Summary of Global Water Resources Conference Call Company Overview - **Company**: Global Water Resources (NasdaqGM:GWRS) - **Date of Conference**: September 17, 2025 Key Points Industry Context - The water utility industry is experiencing a transition with a focus on integrating agricultural water usage into residential supply, particularly in Arizona [doc id='30'][doc id='31']. Weather Impact - Comparison of weather conditions: 3Q 2024 had over 1.5 inches of rain, while 3Q 2025 recorded over 3 inches, indicating a wetter season [doc id='2']. - Revenue from utilities is largely stable due to fixed wastewater and water fees, minimizing weather-related revenue fluctuations [doc id='2']. Tucson Acquisition - The acquisition of the Tucson water system is projected to generate approximately $1.5 million in annualized revenue, with a 5% rate increase planned for the following year [doc id='4']. - Integration of the Tucson utility is proceeding smoothly without major surprises [doc id='4']. Rate Case Cycles - The company is considering a formula rates proposal that could lead to annual rate adjustments for some utilities, while others may remain on a two to three-year cycle [doc id='5'][doc id='6']. - Continuous capital investment is necessary to keep up with costs and maintain service quality [doc id='5']. Growth Opportunities - There are about 300 investor-owned utilities in Arizona, presenting significant acquisition opportunities [doc id='7']. - Organic customer growth remains strong at just under 4% year-to-date, despite a slowdown in new construction permits [doc id='9']. Construction Trends - A noted slowdown in single-family and multifamily construction permits, attributed to macroeconomic factors such as interest rates and affordability [doc id='9'][doc id='11']. - Anticipation of a rebound in permits due to potential Fed rate reductions and ongoing business growth in the region [doc id='14']. Economic Development - Major investments in Arizona include a $65 billion investment from Taiwan Semiconductor Manufacturing Company and a $1.9 billion expansion by Mayo Clinic, expected to create thousands of jobs [doc id='22']. - The business boom in Arizona is expected to drive organic growth for the company [doc id='17']. Agricultural to Urban Transition - Legislation has been signed to facilitate the conversion of agricultural water usage to residential use, which is expected to benefit the utility by increasing customer base while reducing overall water consumption [doc id='30']. - Agriculture currently consumes 74% of the available water supply in Arizona, indicating significant potential for urban growth [doc id='31']. Financial Outlook - The company has recently completed an equity raise to support its growth strategy, with plans to access capital markets as needed [doc id='28']. - The water utility sector may see a rebound in stock prices with potential interest rate reductions, which could enhance valuations [doc id='36']. Conclusion - The conference highlighted the strategic focus on growth through acquisitions, integration of new utilities, and adapting to macroeconomic changes while maintaining a stable revenue model through fixed fees and ongoing capital investments [doc id='36'][doc id='37'].

Second Quarter 2025 Earnings Presentation July 31, 2025 Today's Speakers Marty Kropelnicki Chairman & CEO James Lynch Sr. Vice President, CFO & Treasurer Shilen Patel Chief Business Development Officer and Vice President, TWSC, Inc. 2 Signed agreements to add up to 15,000+ new wastewater connections through a master planned community in Silverwood, California 5 Received first PFAS settlement payment for California, Washington, and New Mexico Maintained industry leading credit rating for Cal Water of A+/stab ...

Financial Performance - Q2 2025 GAAP earnings were $039 per share, compared to $045 per share in Q2 2024[10] - Adjusted Operating Earnings* for Q2 2025 were $039 per share, versus $047 per share in Q2 2024[10] - Exelon is affirming its 2025 EPS* guidance of $264 - $274 per share, based on expected average outstanding shares of 1014 million[10, 11] - The company reaffirms its 2024-2028 EPS* CAGR of 5-7%, expecting to be at the midpoint or better[10] Rate Base and Capital Investment - Exelon anticipates a 74% rate base growth resulting from $38 billion of capital investment, with a potential $10-15 billion transmission opportunity beyond the plan[10] - The company has priced all $700 million of 2025's annualized equity need and ~$157 million (~22%) of 2026's annualized equity need to support the capital investment plan through 2028[10] Regulatory and Operational Updates - Base rate cases are on track, with orders expected in the next 6-9 months[10] - Exelon has a large load pipeline of 17+ GW as of Q4 2024, with an additional 16 GW undergoing analysis and design in Q2 2025[10] - Filed base distribution rate cases for 2025 account for ~5% of Exelon's consolidated rate base[17] Balance Sheet and Credit Metrics - Exelon maintains a strong balance sheet providing strategic and financial flexibility[18] - The company's average credit metrics since separation are ~13% [20] - Exelon established a $25 billion ATM program on May 2, 2025, effective through May 2, 2028[23] Transmission Opportunities - Exelon sees $10-15 billion of identified transmission opportunity beyond the plan[35]

2015 Fourth Quarter Earnings Conference Call February 25, 2016 1 Greg Panagos Vice President of Investor Relations 2 Susan Story President and Chief Executive Officer Walter Lynch Chief Operating Officer Forward-Looking Statements Certain statements in this presentation including, without limitation, 2015 earnings guidance, the outcome of pending acquisition activity, the amount of future capital investments, and estimated revenues from rate cases and other government agency authorizations, are forward-look ...

Financial Performance & Outlook - American Water's Q4 2017 adjusted EPS was $0.69, compared to $0.57 in Q4 2016[15] - Full year 2017 adjusted EPS was $3.03, up from $2.84 in 2016[15] - The company affirms a long-term EPS compound annual growth rate (CAGR) of 7-10%[11, 26] - 2018 GAAP EPS guidance range is $3.22-$3.32[11, 41, 42] Impact of Tax Reform - Tax reform is expected to be accretive to earnings on a long-term basis[27, 34, 46] - The company anticipates a reduction in the federal tax rate from 35% to 21%[33] - Tax reform is expected to be earnings neutral due to rate base increase from lower deferred taxes[33] Capital Investment & Efficiency - The company is targeting $8.0 - $8.6 billion in five-year capital investment[11, 28, 36, 46] - The company is focused on improving O&M efficiency through technology, supply chain, and cost management[11, 28, 46] - The company is aiming for a 32% Regulated O&M Efficiency Ratio target by 2022[56, 57] Regulated Business & Acquisitions - Pennsylvania rate case settlement approved for additional annualized revenues of $62 million[53] - The company has closed 16 acquisitions in 2017, serving 39,514 customers[55, 109] - The company has pending acquisitions that will serve approximately 23,000 customers[55, 111]

Financial Data and Key Metrics Changes - Total revenue for Q1 2025 was $12.5 million, an increase of $800,000 or 7.3% compared to Q1 2024, primarily due to a 4.3% increase in active service connections and increased consumption [15] - Operating expenses for Q1 2025 were $11.2 million, up from $10.3 million in Q1 2024, representing an increase of approximately $900,000 or 8.3% [16] - Net income for Q1 2025 was $600,000 or $0.02 per diluted share, compared to $700,000 or $0.03 per diluted share in Q1 2024 [17] - Adjusted EBITDA for Q1 2025 was $5.6 million, an increase of approximately $200,000 or 4.4% compared to Q1 2024 [18] - The company raised $32 million in equity capital in March 2025 and extended its line of credit to May 2027, increasing it from $15 million to $20 million, resulting in over $50 million of liquidity [19] Business Line Data and Key Metrics Changes - Total active service connections increased by 4.3% to 65,163 as of March 31, 2025, compared to the previous year [5] - The company invested $15.2 million year-to-date into infrastructure improvements and existing utilities [6] Market Data and Key Metrics Changes - The single-family dwelling unit market in the Phoenix area saw a 15% decrease in building permits in Q1 2025 compared to Q1 2024, with 6,406 permits issued [7] - The City of Maricopa experienced a 41.5% decrease in single-family building permits in Q1 2025 compared to Q1 2024, with 190 permits issued [7] - Despite the pullback in permit data, the company believes this is temporary due to ongoing housing shortages and strong population growth in Arizona [8] Company Strategy and Development Direction - The company remains bullish on future growth potential in the Inland Port Arizona service area, with significant industrial investments expected [12] - The company plans to leverage organic connections, new greenfield utilities, acquisitions, and rate cases to drive growth [14] - The company aims to expand its total water management platform and apply its expertise across regional service areas [25] Management's Comments on Operating Environment and Future Outlook - Management acknowledged mixed economic conditions but expressed confidence in the company's ability to improve utility metrics despite these challenges [24] - The company expects continued strong growth in customer connections, revenue, and earnings driven by strategic investments and rate increases [24] Other Important Information - The Arizona Corporation Commission approved new rates for the Farmers Water Utility, effective May 1, 2025, which will positively impact future quarters [20] - The company filed a rate case for Santa Cruz and Palo Verde, requesting a net revenue increase of $6.5 million, with hearings scheduled for December 2025 [21] Q&A Session Summary Question: What is the outlook for the housing market in Arizona? - Management noted that while there has been a decrease in single-family permits, the overall demand for housing remains strong due to population growth and job opportunities [8] Question: How does the company plan to address inflation and cost increases? - Management indicated that new rates from recent rate cases will help address cost increases and support earnings growth [14]

Financial Data and Key Metrics Changes - Consolidated earnings per share for Q1 2025 were $0.70, an increase from $0.62 in Q1 2024, attributed to favorable decisions from the CPUC regarding new water and electric rates [7][8] - Consolidated revenues for Q1 increased by $12.7 million compared to the same quarter last year [9] - Net cash provided by operating activities was $45.1 million for the quarter, slightly down from $45.8 million in the same quarter last year [13] Business Line Data and Key Metrics Changes - Water utility earnings increased to $0.52 per share from $0.48 per share, primarily due to new water rates [8] - Electric segment earnings rose to $0.07 per share from $0.05 per share, driven by new electric rates [9] - ASUS earnings remained stable at $0.13 per share, with increased management fee revenues offset by decreased construction activity [23] Market Data and Key Metrics Changes - Revenues for the water segment increased by $11.7 million due to new 2025 water rates [10] - Electric segment revenues increased by $2.8 million, also due to new rates [10] - Revenues from ASUS decreased by $1.8 million, primarily due to lower construction activities impacted by unfavorable weather [11] Company Strategy and Development Direction - The company plans to invest $170 million to $210 million in infrastructure in 2025, with a focus on capital projects approved by the CPUC [7][15] - Golden State Water is transitioning to a modified rate adjustment mechanism, which may introduce future revenue volatility [19][20] - The company anticipates sustained growth in its rate base due to recent regulatory approvals [21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the regulatory environment, noting successful rate case outcomes and ongoing investments [17][22] - There is uncertainty regarding future military base privatizations, with expectations of potential opportunities in 2025 [33][34] - The company remains committed to maintaining a strong dividend growth rate, exceeding its long-term goals [25] Other Important Information - The company raised $25.8 million through its at-the-market offering program in Q1 2025 [15] - Credit facility terms were extended, and borrowing capacity increased from $165 million to $195 million [16] Q&A Session Summary Question: Equity raise expectations for 2025 - Management confirmed a target of raising approximately $60 million over the full year 2025, with reassessment based on credit facility capacity [28][29] Question: Update on military base privatization efforts - Management indicated no current fifty-year privatizations are available, but potential Army privatizations may arise later in the year [32][33] - The Navy is actively pursuing privatization opportunities, with ongoing efforts to secure contracts [34][35] Question: Nature of nontraditional contracts - Management noted that fifteen-year contracts may be easier for bases to manage compared to fifty-year contracts, with ongoing pursuits in this area [41][42]

Financial Data and Key Metrics Changes - The company reported adjusted net income of $91.8 million or $2.28 per share for Q1 2025, compared to $63.8 million or $1.69 per share for the same period in 2024, reflecting strong results across all business segments [12][25][26] - The combined utility customer growth rate was 9.6% for the twelve months ended March 31, 2025, primarily driven by the acquisition of Sea Energy, which added approximately 73,000 gas meters in Texas [13][26] Business Line Data and Key Metrics Changes - The Northwest Natural Gas Utility segment saw net income increase by $21.5 million or $0.42 per share, with margin increasing by $38.7 million due to new rates effective November 1, 2024 [26] - Sea Energy contributed net income of $5.5 million or $0.14 per share for Q1 2025, meeting expectations for the quarter [27] - The Northwest Natural Water segment's net income increased by $2.4 million or $0.06 per share, driven by new rates and additional revenues from acquisitions [28] Market Data and Key Metrics Changes - The company expects to invest approximately $60 million in water utilities in 2025 to replace aging infrastructure and improve treatment facilities [21] - The company anticipates a quarterly profile for 2025 to be similar to previous years, with the majority of revenues generated in the first and fourth quarters during winter heating months [29] Company Strategy and Development Direction - The company is focused on expanding its customer base and enhancing service reliability through strategic acquisitions, such as the recent acquisition of Hughes Gas Resources for $60 million [18][19] - The company plans to refresh rates at multiple water utilities in 2025, primarily related to recovering critical infrastructure investments [21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving full-year guidance, reaffirming annual adjusted earnings guidance in the range of $2.75 to $2.95 per share [29] - The company highlighted the importance of its gas distribution and storage infrastructure in the Pacific Northwest, emphasizing its role in providing reliable and cost-effective energy solutions [24] Other Important Information - The company has a liquidity of over $600 million as of March 31, 2025, with significant availability on lines of credit and cash on hand [32] - The company completed a $325 million junior subordinated debenture issuance to secure financing for the Sea Energy transaction [33] Q&A Session Summary Question: What is the outlook for water utilities in 2025? - Management indicated that the increase in Q1 results is largely driven by rate case activity from last year, with expectations for continued growth and earnings contribution from Northwest Natural Water [36][37] Question: Is the Hughes acquisition similar to Sea Energy in terms of customer base? - Management confirmed that the Hughes acquisition primarily consists of residential and commercial customers, similar to Sea Energy, and provides geographic overlap for operational synergies [39][40]

Financial Performance - Q1 2025 GAAP earnings were $0.90 per share, compared to $0.66 per share in Q1 2024[10] - Adjusted Operating Earnings* for Q1 2025 were $0.92 per share, versus $0.68 per share in Q1 2024[10] - Exelon is affirming its 2025 EPS* guidance of $2.64 - $2.74 per share[11] - The company is reaffirming its 2024-2028 EPS* CAGR of 5-7%, expecting to be at the midpoint or better[11] - Exelon anticipates a 7.4% rate base growth resulting from $38 billion of capital investment, with a potential $10-15 billion transmission opportunity beyond the plan[11] Regulatory and Strategic Developments - State legislative sessions are featuring energy bills focused on energy security and affordability[11] - Maryland passed laws supporting energy security, providing rules for large load customers, assisting customer affordability, and refining tools to support timely cost recovery[11] - Exelon has a Q4 pipeline of 17+ GW of anticipated large load, driving incremental investment opportunities beyond the plan, with an additional 16 GW undergoing analysis and design in Q1 2025[11] - Filed base distribution rate cases for 2025 account for approximately 5% of Exelon's consolidated rate base[18] Financial Strategy - Approximately 60%, or $425 million, of 2025's annualized equity need of $700 million has been priced for issuance this year, supporting a balanced funding strategy for the capital investment plan through 2028[11] - Exelon executed approximately 50% of its 2025 debt financing needs in Q1, including $1 billion of hybrid debt, which receives 50% equity credit[27]

Financial Data and Key Metrics Changes - The company reported adjusted earnings of $3.6 per share for Q2 FY 2025, an increase from $3.45 per share in the same quarter last year, reflecting strong growth in utility and midstream segments [7] - Adjusted earnings for the quarter totaled over $214 million, an increase of almost $18 million compared to the previous year [17] - The Gas Utilities segment had earnings of approximately $195 million, over $7 million higher than last year, driven by increased ISRS revenues and usage [18] Business Line Data and Key Metrics Changes - The utility CapEx increased nearly 27% year over year, focusing on upgrading distribution infrastructure and connecting more homes to natural gas [14] - Midstream segment earnings showed strong growth due to new contracts and higher rates on contract renewals [19] - Marketing segment earnings were strong but slightly lower than the prior year due to reduced market volatility [20] Market Data and Key Metrics Changes - The labor market in St. Louis has fully recovered, reaching pre-pandemic employment levels, which is expected to drive economic growth [12] - The Missouri Public Service Commission staff recommended a $19 million revenue increase in the infrastructure system replacement surcharge [8] Company Strategy and Development Direction - The company remains focused on organic growth, infrastructure investment, and continuous improvement, with a long-term EPS growth target of 5% to 7% [11][26] - A ten-year capital investment plan of $7.4 billion is in place to support growth [11] - The company is committed to modernizing systems and enhancing regulatory engagement to maximize value for stakeholders [6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving fiscal 2025 adjusted earnings guidance of $4.4 to $4.6 per share, despite challenges from weather-related margin headwinds [22][26] - The company is focused on executing its capital investment plan and driving operational excellence to strengthen utility and gas-related business performance [11][26] Other Important Information - The company is increasing its fiscal 2025 capital investment target by $50 million to $840 million, with significant investments in both utility and midstream segments [14] - The Missouri rate case is ongoing, with proposed revenue increases and discussions on weather mechanisms being a key focus [15][42] Q&A Session Summary Question: Can you speak about 1H trends and full-year guidance? - Management acknowledged margin weakness in Missouri and adjusted guidance accordingly, while midstream performance exceeded expectations [31][32] Question: What are the prospects for a settlement within the rate case? - Management indicated that settlement discussions are anticipated, with community meetings and public hearings scheduled [46] Question: Can you elaborate on the weather mechanism in the rate case? - Management confirmed that the weather mechanism is a significant focus and they are working on options to address it with stakeholders [42][44] Question: How does the passage of SB4 affect future rate cases? - Management stated that the first opportunity to file based on a future test year will be in July 2026, and they are focused on the current rate case [51][53] Question: How does the guidance modification reflect the utility business's earnings power? - Management confirmed that fixing the weather mechanism could restore earnings power, while midstream and marketing businesses show slight structural uplift [61][64]