California Water Service Group · NYSE:CWT
California Water Service — Q2 2026 Earnings Presentation
18 slides from California Water Service's earnings presentation, Jul 30, 2026
Slide 1: Second Quarter 2026 Earnings Presentation
Second Quarter 2026 Earnings Presentation July 30, 2026
Slide 2: Today’s Speakers
Today’s Speakers Marty Kropelnicki James Lynch Chairman & CEO Sr. Vice President, CFO & Treasurer 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: Second Quarter 2026 Highlights
Second Quarter 2026 Highlights 1 Our strong Q2 2 We implemented 3 4 5 6 We published water 2026 results reflect We achieved We declared 326th We progressed on quality & new rates from recognition of record Q2 consecutive integrating Nexus sustainability 2024 CA GRC interim rates infrastructure quart
Slide 5: Q2 2026 Results Compared to Q2 2025 Results
Q2 2026 Results Compared to Q2 2025 Results Q2 2026 vs. Q2 2025 (in millions, except EPS) $350 $70 $1.05 $308.6 $0.93 $60 $56.5 $300 $0.90 $265.0 $250 $50 $0.75 $0.71 $42.2 $200 $40 $0.60 $150 $30 $0.45 $100 $20 $0.30 Q2 2025 Q2 2026 Q2 2025 Q2 2026 Q2 2026 Q2 2025 $50 $10 $0.15 $0 $0 $0.00 Operatin
Slide 6: Diluted EPS Bridge – Q2 2025 to Q2 2026 Results
Diluted EPS Bridge – Q2 2025 to Q2 2026 Results $1.40 $0.08 $0.05 $1.20 $0.11 -$0.08 $0.15 -$0.10 $1.00 $0.20 -$0.07 $0.93 -$0.04 -$0.04 -$0.04 $0.80 $0.71 $0.60 $0.40 $0.20 $0.00 6
Slide 7: Q2 2026 YTD Results Compared to Q2 2025 YTD
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 2026 Q2 YTD 2025 Q2 YTD 2025 Q2 YTD 2026 Q2 YTD 2025 Q2 YTD 2026 $20 $100 $0.85 $1
Slide 8: Diluted EPS Bridge – Q2 YTD 2025 to Q2 YTD 2026 Results
Diluted EPS Bridge – Q2 YTD 2025 to Q2 YTD 2026 Results $1.80 $1.60 $0.11 $0.20 $1.40 $0.30 -$0.19 $1.20 -$0.10 -$0.08 -$0.05 -$0.04 $1.01 $1.00 $0.93 -$0.07 $0.80 $0.60 $0.40 $0.20 $0.00 8
Slide 9: Infrastructure Investment Improves Reliability and Sustainability, Powers Long-Term Earnings
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 $700 CapEx $700 $627 $667 4x $600 $500 $471 $517 DEPRECIATION $400 $384 $328 $299 $293 $3
Slide 10: Earnings Performance Driven by Capital Investment/Rate Base 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 2025 2026* 2027* 20
Slide 11: Strong Liquidity Profile Supports Growth Strategy
Strong Liquidity Profile Supports Growth Strategy Quarterly Dividend ATM equity Credit facilities of As of June 30, Capital structure Group and program $600.0M that can 2026, the of 55.1% equity Cal Water’s be expanded up $0.3350 renewed in May Company had 44.9% debt S&P Global 2025; $350.0M to $800
Slide 12: Approved 2024 GRC Enables CA Subsidiary to Invest in Infrastructure
Approved 2024 GRC Enables CA Subsidiary to Invest in Infrastructure CONTINUES: Authorizes revenue increases of: • Monterey-Style Water Adjustment 2026 2027 2028 Mechanism $90.5M $43.2M $48.9M • Pension Balancing Account 10.9% 4.7% 5.1% • Healthcare Balancing Account • Conservation Expense Balancing
Slide 13: Strategic Initiatives
Strategic Initiatives Oregon and Nevada System acquisitions: • Change of control applications filed • Integration planning on target and within budget • Working towards a year-end closing BVRT Joint Venture: • Consolidated Rate Case intervenors dismissed; settlement remanded to the Commission for ap
Slide 14: Other Q2 Highlights
Other Q2 Highlights Continued celebrating our Published annual water quality New Vice Presidents: centennial reports and annual Corporate Greg Shimansky, VP, Rates & Regulatory Affairs (100years.calwatergroup.com) Sustainability Report Tammy Johnson, VP, California Operations AWARDS Newsweek’s “Most
Slide 15: Questions & Answers
Questions & Answers
Slide 16: Strategic Initiatives Appendix
Strategic Initiatives Appendix
Slide 17: Nevada and Oregon Acquisition Bolsters Our Position as Leader in Western U.S.
Nevada and Oregon Acquisition Bolsters Our Position as Leader in Western U.S., Provides Platform for Additional Growth ~98,000 20% 24 Acquiring Nexus Water Total equivalent residential After close, percentage of Wastewater treatment connections outside of total customers outside of plants Group’s su
Slide 18: Nevada and Oregon System Highlights
Nevada and Oregon System Highlights 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 Utilities Commission of Nevada (PUCN)
California Water Service Group — Q2 2026 Earnings Presentation on 6ix