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2023 EPS Guidance and Long-Term Targets Affirmed AWK EPS Growth Triangle 7-9% EPS CAGR Target Business Mix 100% Regulated and Regulated-Like Earnings Regulated Acquisitions Military Services 0.2% Group 1.5-2.5% AMERICAN WATER 2023 EPS Guidance ➤ Affirming 2023 EPS Guidance Range of $4.72 to $4.82 • Higher revenues from investments in rate base and acquisitions drive EPS growth Successful equity issuance in March Long-Term Financial Targets Attractive, Long-Term Sustainable Shareholder Returns Regulated Investment CAPEX • EPS Growth 7-9% • Dividend Growth 7-9% • 5-7% ESG Leadership Premium + . Customer Affordability + Rate Base Growth 8-9% Dividend Payout Ratio 55-60% ➤Debt to Capital <60% 22 22 Case No. 2022-00432 Bluegrass Water's Response to PSC 3-25 Exhibit PSC 3-25(b) - Part 1 of 2 Page 22 of 39

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