Company: AWK
Filing Date: 2025-12-17
Form Type: S-4
Source: 0001193125-25-321389
Chunk: 71

Company: American Water Works Company, Inc.
Filing Date: 2025-12-17
Form: S-4
Chunk 71
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 of various estimates,
inputs, and analyses, and do not include adjustments to reflect any or all potential costs that may be incurred in connection with actions required by regulatory or governmental entities for regulatory approvals and clearances of the merger,
including divestitures or concessions; anticipated benefits, including costs savings, innovation, and operational efficiencies; or potential post-merger costs, such as restructuring and integration charges.

The unaudited pro forma condensed combined financial information is not necessarily indicative of what the combined company’s actual financial position
or results of operations would have actually been had the merger been completed as of the date indicated. Further, the unaudited pro forma condensed combined financial information does not purport to project or forecast the future financial position
or results of operations of the combined company after the merger, which may differ materially and adversely from the unaudited pro forma

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condensed combined financial information that is included in this joint proxy statement/prospectus. The final acquisition accounting will be based upon the actual consideration and the fair value of the assets to be acquired and liabilities to be assumed of the party that is determined to be the acquiree under GAAP as of the date of the completion of the merger. In addition, subsequent to completion of the merger, there will be further refinements of the acquisition accounting as additional information becomes available. Accordingly, the final acquisition accounting may differ materially from the unaudited pro forma condensed combined financial information reflected in this joint proxy statement/prospectus. For more information, see “ Unaudited Pro Forma Condensed Combined Financial Information” beginning on page 145. The combined company’s indebtedness may limit its flexibility and increase its borrowing costs. As of September 30, 2025, American Water’s aggregate long-term debt balance was approximately $13.0 billion (exclusive of approximately $2.3 billion of American Water indebtedness, comprised of short-term, and the current portion of long term, debt), and Essential had approximately $7.7 billion of outstanding long-term debt (exclusive of approximately $0.1 billion of current portion of long-term debt). On a pro forma basis, as of September 30, 2025, the combined company’s total indebtedness was approximately $20.0 billion. See “ Unaudited Pro Forma Condensed Combined Financial Information” beginning on page 145. The combined company’s consolidated indebtedness may have the effect of, among other things:

| • |     | increasing borrowing costs and making it more difficult to make payments on existing