American States Water Company · NYSE:AWR
American States Water — Q2 2025 Earnings Presentation
21 slides from American States Water's earnings presentation, Aug 7, 2025
Slide 1: Financial Results Call Presentation Second Quarter 2025
Financial Results Call Presentation Second Quarter 2025 August 7, 2025 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,” “may,” “should” and similar ph
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 2025 Highlights 6 Q2 Diluted EPS by Segment 7 Q2 Operating Revenues by Segment 8 Q2 Expenses (Excluding Income Taxes) 9 EPS Bridge Q2 2024 to Q2 2025 10 YTD Diluted EPS by Segment 11 Liquidity 12 Regulatory Activity 13 Contracted Services (ASUS) 18 Dividends 19 Non-GAAP Meas
Slide 6: Q2 2025 Highlights
Q2 2025 Highlights Recorded consolidated diluted earnings per share increased $0.02 per share for the quarter and $0.10 per share YTD when compared to the same periods in 2024, respectively: Q2 2025: $0.87 per share Q2 2024: $0.85 per share YTD 2025: $1.57 per share YTD 2024: $1.47 per sha
Slide 7: Q2 Diluted EPS by Segment
Q2 Diluted EPS by Segment Q2 2025 Q2 2024 Variance Water $ 0.73 $ 0.67 $ 0.06 Electric 0.03 0.01 0.02 Contracted Services 0.13 0.19 (0.06) AWR (Parent) (0.01) (0.02) 0.01 Consolidated Diluted EPS as recorded (GAAP) $ 0.87 $ 0.85 $ 0.02 Note: Certain amounts in the table above may not foot or crossfo
Slide 8: Q2 Operating Revenues by Segment
Q2 Operating Revenues by Segment (amounts in millions) Q2 2025 Q2 2024 Variance Water $119.7 $110.4 $9.3 Electric 12.9 8.7 4.2 Contracted Services 30.4 36.2 (5.8) Total Operating Revenues $163.0 $155.3 $7.7 8
Slide 9: Q2 Expenses (Excluding Income Taxes)
Q2 Expenses (Excluding income taxes) (amounts in millions) Q2 2025 Q2 2024 Variance Water and Electric Supply Costs $36.9 $32.2 $4.7 Other Operation 12.3 10.7 1.6 Administrative and General 25.2 23.5 1.7 Depreciation and Amortization 11.7 10.8 0.9 Maintenance 6.1 3.5 2.6 Property and Other Taxes 7.0
Slide 10: EPS Bridge Q2 2024 to Q2 2025
EPS Bridge Q2 2024 to Q2 2025 $1.10 $1.05 $0.17 ($0.08) $1.00 $0.95 ($0.05) $0.03 $0.01 ($0.02) $0.02 ($0.06) $0.90 $0.01 $0.87 $0.85 $0.85 $0.80 $0.75 $0.70 Electric Contracted AWR Water Utility Utility $0.65 Services (Parent) $0.60 $0.55 $0.50 Increase in Higher supply Higher Higher other Higher D
Slide 11: YTD Diluted EPS by Segment
YTD Diluted EPS by Segment YTD 2025 YTD 2024 Variance Water $ 1.25 $ 1.15 $ 0.10 Electric 0.10 0.06 0.04 Contracted Services 0.26 0.32 (0.06) AWR (Parent) (0.03) (0.06) 0.03 Consolidated Diluted EPS as recorded (GAAP) $ 1.57 $ 1.47 $ 0.10 Note: Certain amounts in the table above may not foot or cros
Slide 12: Liquidity
Liquidity Operating cash flows were $109.6 million for YTD 2025, as compared to $70.5 million for YTD 2024 largely from: Implementation of new rates at the regulated utilities from approved GRC proceedings, Implementation of various surcharges at both regulated utilities, and Timing of cash
Slide 13: Regulatory Activity
Regulatory Activity 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. On January 16, 2025, the CPUC adopted a final decision in BVES’s general r
Slide 14: Regulatory Activity (continued)
Regulatory Activity (continued) The final decision in BVES’s general rate case: Authorizes BVES to invest $75.6 million in capital infrastructure in base rates over the four-year rate cycle including at least $23.1 million (plus AFUDC) through advice letters as projects are completed; Adopts a
Slide 15: Regulatory Activity (continued) - GSWC
Regulatory Activity (continued) - GSWC The final decision in GSWC’s general rate case also: i. 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 in
Slide 16: GSWC Adopted Average Water Rate Base
Regulatory Activity (continued) – GSWC Adopted Average Water Rate Base (in millions) CAGR 10.3% * $1,357.5 * $1,259.5 * $1,161.5* $980.4 $916.1 $851.8 $752.2 2018 2019 2020 2021 2022 2023 2024 Note: The recent CPUC approved rate case decision covering 2025-2027 authorizes GSWC to invest $573.1 milli
Slide 17: Regulatory Activity (continued) - BVES
Regulatory Activity (continued) - BVES On July 18, 2025, BVES and Cal Advocates filed a joint motion with the CPUC to adopt a settlement agreement related to the construction of solar energy generation and battery storage facilities for a total combined cost of approximately $28 million (plus AFUD
Slide 18: Contracted Services (ASUS)
Contracted Services (ASUS) Earnings for Q2 2025 were $0.13 per share compared to $0.19 per share for Q2 2024. The decrease was a result of a decline in construction activity and higher overall operating expenses partially offset by an increase in management fee revenues from the resolution of vari
Slide 19: Dividends
Dividends Board of Directors approved an 8.3% increase in the 2025 third quarter cash dividend from $0.4655 to $0.5040 per share Dividend policy: CAGR of more than 7% over the long term continues to be met and exceeded Dividends paid every year since 1931 Quarterly Dividend Growth* CAGR 8.5%
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 2025 Earnings Presentation on 6ix