Forewords The global water cycle is off balance, with over 90% of extreme weather experienced as water disasters such as floods, droughts and water scarcity, which, together with rising water pollution, all undermine economic stability, food security and human health. Water is not a sector and yet every sector is dependent on water; this represents both a systemic risk and a powerful opportunity for multisectoral attention and action. Growing recognition of these challenges has led to predictions that water will become one of the most significant investment themes of the next decade.1 Understanding water holistically offers co-benefits for economic prosperity, climate and nature resilience, and human health. Real change depends on activating the underdeveloped innovation ecosystem in water and strengthening the enabling environment through public and private investment to scale solutions to these challenges. Unlocking private capital for water solutions is not only a moral and environmental imperative, but also a forward- looking investment, with the potential for enduring returns and lasting impact. Today, the world faces a defining challenge: how to manage too much, too little or too polluted water in the face of growing populations, climate change and strained infrastructure. The good news is that the water crisis is solvable, with many entrepreneurs, communities and innovators working to build a more water-secure future. These solutions need investment to scale. The second edition in the water investment series offers a closer look at how different investment strategies can align with real- world investment opportunities in water. The Aquapreneur Innovation Initiative, led by UpLink and the World Economic Forum’s Food and Water Initiative in collaboration with HCL Group, aims to demystify the water sector for investors, highlight emerging opportunities and offer real-world guidance on what it takes to enter this space. It shines a light on the complexities and promise of investing in water, its reliability, sustainability and alignment with global ESG priorities, while also being candid about the barriers that still exist. We are proud to champion this work because we believe the time is now to shift perceptions, build investor confidence and catalyse the partnerships needed to finance water resilience at scale. We invite you to explore this paper with curiosity and ambition, and to join us in shaping a future in which water investment is not the exception but the norm.Sundar Mahalingam President, Strategy, HCL Group Investing in Water: Aligning Investment Strategies with Water InnovationSeptember 2025 Tania Strauss Head of Sustainable Growth and People Agenda; Member of the Executive Committee, World Economic ForumJohn Dutton Head of UpLink; Member of the Executive Committee, World Economic Forum Investing in Water: Aligning Investment Strategies with Water Innovation 3

Investing in Water Aligning Investment Strategies with Water Innovation 2025