Core Viewpoint - Consolidated Water Co. Ltd. will hold a conference call on November 11, 2025, to discuss its third-quarter financial results for the period ending September 30, 2025 [1][2]. Company Overview - Consolidated Water Co. Ltd. specializes in designing, building, and operating advanced water supply and treatment plants, including seawater desalination facilities in the Cayman Islands, The Bahamas, and the British Virgin Islands [3]. - The company is currently engaged in a $204 million design-build-operate project for a seawater desalination plant in Hawaii [3]. - In addition to its core operations, the company manufactures and services a variety of products and provides design, engineering, management, and operational services related to commercial and municipal water production, supply, treatment, and industrial water and wastewater treatment [3]. Conference Call Details - The conference call is scheduled for November 11, 2025, at 11:00 a.m. Eastern time, with a toll-free dial-in number of 1-844-875-6913 and an international dial-in number of 1-412-317-6709 [2]. - A replay of the call will be available after 1:00 p.m. Eastern time on the same day through November 18, 2025, with a toll-free replay number of 1-877-344-7529 [3].

Core Viewpoint - Middlesex Water Company reported its financial results for the third quarter of 2025, highlighting a focus on sustainable growth and an acquisition strategy to enhance operational excellence and customer service [2][3]. Financial Performance - For Q3 2025, Middlesex reported a net income of $14.0 million and diluted EPS of $0.77, a slight decrease from $14.3 million and $0.80 in Q3 2024 [3]. - Operating revenues for Q3 2025 were $54.1 million, down $1.0 million from $55.1 million in the same quarter last year, primarily due to lower consumption from unfavorable weather [3]. - Operating expenses for Q3 2025 decreased to $36.4 million from $37.6 million in Q3 2024, driven by higher capitalizable costs and lower legal and regulatory costs [4]. Year-to-Date Results - For the nine months ended September 30, 2025, net income was $34.2 million, a decrease of $1.3 million compared to the same period in 2024, with diluted EPS at $1.90 versus $1.98 [5]. - Year-to-date operating revenues increased to $147.7 million, up approximately $2.9 million from $144.8 million in 2024, attributed to rate increases and customer growth [6]. - Operating expenses for the nine months increased by $2.5 million, mainly due to higher variable production costs and increased depreciation [7]. Investment and Growth Strategy - Middlesex invested approximately $72 million in upgrading and enhancing its water and wastewater utility infrastructure during the first nine months of 2025, representing about 77% of its planned annual investment of $93 million [8]. - The company executed an asset purchase agreement to acquire the Pinewood Acres water utility assets in Delaware for $0.2 million, serving approximately 350 customers [10]. Dividend Announcement - The Board of Directors declared a fourth-quarter cash dividend of $0.36 per common share, marking a 5.88% increase from the previous dividend of $0.34, raising the annual dividend rate to $1.44 from $1.36 [11].

Core Viewpoint - Pennsylvania American Water is addressing the financial challenges faced by customers due to the government shutdown by offering various payment plans and assistance programs [1] Company Initiatives - The company is implementing several payment plans to support customers with their water and wastewater bills [1] - Pennsylvania American Water is sensitive to the impact of the government shutdown on its customers, as stated by Gary Lobaugh, the director of government and external affairs [1]

Core Insights - American Water Works (AWK) announced its acquisition of Essential Utilities (WTRG), marking a significant merger in the U.S. water utility sector [1]. Company Summary - American Water Works (AWK) is expanding its portfolio through the acquisition of Essential Utilities (WTRG), which is expected to enhance its market position within the water utility industry [1]. - Essential Utilities (WTRG) will be integrated into American Water Works, potentially leading to increased operational efficiencies and market reach [1].

Core Insights - Artesian Resources Corporation reported a net income of $7.0 million for Q3 2025, reflecting a 2.2% increase from Q3 2024, with diluted net income per share rising 3.0% to $0.68 [2][9] - Year-to-date net income reached $18.7 million, a 12.9% increase compared to the same period in 2024, with total revenues of $84.9 million, up 4.7% year-over-year [9][10] Financial Performance - Q3 revenues totaled $30.5 million, an increase of $1.3 million or 4.6% compared to Q3 2024 [2] - Water sales revenue increased by $0.7 million or 3.1%, driven by a temporary rate increase and a growing customer base, despite a slight decrease in consumption [3] - Other utility operating revenue rose by approximately $0.4 million or 12.6%, mainly due to increased wastewater revenue from additional customers [4] - Non-utility operating revenue increased by approximately $0.2 million or 10.8%, attributed to higher Service Line Protection Plan revenue [4] Operating Expenses - Operating expenses, excluding depreciation and income taxes, increased by $1.0 million or 6.7% in Q3 2025 compared to Q3 2024 [5] - Utility operating expenses rose by $1.3 million or 10.8%, with payroll and employee benefits being the largest contributors to the increase [5] - Year-to-date operating expenses, excluding depreciation and income taxes, increased by $1.7 million or 3.9% [12] Capital Investments - The company invested $40.5 million in water and wastewater infrastructure projects in the first nine months of 2025, focusing on renewing aging infrastructure and enhancing service reliability [16][17] Strategic Outlook - The company is committed to executing its strategic growth plan, focusing on operational efficiency and regulatory compliance to support sustainable growth [8]

Core Insights - American Water Works Company (AWK) reported Q3 2025 earnings per share (EPS) of $1.94, exceeding the Zacks Consensus Estimate of $1.90 by 2.1% and reflecting a 7.8% increase from the previous year's EPS of $1.80 driven by revenue and operating income growth [1][8] Total Revenues of AWK - AWK's total quarterly revenues reached $1.45 billion, surpassing the Zacks Consensus Estimate of $1.32 billion by 19.6% and marking a 9.8% increase from the year-ago figure of $1.32 billion, attributed to new rates in Regulated Businesses and acquisition investments [2][8] AWK's Segmental Details - Net revenues from regulated businesses were $1.34 billion, up 10.2% year over year, while revenues from other segments totaled $108 million, reflecting a 3.8% year-over-year increase [3] Highlights of AWK's Q3 Release - Total operating expenses for Q3 were $837 million, a 7.3% increase from $780 million in the prior year, driven by higher employee-related costs, technology expenses, and taxes related to capital investments [4] - Operating income totaled $614 million, up 13.1% from $543 million in the previous year [4] Financial Highlights of AWK - Cash and cash equivalents stood at $166 million as of September 30, 2025, compared to $96 million at the end of 2024 [6] - Total long-term debt increased to $13.02 billion as of September 30, 2025, up 4% from $12.51 billion at the end of 2024 [6] - Cash flow from operating activities for the first nine months of 2025 was $1.40 billion, slightly down from $1.41 billion in the same period of 2024 [6] Merger Announcement - AWK announced a merger agreement with Essential Utilities, Inc. on October 27, 2025, projected to create a leading regulated U.S. water and wastewater public utility with a pro forma enterprise value of approximately $63 billion [7][9] AWK's Long-Term Guidance - The company reiterated its 2025 EPS guidance in the range of $5.70 to $5.75, with a consensus estimate of $5.72 [10] - For 2026, AWK expects EPS in the range of $6.02 to $6.12, with a consensus estimate of $6.14 [10] - Long-term EPS and dividend growth are expected to be 7-9%, with rate base growth of 8-9% [11] - AWK plans to invest $19-$20 billion during 2026-2030 and $46-$48 billion during 2026-2035 [11]

Financial Data and Key Metrics Changes - Q3 2025 revenue increased by $11.6 million, or 3.9%, to $311.2 million compared to $299.6 million in Q3 2024 [17] - Net income for the quarter was $61.2 million, or $1.03 per diluted share, consistent with the prior year [17] - Year-to-date operating revenue for 2025 was $780.2 million, a decrease of $34.4 million, or 4.2%, compared to $814.6 million for the first nine months of 2024 [20] - Year-to-date net income attributable to the Group was $116.7 million, a decrease of $54.4 million, or 31.8%, compared to $171.1 million in the same period in 2024 [20] Business Line Data and Key Metrics Changes - Capital investments for Q3 2025 were $135 million, up 14.8% year-over-year, and year-to-date investments totaled $364.7 million, representing a 9.8% increase compared to 2024 [11][23] - The company received an additional $24 million in net PFAS settlement proceeds during the quarter, bringing the year-to-date total recovery to about $35 million [13] Market Data and Key Metrics Changes - The company continues to expand in Texas, with an all-party settlement in Texas awaiting final Commission approval [12] - The South Austin market is projected to grow significantly, with a current population of 5 million expected to exceed 8 million by 2050 [32] Company Strategy and Development Direction - The company is focused on maintaining operational excellence and executing capital programs responsibly as it approaches its centennial year in 2026 [50] - The company is pursuing alternative water resources and partnerships to support growth in Texas, including a public-private partnership with the Guadalupe-Blanco River Authority [33] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the California general rate case, noting improved communication and transparency from the Commission compared to previous cases [43][45] - The company is well-positioned to absorb inflationary pressures and maintain growth despite economic headwinds [78] Other Important Information - The company declared its 323rd consecutive quarterly dividend of $0.30 per share, representing a 10.71% increase [30] - The company has a strong liquidity profile with $76 million in unrestricted cash and $255 million available on bank lines of credit [24] Q&A Session Summary Question: Rate base growth projections - Management clarified that there is currently no partial settlement in California and they remain committed to their capital expenditure projections [54][56] Question: Impact of recent merger in Texas - Management stated that their growth strategy remains focused on organic growth and infrastructure reinvestment, despite the merger of competitors [72][74] Question: Planning for higher interest rates - Management indicated that they are well-positioned with long-term financing and have mechanisms in place to adjust for changes in the cost of capital [80][82]

Today's Speakers Marty Kropelnicki Investing for Life Third Quarter 2025 Earnings Presentation October 30, 2025 ©2025 California Water Service Group 1 Chairman & CEO James Lynch Sr. Vice President, CFO & Treasurer Greg Milleman Vice President, Rates & Regulatory Affairs ©2025 California Water Service Group 2 Forward-Looking Statements and Other Important Information Executing Strategy in Q3 2025 Delivered strong performance through first nine months of 2025* Invested $135.2 million in Q3 in water system inf ...

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Financial Performance & Guidance - 2025 YTD EPS was $4.47, driven by higher revenue on increased rate base and rate case outcomes, up 9.0% vs 2024 on a weather-normalized basis[9] - 2025 EPS guidance is affirmed at $5.70 to $5.75, including $0.10 per share of incremental interest income from the amended HOS seller note[9] - 2026 EPS guidance is initiated at $6.02 to $6.12, assuming the HOS note is repaid around year-end 2025, reflecting consistent future earnings growth within a 7-9% range[12] - The company anticipates 8% EPS growth in 2026 (at midpoint) vs 2025 on a weather-normalized basis[28] Capital Investments & Funding - The company entered into equity forward agreements for approximately $1 billion, assuming settlement mid-year 2026 to fully satisfy 2026 equity needs[9, 35] - The company issued $900 million in senior notes in August 2025[9, 72] - The company plans for $2.5 billion of equity issuances in 2026-2030, including approximately $1 billion in 2026 covered by equity forward agreements[37] - The company's 5-year capital plan increased by $2 billion, with a total investment of $19 billion to $20 billion from 2026-2030[40, 41] - The company's 10-year capital plan increased by $6 billion, with a total investment of $42 billion to $43 billion from 2026-2035[40, 41] Acquisitions & Customer Growth - The company has acquisitions under agreement representing approximately 107,000 customer connections, totaling over $600 million[9, 52, 84] - The company closed acquisitions YTD as of October 29, 2025, representing approximately 17,500 customer connections[53, 83]