美国州立水务 2025年度报告

FORM11-K (Mark One) For the fiscal year ended December30, 2025 OR TRANSITION REPORT PURSUANT TO SECTION15(d)OF THE SECURITIESEXCHANGE ACT OF 1934 For the transition period from ____________ to ______________Commission file number: 001‑14431 A. Full title of the plan and the address of the plan, if different from that of the issuer named below: Golden State Water Company Investment Incentive Program B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office: American States Water Company 630 East Foothill BoulevardSan Dimas, California 91773 Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934: Title of each classAmerican States Water CompanyCommon shares Golden State Water CompanyInvestment Incentive Program Financial Statements andSupplemental ScheduleAs of December30, 2025 and 2024 and Golden State Water CompanyInvestment Incentive Program Contents Report of Independent Registered Public Accounting Firm Financial Statements Statements of Net Assets Available for Plan Benefits as of December30, 2025 and 2024Statement of Changes in Net Assets Available for Plan Benefits for the Year Ended December30, 2025 Notes to the Financial Statements Supplemental Schedule Signatures13 Note: All schedules other than that listed above have been omitted since the information is either disclosed elsewhere in the financialstatements or not required by 29 CFR 2520.103‑10 of the Department of Labor’s Rulesand Regulations for Reporting and Disclosure Report of Independent Registered Public Accounting Firm To the Golden State Water Company Investment Incentive Program Plan Administrator and Plan ParticipantsSan Dimas, California Opinion on the Financial Statements We have audited the accompanying statements of net assets available for plan benefits of the Golden State Water Company InvestmentIncentive Program (the “Plan”) as of December30, 2025 and 2024, the related statement of changes in net assets available for planbenefits for the year ended December30, 2025, and the related notes (collectively, the “financial statements”). In our opinion, thefinancial statements present fairly, in all material respects, the net assets available for plan benefits of the Plan as of December30, Basis for Opinion These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on the Plan’sfinancial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting OversightBoard (United States) (“PCAOB”) and are required to be independent with respect to the Plan in accordance with the U.S. federal We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the auditto obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part ofour audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing Our audits included performing procedures to assess the risk of material misstatement of the financial statements, whether due to erroror fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidenceregarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used Supplemental Information The supplemental information in the accompanying supplemental schedule of assets (held at end of year) as of December30, 2025 hasbeen subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplementalinformation is presented for the purpose of additional analysis and is not a required part of the financial statements but includedsupplemental information required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under theEmployee Retirement Income Security Act of 1974. The supplemental information is the responsibility of the Plan’s management. Our /s/ BDO USA, P.C. Costa Mesa, CaliforniaJune26, 2026We have served as the Plan’s auditor since 2002. Golden State Water CompanyInvestment Incentive Program Golden State Water CompanyInvestment Incentive Program Notes to the Financial Statements Note 1 - Plan Description The following description of the Golden State Water Company Investment Incentive Program (the “Plan”) provides only generalinformation. Participants should refer to the Plan document for a more complete description of the Plan’s provisions. General The Plan is a defined contribution plan established by Golden State Water Company (the “Company” or “GSWC”) under theprovisions of Section 401(a) of