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1. The Duke Energy or Southern Company of water utilities.

2. The Verizon or AT&T for clean water and wastewater services.

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York Water (YORW) Major Products/Services

• Water Supply and Distribution: Provides treated potable water to residential, commercial, and industrial customers within its service territory.
• Wastewater Collection and Treatment: Collects and treats wastewater for residential and commercial customers in designated service areas.

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The York Water Company (YORW) is a public utility that sells water and wastewater services primarily to end-users within its service territory, rather than selling to other companies for resale. Therefore, its major customers fall into categories rather than specific company names.

The company primarily serves the following three categories of customers:

• Residential Customers: This category includes individual households and residences that use water for domestic purposes.
• Commercial Customers: This category encompasses businesses such as offices, retail establishments, restaurants, and other smaller commercial enterprises within their service area.
• Industrial Customers: This category includes larger industrial users, factories, and manufacturing plants that require significant water supplies for their operations.

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• FirstEnergy Corp. (FE)

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Joseph "JT" Hand, President & Chief Executive Officer

Joseph "JT" Hand became President and Chief Executive Officer of The York Water Company on March 1, 2020. Prior to this role, he served as Chief Operating Officer from 2008 to 2020, directing the majority of the Company's operations, engineering, and physical plant, and executing growth and quality strategies. Before joining The York Water Company, Mr. Hand served 22 years on Active Duty in the U.S. Army, culminating as Deputy Commander and Deputy District Engineer, Baltimore District, U.S. Army Corps of Engineers. He holds a Bachelor of Science in Civil Engineering from the University of Vermont and a Master's Degree in Business Administration from York College of Pennsylvania. He is also a Director of the National Association of Water Companies and Chair of its Pennsylvania Chapter.

Matthew "Matt" Poff, Chief Financial Officer & Treasurer

Matthew "Matt" Poff has served as Chief Financial Officer and Treasurer since January 2018. Before being appointed CFO, he was the Company's Controller from 2009 to 2017. Prior to joining The York Water Company, Mr. Poff served as CFO for a regional contractor, I.B. Abel Inc., from October 2006 to May 2009, and held various positions of increasing responsibility at Beard Miller Company LLP, a regional accounting firm.

Alexandra "Alex" Chiaruttini, Chief Administrative Officer & General Counsel

Alexandra "Alex" Chiaruttini joined The York Water Company in 2020 as Chief Administrative Officer and General Counsel. In this role, she is responsible for the company's administrative functions, corporate governance, litigation, and provides legal counsel for acquisitions and operations. Prior to The York Water Company, Ms. Chiaruttini served as Chief Counsel to the Pennsylvania Department of Environmental Protection from 2015 to 2020. She was also a Partner and Chairman of Environmental Practice for Stock and Leader from 2008 to 2015, and an Associate in Environmental Law and Toxic Tort Practice Group for McNees Wallace & Nurick from 2001 to 2008.

Matthew "Matt" Scarpato, Chief Operating Officer

Matthew "Matt" Scarpato was appointed Chief Operating Officer of The York Water Company, effective October 1, 2025. He oversees and directs the Company's operations, including maintenance and grounds, distribution, water quality, and wastewater. Prior to this role, he served as Vice President of Operations from July 2023 to October 2025. Before joining the Company, Mr. Scarpato served as Vice President of Operations and Chief Financial Officer in the Senior Living industry from 2020 to 2023, and as Chief Operating Officer and Chief Financial Officer of the York Jewish Community Center from 2010 to 2020, in addition to holding positions in consulting and banking.

Mark Snyder, Vice President of Engineering

Mark Snyder has served as Vice President of Engineering for The York Water Company since May 2009. His earlier roles at the company included Engineering Manager from October 2007 to April 2009, and Engineer from December 2006 to October 2007. Before joining York Water, Mr. Snyder worked as a project manager and design engineer for several consulting firms in the Mid-Atlantic region, including Buchart Horn, RETTEW, and KCI Technologies. He is a licensed Professional Engineer in Pennsylvania and holds a Bachelor's Degree in Civil Engineering and a Master's Degree in Environmental Engineering from The Pennsylvania State University.

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1. Increased Operating and Capital Expenditures, and Rising Debt and Interest Expenses: The company has experienced a notable increase in operating expenses and capital expenditures, particularly for infrastructure upgrades. This has led to a "surprising decline in earnings" for 2024 and 2025. Furthermore, increased debt and associated interest expenses are putting pressure on the company's cost/profit mix and valuation.
2. Impact of Climate Change and Severe Weather Patterns: As a water and wastewater utility, York Water is vulnerable to changing severe weather patterns. Predictions related to climate change, such as increased frequency and duration of droughts, increased precipitation and flooding, and potential degradation of water quality, could necessitate additional expenditures. These changes may result in lower revenue, the need for further capital investment, or increased operational costs. The company has already responded to a drought emergency, highlighting this as a present concern.
3. Regulatory Scrutiny and Rate Approval Challenges: As a regulated utility, York Water's ability to adjust rates to cover rising operational and capital costs is subject to approval by regulatory bodies. While mechanisms like the Distribution System Improvement Charge (DSIC) assist in recovering infrastructure replacement costs, regulatory decisions, such as a lowered allowance for funds used during construction (AFUDC), can impact financial performance. The failure to secure timely or sufficient rate increases could constrain the company's ability to recover escalating expenses.

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• Growth in Customer Base: York Water has consistently cited an expanding customer base as a primary factor for increased operating revenues. This organic growth in the number of connections for both water and wastewater services directly translates to higher recurring revenue.
• Distribution System Improvement Charge (DSIC): The DSIC is a Pennsylvania Public Utility Commission-approved charge that allows water utilities to recover costs associated with replacing aging infrastructure. This mechanism provides a consistent and regulated source of revenue specifically tied to ongoing capital investments and improvements in the company's distribution system.
• Rate Increases: As a regulated utility, York Water can seek and implement rate increases to cover operational costs and fund capital projects. A rate increase effective March 1, 2023, was a significant driver of operating revenue growth in 2024, and analysts expect rate increases to continue to help stabilize margins and offset cost pressures in the future.
• Acquisitions: The company has demonstrated a strategy of growth through the acquisition of smaller water and wastewater systems. For example, in 2024, York Water invested in the acquisition of four water and two wastewater systems. Such acquisitions expand the company's service territory and customer base, leading to increased revenues.

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Share Repurchases

• No shares were repurchased during the three or nine months ended September 30, 2025.
• No shares were repurchased in 2020.
• As of December 31, 2020, 618,004 shares remained available for repurchase under a program authorized in 2013.

Share Issuance

• In April 2022, York Water completed a public offering of 975,600 shares of common stock, generating approximately $38.2 million in net proceeds.
• As of November 2025, a shelf registration statement covers 366,689 shares of common stock for issuance through the company's Dividend Reinvestment and Direct Stock Purchase and Sale Plan, including 125,000 newly-registered shares.

Inbound Investments

• No information available for large, direct investments made in the company by strategic partners or private equity firms.

Outbound Investments

• In 2024, the company invested $0.783 million in the acquisition of water and wastewater systems, and acquired an additional 33,000 feet of water distribution mains and 26,200 feet of wastewater collection mains.
• In 2023, growth in wastewater customers was primarily driven by acquisitions, including a Lancaster County acquisition, and the company acquired 16,300 feet of water distribution mains and 16,400 feet of wastewater collection mains.
• In 2020, York Water closed on three acquisitions, including the Letterkenny Township Municipal Authority's wastewater treatment system, expanding its certificated territory to three additional municipalities.

Capital Expenditures

• For the first nine months of 2025, capital expenditures were $37.1 million, with an additional $10.0 million estimated for the remainder of the year (excluding acquisitions) focusing on main extensions, a software upgrade, and routine infrastructure improvements.
• Capital expenditures totaled $48.226 million in 2024, primarily for armoring and replacing the spillway of the Lake Williams dam, wastewater treatment plant construction, and various infrastructure improvements.
• Capital expenditures exceeded $64 million in 2023, with significant investments including the Lake Williams Dam Rehabilitation Project (approximately $40 million), water main rehabilitation and extensions, and booster station expansions.