Pure Cycle (PCYO) Investor presentation summary

Leadership and governance

• Executive team includes experienced leaders in water, finance, engineering, and land development, each with decades of relevant expertise.

• Board of directors features specialized committee chairs for audit, governance, and compensation oversight.

Business segments and assets

• Four main segments: water, land, homes (single-family rentals), and liquidity, with water assets comprising 44% of total assets.

• Water rights portfolio supports up to 60,000 connections, with only 1,700 currently served, indicating significant growth capacity.

• Sky Ranch is a 930-acre master-planned community with up to 3,200 homes and 2 million sq. ft. of commercial space.

• Strong liquidity position with $67.9M in cash and receivables, supporting ongoing operations and expansion.

Financial performance and recurring revenue

• Recurring water and wastewater revenue grew 16% from 6mo 2024 to 6mo 2026, with a 22% customer CAGR.

• Oil and gas water sales are a high-margin, variable revenue stream, with resumed drilling activity expected to boost FY26 results.

• Single-family rental revenue increased 20% from 6mo 2024 to 6mo 2026, with asset values appreciating faster than book value.

• Q2 2026 net income rose 37% year-over-year to $1.1M, with EPS of $0.05.