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% from continuing operations through 2025.

• Dividend increased by 8.3% in 2025, achieving a 5-year CAGR of 8.5%, with 71 consecutive years of increases.

• Market capitalization stands at approximately $2.9 billion, with a dividend yield of 2.68%.

• Regulated utilities contributed 79% of revenues and 85% of net income in 2025.

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

Business segments and operations

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

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

• ASUS provides operations, maintenance, and construction management under long-term contracts, with recent new contracts at Joint Base Cape Cod and Naval Air Station Patuxent River.

• ASUS awarded $29.4 million in new construction projects in 2025, with all 50-year contracts subject to annual economic price adjustments.

Regulatory and strategic initiatives

• GSWC authorized to invest $573.1 million in capital infrastructure for 2025-2027, with additional advice letter projects.

• BVES received approval for its first solar and battery storage project and had its wildfire mitigation plan ratified.

• Both utilities benefit from stable regulatory environments, timely cost recovery, and mechanisms to earn authorized returns.

• GSWC's current authorized rate of return on rate base is 7.93%, with a return on equity of 10.06%.