California Water Service Group (CWT) Investor presentation summary

Who we are

• Operates as the largest regulated water utility in the western U.S., serving over 560,000 connections across California, Hawaii, New Mexico, Washington, and Texas.

• Focuses on providing essential, affordable water and wastewater services to communities.

• Strategic framework emphasizes public health, safety, sustainability, and enhanced stockholder value.

• Extensive infrastructure includes 7,900 miles of water main, 1,135 wells, and 681 storage tanks.

Consistent results

• 2024 revenue reached $1.04B with net income of $191M, supported by a stable, regulated business model.

• 97.7% of revenue is regulated, with a current California ROE of 10.27%.

• Three-year financial growth shows revenue rising from $846M in 2022 to $1.04B in 2024, and net income from $96M to $191M.

• Maintains an A+/stable global credit rating and AA- for first mortgage bonds.

Strategic growth

• Infrastructure investment is the primary growth driver, with capital investment outpacing depreciation.

• Rate base projected to exceed $3.3B by 2027, with a CAGR of 11.7% from 2020-2027.

• Strategic acquisitions, especially in Texas, add 2-2.5% customer growth annually since 2019.

• Over 47,000 connections added since 2019, with significant expansion in high-growth Texas regions.