Investor Presentaiton

Strong Cap Ex Growth to Start 2023 Drives Improved Water Quality, Reliability, and Earnings Growth 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 Capital Investment $2.9B $0.4B Regulated Acquisitions $538M $437M $5M $3M $2.5B Regulated System Investments Regulated Investment CAPEX 5-7% $535M $432M Q1 2022 Q1 2023 2023E 25 25 Case No. 2022-00432 Bluegrass Water's Response to PSC 3-25 Exhibit PSC 3-25(b) - Part 1 of 2 Page 25 of 39

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