Global Water Resources (GWRS) Investor presentation summary

Market position and growth strategy

• Operates 39 water, wastewater, and recycled water systems in fast-growing Arizona regions, primarily near Phoenix and Tucson.

• Active M&A strategy with 23 systems acquired since 2017, adding nearly 9,900 connections.

• Serves over 69,000 active connections, with a 6.6% CAGR in connection growth.

• Positioned as a consolidator in a highly fragmented market of 300+ investor-owned utilities.

• Significant opportunity remains for further acquisitions due to regulatory environment and aging infrastructure.

Financial performance and metrics

• Trailing twelve months revenue of $60.1M and net income of $3.1M, with a 5.2% net income margin.

• Adjusted EBITDA of $27.2M and a 45.2% adjusted EBITDA margin.

• Market cap of $245M and enterprise value of $381M as of September 2026.

• Dividend yield of 3.6%, outperforming peer group averages in EBITDA growth and connection growth.

• Stock price ranged from $6.55 to $11.17 over the past year.

Regional growth drivers and infrastructure

• Service areas cover over 400 square miles in Maricopa, Pinal, and Pima counties.

• Maricopa County population grew 23% (872k people) and Pinal County 44% (163k people) from 2010 to 2025.

• City of Maricopa projects 46% population growth from 2023 to 2040, supported by major infrastructure projects like SR 347 widening.

• Arizona's economy is booming with $141.6B in capital investment commitments for FY25-26.

• Median home prices in Maricopa remain 26% below the Phoenix metro average, supporting affordability.