American States Water Company · NYSE:AWR
American States Water — Investor Presentation (August 2026)
38 slides from American States Water's investor presentation, August 2026
Slide 1: Corporate Presentation
Corporate Presentation Robert J. Sprowls – President & CEO Eva G. Tang – SVP Finance & CFO NYSE: AWR August 2026
Slide 2: 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
Slide 3: Non-GAAP Financial Measures
Non-GAAP Financial Measures This presentation includes a discussion of certain financial 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 me
Slide 4: Corporate Profile
Corporate Profile AWR is a low volatility water utility with a secure and growing dividend, operating in a constructive regulatory environment in California, along with a growing unregulated contracted services business serving military bases under 50-year contracts(1) Listed on the NYSE: AWR AW
Slide 5: Company Organizational Structure
Company Organizational Structure 5
Slide 6: 2025 Earnings per Share by Subsidiary
2025 Earnings per Share by Subsidiary $0.25 BVES 7.4% GSWC $0.61 ASUS 77.4% $2.61 18.1% Note: AWR consolidated fully diluted earnings as reported for 2025 were $3.37 per share. The pie chart above sets forth the recorded diluted earnings per share contribution by business subsidiary/segment but excl
Slide 7: AWR Service Area Map
AWR Service Area Map Bay State Utility Services LLC Terrapin Utility Golden State Services, Inc. Utility Services LLC Water Company Patuxent River Bear Valley Electric Old Dominion Utility Service, Inc. Services, Inc. Old North American States Water Corporate Headquarters Ut
Slide 8: Regulated Utilities Service Area Map
Regulated Utilities Service Area Map Golden State Water Company Serves more than 80 communities in 11 counties Operates 40 water systems Robbins Bear Valley Electric Service, Inc. Operates one electric system that serves the City of Big Bear Lake and surrounding areas 8
Slide 9: Corporate Structure: Regulated Utilities
Corporate Structure: Regulated Utilities The Company’s regulated utilities (GSWC and BVES): • Represented 79% and 85% of AWR revenues and net income, respectively, in 2025 The regulated water utility under GSWC represented 71% and 77% of AWR consolidated revenues and net income, respectively, in
Slide 10: Corporate Structure: ASUS
Corporate Structure: ASUS ASUS, the company’s contracted services subsidiary was established in 1998 and provides the company with: • A relatively low risk, growth investment Allows AWR to capitalize on its competencies in operating water systems and in offering related services • Opportunities
Slide 11: Corporate Structure: ASUS
Corporate Structure: ASUS ASUS provides operations, maintenance and construction management services for water distribution and wastewater collection and treatment facilities at 12 military bases in nine states under 50-year privatization contracts and one military base under a 15-year contract wi
Slide 12: Corporate Structure: ASUS
Corporate Structure: ASUS Under each of the 50-year contracts with the U.S. government, ASUS has the following revenue streams: • O&M Revenues for operating and maintaining the systems A fixed amount each month included under the 50-year contracts, subject to annual economic price adjustments (E
Slide 13: Prime Investment Considerations
Prime Investment Considerations Growth potential in earnings • 2025 Recorded EPS of $3.37 per share with a 5-Year CAGR on Recorded EPS from Continuing Operations of 7.7% through 2025 • Planned CapEx at 4.0-5.0 X Depreciation increases rate base at the regulated utility businesses • Significant rec
Slide 14: Prime Investment Considerations
Prime Investment Considerations Well-positioned for privatization and consolidation opportunities • Highly fragmented industry; few publicly-traded players; high barriers to entry Aggressive posture toward recovery of operating costs and CapEx Stable utility customer base Seasoned and commit
Slide 15: Adjusted Diluted EPS from Continuing Operations
Adjusted(1) Diluted EPS from Continuing Operations (per share) CAGR 7.7% $3.37 $3.50 $3.20 $2.90 $2.33 $2.60 $2.30 $2.00 2020 2021 2022 2023 2024 2025 Note: In the chart above, 2022 includes $0.38 per share for the impact of new 2022 rates that were not recorded in 2022 because of the delay in recei
Slide 16: Quarterly Dividend Growth
Quarterly Dividend Growth 72 Consecutive Years of Quarterly Dividend Rate Increases (per share) CAGR 8.4% $0.5455 $0.60 $0.55 $0.50 $0.45 $0.3650 $0.40 $0.35 $0.30 2021 2022 2023 2024 2025 2026 In July 2026, the Board of Directors approved an 8.2% increase in the quarterly dividend Targeting a divid
Slide 17: GSWC Adopted Average Water Rate Base
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 infrastructure over a three-year ca
Slide 18: AWR Recent Accomplishments & Initiatives
AWR Recent Accomplishments & Initiatives July 2026: An 8.2% increase in the third quarter cash dividend, resulting in an increase in the annual dividend from $2.016 per share to $2.182 per share. The company has achieved a compound annual growth rate of 8.4% in its quarterly dividend rate over the
Slide 19: AWR Recent Accomplishments & Initiatives
AWR Recent Accomplishments & Initiatives 2026 & 2025: For two consecutive years, AWR earns recognition as a top Company. • In 2026, named on TIME’s America’s Best Companies 2026 List and as one of America’s Most Trustworthy Companies by Newsweek (Ranked #1 in the Energy & Utilities Industry). • In
Slide 20: GSWC Recent Accomplishments & Initiatives
GSWC Recent Accomplishments & Initiatives July 2026: GSWC filed a new general rate case application for all its water regions and the general office that will determine new water rates for the years 2028 – 2030. Among other things, GSWC requested capital budgets of approximately $1 billion for the
Slide 21: GSWC Recent Accomplishments & Initiatives
GSWC Recent Accomplishments & Initiatives November 2025: The CPUC approved a request submitted by GSWC and three other investor- owned California water utilities to defer the next cost of capital applications by another year. The approval postponed the filing date to May 1, 2027, with a correspond
Slide 22: GSWC Recent Accomplishments & Initiatives
GSWC Recent Accomplishments & Initiatives May 2025: GSWC issued $100.0 million of unsecured private placement notes that consisted of $75.0 million of 7-year notes at 5.30% and $25.0 million of 12- year notes at 5.65%. GSWC used the proceeds to pay down outstanding borrowings under its revolving c
Slide 23: GSWC Recent Accomplishments & Initiatives
GSWC Recent Accomplishments & Initiatives January 2025: GSWC received a final decision in its general rate case proceeding that determines new water rates for the years 2025 – 2027. Among other things, the final decision: • authorizes GSWC to invest $573.1 million in capital infrastructure over th
Slide 24: BVES Recent Accomplishments & Initiatives
BVES Recent Accomplishments & Initiatives March 2026: BVES had submitted its annual request for renewal of its safety certification to the Office of Energy Infrastructure Safety (OEIS) under the California Natural Resources Agency. In March 2026, OEIS renewed BVES’s safety certification. Under Cal
Slide 25: BVES Recent Accomplishments & Initiatives
BVES Recent Accomplishments & Initiatives December 2025: The CPUC approved a settlement agreement between BVES and the Public Advocates Office at the CPUC authorizing the construction of BVES’s first solar energy generation and battery storage facilities for a total combined cost of at least $28 m
Slide 26: BVES Recent Accomplishments & Initiatives
BVES Recent Accomplishments & Initiatives January 2025: BVES received a final decision from the CPUC in its general rate case proceeding that set new electric rates for the years 2023 – 2026, with new rates retroactive to January 1, 2023, and: • authorizes BVES to invest approximately $75.6 millio
Slide 27: California Drought
California Drought The 2026 water year began on October 1, 2025, and as of August 4, 2026, the U.S. Drought Monitor has reported that less than one percent of California was considered in a “Severe Drought” condition and only 6.5% was in a “Moderate Drought” condition. • In May 2026, the Californi
Slide 28: ASUS Recent Accomplishments & Initiatives
ASUS Recent Accomplishments & Initiatives April 2024: Following the successful completion of a transition period, ASUS began operations at two new military bases awarded by the U.S. government in 2023: • a new 15-year contract was awarded that is different than its existing 50-year contracts to op
Slide 29: ASUS Recent Accomplishments & Initiatives
ASUS Recent Accomplishments & Initiatives ASUS continues to pursue new construction work on the military bases it serves: • In 2025, ASUS was awarded approximately $29.4 million in new construction projects, which are expected to be completed through 2028. This is in addition to $56.5 million awar
Slide 30: Regulated Utilities (GSWC & BVES) Strategy
Regulated Utilities (GSWC & BVES) Strategy Deliver outstanding customer service Focus on operational efficiency to minimize costs to customers and determine additional ways to generate efficiencies through new technology implementation and process improvement Make prudent capital additions tha
Slide 31: Regulated Utilities (GSWC & BVES) Strategy
Regulated Utilities (GSWC & BVES) Strategy Receive timely recovery of costs Maintain good working relationship with state regulatory commission Be proactive in managing resources and influencing policy Expand customer base through organic growth and acquisitions Employ management systems t
Slide 32: Contracted Services (ASUS) Strategy
Contracted Services (ASUS) Strategy Increase net income at the military bases currently served through: • Efficient operations • Requests for equitable adjustments • Economic price adjustments Increase the size and scope of our contracted services operations: • Further develop service opportunit
Slide 33: Water Supply Sources
Water Supply Sources GSWC meets its customers’ water demand on average with: • ~50% from GSWC’s own groundwater sources GSWC has a significant portfolio of adjudicated water rights • ~45% purchased principally from the The Metropolitan Water District (MWD) and its member agencies, imported from:
Slide 34: Environmental Strength
Environmental Strength Water usage per customer by Golden State Water Company customers was 38.1% lower in 2025 than in 2007. Capital improvement program at the regulated utilities has totaled $932.1 million in the last five years (2021-2025), improving water and electric reliability and reducin
Slide 35: Social Strength
Social Strength Providing safe, reliable water, electricity and wastewater services to over one million people every day including homes, commercial and industrial businesses, and military bases. Community service – giving back to our local communities and military programs through volunteering
Slide 36: Governance Strength
Governance Strength 8 of 9 board members are independent, including the Chair 4 of 8 (50%) independent board members are female, including the Chair 75% of the CEO’s long-term equity awards are performance-based The Company’s clawback policy for its performance-based executive compensation m
Slide 37: In Summary
In Summary We will continue to: Focus on growing the regulated utility businesses through necessary infrastructure replacement and water customer acquisition Improve efficiency of current operations at all business segments Pursue rate case and other regulatory filings timely Grow the contra
Slide 38: http://www.aswater.com
e e*e’e American States eee. Water Company http://www.aswater.com
American States Water Company — Investor Presentation (August 2026) on 6ix