California Water Service Group · NYSE:CWT
California Water Service — Q1 2026 Earnings Presentation
18 slides from California Water Service's earnings presentation, Apr 30, 2026
Slide 1: First Quarter 2026 Earnings Presentation
First Quarter 2026 Earnings Presentation April 30, 2026
Slide 2: Today's Speakers
Today’s Speakers Marty Kropelnicki James Lynch Greg Milleman Chairman & CEO Sr. Vice President, CFO & Treasurer VP, Rates & Regulatory Affairs 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: First Quarter 2026 Highlights
First Quarter 2026 Highlights 1 Q1 2026 results in 2 Record Q1 3 4 5 6 Submitted change On April 29, line with infrastructure Focused on closing of control declared 325th expectations, given investment; acquisition and Kicked off application to consecutive delayed 2024 CA progressed integrating Nexu
Slide 5: First Quarter 2026 Results
First Quarter 2026 Results* Q1 2026 vs. Q1 2025 (in millions, except EPS) $250 $15 $0.25 $13.3 $0.22 $214.6 $204.0 $200 $12 $0.20 $150 $9 $0.15 $100 $6 $0.10 $4.0 $0.07 Q1 2025 Q1 2026 Q1 2025 $3 Q1 2026 Q1 2025 $50 Q1 2026 $0.05 $0 $0 $0.00 Operating Revenue Net Income Diluted EPS *Q1 2026 Results
Slide 6: Diluted EPS Bridge – Q1 2025 to Q1 2026 Results
Diluted EPS Bridge – Q1 2025 to Q1 2026 Results $0.45 $0.40 $0.06 $0.35 $0.11 $0.30 -$0.10 $0.25 $0.22 -$0.05 $0.20 -$0.04 $0.15 -$0.04 -$0.03 $0.10 $0.07 $0.05 -$0.06 $0.00
Slide 7: 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 2025-2027 TOTAL CapEx $700 $627 $667 4x $600 $500 $471 $517 DEPRECIATION $400 $384 $328 $299 $293 $300 $2
Slide 8: 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 $3.2 billion by 2027 $3.50 $3.21 $3.00 $3.00 $2.65 $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* * Es
Slide 9: Strong Liquidity Profile Supports Growth Strategy
Strong Liquidity Profile Supports Growth Strategy Liquidity Balance Sheet Strength Continue to maintain strong liquidity profile Credit facilities of $600.0M that can be expanded up to to execute on capital plan $800.0M; facilities mature in March 2028 ATM program renewed in May 2025; $350.0M shelf
Slide 10: 59 Years of Dividend Growth
59 Years of Dividend Growth Strong history of returning cash to shareholders $1.60 $1.40 $1.34 325th Consecutive Quarterly Dividend in Amount of $0.335 $1.20 $1.12 $1.24 $1.04 $1.00 $1.00 $0.92 59th $1.34 Announced Annual Increase Expected to Yield 2026 Annual Dividend of $0.80 8.1% $0.60 2026 annou
Slide 11: 2024 California General Rate Case Revised Proposed Decision Issued; Final Decision Expected in Q2
2024 California General Rate Case Revised Proposed Decision (PD) Issued; Final Decision Expected in Q2 WA Highlights Key 2026 dates PD authorizes additional revenues of: $90.5 million in 2026 (rate increase of 10.9%) Comments by Expected final parties decision or shortly $43.2 million in 2027 (rate
Slide 12: 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 customer base outside plants Group’s s
Slide 13: Acquiring remaining outstanding membership interests of BVRT
Acquiring remaining outstanding membership interests of BVRT Group has entered into agreement to purchase remaining outstanding membership interests in BVRT 7 19,000+ BVRT-owned regulated Total connected & Would become sole owner of 7 subsidiary water and utilities in high-growth committed customers
Slide 14: Celebration of Our Centennial Begins
Celebration of Our Centennial Begins Building customer loyalty, with 41,000+ unique visits to our 100th anniversary website (100years.calwatergroup.com) in Q1 Celebrating employee contributions, with a live-streamed Town Hall Kick-Off and one of four planned regional commemorative events held Increa
Slide 15: Questions & Answers
Questions & Answers
Slide 16: Appendix
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Slide 17: Nevada and Oregon Company Highlights
Nevada and Oregon Company 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)
Slide 18: Annual Water Supply Update
Annual Water Supply Update Hawaii • West Maui remains in drought; targeted conservation efforts underway with local partners • Completing feasibility study for California Recycled Water Treatment Plant in Washington • Statewide snowpack at 19% of normal • Department of Ecology issued statewide Kapal
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