Water Utilities Sector Outlook — September 2026

Read the report

SlidesScroll

1 of 21

←→Full screen

UTILITIES › UTILITIES › WATER UTILITIES

Water Utilities: Scale Sits Alongside a Stronger Value Story

The report shows how regulated scale, capital recovery and strategic fit shape value across the peer set.

September 2026 · Prepared by NeuraCap AI · Confidential

Market data as of 2026-09-28 · primary valuation basis P / E (CY2027E)

Water Utilities Coverage | September 2026 | Confidential | Not investment advice

Sources & methodology

1

← Previous

1 / 21 · Water Utilities: Scale Sits Alongside a Stronger Value Story

Next →

What each page shows

The analyst’s walkthrough of the deck, page by page.

1. 01
   UTILITIES › UTILITIES › WATER UTILITIES

   Water Utilities: Scale Sits Alongside a Stronger Value Story

   Water Utilities: Scale Sits Alongside a Stronger Value Story.

   Cover — Water Utilities sector insights, September 2026. Prepared by NeuraCap AI; market data as of 2026-09-28; primary valuation basis P / E (CY2027E). The framing line carries the deck's finding with the figures stripped. 1

   Everything on this page

   UTILITIES › UTILITIES › WATER UTILITIES Water Utilities: Scale Sits Alongside a Stronger Value Story The report shows how regulated scale, capital recovery and strategic fit shape value across the peer set. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis P / E (CY2027E) Water Utilities Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   CONTENTS

   What This Report Covers

   What This Report Covers.

   Contents — the report runs 5 numbered sections plus the appendix: the bottom line, the landscape, valuation & situations, precedent transactions, strategic implications. The Bottom Line comes first by design: a reader who stops after section 01 still leaves with the whole story. 2

   Everything on this page

   CONTENTS What This Report Covers 01 The Bottom Line One Regulated Model, Wide Valuation Outcomes 02 The Landscape The Peer Set Shares One Regulatory Model 03 Valuation & Situations Forward Pricing Leaves a Wide Gap Between the Two Ends 04 Precedent Transactions Buyers Weigh Strategic Fit Against Capital Needs 05 Strategic Implications Capital Recovery and Earned Returns Deserve Management Focus 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Water Utilities Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

3. 03
   01 · THE BOTTOM LINE

   Water Utilities Share One Regulated Model, but Value Still Spreads Widely

   Water Utilities Share One Regulated Model, but Value Still Spreads Widely.

   Water Utilities Share One Regulated Model, but Value Still Spreads Widely The full story on one page · figures on P / E (CY2027E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: P / E on CY2027E consensus (9 of 10 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners price this industry on P / E rather than EV / EBITDA; validated coverage supports the industry standard (9 of 10 companies), so this report follows it. Qualitative characterisations are NeuraCap views. 3

   Everything on this page

   01 · THE BOTTOM LINE Water Utilities Share One Regulated Model, but Value Still Spreads Widely The full story on one page · figures on P / E (CY2027E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: P / E on CY2027E consensus (9 of 10 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners price this industry on P / E rather than EV / EBITDA; validated coverage supports the industry standard (9 of 10 companies), so this report follows it. Qualitative characterisations are NeuraCap views. Water Utilities Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 The Valuation Premium Holds on Forward Earnings The two premium-end names carry 42.2x forward P / E, versus 15.1x for the two discount-end names. A forward multiple already credits forecast earnings, so the remaining spread points to perceived durability beyond the forecast. 2 Growth Shows Limited Separation Across the Set Among the nine names with a forward P / E estimate, five at or above 6% growth sit at 18.9x, alongside 19.0x for four below. The near-level result suggests that revenue growth needs support from other qualities. 3 Capital Recovery Sharpens the Quality Case Visible rate-base investment matters alongside timely capital recovery, earned returns and manageable regulatory lag. The valuation spread suggests owners need to connect growth with the durability of the underlying capital program. 4 Strategic Fit Shapes the Transaction Benchmark The transaction record spans regulated utility consolidation, infrastructure ownership and system transfers. It suggests service-territory fit, required investment and expected rate treatment remain central to how buyers assess value. 18.9x Sector median P/E CY2027E consensus · 9 rated of 10 companies 42.2x Premium end P/E vs 15.1x at the discount end top quartile (n=2) against bottom quartile (n=2) on P/E — the spread the report explains 22 Transactions with disclosed terms 67 recorded in this tier · 3 told as case studies, the full list in the appendix

4. 04
   SECTION 02

   02

   02.

   Section 02 of 06 — The Peer Set Shares One Regulatory Model. Valuation differences sit within regulated water utilities rather than between business models. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 4

   Everything on this page

   SECTION 02 02 THE LANDSCAPE The Peer Set Shares One Regulatory Model Valuation differences sit within regulated water utilities rather than between business models. 02 of 06 Water Utilities Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

5. 05
   02 · MARKET MAP

   Enterprise Value Concentrates Within One Regulated Model, with Less Separation Between Segments

   Enterprise Value Concentrates Within One Regulated Model, with Less Separation Between Segments.

   Enterprise Value Concentrates Within One Regulated Model, with Less Separation Between Segments 10 approved companies grouped by business segment · median P / E (CY2027E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. 5

   Everything on this page

   02 · MARKET MAP Enterprise Value Concentrates Within One Regulated Model, with Less Separation Between Segments 10 approved companies grouped by business segment · median P / E (CY2027E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. Water Utilities Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 REGULATED WATER UTILITIES 10 cos median 18.9x American Water (AWK) Essential (WTRG) American States (AWR) California Water (CWT) H2O America (HTO) Middlesex Water (MSEX) The York Water (YORW) Artesian Resources (ARTNA) Global Water (GWRS) Pure Cycle (PCYO) The group matters for its visible rate base, essential service profile and dependence on timely capital recovery.

6. 06
   02 · LANDSCAPE

   One Regulatory Model Still Produces Distinct Value Profiles

   One Regulatory Model Still Produces Distinct Value Profiles.

   One Regulatory Model Still Produces Distinct Value Profiles Segment view of the approved universe · P / E (CY2027E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. 6

   Everything on this page

   02 · LANDSCAPE One Regulatory Model Still Produces Distinct Value Profiles Segment view of the approved universe · P / E (CY2027E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. Water Utilities Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 6 Segment n Share of universe Median P/E Names to know What they do — and why it matters Regulated water utilities 10 100% 18.9x American Water Works Company, Inc. (AWK) · Essential Utilities, Inc. (WTRG) · +8 more One model, varied outcomes. Regulated water utilities represent 100% of the approved set. Differences in rate-base visibility, earned returns, regulatory lag, service-territory growth and capital needs still leave room for wide valuation outcomes.

7. 07
   SECTION 03

   03

   03.

   Section 03 of 06 — Forward Pricing Leaves a Wide Gap Between the Two Ends. The premium survives a forward lens, while growth alone offers little separation. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 7

   Everything on this page

   SECTION 03 03 VALUATION & SITUATIONS Forward Pricing Leaves a Wide Gap Between the Two Ends The premium survives a forward lens, while growth alone offers little separation. 03 of 06 Water Utilities Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

8. 08
   03 · PUBLIC MARKET VALUATION

   The Premium End Holds a Wide Lead on a Forward Earnings Lens

   The Premium End Holds a Wide Lead on a Forward Earnings Lens.

   The Premium End Holds a Wide Lead on a Forward Earnings Lens P / E (CY2027E) · all 9 rated companies, sorted descending · sector median 18.9x · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: P / E on CY2027E consensus (9 of 10 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners price this industry on P / E rather than EV / EBITDA; validated coverage supports the industry standard (9 of 10 companies), so this report follows it. Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same P / E (CY2027E) basis. Panel commentary is a NeuraCap view. 8

   Everything on this page

   03 · PUBLIC MARKET VALUATION The Premium End Holds a Wide Lead on a Forward Earnings Lens P / E (CY2027E) · all 9 rated companies, sorted descending · sector median 18.9x · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: P / E on CY2027E consensus (9 of 10 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners price this industry on P / E rather than EV / EBITDA; validated coverage supports the industry standard (9 of 10 companies), so this report follows it. Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same P / E (CY2027E) basis. Panel commentary is a NeuraCap view. Water Utilities Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 42.2x CORE · median 18.9x DISCOUNT · median 15.1x Sector median 18.9x WHAT SEPARATES THE TWO ENDS The range remains wide. The premium end sits at 42.2x forward P / E, while the discount end sits at 15.1x. The gap is observed within the same regulated water utility model. The lens credits forecasts. Forward P / E already incorporates expected earnings. A premium that remains on this basis points to investor confidence in durability, capital recovery and the quality of future earnings. Operations defend the position. Visible rate-base investment, earned returns, efficient operations and manageable regulatory lag can strengthen the case around a premium position.

9. 09
   03 · VALUATION DRIVERS

   Revenue Growth Offers Little Separation Without a Broader Quality Case

   Revenue Growth Offers Little Separation Without a Broader Quality Case.

   Revenue Growth Offers Little Separation Without a Broader Quality Case Median P / E (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=5; slower n=4; higher-margin n=0; lower-margin n=0). Driver readings are NeuraCap views on the supplied data — association, not causation. 9

   Everything on this page

   03 · VALUATION DRIVERS Revenue Growth Offers Little Separation Without a Broader Quality Case Median P / E (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=5; slower n=4; higher-margin n=0; lower-margin n=0). Driver readings are NeuraCap views on the supplied data — association, not causation. Water Utilities Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 P/E, median per cohort · growth split at 6% · EBITDA-margin split at n/a Growth Travels with Little Valuation Separation Among the nine names with a forward P / E estimate, five at or above 6% growth carry 18.9x, alongside 19.0x for four below. The observed split leaves growth alone as an incomplete valuation signal. Capital Recovery Adds Substance to Growth Rate-base expansion is more durable when prudent spending moves through rate cases with manageable regulatory lag. Earned returns provide the practical test of whether the investment program is translating into earnings. Operating Discipline Protects the Earnings Case Operations and maintenance efficiency, non-revenue water and compliance performance affect the quality of regulated earnings. These factors help distinguish growth that carries operating strain from growth supported by disciplined execution. Supply Resilience Shapes Capital-Program Durability Water rights, source availability, drought exposure and affordability scrutiny influence how a capital plan may progress. Owners can frame resilience spending alongside customer impact and expected recovery.

10. 10
    03 · SITUATION MAP

    Higher Forward Pricing Sits in Two Different Growth Profiles

    Higher Forward Pricing Sits in Two Different Growth Profiles.

    Higher Forward Pricing Sits in Two Different Growth Profiles Cut on P / E vs the sector median (18.9x) (rows) and revenue growth vs the covered median (6%) (columns) · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. 10

    Everything on this page

    03 · SITUATION MAP Higher Forward Pricing Sits in Two Different Growth Profiles Cut on P / E vs the sector median (18.9x) (rows) and revenue growth vs the covered median (6%) (columns) · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. Water Utilities Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Premium Pricing with Growth Above-median multiple · above-median revenue growth 3 names American Water Works Company, Inc. (AWK) · H2O America (HTO) · Middlesex Water Company (MSEX) Among the nine names with a forward P / E estimate, three sit above both reference lines. Their position supports a case built around growth durability, earned returns and disciplined capital recovery. Premium Pricing Without Growth Above-median multiple · below-median revenue growth 2 names American States Water Company (AWR) · Global Water Resources, Inc. (GWRS) Among the nine names with a forward P / E estimate, two carry above-reference pricing with below-reference growth. Their standing suggests that perceived durability, asset quality or regulatory execution may sit alongside the premium. Growth Awaiting Recognition Below-median multiple · above-median revenue growth 2 names Essential Utilities, Inc. (WTRG) · The York Water Company (YORW) Among the nine names with a forward P / E estimate, two pair above-reference growth with below-reference pricing. The operating agenda is to test whether regulatory lag, capital needs or earnings quality may be limiting recognition. Rebuild the Operating Case Below-median multiple · below-median revenue growth 2 names California Water Service Group (CWT) · Artesian Resources Corporation (ARTNA) Among the nine names with a forward P / E estimate, two sit below both reference lines. The practical focus is on earned returns, cost structure, capital recovery and the durability of service-territory growth.

11. 11
    03 · THE AGENDA

    Growth, Profitability, Investment and Build-Versus-Buy Sit at the Center of Value

    Growth, Profitability, Investment and Build-Versus-Buy Sit at the Center of Value.

    Growth, Profitability, Investment and Build-Versus-Buy Sit at the Center of Value NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. 11

    Everything on this page

    03 · THE AGENDA Growth, Profitability, Investment and Build-Versus-Buy Sit at the Center of Value NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. Water Utilities Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 Prioritize Recoverable Rate-Base Investment Focus capital on projects with clear prudency support, customer need and a credible path through the rate-case process. What changes the answer: The answer changes when regulatory lag or affordability pressure weakens the expected recovery path. Close the Earned-Return Gap Align operating efficiency, capital timing and rate-case cadence around the authorized return framework. What changes the answer: The answer changes when earned returns remain below authorized returns despite continued capital deployment. Use Density to Guide Consolidation Assess adjacent systems and service territories through operating density, compliance capability and integration demands. What changes the answer: The answer changes when required investment or local approvals outweigh the benefits of service-territory fit. Protect Supply and Compliance Resilience Direct operating attention toward water rights, source availability, non-revenue water and water quality compliance. What changes the answer: The answer changes when drought exposure, supply constraints or customer affordability alter the capital plan.

12. 12
    SECTION 04

    04

    04.

    Section 04 of 06 — Buyers Weigh Strategic Fit Against Capital Needs. The transaction record spans utility consolidation, infrastructure ownership and system transfers. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 12

    Everything on this page

    SECTION 04 04 PRECEDENT TRANSACTIONS Buyers Weigh Strategic Fit Against Capital Needs The transaction record spans utility consolidation, infrastructure ownership and system transfers. 04 of 06 Water Utilities Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12

13. 13
    04 · DEAL CASE STUDIES

    Whole-Company Deals Point to Fit, Investment and Rate Treatment as Buyer Considerations

    Whole-Company Deals Point to Fit, Investment and Rate Treatment as Buyer Considerations.

    Whole-Company Deals Point to Fit, Investment and Rate Treatment as Buyer Considerations 3 of 22 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 66 precedent record(s) carry data-quality flags (deal value unit unresolved; duplicate filings collapsed; duplicate precedent id); figures are shown as recorded in the filing. 45 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings);

    Everything on this page

    04 · DEAL CASE STUDIES Whole-Company Deals Point to Fit, Investment and Rate Treatment as Buyer Considerations 3 of 22 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 66 precedent record(s) carry data-quality flags (deal value unit unresolved; duplicate filings collapsed; duplicate precedent id); figures are shown as recorded in the filing. 45 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. "Why the deal happened" is a NeuraCap read of the recorded evidence. Water Utilities Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13 Oct-2025 $19.9B American Water Works Company, Inc. American Water Works Company, Inc. [AWK] agreed to acquire Essential Utilities, Inc. EV / LTM revenue 8.3x EV / LTM EBITDA 17.0x WHY THE DEAL HAPPENED The transaction suggests a scale-led combination where service-territory fit, regulatory familiarity and capital deployment could matter to the buyer’s logic. Its pending status keeps approvals and execution central to the strategic read. HOW THE TARGET WAS VALUED The disclosed value was $19.9B, with 8.3x revenue and 17.0x EBITDA. These terms provide a substantial reference point for regulated utility consolidation in the supplied transaction record. Aug-2025 $2.0B Western Midstream Partners, LP Western Midstream Partners, LP acquires Aris Water Solutions, Inc. EV / LTM revenue 4.2x EV / LTM EBITDA 8.7x WHY THE DEAL HAPPENED The transaction suggests a buyer logic centered on operating adjacency and infrastructure fit. Completion gives the record an executed benchmark for this type of ownership change. HOW THE TARGET WAS VALUED The disclosed value was $2.0B, with 4.2x revenue and 8.7x EBITDA. The terms benchmark a water infrastructure transaction against the broader set of utility-oriented deals. May-2025 $100M Unitil Corporation Unitil Corporation agreed to acquire Aquarion Companies, extending consolidation within utility… EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The pairing suggests that service-territory fit, capital requirements and regulatory familiarity may shape the buyer’s logic. The pending status keeps approvals relevant to execution. HOW THE TARGET WAS VALUED The disclosed value was $100M. It provides a transaction-scale reference within the supplied set.

14. 14
    SECTION 05

    05

    05.

    Section 05 of 06 — Capital Recovery and Earned Returns Deserve Management Focus. The practical agenda centers on rate base, regulatory lag, operating efficiency and service-territory fit. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 14

    Everything on this page

    SECTION 05 05 STRATEGIC IMPLICATIONS Capital Recovery and Earned Returns Deserve Management Focus The practical agenda centers on rate base, regulatory lag, operating efficiency and service-territory fit. 05 of 06 Water Utilities Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14

15. 15
    05 · STRATEGIC IMPLICATIONS

    Strengthen the Earnings Case Through Recovery, Returns and Resilience

    Strengthen the Earnings Case Through Recovery, Returns and Resilience.

    Strengthen the Earnings Case Through Recovery, Returns and Resilience NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. 15

    Everything on this page

    05 · STRATEGIC IMPLICATIONS Strengthen the Earnings Case Through Recovery, Returns and Resilience NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. Water Utilities Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15 FOR OWNERS Tie Growth to Recoverable Investment Rate-base expansion carries more weight when the capital program has a credible recovery path, manageable regulatory lag and a clear customer benefit. FOR MANAGEMENT TEAMS Make Earned Returns the Operating Test Use cost structure, capital timing and rate-case execution to assess whether the business is converting authorized economics into durable earnings. FOR BOARDS Set Capital Allocation Around Durability Compare organic investment and system consolidation through recovery timing, service-territory fit, resilience needs and affordability constraints.

16. 16
    SECTION 06

    06

    06.

    Section 06 of 06 — The Full Universe, Methodology and Sources. Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. Use this divider to reset the room before the section's pages; the progress dots show where the argument stands. 16

    Everything on this page

    SECTION 06 06 APPENDIX The Full Universe, Methodology and Sources Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. 06 of 06 Water Utilities Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16

17. 17
    06 · PUBLIC COMPARABLES (1 OF 1)

    Public Comparables on P / E (CY2027E), Grouped by Valuation Tier

    Public Comparables on P / E (CY2027E), Grouped by Valuation Tier.

    Public Comparables on P / E (CY2027E), Grouped by Valuation Tier Teal shading marks a P/E above the sector median (18.9x); amber marks below · 9 rated companies; 1 not rated (no eligible P/E) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 9 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. 17

    Everything on this page

    06 · PUBLIC COMPARABLES (1 OF 1) Public Comparables on P / E (CY2027E), Grouped by Valuation Tier Teal shading marks a P/E above the sector median (18.9x); amber marks below · 9 rated companies; 1 not rated (no eligible P/E) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 9 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. Water Utilities Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17 Company Ticker Segment EV P/E (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥21.4x · median 42.2x · 2 companies Global Water Resources, Inc. GWRS Regulated water utilities $362M 62.8x 3% 49% 52 H2O America HTO Regulated water utilities $4.3B 21.7x 7% 39% 45 CORE — 16.6x–21.4x · median 18.9x · 5 companies American States Water Company AWR Regulated water utilities $4.7B 21.4x 4% n/a n/a American Water Works Company, Inc. AWK Regulated water utilities $53.5B 19.6x 7% 65% 72 Middlesex Water Company MSEX Regulated water utilities $1.4B 18.9x 7% n/a n/a The York Water Company YORW Regulated water utilities $680M 17.3x 6% n/a n/a California Water Service Group CWT Regulated water utilities $4.4B 16.7x 5% 37% 42 DISCOUNT — <16.6x · median 15.1x · 2 companies Essential Utilities, Inc. WTRG Regulated water utilities $31.0B 16.6x 6% 57% 63 Artesian Resources Corporation ARTNA Regulated water utilities $522M 13.5x 5% n/a n/a

18. 18
    06 · PRECEDENT TRANSACTIONS (1 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    All Precedent Transactions with Disclosed Terms, Newest First.

    All Precedent Transactions with Disclosed Terms, Newest First 22 transactions with disclosed terms in this tier (67 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 66 precedent record(s) carry data-quality flags (deal value unit unresolved; duplicate filings collapsed; duplicate precedent id); figures are shown as recorded in the filing. 45 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 22 transactions with disclosed terms in this tier (67 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 66 precedent record(s) carry data-quality flags (deal value unit unresolved; duplicate filings collapsed; duplicate precedent id); figures are shown as recorded in the filing. 45 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. 18 of 22 transactions shown; the rest are in the companion workbook. Water Utilities Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Apr-2026 Jiangsu Xinchangzheng → CSD Water Service Co., Ltd. n/a 3.4x n/a Jiangsu Xinchangzheng announced a transaction involving CSD Water Service Co., Ltd. The pairing points to continued interest in established water-service operations. Oct-2025 American Water Works Company, Inc. → Essential Utilities, Inc. $19.9B 8.3x 17.0x American Water Works Company, Inc. [AWK] agreed to acquire Essential Utilities, Inc. [WTRG]. The pending combination suggests that regulated scale and service-territory fit can support a substantial strategic transaction. Oct-2025 Essential Utilities, Inc. → Middlesex Water Company n/a 0.7x 8.8x Essential Utilities, Inc. [WTRG] pursued Middlesex Water Company [MSEX] in a transaction that was terminated. The outcome underlines the importance of execution conditions around regulated utility combinations. Oct-2025 Essential Utilities, Inc. → California Water Service Group n/a 0.7x 8.8x Essential Utilities, Inc. [WTRG] pursued California Water Service Group [CWT] in a transaction that was terminated. The outcome keeps regulatory and transaction execution central to consolidation planning. Aug-2025 Western Midstream Partners, LP → Aris Water Solutions, Inc. $2.0B 4.2x 8.7x Western Midstream Partners, LP completed its acquisition of Aris Water Solutions, Inc. The transaction shows water infrastructure attracting buyers with adjacent operating capabilities. May-2025 Unitil Corporation → Aquarion Companies $100M n/a n/a Unitil Corporation agreed to acquire Aquarion Companies in a pending transaction. The pairing suggests that utility ownership and service-territory fit remain relevant to consolidation. Sep-2022 SUEZ R&R UK → SUEZ n/a n/a 16.9x SUEZ R&R UK announced a transaction involving SUEZ. The combination points to strategic interest in established water operations. Dec-2021 DoubleU Games → Far West Water and Sewer, Inc. n/a n/a 10.5x DoubleU Games announced a transaction involving Far West Water and Sewer, Inc. The transaction adds another ownership model to the water utility record. Jun-2021 Liberty Utilities (Eastern Water Holdings) Corp. → Company’s New York subsidiary n/a n/a 13.5x Liberty Utilities (Eastern Water Holdings) Corp. agreed to acquire Company’s New York subsidiary in a pending transaction. The pairing suggests that local service-territory fit can matter in utility asset transfers.

19. 19
    06 · PRECEDENT TRANSACTIONS (2 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    All Precedent Transactions with Disclosed Terms, Newest First.

    All Precedent Transactions with Disclosed Terms, Newest First 22 transactions with disclosed terms in this tier (67 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 66 precedent record(s) carry data-quality flags (deal value unit unresolved; duplicate filings collapsed; duplicate precedent id); figures are shown as recorded in the filing. 45 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 22 transactions with disclosed terms in this tier (67 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 66 precedent record(s) carry data-quality flags (deal value unit unresolved; duplicate filings collapsed; duplicate precedent id); figures are shown as recorded in the filing. 45 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. 18 of 22 transactions shown; the rest are in the companion workbook. Water Utilities Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Feb-2020 Artesian Water Company, Inc. → Water System $2M n/a n/a Value shown as recorded in the filing; deal value unit unresolved. Nov-2019 ArcLight Capital Partners, LLC → Water Services division $276M n/a n/a Value shown as recorded in the filing; deal value unit unresolved. Oct-2019 Thomas H. Lee Partners, L.P. → Wilkerson Water Company and Broadkiln Beach Water Company n/a n/a 8.1x Oct-2018 WaterBridge Resources LLC → Halcón Resources Corporation (water infrastructure assets) n/a 0.7x 8.8x Value shown as recorded in the filing; deal value unit unresolved. Jun-2017 Eversource Energy → Aquarion Water Company n/a n/a 16.9x May-2017 Casitas Municipal Water District → American States Water Company n/a n/a 14.6x Mar-2017 GE Power & Water → SUEZ | Caisse de dépôt et placement du Québec n/a 12.5x 12.5x Nov-2015 EQT Midstream Partners, LP → Water services business and freshwater distribution systems n/a 0.7x 8.8x Sep-2014 Liberty Utilities → Park Water Company n/a n/a 12.9x

20. 20
    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    Sources, Assumptions and Data Quality.

    Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. 20

    Everything on this page

    06 · METHODOLOGY Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. Water Utilities Coverage | September 2026 | Confidential | Not investment advice 20 VALUATION BASIS Primary valuation basis: P / E on CY2027E consensus (9 of 10 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners price this industry on P / E rather than EV / EBITDA; validated coverage supports the industry standard (9 of 10 companies), so this report follows it. P / E on CY2027E is the lead convention: it is the sector-appropriate prior for Water Utilities and it clears the coverage gate with 9 of 10 companies (90%). EV / Revenue is carried as a cross-check. DATA QUALITY & EXCLUSIONS 0 records were excluded or quarantined by the platform's validation gates (unit errors, implausible ratios, ineligible securities and classification failures); the full ledger ships in the companion tables and never feeds a statistic in this report. DEFINITIVE VS DIRECTIONAL Definitive content is disclosed or consensus data passed through stated arithmetic. Directional content — tier boundaries, situation cuts, "why it matters" commentary, the agenda pages — is NeuraCap analyst judgment and is labeled as such where it appears. WHAT THIS REPORT IS NOT This report characterises a sector. It does not recommend buying, selling or holding any security, and no statement in it should be read as investment advice or a price target. WHERE THE DATA LIVES 394 registered source documents stand behind the figures in this report. Metric hyperlinks throughout the deck open the specific filing or data record; by publisher: sec.gov (393) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

21. 21

    In This Sample, Value Spreads Widely Within One Regulated Water Utility Model.

    In This Sample, Value Spreads Widely Within One Regulated Water Utility Model..

    Closing — In This Sample, Value Spreads Widely Within One Regulated Water Utility Model. The companion tables beside this deck carry the full universe, the exclusion ledger and the complete source index for any figure a client wants to trace. 21

    Everything on this page

    In This Sample, Value Spreads Widely Within One Regulated Water Utility Model. NeuraCap AI — Water Utilities Coverage September 2026 · Prepared by NeuraCap AI · Confidential Water Utilities Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 21

More coverage in Utilities

• Sector Report · Sep 28, 2026Electric Utilities Sector Outlook — September 2026
• Sector Report · Sep 28, 2026Energy Retail and Supply Sector Outlook — September 2026
• Sector Report · Sep 28, 2026Gas Utilities Sector Outlook — September 2026
• Sector Report · Sep 28, 2026Independent Power Producers Sector Outlook — September 2026