Global Water Resources Inc 2025年度报告

2025 Annual Report ACQUIRED SYSTEMSCumulative ACTIVE CONNECTIONS GROWTH2019-2025 9,889ConnectionsAdded ~69.9Square Miles ofService Area March 27, 2026 Dear Fellow Shareholders, 2025 was another year of solid progress for GlobalWater Resources, as we continued to apply TotalWater Management to meet the needs of a growingpopulation in the Arizona Sun Corridor, allowing ourcommunities to thrive. In fact, during the year weprovided service to more than 121,000 people withinour 418 square miles of ACC-certificated service areas. We also continued to take meaningful strides in oursustainability initiatives. Our comprehensive purplepipe initiative has enabled greater use of recycledwater in public spaces, thereby conserving preciousdrinking water. In fact, over the last six years, fromyear-end 2019 to year-end 2025, recycled waterbeneficially reused increased by 71%. Further, Global Water Resources now operates 39individual utility systems in Arizona—more than anyother investor-owned utility—which is anaccomplishment we are proud to have achieved. Over the same period, since our last test year for ourlargest utilities in Pinal County, our active connectionshave grown by nearly 50%, regulated revenue grew by57%, and rate-baseable assets increased 62% to$189.5 million. Above all, we continued to uphold our outstandingrecord for safety and compliance. This is fundamentalto our work as a company and, most importantly, tothe communities we are honored to serve. Driving Continued Growth and Expansion These achievements demonstrate Global WaterResources' growth over the past six years despitenumerous macro challenges. We expect continuedgrowth as we execute on our strategic plans in theyears to come. We crossed several key milestones in 2025: Total revenue increased 5.8% to $55.8 million,primarily driven by the acquisition of seven watersystems, organic connection growth, increasedconsumption and higher rates. In support of this outlook, in March of 2025, we filedwith the Arizona Corporation Commission (ACC) a newgeneral rate case application for our two largestutilities: Global Water – Santa Cruz Water Companyand Global Water – Palo Verde Utilities Company. Thisrate case is based on a 2024 test year. Active customer connections increased by 6.3%,reaching a record 68,577. Supported a 5.9% increase in water consumption,exceeding a record 4.27 billion gallons for the year. These utilities provide water, wastewater and recycledwater services to residents and businesses in PinalCounty. They collectively represent about 87.3% ofour total active service connections. Invested $67.3 million in infrastructure projects tosustain safe and reliable service to our existingutilities and support continued growth in demand.These investments included the recommissioning ofa water reclamation facility south of the City ofMaricopa that has now been placed in-service afteroriginally being constructed prior to 2008. The filing represents a key step in our efforts to earnan appropriate return on our invested capital andrecovery of inflationary expenses. Favorable Macro Tailwinds Completed the acquisition of seven water systemsfrom Tucson Water, the City of Tucson’s waterutility. The assets were acquired at a valueequivalent to approximately 1.05 times the currentrate base of approximately $7.7 million and areexpected to generate approximately $1.5 million inrevenue annually. We remain encouraged by the long-termfundamentals in Arizona, particularly within andaround our service areas: Population growth continues to support increaseddemand for water and wastewater services, and theCity of Maricopa remains a key driver. Based on U.S. Census Bureau 2024 data released on July 1, 2025,Maricopa ranked among the top 10 fastest-growinglarge municipalities in the U.S., coming in at numbersix, with 7.4% population growth in 2024. Together, these developments strengthen thefoundation for continued economic developmentacross the Arizona Sun Corridor and support our long-term outlook. Poised for Growth According to a November 2025 report from theOffice of Economic Opportunity, Arizona is projectedto generate approximately 454,000 new jobs by2034. This represents an annualized growth rate of1.2%, which is four times higher than the nationalaverage. With Arizona’s robust population growth, landmarkpolicy changes, ongoing infrastructure investments,and subsequent regulatory activity, we are optimisticabout Global Water Resources’ outlook in the comingyears. $122.3 billion of capital investment commitments inArizona for fiscal years ended June 30, 2023 to June30, 2025, up 139% vs. preceding three years, basedon data reported by Arizona Commerce Authority’sannual report. Our continued commitment to expanding andintegrating water and wastewater utilities ensuresthat both residents and businesses will benefit fromresponsible environmental management—especiallyas we navigate challenges posed by water scarcity,regulatory dema