Company: AWK
Filing Date: 2025-12-17
Form Type: S-4
Source: 0001193125-25-321389
Chunk: 125

Company: American Water Works Company, Inc.
Filing Date: 2025-12-17
Form: S-4
Chunk 125
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, the tables must be read together with the text of each summary. The tables alone do not constitute a complete description of the financial analyses performed by BofA Securities. Considering the data set forth in the tables below without considering the full narrative description of the financial analyses, including the methodologies and assumptions underlying the analyses, could create a misleading or incomplete view of the financial analyses performed by BofA Securities. Summary of Material Company Financial Analyses of Essential Selected Publicly Traded Companies Analysis BofA Securities reviewed publicly available financial and stock market information for Essential and the following four publicly traded companies in the water utility industry and the following three publicly traded companies in the gas local distribution industry: Water Utility Companies

| • |     | American Water |

| • |     | American States Water Company |

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| • |     | California Water Service Group |

| • |     | Middlesex Water Company |

Gas Local Distribution Companies

| • |     | Atmos Energy Corporation |

| • |     | Southwest Gas Holdings |

| • |     | One Gas, Inc. |

BofA Securities reviewed, among other information, the closing share prices of each of the applicable selected companies on October 22, 2025, as a multiple of estimated earnings per share, which is referred to as EPS, in calendar year 2026 and in calendar year 2027, for the applicable company, which is referred to in this section as 2026E P/E multiples and 2027E P/E multiples, respectively. Financial data of the selected publicly traded companies and for Essential were based on public filings and publicly available Wall Street research analysts’ estimates as of October 22, 2025. The overall low to high 2026E P/E multiples and 2027E P/E multiples observed for the selected publicly traded companies in the water utility industry were 19.4x to 23.4x and 17.9x to 22.4x, respectively (with an average of 21.6x and 19.9x, respectively, and with a median of 21.9x and 19.7x, respectively). The overall low to high 2026E P/E multiples and 2027E P/E multiples observed for the selected publicly traded companies in the gas local distribution industry were 18.0x to 22.3x and 16.6x to 20.8x, respectively (with an average of 19.8x and 18.2x