<![CDATA[Background: Public water utilities must maintain affordable and reliable services while managing financial constraints, aging infrastructure, and persistent non-revenue water following restructuring. These challenges are particularly important for regional water utilities operating as natural monopolies with simultaneous public-service and commercial mandates. Objective: This study examines the associations among asset optimization, administrative customer loyalty, dynamic-capability proxies, and post-restructuring organizational performance. Methods: A comparative longitudinal quantitative design combined exploratory structural equation modeling using partial least squares (SEM-PLS) with 108 branch-year records from 12 PDAM Jember service units observed during 2011–2019 and descriptive analysis of Perumda Tirta Moedal Semarang performance data for 2017–2024. Because the branch-year records represent repeated observations and the Semarang series lacks a preregistration baseline and comparison group, the findings are interpreted as structural associations and descriptive patterns rather than causal effects. Results: In Jember, asset optimization was positively associated with administrative customer loyalty, dynamic-capability proxies, and organizational performance. The two indirect effects were significant, with a combined indirect effect of 0.582 and a combined variance accounted for (VAF) of 59.4%, indicating complementary partial mediation. In Semarang, long-term debt remained low and billing effectiveness exceeded 95%, while non-revenue water (NRW) remained between 28% and 38%. Springate values for 2017–2020 were researcher estimates, whereas the 2021–2024 values were based on available audited data. Conclusion: The two cases provide a corroborative, but not statistically equivalent, pattern showing that financial recovery should be accompanied by workforce capability development, disciplined asset management, and monitored NRW reduction.]]>
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