California Water Service Group · NYSE:CWT
California Water Service — Investor Presentation (August 2026)
34 slides from California Water Service's investor presentation, August 2026
Slide 1: Celebrating Our Centennial
California Water Service Group Celebrating Our Centennial August 2026 Investor Presentation ©2025 California Water Service Group
Slide 2: 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 3: Today's Presentation
Today’s Presentation STRONG YTD CONSISTENT, WHO STRATEGIC REGULATORY 2026 PREDICTABLE WE ARE GROWTH PROGRESS PERFORMANCE RESULTS 3
Slide 4: Who We Are
WHO WE ARE California Water Service Group (CWT) is a leading water utility holding company offering predictable returns, long-term value, and growth potential to stockholders by investing in water and wastewater systems and providing essential, affordable services to communities in the western Unite
Slide 5: Celebrating 100 Years of "Trust on Tap"
WHO WE ARE Celebrating 100 Years of “ Trust on Tap” Formed in 1926 by three WWI veterans to serve five California communities, and today serving over 2.2 million people in five states “Trust on Tap” earned over decades of operational ingenuity, regulatory integrity, and commitment to public health C
Slide 6: Largest Regulated Water Utility in the Western United States
WHO WE ARE Largest Regulated Water Utility in the Western United States 500,000 6,800 11,800 38,500 4,900 Total connections Total connections Total connections Total connections Total connections 91.2% 4.6% 0.8% 2.6% 0.8% of consolidated revenue of consolidated revenue of consolidated revenue of con
Slide 7: Financial Strength Drives Strategic Growth
WHO WE ARE Financial Strength Drives Strategic Growth $1.0B $128M $198M A+/stable AA- 2025 revenue 2025 net income Returned to shareholders Global credit rating affirmed Cal Water’s First in dividends over 3 most by S&P Global Mortgage Bonds rating recent ended years 7
Slide 8: Extensive Infrastructure with Reinvestment Opportunity
WHO WE ARE Extensive Infrastructure with Reinvestment Opportunity 8,033 1,119 689 155,000+ Miles of water main Groundwater wells Storage tanks Valves 50,000+ 2010+ 6 17 Fire hydrants Sampling stations Surface water treatment Wastewater treatment plants plants 8
Slide 9: Good News on Regulatory and Business Development Fronts
STRONG YTD 2026 PERFORMANCE Good News on Regulatory and Business Development Fronts Regulatory Acquisition Acquisition Rate Case Activity Nexus Water Group BVRT Utilities 2024 California General Rate Executed agreement to Reached agreement to purchase Case decision in April 2026; rate purchase Nexus
Slide 10: Approved 2024 GRC Enables CA Subsidiary to Invest in Infrastructure
STRONG YTD 2026 PERFORMANCE Approved 2024 GRC Enables CA Subsidiary to Invest in Infrastructure CONTINUES: Authorizes revenue increases of: • Monterey-Style Water Adjustment 2026 2027 2028 $90.5M $43.2M $48.9M Mechanism • Pension Balancing Account 10.9% 4.7% 5.1% • Healthcare Balancing Account • Con
Slide 11: Nevada and Oregon Acquisitions to Expand Group's Footprint
STRONG YTD 2026 PERFORMANCE Nevada and Oregon Acquisitions to Expand Group’s Footprint ~36,000 ~$109M Acquiring Nexus Water Total equivalent residential connections serving an estimated 115,000 people Increased consolidated year-end 2025 rate base Group’s subsidiaries in Nevada and Oregon 16 $218M*
Slide 12: Strategic Rationale
STRONG YTD 2026 PERFORMANCE Strategic Rationale Geographic diversification into Nevada and Oregon enhances regulatory and financial balance Provides a rate-base-driven growth platform with customer growth and capex investment opportunities Hybrid ratemaking frameworks in OR & NV support ongoing infr
Slide 13: Acquiring the remaining outstanding membership interests of BVRT in Texas
STRONG YTD 2026 PERFORMANCE Acquiring the remaining outstanding membership interests of BVRT in Texas Group has entered into agreement to purchase remaining 7 19,000+ outstanding membership interests in BVRT Would become sole owner of 7 subsidiary water and wastewater BVRT-owned regulated Total conn
Slide 14: Consistent, Predictable Results
CONSISTENT, PREDICTABLE RESULTS CWT’s regulated business model, favorable regulatory environments, and innovative approach to ratemaking enable the company to deliver stockholder value and predictable and consistent long- term results. 14
Slide 15: Stable, Regulated Model with Transparent Returns
CONSISTENT, PREDICTABLE RESULTS Stable, Regulated Model with Transparent Returns Earn reasonable return Recover costs through Add non-regulated income on capital invested in constructive regulatory policies (e.g., water system operations, infrastructure and efficient operations HomeServe, antenna le
Slide 16: Regulatory Framework that Supports Long-Term Value
CONSISTENT, PREDICTABLE RESULTS Regulatory Framework that Supports Long-Term Value Forward-looking test years; rates based on future budget and GRCs for multiple districts in one Statewide rates application every three years Deferred debits (like CA Construction work in progress / AFUDC included in
Slide 17: Progressive Regulatory Strategy Supports Customers and Stockholders
CONSISTENT, PREDICTABLE RESULTS Progressive Regulatory Strategy Supports Customers and Stockholders 2 3 Greater percentage 1 of revenues in fixed service charge Significantly Rate design to balance balanced with discounted first tier affordability, progressive tiered rate pricing for conservation, a
Slide 18: 2026 California Cost of Capital
CONSISTENT, PREDICTABLE RESULTS 2026 California Cost of Capital 10.27% Authorized Return on Equity (ROE) Filing Deadline Extended One Year (to 2027) Provides automatic 7.46% adjustment (up or Authorized Return Current decision down) of adopted ROE on Rate Base remains in place Water Cost of Capital
Slide 19: Q2 2026 YTD Results Compared to Q2 2025 YTD
CONSISTENT, PREDICTABLE RESULTS Q2 2026 YTD Results Compared to Q2 2025 YTD Q2 YTD 2026 vs. Q2 YTD 2025 (in millions, except EPS) $600 $70 $1.10 $523.2 $60.5 $60 $55.5 $1.05 $500 $468.9 $50 $1.01 $400 $1.00 $40 $300 $0.95 $0.93 $30 $200 $0.90 Q2 YTD 2025 Q2 YTD 2026 Q2 YTD 2025 Q2 YTD 2026 Q2 YTD 20
Slide 20: Strong Three-Year Financial Growth
CONSISTENT, PREDICTABLE RESULTS Strong Three-Year Financial Growth (in millions, except EPS data) Three-Year Revenue Three-Year Net Income Three-Year Diluted EPS $1,036.8 $190.8 $1,100.0 $1,000.1 $200.0 $3.50 $3.25 $900.0 $794.6 $3.00 $150.0 $128.2 $2.50 $2.15 GAAP $700.0 $2.00 $100.0 $500.0 $1.50 $
Slide 21: Strong Liquidity Profile Supports Growth Strategy
CONSISTENT, PREDICTABLE RESULTS Strong Liquidity Profile Supports Growth Strategy Dividends ATM equity Credit facilities of As of June 30, Capital structure Group and Quarterly $0.3350 program $600.0M that can 2026, the of 55.1% equity Cal Water’s per common share renewed in May be expanded up Compa
Slide 22: Strategic Growth
STRATEGIC GROWTH Infrastructure investment is the primary growth driver, with strategic acquisitions in high- growth areas providing additional opportunity. 22
Slide 23: Infrastructure Investment Improves Reliability and Sustainability, Powers Long-Term Earnings
STRATEGIC GROWTH Infrastructure Investment Improves Reliability and Sustainability, Powers Long-Term Earnings Growth in capital investment outpaces depreciation (in millions) $800 Capital Investment Depreciation 2026-2028 TOTAL CapEx $700 $700 $667 $627 4x $600 $500 $471 $517 DEPRECIATION $400 $384
Slide 24: Earnings Performance Driven by Capital Investment/Rate Base Growth
STRATEGIC GROWTH Earnings Performance Driven by Capital Investment/Rate Base Growth (in billions) Rate base estimated to reach over $3.45 billion by 2028 $4.00 $3.46 $3.50 $3.15 $3.00 $2.74 $2.65 $2.50 $2.39 $2.20 $2.01 $2.00 $1.87 $1.61 $1.50 $1.26 $1.00 $0.50 $0.00 2019 2020 2021 2022 2023 2024 20
Slide 25: Strategic Approach to Acquisitions
STRATEGIC GROWTH Strategic Approach to Acquisitions Customer Count* Accretive in the short-term or strategic 570,000 in nature 560,000 550,000 2-2.5% 48,000 540,000 530,000 520,000 Total connections added since 2019 Average growth achieved per year from 510,000 new business and business development
Slide 26: Nevada and Oregon Acquisitions to Expand Footprint
STRATEGIC GROWTH Nevada and Oregon Acquisitions to Expand Footprint WA Nevada OR • 26,466 total equivalent residential connections: 19,919 water / 6,547 wastewater NV • 6 utility systems across three counties CA • Largest investor-owned water/wastewater utility in Nevada • Regulated by Public Utilit
Slide 27: New Utilities in High-Growth Texas Region
STRATEGIC GROWTH New Utilities in High-Growth Texas Region Customer Growth 20,000 15,000 14,000 10,000 10,000 8,500 5,000 2,000 3,000 4,200 5,000 2,000 2,000 2,800 0 2021 2022 2023 2024 2025* Connected Committed *Estimated customer counts based on developer buildout schedules and connection deposits
Slide 28: Regulatory Progress
REGULATORY PROGRESS CWT brings life and vitality to its communities by high-quality water and wastewater services to customers. The Company is committed to designing and requesting rates that are both affordable and allow for continued investment to help ensure safety and reliability. 28
Slide 29: Keeping Water Affordable
REGULATORY PROGRESS Keeping Water Affordable Median Monthly Median Monthly Bill as % of Household Income Cal Water Bill Income Actively pursue Maintain assets Invest in conservation programs grants to lower strategically to keep that keep bills lower (Cal Water costs and water facilities operating b
Slide 30: Other Regulatory Updates
REGULATORY PROGRESS Other Regulatory Updates In November 2025, Hawaii Water filed rate case with HPUC for $2.2 In May 2026, Washington Water reached an all-party settlement in the million annual revenue increase in Kapalua system to recover higher September 2025 filed rate case for a $4.1 million an
Slide 31: Takeaways
IN CLOSING Takeaways We provide reliable, Our regulated high-quality service to We are a 100-year- We are kicking off We grow by business model makes our customers and old, leading our centennial year investing in our us a predictable, are committed to regulated water and with good news on extensive
Slide 32: Appendix
Appendix 32
Slide 33: Non-GAAP Financial Measures
APPENDIX 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 in filings with the Securities and Exchange Commission. Adjusted revenue, net income,
Slide 34: Reconciliation of Non-GAAP Financial Measures
APPENDIX Reconciliation of Non-GAAP Financial Measures (in thousands, except per share amounts) Year Ended 2025 2024 2023 Reported GAAP Operating Revenue $1,000,140 $1,036,806 $794,632 Adjustments: 2023 interim rate relief related to the 2021 California GRC recorded in 2024 — ($87,482) $87,482 Adjus
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