Investor Presentaiton

Strategies for Growth thru Regulated Acquisitions AWK Growth Outlook 7-9% EPS CAGR Target (2023-2027 Plan) Regulated Acquisitions Military Services 0.2% Group 1.5-2.5% Regulated Investment CAPEX 5-7% AMERICAN WATER Regulated Acquisition Strategy Fundamentals Continued focus on acquisitions in the target range of 5,000 to 50,000 customers; larger acquisitions where appropriate Achieve (on avg.) 55,000 to 85,000 new customer connections annually; $300-400M/year avg. investment Leverage water footprint to acquire wastewater systems Leadership in legislative/regulatory policy to benefit customers and advance solutions to industry challenges Continue to build robust pipeline of opportunities ESG™ at AWK 11 Case No. 2022-00432 Bluegrass Water's Response to PSC 3-25 Exhibit PSC 3-25(b) - Part 1 of 2 Page 11 of 39

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