2025 Fourth Quarter Results and Earnings February 10, 2026 Forward-looking and other statements in this presentation regarding our environmental and other sustainability efforts, plans and goals are not an indication that these statements are necessarily material to investors, to our business, operating results, financial condition, outlook, or strategy, to our impacts on sustainability matters or other parties, or are required to be disclosed in our filings with the SEC or other regulatory authorities, and ...

Core Insights - Unitil Corporation reported a GAAP Net Income of $50.2 million, or $2.97 in Earnings Per Share (EPS), for the year ended December 31, 2025, reflecting an increase of $3.1 million in Net Income and $0.04 in EPS compared to 2024 [1][10] - The company's Adjusted Net Income was $53.3 million, or $3.16 in EPS, representing an increase of $5.5 million and $0.19 in EPS compared to 2024, excluding costs related to recent acquisitions [1][18] - The financial performance was driven by higher rates and continued customer growth, with a reaffirmation of long-term EPS growth of 5% to 7% [2][11] Financial Performance - Electric GAAP Gross Margin was $82.7 million in 2025, an increase of $4.7 million compared to 2024, driven by higher rates and customer growth [2][5] - Gas GAAP Gross Margin reached $142.3 million in 2025, an increase of $22.2 million compared to 2024, primarily due to higher rates and customer growth [5][6] - Total Operating Revenue for 2025 was $536.0 million, with Electric Revenues at $236.4 million and Gas Revenues at $299.6 million [25][29] Cost and Expenses - Operation and Maintenance (O&M) expenses increased by $14.9 million in 2025, reflecting higher utility operating costs, labor costs, and acquisition costs [7][30] - Depreciation and Amortization expenses rose by $12.6 million in 2025, influenced by higher depreciation rates and additional depreciation from increased utility plant in service [8][30] - Interest Expense, Net increased by $7.4 million in 2025, primarily due to higher interest on increased debt from acquisitions [9][30] Customer Metrics - Total Electric kWh Sales decreased by 0.6% to 1,574.4 million kWh in 2025, with residential sales increasing by 4.1% while commercial/industrial sales decreased by 4.0% [29] - Total Gas Therm Sales increased by 26.6% to 278.5 million therms, with residential sales up by 34.0% and commercial/industrial sales up by 24.8% [29] Dividends - The annual common dividend for 2025 was $1.80 per share, with a subsequent increase to $1.90 per share declared in January 2026 [11][30]

Core Viewpoint - American Water is actively participating in the 2026 NARUC Winter Policy Summit to discuss critical issues related to water and wastewater services, emphasizing its commitment to providing safe, clean, reliable, and affordable services to its customers [1][2][3]. Company Overview - American Water is the largest regulated water and wastewater utility company in the U.S., serving over 14 million people across 14 states and 18 military installations [4]. - The company has a history dating back to 1886 and employs 6,700 professionals to ensure excellent outcomes for customers, employees, investors, and stakeholders [4]. Participation in NARUC Summit - The Winter Policy Summit gathers regulators, utilities, and industry leaders to discuss infrastructure needs, water quality, and workforce development [3]. - Key presentations from American Water include discussions on resilience in service provision during crises and the impact of artificial intelligence on the water sector [5]. Focus Areas - American Water is focused on system resiliency, customer satisfaction, and advanced leak detection technologies to enhance service reliability [2][3]. - The company aims to advance innovative, customer-focused solutions through engagement with regulators and stakeholders [3].

Core Viewpoint - Essential Utilities (NYSE: WTRG) is set to report its earnings for the full year 2025 on February 25, 2026, after market close [1] Group 1 - The company's conference call with financial analysts is scheduled for February 26, 2026, at 11 a.m. Eastern Time [1] - The conference call and presentation will be available for live streaming on the company's website [1] - An archive of the conference call will be accessible in the Investor Relations section [1]

Core Insights - Nathan Jones from Stifel Nicolaus set a price target of $118 for Veralto Corp (NYSE: VLTO), indicating a potential increase of about 30.6% from the current stock price of $90.35 [1][6] Financial Performance - In 2025, Veralto reported a 6% increase in total sales, reaching $5.5 billion, with core sales growth at 4.7% [2][6] - The company achieved double-digit growth in adjusted earnings per share and generated over $1 billion in free cash flow, highlighting its solid financial standing [2] Strategic Initiatives - Veralto has implemented a $750 million share repurchase program and an 18% dividend increase to strengthen its financial position [3][6] - The acquisition of In-Situ has expanded Veralto's Water Analytics portfolio, allowing entry into the growing environmental water and hydrology markets [3] Future Outlook - Looking ahead to 2026, Veralto expects continued core sales growth and margin expansion driven by strong product demand [4] - The company faced challenges in the fourth quarter, with core sales growth at 1.6% due to price increases and slight volume declines, alongside impacts from tariffs and growth investments on incremental margins [4] Quarterly Earnings - Veralto reported impressive quarterly earnings of $1.04 per share, surpassing the Zacks Consensus Estimate of $0.98, marking a 6.01% earnings surprise [5] - Although revenues for the quarter were slightly below estimates, they improved from the previous year, demonstrating Veralto's resilience in a competitive market [5]

Core Viewpoint - California Water Service Group is set to release its 2025 full-year and fourth-quarter earnings results on February 25, 2026, after market close, with a conference call scheduled for February 26, 2026 [1] Group 1: Earnings Announcement - The earnings results will be released after market close on February 25, 2026 [1] - The earnings conference call will take place at 11:00 a.m. ET on February 26, 2026 [1] Group 2: Conference Call Details - Stockholders and interested investors can attend the conference call by dialing 1-800-715-9871 or 1-646-307-1963 with ID 2201083, or via a live audio webcast [2] - A replay of the call will be available from 2:00 p.m. ET on February 26, 2026, through April 27, 2026 [2] - The call will be hosted by key executives including Chairman Martin A. Kropelnicki and CFO James P. Lynch [2] Group 3: Company Overview - California Water Service Group is the parent company of several regulated utilities providing water and wastewater services to over 2 million people across multiple states [3] - The company operates under the symbol "CWT" on the New York Stock Exchange [3] - Additional information about the company can be found on its website [3]

Core Insights - Iowa American Water has launched the American Water Charitable Foundation 2026 Water and Environment Grant Program to support initiatives focused on clean water, conservation, environmental education, climate variability, and water-based recreation projects [1][3] Company Overview - American Water is the largest regulated water and wastewater utility company in the United States, serving over 14 million people across 14 states and 18 military installations [4] - Iowa American Water, a subsidiary of American Water, provides services to approximately 227,000 people in Iowa [8] Grant Program Details - The American Water Charitable Foundation awarded $1.7 million in 2025 to 80 organizations across 12 states, including five organizations based in Iowa [2] - The Foundation has invested over $25 million since 2012 through grants and matching gifts to support eligible organizations in communities served by American Water [6] - Applications for the 2026 Water and Environment Grant Program will be accepted until March 6, 2026 [3]

Financial Data and Key Metrics Changes - The company reported a net sales growth of 4.6% for Q1, reaching $318.2 million, driven by higher pricing across most product lines despite slightly lower volumes [11][8] - Gross profit increased by 16.3% to $119.8 million, with gross margin expanding by 380 basis points to 37.6% [11][12] - Adjusted EBITDA reached a record $72.1 million, up 13.5% year-over-year, with an adjusted EBITDA margin of 22.7%, marking a new Q1 record [13][11] - Adjusted net income per diluted share increased by 16% year-over-year to $0.29, setting another Q1 record [13] Business Line Data and Key Metrics Changes - Water Flow Solutions (WFS) net sales decreased by 0.9% to $173 million, primarily due to lower volumes of service brass products, but adjusted operating income increased by 28% to $49.4 million [14] - Water Management Solutions (WMS) net sales increased by 12% to $145.2 million, driven by higher pricing and strong volume growth of hydrants, although adjusted operating income decreased by 11.2% [15] Market Data and Key Metrics Changes - The company anticipates healthy municipal repair and replacement activity and strong growth in project-related work using specialty valves, which will offset slower new residential construction activity [9][18] - The residential construction market is expected to see a high single-digit decrease, while municipal repair and replacement growth is projected in the low to mid-single-digit range [55][57] Company Strategy and Development Direction - The company is focused on operational execution and strengthening relationships with stakeholders, aiming for sustained margin expansion and long-term value creation through strategic capital expenditures [10][9] - The leadership transition is structured to ensure continuity and build on the company's positive momentum [6][33] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's performance and the resilience of end markets, despite challenges from tariffs and inflation [20][60] - The company raised its FY 2026 guidance for consolidated net sales and adjusted EBITDA, reflecting strong Q1 results and expectations for the rest of the year [18][9] Other Important Information - The company generated $44 million of free cash flow and maintained a strong balance sheet with $452 million of total debt and $460 million of cash and cash equivalents [16][17] - The company plans to continue investing in capital expenditures between $60 million and $65 million for the year [19] Q&A Session Summary Question: Can you quantify how much you guys have raised prices so far this year? - Management indicated that the majority of the increased growth in guidance is predominantly price-related, with annual price increases recently announced [24] Question: Can you break down the impacts from manufacturing efficiencies and pricing on Water Flow? - Management noted that the closure of the legacy brass foundry provided significant benefits, which are expected to continue into the first half of the year [25] Question: Can you size for us the inflation pressures? - Management expects to be price positive for the full year, with approximately 3% impact from tariffs factored into guidance [35] Question: What is the expectation for residential construction activity? - Management anticipates a high single-digit range of slowdown in residential construction, but sees potential for increased activity if rates lower [36] Question: Can you provide insights on repair and replace contributions in the quarter? - Management reported strong performance in municipal markets, with expectations for growth driven by specialty valves, offset by a decrease in residential construction [54][57]

Core Insights - Mueller Water Products (MWA) reported revenue of $318.2 million for the quarter ended December 2025, marking a year-over-year increase of 4.6% and exceeding the Zacks Consensus Estimate by 3.7% [1] - The earnings per share (EPS) for the same period was $0.29, up from $0.25 a year ago, representing an EPS surprise of 8.74% compared to the consensus estimate of $0.27 [1] Financial Performance - Net Sales for Water Management Solutions reached $145.2 million, surpassing the average estimate of $131.5 million by two analysts, reflecting a year-over-year increase of 12% [4] - Net Sales for Water Flow Solutions were reported at $173 million, slightly below the average estimate of $175.5 million, indicating a year-over-year decline of 0.9% [4] - Adjusted operating income for Water Management Solutions was $24.5 million, below the average estimate of $29 million [4] - Adjusted operating income for Water Flow Solutions was $49.4 million, exceeding the average estimate of $41.5 million [4] Stock Performance - Shares of Mueller Water Products have returned +11.5% over the past month, significantly outperforming the Zacks S&P 500 composite, which changed by +0.9% [3] - The stock currently holds a Zacks Rank 2 (Buy), suggesting potential for outperformance in the near term [3]

Tesla - Tesla reported earnings per share of $0.50 for the quarter, beating estimates but down 63% from the same period last year, marking the lowest fourth-quarter earnings since 2020 [1] - The company announced plans to more than double its annual capital spending to $20 billion by 2026, with significant investments in AI and robotics, including a $2 billion investment in Elon Musk's xAI [1][2] - Tesla will discontinue production of its S and X models to repurpose its Fremont plant for building Optimus robots, as these models account for less than 5% of overall vehicle sales [1][2] - The shift in Tesla's mission statement to focus on creating a world of abundance aligns with its push towards autonomy and robotics [1][2] Competition and Market Dynamics - Tesla's auto segment revenue declined by 11% in the fourth quarter due to increased competition in the EV market, particularly from GM and other automakers [2] - The discontinuation of the Model S and X was anticipated as these aging vehicles had not seen significant updates since their introduction [2] - Concerns were raised about Tesla's ability to deliver on its ambitious timelines for autonomous robots and robotaxis, with skepticism regarding the feasibility of mass production within the next two years [3][4][5] Meta and Microsoft - Meta's shares rose by approximately 9% after beating revenue expectations and announcing a significant increase in capital expenditures to $115-135 billion for 2026, nearly double its 2025 CapEx [8] - Microsoft shares fell by 12% following a slowdown in growth for its Azure Cloud computing unit, despite a nearly doubled future sales backlog driven by investments in OpenAI [8][10] - The contrasting market reactions to Meta and Microsoft's capital expenditure announcements highlight investor sentiment towards AI investments and the perceived return on investment [8][10] Investment Sentiment - Investors are increasingly scrutinizing capital expenditures, questioning the return on investment, especially in light of high spending figures exceeding $100 billion annually [10] - Meta's aggressive spending is seen as a bet on future ad revenue growth, while Microsoft faces concerns over its reliance on OpenAI for a significant portion of its backlog [10][11] - The evolving narrative around AI investments suggests that companies may experience fluctuating investor confidence based on their capital allocation strategies and growth prospects [11]