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PresentationOperator Ladies and gentlemen, thank you for standing by. Welcome to the American States Water Company conference call discussing the company's fourth quarter and full year 2025 results. The call is being recorded. If you would like to listen to the replay of this call, it will begin this afternoon at 5:00 p.m. Eastern Time and run through February 26 on the company's website, www.aswater.com. The slides that the company will be referring to are also available on the website. [Operator Instructi ...

The company invested $210.9 million in infrastructure at its regulated utilities during 2025. Looking ahead, Tang said the company projects $185 million to $225 million of company-funded capital expenditures in 2026.For the full year, American States Water reported earnings of $3.37 per share , compared with $3.17 per share in 2024. Sprowls and Tang emphasized that 2024 included a one-time tax benefit of $0.13 per share at Golden State Water tied to the final water GRC decision. Excluding that item, adjuste ...

Financial Data and Key Metrics Changes - Reported earnings for 2025 were $3.37 per share, an increase of $0.20 per share compared to 2024, or $0.33 per share higher when adjusted [5][17] - Adjusted earnings for 2024 were $3.04 per share, compared to $3.37 per share for 2025, reflecting a 10.9% increase [17] - Consolidated revenue for the fourth quarter increased by $21.2 million compared to 2024, with water segment revenue increasing by $17.4 million due to new rates [13][14] Business Line Data and Key Metrics Changes - Golden State Water reported earnings of $0.50 per share for Q4 2025, down from $0.52 per share in 2024, but adjusted earnings increased by $0.11 per share due to new water rates and lower interest expenses [11] - The electric segment reported earnings of $0.11 per share for Q4 2025, down from $0.13 per share in 2024, but adjusted earnings increased by $0.04 per share due to rate increases [12] - ASUS contributed earnings of $0.16 per share for Q4 2025, up from $0.11 per share in the same quarter last year, reflecting higher construction activities [13][35] Market Data and Key Metrics Changes - Golden State Water's average water rate base increased from $980.4 million in 2021 to $1,673.2 million in 2026, representing a compound annual growth rate of 11.3% [30] - The company anticipates a robust growth in its rate base over the next few years, driven by capital investments [30] Company Strategy and Development Direction - The company plans to continue investing in utility infrastructure for safe and reliable services, with $210.9 million invested in 2025 [6][9] - Golden State Water is preparing for its next water rate case, expected to be filed by July 1, 2026, transitioning to a modified rate adjustment mechanism [20][21] - ASUS is expected to contribute $0.63-$0.67 per share in 2026, with confidence in competing for new military base contract awards [36] Management's Comments on Operating Environment and Future Outlook - Management noted that 2025 was a productive year, with constructive regulatory outcomes positioning the company for future growth [4][5] - The company highlighted the potential volatility in revenues and earnings due to changes in water consumption and supply source mix [21] - Management expressed confidence in the company's ability to manage operating expenses and continue dividend growth [9][36] Other Important Information - The company raised its quarterly cash dividend by 8.3%, marking the 71st consecutive year of annual dividend increases [9][36] - ASUS was awarded $29.4 million in new capital upgrade construction projects expected to be completed through 2028 [35] Q&A Session Summary - There were no questions during the Q&A session, and the call concluded without any inquiries [39]

Financial Data and Key Metrics Changes - Reported earnings for 2025 were $3.37 per share, an increase of $0.20 per share compared to 2024, or $0.33 per share higher when adjusted [5][17] - Adjusted earnings for 2024 were $3.04 per share, compared to $3.37 per share for 2025, reflecting a 10.9% increase [17] - Consolidated revenue for the fourth quarter increased by $21.2 million compared to 2024, with water segment revenue increasing by $17.4 million [13][14] Business Line Data and Key Metrics Changes - Golden State Water reported earnings of $0.50 per share for Q4 2025, down from $0.52 per share in 2024, but adjusted earnings increased by $0.11 per share due to new water rates and lower interest expenses [11] - The electric segment reported earnings of $0.11 per share for Q4 2025, down from $0.13 per share in 2024, but adjusted earnings increased by $0.04 per share due to rate increases [12] - ASUS contributed earnings of $0.16 per share for Q4 2025, an increase of $0.05 per share compared to the same quarter last year [13] Market Data and Key Metrics Changes - The company invested $210.9 million in infrastructure at regulated utilities in 2025, reflecting strong execution of its capital plan [6] - ASUS was awarded $29.4 million in new capital upgrade construction projects during 2025, expected to be completed through 2028 [9][35] Company Strategy and Development Direction - The company aims to expand its regulated water operations and has completed transactions to own and operate water and wastewater systems for new planned communities [7][8] - The company is preparing for its next water rate case, expected to be filed by July 1, 2026, transitioning to a modified rate adjustment mechanism [20][21] - The company raised its quarterly cash dividend by 8.3%, marking the 71st consecutive year of annual dividend increases [9][36] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the regulatory outcomes and the ability to invest in utility infrastructure for reliable services [5] - The company noted that the 2025 earnings were positively impacted by a favorable water supply source mix, despite a nearly 4% decrease in water consumption [21] - Management anticipates continued growth in the rate base and earnings from regulated utilities and ASUS in the coming years [30][35] Other Important Information - Net cash provided by operating activities was $229.7 million for 2025, an increase from $198.7 million in 2024, driven by new rates and settlement proceeds [18] - The company raised $67 million under its at-the-market offering program during the year, with a remaining balance of $40.7 million available [19] Q&A Session Summary - There were no questions during the Q&A session, and the call concluded without any inquiries from participants [39]

Financial Data and Key Metrics Changes - The company reported earnings of $3.37 per share for 2025, an increase of $0.20 per share compared to 2024, or $0.33 per share higher when adjusted [5][17] - Adjusted earnings for 2024 were $3.04 per share, compared to $3.37 per share for 2025, representing a 10.9% increase [6][17] - Consolidated revenue for the fourth quarter increased by $21.2 million compared to 2024, with water segment revenue increasing by $17.4 million due to new rates [12][13] Business Line Data and Key Metrics Changes - Golden State Water reported earnings of $0.50 per share for Q4 2025, down from $0.52 per share in 2024, but adjusted earnings increased by $0.11 per share due to new water rates and lower interest expenses [10] - The electric segment reported earnings of $0.11 per share for Q4 2025, down from $0.13 per share in 2024, but adjusted earnings increased by $0.04 per share due to rate increases [11] - ASUS contributed earnings of $0.16 per share for Q4 2025, up from $0.11 per share in the same quarter last year, reflecting higher construction activities [12][35] Market Data and Key Metrics Changes - The company invested $210.9 million in infrastructure at regulated utilities in 2025, reflecting strong execution of its capital plan [6] - ASUS was awarded $29.4 million in new capital upgrade construction projects during 2025, expected to be completed through 2028 [8][35] Company Strategy and Development Direction - The company aims to expand its regulated water operations and has completed transactions to own and operate water and wastewater systems for new planned communities [6][7] - The company is preparing for its next water rate case, expected to be filed by July 1, 2026, transitioning to a modified rate adjustment mechanism [20][21] - The company raised its quarterly cash dividend by 8.3%, marking the 71st consecutive year of annual dividend increases [8][36] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the regulatory outcomes and the ability to invest in utility infrastructure for reliable services [5] - The company noted a nearly 4% decrease in water consumption compared to adopted levels, but this did not materially impact earnings due to favorable water supply source mix [21] - Management projected ASUS to contribute $0.63-$0.67 per share in 2026, indicating confidence in competing for new military base contract awards [36] Other Important Information - The company raised proceeds of $67 million under its at-the-market offering program during the year, with a remaining balance of $40.7 million available [19] - The company anticipates a robust growth in its rate base, with a compound annual growth rate of 11.3% from 2021 to 2026 [29] Q&A Session Summary - There were no questions during the Q&A session, and the call concluded without any inquiries from participants [38]

Financial Results Call Presentation Fourth Quarter and Full Year 2025 February 19, 2026 NYSE: AWR Today's Presenters Robert J. Sprowls President & CEO Eva G. Tang SVP – Finance & CFO This conference call includes a discussion of certain measures that are not prepared in accordance with Generally Accepted Accounting Principles ("GAAP") in the United States, and constitute "non-GAAP financial measures" under SEC rules. These non-GAAP financial measures are derived from consolidated financial information but a ...

Key Takeaways AWR reported Q4 2025 EPS of 74 cents, up 32.1% year over year, with revenues rising 14.8%. American States Water posted 2025 EPS of $3.37, up 10.9%, on 10.52% higher annual revenues.AWR's Contracted Services EPS rose 45.5% on added construction work and resolved price adjustments. American States Water Company (AWR) reported fourth-quarter 2025 operating earnings per share (EPS) of 74 cents, up 32.1% from the year-ago quarter’s level of 56 cents.AWR reported 2025 adjusted earnings of $3.37 per ...

Exhibit 99.1 American States Water Company Announces Fourth Quarter and Full Year 2025 Results • $0.01 per share decrease in reported consolidated diluted EPS in the fourth quarter of 2025 compared to the fourth quarter of 2024 • $0.18 per share increase on an adjusted basis after excluding the following items from the fourth quarter of 2024 reported results: ◦ a $0.13 per share one-time tax benefit as approved in the final decision in AWR's water utility general rate case ◦ a $0.06 per share impact from re ...

Customer Base and Revenue - GSWC served a total of 290,057 customers as of December 31, 2025, an increase from 289,414 customers in 2024[23] - Revenues from commercial and residential customers accounted for approximately 90% of total water and electric revenues for the years ended December 31, 2025, 2024, and 2023[23] - Total operating revenues for 2025 reached $658,073,000, an increase of 10.5% from $595,459,000 in 2024[447] - Total operating revenues for 2025 reached $464,114,000, up from $417,410,000 in 2024, indicating a year-over-year increase of 11.2%[462] - Total electric revenues for the year ended December 31, 2025, reached $57.2 million, up from $51.6 million in 2024 and $41.8 million in 2023[516] - Contracted services revenues from contracts with customers amounted to $136.7 million in 2025, compared to $126.4 million in 2024 and $120.4 million in 2023[516] Capital Expenditures and Investments - GSWC's capital expenditures on environmental control facilities were approximately $19.3 million in 2025, with an expected increase to $20.6 million in 2026[31] - ASUS performed $13.5 million of construction activities related to environmental control facilities in 2025, with an expected increase to $18.8 million in 2026[31] - Capital expenditures for 2025 were $236,822,000, slightly higher than $231,960,000 in 2024[451] - Capital expenditures for 2025 totaled $202,967,000, compared to $197,355,000 in 2024, indicating a 3.3% increase[468] - The net cash used in investing activities was $204,081,000 in 2025, compared to $198,778,000 in 2024, showing a 2.3% increase[468] Debt and Financial Position - As of December 31, 2025, the fair value of the Registrant's long-term debt was $790.8 million, with a hypothetical 10% change in market interest rates resulting in a potential increase or decrease of approximately $21.8 million[407] - The Registrant had outstanding consolidated borrowings of $141.0 million under its credit facilities, with a 100-basis point change in interest rates impacting pretax income by approximately $1.4 million[408] - Long-term debt increased to $782.7 million in 2025 from $640.4 million in 2024, marking a rise of approximately 22.2%[443] - AWR's outstanding borrowings under its credit facility were $124.0 million as of December 31, 2025, classified as non-current liabilities[563] - GSWC's credit agreement provides for a $200.0 million unsecured revolving credit facility, with the potential to expand borrowing capacity by an additional $75.0 million[565] Regulatory Assets and Liabilities - The Company recorded $132.3 million in regulatory assets and $123.0 million in regulatory liabilities as of December 31, 2025, reflecting probable future recoveries and refunds through the ratemaking process[425] - As of December 31, 2025, the company reported regulatory assets of $82.0 million and regulatory liabilities of $119.0 million[435] - GSWC recorded an aggregate cumulative amount of $22.1 million under-collection in the general rate case memorandum accounts as of December 31, 2025[525] - GSWC's new M-WRAM and ICBA for supply costs became effective on January 1, 2025, with recorded balances of $0.3 million over-collection and $0.1 million under-collection during 2025[527] - GSWC has a regulatory liability of $11.0 million related to PFAS contamination litigation proceeds as of December 31, 2025[529] Employee and Succession Planning - AWR and its subsidiaries had a total of 900 employees as of December 31, 2025, with GSWC employing 537 and BVES employing 48[46] - Approximately 38% of the Company's employees are eligible for retirement in the next five years, prompting a focus on succession planning and talent recruitment strategies[56] - The Company aims to align resources and talent efficiently through annual succession planning, identifying key positions and potential successors for the next decade[55] Financial Performance - Net income for 2025 was $130,442,000, representing a 9.8% increase compared to $119,268,000 in 2024[447] - Basic earnings per share for 2025 was $3.37, up from $3.17 in 2024, reflecting a 6.3% increase[447] - Operating income rose to $158,364,000 in 2025, compared to $143,520,000 in 2024, reflecting an increase of 10.3%[462] - Net income for the year ended December 31, 2025, was $100,946,000, an increase of 6% compared to $94,463,000 in 2024[468] Compliance and Safety - ASUS's subsidiaries are subject to extensive environmental regulations, ensuring compliance with safe drinking water requirements and wastewater treatment standards[28] - The Company emphasizes a safety-focused culture, with safety performance metrics included in officer and manager compensation programs[51] - Compliance training is mandatory for all employees annually, with optional programs available for skill enhancement and development[53] - The Company has a dedicated Safety Coordinator for each military base installation to ensure regulatory compliance and health monitoring[52] Future Projects and Goals - BVES's renewable power represented 47% of total retail sales in 2025, with a target of 50% by 2026 and 100% carbon-free by 2045[42] - BVES has entered into a contract to construct a solar energy project in Big Bear City, subject to obtaining necessary permits[42] - GSWC is set to serve approximately 1,300 customers in a new planned community in California's Central Coast region, with full build-out anticipated by 2034[473]