentation, Aug 6, 2026
Slide 1: Financial Results Call Presentation Second Quarter 2026
Financial Results Call Presentation Second Quarter 2026 August 6, 2026 NYSE: AWR
Slide 2: Today’s Presenters
Today’s Presenters Robert J. Sprowls President & CEO Eva G. Tang SVP – Finance & CFO 2
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,” “forecast,” “possibility,” “ma
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
Slide 5: Presentation Overview
Presentation Overview Q2 2026 Highlights 6 Q2 Diluted EPS by Segment 7 Q2 Operating Revenues by Segment 8 Q2 Expenses (Excluding Income Taxes) 9 EPS Bridge Q2 2025 to Q2 2026 10 YTD Diluted EPS by Segment 11 Liquidity 12 Regulatory Activity 13 Contracted Services (ASUS) 18 Dividends 19 Non-GAAP Meas
Slide 6: Q2 2026 Highlights
Q2 2026 Highlights Recorded consolidated diluted earnings per share increased $0.22 per share, or 25.3% for the quarter when compared to the second quarter of 2025: Q2 2026: $1.09 per share Q2 2025: $0.87 per share YTD 2026: $1.86 per share YTD 2025: $1.57 per share An 8.2% increase in t
Slide 7: Q2 Diluted EPS by Segment
Q2 Diluted EPS by Segment Q2 2026 Q2 2025 Variance Water $ 0.91 $ 0.73 $ 0.18 Electric 0.04 0.03 0.01 Contracted Services 0.16 0.13 0.03 AWR (Parent) (0.01) (0.01) - Consolidated Diluted EPS as recorded (GAAP) $ 1.09 $ 0.87 $ 0.22 Note: Certain amounts in the table above may not foot or crossfoot du
Slide 8: Q2 Operating Revenues by Segment
Q2 Operating Revenues by Segment (amounts in millions) Q2 2026 Q2 2025 Variance Water $131.1 $119.7 $11.4 Electric 13.6 12.9 0.7 Contracted Services 36.6 30.4 6.2 Total Operating Revenues $181.3 $163.1 $18.2 Note: Certain amounts in the table above may not foot or crossfoot due to rounding. 8
Slide 9: Q2 Expenses (Excluding Income Taxes)
Q2 Expenses (Excluding income taxes) (amounts in millions) Q2 2026 Q2 2025 Variance Water and Electric Supply Costs $37.5 $36.9 $0.6 Other Operation 12.0 12.3 (0.3) Administrative and General 24.5 25.2 (0.7) Depreciation and Amortization 12.7 11.7 1.0 Maintenance 6.2 6.1 0.1 Property and Other Taxes
Slide 10: EPS Bridge Q2 2025 to Q2 2026
EPS Bridge Q2 2025 to Q2 2026 $1.15 $0.03 $1.09 $1.10 $0.21 ($0.01) ($0.02) $0.03 ($0.01) ($0.02) $0.01 $1.05 $1.00 $0.95 $0.90 $0.87 $0.85 Contracted $0.80 Water Utility Electric Utility Services $0.75 $0.70 Q2 2025 Increase in Higher Higher interest Higher other A higher Dilutive Higher electric H
Slide 11: YTD Diluted EPS by Segment
YTD Diluted EPS by Segment YTD 2026 YTD 2025 Variance Water $ 1.47 $ 1.25 $ 0.22 Electric 0.12 0.10 0.02 Contracted Services 0.31 0.26 0.05 AWR (Parent) (0.03) (0.03) - Consolidated Diluted EPS as recorded (GAAP) $ 1.86 $ 1.57 $ 0.29 Note: Certain amounts in the table above may not foot or crossfoot
Slide 12: Liquidity
Liquidity Operating cash flows were $116.6 million for YTD 2026 compared to $109.6 million for YTD 2025 largely from: Implementation of authorized new rates at the regulated utilities Implementation of various surcharges at both regulated utilities Cash proceeds of approximately $4 million f
Slide 13: 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 determined new water rates for the years 2025-2027. The final decision in GSWC’s gener
Slide 14: Regulatory Activity (continued) - GSWC
Regulatory Activity (continued) - GSWC General Rate Case for Years 2028-2030 – On July 1, 2026, GSWC filed a general rate case application for all its water regions and the general office. This general rate case will determine new water rates for the years 2028 – 2030. Among other things, GSWC req
Slide 15: 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
Slide 16: 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 GRC proceeding that set the new electric rates retroactive to January 1, 2023 and approves the settlement agreement reached between BVES, Cal Advocates and an
Slide 17: 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
Slide 18: Contracted Services (ASUS)
Contracted Services (ASUS) Earnings for Q2 2026 were $0.16 per share compared to $0.13 per share for Q2 2025. The increase was largely resulting from (i) an increase in construction activities, (ii) an increase in management fee revenues resulting from the resolution of various economic price adju
Slide 19: Dividends
Dividends Board of Directors approved an 8.2% increase in the 2026 third quarter cash dividend from $0.5040 to $0.5455 per share Dividend policy: CAGR of more than 7% over the long term continues to be met and exceeded Quarterly Dividend Growth* $0.5455 Dividends paid every year CAGR 8.4% (Per
Slide 20: Questions and Answers
e% American States ee eee Water Company Questions and Answers
Slide 21: 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 six mon
American States Water Company — Q2 2026 Earnings Presentation on 6ix