8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): December 1, 2017

EVOQUA WATER TECHNOLOGIES CORP.

(Exact name of registrant as specified in its charter)

Delaware	001-38272	46-4132761
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification Number)

210 Sixth Avenue Pittsburgh, Pennsylvania	15222
(Address of principal executive offices)	(Zip code)

Registrant’s telephone number, including area code: (724) 772-0044

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

oWritten communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

oSoliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

oPre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

oPre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4c))

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Item 2.02. Results of Operations and Financial Condition.

On December 1, 2017, Evoqua Water Technologies Corp. (the “Company”) issued a press release announcing the financial results of the Company for the fourth quarter and fiscal year ended September 30, 2017. A copy of the press release is being furnished as Exhibit 99.1 attached hereto and is incorporated by reference herein.

In accordance with General Instruction B.2 of Form 8-K, the information in this Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1 attached hereto, shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 7.01. Regulation FD Disclosure.

The slide presentation furnished as Exhibit 99.2 hereto, and incorporated herein by reference, will be presented to certain of the Company’s investors on December 1, 2017 and may be used by the Company in various other presentations to investors.

In accordance with General Instruction B.2 of Form 8-K, the information in this Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.2 attached hereto, shall not be deemed “filed” for the purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits:

Exhibit No.	Description
99.1	Press Release “Evoqua Water Technologies Reports Fiscal 2017 Fourth Quarter and Full Year Results,” dated December 1, 2017.
99.2	Evoqua Water Technologies Corp. presentation to investors.

2

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: December 1, 2017		EVOQUA WATER TECHNOLOGIES CORP.
	By:	/s/ Benedict J. Stas
		Benedict J. Stas
		Chief Financial Officer

3

EX-99.1

Exhibit 99.1

Evoqua Water Technologies Reports Fiscal 2017 Fourth Quarter and Full Year Results

Fourth Quarter 2017 Highlights (ended September 30, 2017)

·Consolidated Revenues of $356.5 million, up 11.6% year-over-year

·Net income of $13.0 million, up $12.8 million year-over-year;

·Adjusted EBITDA of $71.4 million, up 20.1% year-over-year

Full Year 2017 Highlights

·Consolidated Revenues of $1.25 billion, a 9.7% increase year-over-year

·Net income of $6.4 million, a decline of $6.6 million year-over-year;

·Adjusted EBITDA of $207.7 million, up $47.6 million or 29.7% year-over-year

Pittsburgh, PA — December 1, 2017 — Evoqua Water Technologies Corp. (NYSE:AQUA) today reported results for its fiscal 2017 fourth quarter and full year ended September 30, 2017 following its successful initial public offering last month.

Evoqua reported revenues for the fourth quarter of 2017 of $356.5 million, an 11.6% increase as compared to the fourth quarter of the prior year.  Net income for the quarter was $13.0 million, up $12.8 million year-over-year.  The Company delivered Adjusted EBITDA of $71.4 million in the fourth quarter 2017, an increase of 20.1% year-over-year.

For the full year fiscal 2017, Evoqua reported revenues of $1.25 billion, a 9.7% increase year-over-year.  Net income for the year was $6.4 million and the Company delivered Adjusted EBITDA of $207.7 million for the full year fiscal 2017, a 29.7% increase over the prior year.

“For both the quarter and full-year Evoqua employees generated record sales, net income and Adjusted EBITDA by focusing on our 38,000 customers across the world,” said Ron Keating, Evoqua CEO.   “Following our successful initial public offering on November 2, we are well positioned to continue to capture organic and inorganic growth opportunities as we leverage our iconic brands and differentiated technologies to capitalize on favorable industry dynamics, and further strengthen our number one market position in North America.”

Fourth Quarter and Full Year Segment Results

The Company has three reportable segments — Industrial, Municipal and Products.

Industrial

The Industrial segment combines equipment and services to improve operational reliability and environmental compliance for heavy and light industry, commercial and institutional markets.  Their customers span industries including hydrocarbon processing, chemical processing, power, food and beverage, life sciences, health services and microelectronics.

Industrial revenues were $182.5 million for the three months ended September 30, 2017, as compared to $160.4 million for the three months ended September 30, 2016, an increase of $22.1 million or

13.8%.  The increase in the three month period was driven by capital and service revenues of $9.8 million primarily in the power market.  In addition, the acquisitions of ADI Systems, Inc. (“ADI”), Environmental Treatment Systems (“ETS”) and Noble Water Technologies (“Noble”), contributed $15.1 million of the increased revenue for the three months ended September 30, 2017.  This was offset by a decrease of $1.9 million in revenues that did not reoccur related to the sales at the Company’s former Vernon, California, facility because of the disposition of that facility (the “Vernon Disposition”) as of September 30, 2016.

Revenues increased $39.2 million, or 6.5%, to $643.4 million in the fiscal year ended September 30, 2017 from $604.2 million in the fiscal year ended September 30, 2016. Throughout the fiscal year, the increase in service and capital revenues was driven by new account penetration in power and hydrocarbon and chemical processing end markets and higher customer production levels in general manufacturing and pharmaceutical and healthcare end markets. In addition, our acquisitions of ETS, ADI and Noble during the year ended September 30, 2017 contributed $19.4 million of revenues, partially offset by a decrease of $7.9 million in revenues that did not reoccur related to the sales at the Company’s former Vernon, California, facility because of the Vernon Disposition as of September 30, 2016.

Operating profit in the Industrial segment increased $5.3 million, or 17.6%, to $35.5 million for the three months ended September 30, 2017 as compared to $30.2 million for the three months ended September 30, 2016.  EBITDA increased $7.4 million, or 18.4%, to $47.3 million from $39.9 million.

For the fiscal year ended September 30, 2017, operating profit increased $18.6 million, or 20.3%, to $110.0 million from $91.4 million in the fiscal year ended September 30, 2016.  EBITDA increased $19.8 million, or 15.3%, to $149.4 million in the fiscal year ended September 30, 2017 from $129.7 million in the fiscal year ended September 30, 2016.  The increase in operating profit and EBITDA was primarily related to the increased revenue volume as well as benefits experienced from supply chain initiatives, including lower procurement costs and continued operating efficiencies.

Municipal

The Municipal segment helps engineers and municipalities meet new demands for plant performance through market-leading equipment, solutions and services backed by trusted brands and over 100 years of applications experience.  The segment’s customers include waste water and drinking water collection and distribution systems and utility operators.  The segment’s services include odor and corrosion control services.

Municipal revenues were $79.7 million for the three months ended September 30, 2017, as compared to $78.5 million for the three months ended September 30, 2016, an increase of $1.2 million or 1.5%.

For the fiscal year ended September 30, 2017, revenues increased slightly by $0.6 million, or 0.2%, to $278.6 million from $278.0 million in the fiscal year ended September 30, 2016. Excluding the operations in Italy, which the Company is in the process of closing and which resulted in a decline of $1.6 million in revenues over the same period, the overall business grew by $2.2 million, or 0.8%.

Operating profit increased $3.2 million, or 32.7%, to $13.1 million for the three months ended September 30, 2017 as compared to $9.9 million for the three months ended September 30, 2016.  EBTIDA increased $3.1 million, or 26%, to $15.1 million from $12.0 million.

In the fiscal year ended September 30, 2017, operating profit increased for the Municipal segment by $5.4 million, or 17.1%, to $36.6 million from $31.3 million in 2016.  EBITDA increased $5.3 million, or 13.5%, to $44.8 million from $39.4 million in the prior fiscal year. The increase in operating profit and EBITDA was primarily due to the continued benefits in both project execution and procurement savings. This was partially offset by increased labor costs.

Products

The Products segment has distinct business operating units, each built on well-known brands and technologies that are sold globally through multiple sales and aftermarket channels.  Additionally, the Products segment also offers industrial, municipal and recreational users improved operational reliability and environmental compliance.  The segment’s customers include original equipment manufacturers, regional and global distributors, engineering, procurement and contracting customers, and end users in the municipal, industrial and commercial industries including hotels, resorts, colleges, universities, waterparks, aquariums and zoos.

Products revenues increased $13.8 million, or 17.1%, to $94.3 million for the three months ended September 30, 2017 from $80.5 million for the three months ended September 30, 2016.

In the fiscal year ended September 30, 2017, revenues increased $70.4 million, or 27.6%, to $325.4 million from $255.0 million in fiscal 2016. The increase in revenues was primarily due to the acquisitions of Neptune-Benson, Valve and Filtration Systems, Ltd (“VAF”), Delta Ultra Violet Corporation (“Delta UV”), Magneto and Olson Irrigation Systems (“Olson”). These acquisitions accounted for an aggregate of $48.7 million of the increased revenues. The Products segment also saw strong results in the Aquatics and Disinfection division, driven by strong demand across its end markets. The segment saw additional growth in the power and microelectronics markets, and higher sales of electrodeionization equipment in China.

Operating profit increased $0.1 million, or 0.5%, to $20.7 million for the three months ended September 30, 2017 from $20.5 million for the three months ended September 30, 2016.  EBITDA also increased $0.6 million, or 2.6%, to $23.8 million from $23.2 million.

Operating profit for the fiscal year ended September 30, 2017 increased $17.2 million, or 35.3%, to $65.9 million from $48.7 million in fiscal 2016.  EBITDA increased $22.3 million, or 40.5%, to $77.4 million in fiscal 2017 from $55.1 million in fiscal 2016.  The increase in operating profit and EBITDA was primarily due to the additional revenue volume and profitability associated with the acquisitions of Neptune-Benson, VAF, Delta UV, Magneto and Olson. Operating profit and EBITDA improved in the Aquatics and Disinfection division, and the electrodeionization equipment division due to the increased revenues in the Asia region.  The balance of improved operating profit resulted from other restructuring and cost improvement activities.

Summary and Outlook

“We had a very strong close to the year with fourth quarter revenues and Adjusted EBITDA each up double digits,” said Keating.  “All three segments performed well and market trends across the industry and our end markets continue to be favorable for continued profitable growth.  For 2018, we expect revenues to be in the range of $1.33 billion and $1.36 billion and Adjusted EBITDA to be in the range of $235 million and $255 million.”

About Evoqua Water Technologies

Evoqua Water Technologies is a leading provider of mission critical water treatment solutions, offering services, systems and technologies to support its customers’ full water lifecycle needs. Evoqua Water Technologies has worked to protect water, the environment and its employees for more than 100 years, earning a reputation for quality, safety and reliability around the world. Headquartered in Pittsburgh, Pennsylvania, Evoqua operates 160 locations in eight countries and, with over 200,000 installations and 87 service branches, holds leading positions in the North American industrial, commercial and municipal water treatment markets, serving more than 38,000 customers worldwide.

EVOQUA WATER TECHNOLOGIES CORP.

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

	Year ended September 30, 2015			Year ended September 30, 2016			Year ended September 30, 2017
Revenue from product sales	$	533,649		$	587,087		$	674,997
Revenue from services	527,317			550,109			572,427
	1,060,966			1,137,196			1,247,424
Cost of product sales	(385,243		)	(407,354		)	(445,890		)
Cost of services	(383,306		)	(396,777		)	(401,783		)
	(768,549		)	(804,131		)	(847,673		)
Gross Profit	292,417			333,065			399,751
General and administrative expense	(147,663		)	(144,771		)	(169,617		)
Sales and marketing expense	(124,429		)	(135,208		)	(142,441		)
Research and development expense	(25,909		)	(22,897		)	(19,990		)
Other operating income	1,237			10,079			2,361
Other operating expense	(1,163		)	(3,113		)	(860		)
Interest expense	(34,060		)	(42,518		)	(55,377		)
Equity in income of non-consolidated affiliate	1,424			—			—
(Loss) income before income taxes	(38,146		)	(5,363		)	13,827
Income tax benefit (expense)	(47,905		)	18,394			(7,417		)
Net (loss) income	(86,051		)	13,031			6,410
Net income attributable to non-controlling interest	—			1,392			4,247
Net (loss) income attributable to Evoqua Water Technologies Corp.	$	(86,051	)	$	11,639		$	2,163
Basic (loss) earnings per common share	$	(0.85	)	$	0.11		$	0.02
Diluted (loss) earnings per common share	$	(0.85	)	$	0.11		$	0.02

EVOQUA WATER TECHNOLOGIES CORP.

CONSOLIDATED BALANCE SHEETS

(in thousands, except per share amounts)

	September 30, 2016			September 30, 2017
ASSETS
Current assets	$	418,336		$	512,240
Cash and cash equivalents	50,362			59,254
Receivables, net	184,789			245,248
Inventories, net	112,392			120,047
Cost and earnings in excess of billings on uncompleted contracts	50,081			66,814
Prepaid and other current assets	16,255			20,046
Income tax receivable	4,457			831
Property, plant, and equipment, net	256,765			280,043
Goodwill	267,643			321,913
Intangible assets, net	323,478			333,746
Deferred income taxes	—			2,968
Other non-current assets	30,009			22,399
Total assets	$	1,296,231		$	1,473,309
LIABILITIES AND EQUITY
Current liabilities	$	284,862		$	291,899
Accounts payable	102,379			114,932
Current portion of debt	30,024			11,325
Billings in excess of costs incurred	22,175			27,124
Product warranties	16,860			11,164
Accrued expenses and other liabilities	111,307			121,923
Income tax payable	2,117			5,431
Non-current liabilities	807,434			964,835
Long-term debt	728,132			878,524
Product warranties	6,449			6,110
Other non-current liabilities	64,290			67,673
Deferred income taxes	8,563			12,528
Total liabilities	1,092,296			1,256,734
Commitments and Contingent Liabilities	—			—
Shareholders’ equity
Common stock, par value $0.01: authorized 1,000,000 shares; issued 104,495 shares, outstanding 104,250 at September 30, 2016; issued 105,359 shares, outstanding 104,964 shares at September 30, 2017	1,045			1,054
Treasury stock: 245 shares at September 30, 2016 and 395 shares at September 30, 2017	(1,133		)	(2,607		)
Additional paid-in capital	381,223			388,986
Retained deficit	(172,169		)	(170,006		)
Accumulated other comprehensive loss, net of tax	(10,671		)	(5,989		)
Total Evoqua Water Technologies Corp. equity	198,295			211,438
Non-controlling interest	5,640			5,137
Total shareholders’ equity	203,935			216,575
Total liabilities and shareholders’ equity	$	1,296,231		$	1,473,309

EVOQUA WATER TECHNOLOGIES CORP.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

	Year Ended September 30, 2015			Year Ended September 30, 2016			Year Ended September 30, 2017
Operating activities
Net (loss) income	$	(86,051	)	$	13,031		$	6,410
Reconciliation of net loss to cash flows from operating activities:
Depreciation and amortization	58,139			69,289			77,886
Amortization of deferred financing costs (includes $0, $0 and $3,904 write off of deferred financing fees)	3,514			4,121			8,511
Deferred income taxes	45,254			(21,215		)	1,273
Share based compensation	1,587			1,999			2,251
Equity in net income (loss) of affiliate, net of cash received	76			—			—
Gain on sale of property, plant and equipment	(20		)	(11,120		)	1,230
Foreign currency losses on intracompany loans	19,288			51			(5,625		)
Changes in assets and liabilities
Accounts receivable	9,496			(3,973		)	(44,047		)
Inventories	(44		)	2,484			(5,948		)
Cost and earnings in excess of billings on uncompleted contracts	17,848			(15,258		)	(17,296		)
Prepaids and other current assets	4,287			1,326			(2,971		)
Accounts payable	(14,941		)	15,682			4,707
Accrued expenses and other liabilities	(14,568		)	(31,446		)	(2,243		)
Billings in excess of costs incurred	7,497			(13,389		)	1,301
Income taxes	(6,224		)	4,329			6,656
Other non-current assets and liabilities	(3,194		)	16,008			(3,593		)
Net cash provided by operating activities	41,944			31,919			28,502
Investing activities
Purchase of property, plant and equipment	(44,079		)	(47,728		)	(57,775		)
Purchase of intangibles	(4,705		)	(248		)	(4,914		)
Proceeds from sale of property, plant and equipment	1,918			5,191			5,422
Proceeds from sale of business	—			4,547
Acquisitions, net of cash acquired of $0, $11,486 and $209 respectively	—			(306,372		)	(77,628		)
Net cash used in investing activities	(46,866		)	(344,610		)	(134,895		)
Financing activities
Issuance of debt related to acquisitions, net of deferred issuance costs	—			178,704			415,602
Borrowings under credit facility	—			81,000			131,000
Repayment of debt	(5,050		)	(74,461		)	(423,418		)
Repayment of capital lease obligation	(1,650		)	(7,683		)	(7,962		)
Proceeds from capital contribution	—			6,895			—
Proceeds from issuance of common stock	847			10,282			5,521
Stock repurchases	(410		)	(723		)	(1,474		)
Investor transaction fees	—			—			—
Distribution to non-controlling interest	—			(2,625		)	(4,750		)
Net cash provided by (used in) financing activities	(6,263		)	191,389			114,519
Effect of exchange rate changes on cash	(5,225		)	2,637			766
Change in cash and cash equivalents	(16,410		)	(118,665		)	8,892
Cash and cash equivalents
Beginning of period	185,437			169,027			50,362
End of period	$	169,027		$	50,362		$	59,254

Evoqua Water Technologies Non-GAAP Measures

Adjusted EBITDA

We make use of the non-GAAP financial measure “Adjusted EBITDA” in evaluating our past performance and future prospects. Adjusted EBITDA is defined as net income (loss) before interest expense, income tax expense (benefit) and depreciation and amortization, adjusted for the impact of certain other items, including restructuring and related business transformation costs, purchase accounting adjustment costs, non cash stock based compensation, sponsor fees, transaction costs and other gains, losses and expenses.

Adjusted EBITDA is one of the primary metrics used by management to evaluate the financial performance of our business. We present Adjusted EBITDA, which is not a recognized financial measure under GAAP, because we believe it is frequently used by analysts, investors and other interested parties to evaluate companies in our industry. Further, we believe it is helpful in highlighting trends in our operating results, because it excludes, among other things, certain results of decisions that are outside the control of management, while other measures can differ significantly depending on long term strategic decisions regarding capital structure, the tax jurisdictions in which we operate and capital investments. Management uses Adjusted EBITDA to supplement GAAP measures of performance as follows:

·to assist investors and analysts in comparing our operating performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance;

·in our management incentive compensation which is based in part on components of Adjusted EBITDA;

·in certain calculations under our senior secured credit facilities, which use components of Adjusted EBITDA.

·to evaluate the effectiveness of our business strategies;

·to make budgeting decisions; and

·to compare our performance against that of other peer companies using similar measures.

In addition to the above, our chief operating decision maker uses EBITDA of each reportable segment to evaluate the operating performance of such segments.

You are encouraged to evaluate each adjustment and the reasons we consider it appropriate for supplemental analysis. In addition, in evaluating Adjusted EBITDA, you should be aware that in the future, we may incur expenses similar to the adjustments in the presentation of Adjusted EBITDA. Our presentation of Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by unusual or non recurring items. In addition, Adjusted EBITDA may not be comparable to similarly titled measures used by other companies in our industry or across different industries.

The following is a reconciliation of our net income (loss) to Adjusted EBITDA (amounts in thousands):

	Three Months Ended
	September 30						Year Ended September 30
	2016			2017			2016			2017
Net income	$	164		$	12,960		$	13,031		$	6,410
Interest expense	13,051			16,260			42,518			55,377
Income tax (benefit) expense	2,025			7,122			(18,394		)	7,417
Depreciation and amortization	18,303			22,073			69,289			77,886
EBITDA	33,543			58,415			106,444			147,090
Restructuring and related business transformation costs (a)	24,867			14,948			43,075			51,331
Purchase accounting adjustment costs (b)	1,267			—			1,267			229
Stock-based compensation (c)	553			617			1,999			2,251
Sponsor fees (d)	948			1,132			3,758			4,174
Transaction costs (e)	1,431			1,683			5,374			7,342
Other gains, losses and expenses (f)	(3,189		)	(5,432		)	(1,864		)	(4,750		)
Adjusted EBITDA	$	59,420		$	71,364		$	160,053		$	207,666

(a)Represents:

(i)costs and expenses in connection with various restructuring initiatives since our acquisition, through our wholly-owned entities, EWT Holdings II Corp. and EWT Holdings III Corp., of all of the outstanding shares of Siemens Water Technologies, a group of legal entity businesses formerly owned by Siemens Aktiengesellschaft, on January 15, 2014 (the “the AEA Acquisition”), including severance costs, relocation costs, recruiting expenses, write-offs of inventory and fixed assets and third-party consultant costs to assist with these initiatives (includes (A) $16.9 million for the three months ended September 30, 2016 and $0.9 million in the three months ended September 30, 2017, $16.9 million in fiscal 2016 (all of which is reflected as a component of Restructuring charges in “Note 12—Restructuring and Related Charges” to our audited consolidated financial statements to be included in our Annual Report on Form 10-K for the fiscal year ended September 30, 2017) and $20.1 million in fiscal 2017 (all of which is reflected as a component of Restructuring charges in “Note 12—Restructuring and Related Charges” to our audited consolidated financial statements to be included in our Annual Report on Form 10-K for the fiscal year ended September 30, 2017) related to our voluntary separation plan pursuant to which approximately 220 employees accepted separation packages, and (B) $1.8 million for the three months ended September 30, 2016, reflected as a components of Cost of product sales and services ($0.3 million), Sales and marketing expense ($0.3 million), Research and development expense ($0.1 million), General and administrative expense ($1.0 million), and Other income/expense ($0.1 million),  and $6.7 million for the three months ended September 30, 2017, reflected as components of Cost of product sales and services ($4.8 million), Sales and marketing expense ($.6 million) and General and administrative expense ($1.3 million),  $11.1 million (all of which is reflected as a component of Restructuring charges in

“Note 12—Restructuring and Related Charges” to our audited consolidated financial statements to be included in our Annual Report on Form 10-K for the fiscal year ended September 30, 2017) in fiscal 2016 and $13.2 million (of which $12.3 million is reflected as a component of Restructuring charges in “Note 12—Restructuring and Related Charges” to our audited consolidated financial statements to be included in our Annual Report on Form 10-K for the fiscal year ended September 30, 2017) in fiscal 2017 related to various other initiatives implemented to restructure and reorganize our business with the appropriate management team and cost structure). Differences between amounts reflected as Restructuring charges in fiscal 2017 in “Note 12—Restructuring and Related Charges” to our audited consolidated financial statements to be included in our Annual Report on Form 10-K for the fiscal year ended September 30, 2017 and amounts reflected in this adjustment relate primarily to impairment charges related to assets in our Italy operations that have been reflected as a component of Cost of product sales and services ($.9 million);

(ii)legal settlement costs and intellectual property related fees associated with legacy matters prior to the AEA Acquisition, including fees and settlement costs related to product warranty litigation on MEMCOR products and certain discontinued products ($2.6 million for the three months ended September 30, 2016, primarily reflected as a component of General and administrative expense, $0.7 million in the three months ended September 30, 2017, primarily reflected as a component of General and administrative expense, $5.1 million, primarily reflected as a component of Cost of product sales and services in fiscal 2016 and $2.5 million, primarily reflected as a components of Cost of product sales and services ($.4 million) and General and administrative expenses ($2.1 million) in fiscal 2017);

(iii)expenses associated with our information technology and functional infrastructure transformation following the AEA Acquisition, including activities to optimize information technology systems and functional infrastructure processes ($3.4 million for the three months ended September 30, 2016, primarily reflected as components of Cost of product sales and services ($1.5 million), Research and development expense ($0.1 million), Sales and marketing expense ($0.8 million) and General and administrative expense ($1.0 million), and $2.6 million in the three months ended September 30, 2017, primarily reflected as components of Cost of product sales and services ($1.2 million), Sales and marketing expense ($.8 million) and General and administrative expense ($.6 million), $9.5 million, primarily reflected as components of Cost of product sales and services ($3.6 million), Sales and marketing expense ($2.5 million), General and administrative expense ($3.1 million) and Research and development expense ($0.3 million) in fiscal 2016 and $7.3 million, primarily reflected as components of Cost of product sales and services ($3.3 million), Sales and marketing expense ($1.5 million), and General and administrative expense ($2.5 million) in fiscal 2017); and

(iv)costs incurred by us in connection with the IPO, including consultant costs and public company compliance costs ($0.2 million for the three months ended September 30, 2016 and $4.1 million in the three months ended September 30, 2017, $0.5 million in

fiscal 2016, and $8.3 million in fiscal 2017, all reflected as a component of General and administrative expense).

(b)Represents adjustments for the effect of the purchase accounting step-up in the value of inventory to fair value recognized in cost of goods sold as a result of the AEA Acquisition and the acquisition of Magneto.

(c)Represents non-cash stock-based compensation expenses related to option awards. See Note 15 to our audited financial statements to be included in our Annual Report on Form 10-K for the fiscal year ended September 30, 2017 for further detail.

(d)Represents management fees paid to AEA pursuant to the management agreement. Pursuant to the management agreement, AEA provided advisory and consulting services to us in connection with the AEA Acquisition, including investment banking, due diligence, financial advisory and valuation services. AEA also provides ongoing advisory and consulting services (similar in nature to the services provided in connection with the AEA Acquisition) to us pursuant to the management agreement. In connection with the IPO, the management agreement was terminated. See Note 18 to our audited financial statements to be included in our Annual Report on Form 10-K for the fiscal year ended September 30, 2017 for further detail.

(e)Represents expenses associated with acquisition and divestiture-related activities and post-acquisition integration costs and accounting, tax, consulting, legal and other fees and expenses associated with acquisition transactions ($1.4 million in the three months ended September 30, 2016 and $1.7 million in the three months ended September 30, 2017, $5.4 million in fiscal 2016 and $7.3 million in fiscal 2017).

(f)Represents:

(i)impact of foreign exchange gains and losses ($0.9 million gain in the three months ended September 30, 2016 and $5.8 million gain in the three months ended September 30, 2017, $0.5 million loss in fiscal 2016 and $7.8 million gain in fiscal 2017);

(ii)$3.5 million gain on the sale of assets, primarily related to the Vernon Disposition;

(iii)foreign exchange impact related to headquarter allocations ($0.6 million gain in the three months ended September 30, 2016 and $0.1 million loss in the three months ended September 30, 2017, $0.7 million gain in fiscal 2016, and $1.2 million loss in fiscal 2017); and

(iv)expenses related to maintaining non-operational business locations ($1.8 million in the three months ended September 30, 2016 and $0.2 million in the three months ended September 30, 2017, $1.8 million in fiscal 2016 and $1.9 million in fiscal 2017).

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All of these forward-looking statements, including, but not limited to, expected financial outlook for fiscal 2018, are based on our current expectations, assumptions, estimates and projections. While we believe these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control. These and other important factors may cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements, or could affect our share price. Some of the factors that could cause actual results to differ materially from those expressed or implied by the forward-looking statements include among other things, general global economic and business conditions; our ability to compete successfully in our markets; our ability to continue to develop or acquire new products, services and solutions and adapt our business to meet the demands of our customers, comply with changes to government regulations and achieve market acceptance with acceptable margins; our ability to implement our growth strategy, including acquisitions and our ability to identify suitable acquisition targets; our ability to operate or integrate any acquired businesses, assets or product lines profitably or otherwise successfully implement our growth strategy; delays in enactment or repeals of environmental laws and regulations; the potential for us to become subject to claims relating to handling, storage, release or disposal of hazardous materials; risks associated with product defects and unanticipated or improper use of our products; the potential for us to incur liabilities to customers as a result of warranty claims of failure to meet performance guarantees; our ability to meet our customers’ safety standards or the potential for adverse publicity affecting our reputation as a result of incidents such as workplace accidents, mechanical failures, spills, uncontrolled discharges, damage to customer or third-party property or the transmission of contaminants or diseases; litigation, regulatory or enforcement actions and reputational risk as a result of the nature of our business or our participation in large-scale projects; seasonality of sales and weather conditions; risks related to government customers, including potential challenges to our government contracts or our eligibility to serve government customers; the potential for our contracts with federal, state and local governments to be terminated or adversely modified prior to completion; risks related to foreign, federal, state and local environmental, health and safety laws and regulations and the costs associated therewith; risks associated with international sales and operations, including our operations in China; our ability to adequately protect our intellectual property from third-party infringement; our increasing dependence on the continuous and reliable operation of our information technology systems; risks related to our substantial indebtedness; our need for a significant amount of cash, which depends on many factors beyond our control; AEA’s influence over us; and other factors to be described in the “Risk Factors” section in our Annual Report on Form 10-K for the fiscal year ended September 30, 2017 and in other periodic reports we file with the SEC.  Additionally, this press release speaks only as of December 1, 2017. We undertake no obligation to update or revise, or to publicly announce any update or revision to, any of the forward-looking statements made herein, whether as a result of new information, future events or otherwise.  These forward-looking statements should not be relied upon as representing the Company’s views as of any date subsequent to December 1, 2017.

EX-99.2

Exhibit 99.2

Fourth Quarter and Full Year 2017 Earnings December 1st, 2017

This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All of these forward-looking statements are based on our current expectations, assumptions, estimates and projections. While we believe these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control. These and other important factors may cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements, or could affect our share price. Some of the factors that could cause actual results to differ materially from those expressed or implied by the forward-looking statements include among other things, general global economic and business conditions; our ability to compete successfully in our markets; our ability to continue to develop or acquire new products, services and solutions and adapt our business to meet the demands of our customers, comply with changes to government regulations and achieve market acceptance with acceptable margins; our ability to implement our growth strategy, including acquisitions and our ability to identify suitable acquisition targets; our ability to operate or integrate any acquired businesses, assets or product lines profitably or otherwise successfully implement our growth strategy; delays in enactment or repeals of environmental laws and regulations; the potential for us to become subject to claims relating to handling, storage, release or disposal of hazardous materials; risks associated with product defects and unanticipated or improper use of our products; the potential for us to incur liabilities to customers as a result of warranty claims of failure to meet performance guarantees; our ability to meet our customers’ safety standards or the potential for adverse publicity affecting our reputation as a result of incidents such as workplace accidents, mechanical failures, spills, uncontrolled discharges, damage to customer or third-party property or the transmission of contaminants or diseases; litigation, regulatory or enforcement actions and reputational risk as a result of the nature of our business or our participation in large-scale projects; seasonality of sales and weather conditions; risks related to government customers, including potential challenges to our government contracts or our eligibility to serve government customers; the potential for our contracts with federal, state and local governments to be terminated or adversely modified prior to completion; risks related to foreign, federal, state and local environmental, health and safety laws and regulations and the costs associated therewith; risks associated with international sales and operations, including our operations in China; our ability to adequately protect our intellectual property from third-party infringement; our increasing dependence on the continuous and reliable operation of our information technology systems; risks related to our substantial indebtedness; our need for a significant amount of cash, which depends on many factors beyond our control; AEA’s influence over us; and other factors to be described in the “Risk Factors” section in our Annual Report on Form 10-K for the fiscal year ended September 30, 2017. All statements other than statements of historical fact included in the presentation are forward-looking statements including, but not limited to, expected financial outlook for fiscal 2018. Any forward-looking statement that we make in this presentation speaks only as of December 1st, 2017. We undertake no obligation to update or revise, or to publicly announce any update or revision to, any of the forward-looking statements made herein, whether as a result of new information, future events or otherwise. Use of Non-GAAP Financial Measures - This presentation contains “non-GAAP financial measures,” which are adjusted financial measures that are not calculated and presented in accordance with generally accepted accounting principles in the United States, or “GAAP.” These non-GAAP adjusted financial measures are provided as additional information for investors. We believe these non-GAAP adjusted financial measures, such as Adjusted EBITDA and free cash flow, are helpful to management and investors in highlighting trends in our operating results, because they exclude, among other things, certain results of decisions that are outside the control of management, while other measures can differ significantly depending on long-term strategic decisions regarding capital structure, the tax jurisdictions in which we operate and capital investments. The presentation of this additional information is not meant to be considered in isolation or as a substitute for GAAP measures of net income (loss), or net cash provided by (used in) operating activities prepared in accordance with GAAP. For reconciliations of the non-GAAP adjusted financial measures used in this presentation to the nearest respective GAAP measures, see the Appendix to this presentation. Forward-Looking Statement Safe Harbor

Leading provider of mission critical water treatment solutions Services Technologies Systems #1* market position in North America 100+ years legacy of quality and innovation 38,000 blue chip customers Transforming water. Enriching life.TM $1.2 billion 2017 revenues $208 million 2017 Adjusted EBITDA(1) Key metrics Core offerings *Source: Amane Advisors as of 2016 (1) For the definition of Adjusted EBITDA and a reconciliation to net income (loss), its most directly comparable financial measure presented in accordance with GAAP, see the Appendix hereto.

Summary of historical financials Revenue Adjusted EBITDA(1) (3.3%) 7.2% 9.7% % growth 10.7% 11.3% 14.1% 16.6% % margin 2.3% 33.5% 29.7% % growth ($ in millions, FYE September 30) ($ in millions, FYE September 30) (1) For the definition of Adjusted EBITDA and a reconciliation to net income (loss), its most directly comparable financial measure presented in accordance with GAAP, see the Appendix hereto. (2) Represents Successor Period 2014 (January 16, 2014 through September 30, 2014) and Predecessor Period 2014 (October 1, 2013 through January 15, 2014) combined. 4.4% CAGR 21.0% CAGR (2) (2) $117.2 $119.9 $160.1 $207.7 FY 2014 FY 2015 FY 2016 FY 2017 $1,097.5 $1,061.0 $1,137.2 $1,247.4 FY 2014 FY 2015 FY 2016 FY 2017

Evoqua provides high-value added service and technology to an attractive customer base across a diverse, growing set of end markets Service & support Chemicals Technology & innovation North America Water treatment Water transportation Meters / pumps / valves Design & construction EPC We serve $10 billion of an $85 billion market(1) Addressed market sectors Unaddressed markets sectors $600 billion global water market(1) $85 billion addressable market(1) $10 billion* served market We hold top market positions across our key end markets Pharma / health science Power generation Light manufacturing Microelectronics Wastewater Commercial aquatics Food & beverage Drinking water Hydrocarbon / chemical processing *Source: Amane Advisors as of 2016 (1) Estimated as of 2016; (2) Other includes commercial aquatics, maritime and other / miscellaneous. Maritime (2) Light industry 35% Heavy industry 27% Other 8% Municipal 30%

We serve our customers through three operating segments Representative customers(1) Industrial Full life cycle service and solutions for process and utility water Water as a service Filtration / Disinfection Anode technology Electrodeionization Analyzers and controllers ($ in millions) 16% 24% Full range of products for waste water and drinking water applications Broad services for odor and corrosion control 23% Municipal Products 2017 EBITDA margin (2) Services and solutions 2017 revenue $279 $325 $643 Trademarks shown are those of their respective owners. EBITDA margin is defined as EBITDA as a percentage of revenue.

Evoqua has an unmatched service and support network Water One® services (per gallon) On-demand services (As needed) Service branches 4x as many local service branches as the next largest competitor Preventative maintenance (Quarterly to monthly) Operating services (Weekly to daily) Sticky revenue with high retention Highly visible revenue base Attractive margins putting us within 2 hours of 90%+ of our 25,000+ industrial customers (emerging)

Our business model delivers growing and highly recurring revenue Illustrative revenue breakdown 82% of sales are recurring or in backlog each year Over 25,000 service contracts with 99% retention Aftermarket portfolio supports full product life-cycle Large installed base drives service / aftermarket Long tail of future revenue tied to capital sales Stable, recurring flow of business driven by deep backlog with high level of visibility Balanced portfolio of products and services Recurring 58% Highly repeatable 24% Book to bill 18%

Continued profitable growth through R&D and M&A Completed acquisitions since 2015 Develop and commercialize new technologies Opportunistic approach to sourcing new technology and products between R&D and M&A Deep reservoir of new technologies driving growth today Well-positioned to drive adoption via large installed base and high touch service network Established strategy to fill gaps through M&A Products / technology Market verticals Geographic / regional Deep pipeline of opportunities at attractive, immediately accretive multiples Tuck-in Platform Tuck-in Tuck-in Tuck-in Tuck-in Tuck-in Tuck-in Acquisition Type Product gap Vertical market Geographic expansion

Fourth quarter and full year 2017 performance highlights Revenue 18.6% 20.0% 14.1% 16.6% % margin(3) ($ in millions) Adjusted EBITDA(1) Highlights Fourth Quarter 2017 Revenue growth of 11.6% 8.4% pro forma growth(2) Adjusted EBITDA margin of 20.0% Full Year 2017 Revenue growth of 9.7% 4.4% pro forma growth(2) Adjusted EBITDA up 29.7% Primary drivers: organic revenue, operational efficiencies and acquisitions Acquired four tuck-in businesses ($ in millions) +11.6% growth +9.7% growth +20.1% growth +29.7% growth For the definition of Adjusted EBITDA and a reconciliation to net income (loss), its most directly comparable financial measure presented in accordance with GAAP, see the Appendix hereto. For the definition of pro forma growth and a reconciliation to revenue, its most directly comparable financial measure presented in accordance with GAAP, see the Appendix hereto. Adjusted EBITDA margin % is defined as Adjusted EBITDA as a percentage of revenue. $319.4 $356.5 4Q'16 4Q'17 $1,137.2 $1,247.4 2016 2017 $160.1 $207.7 2016 2017 $59.4 $71.4 4Q'16 4Q'17

Fourth quarter 2017 results Actual Year-Over-Year Revenue $356.5 11.6% Gross Profit $122.9 35.8% Operating Profit $36.3 138.5% Net Income $13.0 N/M Adjusted Net Income(1) $21.3 25.3% Adjusted EBITDA(2) $71.4 20.1% Adjusted EBITDA margin(3) 20.0% 140bps ($ in millions) Fourth quarter 2017 revenue ($ in millions) +13.8% growth +11.6% growth +17.1% growth +1.5% growth For the definition of Adjusted Net Income and a reconciliation to net income (loss), its most directly comparable financial measure presented in accordance with GAAP, see the Appendix hereto. For the definition of Adjusted EBITDA and a reconciliation to net income (loss), its most directly comparable financial measure presented in accordance with GAAP, see the Appendix hereto. Adjusted EBITDA margin is defined as Adjusted EBITDA as a percentage of revenue. $319.4 $356.5 $22.1 $1.2 $13.8 4Q 2016 Industrial Municipal Products 4Q 2017

Actual Year-Over-Year Revenue $1,247.4 9.7% Gross Profit $399.8 20.0% Operating Profit $69.2 86.3% Net Income $6.4 N/M Adjusted Net Income(1) $45.1 N/M Adjusted EBITDA(2) $207.7 29.7% Adjusted EBITDA margin(3) 16.6% 250bps Full year 2017 results ($ in millions) Full year 2017 revenue ($ in millions) +6.5% growth +9.7% growth Note: N/M = not meaningful Flat +27.6% growth For the definition of Adjusted Net Income and a reconciliation to net income (loss), its most directly comparable financial measure presented in accordance with GAAP, see the Appendix hereto. For the definition of Adjusted EBITDA and a reconciliation to net income (loss), its most directly comparable financial measure presented in accordance with GAAP, see the Appendix hereto. Adjusted EBITDA margin is defined as Adjusted EBITDA as a percentage of revenue. $1,137.2 $1,247.4 $39.2 $0.6 $70.4 2016 Industrial Municipal Products 2017

Industrial segment Revenue 24.9% 25.9% 21.5% 23.2% % margin(3) ($ in millions) EBITDA(1) Highlights Fourth Quarter 2017 Revenue up 13.8% 8.0% pro forma growth(2) Driven by capital and services in the power market Full Year 2017 Revenues up 6.5% 5.6% pro forma growth(2) New wins in power and hydrocarbon and chemical processing Increased demand in general manufacturing, pharmaceutical and healthcare ($ in millions) +13.8% growth +6.5% growth +18.4% growth +15.3% growth For the definition of EBITDA and a reconciliation to operating profit, its most directly comparable financial measure presented in accordance with GAAP, see the Appendix hereto. For the definition of pro forma growth and a reconciliation to revenue, its most directly comparable financial measure presented in accordance with GAAP, see the Appendix hereto. Adjusted EBITDA margin % is defined as Adjusted EBITDA as a percentage of revenue.

Municipal segment Revenue 15.3% 19.0% 14.2% 16.1% % margin(2) ($ in millions) EBITDA(1) Highlights Fourth Quarter 2017 Revenue up 1.5% Growth driven by aftermarket demand offset by capital project release timing EBITDA margin increased to 19.0% driven by operational efficiency improvements Driven by project execution, procurement savings and operational efficiencies Full Year 2017 Revenues flat EBITDA margin increased to 16.1% Driven by project execution, procurement savings and operational efficiencies ($ in millions) +1.5% growth Flat +26.0% growth +13.5% growth For the definition of EBITDA and a reconciliation to operating profit, its most directly comparable financial measure presented in accordance with GAAP, see the Appendix hereto. Adjusted EBITDA margin % is defined as Adjusted EBITDA as a percentage of revenue.

Products segment Revenue 28.8% 25.2% 21.6% 23.8% % margin(3) ($ in millions) EBITDA(1) Highlights Fourth Quarter 2017 Revenue up 17.1% 15.8% pro forma growth(2) Strong demand across product lines, particularly international EBITDA margin of 25.2% Full Year 2017 Revenues up 27.6% 5.5% pro forma growth(2) Driven by A&D and EDI product lines EBITDA increased 40.5% EBITDA margin increased to 23.8% Driven by acquisitions, organic growth and operational efficiencies ($ in millions) +17.1% growth +2.6% growth +40.5% growth For the definition of EBITDA and a reconciliation to operating profit, its most directly comparable financial measure presented in accordance with GAAP, see the Appendix hereto. For the definition of pro forma growth and a reconciliation to revenue, its most directly comparable financial measure presented in accordance with GAAP, see the Appendix hereto. Adjusted EBITDA margin % is defined as Adjusted EBITDA as a percentage of revenue.

Key cash flow drivers Capital expenditures 3.3% 4.2% 4.2% 4.6% Capex as % sales ($ in millions) Highlights Net working capital(1) Targeted growth capex directly tied to high ROI projects Increasing pace of investments made to improve operational efficiencies and update technology and equipment infrastructure Highlights Recent investments made in net working capital to support resurgent sales growth Additional investments include capital and municipal projects and acquisitions Programs in place to drive cash conversion 7.4% 7.0% 10.5% 14.7% NWC as % sales ($ in millions) (1) Net working capital calculated as current assets less current liabilities, excluding cash, debt, deferred taxes and the short-term portion of capital leases included in other current liabilities. (2) Represents Successor Period 2014 (January 16, 2014 through September 30, 2014) and Predecessor Period 2014 (October 1, 2013 through January 15, 2014) combined. (2) (2) $36.6 $44.1 $47.7 $57.8 2014 2015 2016 2017 $81.3 $74.6 $119.4 $183.5 2014 2015 2016 2017

Cash generation Free Cash Flow(1) ($ in millions) Highlights Leverage Free cash flow impacted due to investments in working capital and equipment Working capital investments largely in place Modest and stable amounts of maintenance capex typically required Leverage reduced with net primary proceeds from IPO of $100 million (Total net debt(2) to Adjusted EBITDA) Note: See appendix for non-GAAP reconciliations For the definition of Free Cash Flow and a reconciliation to operating cash flow, its most directly comparable financial measure presented in accordance with GAAP, see the Appendix hereto. Total net debt is total debt minus cash and cash equivalents. 4.0x 3.3x 0.0x 1.0x 2.0x 3.0x 4.0x 5.0x Q4 2017 Pre-IPO Q4 2017 Post-IPO

2018 Full year outlook Full Year Revenue $1.33 to $1.36 billion Adjusted EBITDA $235 to $255 million Notes: Excludes unannounced acquisitions See appendix for non-GAAP measures

Key investment highlights Number one market position in North America Positioned to capitalize on favorable industry growth dynamics Iconic brands and differentiated technologies Unparalleled service network Large installed base Significant operating leverage Experienced management team Proven organic and inorganic growth platform

Appendix

Management reviews key performance indicators including revenue, margins, segment operating income and margins, orders growth, working capital and backlog, among others. In addition, we consider certain non-GAAP measures to be useful to management and investors evaluating our operating performance for the periods presented, and to provide a tool for evaluating our ongoing operations, liquidity, management of assets and future prospects. This information can assist investors in assessing our financial performance and measures our ability to generate capital for deployment among competing strategic alternatives and initiatives, including but not limited to: dividends, acquisitions, share repurchases and debt repayment. These adjusted metrics are consistent with how management views our business and are used to make financial, operating, budgeting, planning and strategic decisions. These metrics, however, are not measures of financial performance under GAAP and should not be considered a substitute for revenue, operating income, net income, earnings per share (basic and diluted) or net cash from operating activities as determined in accordance with GAAP. We consider the following non-GAAP measures, which may not be comparable to similarly titled measures reported by other companies, to be key performance indicators: "Pro forma growth" defined as revenue growth including the results of acquisitions for the periods prior to the respective acquisition dates. “EBITDA” defined as earnings before interest, taxes, depreciation and amortization expense. “Adjusted EBITDA” reflects the adjustment to EBITDA to exclude certain other items, including restructuring and related business transformation costs, purchase accounting adjustment costs, non-cash stock based compensation, sponsor fees, transaction costs and other gains, losses and expenses. “Free Cash Flow” defined as net cash from operating activities, as reported in the Statement of Cash Flow, less capital expenditures as well as adjustments for other significant items that impact current results which management believes are not related to our ongoing operations and performance. Our definition of free cash flow does not consider certain non-discretionary cash payments, such as debt. “Adjusted net income” defined as net income adjusted to exclude certain other items, including restructuring and related business transformation costs, purchase accounting adjustment costs, non-cash stock based compensation, sponsor fees, transaction costs and other gains, losses and expenses. Excluding revenue, Evoqua provides guidance only on a non-GAAP basis due to the inherent difficulty in forecasting certain amounts that would be included in GAAP earnings, such as discrete tax items, without unreasonable effort. Non-GAAP measures

Adjusted EBITDA reconciliation A B C D E F A B C D E F Primarily comprised of severance, relocation, recruiting and other costs associated with the voluntary separation program and other various restructuring and efficiency initiatives. Reverses the impact from step-up to fair market value for inventory acquired with the purchase of Magneto. Represents non-cash stock-based compensation related to option awards. Elimination of management fees paid to AEA during its ownership. AEA’s management agreement terminated at the IPO closing. Removal of expenses associated with recent platform and tuck-in acquisitions and divestitures and post-acquisition integration costs. Add back of gains and losses associated with foreign exchange and recent asset sales along with expenses related to maintaining non-operational business locations. (1) Represents Successor Period 2014 (January 16, 2014 through September 30, 2014) and Predecessor Period 2014 (October 1, 2013 through January 15, 2014) combined. ($ in millions) FYE 9/30 FY 2014 (1) FY 2015 FY 2016 9/30/2016 9/30/2017 FY 2017 Net Income ($100.1) ($86.1) $13.0 $0.2 $13.0 $6.4 Income tax provision / (benefit) (49.6) 47.9 (18.4) 2.0 7.1 7.4 Interest expense 24.0 34.1 42.5 13.1 16.3 55.4 Depreciation and amortization 154.9 58.1 69.3 18.3 22.1 77.9 EBITDA $29.2 $54.0 $106.4 $33.5 $58.4 $147.1 Restructuring and related business transaction costs 41.0 32.8 43.1 24.9 14.9 51.3 Purchase accounting adjustment costs 18.3 - 1.3 1.3 - 0.2 Stock-based compensation 0.3 1.6 2.0 0.6 0.6 2.3 Sponsor fees 4.4 5.0 3.8 0.9 1.1 4.2 Transaction costs 10.1 - 5.4 1.4 1.7 7.3 Other gains, losses and expenses 13.8 26.4 (1.9) (3.2) (5.4) (4.8) Adjusted EBITDA $117.2 $119.9 $160.1 $59.4 $71.4 $207.7 Contributions from acquisitions 22.3 9.6 Adjusted EBITDA (with contributions from acquisitions) $182.4 $217.3 3M ended

Segment EBITDA reconciliation Note: Segment EBITDA is one of the primary metrics used by management to evaluate the financial performance of our business. Segment EBITDA is defined as operating profit before interest, taxes, depreciation and amortization. ($ in millions) Industrial Municipal Products 3 months ended 9/30/16 Operating Profit $30.2 $9.9 $20.5 D&A 9.8 2.1 2.6 Segment EBITDA $39.9 $12.0 $23.2 FY 2016 Operating Profit $91.4 $31.3 $48.7 D&A 38.3 8.1 6.4 Segment EBITDA $129.7 $39.4 $55.1 3 months ended 9/30/17 Operating Profit $35.5 $13.1 $20.7 D&A 11.9 2.0 3.1 Segment EBITDA $47.3 $15.1 $23.8 FY 2017 Operating Profit $110.0 $36.6 $65.9 D&A 39.5 8.1 11.5 Segment EBITDA $149.4 $44.8 $77.4

Free cash flow / Adjusted net income (1) Refer to adjustments on the Adjusted EBITDA reconciliation; the adjustments above are included net of tax. Tax rate used is 37.7%. ($ in millions) FYE 9/30 Q4 2016 Q4 2017 FY 2016 FY 2017 Operating Cash Flow $21.3 $12.7 $31.9 $28.5 (+) Adjustments, excluding stock-based compensation, net of tax (1) 16.2 7.6 32.6 36.4 (-) Capital Expenditures (13.0) (17.3) (47.7) (57.8) (+) Financing related to BOO capital expenditures 2.2 - 4.6 5.4 (-) Purchases of intangibles (e.g., software licenses) 0.0 (0.7) (0.2) (4.9) Free Cash Flow $26.7 $2.3 $21.2 $7.6 Operating Income $15.2 $36.3 $37.2 $69.2 Interest expense (13.1) (16.3) (42.5) (55.4) Income tax (expense) benefit (2.0) (7.1) 18.4 (7.4) Net Income 0.2 13.0 13.0 6.4 Adjustments, net of tax (1) 16.8 8.3 34.7 38.7 Adjusted Net Income $17.0 $21.3 $47.7 $45.1

Capital structure overview (1) Adjusted EBITDA not inclusive of completed acquisitions. (2) Adjusted EBITDA (with contributions from acquisitions) inclusive of completed acquisitions. ($ in millions) Actual Actual Initial public Pro forma FYE 9/30 9/30/2016 9/30/2017 Offering 9/30/2017 Cash and cash equivalents $50.4 $59.3 $41.0 $100.3 Revolving Credit Facility 18.0 - - - First Lien Term Facility 675.2 896.6 (100.0) 796.6 Second Lien Term Facility 75.0 Build-own-operate financing facilities 11.2 10.2 - 10.2 Capital leases 20.8 30.8 - 30.8 Unamortized discount and lenders fees (21.3) (16.9) - (16.9) Total debt 779.0 920.7 (100.0) 820.7 Total net debt 728.6 861.4 (141.0) 720.4 Total net debt / Adjusted EBITDA (1) 4.6x 4.1x 3.5x Total net debt / Adjusted EBITDA (with contributions from acquisitions) (2) 4.0x 4.0x 3.3x Adjusted

Pro forma growth ($ in millions) FYE 9/30 As Reported Acquisitions Pro Forma As Reported Acquisitions Pro Forma Variance Change % Variance Change % Evoqua Water Technologies $1,137.2 $97.2 $1,234.4 $1,247.4 $40.8 $1,288.3 $110.2 9.7% $53.8 4.4% Industrial $604.2 $41.4 $645.6 $643.4 $38.2 $681.6 $39.2 6.5% $36.0 5.6% Municipal $278.0 $0.0 $278.0 $278.6 $0.0 $278.6 $0.6 0.2% $0.6 0.2% Products $255.0 $55.8 $310.8 $325.4 $2.6 $328.0 $70.4 27.6% $17.2 5.5% Q4 As Reported Acquisitions Pro Forma As Reported Acquisitions Pro Forma Variance Change % Variance Change % Evoqua Water Technologies $319.4 $12.1 $331.5 $356.5 $2.8 $359.3 $37.1 11.6% $27.8 8.4% Industrial $160.4 $11.2 $171.6 $182.5 $2.8 $185.3 $22.2 13.8% $13.7 8.0% Municipal $78.5 $0.0 $78.5 $79.7 $0.0 $79.7 $1.2 1.5% $1.2 1.5% Products $80.5 $0.9 $81.4 $94.3 $0.0 $94.3 $13.8 17.1% $12.9 15.8% Page 26 ©2017 Evoqua Water Technologies Revenue 2016 2017 As Re ported Pro Forma Growth

R