Company: AWK
Filing Date: 2025-12-29
Form Type: S-4/A
Source: 0001193125-25-332292
Chunk: 118

Company: American Water Works Company, Inc.
Filing Date: 2025-12-29
Form: S-4/A
Chunk 118
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 American Water’s and Essential’s respective previously issued financial statements. Such reports do not extend to the unaudited prospective financial information and should not be read to do so. Certain Unaudited Prospective Financial Information of American Water American Water prepared certain non-publicunaudited prospective financial information for the years ending December 31, 2025 through December 31, 2030 that reflects American Water management’s financial and business outlook for American Water on a standalone basis, which is referred to as the American Water projections. American Water management provided the American Water projections to the American Water board to assist it in its evaluation of the merger and to BofA Securities, and the American Water board directed BofA Securities to use and rely upon the American Water projections for purposes of its financial analyses and opinion. American Water also provided the American Water projections to Essential in connection with its due diligence. Essential provided the Essential board and Moelis with the American Water projections following receipt thereof from American Water, and the Essential board directed Moelis to use and rely upon the American Water projections for purposes of its financial analyses and opinion. The American Water projections depend, in large part, upon numerous estimates, variables, and assumptions regarding future events, including revenue and customer growth, weather, the ability to manage operation and maintenance expense, capital expenditures and recovery of costs through customer rates as permitted by applicable regulators. The American Water projections are presented below:

| American Water Projections   
 (in millions)                |     | Year Ending December 31, 
 2025E                    |       |     | 2026E |        |   |     | 2027E |        |   |     | 2028E |        |   |     | 2029E |       |   |     | 2030E |       |   |
|:-----------------------------|:----|:-------------------------|------:|:----|:------|-------:|:--|:----|:------|-------:|:--|:----|:------|-------:|:--|:----|:------|------:|:--|:----|:------|------:|:--|
| Revenue                      |     | $                        | 5,126 |     | $     |  5,427 |   |     | $     |  5,938 |   |     | $     |  6,396 |   |     | $     | 7,117 |   |