Here are 1-3 brief analogies for American States Water (AWR):

• Like Consolidated Edison, but for water utilities serving parts of California.
• A smaller, regional version of American Water Works with specialized contracts for military bases.
• Like American Tower, but for water infrastructure in California and U.S. military bases.

• Water Utility Services: Provides regulated potable water services to residential, commercial, industrial, and public authority customers in California.
• Electric Utility Services: Supplies regulated electricity to customers in the Big Bear Lake area of California.
• Contracted Services: Manages, operates, and maintains water and wastewater systems for U.S. government military bases under long-term contracts.

American States Water (AWR)

American States Water (AWR) is a utility company that primarily sells water and electric services directly to end-users within its regulated service territories. Its major customer categories are:

• Residential Customers: Individual households and families that receive water and/or electric services for personal use in their homes.
• Commercial and Industrial Customers: Businesses of various sizes, ranging from small retail establishments and offices to larger industrial facilities, that utilize water and/or electric services for their operations.
• Government and Institutional Customers: Public entities such as municipalities, schools, and hospitals. This category also notably includes various U.S. military bases, which are served under long-term contracts by AWR's unregulated American States Utility Services segment.

• Edison International (EIX)
• PG&E Corporation (PCG)

Robert J. Sprowls, President and Chief Executive Officer

Robert J. Sprowls has served as President and Chief Executive Officer of American States Water Company since January 2009 and as a board member since May 2009. Before becoming CEO, he was the Chief Financial Officer for more than four years. Mr. Sprowls has over 30 years of experience in business strategy, operations management, corporate finance, and problem-solving for regulated utilities and non-regulated utility affiliates. Prior to joining American States Water Company in June 2004, he spent 21 years at CILCORP Inc., a public utility holding company. At CILCORP, he held various positions including President, Business Unit Leader – Energy Delivery, Chief Financial Officer, and Treasurer of its largest subsidiary, Central Illinois Light Company.

Eva G. Tang, Senior Vice President - Finance, Chief Financial Officer, Corporate Secretary and Treasurer

Eva G. Tang has held the role of Senior Vice President - Finance, Chief Financial Officer, Corporate Secretary, and Treasurer of American States Water Company since November 2008. She also serves as Senior Vice President - Finance, Chief Financial Officer, and Secretary for the company's first-tier subsidiaries, Golden State Water Company and American States Utility Services, Inc. Ms. Tang oversees finance, accounting, tax, risk services, investor relations, internal audit, and information technology. She joined American States Water Company in August 1996 and has held various positions within the accounting and finance departments. Before joining AWR, Ms. Tang spent eight years at OroAmerica Company, a publicly traded manufacturer and distributor of gold and silver jewelry, where she was the Director of Budget and Planning.

Paul J. Rowley, Senior Vice President, Regulated Water Utility of Golden State Water Company

Paul J. Rowley is the Senior Vice President – Regulated Water Utility for Golden State Water Company (GSWC), a subsidiary of American States Water Company, a position he has held since December 2021. In this role, he oversees all functions within the regulated water unit, including Water Operations, Asset Management, Environmental Quality, Customer and Community Relations, Customer Service, Water Use Efficiency, Water Resources, and Regulated New Business. Mr. Rowley joined GSWC in 2007 and has served in various capacities, such as Vice President - Water Operations, Director - Procurement Services, and District Manager.

Gladys M. Farrow, Assistant Secretary; Vice President, Finance, Treasurer and Assistant Secretary of Golden State Water Company

Gladys M. Farrow holds the title of Assistant Secretary for American States Water Company and is the Vice President of Finance, Treasurer, and Assistant Secretary for Golden State Water Company, a subsidiary of American States Water Company. In her capacity at Golden State Water Company, she is responsible for all internal and external financial reporting, including all company filings with the Securities and Exchange Commission.

Christopher H. Connor, Senior Vice President, American States Utility Services, Inc.

Christopher H. Connor serves as the Senior Vice President of American States Utility Services, Inc. (ASUS), a subsidiary of American States Water Company.

The key risks to American States Water (AWR) largely stem from its concentrated operations in California and the inherent nature of the utility business. The most significant risks include:

1. High Dependence on California's Regulatory Environment and Water Supply: American States Water operates predominantly in California, with approximately 98.7% of its water service territory located within the state. This makes its financial performance highly dependent on the political, water supply, labor, utility cost, and regulatory risks, as well as economic conditions and natural disasters affecting California. Regulatory decisions, such as the California Public Utilities Commission's (CPUC) rejection of certain regulatory mechanisms like full sales and revenue decoupling, can pose challenges for regulatory strategy and financial planning. The company also faces increasing regulatory compliance costs.
2. Climate-Related Risks (Droughts and Wildfires): Droughts and wildfires are identified as primary risks for American States Water. California has experienced both in recent years, impacting the company's operations. Droughts may reduce water usage, leading to declines in revenue, and can make water supply scarce. Wildfires may also affect electricity operations.
3. Capital-Intensive Business and Infrastructure Investment: As a utility, American States Water's business is capital-intensive, requiring substantial infrastructure investments. The company has projected infrastructure investments of $650 million through 2026. Additionally, it faces rising operational and maintenance expenses, with maintenance costs increasing by 17.6% in 2023. While regulatory approvals for rate increases help to cover these costs, the need for continuous and significant capital expenditure is an ongoing financial challenge.

For its **water utility services**, provided mainly through Golden State Water Company in California and to a lesser extent in Arizona, the U.S. water utilities industry generated revenues of $563.7 billion in 2024. The broader U.S. water and wastewater treatment market size was valued at approximately USD 121.85 billion in 2024 and is projected to grow to around USD 238.36 billion by 2034. Another estimate for the U.S. water and wastewater treatment market size in 2024 was USD 64.27 billion, with a forecast to reach approximately USD 123.76 billion by 2034. The total addressable market for water and wastewater utilities in the U.S. is estimated at US$977 billion, encompassing 183 million customer connections. In California specifically, regulated water utilities serve over 6 million people.

For its **electric utility services**, primarily through Bear Valley Electric Service, Inc. in Big Bear Lake and surrounding areas of San Bernardino County, California, the market size for the Electric Power Transmission industry in California is estimated at $51.4 billion in 2025. California was the fourth-largest total electricity producer in the United States in 2024. In 2023, the total system electric generation for California was 281,140 gigawatt-hours (GWh).

For its **contracted services**, delivered by American States Utility Services, Inc. to military bases across the U.S. for water and wastewater system operations, maintenance, and construction management, the third-party Operations & Maintenance (O&M) market for U.S. drinking water and wastewater utilities is valued at nearly US$3 billion annually. This segment supports services for over 38.6 million Americans.

American States Water (AWR) is expected to drive future revenue growth over the next 2-3 years through a combination of approved rate increases, strategic infrastructure investments leading to rate base growth, expansion of its contracted services segment, and an increasing customer base in new service territories.

• Approved Rate Increases in Regulated Utilities: The California Public Utilities Commission (CPUC) has approved new water and electric rates for Golden State Water Company (GSWC) and Bear Valley Electric Service (BVES), American States Water's regulated utility segments. These rate increases, including those retroactive to January 2023 for the electric segment and new 2025 water rates, are a direct driver of increased revenue. The CPUC's final decision in GSWC's general rate case authorized $573.1 million in capital infrastructure investments for 2025-2027, which supports higher returns on an expanding asset base.
• Strategic Infrastructure Investments and Rate Base Growth: American States Water is committed to substantial infrastructure investments, with projected capital expenditures for 2025 between $180 million and $210 million. The company filed a General Rate Case in 2024 seeking approval for a $1.2 billion capital investment plan for 2025-2027, aiming to grow its rate base by approximately 6.5% annually. This growth in the rate base allows the company to earn higher authorized returns, directly contributing to revenue growth.
• Expansion of Contracted Services (ASUS Segment): The American States Utility Services (ASUS) segment, which provides services to military bases, is a significant growth driver. ASUS was awarded $28.7 million in new capital upgrade construction projects through September 2025, and its earnings contribution is projected to increase from $0.59-$0.63 per share in 2025 to $0.63-$0.67 per share in 2026. The segment actively bids on new 50-year operation and maintenance contracts under the U.S. Military Housing Privatization Initiative, having been selected as a preferred bidder for a new base contract valued at over $500 million in total projected revenue in Q1 2025.
• Customer Base Expansion in New Service Territories: The CPUC has approved GSWC's expansion into new service areas. This includes a newly planned community expected to serve up to 1,300 customer connections and the Sutter Pointe service area, which will serve up to 3,800 customer connections over the next five years and potentially 17,500 dwelling units at full buildout. This organic growth in customer connections will lead to increased demand for water and electric services, directly boosting revenue.

Share Repurchases

• American States Water has not been conducting significant share repurchases, leading to a rising share count.

Share Issuance

• In February 2024, American States Water established an At-The-Market (ATM) offering program, allowing the company to sell up to $200.0 million in common shares over a three-year period.
• The issuance of equity under the ATM offering program negatively impacted consolidated diluted earnings by approximately $0.04 per share in 2024 and approximately $0.08 per share for the first nine months of 2025.
• The company has issued shares to meet capital expenditure requirements, contributing to the increase in its share count.

Inbound Investments

• No information available.

Outbound Investments

• No information available.

Capital Expenditures

• Capital improvement programs at the regulated utilities totaled nearly $845.0 million over the last five years (2020-2024), focusing on improving water and electric reliability and reducing water loss.
• Capital spending in 2024 was $235.5 million, with $15.9 million allocated to environmental control facilities.
• American States Water is on track to invest $180-$210 million in utility infrastructure in 2025, primarily for capital upgrades to water and electric systems and new community developments. The regulated utilities are authorized to spend nearly $650 million in capital investments from 2025 through 2027.