Company: AWK
Filing Date: 2025-12-29
Form Type: S-4/A
Source: 0001193125-25-332292
Chunk: 139

Company: American Water Works Company, Inc.
Filing Date: 2025-12-29
Form: S-4/A
Chunk 139
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 transactions that might be available to Essential. Moelis’ opinion does not constitute a recommendation as to how any holder of securities of Essential or American Water should vote or act with respect to the merger or any other matter. In arriving at its opinion, Moelis, among other things:

| • |     | reviewed certain publicly available business and financial information, including publicly available research 
 analysts’ financial forecasts, relating to Essential and American Water;                                      |

| • |     | reviewed certain internal information relating to the business, earnings, cash flow, assets, liabilities and                                                                                                       
 prospects of Essential furnished to Moelis by Essential, including financial forecasts provided to or discussed with Moelis by the management of Essential (described in “—Certain Unaudited Prospective Financial 
 Information—Certain Unaudited Prospective Financial Information of Essential” beginning on page 77 and referred to in this section as the “Essential Financial Projections”);                                      |

90

| • |     | reviewed certain internal information relating to the business, earnings, cash flow, assets, liabilities and                                                                                                                      
 prospects of American Water furnished to Moelis by American Water, including financial forecasts provided to or discussed with Moelis by the management of American Water (described in “—Certain Unaudited Prospective Financial 
 Information—Certain Unaudited Prospective Financial Information of American Water” beginning on page 77 and referred to in this section as the “American Water Financial Projections”);                                           |

| • |     | reviewed information regarding the capitalization of Essential and American Water furnished to Moelis by 
 Essential and American Water, respectively;                                                              |

| • |     | conducted discussions with members of the senior management and representatives of Essential and American Water                                        
 concerning the information described in the foregoing four bullets, as well as the businesses and prospects of Essential and American Water generally; |

| • |     | reviewed the reported prices and trading activity for Essential common stock and American Water common stock; |

| • |     | reviewed publicly available financial and stock market data of certain other companies in lines of business that 
 Moelis deemed relevant;                                                                                          |

| • |     | reviewed the financial terms of certain other transactions that Moelis deemed relevant; |

| • |     | reviewed the execution version of the merger agreement; |

| • |     | participated in certain discussions and negotiations among representatives of Essential and American Water and 
 their advisors; and                                                                                            |

| • |     | conducted such other financial studies and analyses and took