California Water Service Group · NYSE:CWT
California Water Service — Q3 2026 Earnings Presentation
21 slides from California Water Service's earnings presentation, Oct 29, 2026
Slide 1: Third Quarter 2026 Earnings Presentation
Third Quarter 2026 Earnings Presentation October 29, 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: Third-Quarter 2026 Highlights
Third-Quarter 2026 Highlights 1 2 3 4 5 6 We continued to Our solid Q3 2026 We declared 327th We achieved Our strong prioritize results reflect April We focused on consecutive record Q3 liquidity profile emergency 2026 resolution of recovering costs quarterly dividend; infrastructure supports growth
Slide 5: Q3 2026 Results Compared to Q3 2025 Results
Q3 2026 Results Compared to Q3 2025 Results Q3 2026 vs. Q3 2025 (in millions, except EPS) $400 $80 $1.20 $70 $1.05 $1.03 $350 $332.2 $65.4 $1.05 $311.2 $61.2 $300 $60 $0.90 $250 $50 $0.75 $200 $40 $0.60 $150 $30 $0.45 $100 $20 $0.30 Q3 2026 Q3 2025 Q3 2025 Q3 2026 Q3 2025 Q3 2026 $50 $10 $0.15 $0 $0
Slide 6: Diluted EPS Bridge – Q3 2025 to Q3 2026 Results
Diluted EPS Bridge – Q3 2025 to Q3 2026 Results $0.06 $1.40 $0.05 $0.28 -$0.06 -$0.04 $1.20 -$0.06 -$0.06 $1.05 $1.03 $1.00 -$0.15 $0.80 $0.60 $0.40 $0.20 $0.00 Customer rate changes, new Regulatory approval of Water conservation program Non-qualified benefit plan Q3 2026 Diluted EPS customers, and
Slide 7: Q3 2026 YTD Results Compared to Q3 2025 YTD
Q3 2026 YTD Results Compared to Q3 2025 YTD Q3 YTD 2026 vs. Q3 YTD 2025 (in millions, except EPS) $900 $140 $855.3 $2.25 $125.9 $2.07 $800 $780.2 $120 $116.7 $2.00 $1.96 $700 $1.75 $100 $600 $1.50 $500 $80 $1.25 $400 $60 $1.00 $300 $0.75 Q3 YTD 2025 Q3 YTD 2026 Q3 YTD 2025 Q3 YTD 2026 Q3 YTD 2025 Q3
Slide 8: Diluted EPS Bridge – Q3 YTD 2025 to Q3 YTD 2026 Results
Diluted EPS Bridge – Q3 YTD 2025 to Q3 YTD 2026 Results $3.50 $0.18 $3.00 $0.20 $0.66 -$0.05 -$0.18 $2.50 -$0.11 -$0.07 -$0.12 -$0.05 -$0.05 -$0.10 $2.07 $2.00 $1.96 -$0.20 $1.50 $1.00 $0.50 $0.00 8
Slide 9: Infrastructure Investment Improves Reliability, Powers Long-Term Earnings
Infrastructure Investment Improves Reliability, Powers Long-Term Earnings (in millions) Growth in capital investment outpaces depreciation $800 Capital Investment Depreciation 2026-2028 TOTAL CapEx $700 $627 $667 $700 4x $600 $500 $471 $517 DEPRECIATION $400 $384 $328 $299 $293 $300 $274 CapEx $200
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 Group entered into forward sales agreements with investors under the ATM to ATM equity Credit facilities of As of September Capital structure Group and sell 1.6 million additional $600.0M that can shares at a future date; program 30, 2026, consistent
Slide 12: Regulatory Approvals Enable Us to Make Investments to Provide Safe, Reliable Water
Regulatory Approvals Enable Us to Make Investments to Provide Safe, Reliable Water CPUC approved use of the advice letter process for $113.1 million in WUTC approved revenue increase HPUC approved revenue capital costs for certain PFAS projects of $4.1 million for Washington, increase for Kapalua sy
Slide 13: PFAS Regulatory Compliance Program
PFAS Regulatory Compliance Program $228.0M Total investment projected for PFAS Regulatory Compliance program (CA/NM/WA) $23.3M 2026 YTD PFAS treatment / well replacement investments 65 Number of PFAS treatment / well replacement projects currently planned (8 in grant-funding process) 18 Number of th
Slide 14: Recovering Costs While Keeping Rates Affordable
Recovering Costs While Keeping Rates Affordable Median Monthly Median Monthly Bill as % of Household Income Cal Water Bill Income Actively pursue Maintain assets Invest in conservation grants to reduce strategically to keep programs that help costs that impact facilities operating reduce water bills
Slide 15: 59 Years of Dividend Growth
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 of $1.34 $0.80 $0.60 8.1% 2026
Slide 16: Strategic Initiatives
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 • Interim rates remain in e
Slide 17: Other Q3 Highlights
Other Q3 Highlights Continued celebrating our Connected Indianola Elementary Continue to prioritize centennial to our system and began emergency preparedness in (100years.calwatergroup.com) providing safe water to 400 advance of El Niño students and faculty 17
Slide 18: Questions & Answers
Questions & Answers
Slide 19: Strategic Initiatives Appendix
Strategic Initiatives Appendix
Slide 20: 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 21: 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)
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