Company: AWK
Filing Date: 2025-12-29
Form Type: S-4/A
Source: 0001193125-25-332292
Chunk: 116

Company: American Water Works Company, Inc.
Filing Date: 2025-12-29
Form: S-4/A
Chunk 116
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 estimates and the inherent difficulty of accurately predicting future results. However, in connection with the consideration of the merger, and at the direction of the American Water board and Essential board, as applicable, 75

American Water and Essential provided to each other and to their respective financial advisors certain non-public unaudited prospective financial
information which each of American Water and Essential management prepared for its respective boards of directors in connection with the applicable company’s annual strategic planning and budgeting processes and which their respective
financial advisors were directed to use and rely upon for purposes of their respective financial analyses and opinions. See “The Merger—Opinion of American Water’s Financial Advisor” beginning on page 80 and
“The Merger—Opinion of Essential’s Financial Advisor” beginning on page 90.

Although the unaudited prospective
financial information is presented with numerical specificity, it was based on numerous estimates, variables, and assumptions regarding future events that are inherently uncertain and are beyond the control of American Water and Essential. American
Water and Essential management, as applicable, believed that the estimates, variables, and assumptions used were reasonable at the time the applicable projections were prepared, taking into account the relevant information available to such party at
that time. However, the unaudited prospective financial information should not be taken as statements of fact and should not be relied upon as indicative of actual future results. The unaudited prospective financial information is subject to many
risks and uncertainties, including, but not limited to, those relating to American Water’s and Essential’s businesses, regulatory decisions and the regulatory environment, industry performance and market conditions, interest rates and
financing activities, competition, general business and financial conditions, and other factors described under “Cautionary Note Regarding Forward-Looking Statements” beginning on page 33, and “Risk Factors” beginning on page 35. Further, the unaudited prospective financial information does not account for any circumstances or events occurring after the applicable date it was prepared, including revised prospects for American
Water’s or Essential’s business, changes in general business or economic conditions, or any other transaction or event that has occurred, that may occur, or that was not anticipated at the time the unaudited prospective financial
information was prepared. The unaudited prospective financial information also does not take into account the merger, including any costs incurred in connection with the merger, or any changes to the combined company’s operations or strategy
that may be implemented after the effective time.

As a result, none of American Water,