CWCO · Consolidated Water Co. Ltd.

Rainfall-Driven Retail Volume Decline Explains Revenue Contraction

Reduced Production Activity Impacted Manufacturing Segment Performance

CW-Bahamas Receivables Increase Reflects Timing, Not Credit Risk

Hawaii Project Economics Shifted, Not Undermined

Although permitting delays have deferred construction activities, management states they do not currently expect a material adverse effect on the consolidated financial position. The deferral shifts anticipated revenue recognition and associated cash flows into future periods, but Kalaeloa Desalco retains its contract with the Honolulu Board of Water Supply and has secured key technical milestones — preserving long-term viability without altering near-term financial reporting.

Disciplined Expense Management Partially Offset Topline Pressure