California Water Service Group · NYSE:CWT
California Water Service — Q3 2025 Earnings Presentation
19 slides from California Water Service's earnings presentation, Oct 30, 2025
Slide 1: Investing for Life: Third Quarter 2025 Earnings Presentation
Investing for Life Third Quarter 2025 Earnings Presentation October 30, 2025 ©2025 California Water Service Group 1
Slide 2: Today’s Speakers
Today’s Speakers Marty Kropelnicki James Lynch Greg Milleman Chairman & CEO Sr. Vice President, CFO & Treasurer Vice President, Rates & Regulatory Affairs ©2025 California Water Service Group 2
Slide 3: Forward-Looking Statements and Other Important Information
Forward-Looking Statements and Other Important Information This presentation contains forward-looking statements within the meaning established by the Private Securities Litigation Reform Act of 1995 (“PSLRA”). The forward-looking statements are intended to qualify under provisions of the federal se
Slide 4: Executing Strategy in Q3 2025
Executing Strategy in Q3 2025 1 2 3 4 5 6 Issued Received $24.2 Invested $135.2 combination of Continued million net in Delivered strong Notes and Advanced million in Q3 in progress in PFAS settlement performance Bonds in regulatory water system Texas on rate payments, through first proceedings in i
Slide 5: Strong Financial Results for the Quarter
Strong Financial Results for the Quarter Q3 2025 vs. Q3 2024 (in millions, except EPS) $350 $70 $1.20 $311.2 $60.7 $299.6 $61.2 $1.03 $1.03 $300 $60 $1.00 $250 $50 $0.80 $200 $40 $0.60 $150 $30 $0.40 $100 $20 Q3 2024 Q3 2025 Q3 2024 Q3 2025 Q3 2024 Q3 2025 $50 $10 $0.20 $0 $0 $0.00 Operating Revenue
Slide 6: Diluted EPS Q3 2024 to Q3 2025 Bridge
Diluted EPS Q3 2024 to Q3 2025 Bridge $1.40 $0.07 $0.23 $1.20 -$0.08 $1.03 -$0.11 $1.03 -$0.04 $1.00 -$0.05 -$0.02 $0.80 $0.60 $0.40 $0.20 $0.00 ©2025 California Water Service Group 6
Slide 7: Strong Financial Results YTD 2025
Strong Financial Results YTD 2025 YTD 2024 GAAP YTD 2025 vs. YTD 2024 Non-GAAP* (in millions, except EPS) (in millions, except EPS) $900 $125 $2.25 $900 $116.7 $814.6 $780.2 $107.2 $2.00 $1.96 $750 $727.1 $1.84 $750 $100 $1.75 $600 $600 $1.50 $75 $1.25 $450 $4.00 $450 $2.93 $1.00 $3.00 $50 $300 $300
Slide 8: Diluted EPS YTD 2024 to YTD 2025
Diluted EPS YTD 2024 to YTD 2025 YTD 2024 GAAP vs. YTD 2025 Non-GAAP YTD 2024 to YTD 2025 EPS Bridge $3.00 $3.00 $2.93 $0.13 $0.07 $0.05 $2.50 $0.56 $2.50 -$0.29 -$0.13 $1.96 $2.00 $1.84 -$0.09 $1.96 -$0.18 $2.00 $1.50 $1.50 $1.00 YTD 2024 GAAP $1.00 $0.50 YTD 2025 $0.50 $0.00 $0.00 Diluted EPS *As
Slide 9: Infrastructure Investment Powers Long-Term Reliability and Earnings Growth
Infrastructure Investment Powers Long-Term Reliability and Earnings Growth in capital investment outpaces depreciation (in millions) $800 Capital Investment Depreciation $760 2025-2027 TOTAL CapEx $700 $690 4x $610 $600 $500 $471 DEPRECIATION $400 $384 $328 $299 $293 $300 $272 $274 Cap-Ex $200 Q3 20
Slide 10: Earnings Performance Driven by Double-Digit Rate Base Growth
Earnings Performance Driven by Double-Digit Rate Base Growth Rate base estimated to reach over $3.3 billion by 2027 (in billions) $4.00 $3.50 $3.35 $2.93 $3.00 $2.58 $2.50 $2.39 $2.20 $2.01 $2.00 $1.87 $1.61 $1.50 $1.24 $1.26 $1.00 $0.50 $0.00 2018 2019 2020 2021 2022 2023 2024 2025* 2026* 2027* *20
Slide 11: Strong Liquidity Profile Supports Growth Strategy
Strong Liquidity Profile Supports Growth Strategy Group maintains strong liquidity profile to execute capital plan and strategic M&A investments (in millions) $500 • Combination of California Water Service Group (Group) Notes and California Water $400 Service Company (Cal Water) Bonds issued in aggr
Slide 12: 59 Years of Dividend Growth
59 Years of Dividend Growth Strong history of returning cash to shareholders $1.40 323rd Consecutive Quarterly Dividend in Amount of $0.30 $1.20 $1.12 $1.24 $1.04 Announced Annual Increase $1.00 58th Expected to Yield 2025 Annual Dividend of $1.20 $1.00 $0.92 $0.80 $0.04 $1.24 One-Time Special Divid
Slide 13: Expanding Footprint in a Priority Growth Region: Texas
Expanding Footprint in a Priority Growth Region: Texas 7 19,000+ Total connected & committed Anticipated Customer Growth BVRT-owned regulated utilities in high-growth areas customers in 2025 20,000+ 100,000+ 20,000 Additional likely customers Additional potential customers in existing service areas
Slide 14: PFAS Update: Protecting Our Customers’ Health and Safety
PFAS Update: Protecting Our Customers’ Health and Safety Remains committed PFAS project Aligned with Settlement reached with groundwater to investment timeline shifts regulatory responsible party Group continues to Some well approach Group is party to four separate class-action settlements invest in
Slide 15: 2024 California General Rate Case
2024 California General Rate Case $1.6B Hearings are held Key updates since filing Parties file briefs & ALJ requests more Investment proposed in Cal Water from before Administrative time, approves interim Law Judge (ALJ) reply briefs rates & memo account 2025-2027 18 (anticipated) May 2025 June 202
Slide 16: Other Regulatory Updates
Other Regulatory Updates On Oct. 7, 2025, Hawaii PUC approved a On Sept. 25, 2025, Washington Water filed a rate case with the revenue increase of $4.7 million for Hawaii Washington UTC for a $4.9 million revenue increase to recover system Water’s five Waikoloa systems, effective Oct. 9, investments
Slide 17: Appendix
APPENDIX ©2025 California Water Service Group 17
Slide 18: Non-GAAP Financial Measures
Non-GAAP Financial Measures The Company’s revenue, net income, and diluted earnings per share are prepared in accordance with Generally Accepted Accounting Principles (GAAP) and represent amounts reported on filings with the Securities and Exchange Commission. Adjusted revenue, net income, and dilut
Slide 19: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures (in millions, except per share amounts) YTD Ended Sept. 30, 2025 2024 Reported GAAP Operating Revenue $780,162 $814,611 Adjustments: 2023 interim rate relief related to the 2021 California GRC recorded in 2024 — ($87,482) Adjusted Operating Revenue (non-
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