Q2 2026 Consolidated Water Co Ltd Earnings Call

August 11, 2026

Speaker #1: Good morning. Thank you for joining us today to discuss Consolidated Water Company's second quarter 2026 operating and financial results. Hosting the call today are the Chief Executive Officer of Consolidated Water, Rick McTaggart, and the company's Chief Accounting Officer, Douglas Vazini.

Operator: Good morning. Thank you for joining us today to discuss Consolidated Water Company’s Q2 2026 operating and financial results. Hosting the call today is the Chief Executive Officer of Consolidated Water, Fred McTaggart, and the company’s Chief Accounting Officer, Douglas Vizzini. Following their remarks, we will open the call to your questions. At any time during the call, you may join the Q&A queue by pressing star, then one on your telephone keypad.

Speaker #1: Following their remarks, we'll open the call to your questions. At any time during the call, you may join the Q&A queue by pressing star then 1 on your telephone keypad.

Speaker #1: Before we conclude today's call, I'll provide some important cautions regarding the forward-looking statements made by management during the call. I'd like to remind everyone that today's call is being recorded and will be made available for telephonic replay.

Operator: Before we conclude today’s call, I will provide some important cautions regarding the forward-looking statements made by management during the call. I would like to remind everyone that today’s call is being recorded, and it will be made available for telecom replay. Please see the instructions in yesterday’s press release that has been posted to the investor relations section of the company’s website. Now, I would like to turn the call over to Consolidated Water CEO, Frederick McTaggart. Sir, please go ahead.

Speaker #1: Please see the instructions in yesterday's press release that has been posted to the investor relations section of the company's website. Now, I'd like to turn the call over to Consolidated Water CEO, Rick McTaggart.

Speaker #1: Sir, please go ahead.

Speaker #2: Thanks, Nick. Good morning, everyone. I appreciate you joining us today. While our consolidated second quarter revenue reflected softness in manufacturing, we were pleased to see growth across our retail, bulk, and services segments, along with some important developments that support our outlook for the balance of this year and into 2027.

Frederick McTaggart: Thanks, Nick. Good morning, everyone. I appreciate you joining us today. While our consolidated Q2 revenue reflected softness in manufacturing, we were pleased to see growth across our Retail, Bulk, and Services segments, along with some important developments that support our outlook for the balance of this year and into 2027. Retail revenue increased modestly despite wetter weather, which reduced Grand Cayman water sales volume by 2%. The increase in Retail revenue is driven by a base water rate increase for a major non-potable water customer, and this was following the May 2026 expiration of its concessionary water purchase agreement. Our Bulk revenue increased 20% and Bulk gross profit increased 27%, mainly due to higher energy pass-through charges by our Bahamas company. Results also benefited from two new Cat Island desalination plants, which are supplying potable water to the Water and Sewerage Corporation of The Bahamas.

Fred McTaggart: Thanks, Nick. Good morning, everyone. I appreciate you joining us today. While our consolidated Q2 revenue reflected softness in manufacturing, we were pleased to see growth across our Retail, Bulk, and Services segments, along with some important developments that support our outlook for the balance of this year and into 2027. Retail revenue increased modestly despite wetter weather, which reduced Grand Cayman water sales volume by 2%.

Speaker #2: Retail revenue increased modestly despite wetter weather, which reduced Grand Cayman water sales volume by 2%. The increase in retail revenue is driven by a base water rate increase for a major non-potable water customer, following the May 2026 expiration of its concessionary water purchase agreement.

Fred McTaggart: The increase in Retail revenue is driven by a base water rate increase for a major non-potable water customer, and this was following the May 2026 expiration of its concessionary water purchase agreement. Our Bulk revenue increased 20% and Bulk gross profit increased 27%, mainly due to higher energy pass-through charges by our Bahamas company. Results also benefited from two new Cat Island desalination plants, which are supplying potable water to the Water and Sewerage Corporation of The Bahamas.

Speaker #2: Our bulk revenue increased 20% and bulk gross profit increased 27%, mainly due to higher energy pass-through charges to our Bahamas company. Results also benefited from two new cat island desalination plants which are supplying potable water to the water and sewage corporation of the Bahamas.

Speaker #2: Cost reductions lowered G&A expenses across our retail, bulk, and service segments, and our services segment those savings were offset by higher cost of revenue due to a greater mix of construction revenue and a lower proportion of higher margin O&M design and consulting revenue, and our services segment.

Frederick McTaggart: Cost reductions lowered G&A expenses across our Retail, Bulk, and Service segments. In our Services segment, those savings were offset by higher cost of revenue due to a greater mix of construction revenue and a lower proportion of higher margin O&M design and consulting revenue in our Services segment. Services O&M revenue declined after two contracts expired in Q1 of this year. This decline was partially offset by a new Southern California municipal O&M contract that is expected to generate approximately $4.5 million over three years. In our Services segment, construction revenue increased, driven by two previously announced water treatment projects. One in Colorado, which is a $3.9 million drinking water plant expansion, and the second a $11.7 million wastewater recycling plant in California. Both projects are scheduled for substantial completion this year.

Fred McTaggart: Cost reductions lowered G&A expenses across our Retail, Bulk, and Service segments. In our Services segment, those savings were offset by higher cost of revenue due to a greater mix of construction revenue and a lower proportion of higher margin O&M design and consulting revenue in our Services segment. Services O&M revenue declined after two contracts expired in Q1 of this year.

Speaker #2: Services O&M revenue declined after two contracts expired in Q1 of this year. This decline was partially offset by a new Southern California municipal O&M contract that is expected to generate approximately $4.5 million over three years.

Fred McTaggart: This decline was partially offset by a new Southern California municipal O&M contract that is expected to generate approximately $4.5 million over three years. In our Services segment, construction revenue increased, driven by two previously announced water treatment projects. One in Colorado, which is a $3.9 million drinking water plant expansion, and the second a $11.7 million wastewater recycling plant in California. Both projects are scheduled for substantial completion this year.

Speaker #2: In our services segment, construction revenue increased driven by two previously announced water treatment projects, one in Colorado, which is a $3.9 million drinking water plant expansion, and the second $11.7 million wastewater recycling plant in California.

Speaker #2: Both projects are scheduled for substantial completion this year. In July, our Hawaii client issued a limited notice to proceed for our project to design, construct, operate, and maintain a 1.7 million gallon per day seawater desalination plant in Kalaealoa, Hawaii.

Frederick McTaggart: In July, our Hawaii client issued a limited notice to proceed for our project to design, construct, operate, and maintain a 1.7 million gallon per day seawater desalination plant in Kalaeloa, Hawaii. This limited notice to proceed authorizes us to begin procuring certain long lead materials and equipment for the project with the value of approximately $6 million. Communications and information exchanges with important permitting agencies have recently increased in Hawaii, which supports our expectation that construction on this project will start later this year. Once construction starts, we believe the project will significantly contribute to revenue and earnings growth in future periods. Subsequent to the end of Q2, we announced the receipt of purchase orders totaling approximately $10.1 million for municipal water treatment equipment in Florida.

Fred McTaggart: In July, our Hawaii client issued a limited notice to proceed for our project to design, construct, operate, and maintain a 1.7 million gallon per day seawater desalination plant in Kalaeloa, Hawaii. This limited notice to proceed authorizes us to begin procuring certain long lead materials and equipment for the project with the value of approximately $6 million.

Speaker #2: This limited notice to proceed authorizes us to begin procuring certain long lead materials and equipment for the project, with the value of approximately $6 million.

Speaker #2: Communications and information exchanges with important permitting agencies have recently increased in Hawaii, which supports our expectation that construction on this project will start later this year.

Fred McTaggart: Communications and information exchanges with important permitting agencies have recently increased in Hawaii, which supports our expectation that construction on this project will start later this year. Once construction starts, we believe the project will significantly contribute to revenue and earnings growth in future periods. Subsequent to the end of Q2, we announced the receipt of purchase orders totaling approximately $10.1 million for municipal water treatment equipment in Florida.

Speaker #2: Once construction starts, we believe the project will significantly contribute to revenue and earnings growth in future periods. Subsequent to the end of the second quarter, we announced the receipt of purchase orders totaling approximately $10.1 million for municipal water treatment equipment in Florida.

Speaker #2: These purchase orders represent our largest municipal membrane equipment order in dollar terms, and our largest horizontal cartridge filter order to date, demonstrating the strength and breadth of our manufacturing capabilities.

Frederick McTaggart: These purchase orders represent our largest municipal membrane equipment order in dollar terms and our largest horizontal cartridge filter order to date, demonstrating the strength and breadth of our manufacturing capabilities. Before getting into recent developments and our outlook for the rest of the year and beyond, I would like to note that our Chief Financial Officer, David Sasnett, who normally joins us on these calls, is unable to participate today as he is recovering from the flu. In his place, I will turn the call over to our Chief Accounting Officer, Doug Vizzini, who will take us through the financial details for the quarter.

Fred McTaggart: These purchase orders represent our largest municipal membrane equipment order in dollar terms and our largest horizontal cartridge filter order to date, demonstrating the strength and breadth of our manufacturing capabilities.

Speaker #2: Now, before getting into recent developments, in our outlook for the rest of the year and beyond, I would like to note that our Chief Financial Officer, David Sasnett, who normally joins us on these calls, is unable to participate today as he's recovering from the flu.

Fred McTaggart: Before getting into recent developments and our outlook for the rest of the year and beyond, I would like to note that our Chief Financial Officer, David Sasnett, who normally joins us on these calls, is unable to participate today as he is recovering from the flu. In his place, I will turn the call over to our Chief Accounting Officer, Doug Vizzini, who will take us through the financial details for the quarter.

Speaker #2: In his place, I will turn the call over to our Chief Accounting Officer, Doug Vazini. He will take us through the financial details for the quarter.

Speaker #3: Thanks, Rick. Good morning, everyone, and thank you for joining us today. Our revenue totaled $32.9 million for the second quarter of 2026, representing a 2% decrease from the second quarter of 2025.

Doug Vizzini: Thanks, Rick. Good morning, everyone, and thank you for joining us today. Our revenue totaled $32.9 million for Q2 2026, representing a 2% decrease from Q2 2025. The decrease was due to lower manufacturing revenue, which was partially offset by revenue increases in our Retail, Bulk, and Services segments. Retail revenue was $8.7 million and remained relatively consistent versus the prior quarter, despite an approximate 2% decrease in the volume of water sold. The impact of the lower sales volume was mitigated by a higher rate charged to a major non-potable water customer and an increase in the volume of water sold to that customer. Bulk revenue was $9.9 million, increasing 20% versus the prior quarter, primarily due to higher energy pass-through charges by Consolidated Water (Bahamas) Ltd., driven by higher energy costs.

Douglas Vizzini: Thanks, Rick. Good morning, everyone, and thank you for joining us today. Our revenue totaled $32.9 million for Q2 2026, representing a 2% decrease from Q2 2025. The decrease was due to lower manufacturing revenue, which was partially offset by revenue increases in our Retail, Bulk, and Services segments. Retail revenue was $8.7 million and remained relatively consistent versus the prior quarter, despite an approximate 2% decrease in the volume of water sold. The impact of the lower sales volume was mitigated by a higher rate charged to a major non-potable water customer and an increase in the volume of water sold to that customer. Bulk revenue was $9.9 million, increasing 20% versus the prior quarter, primarily due to higher energy pass-through charges by Consolidated Water (Bahamas) Ltd., driven by higher energy costs.

Speaker #3: The decrease was due to lower manufacturing revenue, which was partially offset by revenue increases in our retail, bulk, and services segments. Retail revenue was $8.7 million, and it remained relatively consistent versus the prior quarter despite an approximate 2% decrease in the volume of water sold.

Speaker #3: The impact of the lower sales volume was mitigated by a higher rate charge to a major non-potable water customer, and an increase in the volume of water sold to that customer.

Speaker #3: Bulk revenue was $9.9 million, increasing 20% versus the prior quarter, primarily due to higher energy pass-through charges by CW Bahamas, driven by higher energy costs.

Speaker #3: Bulk revenue also benefited, to a lesser extent, from revenue earned from CW Bahamas' new plants on Cat Island in the Bahamas. Services revenue was $11.6 million, increasing 1% versus the prior quarter, due to higher construction revenue partially offset by lower O&M revenue following the expiration of contracts with two customers in the first quarter of 2026.

Doug Vizzini: Bulk revenue also benefited to a lesser extent from revenue earned from Consolidated Water (Bahamas) Ltd.'s new plans on Cat Island in The Bahamas. Services revenue was $11.6 million, increasing 1% versus the prior quarter due to a higher construction revenue, partially offset by lower O&M revenue following the expiration of contracts with two customers in Q1 2026. Construction revenue increased $2.5 million due to work on two water treatment plant projects. Manufacturing revenue was $2.7 million, decreasing 49% from the prior quarter due to a decrease in the total dollar amount of new purchase orders. Based on our current projections, we continue to believe that manufacturing revenue for the full 2026 year will be less than the manufacturing revenue generated in 2025. Gross profit was $11.0 million, or 33% of total revenue, compared to $12.8 million, or 38% of total revenue in the prior quarter.

Douglas Vizzini: Bulk revenue also benefited to a lesser extent from revenue earned from Consolidated Water (Bahamas) Ltd.'s new plans on Cat Island in The Bahamas. Services revenue was $11.6 million, increasing 1% versus the prior quarter due to a higher construction revenue, partially offset by lower O&M revenue following the expiration of contracts with two customers in Q1 2026. Construction revenue increased $2.5 million due to work on two water treatment plant projects. Manufacturing revenue was $2.7 million, decreasing 49% from the prior quarter due to a decrease in the total dollar amount of new purchase orders. Based on our current projections, we continue to believe that manufacturing revenue for the full 2026 year will be less than the manufacturing revenue generated in 2025. Gross profit was $11.0 million, or 33% of total revenue, compared to $12.8 million, or 38% of total revenue in the prior quarter.

Speaker #3: Construction revenue increased by $2.5 million, due to work on two water treatment plant projects. Manufacturing revenue was $2.7 million, decreasing 49% from the prior quarter due to a decrease in the total dollar amount of new purchase orders.

Speaker #3: Based on our current projections, we continue to believe that manufacturing revenue for the full 2026 year will be less than the manufacturing revenue generated in 2025.

Speaker #3: Gross profit was $11.0 million, or 33% of total revenue, compared to $12.8 million, or 38% of total revenue, in the prior quarter. The decrease was primarily due to lower manufacturing gross profit and a change in revenue mix in the services segment.

Doug Vizzini: The decrease was primarily due to lower manufacturing gross profit and a change in revenue mix in the services segment. Net income from continuing operations attributable to Consolidated Water stockholders was $4.0 million, or $0.25 per diluted share, compared to $5.2 million, or $0.32 per diluted share in the prior year quarter. Including discontinued operations, net income attributable to Consolidated Water stockholders was $3.9 million, or $0.24 per diluted share, compared to $5.1 million, or $0.32 per diluted share in Q2 2025. Now turning to our balance sheet. Cash and cash equivalents totaled $132.6 million as of 30 June 2026, with working capital of $144.6 million and stockholders' equity attributable to Consolidated Water of $225.6 million. Our balance sheet continues to have no significant debt.

Douglas Vizzini: The decrease was primarily due to lower manufacturing gross profit and a change in revenue mix in the services segment. Net income from continuing operations attributable to Consolidated Water stockholders was $4.0 million, or $0.25 per diluted share, compared to $5.2 million, or $0.32 per diluted share in the prior year quarter. Including discontinued operations, net income attributable to Consolidated Water stockholders was $3.9 million, or $0.24 per diluted share, compared to $5.1 million, or $0.32 per diluted share in Q2 2025. Now turning to our balance sheet. Cash and cash equivalents totaled $132.6 million as of 30 June 2026, with working capital of $144.6 million and stockholders' equity attributable to Consolidated Water of $225.6 million. Our balance sheet continues to have no significant debt.

Speaker #3: Net income from continuing operations attributable to Consolidated Water stockholders was $4.0 million, or $0.25 per diluted share, compared to $5.2 million, or $0.32 per diluted share, in the prior quarter.

Speaker #3: Including discontinued operations, net income attributable to Consolidated Water stockholders was $3.9 million, or $0.24 per diluted share, compared to $5.1 million, or $0.32 per diluted share, in the second quarter of 2025.

Speaker #3: Now, turning to our balance sheet. Cash and cash equivalents totaled $132.6 million as of June 30, 2026, with working capital of $144.6 million, and stockholders' equity attributable to Consolidated Water of $225.6 million.

Speaker #3: Our balance sheet continues to have no significant debt. CW Bahamas accounts receivable, which represents the majority of our consolidated accounts receivable, decreased to $18.8 million as of June 30, 2026, from $20.7 million as of December 31, 2025.

Doug Vizzini: CW Bahamas accounts receivable, which represents the majority of our consolidated accounts receivable, decreased to $18.8 million as of 30 June 2026, from $20.7 million as of 31 December 2025. We continue to be in frequent contact with officials of the Bahamas government who continue to express their intention to significantly reduce CW Bahamas' delinquent accounts receivable balances. However, we are unable to determine when such reduction will occur. Our projected liquidity requirements for the balance of 2026 include capital expenditures for our existing operations of approximately $4.8 million. We also paid approximately $2.3 million in dividends in July 2026, and our liquidity requirements may also include future quarterly dividends if such dividends are declared by our board. We continue to evaluate how to best utilize our strong cash position to increase shareholder value. This completes our financial summary for the quarter.

Douglas Vizzini: CW Bahamas accounts receivable, which represents the majority of our consolidated accounts receivable, decreased to $18.8 million as of 30 June 2026, from $20.7 million as of 31 December 2025. We continue to be in frequent contact with officials of the Bahamas government who continue to express their intention to significantly reduce CW Bahamas' delinquent accounts receivable balances. However, we are unable to determine when such reduction will occur. Our projected liquidity requirements for the balance of 2026 include capital expenditures for our existing operations of approximately $4.8 million. We also paid approximately $2.3 million in dividends in July 2026, and our liquidity requirements may also include future quarterly dividends if such dividends are declared by our board. We continue to evaluate how to best utilize our strong cash position to increase shareholder value. This completes our financial summary for the quarter. Now I'll turn the call back over to Rick.

Speaker #3: We continue to be in frequent contact with officials of the Bahamas government, who continue to express their intention to significantly reduce CW Bahamas' delinquent accounts receivable balances.

Speaker #3: However, we are unable to determine when such reduction will occur. Our projected liquidity requirements for the balance of 2026 include capital expenditures for our existing operations of approximately $4.8 million.

Speaker #3: We also paid approximately $2.3 million in dividends in July 2026, and our liquidity requirements may also include future quarterly dividends if such dividends are declared by our board.

Speaker #3: We continue to evaluate how to best utilize our strong cash position to increase shareholder value. This completes our financial summary for the quarter. Now, I'll turn the call back over to Rick.

Doug Vizzini: Now I'll turn the call back over to Rick.

Speaker #2: Thank you, Doug. I'll just run through some updates here. During the quarter, we completed negotiations with the Cayman Islands Water Utility Regulator, OfReg, for our retail water utility license in Grand Cayman.

Frederick McTaggart: Thank you, Doug. I'll just run through some updates here. During the quarter, we completed negotiations with the Cayman Islands water utility regulator, OfReg, for our retail water utility license in Grand Cayman. We received the new license from OfReg in mid-June, and it became effective on 1 August. After so many years of negotiations, this new 25-year license provides certainty to this very important part of our business. The license preserves Cayman Water's exclusive right to produce and distribute potable water to customers in our licensed area and gives us long-term earnings visibility as we continue investing in reliable water infrastructure for residents, businesses, and visitors on Seven Mile Beach and West Bay, Grand Cayman. The new license sets out reduced base water rates and an annual inflation-based rate adjustment mechanism that is similar to our previous license.

Fred McTaggart: Thank you, Doug. I'll just run through some updates here. During the quarter, we completed negotiations with the Cayman Islands water utility regulator, OfReg, for our retail water utility license in Grand Cayman. We received the new license from OfReg in mid-June, and it became effective on 1 August. After so many years of negotiations, this new 25-year license provides certainty to this very important part of our business. The license preserves Cayman Water's exclusive right to produce and distribute potable water to customers in our licensed area and gives us long-term earnings visibility as we continue investing in reliable water infrastructure for residents, businesses, and visitors on Seven Mile Beach and West Bay, Grand Cayman. The new license sets out reduced base water rates and an annual inflation-based rate adjustment mechanism that is similar to our previous license.

Speaker #2: We received a new license from HOPREG in mid-June, and it became effective on August 1. After so many years of negotiations, this new 25-year license provides certainty to this very important part of our business.

Speaker #2: The license preserves Cayman Water's exclusive right to produce and distribute potable water to customers in our licensed area, and gives us long-term earnings visibility as we continue investing in reliable water infrastructure for residents, businesses, and visitors on Seven Mile Beach and West Bay, Grand Cayman.

Speaker #2: The new license sets out reduced water rates, base water rates, and an annual inflation-based rate adjustment mechanism that is similar to our previous license.

Speaker #2: For customers, the new rates are expected to lower the average cost of water per gallon by about 6.5%, compared with the prior license. For Consolidated Water, it provides long-term regulatory clarity for a business that has historically been a significant contributor to our revenue and gross profit.

Frederick McTaggart: For customers, the new rates are expected to lower the average cost of water per gallon by about 6.5% compared with the prior license. For Consolidated Water, it provides long-term regulatory clarity for a business that has historically been a significant contributor to our revenue and gross profit. The new license comes as Grand Cayman continues to experience strong tourism momentum, a key demand driver for our retail water sales. As mentioned on previous calls, demand for our water in the Cayman Islands is affected by, number one, stayover tourism, and number two, rainfall. The Cayman Islands continued its strong tourism momentum in Q2. Stayover visitations increased year over year in April, May, and June.

Fred McTaggart: For customers, the new rates are expected to lower the average cost of water per gallon by about 6.5% compared with the prior license. For Consolidated Water, it provides long-term regulatory clarity for a business that has historically been a significant contributor to our revenue and gross profit. The new license comes as Grand Cayman continues to experience strong tourism momentum, a key demand driver for our retail water sales. As mentioned on previous calls, demand for our water in the Cayman Islands is affected by, number one, stayover tourism, and number two, rainfall. The Cayman Islands continued its strong tourism momentum in Q2. Stayover visitations increased year over year in April, May, and June.

Speaker #2: The new license comes as Grand Cayman continues to experience strong tourism momentum, a key demand driver for our retail water sales. As mentioned on previous calls, demand for our water in the Cayman Islands is affected by, number one, stay-over tourism, and, number two, rainfall.

Speaker #2: The Cayman Islands continued its strong tourism momentum in Q2. Stay-over visitations increased year over year in April, May, and June, and the first half of 2026, stay-over arrivals totaled more than 288,000 visitors, which is up 11.3% from the first half of 2025, and 2.8% above the island's comparable 2019 pre-COVID level.

Frederick McTaggart: In H1 2026, stayover arrivals totaled more than 288,000 visitors, which is up 11.3% from H1 2025 and 2.8% above the island's comparable 2019 pre-COVID level. A local newspaper has reported that if current trends continue, 2026 could set a new annual stayover tourism record. This growth has been supported by strong North American tourism demand, expanded airlift, including a new direct flight from Austin, Texas, and new hotel inventory in Cayman. Looking ahead, public tourism announcements point to a positive outlook for the balance of 2026. While the weather is always difficult to predict, the Cayman Islands National Weather Service has indicated a greater than 70% probability of below average rainfall during this current wet season. If this prediction is realized, those conditions could provide an additional driver for retail water demand this year.

Fred McTaggart: In H1 2026, stayover arrivals totaled more than 288,000 visitors, which is up 11.3% from H1 2025 and 2.8% above the island's comparable 2019 pre-COVID level. A local newspaper has reported that if current trends continue, 2026 could set a new annual stayover tourism record. This growth has been supported by strong North American tourism demand, expanded airlift, including a new direct flight from Austin, Texas, and new hotel inventory in Cayman. Looking ahead, public tourism announcements point to a positive outlook for the balance of 2026. While the weather is always difficult to predict, the Cayman Islands National Weather Service has indicated a greater than 70% probability of below average rainfall during this current wet season. If this prediction is realized, those conditions could provide an additional driver for retail water demand this year.

Speaker #2: A local newspaper has reported that if current trends continue, 2026 could set a new annual stay-over tourism record. This growth has been supported by strong North American tourism demand expanded airlift, including a new direct flight from Austin, Texas, and new hotel inventory, in Cayman.

Speaker #2: Looking ahead, public tourism announcements point to a positive outlook for the balance of 2026. While the weather is always difficult to predict, the Cayman Islands National Weather Service has indicated a greater than 70% probability of below-average rainfall during this current wet season.

Speaker #2: If this prediction is realized, those conditions could provide an additional driver for retail water demand this year. We were pleased with the performance of our Caribbean-based bulk businesses, which remain a stable source of long-term recurring revenue.

Frederick McTaggart: We were pleased with the performance of our Caribbean-based bulk businesses, which remain a stable source of long-term recurring revenue. During the quarter, bulk results benefited from our two new desalination plants on Cat Island in The Bahamas that supply potable water to the Water and Sewerage Corporation of The Bahamas. The first facility was commissioned in December last year and the second in April this year, so the quarter reflected contributions from both plants. Turning to manufacturing, we still expect full year, as Doug mentioned earlier, full year 2026 results to fall below last year's record level. Current backlog and recent order activity that we mentioned earlier gives us confidence that manufacturing revenue can improve in future quarters. In particular, the orders we have received in the active municipal market in Florida support a strong outlook for 2027.

Fred McTaggart: We were pleased with the performance of our Caribbean-based bulk businesses, which remain a stable source of long-term recurring revenue. During the quarter, bulk results benefited from our two new desalination plants on Cat Island in The Bahamas that supply potable water to the Water and Sewerage Corporation of The Bahamas. The first facility was commissioned in December last year and the second in April this year, so the quarter reflected contributions from both plants. Turning to manufacturing, we still expect full year, as Doug mentioned earlier, full year 2026 results to fall below last year's record level. Current backlog and recent order activity that we mentioned earlier gives us confidence that manufacturing revenue can improve in future quarters. In particular, the orders we have received in the active municipal market in Florida support a strong outlook for 2027.

Speaker #2: During the quarter, bulk results benefited from our two new desalination plants on Cat Island and in the Bahamas, as well as the supply of potable water to the Water and Sewerage Corporation of the Bahamas.

Speaker #2: The first facility was commissioned in December last year, and the second in April this year. So the quarter reflected contributions from both plants. Turning to manufacturing, we still expect full-year as Doug mentioned earlier, full-year 2026 results to fall below last year's record level, but current backlog and recent order activity that we mentioned earlier gives us confidence that manufacturing revenue can improve in future quarters.

Speaker #2: In particular, the orders we have received and the active municipal market in Florida support a strong outlook for 2027. This outlook is supported in part by the $10.1 million purchase orders we received last month for a municipal water treatment project in Florida, with delivery currently scheduled for November 2027.

Frederick McTaggart: This outlook is supported in part by the $10.1 million purchase orders we received last month for a municipal water treatment project in Florida, with delivery currently scheduled for November of 2027. We continue to see an active market for our products and services, particularly with municipal projects in Florida. A key driver is the growing need for membrane-based treatment systems as utilities look to alternative water sources, including brackish groundwater, to meet long-term supply needs and drinking water requirements. Our extensive experience manufacturing large-scale membrane-based water treatment systems, combined with our Fort Pierce, Florida, manufacturing location, positions us well to capitalize on growth opportunities in the Florida market, which we believe will benefit 2026 and 2027 performance. As mentioned earlier, our construction revenue increased $2.5 million due to work on two previously announced construction projects, both of which are scheduled to be substantially completed this year.

Fred McTaggart: This outlook is supported in part by the $10.1 million purchase orders we received last month for a municipal water treatment project in Florida, with delivery currently scheduled for November of 2027. We continue to see an active market for our products and services, particularly with municipal projects in Florida. A key driver is the growing need for membrane-based treatment systems as utilities look to alternative water sources, including brackish groundwater, to meet long-term supply needs and drinking water requirements. Our extensive experience manufacturing large-scale membrane-based water treatment systems, combined with our Fort Pierce, Florida, manufacturing location, positions us well to capitalize on growth opportunities in the Florida market, which we believe will benefit 2026 and 2027 performance. As mentioned earlier, our construction revenue increased $2.5 million due to work on two previously announced construction projects, both of which are scheduled to be substantially completed this year.

Speaker #2: We continue to see an active market for our products and services, particularly with municipal projects in Florida. A key driver is the growing need for membrane-based treatment systems as utilities look to alternative water sources, including brackish groundwater to meet long-term supply needs and drinking water requirements.

Speaker #2: Our extensive experience manufacturing large-scale membrane-based water treatment systems, combined with our Fort Pierce, Florida, manufacturing location, positions us well to capitalize on growth opportunities in the Florida market. We believe this will benefit our performance in 2026 and 2027.

Speaker #2: As mentioned earlier, our construction revenue increased 2.5 million due to work on two previously announced projects, construction projects, both of which are scheduled to be substantially completed this year.

Speaker #2: The Colorado Drinking Water Plant expansion has been a good entry point for us in that market with the current O&M customer, and helps position us for additional design-build opportunities in the future.

Frederick McTaggart: The Colorado drinking water plant expansion has been a good entry point for us in that market with a current O&M customer and helps position us for additional design build opportunities in the future. Although new O&M and design build opportunities in California are not as active as they were over the last 2 to 3 years, we continue to pursue some very attractive opportunities, some of which are larger than previous projects we have done in California. As I mentioned on past earnings conference calls, our customized design report or CDR program remains an important business development tool for identifying and advancing potential design build and O&M opportunities. Through the CDR process, we prepare comprehensive project-specific plans that incorporate life cycle costs, schedule, and performance metrics, helping prospective clients evaluate project scope, cost, schedule, and water quality certainty before committing to construction.

Fred McTaggart: The Colorado drinking water plant expansion has been a good entry point for us in that market with a current O&M customer and helps position us for additional design build opportunities in the future. Although new O&M and design build opportunities in California are not as active as they were over the last 2 to 3 years, we continue to pursue some very attractive opportunities, some of which are larger than previous projects we have done in California. As I mentioned on past earnings conference calls, our customized design report or CDR program remains an important business development tool for identifying and advancing potential design build and O&M opportunities. Through the CDR process, we prepare comprehensive project-specific plans that incorporate life cycle costs, schedule, and performance metrics, helping prospective clients evaluate project scope, cost, schedule, and water quality certainty before committing to construction.

Speaker #2: Although new O&M and design-build opportunities in California are not as active as they were over the last two to three years, we continue to pursue some very attractive opportunities.

Speaker #2: Some of which are larger than previous projects we have done in California. As I mentioned on past earnings conference calls, our customized design report, or CDR program, remains an important business development tool for identifying and advancing potential design build and O&M opportunities.

Speaker #2: Through the CDR process, we prepare comprehensive, project-specific plans that incorporate life cycle costs, schedule, and performance metrics, helping prospective clients evaluate project scope, cost, schedule, and water quality certainty before committing to construction.

Speaker #2: In Arizona, we have several CDRs outstanding with residential developers and are broadening our CDR sales effort to include industrial clients. So, based on recent developments I mentioned at the beginning of the call, we remain cautiously optimistic that construction of the Hawaii project will begin before the end of this year.

Frederick McTaggart: In Arizona, we have several CDRs outstanding with residential developers and are broadening our CDR sales effort to include industrial clients. Based on recent developments I mentioned at the beginning of the call, we remain cautiously optimistic that construction of the Hawaii project will begin before the end of this year. The limited notice to proceed with the procurement of long lead equipment should help reduce potential scheduling pressure and allow the project to move forward more efficiently once the required permits are in place. The recent uptick in communications and information exchanges with key regulatory authorities in Hawaii supports our cautious optimism. Looking ahead, we feel very good about where we are today. Our Grand Cayman retail operations, recurring Caribbean bulk water revenue, and expanding opportunities across US manufacturing, design build, and O&M markets gives us multiple ways to grow.

Fred McTaggart: In Arizona, we have several CDRs outstanding with residential developers and are broadening our CDR sales effort to include industrial clients. Based on recent developments I mentioned at the beginning of the call, we remain cautiously optimistic that construction of the Hawaii project will begin before the end of this year. The limited notice to proceed with the procurement of long lead equipment should help reduce potential scheduling pressure and allow the project to move forward more efficiently once the required permits are in place. The recent uptick in communications and information exchanges with key regulatory authorities in Hawaii supports our cautious optimism. Looking ahead, we feel very good about where we are today. Our Grand Cayman retail operations, recurring Caribbean bulk water revenue, and expanding opportunities across US manufacturing, design build, and O&M markets gives us multiple ways to grow.

Speaker #2: The limited notice to proceed with the procurement of long lead equipment should help reduce potential scheduling pressure and allow the project to move forward more efficiently once the required permits are in place.

Speaker #2: The recent uptick in communications and information exchanges with key regulatory authorities in Hawaii supports our cautious optimism. Looking ahead, we feel very good about where we are today.

Speaker #2: Our Grand Cayman retail operations, recurring Caribbean bulk water revenue, and expanding opportunities across U.S. manufacturing, design-build, and O&M markets give us multiple ways to grow.

Speaker #2: With strong demand for reliable water infrastructure and a healthy balance sheet, we believe we are well positioned to continue creating value for our shareholders.

Frederick McTaggart: With strong demand for reliable water infrastructure and a healthy balance sheet, we believe we are well-positioned to continue creating value for our shareholders. To support this growth, we also strengthened our leadership team with the appointment of Sachin Chawla as our Senior Vice President of Business Development. Sachin brings meaningful experience across water infrastructure and treatment markets, and we believe he can help us identify and advance additional opportunities in desalination, water reuse, industrial water, and other areas where our technical and operating expertise is highly relevant. Our strong balance sheet gives us the flexibility to move decisively on desalination and water infrastructure opportunities across all of our markets, while also evaluating strategic acquisitions and partnerships that could accelerate growth. Now with that, Nick, I'd like to open the call up for questions.

Fred McTaggart: With strong demand for reliable water infrastructure and a healthy balance sheet, we believe we are well-positioned to continue creating value for our shareholders. To support this growth, we also strengthened our leadership team with the appointment of Sachin Chawla as our Senior Vice President of Business Development. Sachin brings meaningful experience across water infrastructure and treatment markets, and we believe he can help us identify and advance additional opportunities in desalination, water reuse, industrial water, and other areas where our technical and operating expertise is highly relevant. Our strong balance sheet gives us the flexibility to move decisively on desalination and water infrastructure opportunities across all of our markets, while also evaluating strategic acquisitions and partnerships that could accelerate growth. Now with that, Nick, I'd like to open the call up for questions.

Speaker #2: To support this growth, we also strengthened our leadership team with the appointment of Sachin Chawla, as our vice president senior vice president of business development.

Speaker #2: Sachin brings meaningful experience across water infrastructure and treatment markets, and we believe he can help us identify and advance additional opportunities in desalination, water reuse, industrial water, and other areas where our technical and operating expertise is highly relevant.

Speaker #2: Our strong balance sheet gives us the flexibility to move decisively on desalination and water infrastructure opportunities across all of our markets, while also evaluating strategic acquisitions and partnerships that could accelerate growth.

Speaker #2: So now, with that, Nick, I'd like to open the call up for questions.

Speaker #1: Thank you. We will now begin the question and answer session. To ask a question, you may press star, then one on your touchtone phone.

Operator: Thank you. We will now begin the question and answer session. To ask a question, you may press star then one on your touchtone phone. If you are using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw the question, please press star then two. At this time, we'll pause momentarily to assemble the roster. The first question will come from Jerry Sweeney with Roth Capital. Please go ahead.

Speaker #1: If you are using a speakerphone, please pick up your handset before pressing the keys. If, at any time, your question has been addressed and you would like to withdraw the question, please press star, then two.

Speaker #1: At this time, we'll pause momentarily to assemble the roster. The first question will come from Jerry Sweeney with Roth Capital. Please go ahead.

Speaker #3: Good morning, Rick. Thanks for taking my call.

Gerard Sweeney: Good morning, Rick. Thanks for taking my call.

Gerry Sweeney: Good morning, Rick. Thanks for taking my call.

Speaker #2: Yeah, sure, Jerry.

Frederick McTaggart: Sure, Jerry.

Fred McTaggart: Sure, Gerry.

Speaker #3: I know you touched upon it in your prepared remarks around the Hawaii desal project, but my understanding, I believe it's just one permit, the archaeological permit that is maybe the last gate to getting the project going.

Gerard Sweeney: I know you touched upon it in your prepared remarks around the Hawaii Desal project, but my understanding, I believe it is just the one permit, the archaeological permit, that is maybe the last gate to getting the project going. I think, with regulatory agencies, but I was curious if you would just give any more detail, if possible, of is that the last permit? Is that the gating factor? And any additional information on maybe when that permit can be received.

Gerry Sweeney: I know you touched upon it in your prepared remarks around the Hawaii Desal project, but my understanding, I believe it is just the one permit, the archaeological permit, that is maybe the last gate to getting the project going. I think, with regulatory agencies, but I was curious if you would just give any more detail, if possible, of is that the last permit? Is that the gating factor? And any additional information on maybe when that permit can be received.

Speaker #3: And you did mention increased talks, I think, with regulatory agencies. But I was curious if you could just give any more detail, if possible, on—is that the last permit?

Speaker #3: Is that the gating factor? And any additional information on maybe when that permit can be received?

Speaker #2: Yeah, sure, Jerry. Just to clarify, it's not the last permit. That's sort of a pin sort of permit, and it prevents us at the moment from applying for other important permits because you have to have that archaeological permit in place.

Frederick McTaggart: Yeah, sure, Jerry. Just to clarify, it is not the last permit. That is a lynchpin sort of permit, and it prevents us at the moment from applying for other important permits because you have to have that archaeological permit in place. We are discussing ways to proceed with the applications on some of the other permits we need with the blessing of the archaeological regulator. Yeah, it is definitely not the last one we need, but we have to have that as a prerequisite for some other permits.

Fred McTaggart: Yeah, sure, Gerry. Just to clarify, it is not the last permit. That is a lynchpin sort of permit, and it prevents us at the moment from applying for other important permits because you have to have that archaeological permit in place. We are discussing ways to proceed with the applications on some of the other permits we need with the blessing of the archaeological regulator. Yeah, it is definitely not the last one we need, but we have to have that as a prerequisite for some other permits.

Speaker #2: So we're discussing ways to proceed with the applications on some of the other permits we need with the blessing of the archaeological regulator. So yeah, I mean, it's definitely not the last one we need.

Speaker #2: But it is we have to have that as a prerequisite for some other permits.

Speaker #3: I got you. And the other permits are sort of, for lack of a better term, standard construction permits that are normal in any of these types of projects.

Gerard Sweeney: I gotcha. The other permits are sort of, for lack of a better term, standard construction permits that are normal in any of these type of projects. Is that fair to say?

Gerry Sweeney: I gotcha. The other permits are sort of, for lack of a better term, standard construction permits that are normal in any of these type of projects. Is that fair to say?

Speaker #3: Is that fair to say?

Speaker #2: Yeah, some of them are. Other ones are with the, I think, the drinking water regulator there in Hawaii. So, I mean, we're looking at ways similar to the limited notice to proceed.

Frederick McTaggart: Yeah, some of them are. Other ones are with, I think, the drinking water regulator there in Hawaii. So we're looking at ways similar to the limited notice to proceed. We're looking at ways to speed up the process without suffering further delays because of this linchpin permit delay.

Fred McTaggart: Yeah, some of them are. Other ones are with, I think, the drinking water regulator there in Hawaii. So we're looking at ways similar to the limited notice to proceed. We're looking at ways to speed up the process without suffering further delays because of this linchpin permit delay.

Speaker #2: We're looking at ways to speed up the process without suffering further delays because of this linchpin permit delay.

Speaker #3: Got it. Switching gears to manufacturing. Obviously, nice win for the Florida membrane project. Just curious as to opportunities maybe even outside of Florida, how the market is developing and potential opportunities.

Gerard Sweeney: Got it. Switching gears to manufacturing, obviously nice win for the Florida membrane project. Just curious as to opportunities, maybe even outside of Florida, how the market is developing and potential opportunities.

Gerry Sweeney: Got it. Switching gears to manufacturing, obviously nice win for the Florida membrane project. Just curious as to opportunities, maybe even outside of Florida, how the market is developing and potential opportunities.

Speaker #2: Yeah, I mean, we're definitely looking at the West Coast because we have PERC out there and they get involved in some projects that require the types of piping and equipment that AREX manufactures.

Frederick McTaggart: Yeah, we're definitely looking at the West Coast, because we have PERC Water Corporation out there, and they get involved in some projects that require the types of piping and equipment that Aerex Industries, Inc. manufactures. So, we're looking at other states as well that have the sorts of membrane treatment systems, like Texas, that may need equipment that Aerex Industries, Inc. manufactures. So I think, the main point is that Florida's really busy right now. I don't know. I think there's a lot of work there, so it's not vital that we look elsewhere for work. We try to get it when we can, but the state's very busy, and we have excellent relationships with the consulting engineers and the people that are driving these projects, so.

Fred McTaggart: Yeah, we're definitely looking at the West Coast, because we have PERC Water Corporation out there, and they get involved in some projects that require the types of piping and equipment that Aerex Industries, Inc. manufactures. So, we're looking at other states as well that have the sorts of membrane treatment systems, like Texas, that may need equipment that Aerex Industries, Inc. manufactures. So I think, the main point is that Florida's really busy right now. I don't know. I think there's a lot of work there, so it's not vital that we look elsewhere for work. We try to get it when we can, but the state's very busy, and we have excellent relationships with the consulting engineers and the people that are driving these projects, so.

Speaker #2: So we're looking at other states as well that have the sorts of membrane treatment systems like Texas, that may need equipment that AREX manufactures.

Speaker #2: So I think the main point is that Florida is really busy right now. I don't think I mean, I don't know. I mean, I think there's a lot of work there.

Speaker #2: So, it's not vital that we look elsewhere for work. I mean, we try to get it when we can, but the state's very busy, and we have excellent relationships with the consulting engineers and the people that are driving these projects, so.

Speaker #3: Got it. Makes sense. And then finally, maybe just on the O&M front, obviously, that's a nice recurring type revenue. Curious as to the market opportunity on that front.

Gerard Sweeney: Got it. Makes sense. Finally, maybe just on the O&M front, obviously that is a nice recurring type revenue. Curious as to the market opportunity on that front. I think it got a little bit more competitive in the past year or two, but any commentary would be appreciated. Thank you.

Gerry Sweeney: Got it. Makes sense. Finally, maybe just on the O&M front, obviously that is a nice recurring type revenue. Curious as to the market opportunity on that front. I think it got a little bit more competitive in the past year or two, but any commentary would be appreciated. Thank you.

Speaker #3: I think you got a little bit more competitive in the past year or two, but any commentary would be appreciated. Thank you.

Frederick McTaggart: Sorry, just the first couple lines that you said. What was the basis of the question?

Fred McTaggart: Sorry, just the first couple lines that you said. What was the basis of the question?

Speaker #2: Sorry, just the first couple of lines that you said—what was the basis of the question?

Speaker #3: Oh, the O&M market—how it's developing, and, yeah.

Gerard Sweeney: The O&M market.

Gerry Sweeney: The O&M market.

Frederick McTaggart: Okay.

Fred McTaggart: Okay.

Gerard Sweeney: How it's developing, and yeah.

Gerry Sweeney: How it's developing, and yeah.

Speaker #2: Yeah, there are some big O&M opportunities in California. There aren't a lot of them, but there are certainly some things coming up that are of a lot of interest to us.

Frederick McTaggart: Yeah, there's some big O&M opportunities in California. There's not a lot of them, but there's certainly some things that are coming up that are of a lot of interest to us. As I mentioned in the remarks, much larger than what we currently do there. So, it'll be a bit of a challenge to land these jobs. You have a lot of competition out there now. There's companies that were not involved in O&M that are now engineering companies that are in our market. So, we'll do our best. We think that we have a better value proposition being a smaller company, less overheads. It's just a matter of getting qualified for some of these larger projects, which we think we can do.

Fred McTaggart: Yeah, there's some big O&M opportunities in California. There's not a lot of them, but there's certainly some things that are coming up that are of a lot of interest to us. As I mentioned in the remarks, much larger than what we currently do there. So, it'll be a bit of a challenge to land these jobs. You have a lot of competition out there now. There's companies that were not involved in O&M that are now engineering companies that are in our market. So, we'll do our best. We think that we have a better value proposition being a smaller company, less overheads. It's just a matter of getting qualified for some of these larger projects, which we think we can do.

Speaker #2: As I mentioned in the remarks, much larger than what we currently do there. So it'll be a bit of a challenge to land these jobs.

Speaker #2: I mean, you have a lot of competition out there now. There's companies that were not involved in O&M that are now engineering companies that are in our market.

Speaker #2: So we'll do our best. We think that we have a better value proposition being a smaller company and less overheads. It's just a matter of getting qualified for some of these larger projects, which we think we can do.

Speaker #3: Got it. Great, I appreciate it. I'll jump back in the line. Thanks.

Gerard Sweeney: Got it. Great. I appreciate it. I'll jump back in line. Thanks.

Gerry Sweeney: Got it. Great. I appreciate it. I'll jump back in line. Thanks.

Speaker #2: Yep.

Frederick McTaggart: Yep.

Fred McTaggart: Yep.

Speaker #1: Again, if you have a question, please press star, then one. Please stand by as we poll for questions. Showing no further questions, this will conclude our question and answer session.

Operator: Again, if you have a question, please press star and then one. Please stand by as we poll for questions. Showing no further questions, this will conclude our question and answer session. I'd like to now turn the call back over to Mr. McTaggart. Sir, please go ahead.

Speaker #1: I'd like to now turn the call back over to Mr. McTaggart. Sir, please go ahead.

Speaker #2: Thanks, Nick. I'd just like to again thank everybody for joining us today, and I look forward to speaking with you again in November when we release our Q3 results.

Frederick McTaggart: Thanks, Nick. Just like to, again, thank everybody for joining us today, and I look forward to speaking with you again in November when we release our Q3 results. Take care.

Fred McTaggart: Thanks, Nick. Just like to, again, thank everybody for joining us today, and I look forward to speaking with you again in November when we release our Q3 results. Take care.

Speaker #2: Take care.

Speaker #1: Thank you. Before we conclude today's call, I would like to provide the company's Safe Harbor Statement, which includes cautions regarding forward-looking statements made during today's call.

Operator: Thank you. Before we conclude today's call, I would like to provide the company's Safe Harbor statement that includes cautions regarding forward-looking statements made during today's call. The information that we have provided in this conference call includes statements that may constitute forward-looking statements, usually containing the words believe, estimate, project, intend, expect, should, will, or other similar expressions.

Speaker #1: The information that we have provided in this conference call includes statements that may constitute forward-looking statements, usually containing the words "believe," "estimate," "project," "intend," "expect," "should," "will," or other similar expressions.

Speaker #1: These forward-looking statements include, but are not limited to, statements regarding the anticipated construction schedule and completion of the Clayaloa Desalination Facility; the effect of permitting delays on that schedule; the company's and the Honolulu Board of Water Supply's efforts to mitigate those delays; and the company's ability to perform its design, build, operate, and maintain obligations with respect to the Clayaloa facility, including the anticipated 20-year operating term.

Operator: These forward-looking statements include, but are not limited to, statements regarding the anticipated construction schedule and completion of the Kalaeloa Desalination Facility, the effect of permitting delays on that schedule, the companies and the Honolulu Board of Water Supply's efforts to mitigate those delays, the company's ability to perform its design, build, operate, and maintain obligations with respect to the Kalaeloa facility, including the anticipated 20-year operating term and any exercise of the related extension options, and the company's ability to design, fabricate, and deliver the Florida purchase orders on the anticipated schedule, including by November 2027. These forward-looking statements are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements.

Speaker #1: And any exercise of the related extension options, and the company's ability to design, fabricate, and deliver the Florida purchase orders on the anticipated schedule, including by November 2027.

Speaker #1: These forward-looking statements are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements.

Speaker #1: For more information about risks and uncertainties associated with the company's business, please refer to the management discussion and analysis of financial condition and results of operations and risk factors sections of the company's SEC filings including but not limited to its annual report on Form 10-K and quarterly reports on Form 10-Q, copies of which may be obtained by contacting the company's secretary at the company's executive offices or at the investors-SEC filings page of the company's website at ir dot cwco.com slash docs.

Operator: For more information about risks and uncertainties associated with the company's business, please refer to the Management Discussion and Analysis of Financial Condition and Results of Operations and Risk Factors sections of the company's SEC filings, including, but not limited to, its annual reports on Form 10-K and quarterly reports on Form 10-Q, copies of which may be obtained by contacting the company secretary at the company's executive offices or at the Investors-SEC Filings page of the company's website at ir.cwco.com/docs. Except as otherwise required by law, the company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Any forward-looking statements made during the conference call speaks as of today's date.

Speaker #1: Except as otherwise required by law, the company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events, or otherwise.

Speaker #1: Any forward-looking statements made during the conference call speak as of today's date. The company expressly disclaims any obligation or undertaking to update or revise any forward-looking statements made during the conference call to reflect any changes in its expectations with regard thereto, or any changes in the events, conditions, or circumstances on which any forward-looking statement is based, except as required by law.

Operator: The company expressly disclaims any obligations or undertaking to update or revise any forward-looking statements made during the conference call to reflect any changes in its expectations with regard thereto or any changes in its events, conditions, or circumstances of which any forward-looking statement is based, except as required by law. I would like to remind everyone that this call will be available for replay starting later this evening. Please refer to yesterday's earnings release for dial-in replay instructions available via the company's website at cwco.com. Thank you for attending today's presentation. This concludes the conference call. You may now disconnect.

Speaker #1: I would like to remind everyone that this call will be available for replay starting later this evening. Please refer to the dial-in replay instructions, available via the company's website at cwco.com.

Q2 2026 Consolidated Water Co Ltd Earnings Call

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