Introduction There will always be a need for water. It is a fundamental resource with no substitute, underpinning human health, food systems, industry and ecosystems. In today’s uncertain economic climate – on top of 45% of global GDP being at risk from water scarcity by 2050 – investing in water solutions offers not only the potential for meaningful environmental and social impact but also an adaptable and future-oriented investment opportunity. In June 2024, UpLink – the early-stage innovation initiative of the World Economic Forum – released its inaugural paper, Investing in Water: A Practical Guide. The paper aimed to demystify water investment for those new to the field by sharing insights into the water sector, including innovations, regulatory opportunities and risks, and investment strategies. Intended as a first foray into water investing, the guide included water trends and technologies and helpful insights from water investors on how to wade into the world of water. Building on that initial publication, this paper provides first-time water investors with a deeper, more tailored guide to opportunities that align with their specific investment theses and risk profiles. It makes a compelling case for investing in water solutions, gives an overview of the current landscape and investment gaps, indicates significant challenges and pitfalls of which to be aware, provides insights into where investor interest is focused today and, most importantly, outlines how water investment opportunities can fit within different investment strategies.Water works – no matter the investment strategy. The Aquapreneur Innovation Initiative BOX 1 To drive the freshwater management and conservation agenda, HCL Group is partnering with UpLink, in collaboration with the World Economic Forum’s Food and Water Initiative, to help promising early-stage water start-ups scale. Through a CHF 15 million ($18.5 million) investment over five years, the Aquapreneur Innovation Initiative is accelerating the innovation agenda for water and creating a first-of-its-kind innovation ecosystem for the global freshwater sector, connecting aquapreneurs with investors and private- and public-sector players to enable a world in which freshwater is not a resource to be used up, but a resource that has real economic and societal value. $9m in non-dilutive funding provided by HCL to 40 aquapreneurs250+ strategic connections enabled in 2025 alone 40 vetted start-ups selected from 1030+ submissions1 4 innovation challenges launched to surface high- impact solutions in the most critical areas for water 50+ ecosystem partners and investors expanding deal visibility and partnership potential $90m raise d by aquapreneurs s ince joining the UpLink I nnovati on Ecosystem in 2023, signalling s trong co-inv estment appetite 3% of climate tech funding only went towards water tech in 2023. (PitchBook, 2025) 1. The most recent cohort of 10 aquapreneurs will be announced at the World Economic Forum's Annual Meeting in Davos in January 2026. Investing in Water: Aligning Investment Strategies with Water Innovation 6

Investing in Water Aligning Investment Strategies with Water Innovation 2025