Regulated Acquisitions and Growth Outlook

2024 EPS Guidance of $5.10 to $5.20 Long-Term Targets Affirmed EPS GROWTH OUTLOOK 7-9% Long-Term EPS CAGR Target DRIVERS 100% Regulated and Regulated-Like Earnings MSG Maximize Revenue Opportunities REGULATED ACQUISITIONS 2% Customer Additions AMERICAN WATER Long-Term Financial Targets Drivers of Sustainable Shareholder Return • EPS Growth 7-9% Dividend Per Share Growth 7-9% . Customer Affordability + • ESG Leadership + RATE BASE GROWTH 8-9% (includes acquisitions) Additional Supportive Targets Dividend Payout Ratio • Debt to Capital 55-60% <60% 4

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