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SEGMENT INFORMATION (Tables)

6 Months Ended

Jun. 30, 2026

SEGMENT INFORMATION

Summary of financial information by segment


		For the three months ended June 30, 2026

		Water Infrastructure			Water Services			Chemical Technologies			Other			Eliminations			Totals
Revenue		$	102,292		$	200,749		$	96,868		$	-		$	(4,102)		$	395,807
Costs of revenue excluding depreciation, amortization and accretion			(46,236)			(152,674)			(76,933)			-			4,102			(271,741)
Depreciation, amortization and accretion			(28,706)			(16,803)			(1,716)			(1,209)						(48,434)
Selling general and administrative			(4,588)			(7,350)			(4,190)			(25,050)						(41,178)
Other⁽¹⁾			(584)			91			(12)			(6)						(511)

Net income																	$	22,562
Interest expense, net																		5,021
Tax expense																		6,360
Depreciation, amortization and accretion																		48,434
EBITDA		$	50,884		$	40,816		$	15,733		$	(25,056)					$	82,377

Capital expenditures⁽²⁾		$	59,469		$	20,790		$	2,884		$	179					$	83,322


		For the three months ended June 30, 2025

		Water Infrastructure			Water Services			Chemical Technologies			Other			Eliminations			Totals
Revenue		$	81,244		$	217,952		$	68,300		$	-		$	(3,281)		$	364,215
Costs of revenue excluding depreciation, amortization and accretion			(39,262)			(173,341)			(56,086)			-			3,281			(265,408)
Depreciation, amortization and accretion			(22,252)			(17,089)			(1,713)			(1,918)						(42,972)
Selling general and administrative			(5,356)			(8,943)			(4,583)			(20,053)						(38,935)
Other⁽¹⁾			4,024			2,371			123			(1,581)						4,937

Net income																	$	11,671
Interest expense, net																		5,645
Tax expense																		4,521
Depreciation, amortization and accretion																		42,972
EBITDA		$	40,650		$	38,039		$	7,754		$	(21,634)					$	64,809

Capital expenditures⁽²⁾		$	60,756		$	5,386		$	807		$	343					$	67,292


		For the six months ended June 30, 2026

		Water Infrastructure			Water Services			Chemical Technologies			Other			Eliminations			Totals
Revenue		$	199,626		$	393,692		$	175,491		$	-		$	(7,044)		$	761,765
Costs of revenue excluding depreciation, amortization and accretion			(91,305)			(302,177)			(140,239)			-			7,044			(526,677)
Depreciation, amortization and accretion			(56,752)			(32,715)			(3,500)			(2,330)						(95,297)
Selling general and administrative			(10,812)			(15,554)			(8,709)			(46,654)						(81,729)
Other⁽¹⁾			(6,691)			210			72			62						(6,347)

Net income																	$	31,994
Interest expense, net																		10,928
Tax expense																		8,793
Depreciation, amortization and accretion																		95,297
EBITDA		$	90,818		$	76,171		$	26,615		$	(46,592)					$	147,012

Capital expenditures⁽²⁾		$	113,295		$	36,974		$	4,447		$	321					$	155,037


		For the six months ended June 30, 2025

		Water Infrastructure			Water Services			Chemical Technologies			Other			Eliminations			Totals
Revenue		$	153,890		$	445,899		$	144,986		$	-		$	(6,176)		$	738,599
Costs of revenue excluding depreciation, amortization and accretion			(75,362)			(355,083)			(121,078)			-			6,176			(545,347)
Depreciation, amortization and accretion			(42,049)			(34,254)			(3,426)			(2,843)						(82,572)
Selling general and administrative			(11,039)			(17,731)			(9,108)			(38,489)						(76,367)
Other⁽¹⁾			3,487			2,307			704			(1,644)						4,854

Net income																	$	21,231
Interest expense, net																		10,521
Tax expense																		7,415
Depreciation, amortization and accretion																		82,572
EBITDA		$	70,976		$	75,392		$	15,504		$	(40,133)					$	121,739

Capital expenditures⁽²⁾		$	101,432		$	23,790		$	2,012		$	839					$	128,073

(1)	Other includes lease abandonment costs, impairments and abandonments, remeasurement gains, gains or losses on sales of property and equipment, TRAs expense, equity in losses of unconsolidated entities and other income and expenses.

(2)	Amounts above include accruals for capital expenditures.

Total assets by segment as of June 30, 2026 and December 31, 2025, is as follows:


		As of			As of
		June 30, 2026			December 31, 2025

		(in thousands)
Water Infrastructure		$	1,046,086		$	929,789
Water Services			461,659			435,761
Chemical Technologies			169,158			148,773
Other			110,838			81,289
Total		$	1,787,741		$	1,595,612