Global Water Resources (GWRS) Corporate presentation summary

Business overview and strategy

• Operates as a regulated water and wastewater utility with 39 systems in Arizona's high-growth corridors, focusing on consolidation and regionalization.

• Pursues an active M&A strategy, acquiring 23 systems since 2017, adding nearly 9,900 connections and expanding service area by ~69.9 square miles.

• Implements advanced water management, recycling over 1 billion gallons annually and leveraging underground aquifers for supply, independent of the Colorado River.

• Positioned in Maricopa and Pinal counties, which are projected to see population growth of 24% and 49% respectively by 2026.

• Mission centers on aggregation, innovation, and sustainability to address water scarcity and deliver long-term value.

Financial performance and key metrics

• Reported trailing twelve-month revenue of $56.6M and net income of $2.0M as of March 31, 2026.

• Adjusted EBITDA reached $26.3M with a margin of 46.5%; net income margin was 3.5%.

• Dividend yield stood at 4.1% with a market cap of $212M and enterprise value of $344M.

• Total assets were $485.1M and total debt $134.7M as of March 31, 2026.

• Achieved a 6.7% CAGR in active connections from 2019 to Q1-2026, with organic growth at 5.2%.

Growth drivers and market environment

• Arizona's economy is booming, with $122.3B in capital investment commitments for FY2023-2025 and major expansions by tech and manufacturing firms.

• Infrastructure projects like the $249M+ State Route 347 improvements are expected to drive further residential and commercial growth.

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

• Maricopa's median home price is 28% below the Phoenix metro average, supporting continued housing demand.

• Projected population growth and job creation in Arizona outpace national averages, enhancing long-term demand for utility services.