Then. Now. Next.
Celebrating 100 years.
California Water Service Group
California Water Service Group (NYSE: CWT) is the third-largest publicly traded water utility in the United States, providing high-quality water and wastewater services to more than two million people through four regulated subsidiaries: California Water Service (Cal Water), Hawaii Water Service (Hawaii Water), New Mexico Water Service (New Mexico Water), and Washington Water Service (Washington Water). A fifth subsidiary, Texas Water Service (TWSC, Inc.), invests in water and wastewater infrastructure in Texas.
We are committed to improving the quality of life for our customers, communities, employees, and stockholders. We do this by living our core values and delivering on our promise to provide quality, service, and value.
If the last century teaches us anything about our Company, it's that we have the expertise and tenacity to overcome challenges.
Through the years, we have contributed to the greater good by delivering a reliable, affordable, high-quality water supply, regardless of the obstacles we have faced. This expertise, this tenacity—together with our commitment to enhancing the quality of life for our customers, communities, employees, and stockholders—not only distinguishes our past but foreshadows our future.
Unwavering commitment to
take us into
the future.
Responding proactively
to evolving standards
1974
President Ford signs landmark water quality legislation
The first law of its kind, the Safe Drinking Water Act provides a comprehensive framework for regulating the quality of the nation's drinking water supplies and authorizes the United States Environmental Protection Agency to set standards to protect public health. Cal Water begins designing treatment facilities needed to meet new standards.
RIGHT Operations employee collects water sample to check chlorine residual.
ABOVE Our patented dechlorination invention protects fish like this Rainbow Trout.
Adding and removing chlorine
to keep everyone safe
1994
Company installs chlorinators on all California wells
In just one of several water quality-related accomplishments in 1994, the Company voluntarily installs chlorinators on all of its California wells to reduce the risk of bacteriological contamination. It also completes an innovative treatment system in Bakersfield to improve taste and odor and another in Chico to remove volatile organic compounds.
Protecting infrastructure
from attacks
1941
Cal Water prepares for enemy attacks
Cal Water works with the Office of Civilian Defense and other government agencies to safeguard water supplies from enemy attacks. It blacks out windows, adds telephones that connect directly to local Civilian Defense Headquarters, and establishes lines of communication with employees. Practice tests and authentic alerts confirm the efficacy of wartime preparations.
Left Vintage poster reminds the public of the importance of blackouts during WWII; concerned citizens cover windows.
Community
support through
thrive well
into the
future.
Contributing to
the greater good
2019
Cal Water launches Firefighter Grant Program
Cal Water launches its Firefighter Grant Program, open to all uniformed professional or volunteer fire departments in its service areas, as a demonstration of its commitment to — and partnership with — local firefighters. In its first year, the program provides funding for fire hoses, turnout gear, helmets, a fire detection and monitoring system, and a hydraulic emergency ram.
Left Our Marysville service area becomes an
island as floodwaters engulf surrounding communities.
Photo: Yuba Water Agency
Below CEO Marty Kropelnicki delivers sweets from Cal Water customer See’s Candies to evacuees during the Oroville Dam emergency.
Going above and beyond
when disaster strikes
1997
Employees keep water system running during massive floods
Torrential rains and weakened levees lead to the evacuation of Cal Water’s entire Marysville service area. Our priority is keeping the system pressurized to prevent any flood waters from contaminating our water. We use emergency generators and keep our elevated storage tank full. The levees around Marysville hold, but others fail, leaving the entire city surrounded by water.
Being there during
and after emergencies
1952
Bakersfield system holds up through destructive earthquake
Earthquakes hit Southern California in July and August 1952, causing an estimated $100 million in widespread damage. The City of Bakersfield is severely impacted, but the Company’s Bakersfield system only suffers about $35,000 in damage, including the loss of an elevated storage tank. Cal Water provides uninterrupted water service both during and after the disaster; it uses what it learns about storage tanks to strengthen infrastructure in preparation for future disasters.
Below Cal Water’s only major loss during the Bakersfield earthquake is this elevated tank, but the broader community experiences significant damage.
Investing in
infrastructure
that stands the
both now
and in
the future.
Partnering to secure
additional water supplies
2003
Cal Water partners with city of Bakersfield to secure more water
To serve 15,000 new customers in Bakersfield and diversify its water supply sources, Cal Water completes the construction of a treatment plant that can produce 20 million gallons of water per day. The Northeast Water Supply Project uses membrane filtration to treat surface water from the Kern River—a supply that is secured through a partnership with the City of Bakersfield.
Building despite
the obstacles
1945
Company builds water system infrastructure after the war
Although war-related government restrictions on use of materials aren’t eliminated until late in the year, Cal Water invests in infrastructure needed to serve its growing communities. The Company installs 60 miles of new water main, drills and equips seven new wells and pump stations, completes five new booster pumps, and erects seven new storage tanks.
LEFT In the early days, elevated storage tanks utilized gravity to provide adequate pressure.
Adding storage to provide
water when needed
1932
Reservoir stores water for use in drier seasons
Cal Water completes the Chenery project, the centerpiece of which is a one-billion-gallon reservoir in Concord, California. During the winter and spring, the reservoir receives approximately 22 million gallons of water daily from the Suisun Bay, which is stored to meet summertime needs. The project will meet the needs of the Company’s 200-square-mile Contra Costa District for the next 20 years.
Bottom Right Award-winning Harris Reservoir is built within the existing tank.
Bottom Left Company “suits” strike a pose at the site of the massive Chenery Reservoir.
Seizing growth
opportunities
both now and
into the
future.
Establishing a presence
outside of California
1999
Company establishes first operation outside of California
The Company establishes its first operation outside of California when it acquires Harbor Water Company in Gig Harbor and South Sound Utilities in Olympia, two companies whose history of designing and constructing water systems dates back to 1975. The newly formed entity, Washington Water Service, retains a local team of 22 professionals serving about 47,000 people through 14,800 customer connections.
Growing by leaps
and bounds
1931
First five years see tremendous growth
By the end of 1931, Cal Water is the largest regulated water utility on the pacific coast, providing service to 73,000 customers in California, with service areas ranging from Redding in the north to Los Angeles in the south. It has added 24 service areas since 1926, capping a five-year period of tremendous growth.
Right Dominguez Water’s bull logo reflects the purpose of its formation: to irrigate ranchland used to raise cattle.
Below Cal Water expands to serve the many new communities formed to accommodate a booming population.
Below Dominguez Water’s bull logo reflects the purpose of its formation: to irrigate ranchland used to raise cattle.
Below Cal Water expands to serve the many new communities formed to accommodate a booming population.
Meeting customers
where they are
1970
Higher density housing proliferates in California service areas
A lack of available space and higher land prices result in the proliferation of apartments and other multifamily dwellings in Cal Water’s service areas, notably on the San Francisco Peninsula and in Los Angeles County. The 1971 Annual Report to Stockholders features images of lushly landscaped and swimming pool–studded developments in Cupertino, Livermore, and Redondo Beach.
Customer
service that
meets the
enhance
their
experience.
Helping customers grow
what’s right for the times
1944
Cal Water supports victory gardens
To support the war effort on the homefront, Americans across the country grow fruits and vegetables to supplement the nation’s food supply. Survey results indicate that 80% of Cal Water’s customers are cultivating these “Victory Gardens.” To support their efforts, Cal Water offers bill credits that lower participating customers’ bills.
Below and left Children are a big part of Cal Water’s philanthropy, whether they are playing at the Boys & Girls Club or picking up new shoes for school.
Holding out a hand to
those who need it most
2007
Cal Water is among the first to offer low-income discounts
Cal Water becomes one of the two large California Public Utilities Commission-regulated water utilities to offer a low-income rate assistance program, which provides a discount on the monthly water bill to qualified households, non-profit group homes, and agricultural employee housing. Customers can qualify simply by showing that they receive a low-income discount from their electricity supplier.
Providing service that
meets today’s needs
1947
Customer billing is a manual effort
Employees in the Central Billing Office located in our Stockton District manually calculate customer bills using handwritten meter reads, massive cash registers, and mechanical addressographs. Remarkably, water rates are the same in 1947 as they were when the Company was founded in 1926. The conversion to computerized billing won’t take place until 1968.
Above Employees pause for a photo at a barbecue, one of many barbecue meals shared over the years.
Right Employees in the Stockton office prepare bills manually in the 1940s.
Strategic
planning for
water supply
even better in
the decades
to come.
Strategically utilizing
water supplies
1960
Cal Water secures water to supplement local supplies
In the 1960s, with the population continuing to boom, the emphasis is on securing and storing supplemental water supplies. Cal Water works with the State of California to secure State Water Project deliveries and with other agencies on long-term water supply agreements. It builds tanks and pipelines to deliver supplemental supplies when and where they are needed.
Above More and more homes are built as postwar population soars; Cal Water annual report delineates growing service areas.
Responding to droughts
and population growth
1948
Growing population and drought conditions strain supplies
The combination of population growth and drought is a recurring challenge in the Company’s history. After World War II, the population in California explodes, growing more than 53% from 1940 to 1950. That, combined with what Company President Ralph Elsman characterizes as “abnormally low rainfall” in 1948, poses a challenge that Cal Water overcomes through its “policy of planned development of sources of supply.”
Below Cracked, dry earth is a common sight for drought-weary Californians.
ABOVE From “Alice in Waterland” to Disney's “Environmentality,” Cal Water uses entertainment to teach kids about water conservation.
Teaching customers of the
future about water
conservation
1988
Cal Water partners with educators to promote conservation
In yet another severe drought, Cal Water partners with the California Department of Water Resources to hold workshops for teachers on water science and water-related activities. It also sponsors a theatrical production for grade school students by the Small Change Theatre Group entitled “Alice in Waterland.”
Chairman's
letter
We commemorate our 100th anniversary by celebrating the legacy that foreshadows our next 100 years. Because we haven’t just survived a century; we’ve shown time and again our ability to overcome challenges and thrive for a century. And as Confucius once said, “Study the past, if you would divine the future.”
You see glimpses of our impressive history in this report; for a more complete timeline and a treasure trove of historical photographs and documents, please visit 100years.calwatergroup.com.
Expanding our footprint into two new states
Kicking off our centennial year with yet another milestone, we announced in February an agreement to purchase the Nevada and Oregon water and wastewater systems of Nexus Water Group. The acquisition, which is subject to customary closing conditions and approvals, will add approximately 36,000 equivalent residential connections in two new states, establish a platform for additional growth, and bolster our position as the largest investor-owned water utility in the western United States. We hope to receive regulatory approvals for the acquisition in late 2026.
Poised for growth in Texas
We also reached an agreement to purchase the remaining outstanding membership interests in BVRT Utility Holding Company LLC. The transaction will make our subsidiary Texas Water Service (TWSC, Inc.) the sole owner of seven water and wastewater utilities in the high-growth Austin–San Antonio corridor. Together, these utilities serve 5,000 customer connections and have approximately 14,000 additional customer connections under contract.
| 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|
| Annual dividend per common share | $0.92 | $1.00 | $1.04 | $1.12 | $1.24 (Includes one-time dividend of $0.04 per common share) |
| 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|
| Capital investment in infrastructure | $293 million | $328 million | $384 million | $471 million | $517 million |
*CAGR: Compound annual growth rate
**Includes one-time dividend of $0.04 per
common share
*Indicates non-GAAP amounts. The effects of the interim rate relief recorded in 2024 related to the delayed 2021 CA GRC decision were included in the 2023 non-GAAP revenue, net income, and earnings per share and excluded from the 2024 non-GAAP revenue, net income, and earnings per share. Specifically, the 2023 non-GAAP amounts include revenue of $87.5 million, net income of $64.0 million, and $1.09 diluted earnings per share added to GAAP balances of $794.6 million in revenue, net income of $51.9 million, and $0.91 diluted earnings per share. The 2024 non-GAAP amounts exclude revenue of $87.5 million, net income of $64.0 million, and $1.09 diluted earnings per share from GAAP balances of $1,036.8 million in revenue, net income of $190.8 million, and $3.25 diluted earnings per share. Non-GAAP information is presented to enable stockholders to better assess the Company’s 2025 financial performance by showing 2024 results without the impact of the 2023 interim rate relief. Ratios, percentages, and other information dependent on earnings are presented using non-GAAP earnings results.
Celebrating 2025 accomplishments
It’s been an exciting start to our centennial year, and I look forward to the rest of 2026. But before we move ahead, I want to highlight a few key 2025 accomplishments:
- We met or surpassed all water quality standards set to protect public health and safety, constructed two PFAS treatment plants, and completed design on an additional 26 PFAS treatment plants.
- We invested a record $517 million in water system infrastructure to provide safe, reliable water service to customers.
- We introduced Walmart Bill Pay to support customers in need of a convenient way to pay by cash or debit card.
- We contributed nearly $2 million to charitable organizations serving our communities, and nearly 50% of our employees volunteered their time during our Season of Service.
- We entered into a 20-year agreement to purchase power from a solar photovoltaic array to be installed at our Northeast Bakersfield Treatment Plant.
- We made USA Today’s 2025 List of “American Climate Leaders” and were named “One of America’s Greenest Companies” by Newsweek.
- We entered into an agreement to own and operate wastewater and recycled water systems serving a master-planned, mixed-use development in San Bernardino County, California, with 500 customers initially and up to 15,000 at full buildout.
- We were named a Great Place to Work for the 10th consecutive year.
- We earned an A+/Stable rating from S&P Global for California Water Service Group, one of the highest credit ratings in the domestic utility space.
- We increased our annual dividend by 10.71%, or $0.12, to $1.24 per common share, which includes a special one-time dividend of $0.04 per common share.
Awaiting a decision on our 2024 GRC
As this report goes to press, we await the California Public Utilities Commission’s decision on our California 2024 General Rate Case (GRC). In our application, we request revenue increases of $296.6 over three years and authorization to invest $1.6 billion in water system infrastructure from 2026 to 2028. I expect to receive the decision by the end of the first quarter of 2026.
Looking to 2026 and beyond
The next year and beyond will be exciting, as we integrate new utilities and pursue growth opportunities that come our way in the western United States, including Nevada, Oregon, and Texas. We will also make investments in water system infrastructure to continue providing a safe, reliable water supply and affordable, excellent service to our customers and communities.
We are enjoying a unique moment in our Company’s history: a time to celebrate the past and look forward to the future. It’s also a time to pause and consider how exceedingly rare it is for a business to make it to 100 years old—by most estimates, less than 1% of all businesses achieve this milestone. We are in good company, joining the likes of Coca-Cola, Proctor & Gamble, Kellogg’s, Johnson & Johnson, and Harley Davidson.
For us, the key to success has been and will continue to be a commitment to doing the right thing, making lives better, and fulfilling our mission. We’ve done it for 100 years and we’re ready to do it for 100 more. Thank you for your continued trust and investment in California Water Service Group.
Martin A. Kropelnicki
Chairman, President & Chief Executive Officer
Lead Independent
Director letter
What an exciting time to be part of this great, 100-year-old company! I was drawn to California Water Service Group by its strong vision, values, and strategy. During my tenure, it’s become clear that this team operates as One Team, working together to achieve a shared mission: provide safe, reliable, and affordable water and wastewater services to customers.
Looking back through our history, I’m impressed by the significant challenges we’ve overcome to fulfill our purpose and enhance the quality of life for our customers, communities, and stockholders. I don’t know what the next 100 years will bring, but I believe that we will be successful by staying true to who we are: a company with a legacy of strong vision, values, and strategy.
Our centennial year has started off with some exciting growth opportunities that position us well for continued expansion. I know I speak for the entire Board of Directors when I say we are looking forward to providing insight and guidance to management as it navigates what lies ahead. We thank you for your continued investment in California Water Service Group.
Scott L. Morris
Lead Independent Director
Then. Now.
1927
Paid our first dividend to shareholders
2025
Paid our 323rd consecutive quarterly dividend
1986
Made Forbes’ list of “200 Best Small Companies in America”
2025
Included in USA Today’s “List of American Climate Leaders”
1994
Closed first year on NYSE with a market cap of $199.9 million
2025
Closed 2025 with a market cap of $2.6 billion
Next…
We want to thank employees who retired in 2025. As you look to your next chapter, may you see only good health and happiness ahead. A special thank you to those retiring with 25 years of service or more:
Judy Randall
Manager, Construction Accounting
37 years
Robert Hanson
Electrical/Mechanical Technician
36 years
Rocky Lundy
Superintendent
35 years
Michael Hanson
Treatment Plant Operator Grade III
34 years
Jeffrey Freeman
Sub-Structure Locating Technician
34 years
Patricia Herron
Superintendent
34 years
Darryl Jountti
Foreman, Operations & Maintenance
34 years
Thomas Sillert
T-6 Senior SCADA/Autocad Specialist
33 years
Eliot Harper
Certified Pump Operator
32 years
Leonard Clewett
Cross Connection Control Specialist
32 years
Christopher Tran
Manager, IT Architecture
32 years
Linda Przybyla
Engineering Coordinator, New Business
32 years
Daniel Guardado
Foreman, Construction & Operations
30 years
John Muñoz
Regional Foreman, Flushing & Valve Maintenance
28 years
James Douglas
Superintendent
27 years
Lawrence Mansfield
Distribution Service Technician, Water Quality Technician
27 years
Anne Andrijasevich
Regional Customer Service Representative
26 years
Fabian Ramirez
Foreman, Hydrant Maintenance
25 years
Our service
areas
| Customer Connections | ||
|---|---|---|
|
California
California Districts
|
||
|
|
Estimated population |
1926
85,000
2025
2,100,000
|
|---|
| Customer Connections | |
|---|---|
| Hawaii Serving the communities of Ka‘anapali, Kapalua, Pukalani, Waikoloa, North Kona Coast, Keauhou, Kalaeʻloa, and Poipu on the islands of Maui, Hawaii, O‘ahu, and Kauai | 20246,700 20256,800 |
| New Mexico Serving the communities of Meadow Lake, Cypress Gardens, Rio Communities, Rio Del Oro, Elephant Butte, Sandia Knolls, Indian Hills, Woodland Hills, Squaw Valley, Cedar Crest, Crouch Mesa/Morningstar, and Monterey Park in the counties of Sierra, Valencia, Torrance, Bernalillo, and San Juan | 202411,500 202511,800 |
| Texas Serving communities near Castroville, New Braunfels, Uhland, Kyle, Buda, Mustang Ridge, Creedmoor, and Niederwald in the counties of Medina, Guadalupe, Hays, Caldwell, and Travis | 20244,200 20254,900 |
| Washington Serving more than 425 neighborhoods and small communities in the counties of Clallam, Jefferson, Kitsap, Mason, Pierce, King, San Juan, and Thurston | 202438,300 202538,500 |
Eight-year
financial review
Dollars in thousands, except per common share data and as otherwise noted.
| 2025 | |
|---|---|
| Summary of Operations | |
| Operating revenue | $1,000,140 |
| Operating expenses | $829,771 |
| Interest expense, other income and expenses, net | $42,521 |
| Net income | $128,211 |
| Common Share Data | |
| Earnings per share (diluted) | $2.15 |
| Dividend declared | $1.24 |
| Dividend payout ratio | 58% |
| Book value | $28.33 |
| Market price at year end | $43.33 |
| Common shares outstanding at year end (in thousands) | 59,638 |
| Return on average common stockholders’ equity | 7.7% |
| Interest coverage ratio | 5.37 |
| Balance Sheet Data | |
| Net utility plant | $4,579,590 |
| Total assets | $5,671,365 |
| Long-term debt, including current portion | $1,474,238 |
| Common stockholders’ equity | 53.5% |
| Long-term debt | 46.5% |
| Other Data | |
| Water production (in million gallons) | 105,741 |
| Customers at year end, including Hawthorne and Commerce | 562,000 |
| New customers added | 1,900 |
| Operating revenue per customer | $1,780 |
| Utility plant per customer | $10,515 |
| Employees at year end | 1,336 |
*Non-GAAP amounts. See footnote on page 39 and for more information, go to www.calwatergroup.com/investors/financials-filings-reports/non-gaap-info.
Board of
directors
Gregory E. Aliff
Former Vice Chairman and Senior Partner of U.S. Energy & Resources, Deloitte LLP
Director since 2015. Audit Committee; Chair, Finance and Capital Investment Committee; Enterprise Risk Management, Safety and Security Committee.
Shelly M. Esque
Former Vice President and Global Director of Corporate Affairs, Intel Corporation
Director since 2018. Enterprise Risk Management, Safety, and Security Committee; Nominating/Corporate Governance Committee.
Jeffrey Kightlinger
Principal and Owner of Acequia Consulting, LLC, and Former Chief Executive Officer, The Metropolitan Water District of Southern California
Director since 2023. Audit Committee; Enterprise Risk Management, Safety and Security Committee.
Martin A. Kropelnicki
Chairman, President, and Chief Executive Officer of California Water Service Group
Director since 2013.
Thomas M. Krummel, M.D.
Emile Homan and Chair Emeritus, Department of Surgery, Stanford University School of Medicine
Director since 2010. Organization and Compensation Committee; Chair, Nominating/Corporate Governance Committee.
Yvonne A. Maldonado, M.D.
Vice Provost for Faculty Advancement, Taube Professor of Global Health and Infectious Diseases, Stanford University School of Medicine
Director since 2021. Enterprise Risk Management, Safety, and Security Committee; Nominating/Corporate Governance Committee.
Scott L. Morris
Chairman, Avista Corporation
Director since 2019. Lead Independent Director; Nominating/Corporate Governance Committee; Chair, Organization and Compensation Committee.
Charles R. Patton
Former Executive Vice President, External Affairs, American Electric Power Company, Inc.
Director since 2021. Audit Committee; Finance and Capital Investment Committee.
Carol M. Pottenger
Principal and Owner of CMP Global, LLC, and Retired U.S. Navy Vice Admiral
Director since 2017. Enterprise Risk Management, Safety, and Security Committee; Finance and Capital Investment Committee; Chair, Nominating/Corporate Governance Committee.
Lester A. Snow
Former Secretary of California Natural Resources Agency
Director since 2011. Enterprise Risk Management, Safety, and Security Committee; Chair, Finance and Capital Investment Committee; Organization and Compensation Committee.
Patricia K. Wagner
Former Group President, U.S. Utilities, Sempra Energy
Director since 2019. Finance and Capital Investment Committee; Audit Committee; Organization and Compensation Committee.
Corporate
officers
Shawn C. Bunting
Senior Vice President, General Counsel and Business Development
Shannon C. Dean
Senior Vice President, Customer Service and Chief Sustainability Officer
Kris A. Hamner
Vice President, Chief Human Resources Officer
Sophie M. James
Vice President, Water Quality and Environmental Affairs
Kenneth G. Jenkins
Vice President, Water Resources Planning and Sustainability
Martin A. Kropelnicki
Chairman, President, and Chief Executive Officer
Michael B. Luu
Senior Vice President, Corporate Services and Chief Risk Officer
James P. Lynch
Senior Vice President, Chief Financial Officer and Treasurer
Michael S. Mares
Senior Vice President, Operations
Greg A. Milleman
Vice President, Rates and Regulatory Affairs
Michelle R. Mortensen
Vice President, Corporate Secretary and Chief of Staff
Daryl L. Osby
Vice President, Emergency Preparedness, Safety, and Security
Elissa Y. Ouyang
Vice President, Facilities, Fleet, and Procurement
Shilen M. Patel
Chief Business Development Officer and Vice President Texas Water Service (TWSC, Inc.)
Todd K. Peters
Chief Engineering Officer
Thomas A. Scanlon
Corporate Controller and Principal Accounting Officer
Justin B. Skarb
Vice President, Government and Community Affairs
Corporate
information
To Transfer Stock
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Annual Report for 2025 on Form 10-K
A copy of the Company’s annual report for 2025 filed with the Securities and Exchange Commission (SEC) on Form 10-K is available and can be obtained by any stockholder at no charge upon written request to the Investor Relations Department. The Company’s filings with the SEC can be viewed via the link to the SEC’s EDGAR system on the Company’s website.
Anticipated Dividend Dates for 2026
| Quarter | Declaration | Record Date | Payment Date |
|---|---|---|---|
| First | January 28 | February 10 | February 20 |
| Second | April 29 | May 11 | May 22 |
| Third | July 29 | August 10 | August 21 |
| Fourth | October 28 | November 9 | November 20 |
Annual Meeting
The Annual Meeting of Stockholders will be held online on Wednesday, May 20, 2026, at 9:30 a.m. PT. Details of the business to be transacted during the meeting will be contained in the proxy material, which will be mailed to stockholders on or about April 8, 2026.
Computershare Investor Services
462 South 4th Street, Suite 1600
Louisville, Kentucky 40202
Bond Registrar
U.S. Bank Trust, N.A.
One California Street
San Francisco, CA 94111
415.273.4580
Executive Office and Stockholder Information
California Water Service Group
Attn: Stockholder Relations
1720 North First
Street
San Jose, California 95112
408.367.8200 or
800.750.8200
www.calwatergroup.com
This report contains forward-looking statements that are based on currently available information, expectations, estimates, assumptions and projections, and management’s judgment about the Company, the water utility industry, and general economic conditions. Forward-looking statements, which are identified by words such as “will, expect, intend, plan, believe, anticipate, project, will, forecast, are not guarantees of future performance, and actual results may vary materially. Please see our 2025 Annual Report on Form 10-K for more information.
1720 North First Street, San Jose, California 95112-4508
408.367.8200 | www.calwatergroup.com | NYSE: CWT