Global Water Resources (GWRS) investor relations material

Strategic positioning and growth

• Operates as a regulated water and wastewater utility with 39 systems, primarily in the fast-growing corridors of metropolitan Phoenix and Tucson, Arizona.

• Pursues an active M&A strategy, acquiring 23 systems since 2017, adding nearly 9,900 connections and expanding its service area by ~70 square miles.

• Focuses on large, contiguous service areas in Maricopa and Pinal counties, regions projected to see significant population growth through 2026.

• Benefits from Arizona's economic boom, with $122.3B in capital investments from FY2023-2025 and major employers in technology, manufacturing, and logistics.

• Leverages the Ag-to-Urban water program, enabling conversion of agricultural water rights to municipal use, supporting up to 1 million new homes.

Financial performance and metrics

• Reported total revenue of $55.8M and net income of $3.0M for the trailing twelve months ended December 31, 2025.

• Adjusted EBITDA reached $26.4M with a margin of 47.3%, and net income margin was 5.3%.

• Dividend yield stood at 3.9% as of March 2026, with a market cap of $224M and enterprise value of $354M.

• Total assets were $482.9M and total debt $133.7M at year-end 2025.

• Achieved a 7.0% CAGR in active connections from 2020-2025, with 68,577 total active connections at year-end 2025.

Industry trends and competitive landscape

• Water utility sector valuations and stock prices declined significantly since Fed rate hikes began in 2022, but anticipated rate cuts are expected to improve sector performance.

• Peer comparison shows strong EBITDA growth (186% since 2016), leading active connection growth, and a competitive dividend yield.

• TEV/EBITDA multiple dropped from 27.7x in 2021 to 13.5x in 2026, while dividend yield increased from 1.7% to 3.9%.