Company: AWK
Filing Date: 2025-12-17
Form Type: S-4
Source: 0001193125-25-321389
Chunk: 52

Company: American Water Works Company, Inc.
Filing Date: 2025-12-17
Form: S-4
Chunk 52
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 [ ], 202[ ], the last practicable trading day before the date of this joint proxy statement/prospectus. The table also shows the implied value of the merger consideration for each share of Essential common stock as of the same two dates. This implied value was calculated by multiplying the closing price of a share of American Water common stock on the relevant date by the exchange ratio of 0.305 (rounded to the nearest cent). American Water common stock is listed on the NYSE under the symbol “AWK” and Essential common stock is listed on the NYSE under the symbol “WTRG.”

|                  |     | American Water 
 Common         
 Stock          |        |   |     | Essential 
 Common    
 Stock     |       |   |     | Implied Per   
 Share Value   
 of Merger     
 Consideration |       |   |
|:-----------------|:----|:---------------|-------:|:--|:----|:----------|------:|:--|:----|:--------------|------:|:--|
| October 24, 2025 |     | $              | 141.59 |   |     | $         | 41.21 |   |     | $             | 43.18 |   |
| [ ], 202[ ]      |     | $              |      [ | ] |     | $         |     [ | ] |     | $             |     [ | ] |

The market prices of shares of American Water common stock and Essential common stock have fluctuated during the period between the date the merger agreement was executed and the date of this joint proxy statement/prospectus and may continue to change through the date of each of American Water’s and Essential’s

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shareholder meetings and the date the merger is completed. American Water will issue a fixed number of shares of American Water common stock in exchange for each share of Essential common stock.
As a result, the implied per share value of the merger consideration to be received by Essential shareholders will fluctuate based on any changes in the market price of American Water common stock prior to the completion of the merger. Accordingly,
such implied per share value of the merger consideration to be received by Essential shareholders upon completion of the merger could be greater than, less than, or the same as the implied per share value of the merger consideration on the date of
this joint proxy statement/prospectus. American Water and Essential urge you to obtain current market quotations for the shares of American Water common