Investor Presentaiton

Strong Outlook for Acquisitions in 2023 and Beyond Under Agreement As of March 31, 2023 48,200 Customer Connections 27 Acquisitions in 9 States, $481M PA MO IL NJ VA CA IA WV N N 2 2 IN 1 3333 6 4 Sign Purchase Agreement Towamencin Township, PA Wastewater Continues our Wastewater execution in Pennsylvania $104 million purchase price öööÅ 6,300 customer connections Signed March 23, 2023 AMERICAN WATER Closed As of March 31, 2023 1,400 Customer Connections 5 Acquisitions in 2 States, $3M + Expected close mid-year 2024, pending regulatory approval Granite City, IL Wastewater $83 million purchase price =26,000 customer connections Signed April 6, 2023 >$550M Now Under Agreement 1.3 million Customer Connections in Pipeline Receive Appraisals and Pursue Regulatory Approvals Close Transaction, with Customers Billed at their Historical or Modified Rates Regulated Acquisitions: Typical Fair Market Value Process Upon Next Rate Case, Move Customers onto Applicable AW Utility Rates 24 Case No. 2022-00432 Bluegrass Water's Response to PSC 3-25 Exhibit PSC 3-25(b) - Part 1 of 2 Page 24 of 39

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