California Water Service Group (CWT) Investor presentation summary

Company overview and centennial milestone

• Leading regulated water utility serving over 2.2 million people across five states, founded in 1926 and celebrating 100 years of service in 2026.

• Largest regulated water utility in the western U.S., with 500,000+ connections in California and significant operations in Hawaii, New Mexico, Washington, and Texas.

• Extensive infrastructure includes 8,033 miles of water main, 1,119 wells, 689 storage tanks, and 17 wastewater treatment plants.

• Recognized for operational ingenuity, regulatory integrity, and commitment to public health.

Financial performance and stability

• 2025 revenue reached $1.0B with $128M net income; S&P Global affirmed A+/stable credit rating.

• Three-year revenue and net income growth, with 2025 non-GAAP net income at $128.2M and diluted EPS at $2.15.

• Maintains strong liquidity with $600M credit facilities, $58.1M unrestricted cash, and 59 consecutive years of dividend growth.

• 2026 announced annual dividend of $1.34 per share, up 8.1% from 2025.

Regulatory progress and rate case outcomes

• April 2026 decision on California 2024 General Rate Case (GRC) pre-approves $1.6B in capital investments for 2024-2027.

• Authorizes additional revenues of $90.5M (2026), $43.2M (2027), and $48.9M (2028), with interim rates retroactive to January 1, 2026.

• Regulatory framework supports long-term value with forward-looking test years, balancing accounts, and annual sales adjustment mechanisms.

• 2026 California authorized ROE is 10.27%, with cost of capital mechanism maintained through 2027.