H2O America: HTO 2Q26 Preview

Research evidence excerpt

H2O America: HTO 2Q26 Preview

discuss the Quadvest acquisition pending Price Performance Exchange-Nasdaq

approval with the TX PUC, as well as state regulatory actions in CT, ME, and TX. 52 Week range USD 63.28-43.75

Focus Items & Catalyst Calendar

Quadvest: HTO expects to have more clarity on the acquisition approval process in TX by the

2Q26 earnings call. On July 9th, Staff recommended that the acquisition be approved by the

Commission, specifically citing that SJWTX has demonstrated the financial, technical, and

managerial capability to provide adequate service. The OPUC has until July 16th to request a

hearing for the filing, which could extend the approval process from an August closing to Source: IDC

approval in Q1 2027. HTO planned to file a rate case after the merger application process, and if Link to Barclays Live for interactive charting

the STM filing is delayed, then HTO would file the TX rate case in 2Q27. Even though the OPUC

could request a hearing by 7/16, we still expect the acquisition to be approved. If the OPUC does North America Power & Utilities

not request a hearing, then the approval date would be August 26th, which is the 120-day Nicholas Campanella

deadline for the Commission to approve the sale. +1 212 526 6123

nicholas.campanella@barclays.com

Maine GRC: The company has a pending rate case in Maine requesting an ROE of 9.9%, an BCI, US

equity ratio of 52%, and a revenue requirement of $9.5mn. The key upcoming dates in the rate

Michael Browncase are the technical conference on intervenor testimony/staff testimony on 8/20-8/21,

+1 212 526 4885

rebuttal testimony on 9/18, the technical conference on rebuttal testimony on 10/22-10/23, the michael.brown3@barclays.com

BCI, US

Barclays Capital Inc.