Cadiz, Inc. · NASDAQ:CDZI
Cadiz — Investor Presentation (August 2026)
19 slides from Cadiz's investor presentation, August 2026
Slide 1: Water for People
Water for People NASDAQ: CDZI
Slide 2: Safe Harbor Agreement
Investor Presentation | 2026 Safe Harbor Agreement During the course of this presentation, we may make forward-looking statements. Any statement that is not a historical fact is a forward-looking statement. Forward-looking statements refer to expectations, projections or other characterizations of f
Slide 3: Comprehensive Solutions for the Water Crisis
Comprehensive Solutions for the Water Crisis Cadiz offers a unique portfolio of land, water, pipeline and technology assets • Fresh water for underserved communities • Pipelines that leverage existing Sustainability infrastructure Affordability Stewardship • Groundwater banking to facilitate interst
Slide 4: Our infrastructure connects million people facing severe cutbacks
Las Vegas Los Angeles Phoenix Our infrastructure connects 25 million people facing severe cutbacks to water allocations 4
Slide 5: Mojave Groundwater Bank
Mojave Groundwater Bank Natural Infrastructure, Sustainably Managed Only new source of water in the Colorado River basin Conserves fresh water before saline contamination and evaporation Permitted to export up to 75,000 AF per year from over 30mm AF stored in the watershed Natural recharge s
Slide 6: MGB is a World Class Reservoir
MGB is a World Class Reservoir The Mojave Groundwater Bank holds more water in storage than Lake Mead and Lake Powell combined • 30-50 million acre-feet of water already in storage1 • Watershed exceeds the aggregate storage in the two largest domestic reservoirs 2 • Unlike Mead and Powell, MGB is no
Slide 7: Critical Storage / Reliable Supply
Critical Storage / Reliable Supply Colorado River supply fluctuates annually with volatility increasing due to climate change 7
Slide 8: Cadiz is Saving Water from Permanent Loss
Cadiz is Saving Water from Permanent Loss 2,000 square mile closed watershed system Underground water flows down slope toward the Cadiz Ranch for conservation. After our wellfield, this fresh water becomes hypersaline before evaporating in dry lakes. Our Project saves needed drinking water from evap
Slide 9: Conservation by Design
Conservation by Design Under our approved groundwater management plan, we will sustainably intercept groundwater before it is permanently contaminated by brine and lost to evaporation. Bristol Dry Lake 9
Slide 10: Comprehensive Groundwater Monitoring Protects Watershed
Comprehensive Groundwater Monitoring Protects Watershed 30 Years of groundwater data already collected and publicly reported. Current Monitoring • 42 Wells • 2 Cluster Wells • 10 Production Wells • 13 Land Survey Benchmarks • InSAR Data from 2015 to present • 6 Recent Flow Meter Surveys • 2 Weather
Slide 11: Tech-Enabled Groundwater Management
Tech-Enabled Groundwater Management State-of-the-art, data driven, groundwater management platform • Real time monitoring • Predictive modeling to maximize conservation without adverse impacts • Precise, real-time data allows us to intercept 2% to 3% of total aquifer capacity1 - sustainably managing
Slide 12: Extremely Cost Effective vs. Alternate Solutions
Extremely Cost Effective vs. Alternate Solutions $6,000 $5,500 $5,200 $5,000 $4,500 $4,500 $4,000 40%-60% Lower $4,000 Cost than Available $3,500 Alternatives $3,000 $/AF $2,400 $2,500 $2,000 $1,500 $1,000 $500 $0 Advanced Desalination Sites Mojave Water Treatment (Pacific Ocean) Reservoir Groundwat
Slide 13: Royalty-like cash flows expected to command a premium multiple
Royalty-like cash flows expected to command a premium multiple Water contracts pass Water contracts are structured like royalties Typical operating through fixed and variable • Operating & maintenance costs are "pass throughs" company costs • Capital and return on capital are also "pass throughs" •
Slide 14: Advanced Stage of Development
Advanced Stage of Development Assets developed over four decades. 25 years of permitting successfully completed. Development Timeline – Key Milestones 1983-1990 2000 2014 2023 2024 2025 Land Acquisition FEIR/EIS Water 2008 FEIR/GMMMP 2020 BLM Approves 85% of NPL under BLM Approves and water rights.
Slide 15: MGB Consists of two pipeline projects
MGB Consists of two pipeline projects Northern Pipeline Southern Pipeline • Estimated $400M total capex, primarily for "pumps and pipe" • Estimated $1.1B total capex, primarily for "pipe and pumps" • Guaranteed Maximum Price contracts reduce risk to project • 10,000 AF/Y term sheet signed in July re
Slide 16: Exceptional Gross Project Economics
Exceptional Gross Project Economics MGB project level returns are very attractive to potential equity partners Expected Substantial Gross Cashflows from Potential Upside to Higher Pricing given Market Investment Grade Customers¹ Dynamics • $5.5B in total 20-yr gross cashflows • Assumes 40% to 60% di
Slide 17: Moated, Timely, with Massive Upside
Moated, Timely, with Massive Upside Fully permitted, one-of-a-kind water asset — arriving exactly when the Southwest needs it. MOATED TIMELY UPSIDE Significant upside potential once A substantial economic moat Right place, right time operational • 20 year head start, certified EIS & CEQA • 40% cuts
Slide 18: Proforma Cap Table
PROFORMA CAP TABLE ($ in millions) AS OF 6/30/26 Cash and cash equivalents (1) $15.3 Senior secured (non-convertible) term loan (2) $21.2 Senior secured (convertible) term loan (3) $23.5 Senior unsecured convertible loan (4) $19.1 Lytton unsecured term loan (5) $40.0 Series A perpetual preferred sto
Slide 19: 550 South Hope Street Suite 2850 Los Angeles, CA 90071
550 South Hope Street Suite 2850 Los Angeles, CA 90071 Phone: 213-271-1600 Fax: 213-271-1614 NASDAQ: CDZI www.cadizinc.com Contacts: Follow Us: Courtney Degener, Sr VP-IR Facebook-square [email protected] Youtube Linkedin Instagram 19