CWT Investor presentation

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©2025 California Water Service Group 1©2025 California Water Service Group Investing for Life May 2025 Investor Presentation Martin Kropelnicki, Chairman, President & CEO Jim Lynch, Senior Vice President, CFO & Treasurer ©2025 California Water Service Group

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©2025 California Water Service Group 2 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 securities laws for “safe harbor” treatment established by the PSLRA. Forward-looking statements in this presentation are based on currently available information, expectations, estimates, assumptions and projections, and our management’s beliefs, assumptions, judgments and expectations a bout us, the water utility industry and general economic conditions. These statements are not statements of historical fact. When used in our documents, statements that are not historical in nature, i ncluding words like will, would, expects, intends, plans, believes, may, could, estimates, assumes, anticipates, projects, progress, predicts, hopes, targets, forecasts, should, seeks, commits or variation s of these words or similar expressions are intended to identify forward -looking statements. Examples of forward -looking statements in this presentation include, but are not limited to, statements describing o ur expectations regarding revenue and other financial results, operating performance, customer and rate base growth and market size, capital investments or expenditures, acquisitions, depreciation, annual dividend yield, adequacy of our cash position, Group’s plans for and progress of the 2024 California GRC filing, compliance with PFAS regulations, and ESG initiatives and performance, including our commitment to reduce Scope 1 & 2 GHG emissions. Forward -looking statements are not guarantees of future performance. They are based on numerous assumptions that we believe are reasonable bu t are subject to uncertainty and risks. Actual results or outcomes may vary materially from what is contained in a forward -looking statement. Factors that may cause actual results or outcomes to be d ifferent than those expected or anticipated include, but are not limited to: the outcome and timeliness of regulatory commissions’ actions concerning rate relief and other matters, including with respec t to the 2024 California GRC filing; changes in regulatory commissions’ policies and procedures; our ability to invest or apply the proceeds from the issuance of common stock in an accretive manner; governm ental and regulatory commissions’ decisions, including decisions on proper disposition of property; consequences of eminent domain actions relating to our water systems; increased risk of inverse cond emnation losses as a result of the impact of weather, climate change, natural disasters, and drought; our ability to renew leases to operate water systems owned by others on beneficial terms; changes in California State Water Resources Control Board water quality standards; changes in environmental compliance and water quality requirements, such as the EPA’s finalization of a National Primary Drin king Water Regulation in 2024; electric power interruptions, especially as a result of public safety power shutoff programs; housing and customer growth; the impact of opposition to rate increases; our ability to recover costs; availability of water supplies; issues with the implementation, maintenance or security of our information technology systems; civil disturbances or terrorist threats or act s; the adequacy of our efforts to mitigate physical and cyber security risks and threats; the ability of our ERM processes to identify or address risks adequately; labor relations matters as we negotiate wi th the unions; changes in customer water use patterns and the effects of conservation, including as a result of drought conditions; our ability to complete, in a timely manner or at all, successfull y integrate and achieve anticipated benefits from acquisitions; the impact of weather, climate change, natural disasters, including wildfires and landslides, and actual or threatened public health emerge ncies on our operations, water quality, water availability, water sales and operating results and the adequacy of our emergency preparedness; restrictive covenants in or changes to the credit ratings o n our current or future debt that could increase our financing costs or affect our ability to borrow, make payments on debt or pay dividends; risks associated with expanding our business and operations ge ographically; the impact of stagnating or worsening business and economic conditions, including inflationary pressures, general economic slowdown or a recession, changes in tariffs policy and uncerta inty regarding tariffs, including retaliatory trade measures, the interest rate environment, instability of certain financial institutions, changes in monetary policy, adverse capital markets activity or macroeconomi c conditions as a result of geopolitical conflicts, and the prospect of a shutdown of the U.S. federal government; the impact of market conditions and volatility on unrealized gains or losses our non -qualified benefit plan investments and on our operating results; the impact of weather and the timing of meter reads on our accrued unbilled revenue; the impact of evolving legal and regulatory requiremen ts, including emerging ESG requirements; the impact of the evolving U.S. political environment that has led to, in some cases, legal challenges and uncertainty around the funding, functioning, and p olicy priorities of the U.S. federal regulatory agencies and the status of current and future and other risks and unforeseen events described in our most recent Annual Report on Form 10 -K and our other reports a nd SEC filings. In light of these risks, uncertainties and assumptions, investors are cautioned not to place undue reliance on forward -looking statements, which speak only as of the date of this prese ntation. We are not under any obligation, and we expressly disclaim any obligation, to update or alter any forward -looking statements, whether as a result of new information, future events or otherwis e. Nothing in this presentation constitutes an offer to sell, or a solicitation of an offer to buy, any securities or should be treated or relied upon as a recommendation or advice. A credit or ESG rating is not a recommendation to buy, sell or hold any securities, may be changed at any time by the applicable ratings agency and should be evaluated independently of any other information.

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©2025 California Water Service Group 4©2025 California Water Service Group CWT is a leading water utility offering predictability of 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 United States.

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©2025 California Water Service Group 5 Largest Regulated Water Utility in the Western United States 499,400 Total connections 92.3% of consolidated revenue 38,300 Total connections 2.3% of consolidated revenue 6,700 Total connections 4.3% of consolidated revenue 11,500 Total connections 0.7% of consolidated revenue 4,200 Total connections 0.4% of consolidated revenue Statistics as of Dec. 31, 2024

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©2025 California Water Service Group 6©2025 California Water Service Group $1.04B 2024 revenue* $179M Returned to shareholders in dividends over 3 most recent ended years $191M 2024 net income* AA- First Mortgage Bonds rating A+/stable Global credit rating affirmed by S&P Global Financial Strength Drives Strategic Growth *2024 revenue and net income increased due to delayed 2021 CA General Rate Case ( GRC) decision, issued in Q1 2024.

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©2025 California Water Service Group 8©2025 California Water Service Group 7,900 Miles of water main 50,000+ Fire hydrants 1,135 Groundwater wells 2010+ Sampling stations 681 Storage tanks 6 Surface water treatment plants 155,000+ Valves 12 Wastewater treatment plants Extensive Infrastructure with Reinvestment Opportunity

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©2025 California Water Service Group 10©2025 California Water Service Group CWT’s regulated business model, favorable regulatory environment, and innovative approach to ratemaking enable the company to provide predictable and consistent long-term results, regardless of market conditions and geopolitical policy.

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©2025 California Water Service Group 11©2025 California Water Service Group Stable, Regulated Model with Transparent Returns Earn reasonable return on capital invested in infrastructure Recover costs through constructive regulatory policies and efficient operations Add non-regulated income (water system operations, HomeServe, antenna leases) 97.7% of revenue is regulated (return on equity [ROE], rates, and investments set or approved by state utilities commissions or municipalities) Current California ROE is 10.27%

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©2025 California Water Service Group 12 Regulatory Framework that Supports Long-Term Value Partial forward-looking test year Deferred debits Monthly automatic power cost adjustment Simplified filing for small utilities with rate increases of less than 8% Statewide rates Deferred debits (like CA memo accounts) Two- to four-month GRC processing time Forward-looking test years; rates based on future budget and GRCs for multiple districts in one application every three years Construction work in progress / AFUDC included in rate base Group depreciation and extraordinary property loss for recovery of investment Use of balancing and memorandum accounts to capture expenses not in rates Rate base and water production cost adjustments to rates between GRCs Cost of Capital proceeding outside of GRC process every three years Water Cost of Capital Mechanism allows for annual ROE adjustment, if triggered Hartwell decision preempts certain water-quality-related private litigation Fair market value valuation of assets allowed in rate base for acquisitions Excess capacity used in non-regulated activity (share 10% / 30%) HI WA NM CA

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©2025 California Water Service Group ©2025 California Water Service Group 13 Progressive Regulatory Strategy Supports Customers and Stockholders Rate design to balance affordability, conservation, and financial stability Increasing per unit water prices for discretionary consumption so users placing additional demand on system pay their fair share Significantly discounted first tier pricing for nondiscretionary water use Supplement financial stability with Water Rates Adjustment Mechanism Greater percentage of revenues in fixed service charge balanced with progressive tiered rate design Affordability challenges offset by customer assistance programs and district consolidations 1 2 3 5 46

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©2025 California Water Service Group 14©2025 California Water Service Group Strong Start to 2025 (in millions, except EPS) $270.7 $69.9 $0 $50 $100 $150 $200 $250 $300 Operating Revenue Net Income $1.21 $0.00 $0.20 $0.40 $0.60 $0.80 $1.00 $1.20 $1.40 EPS $204.0 $180.5 $165 $170 $175 $180 $185 $190 $195 $200 $205 Operating Revenue $13.3 $4.1 $0 $2 $4 $6 $8 $10 $12 $14 Net Income $0.22 $0.07 $0.00 $0.05 $0.10 $0.15 $0.20 $0.25 EPS Q1 2025 vs. Q1 2024 Non-GAAP* *As a result of the delayed 2021 California GRC decision, interim rate relief related to 2023 was recorded in Q1 2024. Non -GAAP measures adjust for the impact of 2023 interim rate relief on 2024 results. For more information, see the discussion of non -GAAP financial measures in the Appendix Q1 2024 Non-GAAP Q1 2025 Q1 2024 GAAP Q1 2024 Non-GAAP Q1 2025 Q1 2024 Non-GAAP Q1 2025 (in millions, except EPS)

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©2025 California Water Service Group 15 Strong Three-Year Financial Growth $846.4 $794.6 $1,036.8 $100.0 $250.0 $400.0 $550.0 $700.0 $850.0 $1,000.0 2022 2023 2024 Three-Year Revenue $96.0 $51.9 $190.8 $0.0 $50.0 $100.0 $150.0 $200.0 2022 2023 2024 Three-Year Net Income $1.77 $0.91 $3.25 $0.00 $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 $3.50 2022 2023 2024 Three-Year Diluted EPS (in millions, except EPS data) As result of the delay in the 2021 CA GRC decision, interim rate relief related to 2023 was recorded in 2024, including revenue of $87.5 million, net income of $64.0 million, and diluted EPS of $1.09. Please refer to the Appendix for reconciliation of GAAP to non-GAAP results. $846.4 $882.1 $949.3 $100.0 $250.0 $400.0 $550.0 $700.0 $850.0 $1,000.0 2022 2023 2024 Three-Year Revenue $96.0 $115.9 $126.8 $0.0 $50.0 $100.0 $150.0 $200.0 2022 2023 2024 Three-Year Net Income $1.77 $2.00 $2.16 $0.00 $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 $3.50 2022 2023 2024 Three-Year Diluted EPS Non-GAAP GAAP

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©2025 California Water Service Group 17©2025 California Water Service Group Infrastructure investment is the primary growth driver, with strategic acquisitions in high-growth areas providing additional opportunity.

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©2025 California Water Service Group 18 Infrastructure Investment Powers Long-Term Reliability and Earnings 18©2025 California Water Service Group $299 $293 $328 $384 $471 $660 $750 $655 $99 $109 $115 $121 $132 $144 $136 $150 $0 $100 $200 $300 $400 $500 $600 $700 $800 2020 2021 2022 2023 2024 2025* 2026* 2027* Capital Investment Depreciation 2015-2024 TOTAL CapEx 3x DEPRECIATION (in millions) CapEx 2025-2027* >4x Depreciation *Estimates for 2025-2027 are based in amounts requested in the 2024 California GRC application plus estimated capital expenditures in other states; these capital expenditures are subject to review and approval by the CPUC and other regulators. Note: Estimates for 2025-2027 exclude anticipated PFAS-related capital investments that will be incurred over multiple years and that are anticipated to total $226.0 (before recovery offsets). Growth in capital investment outpaces depreciation

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©2025 California Water Service Group Earnings Performance Driven by Double-Digit Rate Base Growth 19©2025 California Water Service Group $1.61 $1.87 $2.01 $2.20 $2.39 $2.58 $2.93 $3.35 $0.00 $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 $3.50 $4.00 2020 2021 2022 2023 2024 2025* 2026* 2027* Rate base estimated to reach over $3.3 billion by 2027 (in billions) *2025-2027 rate base estimates include amounts requested in the 2024 California GRC plus estimated rate base in other states; these values are not yet adopted and are subject to review and approval by the CPUC and other regulators. Note: Estimates for 2025-2027 exclude anticipated PFAS-related capital investments that will be incurred over multiple years and that are anticipated to total $226.0 (before recovery offsets).

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©2025 California Water Service Group 20 Expanding Footprint in a Priority Growth Region: Texas 10,000+ Total connected & committed customers in 2024 20,000+ Additional likely customers in existing service areas 100,000+ Additional potential customers near existing service areas 2,000 2,000 2,800 4,200 5,0002,000 3,000 8,500 10,000 12,000 0 5,000 10,000 15,000 20,000 2021 2022 2023 2024 2025* Anticipated Customer Growth Connected Committed *Estimated customer counts based on developer buildout schedules and connection deposits. 7 BVRT-owned regulated utilities in high -growth areas

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©2025 California Water Service Group 21©2025 California Water Service Group Strategic Approach to Acquisitions Accretive in the short-term or strategic in nature 2-2.5% Average growth achieved per year from new business and business development activities since 2019 *excludes operating contracts 500,000 510,000 520,000 530,000 540,000 550,000 560,000 570,000 2019 2020 2021 2022 2023 2024 Customer Count* # Connections 47,100 Total connections added since 2019

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©2025 California Water Service Group 23©2025 California Water Service Group CWT brings life and vitality to its communities by providing affordable, high-quality water and wastewater services to customers.

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©2025 California Water Service Group 24 Keeping Water Affordable Actively pursue grants to lower costs and water bills Maintain assets strategically to keep facilities operating optimally for longer periods Invest in conservation programs that keep bills lower (Cal Water bills are up to 20.5% lower over past 15 years than they would have been w/o conservation programs, according to Alliance for Water Efficiency 2024 study) Proactively control expenses: lower- cost water sources, competitive pricing from suppliers Provide convenient, interest-free payment plans Offer Rate Support Fund (discount for customers in higher- cost service areas) and low- income assistance program (benefits 24% of CA customers) Median Monthly Household Income Median Monthly Cal Water Bill Bill as % of Income 2020 $6,471 $61.81 0.96% 2021 $6,798 $69.74 1.03% 2022 $7,108 $72.62 1.02% 2023 $7,489 $64.63 0.86% 2024 $7,890 $78.48 0.99%

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©2025 California Water Service Group 25 Providing Quality and Service to Customers Providing 24/7 emergency response and partnering with first responders during crisis Achieved 100% compliance with all primary and secondary WQ standards across all service areas in all states in 2024 Well-positioned to meet new PFAS drinking water regulation ahead of compliance deadline (all active water sources monitored; 25 sites already treated, preparing to install 87 more treatment systems across service areas) Achieving customer service performance targets more rigorous than those set by our regulators for call handling, billing, and service appointments

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©2025 California Water Service Group 26©2025 California Water Service Group $2M Invested in conservation programs in 2024 that are expected to save 52 million gallons of water per year 23.5% Reduction in absolute Scope 1 and 2 GHG emissions in 2024 (from 2021 base year; on track to meet 2035 target of 63% reduction) 2B+ Gallons of recycled water delivered per year, or 2.5% of total water supply; on track to meet goal to increase to at least 5% by 2035 $1.13M Contributed to non-profit organizations in 2024; includes firefighter grants and college scholarship program Contributing to Vibrant Communities

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©2025 California Water Service Group 30©2025 California Water Service Group 20-Year Total Return $100 $108 $122 $127 $84 $104 $120 $123 $144 $184 $211 $211 $242 $294 $279 $370 $428 $563 $456 $575 $721 $100 $108 $115 $110 $141 $117 $124 $124 $131 $162 $184 $178 $265 $358 $378 $420 $451 $616 $539 $461 $407 $0 $100 $200 $300 $400 $500 $600 $700 $800 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 S&P 500 CWT On $100 stock purchase on 1/1/05, with dividends reinvested Strong stockholder returns, with the most recent years negatively impacted by the 15-month delay in the 2021 CA GRC that was due 1/1/23.

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©2025 California Water Service Group 31©2025 California Water Service Group 59 Years of Dividend Growth Strong history of returning cash to shareholders $0.92 $1.00 $1.04 $1.12 $1.24 $0.00 $0.20 $0.40 $0.60 $0.80 $1.00 $1.20 $1.40 2021 2022 2023 2024 2025* *Anticipated annual dividend includes one -time special dividend 320th $0.30 Consecutive Quarterly Dividend in Amount of 58th $1.20 Announced Annual Increase Expected to Yield Annual Dividend of $0.04 $1.24 One-Time Special Dividend Brings Anticipated Dividend to 10.71% Announced Annual Increase (Reflects One -Time Special Dividend) 7.7% Five-Year Dividend CAGR

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©2025 California Water Service Group Takeaways Our regulated business model makes us a predictable, reliable investment for our stockholders, particularly as we operate in states with favorable regulatory environments. We grow by investing in our extensive water system assets and making strategic acquisitions. We provide affordable, high-quality service to our customers and invest in the vitality of our communities. We have a proven track record of delivering value to stockholders. 32©2025 California Water Service Group

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©2025 California Water Service Group 33©2025 California Water Service Group For More Information, Contact: Martin (Marty) A. Kropelnicki (408) 367-8200 mkropelnicki@calwater.com James (Jim) P . Lynch (408) 367-8200 jlynch@calwater.com

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©2025 California Water Service Group 36 The Company’s revenue, net income, and diluted earnings per share are prepared in accordance with Generally Accepted Accounting Principles (GAAP) and represent amounts reported on filings with the Securities and Exchange Commission. Adjusted revenue, net income, and diluted earnings per share in 2023 and 2024 are non-GAAP financial measures representing GAAP balances that, in this presentation, are adjusted for the effects of 2023 interim rate relief related to the delayed 2021 California GRC recorded by the Company in March 2024. These non-GAAP financial measures are provided as additional information for investors and analysts to better assess the Company’s 2023 and 2024 financial performance normalize for the impact of the 2023 interim rate relief on 2023 and 2024 reported results. Management also uses these non-GAAP financial measures in evaluating the Company’s performance. These non-GAAP financial measures may be different from non-GAAP financial measures used by other companies, even when the same or similarly titled terms are used to identify such measures, limiting their usefulness for comparative purposes. Further, these non-GAAP financial measures should be considered as a supplement to the financial information prepared on a GAAP basis rather than an alternative to the respective GAAP measures. Non-GAAP Financial Measures

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©2025 California Water Service Group ©2025 California Water Service Group 37 Reconciliation of Non-GAAP Financial Measures (in thousands, except per share amounts) Three Months Ended March 31, 2025 2024 Reported GAAP Operating Revenue $203,973 $270,749 Adjustments: 2023 interim rate relief related to the 2021 California GRC recorded in 2024 - ($90,266) Adjusted Operating Revenue (non-GAAP) $203,973 $180,483 Reported GAAP Net Income $13,331 $69,917 Adjustments: 2023 interim rate relief related to the 2021 California GRC recorded in 2024* - ($65,813) Adjusted Net Income attributable to California Water Service Group (non-GAAP) *utilizing a 19.6% tax rate $13,331 $4,104 Reported GAAP Diluted Earnings Per Share $0.22 $1.21 Adjustments: 2023 interim rate relief related to the 2021 California GRC recorded in 2024** - ($1.14) Adjusted Diluted Earnings Per Share (non-GAAP) **utilizing Diluted WASO as of Dec. 31, 2024 $0.22 $0.07

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©2025 California Water Service Group ©2025 California Water Service Group 38 Reconciliation of Non-GAAP Financial Measures (in thousands, except per share amounts) Year Ended 2024 2023 2022 Reported GAAP Operating Revenue $1,036,806 $794,632 $846,431 Adjustments: 2023 interim rate relief related to the 2021 California GRC recorded in 2024 ($87,482) $87,482 Adjusted Operating Revenue (non-GAAP) $949,324 $882,114 $846,431 Reported GAAP Net Income $190,807 $51,911 $96,011 Adjustments: 2023 interim rate relief related to the 2021 California GRC recorded in 2024* ($63,980) $63,980 Adjusted Net Income attributable to California Water Service Group (non-GAAP) *utilizing a 19.6% tax rate $126,827 $115,891 $96,011 Reported GAAP Diluted Earnings Per Share $3.25 $0.91 $1.77 Adjustments: 2023 interim rate relief related to the 2021 California GRC recorded in 2024** ($1.09) $1.09 Adjusted Diluted Earnings Per Share (non-GAAP) **utilizing Diluted WASO as of Dec. 31, 2024 $2.16 $2.00 $1.77

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