Financial Data and Key Metrics Changes - Total sales for Q4 2025 reached $221 million, an 8% year-over-year increase, with base sales growth of 2% [6] - Operating earnings grew by 10% year-over-year, with operating profit margins increasing by 40 basis points to 19.5% [9] - Consolidated EPS was $1.14, a 10% increase from $1.04 in the prior year quarter [12] - Record quarterly free cash flow of $50.8 million, up approximately $3.4 million year-over-year [12] Business Line Data and Key Metrics Changes - Utility water product line sales increased by 9% year-over-year, or 2% excluding SmartCover [6] - Flow instrumentation product line sales were flat year-over-year, with modest growth in water-focused end markets [9] - SmartCover generated $40 million in sales for 2025, representing a 25% annualized growth [21] Market Data and Key Metrics Changes - The U.S. market for meters is approximately 6 million units per year, with Badger Meter holding about 30% market share [35] - 85% of the U.S. market is replacement-driven, indicating a stable demand for Badger Meter's products [63] Company Strategy and Development Direction - The company aims to leverage its cellular AMI technology as a foundation for real-time insights and analytics, expanding through the Blue Edge suite of smart water management solutions [14] - The PRASA AMI project is expected to be one of the largest deployments globally, with a focus on E-Series ultrasonic meters and ORION cellular AMI radios [15] - The company is committed to maintaining a clean balance sheet with over $225 million in cash, allowing for organic and inorganic growth investments [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving high single-digit sales growth over the next five years, despite potential project pacing dynamics in 2026 [24] - The company does not foresee significant impacts from federal funding constraints on its growth trajectory [23] - Management highlighted the importance of long-term trends in the water industry, which support demand for smart water management solutions [22] Other Important Information - The company successfully integrated SmartCover into its operations, with expectations for earnings accretion in 2026 [21] - SG&A expenses in Q4 were $49.9 million, with a year-over-year increase primarily due to the SmartCover acquisition [11] Q&A Session Summary Question: Did the company see the full impact of project conclusions in Q4? - Management noted that project pacing can vary, and the second half of the year was expected to show lower growth due to fewer working days and project completions [27][28] Question: What is the expected growth rate for 2026? - Management anticipates a lower growth rate in the first half of 2026, with a higher growth rate expected in the second half due to awarded projects [30][31] Question: How does the company view the U.S. market size and its share? - Management confirmed that the U.S. market size is around 6 million meters per year, with Badger Meter's share remaining approximately 30% [35][38] Question: What is the expected impact of the PRASA project on revenue? - Management refrained from sizing the revenue impact of the PRASA project, emphasizing the variability in project deployment timelines [18][19] Question: How does the company manage pricing in relation to tariffs? - Management indicated that pricing adjustments have primarily been through list price increases, without temporary tariff add-ons, maintaining a clean pricing strategy [56][57]

记者：赵卓越 杨春艳 一审：王琰 今年两会期间，《动静贵州》推出特别节目《两会会客厅》，围绕贵州大力实施强化比较优势战略；坚 持改革赋能、开放带动；让企业获得感更强，体验感更佳；让群众感受到实实在在的民生福祉四个方 面，专访省直部门一把手，谈五年成就、谋改革创新、抓规划落实、谱发展新篇。 "十四五"以来，贵州水旱灾害防御系统能力增强，水网建设成效显著，水利建设管理水平持续提高，水 资源利用效率稳步提升，民生水利福祉显著改善，重大水利改革实现突破，全省水安全保障能力实现了 历史性跨越。结合省政府工作报告要求，"十五五"时期，贵州水利系统将聚焦哪些关键领域建设，为贵 州高质量发展提供更加有力支撑？本台记者采访了省水利厅党组书记、厅长易耘。 二审：周雅婷 三审：罗阳 ...

Badger Meter Fourth Quarter & Full Year 2025 Financial Results January 28, 2026 1 Forward Looking Statements 2 Durable Demand For Smart Water Solutions in 2025 Drove Profitable Growth and Robust Cash Generation FY 13% 10% 5% 8% 2% 3% 5% 5% 6% 0% 2% 4% 6% 8% 10% 12% 14% Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Base SmartCover 13% 13% 10% 8% 19.1% 20.0% 21.1% As Reported OP Margin FY 2024 As Reported OP Margin FY 2025 Base Operating Profit Margin FY 2025 19.1% 19.5% 20.5% As Reported OP Margin Q4 2024 As Repor ...

Core Insights - Pennsylvania American Water is advising customers to take precautions to protect their pipes from freezing during sub-zero temperatures, emphasizing the importance of preparation and regular checks to avoid costly repairs and ensure safety [1][2]. Group 1: Customer Preparation Tips - Customers should locate their main water shut-off valve and test it to ensure it functions properly, as this is crucial during emergencies [4]. - It is recommended to check and drain sprinkler or irrigation systems to prevent freezing [4]. - To eliminate cold air sources near water lines, customers should insulate areas prone to freezing and fix drafty windows and doors [4]. - Exposed pipes should be wrapped with insulation or heat tape, and cabinet doors should be opened to allow warmer air to circulate [4]. - Allowing a small trickle of water to run through pipes can help prevent freezing, as the cost of water is typically lower than repair costs [4]. Group 2: Thawing Frozen Pipes - If pipes freeze, customers should shut off the main water valve before attempting to thaw them [4]. - Thawing should be done by warming the air around the pipe using a hair dryer or space heater, avoiding open flames [4]. - After thawing, water should be turned back on slowly, and pipes should be checked for cracks or leaks [4]. Group 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 [5]. - Pennsylvania American Water, a subsidiary of American Water, is the largest regulated water utility in Pennsylvania, providing services to approximately 2.4 million people with a dedicated workforce of 1,200 employees [7].

Core Insights - Badger Meter, Inc. reported record sales, profitability, and cash flow for the full year 2025, driven by sustained demand for smart water management solutions [2][11] - The acquisition of SmartCover in early 2025 expanded Badger Meter's capabilities in sewer monitoring and stormwater management, positioning the company for long-term growth [3][11] Fourth Quarter 2025 Highlights - Utility water sales increased by 9% year-over-year, or 2% excluding SmartCover, with growth driven by customer adoption of digital smart water solutions [5][9] - Operating earnings rose by 10% year-over-year to $43.0 million, with operating profit margins expanding to 19.5% [7][9] - Total sales reached $220.7 million, an 8% increase from $205.2 million in the prior year [9][10] Full Year 2025 Highlights - Record sales of $916.7 million, up 11% from $826.6 million in 2024, with base sales increasing by 6% year-over-year [9][11] - Operating earnings for the year increased by 16% to $183.4 million, with operating profit margins at 20.0% [9][11] - Diluted earnings per share (EPS) increased by 13% to $4.79, compared to $4.23 in 2024 [9][11] Strategic Initiatives - The company emphasized the importance of its BlueEdge suite of smart water management solutions, which addresses various challenges across the water cycle [12][13] - Badger Meter's selection for the Puerto Rico Aqueduct and Sewer Authority's AMI project highlights its capabilities in enhancing water system resiliency [14] Financial Performance - Gross margin improved to 42.1%, benefiting from a favorable sales mix and lower pass-through revenue [7][9] - Cash provided by operations reached $54.8 million in Q4 2025 and $183.7 million for the full year [9][11] Outlook - The company anticipates high single-digit sales growth and operating profit margin expansion over the next five years, driven by the adoption of cellular AMI solutions and international expansion opportunities [15][16]

Core Viewpoint - New Jersey American Water will temporarily switch its water treatment process from chloramine to free chlorine as part of its annual maintenance program, affecting several counties in New Jersey [1][2]. Group 1: Treatment Process Change - The temporary treatment process will commence the week of February 9, 2026, and will last until the end of April 2026 [2]. - Customers may experience a slight taste and smell of chlorine during this period, which is a normal occurrence [2]. - The company advises customers to use uncovered glass containers to dissipate chlorine faster if they wish to reduce the taste [2]. Group 2: Monitoring and Compliance - Throughout the maintenance period, New Jersey American Water will monitor water quality to ensure it meets or exceeds federal and state drinking water standards [3]. - The treatment change will affect customers in various communities across Essex, Hunterdon, Mercer, Middlesex, Morris, Somerset, and Union counties [3]. Group 3: Company Overview - New Jersey American Water is the largest regulated water utility in the state, serving approximately 2.9 million people with safe, clean, reliable, and affordable water and wastewater services [4].

Core Viewpoint - Illinois American Water has filed a request for new rates to support approximately $577 million in investments for water and wastewater systems from January 2026 through December 2027, aiming to enhance water quality and reliability for over 1.3 million residents in Illinois [1][2]. Investment Plans - The proposed investments will include the replacement of 42 miles of aging water and wastewater pipelines, upgrades to storage tanks, wells, pumping stations, hydrants, meters, and wastewater plants, as well as ongoing replacement of lead service lines and improvements to treatment facilities to meet regulatory requirements, including addressing emerging contaminants like PFAS [2]. Rate Changes - If approved, the typical residential water customer using 3,500 gallons of water would see an increase of approximately $14 per month, while typical customers served by sanitary wastewater systems would see an increase of approximately $28 per month [3]. Affordability Measures - The proposal includes a modified allowance rate for residential water users, offering a discount rate for the first 2,000 gallons of water to alleviate financial pressures on low consumption customers [4]. - The company also provides assistance programs for income-eligible customers, including the H2O Help to Others program, budget billing options, and flexible payment plans [5]. Regulatory Process - The rate request initiates an 11-month review process by the Illinois Commerce Commission (ICC), which includes opportunities for customer involvement through written comments and public input hearings [7]. - All rate changes require ICC approval, and if approved, the new rates would take effect in January 2027 [7]. Company Overview - Illinois American Water, a subsidiary of American Water, is the largest regulated water utility in Illinois, serving approximately 1.3 million people with a dedicated workforce of over 600 employees [10][11].

Core Insights - The American Water Charitable Foundation awarded a total of $5.7 million to various organizations across the U.S. in its 2025 Community Impact Report [1] - The foundation's Keep Communities Flowing Grant Program distributed $4.7 million to over 350 eligible non-profit organizations, while nearly $1 million was provided through Employee Matching Gift and Rewards Programs, engaging over 4,700 employees and benefiting 2,600 public charities [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 focuses on providing safe, clean, reliable, and affordable drinking water and wastewater services [4] Philanthropic Efforts - Since its establishment in 2012, the American Water Charitable Foundation has invested over $25 million in grants and matching gifts to support eligible organizations in communities served by American Water [3][7] - The foundation emphasizes three pillars of giving: Water, People, and Communities, and is funded by American Water shareholders without impacting customer rates [7] Community Impact Examples - The Shirley Heinze Land Trust received support for a community development initiative aimed at enhancing walkability and safety in the City of Gary, Indiana [5] - The Commission on Economic Opportunity in Pennsylvania expressed gratitude for funding that ensures reliable access to nutritious food for families [5] - North Scott High School in Iowa received a grant to enhance its STEM programs, particularly for its robotics team [5]

Core Insights - California American Water is investing $4.7 million in a new groundwater well to enhance water resiliency and reliability for Suburban-Rosemont customers [1] - The Contempo Well Installation Project aims to meet water demand as older wells are retired, including essential upgrades and equipment installation [2][3] - Construction is expected to be completed in 2027, which will improve water supply reliability for families and businesses in the area [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] - California American Water, a subsidiary of American Water, provides services to approximately 750,000 people [6]

分组1 - Realty Income has declared 667 consecutive monthly stock dividends and increased its payout for 113 consecutive quarters, totaling 133 cumulative increases since its IPO in 1994, making it a leader in dividend growth [1][6] - The company is recognized as "The Monthly Dividend Company®" and is noted for its consistent and sustainable dividend payouts, which are crucial for investors [2][4] - Realty Income's commercial real estate portfolio includes over 15,500 properties that are resilient to economic downturns, primarily leasing to essential businesses such as grocery stores and drug stores [7][8] 分组2 - The company's management has a strong track record of lease vetting, resulting in a low percentage of renters failing to pay rent, with an average lease length of nearly nine years [8] - Realty Income has diversified its portfolio by entering the gaming industry and forming a joint venture to lease data centers, capitalizing on trends like artificial intelligence [9] - American States Water has increased its base annual dividend for 71 consecutive years, targeting a compound annual growth rate of over 7% for its dividend [10][11] 分组3 - York Water has paid dividends for 209 consecutive years, making it a unique player in the dividend space, with a significant historical consistency [14][15] - Both American States Water and York Water operate as regulated utilities, providing predictable demand and revenue stability [16] - York Water's current valuation is attractive, trading at a forward P/E multiple of 19.4, which is a 34% discount compared to its average over the past five years [18]