Global Water Resources, Inc.

8. Goodwill and Intangible Assets

The Company’s goodwill is related to historical acquisitions. As of December 31, 2025, there were no indicators of impairment identified as a result of the Company’s review of events and circumstances related to its goodwill subsequent to the acquisitions.

In March 2025, in connection with the 2024 GW-Farmers rate case, the Company reclassified approximately $3.0 million of goodwill to regulatory assets to establish an acquisition premium. Refer to Note 3 – “Regulatory Matters” for additional information. In addition, an immaterial adjustment to goodwill was recorded during the second quarter of 2025.

In July 2025, the Company recorded an additional $0.2 million of goodwill in connection with theseven water systems acquired from the City of Tucson (refer to Note 2 –Acquisitions for additional information).

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Changes in the carrying value of goodwill were as follows:

Intangible Assets

Intangible assets consisted of the following:

Acquired ICFAs and Sonoran contract rights relate to acquired rights under certain ICFAs through the 2004 acquisition of GW-Santa Cruz and GW-Palo Verde and the 2005 acquisition of Sonoran assets, respectively, which are amortized when cash is received in proportion to the amount of total cash expected to be received under the underlying agreements. Due to the uncertainty of the timing of when cash will be received under ICFA agreements and contract rights, the Company cannot reliably estimate when the remaining intangible assets’ amortization will be recorded. There wasno amortization recorded for these balances during the years ended December 31, 2025 and 2024.