Exhibit 99.1 Press Release July 31, 2024 Investor Contact: Aaron Musgrave Vice President, Investor Relations 856-955-4029 aaron.musgrave@amwater.com Media Contact: Maureen Duffy Senior Vice President, Communications and External Affairs 856-955-4163 maureen.duffy@amwater.com AMERICAN WATER REPORTS SOLID SECOND QUARTER 2024 RESULTS NARROWS 2024 EPS GUIDANCE TO TOP HALF OF RANGE AFFIRMS LONG-TERM TARGETS ANNOUNCES LEADERSHIP CHANGES • Second quarter 2024 earnings were $1.42 per share, compared to $1.44 per sh ...

Part I. Financial Information [Consolidated Financial Statements](index=7&type=section&id=Item%201.%20Consolidated%20Financial%20Statements) Consolidated financial statements indicate growth in total assets and operating revenues, with stable net income and operating cash flow in H1 2024 [Consolidated Balance Sheets](index=7&type=section&id=Consolidated%20Balance%20Sheets) Consolidated Balance Sheets (in millions) | Account | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Total Assets** | **$31,215** | **$30,298** | | Property, plant and equipment, net | $26,532 | $25,438 | | Total current assets | $1,165 | $1,389 | | **Total Capitalization and Liabilities** | **$31,215** | **$30,298** | | Total common shareholders' equity | $10,152 | $9,797 | | Long-term debt | $12,553 | $11,715 | | Total current liabilities | $1,825 | $2,151 | [Consolidated Statements of Operations](index=9&type=section&id=Consolidated%20Statements%20of%20Operations) Consolidated Statements of Operations (in millions) | Metric | Three Months Ended June 30, 2024 | Three Months Ended June 30, 2023 | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2023 | | :--- | :--- | :--- | :--- | :--- | | **Operating Revenues** | **$1,149M** | **$1,097M** | **$2,160M** | **$2,035M** | | Operating Income | $449M | $432M | $775M | $727M | | **Net Income Attributable to Common Shareholders** | **$277M** | **$280M** | **$462M** | **$450M** | | **Diluted EPS** | **$1.42** | **$1.44** | **$2.37** | **$2.37** | [Consolidated Statements of Cash Flows](index=11&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Consolidated Statements of Cash Flows (in millions) | Cash Flow Activity | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2023 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | **$727** | **$714** | | Net cash used in investing activities | ($1,471) | ($1,264) | | Net cash provided by financing activities | $478 | $1,257 | | **Net (decrease) increase in cash** | **($266)** | **$707** | [Note 3: Regulatory Matters](index=14&type=section&id=Note%203%3A%20Regulatory%20Matters) Annualized Revenue Increase from Regulatory Matters (in millions) | State | Annualized Revenue Increase | Effective Date | | :--- | :--- | :--- | | Pennsylvania | $99 | August 7, 2024 | | Indiana | $48 (step increases) | Feb & May 2024 | | Kentucky | $11 | May 3, 2024 | | West Virginia | $18 | February 25, 2024 | | **Total** | **$176** | | - The company has pending general rate case filings in Missouri (**$148M**), Illinois (**$140M** first step), New Jersey (**$162M**), Iowa (**$21M**), Tennessee (**$14M**), and Virginia (**$20M**)[48](index=48&type=chunk)[52](index=52&type=chunk)[53](index=53&type=chunk) - A partial settlement has been reached in California for a three-year increase totaling **$51M**[48](index=48&type=chunk)[52](index=52&type=chunk)[53](index=53&type=chunk) - Infrastructure surcharge authorizations that became effective in 2024 will provide an estimated **$90 million** in annualized incremental revenues[58](index=58&type=chunk) [Note 5: Acquisitions and Divestitures](index=22&type=section&id=Note%205%3A%20Acquisitions%20and%20Divestitures) - During the first six months of 2024, the company closed five acquisitions for a total of **$119 million**, adding approximately **33,400** water and wastewater customers[79](index=79&type=chunk)[80](index=80&type=chunk) - The largest acquisition was the **$86 million** acquisition of Granite City's wastewater assets, adding **26,000** customers[79](index=79&type=chunk)[80](index=80&type=chunk) - Pending acquisitions include the Towamencin wastewater system for **$104 million** (**6,300** customers) and the Butler Area Sewer Authority system for **$230 million** (**15,000** customers)[81](index=81&type=chunk)[82](index=82&type=chunk) - On February 2, 2024, the secured seller note from the Homeowner Services Group (HOS) sale was amended, increasing the principal to **$795 million** (satisfying a **$75M** contingent payment) and raising the interest rate from **7.00%** to **10.00%** per year[84](index=84&type=chunk) [Note 7: Long-Term Debt](index=25&type=section&id=Note%207%3A%20Long-Term%20Debt) - In February 2024, American Water Capital Corp. (AWCC) completed a **$1.4 billion** debt offering, consisting of **$700 million** of **5.150%** senior notes due 2034 and **$700 million** of **5.450%** senior notes due 2054[91](index=91&type=chunk) - During the first six months of 2024, the company repaid **$466 million** in aggregate principal amount of outstanding long-term debt[92](index=92&type=chunk) [Note 11: Commitments and Contingencies](index=28&type=section&id=Note%2011%3A%20Commitments%20and%20Contingencies) - The company's California subsidiary (Cal Am) is developing the Monterey Peninsula Water Supply Project to comply with state orders to reduce Carmel River diversions[130](index=130&type=chunk)[131](index=131&type=chunk)[133](index=133&type=chunk) - As of June 30, 2024, Cal Am has incurred **$255 million** in aggregate costs for this project[130](index=130&type=chunk)[131](index=131&type=chunk)[133](index=133&type=chunk) - Cal Am's Monterey system assets are subject to a condemnation action by the Monterey Peninsula Water Management District (MPWMD)[144](index=144&type=chunk)[147](index=147&type=chunk) - The MPWMD filed a lawsuit in December 2023 to condemn the assets, and Cal Am filed a motion to dismiss in February 2024[144](index=144&type=chunk)[147](index=147&type=chunk) - The company is involved in multiple class-action lawsuits related to water main breaks and service interruptions in West Virginia and Tennessee, and a natural gas main break incident in West Virginia[111](index=111&type=chunk)[115](index=115&type=chunk)[120](index=120&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=42&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) MD&A details flat diluted EPS for H1 2024, substantial capital investments, and planned environmental expenditures, supported by strong liquidity [Overview and Financial Results](index=42&type=section&id=Overview%20and%20Financial%20Results) Diluted EPS Performance | Period | Diluted EPS 2024 | Diluted EPS 2023 | | :--- | :--- | :--- | | Three Months Ended June 30 | $1.42 | $1.44 | | Six Months Ended June 30 | $2.37 | $2.37 | - Financial results for 2024 reflect new rates from capital investments, offset by increased production and employee-related costs, higher financing costs, and a net unfavorable weather impact of **$0.04 per share** compared to 2023[184](index=184&type=chunk) [Growth and Capital Investment](index=42&type=section&id=Growth%20and%20Capital%20Investment) - The company plans to invest approximately **$3.1 billion** in growth strategies in 2024[185](index=185&type=chunk) - In the first six months, **$1.4 billion** was invested in the Regulated Businesses[185](index=185&type=chunk) - **Capital Investment:** **$1.3 billion** invested in infrastructure improvements and replacements in H1 2024[185](index=185&type=chunk)[190](index=190&type=chunk) - **Regulated Acquisitions:** **$119 million** spent to acquire systems adding approximately **33,400** customers in H1 2024[185](index=185&type=chunk)[190](index=190&type=chunk) - **Pending Acquisitions:** As of June 30, 2024, the company has **22** pending acquisition agreements with a total purchase price of **$483 million**, expected to add **59,000** customers[185](index=185&type=chunk)[190](index=190&type=chunk) [Environmental Regulation](index=43&type=section&id=Environmental%20Regulation) - In response to the EPA's final NPDWR for six PFAS compounds announced in April 2024, the company estimates a capital investment of approximately **$1.0 billion** over five years to install necessary treatment facilities[192](index=192&type=chunk)[193](index=193&type=chunk) - The company also estimates it will incur up to **$50 million** in annual operating expenses for PFAS testing and treatment, with the majority of costs beginning after the April 2029 compliance deadline[193](index=193&type=chunk) [Consolidated Results of Operations](index=48&type=section&id=Consolidated%20Results%20of%20Operations) Consolidated Results of Operations (in millions) | Metric | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2023 | Change | | :--- | :--- | :--- | :--- | | **Operating Revenues** | **$2,160** | **$2,035** | **+$125** | | Operation and maintenance | $843 | $812 | +$31 | | Depreciation and amortization | $381 | $346 | +$35 | | **Operating Income** | **$775** | **$727** | **+$48** | | Interest expense | ($255) | ($225) | +$30 | | **Net Income** | **$462** | **$450** | **+$12** | - For the first six months of 2024, the Regulated Businesses' operating revenues increased by **$120 million**, primarily due to **$100 million** from authorized rate increases and infrastructure surcharges, and **$18 million** from acquisitions and organic growth[221](index=221&type=chunk) - Operation and maintenance expense for the Regulated Businesses increased by **$32 million** in the first half of 2024, driven by higher production costs, increased employee-related costs to support growth, and other operating expenses[223](index=223&type=chunk) [Liquidity and Capital Resources](index=52&type=section&id=Liquidity%20and%20Capital%20Resources) Available Liquidity (in millions) | Liquidity Source | As of June 30, 2024 | | :--- | :--- | | Cash and Cash Equivalents | $48 | | Availability on Revolving Credit Facility | $2,675 | | **Total Available Liquidity** | **$2,723** | - In February 2024, AWCC completed a **$1.4 billion** debt offering to lend funds to subsidiaries, repay maturing notes and commercial paper, and for general corporate purposes[239](index=239&type=chunk) Cash Flow Activities (in millions) | Cash Flow Activity | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2023 | | :--- | :--- | :--- | | Net cash provided by operating activities | $727 | $714 | | Net cash used in investing activities | ($1,471) | ($1,264) | | Net cash provided by financing activities | $478 | $1,257 | - The company was in compliance with its debt covenants as of June 30, 2024, with a consolidated debt to capitalization ratio of **0.56 to 1.00**, below the maximum of **0.70 to 1.00**[257](index=257&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=57&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company reports no significant changes to its exposure to market risks, including commodity prices, equity prices, and interest rates, since December 31, 2023 - There have been no significant changes to the Company's exposure to market risk since December 31, 2023[265](index=265&type=chunk) - As of June 30, 2024, there were no treasury lock agreements outstanding, as they were terminated in February 2024[265](index=265&type=chunk) [Controls and Procedures](index=57&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, evaluated the company's disclosure controls and procedures and concluded they were effective as of June 30, 2024 - Based on an evaluation as of June 30, 2024, the Chief Executive Officer and Chief Financial Officer concluded that the Company's disclosure controls and procedures were effective at a reasonable level of assurance[267](index=267&type=chunk) - There were no changes in internal control over financial reporting during the quarter ended June 30, 2024, that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting[268](index=268&type=chunk) Part II. Other Information [Legal Proceedings](index=59&type=section&id=Item%201.%20Legal%20Proceedings) Legal proceedings updates cover the Monterey Water Supply Project, MPWMD condemnation lawsuit, and progress in PFAS multi-district litigation settlements - Regarding the Monterey Peninsula Water Supply Project, a trial has been set for November 13, 2024, to address challenges to the Coastal Commission's issuance of a coastal development permit[271](index=271&type=chunk) - In the MPWMD condemnation action for the Monterey system assets, a hearing on Cal Am's motion to dismiss the lawsuit is scheduled for August 23, 2024[273](index=273&type=chunk) - The company has submitted claims under the 3M and DuPont settlements in the PFAS multi-district litigation and notes preliminary court approval for settlements with Tyco Fire Products and BASF Corporation[279](index=279&type=chunk)[280](index=280&type=chunk) [Risk Factors](index=60&type=section&id=Item%201A.%20Risk%20Factors) The company states that there have been no material changes from the risk factors previously disclosed in its Annual Report on Form 10-K - There have been no material changes from the risk factors previously disclosed in Item 1A—Risk Factors in the Form 10-K[281](index=281&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=60&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company did not repurchase any shares of its common stock during the three months ended June 30, 2024 - The Company did not repurchase any shares of common stock during the three months ended June 30, 2024[283](index=283&type=chunk) - As of June 30, 2024, an aggregate of **5,140,000 shares** remain available for repurchase under the company's anti-dilutive stock repurchase program[283](index=283&type=chunk)

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