California Water Service Group · NYSE:CWT
California Water Service — Investor Presentation (November 2026)
35 slides from California Water Service's investor presentation, November 2026
Slide 1: Investor Presentation November 2026
Investor Presentation November 2026 ©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 CONSISTENT, CORPORATE WHO STRATEGIC PREDICTABLE RESPONSBILITY & DISCUSSION WE ARE GROWTH RESULTS SERVICE 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: 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 6: Extensive Infrastructure Provides Reinvestment Opportunity
WHO WE ARE Extensive Infrastructure Provides 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 66
Slide 7: Strong Financial Position & Credit Quality
WHO WE ARE Strong Financial Position & Credit Quality $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 ATM equity program Credit facili
Slide 8: Strong Financial Position & Credit Quality
WHO WE ARE Strong Financial Position & Credit Quality $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 Group entered into forward sales
Slide 9: 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. 9
Slide 10: 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 11: 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 application every three years Deferred debits WA Cost of Capital proceeding outside of GRC process every three years Rece
Slide 12: Progressive Regulatory Strategy Supports Customers and Stockholders
CONSISTENT, PREDICTABLE RESULTS Progressive Regulatory Strategy Supports Customers and Stockholders Greater percentage 2 of revenues in 1 3 fixed service charge Significantly Rate design to balance balanced with discounted first tier affordability, progressive tiered rate pricing for conservation, a
Slide 13: CPUC Issues Timely, Constructive Decision in 2024 GRC
CONSISTENT, PREDICTABLE RESULTS California Public Utilities Commission Issues Timely, Constructive Decision in 2024 GRC Authorizes revenue increases of: CONTINUES: • Monterey-Style Water Adjustment Mechanism $90.5M $43.2M $48.9M • Pension Balancing Account 10.9% 4.7% 5.1% • Healthcare Balancing Acco
Slide 14: 2026 California Cost of Capital
CONSISTENT, PREDICTABLE RESULTS 2026 California Cost of Capital Filing Deadline Extended One Year (to 2027) 10.27% Authorized Return on Equity (ROE) Provides automatic adjustment (up or 7.46% Authorized Return on Rate Base Current decision remains in place Water Cost of Capital down) of adopted ROE
Slide 15: Q3 2026 YTD Results Compared to Q3 2025 YTD
CONSISTENT, PREDICTABLE RESULTS Q3 2026 YTD Results Compared to Q3 2025 YTD (in millions, except EPS) $900 $140 $2.20 $855.3 $125.9 $800 $780.2 $120 $116.7 $2.15 $700 $2.10 $100 $2.07 $600 $2.05 $500 $80 $2.00 $400 $60 $1.96 $1.95 $300 $40 $1.90 $200 $20 $1.85 $100 $0 $0 $1.80 Operating Revenue Net
Slide 16: 59 Years of Dividend Growth
CONSISTENT, PREDICTABLE RESULTS 59 Years of Dividend Growth Strong history of returning cash to shareholders $1.60 $1.40 $1.34 327th consecutive quarterly dividend in amount of $0.335 $1.20 $1.12 $1.24 $1.04 $1.00 previously announced annual $1.00 59th increase expected to yield 2026 annual dividend
Slide 17: Strategic Growth
STRATEGIC GROWTH Infrastructure investment is the primary growth driver, with strategic acquisitions in high-growth areas providing additional opportunity. 17
Slide 18: Infrastructure Investment Improves Reliability and Sustainability, Powers Long-Term Earnings
STRATEGIC GROWTH Infrastructure Investment Improves Reliability and Sustainability, Powers Long-Term Earnings (in millions) Growth in capital investment outpaces depreciation $800 Capital Investment Depreciation 2026-2028 TOTAL $700 CapEx $700 $627 $667 4x $600 $500 $471 $517 DEPRECIATION $400 $384
Slide 19: PFAS Treatment Compliance Program
STRATEGIC GROWTH PFAS Treatment Compliance Program $228M Total investment projected for PFAS compliance program (CA/NM/WA) $23.3M 2026 PFAS treatment / well replacement investment to date 65 Number of PFAS treatment / well replacement projects currently planned (8 in grant-funding process) 18 Number
Slide 20: 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 21: Growth
STRATEGIC GROWTH Growth Customer Count* 570,000 Accretive in the short-term or strategic in nature 560,000 550,000 2-2.5% 540,000 530,000 520,000 48,000 Average growth achieved per year from 510,000 new business and business development 500,000 activities since 2019 2019 2020 2021 2022 2023 2024 202
Slide 22: Nevada and Oregon Acquisitions to Expand Footprint
STRATEGIC GROWTH Nevada and Oregon Acquisitions to Expand Footprint WA Nevada • 26,466 total equivalent residential connections: 19,919 water / 6,547 wastewater Approx. purchase price • 6 utility systems across three counties $218M • Largest investor-owned water/wastewater utility in Nevada • • Regu
Slide 23: 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 24: Acquisitions Strengthen Position as Largest Water IOU in the Western U.S.
STRATEGIC GROWTH Acquisitions Strengthen Position as Largest Water IOU in the Western U.S. 24
Slide 25: Responsibility & Service
RESPONSIBILITY & SERVICE CWT brings life and vitality to its communities by providing affordable, high-quality water and wastewater services to customers. The Company is committed to protecting the planet, caring for people, and operating with the utmost integrity. 25
Slide 26: Keeping Water Affordable
RESPONSIBILITY & SERVICE Keeping Water Affordable Median Monthly Median Monthly Bill as % of Household Cal Water Bill Income Actively pursue Maintain assets Invest in conservation Income grants to lower strategically to keep programs that keep costs and water facilities operating bills lower (Cal Wa
Slide 27: Providing Quality Water and Excellent Service to Customers
RESPONSIBILITY & SERVICE Providing Quality Water and Excellent Service to Customers Achieved 100% Well-positioned to meet Achieving customer Providing 24/7 compliance with all new PFAS drinking service performance emergency primary and secondary water regulation ahead targets more rigorous than resp
Slide 28: Protecting the Planet
RESPONSIBILITY & SERVICE Protecting the Planet Pursuing solar Increasing use of Commitment Award-winning water Dedication to power projects recycled water to reduce conservation program environmental Completed Delivered 2.6 billion operational GHG Invested $3.4M in stewardship and solar project at g
Slide 29: Caring for People
RESPONSIBILITY & SERVICE Caring for People High employee satisfaction Recognized as Great Place to Work® and USA Top Workplace, due in part to offering competitive pay and benefits; providing pathways to advancement; and prioritizing employee health and safety Dedication to community support through
Slide 30: Governing With Integrity
RESPONSIBILITY & SERVICE Governing With Integrity Clearly defined Deeply ingrained Track record of Strong supplier framework of business ethics successful advocacy for diversity program oversight and All employees required to policies that support 26.4% of our net controls review and acknowledge our
Slide 31: Dedicated ESG Program Designed to Drive Progress and Enhance Transparency
RESPONSIBILITY & SERVICE Dedicated ESG Program Designed to Drive Progress and Enhance Transparency Program Highlights Annual Reporting Annual framework-aligned reporting on Framework-aligned annual ESG reporting provides detailed ESG topics most significant to the business updates on our sustainabil
Slide 32: Regulatory Approvals Enable Us to Make Investments to Provide Safe, Reliable Water
Third Quarter 2026 Regulatory Approvals Enable Us to Make Investments to Provide Safe, Reliable Water WUTC approved revenue increase HPUC approved revenue CPUC approved requesting approval of $4.1 million for Washington, increase for Kapalua systems of for $113 million in capital costs and effective
Slide 33: Strategic Initiatives
Third Quarter 2026 Strategic Initiatives Oregon and Nevada System acquisitions: • Change of control applications approved • Integration planning on target and within budget • Expect to close before year end BVRT Joint Venture: • Consolidated Rate Case remanded to the Commission for approval • Interi
Slide 34: Takeaways
IN CLOSING Takeaways Our regulated business We grow by investing in We are a 100-year-old, our extensive water We make life better for model makes us a leading regulated water system assets and those we serve by predictable, reliable and wastewater utility making strategic providing high-quality inv
Slide 35: Questions?
Questions? 35
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