American States Water — Feb 18, 2026 release

early $650 million in capital investments over the respective rate cycles as approved in the latest utilities’ general rate cases ◦ spent $210.9 million in company-funded capital expenditures in 2025 ◦ project to invest $185 to $225 million in 2026 • AWR’s contracted services business was awarded $29.4 million during 2025 in additional new construction projects, which are expected to be completed through 2028 • An 8.3% increase in the quarterly dividend during 2025 ◦ Quarterly dividend rate has grown at a CAGR of 8.5% over the last five years San Dimas, California, February 18, 2026…. American States Water Company (NYSE: AWR) today reported diluted earnings per share of $0.74 for the quarter ended December 31, 2025, as compared to diluted earnings per share of $0.75 for the quarter ended December 31, 2024, a decrease of $0.01 per share, which includes the impact from the final decisions in the water and electric general rate cases that were reported in the fourth quarter 2024 results as discussed further below. Fourth Quarter 2025 Results As noted in the table below, fully diluted earnings as reported for the fourth quarter 2025 were $0.74 per share as compared to $0.75 per share reported for the same period in 2024, a $0.01 per share decrease. Included in the results for the three months ended December 31, 2024 were: (i) the impact of recording a one-time tax benefit of $5.0 million, or $0.13 per share, resulting fr