American States Water Company (AWR) investor relations material

Financial performance and growth

• Recorded EPS for 2025 was $3.37, with a 5-year CAGR of 7.7% through 2025.

• Dividend increased by 8.2% in 2026, achieving a 5-year CAGR of 8.4% and 72 consecutive years of increases.

• Market capitalization is approximately $3.5 billion, with a dividend yield of 2.52%.

• GSWC and BVES contributed 79% of revenues and 85% of net income in 2025.

• No plans to issue additional equity through at least the end of 2029 after completing a $200 million ATM offering in 2026.

Business segments and operations

• Operates regulated water (GSWC) and electric (BVES) utilities in California, and ASUS provides contracted services to 13 military bases.

• GSWC serves over 80 communities in 11 counties, operating 40 water systems.

• ASUS has 50-year contracts at 12 bases and a 15-year contract at one base, with recent new contracts and construction awards.

• ASUS awarded $29.4 million in new construction projects in 2025 and $56.5 million in 2024.

• GSWC's adopted average water rate base grew at a 5-year CAGR of 11.3% through 2026.

Regulatory and strategic initiatives

• Operates in a favorable regulatory environment with forward-looking test years and mechanisms to recover costs and earn authorized returns.

• GSWC authorized to invest $573.1 million in capital infrastructure for 2025-2027.

• BVES authorized to invest $75.6 million in capital infrastructure for 2023–2026, with additional revenue increases approved.

• GSWC filed for new water rates for 2028–2030, requesting $1 billion in capital budgets.

• BVES filed for new electric rates for 2027–2030, requesting $133 million in capital budgets.